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<SEC-DOCUMENT>0000950123-04-014929.txt : 20041217
<SEC-HEADER>0000950123-04-014929.hdr.sgml : 20041217
<ACCEPTANCE-DATETIME>20041217153519
ACCESSION NUMBER:		0000950123-04-014929
CONFORMED SUBMISSION TYPE:	F-4
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20041217
DATE AS OF CHANGE:		20041217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DRDGOLD LTD
		CENTRAL INDEX KEY:			0001023512
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-121386
		FILM NUMBER:		041211329

	BUSINESS ADDRESS:	
		STREET 1:		5 PRESS AVE
		STREET 2:		SELBY
		CITY:			JOHANNESBURG, SOUTH
		STATE:			T3
		ZIP:			00000
		BUSINESS PHONE:		27113817800

	MAIL ADDRESS:	
		STREET 1:		45 EMPIRE ROAD
		STREET 2:		PARKTOWN
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			2193

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DURBAN ROODEPOORT DEEP LTD
		DATE OF NAME CHANGE:	19960924
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-4
<SEQUENCE>1
<FILENAME>u48166fv4.htm
<DESCRIPTION>FORM F-4
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM F-4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<FONT size="2"> <B>As filed with the Securities and Exchange
Commission on December&nbsp;17, 2004</B>
</FONT>
</DIV>

<DIV align="right">
<B><FONT size="2">Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>
</DIV>

<P align="center">
<HR size="4" noshade color="#000000" style="margin-top: -5px">

<DIV align="center">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
</DIV>

<P align="center">
<B><FONT size="4">SECURITIES AND EXCHANGE COMMISSION</FONT></B>

<DIV align="center">
<B>Washington, D.C. 20549</B>
</DIV>

<P align="center">
<B><FONT size="5">Form F-4</FONT></B>

<DIV align="center">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center">
<B>UNDER</B>
</DIV>

<DIV align="center">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

<P align="center">
<B><FONT size="6">DRDGOLD Limited</FONT></B>

<DIV align="center">
<I><FONT size="2">(Exact name of registrant as specified in its
charter)</FONT></I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Republic of South Africa</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">1040</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Not Applicable</FONT></B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I><FONT size="2">(State or other jurisdiction of<BR>
    incorporation or organisation)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(IRS Employer<BR>
    Identification Number)</FONT></I></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<B><FONT size="2">45 Empire Road</FONT></B>

<DIV align="center">
<B><FONT size="2">Parktown, Johannesburg</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">South Africa, 2193</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(27-11) 381-7800</FONT></B>
</DIV>

<DIV align="center">
<I><FONT size="2">(Address including zip code, and telephone
number,</FONT></I>
</DIV>

<DIV align="center">
<I><FONT size="2">including area code of Registrant&#146;s
principal executive offices)</FONT></I>
</DIV>

<P align="center">
<B><FONT size="2">CT Corporation System</FONT></B>

<DIV align="center">
<B><FONT size="2">111 Eighth Avenue</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">New York, New York 10011</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(212)&nbsp;590-9200</FONT></B>
</DIV>

<DIV align="center">
<I><FONT size="2">(Name, address, including zip code, and
telephone number, including area code of agent for
service)</FONT></I>
</DIV>

<P align="center">
<B><I><FONT size="2">Copies to:</FONT></I></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Niel Pretorius<BR>
    DRDGOLD Limited<BR>
    45 Empire Road<BR>
    Parktown, Johannesburg<BR>
    South Africa, 2193<BR>
    (27-11) 381-7800</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Richard A. Ely<BR>
    Skadden, Arps, Slate, Meagher &#38; Flom (UK)&nbsp;LLP<BR>
    40 Bank Street<BR>
    London E14 5DS England<BR>
    (44 20) 7519 7000</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate date of
commencement of proposed sale to the public: </B>From time to
time after the effective date of this Registration Statement
until all of the securities registered hereunder have been sold.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to
register additional securities for an offering pursuant to
Rule&nbsp;462(b) under the Securities Act of 1933, check the
following box and list the Securities Act Registration statement
number of the earlier effective registration statement for the
same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a
post-effective amendment filed pursuant to Rule&nbsp;463(d)
under the Securities Act of 1933, check the following box and
list the Securities Act registration statement number of the
earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities
being registered on this form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities
Act, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;</FONT>
</FONT>

<DIV align="center">
<B><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Title of Each Class of</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount to be</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Offering Price Per</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Aggregate Offering</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Securities to be Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registered(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Unit(2)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Price(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registration Fee(2)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ordinary shares, no par value (which may be
    evidenced by American Depositary Receipts)(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">60,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">US$1.57
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">US$94,200,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">US$11,088
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The ordinary shares set forth in the Calculation
    of Registration Fee Table, and which may be offered pursuant to
    this Registration Statement, includes, pursuant to Rule&nbsp;416
    of the U.S. Securities Act of 1933 (the &#147;Securities
    Act&#148;), such additional number of ordinary shares as may
    become issuable as a result of share splits, share dividends or
    similar events.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Estimated solely for the purpose of calculating
    the registration fee. Calculated pursuant to Rule&nbsp;457(c)
    under the Securities Act on the basis of the average of the high
    and low prices of American Depositary Shares (&#147;ADSs&#148;)
    of the Company reported on the Nasdaq SmallCap Market on
    December&nbsp;14, 2004.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">ADSs, each representing one ordinary share,
    evidenced by American Depositary Receipts issuable upon deposit
    of certain of the ordinary shares registered hereby are
    registered on a separate Registration Statement on Form&nbsp;F-6
    (Registration No.&nbsp;333-83738) filed with the Securities and
    Exchange Commission on February&nbsp;28, 2002. Each ADS
    represents one ordinary share.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<B>The Registrant hereby
amends this registration statement on such date or dates as may
be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that
this registration statement shall thereafter become effective in
accordance with Section&nbsp;8(a) of the Securities Act of 1933
or until the registration statement shall become effective on
such date as the Commission, acting pursuant to said
Section&nbsp;8(a), may determine.</B>
</FONT>

<P align="left">
<HR size="1" noshade color="#000000" style="margin-top: -2px">

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="1" cellpadding="5"><TR><TD>
<FONT size="2" color="#E8112D">The information contained in this
prospectus is not complete and may be changed. We have filed a
registration statement relating to these securities with the
U.S.&nbsp;Securities and Exchange Commission. The securities may
not be sold until the registration statement becomes effective.
This prospectus is not an offer to sell these securities and it
is not soliciting an offer to buy these securities in any state
where such offer or sale is not permitted.</FONT><FONT size="2">
<BR>
</FONT>
</TD></TR></TABLE>

<P align="center">
<B><FONT size="2" color="#E8112D">SUBJECT TO COMPLETION DATED
DECEMBER&nbsp;17, 2004</FONT></B>

<P align="left">
<B><FONT size="2">PROSPECTUS</FONT></B>

<P align="center">
<B><FONT size="4">60,000,000</FONT></B>

<DIV align="center">
<B><FONT size="4">Ordinary Shares</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">American Depositary Shares</FONT></B>
</DIV>

<P align="center">
<B><FONT size="6">DRDGOLD Limited</FONT></B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">This
prospectus relates to 60,000,000 ordinary shares that we may
offer and issue from time to time in connection with
acquisitions of other businesses, assets or securities. Some or
all of these ordinary shares may be in the form of American
Depositary Shares, or ADSs. Each ADS represents one ordinary
share.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount and type
of consideration we will offer and the other specific terms of
each acquisition will be determined by negotiations with the
owners or controlling persons of the businesses, assets or
securities to be acquired. We may structure business
acquisitions in a variety of ways, including acquiring stock,
other equity interests or assets of the acquired business or
merging the acquired business with us or one of our
subsidiaries. We do not expect to receive any cash proceeds from
the sale of our ordinary shares or ADSs issued pursuant to this
prospectus. We may be required to provide further information by
means of a post-effective amendment to the registration
statement or a supplement to this prospectus once we know the
actual information concerning a specific acquisition.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay all
expenses of this offering. We will not pay underwriting
discounts or commissions in connection with issuing our ordinary
shares or ADSs, although we may pay finder&#146;s fees in
specific acquisitions. Any person receiving a finder&#146;s fee
may be deemed an underwriter within the meaning of the
U.S.&nbsp;Securities Act of 1933, or the Securities Act.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also permit
individuals or entities who have received or will receive our
ordinary shares or ADSs in connection with the acquisitions
described above to use this prospectus to cover resales of those
ordinary shares or ADSs. In connection with such resales, the
selling security holders may offer and sell our ordinary shares
and ADSs in the United States from time to time, including in
trades on the Nasdaq SmallCap Market, or Nasdaq, where our ADSs
are listed for trading under the symbol &#147;DROOY&#148;, or in
privately negotiated transactions. The selling security holders
may offer our ordinary shares and ADSs at whatever prices are
current when particular sales take place or at other prices to
which they agree. On December&nbsp;16, 2004, the closing price
of our ordinary shares on the JSE Securities Exchange South
Africa, or JSE, was R9.01&nbsp;per share and the closing price
of ADSs on Nasdaq was US$1.589 per ADS. The selling security
holders will pay any brokerage fees or commissions relating to
sales by them. We will not receive any of the proceeds from any
resale by the selling security holders. See &#147;Selling
Security Holders.&#148;
</FONT>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>See &#147;Risk
Factors&#148; beginning on page&nbsp;5 of this prospectus for a
discussion of certain factors you should consider before you
invest in our ordinary shares or ADSs.</B>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the
Securities and Exchange Commission, nor any state securities
commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of this prospectus. Any
representation to the contrary is a criminal offense.</B>
</FONT>

<P align="center">
<FONT size="2">The date of this prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">

</DIV>

<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<CENTER>
<TABLE width="40%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="75%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#101'>PROSPECTUS SUMMARY</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#102'>PUBLICLY AVAILABLE
    INFORMATION</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#103'>INCORPORATION OF DOCUMENTS
    BY REFERENCE</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#104'>SPECIAL NOTE&nbsp;REGARDING
    FORWARD-LOOKING STATEMENTS</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#105'>ENFORCEABILITY OF CIVIL
    LIABILITIES</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#106'>RISK FACTORS</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#107'>DISTRIBUTION OF
    SECURITIES</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#108'>SELLING SECURITY HOLDERS</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#109'>SOUTH AFRICAN RESERVE BANK
    APPROVAL</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#110'>LEGAL MATTERS</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#111'>EXPERTS</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u48166exv5w1.htm">EX-5.1: OPINION OF BOWMAN GILFILLAN</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u48166exv23w1.htm">EX-23.1: CONSENT OF KPMG INC</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u48166exv23w2.htm">EX-23.2: CONSENT OF KPMG INC</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u48166exv23w3.htm">EX-23.3: CONSENT OF DELOITTE & TOUCHE</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="u48166exv23w4.htm">EX-23.4: CONSENT OF DELOITTE TOUCHE TOHMATSU</A></FONT></TD></TR>
</TABLE>
</CENTER>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="left">
<B><FONT size="2">THIS PROSPECTUS INCORPORATES IMPORTANT
BUSINESS AND FINANCIAL INFORMATION THAT IS NOT INCLUDED IN OR
DELIVERED WITH THIS PROSPECTUS. THIS INFORMATION IS AVAILABLE
WITHOUT CHARGE TO SECURITY HOLDERS UPON WRITTEN OR ORAL REQUEST
TO DRDGOLD LIMITED, ATTN: NIEL PRETORIUS, GROUP LEGAL COUNSEL,
45&nbsp;EMPIRE ROAD, PARKTOWN, JOHANNESBURG, SOUTH AFRICA, 2193,
TEL: (27-11)&nbsp;381&nbsp;7800. TO ENSURE TIMELY DELIVERY OF
THE REQUESTED INFORMATION YOU SHOULD MAKE YOUR REQUEST AT LEAST
FIVE BUSINESS DAYS BEFORE THE DATE UPON WHICH YOU MUST MAKE YOUR
INVESTMENT DECISION.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should rely only on the information contained
in or incorporated by reference into this prospectus. Neither
DRDGOLD Limited nor the selling security holders have authorized
any other person to provide you with different information.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither DRDGOLD Limited nor the selling security
holders are making an offer of our ordinary shares or ADSs in
any location where the offer is not permitted.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When used in this prospectus, the term
&#147;Company&#148;, refers to DRDGOLD Limited and the terms the
&#147;Registrant,&#148; &#147;we,&#148; &#147;our,&#148;
&#147;us&#148; or the &#147;Group&#148; refer to the Company and
its subsidiaries, associate and joint venture, as appropriate in
the context.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All references to &#147;Dollars&#148; or
&#147;US$&#148; herein are to United States Dollars, references
to &#147;Rand&#148; or &#147;R&#148; are to South African Rands,
references to &#147;A$&#148; are to Australian Dollars and
references to &#147;Kina&#148; or &#147;K&#148; are to Papua New
Guinean Kinas.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain information in this prospectus presented
in Rands, Australian Dollars or Kinas has been translated into
Dollars. Unless otherwise stated, the conversion rates for
currency translations for the 2004 fiscal year end amounts are
R6.275&nbsp;per US$1.00, A$1.45&nbsp;per US$1.00 and
K3.237&nbsp;per US$1.00, which reflect the noon buying rate in
New York City at June&nbsp;30, 2004. For statement of operations
amounts, the average conversion rate for Rand during the 2004
fiscal year of R6.90013&nbsp;per US$1.00 is used. The rates used
for currency translations for transactions occurring during the
2003 and 2002 fiscal years are the respective year end exchange
rates for balance sheet amounts and the average exchange rate
for that year for statement of operations amounts. By including
convenience currency translations in this prospectus, we are not
representing that the Rand, Australian Dollar or Kina amounts
actually represent amounts shown in Dollars or that these
amounts could be converted at the rates indicated into Dollars.
</FONT>

<P align="center">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left">
<A name='101'></A>
</DIV>

<!-- link1 "PROSPECTUS SUMMARY" -->

<P align="center">
<B><FONT size="2">PROSPECTUS SUMMARY</FONT></B>

<P align="center">
<B><FONT size="2">DRDGOLD Limited</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DRDGOLD Limited is a gold mining company engaged
in underground and surface gold mining including exploration,
extraction, processing and smelting. Our South African
operations consist of:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our North West Operations, comprising the Harties
    Section and the Buffels Section;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the Blyvoor Section;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our 40% interest in Crown Gold Recoveries (Pty)
    Limited, or CGR, comprising the Crown Section and East Rand
    Proprietary Mines Limited, or ERPM Section.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Australasian operations consist of:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the Tolukuma Section and our 20% interest in the
    unincorporated Porgera Joint Venture, both of which are in Papua
    New Guinea;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a 45.33% interest in Emperor Mines Limited, or
    Emperor, which owns the Vatukoula gold mine in Fiji.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We also have exploration projects in South
Africa, Papua New Guinea and Australia, though our principal
focus is on our operations in South Africa and Papua New Guinea.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are a public company, incorporated on
February&nbsp;16, 1895, and our shares were listed on the JSE in
that same year. Our shares and/or related instruments trade on
the JSE, Nasdaq, the London Stock Exchange, the <I>Marche Libre
</I>on Euronext Paris, Euronext Brussels in the form of
International Depository Receipts, the Australian Stock Exchange
and the Port Moresby Stock Exchange in Papua New Guinea.
</FONT>

<P align="center">
<B><FONT size="2">The Offering</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The ordinary shares and ADSs covered by this
prospectus are available for use in connection with our
acquisition of other businesses, assets or securities. From time
to time, the individuals or entities who have received or will
receive our ordinary shares and ADSs in connection with these
acquisitions, or their transferees or successors-in-interest, or
pledgees or donees of the ordinary shares and ADSs, will be
identified as selling security holders in post-effective
amendments to the registration statement or supplements to this
prospectus. The selling security holders may also be permitted
to use this prospectus to offer ordinary shares and ADSs for
resale at prevailing market prices, at negotiated prices, or a
combination of both. We will not receive any of the proceeds
from the sale of these ordinary shares and ADSs by the selling
security holders.
</FONT>

<P align="center">
<B><FONT size="2">Contact Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our registered office and business address is 45
Empire Road, Parktown, Johannesburg, South Africa, 2193. The
postal address is P.O. Box&nbsp;390, Maraisburg, South Africa
1700. Our telephone number is (+27 11)&nbsp;381-7800 and our
facsimile number is (+27 11)&nbsp;482-1022. We are registered
under the South African Companies Act, 1973 (as amended) under
registration number 1895/000926/06.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For our ADSs, The Bank of New York, at 101
Barclay Street, New York, NY 10286 has been appointed as agent.
</FONT>
</DIV>

<P align="center"><FONT size="2">1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='102'></A>
</DIV>

<!-- link1 "PUBLICLY AVAILABLE INFORMATION" -->

<P align="center">
<B><FONT size="2">PUBLICLY AVAILABLE INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have filed with the Securities and Exchange
Commission, or the Commission, a registration statement on
Form&nbsp;F-4 under the Securities Act for the ordinary shares
and ADSs offered by this prospectus. This prospectus forms a
part of the registration statement but does not contain all of
the information included in the registration statement. You
should refer to the registration statement for further
information.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are subject to the periodic reporting and
other information requirements of the Securities Exchange Act of
1934, or the Exchange Act. Under the Exchange Act, we are
required to file reports and other information with the
Commission. Specifically, we are required to file annually a
Form&nbsp;20-F no later than six months after the end of our
fiscal year, which is June&nbsp;30. Copies of the registration
statement, its accompanying exhibits, as well as reports and
other information, when filed with the Commission, may be
inspected without charge and may be obtained at prescribed rates
at the public reference facilities maintained by the Commission
at Judiciary Plaza, 450&nbsp;Fifth Street, N.W., Washington D.C.
20549, regional offices of the Commission located at the
Woolworth Building, 235 Broadway, New York 10048, New York and
Citicorp Center, 500&nbsp;West Madison Street, Suite&nbsp;1400,
Chicago, Illinois 60661. You may obtain information regarding
the Washington,&nbsp;D.C. Public Reference Room by calling the
Commission at 1-800-SEC-0330. You may access the
Commission&#146;s web site at http://www.sec.gov. As a foreign
private issuer, we are exempt from the rules under the Exchange
Act prescribing the furnishing and content of proxy statements,
and officers, directors and principal shareholders are exempt
from the reporting and short-swing profit recovery provisions
contained in Section&nbsp;16 of the Exchange Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will furnish our shareholders upon request
with annual reports, which include a review of operations and
annual audited consolidated financial statements prepared in
conformity with United States generally accepted accounting
principles.
</FONT>

<DIV align="left">
<A name='103'></A>
</DIV>

<!-- link1 "INCORPORATION OF DOCUMENTS BY REFERENCE" -->

<P align="center">
<B><FONT size="2">INCORPORATION OF DOCUMENTS BY
REFERENCE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Commission allows us to &#147;incorporate by
reference&#148; information from other documents that we file
with the Commission, which means that we can disclose important
information to you by referring to those documents. The
information incorporated by reference is considered to be a part
of this prospectus, and information we file later with the
Commission will automatically update and supersede this
information. We incorporate by reference into this prospectus
the following documents we have previously filed with the
Commission:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the audited consolidated balance sheets of Crown
    Gold Recoveries (Proprietary) Limited and its subsidiaries as of
    June&nbsp;30, 2004 and June&nbsp;30, 2003 and the related
    audited consolidated income statements, statements of changes in
    equity, cash flow statements and notes thereto for the years in
    the two-year period ended June&nbsp;30, 2004, which are included
    as exhibit 15.1 to the Annual Report on Form&nbsp;20-F of the
    Company for the year ended June&nbsp;30, 2004;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Amendment No.&nbsp;1 to our Annual Report on
    Form&nbsp;20-F for the fiscal year ended June&nbsp;30, 2004;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Report of Foreign Issuer on Form&nbsp;6-K,
    filed with the Commission on November&nbsp;29, 2004;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Report of Foreign Issuer on Form&nbsp;6-K,
    filed with the Commission on October&nbsp;1, 2004;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the description of our ordinary shares included
    in our Registration Statement on Form&nbsp;20-F as amended by
    Amendment No.&nbsp;1, filed with the Commission on
    October&nbsp;2, 1996.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, all subsequent annual reports on
Form&nbsp;20-F or Form&nbsp;20-F/ A filed by the Company
pursuant to the Exchange Act and, to the extent designated
therein, certain reports on Form&nbsp;6-K submitted by the
Company to the Commission, between the date of this prospectus
and the time we file a post-effective amendment to the
registration statement of which this prospectus is a part
indicating that all the securities which are the subject of that
registration statement have been sold or deregistering any
securities which have not been sold, will be incorporated into
this prospectus by reference and will be a part of it beginning
on the date the documents are filed with or submitted to the
Commission, to the extent not superseded by reports subsequently
filed or submitted.
</FONT>

<P align="center"><FONT size="2">2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will provide, without charge, at the written
or oral request of anyone, including any beneficial owner, to
whom this prospectus is delivered, copies of the documents
incorporated by reference in this prospectus, other than
exhibits to those documents which are not specifically
incorporated by reference. Requests should be directed to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">DRDGOLD Limited <BR>
     Attn: Niel Pretorius <BR>
     45 Empire Road, <BR>
     Parktown, Johannesburg, <BR>
     South Africa 2193 <BR>
     Tel: (27-11) 381-7800.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name='104'></A>
</DIV>

<!-- link1 "SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS" -->

<P align="center">
<B><FONT size="2">SPECIAL NOTE&nbsp;REGARDING FORWARD-LOOKING
STATEMENTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Some of the information included or incorporated
by reference in this prospectus may contain projections or other
forward looking statements regarding future events or other
future financial performance, including forward-looking
statements (as the term is defined in the Private Securities
Litigation Reform Act of 1995) and information relating to us
that are based on the beliefs of our management, as well as
assumptions made by and information currently available to our
management. When used in this prospectus, the words
&#147;estimate,&#148; &#147;project,&#148; &#147;believe,&#148;
&#147;anticipate,&#148; &#147;intend,&#148; &#147;expect&#148;
and similar expressions are intended to identify forward-looking
statements. These statements include our ability to grow our
operations outside South Africa, our ability to successfully
restructure our South African operations, statements regarding
future production and throughput capacity, our ability to enter
into borrowing facilities under negotiation on acceptable terms
or to fund our operations in the next 12&nbsp;months, and
anticipated production costs, cash costs per ounce and total
costs per ounce. Such statements reflect our current views with
respect to future events and are subject to risks, uncertainties
and assumptions. Many factors could cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements that may be
expressed or implied by such forward-looking statements,
including, among others, adverse changes or uncertainties in
general economic conditions in the markets we serve, a
continuing strengthening of the Rand against the Dollar,
regulatory developments adverse to us or difficulties in
maintaining necessary licenses or other governmental approvals,
changes in our competitive position, changes in business
strategy, any major disruption in production at our key
facilities or adverse changes in foreign exchange rates and
various other factors. These risks include, without limitation,
those described in this prospectus under the caption &#147;Risk
Factors&#148; and those detailed from time to time with the
Commission. You should not place undue reliance on these
forward-looking statements, which speak only as of the date
hereof. We do not undertake any obligation to publicly update or
revise these forward-looking statements to reflect events or
circumstances after the date of this prospectus or to reflect
the occurrence of unanticipated events.
</FONT>

<DIV align="left">
<A name='105'></A>
</DIV>

<!-- link1 "ENFORCEABILITY OF CIVIL LIABILITIES" -->

<P align="center">
<B><FONT size="2">ENFORCEABILITY OF CIVIL LIABILITIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Company, and a majority of the members of our
board of directors and executive officers are residents of South
Africa. In addition, our cash producing assets are located
outside the United States, and a major portion of the assets of
members of our board of directors and executive officers are
either wholly or substantially located outside the United
States. As a result, it may not be possible for you to effect
service of process, within the United States or elsewhere
outside South Africa, upon most of our directors, or officers or
us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Moreover, it may not be possible for you to
enforce judgments obtained in courts outside South Africa,
including in the United States, based on the civil liability
provisions of the securities laws of those countries, including
those of the United States against our directors, or officers,
or us. A foreign judgment is not directly enforceable in South
Africa, but constitutes a cause of action which will be enforced
by South African courts provided that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the court which pronounced the judgment had
    jurisdiction to entertain the case according to the principles
    recognized by South African law with reference to the
    jurisdiction of foreign courts;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the judgment is final and conclusive (that is, it
    cannot be altered by the court which pronounced it);
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the judgment has not lapsed;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the recognition and enforcement of the judgment
    by South African courts would not be contrary to public policy,
    including observance of the rules of natural justice which
    provide that no award is enforceable unless the defendant was
    duly served with documents initiating proceedings, that he was
    given a fair opportunity to be heard and that he enjoyed the
    right to be legally represented in a free and fair trial before
    an impartial tribunal;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the judgment was not obtained by fraudulent means;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the judgment does not involve the enforcement of
    a penal or revenue law;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the enforcement of the judgment is not otherwise
    precluded by the provisions of the Protection of Business Act,
    1978 (as amended), of South Africa.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">It is the policy of South African courts to award
compensation for the loss or damage actually sustained by the
person to whom the compensation is awarded. Although the award
of punitive damages is generally unknown to the South African
legal system, that does not mean that such awards are
necessarily contrary to public policy. Whether a judgment is
contrary to public policy would depend on the facts of the case.
Exorbitant, unconscionable, or excessive awards will generally
be contrary to public policy. South African courts cannot review
the merits of a foreign judgment and cannot act as a court of
appeal or review over the foreign court. South African courts
will usually implement their own procedural laws and, where an
action based on an international contract is brought before a
South African court, the capacity of the parties to the contract
will usually be determined in accordance with South African law.
It is doubtful whether an original action based on United States
federal securities laws may be brought before South African
courts. A plaintiff who is not resident in South Africa may be
required to provide security for costs in the event of
proceedings being initiated in South Africa. Furthermore, the
Rules of the High Court of South Africa require that documents
executed outside South Africa be authenticated for the purpose
of use in South African courts. It is not possible therefore for
an investor to seek to impose criminal liability on us in a
South African court arising from a violation of United States
federal securities laws.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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<DIV align="left">
<A name='106'></A>
</DIV>

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<P align="center">
<B><FONT size="2">RISK FACTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">You should consider carefully the risks
described below as well as other risks and factors identified
from time to time in our filings with the Commission before
making an investment decision. Our business, financial condition
or operating results could be materially adversely affected by
any of these risks.</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Some of the most relevant risks are summarized
below and have been organized into the following
categories:</FONT></I>
<P>

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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
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    <FONT size="2">Risks related to our business and operations
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Risk related to the gold mining industry
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Risks related to doing business in South Africa
    and Papua New Guinea
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Risks related to ownership in our ordinary shares
    or ADSs
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Risks related to our business and
operations</FONT></B>

<DIV>&nbsp;</DIV>

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    <TD>
    <B><I><FONT size="2">A strong Rand and a weak gold price
    negatively affect our operations.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As the majority of our production costs are in
Rands, while gold is generally sold in Dollars, our financial
condition has been and could be materially harmed in the future
by an appreciation in the value of the Rand. For our South
African operations, the continuing appreciation of the Rand
since December 2001 has resulted in a sustained reduction in
revenue received by us in Rands. Due to the marginal nature of
our mines in South Africa, any sustained decline in the market
price of gold below the cost of production could result in the
closure of these mines which would result in significant costs
and expenditure for example, incurring retrenchment costs
earlier than expected, that would negatively and adversely
affect our financial situation.
</FONT>

<DIV>&nbsp;</DIV>

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    <TD></TD>
    <TD>
    <B><I><FONT size="2">Changes in the market price for gold, which
    in the past has fluctuated widely, and exchange rate
    fluctuations affect the profitability of our operations and the
    cash flows generated by those operations.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We generally do not enter into forward contracts
to reduce our exposure to market fluctuations in the Dollar gold
price or the exchange rate movements of the Rand and Kina. We
sell our gold and sell our foreign currency at the spot price in
the market on the date of trade. If the Dollar gold price should
fall and the regional functional currencies should strengthen
against the Dollar, resulting in revenue below our cost of
production, and remain at such levels for any sustained period,
we may experience losses and may be forced to curtail or suspend
some or all of our operations. In addition, we might not be able
to recover any losses we may incur during that period or
maintain adequate gold reserves for future exploitation.
Exchange rates are influenced by global economic trends which
are beyond our control.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Kina has also experienced significant
fluctuations against the Dollar over the past several years. A
decrease in the gold price and a strengthening of the foreign
exchange rate of the Rand and Kina has resulted and could
continue to result in a decrease in profitability. If the Rand
continues to appreciate in such a manner, our South African
operations could experience a reduction in cash flow and
profitability.
</FONT>

<DIV>&nbsp;</DIV>

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    <TD></TD>
    <TD>
    <B><I><FONT size="2">We have a history of losses and may
    continue to incur losses in the future.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We incurred net losses of $55.8&nbsp;million for
fiscal 2004, $51.7&nbsp;million for fiscal 2002 and
$84.5&nbsp;million for fiscal 2001 (in fiscal 2003 we had a net
profit of $11.4&nbsp;million). We may continue to incur
substantial losses in the future. Our loss during fiscal 2004
would have been higher had we not experienced an 18% increase in
the average Dollar price of gold from $334 in fiscal 2003 to
$389 in fiscal 2004. The acquisition of a 20% interest in the
mineral assets mined under the unincorporated Porgera Joint
Venture and our resultant proportionate participation in its
production and costs from October&nbsp;14, 2003, increased our
gold production by 147,475 ounces and partially offset the
losses incurred at our South African operations with production
of 574,955 ounces, or 71% of total production.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The profits and cash flows of our South African
operations are directly exposed to the strength of the Rand and
higher input costs as we generally do not hedge. These mines are
also regarded as older, higher cost and
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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<DIV align="left">
<FONT size="2">lower-grade gold producers. Our ability to
identify Ore Reserves, as defined in our Annual Report on
Form&nbsp;20-F for fiscal year ended June&nbsp;30, 2004
(incorporated by reference herein), that can be mined
economically and to maintain sufficient controls on production
and other costs will have a material influence on the future
viability of these mines.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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    <TD>
    <B><I><FONT size="2">We may not be able to meet our cash
    requirements because of a number of factors, many of which are
    beyond our control.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our ability to meet our cash requirements is
dependent upon our future performance, our ability to
successfully restructure our South African Operations, which
will be subject to financial, business and other factors
affecting our operations, many of which are beyond our control.
If we are unable to meet our cash requirements out of cash flows
generated from our operations, we would need to fund these cash
requirements from alternative financing. We may not be able to
obtain alternative financing and we cannot guarantee that any
such financing would be on acceptable terms, or would be
permitted under the terms of our existing financing
arrangements. In the absence of such financing, our ability to
respond to changing business and economic conditions, make
future acquisitions, react to adverse operating results, meet
our debt service obligations or fund required capital
expenditures or increased working capital requirements may be
adversely affected.
</FONT>

<DIV>&nbsp;</DIV>

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    <TD width="3%"></TD>
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    <TD></TD>
    <TD>
    <B><I><FONT size="2">The failure to discover or acquire new Ore
    Reserves could negatively affect our cash flow, results of
    operations and financial condition.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our future cash flow, results of operations and
financial condition are directly related to the success of our
exploration and acquisition efforts and our ability to replace
depleted South African reserves with reserves offshore. Mining
higher grade reserves in our South African mines is likely to be
more difficult in the future and could result in increased
production costs and reduced profitability. A failure to
discover or acquire new reserves in sufficient quantities to
maintain or grow the current level of our reserves will
negatively affect our future cash flow, results and financial
condition. We can make no assurances that any of our new or
ongoing exploration programs will result in new mineral
producing operations.
</FONT>

<DIV>&nbsp;</DIV>

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    <TD>
    <B><I><FONT size="2">The ability to grow through acquisitions
    may be restricted by limited acquisition opportunities at an
    appropriate price.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">From time to time we consider the acquisition of
mining assets including Ore Reserves, development properties,
operating mines or mining companies. The decision to acquire
mining assets is based on our strategy to expand or replace
current production outside South Africa. The market for
acquisitions is competitive and we may not always be successful
in purchasing assets. The ability to conduct a comprehensive due
diligence analysis could also be restricted due to available
information. This may result in the use of a combination of
historical and projected data in order to evaluate the financial
and operational feasibility of the target assets. These analyses
are based on a variety of factors including historical operating
results, estimates of and assumptions about future reserves,
cash and other operating costs, metal prices and projected
economic returns and evaluations of existing or potential
liabilities associated with the property and its operations.
Other than historical operating results, all of these parameters
could differ significantly from the estimates and assumptions
used in the evaluation process, which could result in an
incorrect evaluation of the quality of the assets to be
acquired. Our inability to make suitable acquisitions at an
appropriate price could adversely affect our ongoing business
and financial position, particularly if the Rand continues to
strengthen against the Dollar. Furthermore, we could experience
financial loss through costs incurred in evaluating and pursuing
failed acquisitions or overpayment for an acquisition.
</FONT>

<DIV>&nbsp;</DIV>

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    <TD width="3%"></TD>
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    <TD></TD>
    <TD>
    <B><I><FONT size="2">We may not be able to continue our growth
    if our acquisition strategy is not successful.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our objective is to grow our business by
improving efficiency at our existing operations as well as
through acquisitions outside South Africa. Our success at
completing any acquisitions depends on a number of factors,
including:
</FONT>
<P>

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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">identifying acquisitions which fit our strategy;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">negotiating acceptable terms with the seller of
    the business to be acquired;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">6
</FONT>

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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">obtaining the financing necessary to complete
    future acquisitions;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">obtaining approval for the funding and ownership
    structure from regulatory and central banking authorities in
    South Africa and in the jurisdiction of the business to be
    acquired.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Whether an acquisition will have a positive
effect on our results depends on a variety of factors including:
</FONT>
<P>

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    <TD align="left">
    <FONT size="2">assimilating the operations of an acquired
    business in a timely and efficient manner;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">maintaining our financial and strategic focus
    while integrating the acquired business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">implementing uniform standards, controls,
    procedures and policies at the acquired business;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to the extent that we make an acquisition outside
    of markets in which we have previously operated, conducting and
    managing operations in a new operating environment.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a marginal gold producer, in the past we have
acquired, and we plan to continue to acquire, marginal mines
with relatively higher production costs and lower returns. We
may not be able to reduce the production costs or increase the
returns on these mines in the short to medium term, due to:
</FONT>
<P>

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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">high employment costs;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">accessibility of reserves on an economically
    feasible basis;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">unexpected technical difficulties;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the inability to extend the life of mine.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Acquiring additional businesses could place
increased pressure on our cash flow if such acquisitions are
accomplished by utilizing cash. Acquisitions financed through
the issue of shares may result in a dilution in the value of our
shares if the value of the business acquired is not realized.
The integration of our existing operations with any acquired
business will require significant expenditure of time,
management attention and funding. Achievement of the benefits
expected from the consolidation of newly acquired businesses
into the group will require us to incur significant costs in
connection with, among other things, implementing standardized
internal controls over financial reporting, disclosure controls
and procedures, management and other planning systems. We may
not be able to integrate the operations of recently acquired
companies or restructure our previously existing operations
without encountering difficulties. Our inability to exercise
effective control over entities in which we have a significant
minority interest and to gain control of the business, as has
been the case to date with Emperor, will restrict our ability to
implement operational and financial changes to the business in
line with our acquisition strategy. Over the short-term,
difficulties associated with integration and restructuring could
result in decreased production, increased costs and decreased
profitability.
</FONT>

<DIV>&nbsp;</DIV>

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    <TD></TD>
    <TD>
    <B><I><FONT size="2">The cost to fund the development of a new
    mining project is dependent on third party financing which may
    not be obtainable.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">New mining projects take several years to bring
into production and require a significant amount of capital
funding. The ability to raise funding for a long-term project
requires considerable support from shareholders, financial
institutions and investors. Due to the long duration to develop
a new mining project, the feasibility of the project could be
impacted by volatile input factors, including the price of gold.
This may require additional capital contributions during the
course of the project and the success of the project could
ultimately be dependent on the ongoing financial support of
shareholders, financial institutions and investors. Failure to
obtain additional capital contributions on reasonable terms
could result in the failure of such projects, which could
adversely affect our results of operations.
</FONT>

<DIV>&nbsp;</DIV>

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<TR>
    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Because we rely on two mining operations
    for the majority of our cash flow, our business and operating
    results will be harmed if one or both of those operations are
    negatively impacted.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In fiscal 2004, the Tolukuma Section and our
interest in Porgera accounted for 29% of total production and
117% of gross profit. In fiscal 2003, 8% of total production and
14% of gross profit was from the Tolukuma Section. Any negative
developments affecting the Tolukuma Section or Porgera Joint
Venture (such as seismic
</FONT>

<P align="center"><FONT size="2">7
</FONT>

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<DIV align="left">
<FONT size="2">events, underground fires and labor
interruptions) could cause our results of operations, cash flows
and the price of our securities to decline.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We do not control the operations at CGR,
    including the Crown and ERPM Sections, Porgera Joint Venture or
    Emperor Section.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We do not control Crown Gold Recoveries, or CGR,
the Porgera Joint Venture or Emperor Mines Limited, or Emperor,
and cannot unilaterally cause these entities to adopt a
particular budget, pay dividends or repay indebtedness,
including debt held by us. Because we do not control these
entities, current management may not continue to manage these
entities in a manner that is favorable to us. Since we only have
a minority interest stake in these entities, the ability of
these entities to raise funding is dependent on access to
capital from their shareholders, joint venture partners or third
party financiers. Decisions which reduce gold production,
revenues or profitability, over which we have no control, may
serve to reduce our cash flows and decrease our profitability,
especially with regards to revenues, profitability and cash
flows from the Porgera Joint Venture, on which we depend.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">East Rand Proprietary Mines Ltd, or ERPM,
    may experience ongoing risks during the controlled closure of
    the underground section.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">ERPM&#146;s underground operations have been
placed on a controlled closure program which was expected to be
completed in March 2005, but has been postponed. The decision
was preceded by a 60-day operational review, conducted in
accordance with the provisions of the South African Labour
Relations Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The controlled closure of the underground section
will require the co-operation of all stakeholders including the
Department of Minerals and Energy, or DME, labor unions,
shareholders, creditors and employees, in order to meet the
financial obligations of the mine. During the closure program
limited underground mining operations will continue in line with
the reduction in the labor force. Surface operations may
continue uninterrupted both during and after the closure of the
underground section. ERPM believes anticipated funds generated
from the continued surface operations and the controlled closure
of the underground mining will fund retrenchment costs,
environmental management costs and rehabilitation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The continued operation of the underground
section is dependent on the safety of workers. Increased
seismicity associated with the peculiar geological composition
of underground workings may cause the premature closure of the
underground section and limit the future cash generating ability
of the mine. ERPM may as a result, not be able to fund its
financial obligations in respect of, amongst other things,
retrenchment, environmental management and rehabilitation costs.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The ability of our associates, CGR and ERPM, to
continue as a going concern conducting business depends on the
support of their stockholders, secured lenders and creditors,
including us. At June&nbsp;30, 2004, we recognized losses
against amounts owing to us by CGR and ERPM and these loans are
therefore carried at a nil value. If CGR and ERPM are forced
into premature closure they will experience a rehabilitation
funding shortfall of $14.7&nbsp;million. As managers of the
Crown and ERPM Sections, we could be held proportionately liable
for claims resulting from non-compliance with certain
legislative standards of environmental practice, if the various
statutory criteria providing for liability beyond the corporate
veil are applicable.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our production costs may fluctuate and have
    an adverse effect on our results of operations.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our historical production costs have varied
significantly and we cannot predict what our production costs
may be in the future. Production costs are affected by, amongst
other things:
</FONT>
<P>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">labor stability, lack of productivity and
    increases in labor costs;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">unforeseen changes in ore grades and recoveries;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">unexpected changes in the quality or quantity of
    reserves;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">unstable or unexpected ground conditions and
    seismic activity;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">8
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">technical production issues;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">environmental and industrial accidents;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">gold theft;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">environmental factors;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">pollution.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Increased production costs would affect
    profitability.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The majority of our production costs consist of
labor, steel, electricity and water. The production costs
incurred at our South African operations have, and could in the
future, increase at rates in excess of our annual expected
inflationary increase and result in the restructuring of these
operations at substantial cost. The majority of our South
African labor force is unionized and their wage increase demands
are usually above the then prevailing rates of inflation. In
addition, we have received notification of price increases, far
in excess of the current rate of inflation, to be imposed by our
South African steel suppliers and parastatal entities which
supply us with electricity and water. These, combined with the
increase in labor costs, could result in our costs of production
increasing above the gold price received. Discussions with
suppliers to moderate price increases have so far been
unsuccessful. The costs of fuels, lubricants and other oil and
petroleum based products have increased in fiscal 2004 as a
result of the general increase in the cost of crude oil in
global markets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Due to the location of the Tolukuma section in
the highlands of Papua New Guinea, all transportation to the
mine site is by heavy lift helicopters. Approximately
$25&nbsp;per ounce, or 10%, of production costs relate to
transportation, including the cost of JET A1 fuel for the
helicopters. In the event that the increase in crude oil prices
continues, this will have a significant impact on production
costs at the Tolukuma section and will increase the cost of
mining at our other operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our initiatives to reduce costs may not be
sufficient to offset the increases imposed on our operations and
could negatively affect our business and operating results.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our operations are subject to extensive
    environmental regulations which could impose significant costs
    and liabilities.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our operations are subject to increasingly
extensive laws and regulations governing the protection of the
environment under various state, provincial and local laws,
which regulate air and water quality, hazardous waste management
and environmental rehabilitation and reclamation. Our mining and
related activities impact the environment, including land,
habitat, streams and environment near the mining sites. Delays
in obtaining, or failures to obtain government permits and
approvals may adversely impact our operations. In addition, the
regulatory environment in which we operate could change in ways
that could substantially increase costs to achieve compliance,
therefore having a material adverse effect on our profitability.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have made, and expect to make in the future,
expenditures to comply with these laws and regulations. We also
estimated these liabilities and included provisions for them in
the Group&#146;s environmental rehabilitation, reclamation and
closure costs on our balance sheet as at June&nbsp;30, 2004.
However the ultimate amount of rehabilitation costs may in the
future exceed the current estimates due to influences beyond our
control, such as changing legislation or unidentified
rehabilitation costs. The closure of mining operations, without
sufficient financial provision for the funding of rehabilitation
liabilities, or unacceptable damage to the environment,
including pollution or environmental degradation, may expose us
and our directors to litigation and potentially significant
liabilities.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our Papua New Guinea operations are subject
    to environmental risks associated with tailings
    discharge.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Tolukuma and Porgera Sections in Papua New
Guinea have site specific environmental risks associated with
their operations. Tailings are routinely discharged into the
surrounding river systems in accordance with approved
environmental water discharge permits issued by the Papua New
Guinea Department of the Environment and Conservation under the
Papua New Guinea Environmental Act 2000 and Regulations 2000.
The Papua
</FONT>

<P align="center"><FONT size="2">9
</FONT>

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<DIV align="left">
<FONT size="2">New Guinea Government has approved disposal into
certain natural rivers as the most appropriate method for
treated tailings and soft incompetent waste rock because the
mines are located in extremely rugged mountainous terrain,
subject to seismic activity, high rainfall and landslides, so
construction of a tailings impoundment would be very difficult
and the risk of an engineering failure high.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Due to the elevated concentrations of heavy
metals naturally occurring in the ore, in particular lead,
mercury and arsenic, discharges are monitored in accordance with
the terms of our approved environmental management monitoring
program. Cyanide associated with the tailings deposited is
detoxified and cyanide levels are monitored daily. However,
should we be unable to control the levels of lead, mercury,
arsenic or cyanide, it could pose potential adverse health risks
to the surrounding communities and may result in us violating
our environmental water discharge permit and may expose us to
civil and criminal liability. While our Papua New Guinea
operations currently comply with the applicable license
conditions accepted by the Papua New Guinea Government in
granting approval, the eventual, cumulative environmental
impacts could be greater than the estimates in, or contemplated
by, the environmental plans and environmental management
monitoring programs approved by the Papua New Guinea Government.
In such event the Papua New Guinea Government could require us
to remedy such consequences and the costs of such remediation
could be material. We have also encountered opposition from
local people and landowners regarding our discharge of tailings.
This opposition could cause delays or stoppages which could
reduce our production capacity and results of operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Changes in Papua New Guinean Government
legislation or policy on regulatory discharges into the
environment could result in operational disruptions, especially
if the government changes the method it requires for us to test
tailings discharges, and may have a material adverse affect on
profitability as additional costs may need to be incurred to
facilitate other waste discharge methods.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Flooding at our operations may cause us to
    incur liabilities for environmental damage.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Flooding of underground mining areas is an
inherent risk at our South African operations. If the rate of
rise of water is not controlled, water from our workings could
potentially rise to the surface or decant into surrounding
underground workings or natural underground water sources. Due
to the withdrawal of Government pumping subsidies at Durban Deep
and West Wits, we have ceased active pumping of underground
water. We expect that the progressive flooding where these
operations are located could eventually cause the discharge of
polluted water to the surface and to local water sources.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Estimates of the probable rate of rise of water
in those mines are contradictory and lack scientific support,
however, should underground water levels not reach a natural
subterranean equilibrium, and in the event that underground
water rises to the surface, we may face claims relating to
environmental damage and pollution of ground water, streams and
wetlands.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Underground and opencast mines in Papua New
Guinea may experience flooding due to excessive annual rainfall.
This could result in significant costs to us which could
adversely affect our results of operations.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We have ageing assets in South Africa,
    which exposes us to greater risk of our infrastructure failing
    and higher maintenance costs.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our South African assets are made up
predominantly of mature assets, which we acquired after they had
reached the end of the planned production cycle under their
previous owners, and our strategy has been to revive these
assets through specialist planning and mining techniques. The
ageing infrastructure and installations typical of these
operations require constant maintenance and continuing capital
expenditure. This materially increases our operational costs.
The mature state of these assets, coupled with the technology
applied in many of our installations was not regularly updated
and accordingly has become obsolete compared to the technology
used in more modern mines. As a result the risk of technology
failure is high, and the maintenance of these installations,
costly.
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">If we are unable to attract and retain key
    personnel our business may be harmed.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The success of our business will depend, in large
part, upon the skills and efforts of a small group of management
and technical personnel including Mr.&nbsp;M.M. Wellesley-Wood,
our Executive Chairman, and Mr.&nbsp;I.L.&nbsp;Murray, our Chief
Executive Officer and Chief Financial Officer. Factors critical
to retaining our present staff and attracting additional highly
qualified personnel include our ability to provide these
individuals with competitive compensation arrangements, equity
participation and other benefits. If we are not successful in
retaining or attracting highly qualified individuals in key
management positions, our business may be harmed. We do not
maintain &#147;key man&#148; life insurance policies on any
members of our executive team. The loss of any of our key
personnel could prevent us from executing our business plans,
which may result in decreased production, increased costs and
decreased profitability.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Events may occur for which we are not
    insured which could affect our cash flows and
    profitability.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may become subject to liability for pollution
or other hazards against which we have not insured or are unable
to insure, including those in respect of past mining activities.
Our existing property and liability insurance contains certain
exclusions and limitations on coverage. We have coverage in the
amount of $1,083&nbsp;million (R6,798&nbsp;million) for assets,
$297&nbsp;million (R1,861&nbsp;million) for loss of profits due
to business interruption and $90&nbsp;million
(R567&nbsp;million) for general liability. This policy is
limited by initial deductible amounts covering the loss of
surface and underground assets, and losses due to seismic
events, machinery breakdown, flooding, fire and accidents.
Business interruption is only covered from the time the loss
actually occurs. The deductible amounts vary between categories
with the maximum deductible of $4.8&nbsp;million
(R30&nbsp;million) for any underground loss. Claims for each and
every event are limited by the insurers to $159.4&nbsp;million
(R1&nbsp;billion). A specific limitation of $15.9&nbsp;million
(R100&nbsp;million) applies for loss suffered or claims as a
result of any landslide at the Tolukuma Section. In fiscal 2004,
the asset program also had a number of sub-limits for different
categories of claims.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Future insurance coverage may not cover the
extent of claims against us, including claims for environmental,
industrial or pollution related accidents, for which coverage is
not available. If we are required to meet the costs of claims
which exceed our insurance coverage, our costs may increase
which could decrease our profitability.
</FONT>

<P align="left">
<B><FONT size="2">Risks related to the gold mining
industry</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Changes in the price of gold, which in the
    past has fluctuated widely, is beyond our control.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Historically, the gold price has fluctuated
widely and is affected by numerous industry factors, over which
we have no control, including:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the physical supply of gold from world-wide
    production and scrap sales, and the purchase, sale or divestment
    by central banks of their gold holdings;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the demand for gold for investment purposes,
    industrial and commercial use, and in the manufacturing of
    jewellery;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">speculative trading activities in gold;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the overall level of forward sales by other gold
    producers;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the overall level and cost of production of other
    gold producers;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">international or regional political and economic
    events or trends;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the strength of the Dollar (the currency in which
    gold prices generally are quoted) and of other currencies;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">financial market expectations regarding the rate
    of inflation;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">interest rates.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">11
</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The exploration of mineral properties is
    highly speculative in nature, involves substantial expenditures,
    and is frequently unproductive.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We must continually replace Ore Reserves that are
depleted by production. Our future growth and profitability will
depend, in part, on our ability to identify and acquire
additional mineral rights, and on the costs and results of our
continued exploration and development programs. Gold mining
companies may undertake exploration activities to discover gold
mineralization, which in turn may give rise to new gold bearing
ore bodies. Exploration is highly speculative in nature and
requires substantial expenditure for drilling, sampling and
analysis of ore bodies in order to quantify the extent of the
gold reserve. Many exploration programs, including some of ours,
do not result in the discovery of mineralization and any
mineralization discovered may not be of sufficient quantity or
quality to be mined profitably. If we discover a viable deposit,
it usually takes several years from the initial phases of
exploration until production is possible. During this time, the
economic feasibility of production may change. Moreover, we rely
on the evaluations of professional geologists, geophysicists,
and engineers for estimates in determining whether to commence
or continue mining. These estimates generally rely on scientific
and economic assumptions, which in some instances may not be
correct, and could result in the expenditure of substantial
amounts of money on a deposit before it can be determined with
any degree of accuracy whether or not the deposit contains
economically recoverable mineralization. Uncertainties as to the
metallurgical recovery of any gold discovered may not warrant
mining on the basis of available technology. As a result of
these uncertainties, we may not successfully acquire additional
mineral rights, or identify new Proven and Probable Ore Reserves
in sufficient quantities to justify commercial operations in any
of our properties. Our mineral exploration rights may also not
contain commercially exploitable reserves of gold. The cost
incurred on unsuccessful exploration activities are, as a
result, not likely to be recovered and we could incur a
write-down on our investment in that interest or the
irrecoverable loss of funds spent.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">There is uncertainty with our Ore Reserve
    estimates.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Ore Reserve figures are the best estimates of
our current management as of the dates stated and are reported
in accordance with the requirements of Industry Guide 7 of the
Commission. These estimates may be imprecise and may not reflect
actual reserves or future production.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Should we encounter mineralization or formations
different from those predicted by past drilling, sampling and
similar examinations, reserve estimates may have to be adjusted
and mining plans may have to be altered in a way that might
ultimately cause our results of operations and financial
condition to decline. Moreover, if the price of gold declines,
or stabilizes at a price that is lower than recent levels, or if
our production costs, and in particular our labor costs,
increase or recovery rates decrease, it may become uneconomical
to recover Ore Reserves containing relatively lower grades of
mineralization. Under these circumstances, we would be required
to re-evaluate our Ore Reserves. Short-term operating factors
relating to the Ore Reserves, such as the need for sequential
development of ore bodies and the processing of new or different
grades, may increase our production costs and decrease our
profitability during any given period. These factors have and
could result in reductions in our Ore Reserve estimates, which
could in turn adversely impact upon the total value of our
mining asset base and our business and operating results.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Gold mining is susceptible to numerous
    events that could have an adverse impact on a gold mining
    business.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The business of gold mining takes place in
underground mines, open pit mines and surface operations for the
retreatment of rock dumps and tailings dams. These operations
are exposed to numerous risks and events the occurrence of which
may result in the death of, or personal injury to, employees,
the loss of mining equipment, damage to or destruction of
mineral properties or production facilities, monetary losses,
delays in production, environmental damage, loss of the license
to mine and potential legal claims. The risks and events
associated with the business of gold mining include, but are not
limited to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">environmental hazards and pollution, including
    the discharge of gases, toxic chemicals, pollutants, radioactive
    materials and other hazardous material into the air and water;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">12
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">seismic activity which could lead to rock bursts,
    cave-ins, pit slope failures or, in the event of a significant
    event, total closure of sections or an entire underground mine;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">unexpected geological formations which reduce or
    prevent mining from taking place;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">flooding, landslides, sinkhole formation, ground
    subsidence, ground and surface water pollution, and waterway
    contamination;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">underground fires and explosions, including those
    caused by flammable gas;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">accidents caused from and related to drilling,
    blasting, removing, transporting and processing material, and
    the collapse of pit walls and tailings dams;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">decrease in labor productivity due to labor
    disruptions, work stoppages, disease, slowdowns or labor strikes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, deep level underground mines in
South Africa, as compared to other gold mining countries,
involve significant risks and hazards not associated with open
pit or surface rock dump and tailings dam retreatment
operations. The level of seismic activity in a deep level gold
mine varies based on the rock formation and geological
structures in the mine. The occurrence of any of these hazards
could delay production, increase production costs and may result
in legal claims.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Underground and opencast mines in Papua New
Guinea may experience pit wall failures, landslides and
flooding, due to excessive annual rainfall. The transport of
supplies and employees to and from the mine site may be
inhibited by incessant rain and damage to roads. In addition,
excessive land movement caused by excessive rain may destabilize
existing building and plant infrastructure and restrict access
into the mines.
</FONT>

<P align="left">
<B><FONT size="2">Risks related to doing business in South
Africa and Papua New Guinea</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Political or economic instability in the
    regions in which we operate may reduce our production and
    profitability.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are incorporated and own significant
operations in South Africa. As a result, political and economic
risks relating to South Africa could reduce our production and
profitability. Large parts of the South African population are
unemployed and do not have access to adequate education, health
care, housing and other services, including water and
electricity. Government policies aimed at alleviating and
redressing the disadvantages suffered by the majority of
citizens under previous governments may increase our costs and
reduce our profitability. In recent years, South Africa has
experienced high levels of crime. These problems have impeded
fixed inward investment into South Africa and have prompted
emigration of skilled workers. As a result, we may have
difficulties attracting and retaining qualified employees.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Until recently, the South African economy has
been growing at a relatively slow rate, inflation and
unemployment have been high by comparison with developed
countries, and foreign currency reserves have been low relative
to other emerging market countries. In some years in the late
1980s and early 1990s, inflation in South Africa reached record
highs of 20.6%. This increase in inflation resulted in
considerable year on year increases in operational costs. In
recent years, the inflation rate has decreased. However, a
return to high levels inflation in South Africa, without a
concurrent devaluation of the Rand or increase in the price of
gold, could result in an increase in our costs which could
reduce our profitability.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In South Africa and Papua New Guinea there is a
greater level of political and economic risk as compared to
other developed countries in the world. For example, open pit
operations at Porgera were suspended from August&nbsp;27, 2002
to October&nbsp;12, 2002, due to interruptions in the electrical
power supply as a result of election-related vandalism in Papua
New Guinea. There is also a risk that social unrest and
government intervention could be exacerbated during the mine
closure process. Mine infrastructure, including power, water and
fuel, may be at risk of sabotage. In addition, recurrence of
election related vandalism experienced in 2002 could be
experienced yet again. Landowners in the area, whose interests
are consolidated with those of the provincial government in a
Papua New Guinea registered entity, Mineral Resources Enga, or
MRE, had an expectation of receiving from us a 5% stake in the
Porgera Joint Venture. This expectation arose from an
undertaking we gave at the time of
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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<DIV align="left">
<FONT size="2">acquiring our interest in Porgera, to sell a 5%
stake to MRE on commercial terms, which was subsequently
cancelled as MRE failed to meet certain conditions precedent
after renegotiated, extended deadlines. This issue may become
the subject of some political campaigning and canvassing in
future elections.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Porgera mine has also on a number of
occasions experienced delays receiving operating permits and
licenses, necessary for this mine to conduct its lawful
operations. If at any time in the future permits essential to
lawful operations are not obtained or exemptions not granted,
there is a risk that the Porgera mine may not be able to operate
for a period of time. Future government actions, or actions of
other quasi-government or landowner groups, cannot be predicted
but may impact on the operations and regulation of mines
including the Porgera Joint Venture. Any suspension of
operations at the Porgera Joint Venture would decrease our
attributable production and profitability.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">AIDS poses risks to us in terms of
    productivity and costs.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Acquired Immune Deficiency Syndrome, or AIDS, and
tuberculosis which is closely associated with the onset of the
disease and is exacerbated in the presence of HIV/AIDS,
represents a very serious health care challenge in the gold
mining industry. Human Immunodeficiency Virus, or HIV, is the
virus that causes AIDS and South Africa has one of the highest
HIV infection rates in the world. It is estimated that
approximately 30%-40% of the mining industry workforce in South
Africa are HIV positive. The exact extent to which our mining
workforce both within and outside South Africa is infected with
HIV/AIDS is unknown at this stage. Papua New Guinea has recently
been identified as a high risk country for the HIV/AIDS pandemic
and this could have a direct impact on our workforce and
productivity in that country. The exact impact of increased
mortality rates due to AIDS-related deaths on the cost of doing
business is as yet undefined. The only available treatments for
HIV/ AIDS are anti-retroviral drugs, which slow down the
advancement of the disease but do not present a complete cure
for the disease. The cost and availability of anti-retroviral
drugs could inhibit the introduction of treatment programs at
our mines in South Africa and Papua New Guinea to reduce the
impact of HIV/AIDS on our mining workforce and our businesses.
The existence of the disease poses a risk to us in terms of the
potential reduction in productivity and increase in medical
costs.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Government policies in South Africa may
    adversely impact our operations and profits</FONT></I></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Government Regulation</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The mining industry in South Africa is
extensively regulated through legislation and regulations issued
through government&#146;s administrative bodies. These involve
directives in respect of health and safety, the mining and
exploration of minerals, and managing the impact of mining
operations on the environment. A variety of permits and
authorities are required to mine lawfully, and government
enforces its regulations through the various government
departments.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">The Mineral and Petroleum Resources
    Development Act, 2002</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;1, 2004, the new Minerals and
Petroleum Resources Development Act, or the MPRD Act, was
enacted, which places all mineral and petroleum resources under
the custodianship of the state. Private title and ownership in
minerals, or the &#147;old order rights,&#148; are to be
converted to &#147;new order rights,&#148; essentially the right
to mine. The MPRD Act allows the existing holders of mineral
rights a period of five years to apply for the conversion of
used old order rights, and one year for the conversion of unused
old order rights. We will need to submit a mining work program
and thereby substantiate the area and period of the new order
rights and also comply with the requirements of the Mining
Charter as described below. Once these periods have lapsed, the
holders may have to compete to acquire the right to mine
minerals previously held under old order rights. To the extent
that we are unable to convert some of our old order rights, we
may have a claim for compensation based on expropriation. It is
not possible to forecast with any degree of certainty whether a
claim will be enforceable against government, and the extent to
which we may be compensated. Factors that are taken into account
are market value, as well as the history of acquisition of these
rights.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Where new order rights are obtained under the
MPRD Act, these rights will not be equivalent to our existing
property rights. The area covered by the new order rights may be
reduced by the State if it finds that the
</FONT>

<P align="center"><FONT size="2">14
</FONT>

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<FONT size="2">prospecting or mining work program submitted by
an applicant does not substantiate the need to retain the area
covered by the old order rights. The duration of the new order
rights will no longer be perpetual but rather, in the case of
new order mining rights, for a maximum of 30&nbsp;years with
renewals of up to 30&nbsp;years each and, in the case of
prospecting rights, up to five years with one renewal of up to
three years. In addition, the new order rights will only be
transferable subject to the approval of the Minister. Mining or
prospecting must commence within one year or 120&nbsp;days,
respectively, of the mining right or prospecting right becoming
effective, and must be conducted continuously and actively
thereafter. The new rights can be suspended or cancelled by the
Minister on breach of or, in the case of mining rights, on
non-optimal mining in accordance with the mining work program.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The implementation of the MPRD Act will result in
significant adjustments to our property ownership structure. To
the extent that we are unable to convert some of our old order
rights to new order rights, and that the exclusive rights to
minerals we enjoyed under the previous statutory regime are
diminished, the operations of the MPRD Act may result in
significant adjustments to our property ownership structure,
which in turn could have a material adverse effect on the
underlying value of our operations.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Possible taxation reform and mining
    royalties</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The South African government has declared its
intention to revisit the taxation regime of South African gold
mining companies. The South African gold mining industry is
taxed under the gold taxation formula which recognizes the high
level of capital expenditure required to sustain a mining
operation over the life of the mine. This results in an
additional tax benefit not afforded to other commercial
companies. In addition, the South African Government has
indicated that it is looking at a revenue based royalty for
mining companies, as outlined in the draft Mineral and Petroleum
Royalty Bill, 2003, or Royalty Bill, which was released in March
2003 for comment. The Royalty Bill proposed a three percent
royalty on gross revenue for gold mining companies. In
conjunction with the South African Mining Development
Association we have made submissions to the government outlining
our concerns about a revenue based royalty and recommended a
profit based royalty be introduced instead. In his budget speech
in February 2004, the South African Finance Minister
acknowledged that the draft Royalty Bill may need some
refinement, but also stated that government&#146;s preference is
for a revenue based royalty, with introduction of the royalty as
of 2009. The introduction of the proposed royalty would have an
adverse effect on the profitability of our South African
operations. We are currently evaluating the impact of the
proposed royalty.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">The Broad Based Socio-Economic Empowerment
    Charter</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Broad Based Socio-Economic Empowerment
Charter for the South African Mining Industry, or Mining
Charter, establishes certain numerical goals and timeframes to
transform equity participation in the mining industry in South
Africa and is effective from May&nbsp;1, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The goals set by the Mining Charter include that
each mining company must achieve 15&nbsp;percent ownership by
historically disadvantaged South Africans of its South African
mining assets within five years and 26&nbsp;percent ownership
within ten years from May&nbsp;1, 2004. This is to be achieved
by, among other methods, the sale of assets to historically
disadvantaged persons on a willing seller/willing buyer basis at
fair market value. When considering applications for the
conversion of existing rights, the State will take a
&#147;scorecard&#148; approach, evaluating the commitments of
each company to the different facets of promoting the objectives
of the Mining Charter. Failure on our part to comply with the
requirements of the Mining Charter and the scorecard could
subject us to negative consequences. We may incur expenses in
giving additional effect to the Mining Charter and the
scorecard, including costs which we may incur in facilitating
the financing of initiatives towards ownership by historically
disadvantaged persons. There is also no guarantee that any steps
we might take to comply with the Mining Charter would ensure
that we could successfully acquire new order mining rights in
place of its existing rights. In addition, the terms of such new
order rights may not be as favorable to us as the terms
applicable to its existing rights.
</FONT>

<P align="center"><FONT size="2">15
</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Land Claims</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our privately held land and mineral rights in
South Africa could be subject to land restitution claims under
the Restitution of Land Rights Act, 1994 (as amended), or Land
Rights Act. Under the Land Rights Act, any person who was
dispossessed of rights to land in South Africa as a result of
past racially discriminatory laws or practices is granted
certain remedies, including the restoration of the land. The
initial deadline for such claims was December&nbsp;31, 1998. We
have not been notified of any land claims, but it is possible
that administrative delays in the processing of claims could
have delayed such notification. Any claims of which we are
notified in the future could have a material adverse effect on
our right to the properties to which the claims relate and
prevent us using that land and exploiting any mineral reserves
located there.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Since our South African labor force has
    substantial trade union participation, we face the risk of
    disruption from labor disputes and new South African labor
    laws.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Labor costs constitute 50% of our production
costs for fiscal 2004, and 42% and 41% for fiscal 2003 and 2002,
respectively. We currently employ and contract approximately
11,200 people. Of these, approximately 10,400 people are in
South Africa, of whom, approximately 70% are members of trade
unions or employee associations. This excludes all employees of
our associates CGR and ERPM. We have entered into various
agreements regulating wages and working conditions at our South
African mines to June&nbsp;30, 2005, at which time we will need
to re-negotiate these agreements. Unreasonable wage demands
could increase production costs to levels where our South
African operations are no longer profitable. This could lead to
accelerated mine closures and labor disruptions. We may also
experience labor unrest at operations at which we have an equity
interest. In particular, during October and November 2002, ERPM
experienced some labor unrest during which several striking
contract workers were wounded and two workers were killed by
employees of a private security company. Our business could
suffer if such activities are repeated.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In recent years, labor laws in South Africa have
significantly changed in ways that affect our operations. In
particular, laws that provide for mandatory compensation in the
event of termination of employment for operational reasons and
that impose large monetary penalties for non-compliance with the
administrative and reporting requirements of affirmative action
policies could result in significant costs to us. In addition,
future South African legislation and regulations relating to
labor may further increase our costs or alter our relationship
with our employees.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our financial flexibility could be
    materially constrained by South African currency
    restrictions.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">South African law provides for exchange control
regulations, which restrict the export of capital from the
Common Monetary Area, including South Africa. The Exchange
Control Department of the South African Reserve Bank, or SARB,
is responsible for the administration of exchange control
regulations. In particular, South African companies:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">are generally not permitted to export capital
    from South Africa or to hold foreign currency without the
    approval of SARB;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">are generally required to repatriate, to South
    Africa, profits of foreign operations.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">These restrictions could hinder our corporate
functioning and acquisition strategy, including because
investments of less than a 50% plus 1&nbsp;share interest can
only be held subject to exchange approval. This approval was
obtained for the acquisition of Emperor on the basis that we
would acquire control over Emperor. We currently hold 45.33% of
Emperor and accordingly SARB may require us to divest our
interest in Emperor if we do not acquire 50% plus 1&nbsp;share
interest by January&nbsp;23, 2005, subject to further extension.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">While the South African Government has relaxed
exchange controls in recent years, it is difficult to predict
whether or how it will further relax or abolish exchange control
measures in the future. For further information see
Item&nbsp;10D. to our Annual Report on Form&nbsp;20-F, as
amended, for fiscal year ended June&nbsp;30, 2004:
&#147;Additional Information&nbsp;&#151; Exchange Controls.&#148;
</FONT>

<P align="center"><FONT size="2">16
</FONT>

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<P align="left">
<B><FONT size="2">Risks related to ownership of our ordinary
shares or ADSs</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Your ability to sell a substantial number
    of ordinary shares may be restricted by the limited liquidity of
    ordinary shares traded on the JSE.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The primary listings for our ordinary shares is
the JSE and the Australian Stock Exchange, or ASX. The principal
trading market for our ADSs is the Nasdaq. On a historical
basis, the trading volumes and liquidity of shares listed on the
JSE have been low in comparison with the Nasdaq. For the
12&nbsp;months ended June&nbsp;30, 2004, only 9% of the ordinary
shares publicly traded were traded on the JSE. The limited
liquidity of the ordinary shares traded on the JSE could limit
your ability to sell a substantial number of ordinary shares on
the JSE in a timely manner, especially by means of a large block
trade.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Sales of large volumes of our ordinary
    shares or ADSs or the perception that these sales may occur,
    could adversely affect the prevailing market price of such
    securities.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The market price of our ordinary shares or ADSs
could fall if substantial amounts of ordinary shares or ADSs are
sold by our stockholders, or there is the perception in the
marketplace that such sales could occur. Current holders of
ordinary shares or ADSs may decide to sell them at any time.
Sales of ordinary shares or ADSs, if substantial, or the
perception that these sales may occur and be substantial, could
exert downward pressure on the prevailing market prices for the
ordinary shares or ADSs, causing their market prices to decline.
Trading activity of hedge funds and the ability to borrow script
in the market place will increase trading volumes and may place
the share price under pressure.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Your rights as a shareholder are governed
    by South African law, which differs in material respects from
    the rights of shareholders under the laws of other
    jurisdictions.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Company is a public limited liability company
incorporated under the laws of the Republic of South Africa. The
rights of holders of our ordinary shares, and therefore many of
the rights of our ADS holders, are governed by our memorandum
and articles of association and by South African law. These
rights differ in material respects from the rights of
shareholders in companies incorporated elsewhere, such as in the
United States. In particular, South African law significantly
limits the circumstances under which shareholders of South
African companies may institute litigation on behalf of a
company.
</FONT>

<P align="center"><FONT size="2">17
</FONT>

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<DIV align="left">
<A name='107'></A>
</DIV>

<!-- link1 "DISTRIBUTION OF SECURITIES" -->

<P align="center">
<B><FONT size="2">DISTRIBUTION OF SECURITIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The ordinary shares and ADSs covered by this
prospectus are available for use in connection with acquisitions
by us of other businesses, assets or securities. The
consideration offered by us in these acquisitions, in addition
to any ordinary shares and ADSs offered by this prospectus, may
include cash, certain assets and/or assumption by us or our
affiliates of liabilities of the businesses, assets or
securities being acquired. The amount and type of consideration
we will offer and the other specific terms of each acquisition
will be determined by negotiation with sellers of the
businesses, assets or securities to be acquired taking into
account the nature of the anticipated future value of such
business, assets or securities, along with all other relevant
factors. We anticipate that the ordinary shares and ADSs issued
to the sellers of the businesses, assets or securities to be
acquired normally will be valued at a price reasonably related
to the market value of our ordinary shares and ADSs either at
the time an agreement is reached regarding the terms of the
acquisition or upon delivery of the ordinary shares and ADSs.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may also permit individuals or entities who
have received or will receive our ordinary shares and ADSs in
connection with the acquisitions described above, or their
transferees or successors-in-interest, or pledges or donees of
the ordinary shares and ADSs to use this prospectus to cover
their resale of their ordinary shares and ADSs. See
&#147;Selling Security Holders,&#148; as it may be amended or
supplemented from time to time, for a list of those individuals
or entities who are authorized to use this prospectus to sell
their ordinary shares or ADSs.
</FONT>

<DIV align="left">
<A name='108'></A>
</DIV>

<!-- link1 "SELLING SECURITY HOLDERS" -->

<P align="center">
<B><FONT size="2">SELLING SECURITY HOLDERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The selling security holders listed in any
post-effective amendment to the registration statement or
supplement to this prospectus and any transferees or
successor-in-interest to those persons, or pledges or donees of
the ordinary shares and ADSs, may from time to time offer and
sell, pursuant to this prospectus some or all of the ordinary
shares and ADSs covered by this prospectus. See
&#147;Distribution of Securities.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Resales by selling security holders may be made
directly to investors or through a securities firm acting as an
underwriter, broker or dealer. When resales are to be made
through a securities firm, such securities firm may be engaged
to act as the selling security holder&#146;s agent in the sale
of ordinary shares or ADSs by such selling security holder, or
the securities firm may purchase ordinary shares or ADSs from
the selling security holders as principal and thereafter resell
such ordinary shares or ADSs from time to time. The fees earned
by or paid to such securities firm may be the normal stock
exchange commission or negotiated commissions or underwriting
discounts to the extent permissible. In addition, such
securities firm may effect resales through other securities
dealers, and customary commissions or concessions to such other
dealers may be allowed. Sales of ordinary shares or ADSs may be
in the United States at negotiated prices, at fixed prices, at
market prices or at prices related to market prices then
prevailing, on Nasdaq, in the over-the-counter market, by block
trade, in special or other offerings, directly to investors or
through a securities firm acting as agent or principal, or a
combination of such methods. Any participating securities firm
may be indemnified against certain liabilities, including
liabilities under the Securities Act. Any participating
securities firm may be deemed to be an underwriter within the
meaning of the Securities Act, and any commission earned by such
firm may be deemed to be underwriting discounts or commissions
under the Securities Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with resales of ordinary shares or
ADSs sold hereunder, a prospectus supplement, if required, will
be filed under Rule&nbsp;424(b) under the Securities Act,
disclosing the name of the selling security holder, the
participating securities firm, if any, the number of ordinary
shares or ADSs involved, any material relationship the selling
security holder may have with us or our affiliates, and other
details of such resale to the extent appropriate. Information
concerning the selling security holders will be obtained from
the selling security holders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Security holders may also offer ordinary shares
or ADSs issued in past and future acquisitions by means of
prospectuses under other available registration statements or
pursuant to exemptions from the registration requirements of the
Securities Act, including sales which meet the requirements of
Rule&nbsp;145(d) under that Act, and security holders should
seek the advice of their own counsel with respect to the legal
requirements for such sales.
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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<DIV align="left">
<A name='109'></A>
</DIV>

<!-- link1 "SOUTH AFRICAN RESERVE BANK APPROVAL" -->

<P align="center">
<B><FONT size="2">SOUTH AFRICAN RESERVE BANK APPROVAL</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The issuance of any securities by the Company
under this prospectus will be subject to the approval of the
South African Reserve Bank. The Company does not expect any
material difficulty in obtaining the necessary approvals.
</FONT>

<DIV align="left">
<A name='110'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

<P align="center">
<B><FONT size="2">LEGAL MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The validity of our ordinary shares offered
pursuant to this prospectus and other legal matters as to South
African law will be passed upon for us by Bowman Gilfillan Inc.
</FONT>

<DIV align="left">
<A name='111'></A>
</DIV>

<!-- link1 "EXPERTS" -->

<P align="center">
<B><FONT size="2">EXPERTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements of the
Company and its subsidiaries for fiscal years ended
June&nbsp;30, 2004 and 2003, incorporated in this prospectus by
reference to our Annual Report on Form&nbsp;20-F for the year
ended June&nbsp;30, 2004, as amended, have been audited by KPMG
Inc, an independent registered public accounting firm, as stated
in their report, which is included in such Annual Report on
Form&nbsp;20-F, as amended. Those consolidated financial
statements have been incorporated by reference in this
prospectus and the related registration statement in reliance on
the report of KPMG Inc given upon their authority as experts in
accounting and auditing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements of Crown
Gold Recoveries (Pty) Limited and its subsidiaries for fiscal
years ended June&nbsp;30, 2004 and 2003, incorporated in this
prospectus by reference to our Annual Report on Form&nbsp;20-F
for the year ended June&nbsp;30, 2004, as amended, have been
audited by KPMG Inc, an independent registered public accounting
firm, as stated in their report, which is included as an exhibit
in such Annual Report on Form&nbsp;20-F, as amended. Those
consolidated financial statements have been incorporated by
reference in this prospectus and the related registration
statement in reliance on the report of KPMG Inc given upon their
authority as experts in accounting and auditing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated statement of operations of
Durban Roodepoort Deep, Limited (since renamed DRDGOLD Limited),
for the year ended June&nbsp;30, 2002 and the related
consolidated statements of shareholders&#146; equity and cash
flow incorporated in this prospectus by reference to the Annual
Report on Form&nbsp;20-F of Durban Roodepoort Deep, Limited for
the year ended June&nbsp;30, 2004, as amended, have been audited
by Deloitte &#38; Touche, an independent registered public
accounting firm, as stated in their report which is incorporated
herein by reference and has been so incorporated in reliance
upon the report of such firm given upon their authority as
experts in accounting and auditing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements of Mineral
Resources Porgera Limited and Oregon Minerals (Porgera) Limited,
for the fiscal years ended June&nbsp;30, 2002 and 2001,
incorporated in this prospectus by reference to our Report of
Foreign Issuer on Form&nbsp;6-K, filed with the Commission on
October&nbsp;1, 2004, have been audited by Deloitte&nbsp;&#38;
Touche Tohmatsu&nbsp;&#151; Papua New Guinea, an independent
registered public accounting firm, as stated in their report,
which is included in such report. Those consolidated financials
statements have been incorporated by reference in this
prospectus and the related registration statement in reliance on
the report of Deloitte&nbsp;&#38; Touche Tohmatsu&nbsp;&#151;
Papua New Guinea given upon their authority as experts in
accounting and auditing.
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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<P align="center">
<B><FONT size="2">PART&nbsp;II</FONT></B>

<P align="center">
<B><FONT size="2">INFORMATION NOT REQUIRED IN
PROSPECTUS</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;20.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Indemnification of Directors and
    Officers</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to the provisions of Section&nbsp;247 and
248 of the Companies Act of South Africa, 1973 (as amended), our
Articles of Association allow us to indemnify, out of our funds,
directors, managers, auditors, company secretaries and other
officers and employees against all costs, losses and expenses
incurred by such person or which such person may become liable
to pay in the discharge of his duties or in his capacity as a
director, manager, auditor, secretary or other officer or
employee. This indemnity applies to any liability incurred by
such person in defending any civil or criminal proceedings
relating to any act or omission committed by such person as our
director, manager, auditor, company secretary or other officer
or employee. This indemnification does not exempt any director
from any liability incurred due to his negligence, default,
breach of duty or breach of trust of which he may be guilty of
in relation to us. However, as such indemnification is against
public policy and may be unenforceable in the United States, we
have obtained a waiver of this indemnification from KPMG Inc and
Deloitte&nbsp;&#38; Touche.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We maintain insurance to protect our directors,
managers, company secretary and other officers against potential
claims.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;21.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Exhibits and Financial Statement
    Schedules</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;<I>Exhibits</I>
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="77%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Exhibit No.</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description of Exhibit</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Memorandum of Association of DRDGOLD Limited
    (Incorporated by reference to our Registration Statement on
    Form&nbsp;20-F)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Association of DRDGOLD Limited, as
    amended on November&nbsp;8, 2002 (Incorporated by reference to
    our Annual Report on Form&nbsp;20-F for the fiscal year ended
    June&nbsp;30, 2002)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Deposit Agreement among DRDGOLD Limited, The Bank
    of New York as Depositary, and the owners and holders of
    American Depositary Receipts, dated as of August&nbsp;12, 1996,
    as amended and restated as of October&nbsp;2, 1996 and as
    further amended and restated as of August&nbsp;6, 1998
    (Incorporated by reference to our Registration Statement on
    Form&nbsp;F-6 (Registration Number&nbsp;333-11752), filed with
    the Commission on March&nbsp;29, 2000)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Bowman Gilfillan Inc., South African
    counsel to the Company, as to the validity of the securities
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of KPMG Inc
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of KPMG Inc
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte&nbsp;&#38; Touche
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte Touche Tohmatsu&nbsp;&#151;
    Papua New Guinea
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Bowman Gilfillan Inc. (included in
    Exhibit&nbsp;5.1)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Powers of Attorney (set forth in the signature
    page hereto)
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;<I>Financial Statement Schedules</I>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Schedules for which provision is made in the
applicable accounting regulations of the Commission are either
not required under the related instructions, are inapplicable or
not material, or the information called for thereby is otherwise
included in the financial statements incorporated by reference
and therefore has been omitted.
</FONT>

<P align="center"><FONT size="2">II-1
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;22.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Undertakings</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;The undersigned registrant hereby
undertakes:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;To file, during any period in which
    offers or sales are being made, a post-effective amendment to
    this Registration Statement:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;To include any prospectus required by
    section&nbsp;10(a)(3) of the Securities Act of 1933;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;To reflect in the prospectus any facts
    or events arising after the effective date of the Registration
    Statement (or the most recent post-effective amendment thereof)
    which, individually or in the aggregate, represent a fundamental
    change in the information set forth in the Registration
    Statement. Notwithstanding the foregoing, any increase or
    decrease in volume of securities offered (if the total dollar
    value of securities offered would not exceed that which was
    registered) and any deviation from the low or high end of the
    estimated maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&nbsp;424(b) of the Securities Act if, in the aggregate, the
    changes in volume and price represent no more than a
    20&nbsp;percent change in the maximum aggregate offering price
    set forth in the &#147;Calculation of Registration Fee&#148;
    table in the effective Registration Statement;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;To include any material information
    with respect to the plan of distribution not previously
    disclosed in the Registration Statement or any material change
    to such information in the Registration Statement.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<I><FONT size="2">provided, however,
</FONT></I><FONT size="2">that paragraphs&nbsp;(a)(1)(i) and
(a)(1)(ii) do not apply if the registration statement is on
Form&nbsp;S-3, Form&nbsp;S-8 or Form&nbsp;F-3 and the
information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the registrant
pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the
Registration Statement.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;That, for the purpose of determining any
    liability under the Securities Act of 1933, each such
    post-effective amendment shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial <I>bona fide </I>offering thereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;To remove from registration by means of
    a post-effective amendment any of the securities being
    registered which remain unsold at the termination of the
    offering.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;To file a post-effective amendment to
    the registration statement to include any financial statements
    required by Item&nbsp;8.A of Form&nbsp;20-F at the start of any
    delayed offering or throughout a continuous offering. Financial
    statements and information otherwise required by
    Section&nbsp;10(a)(3) of the Securities Act need not be
    furnished, <I>provided,</I> that the registrant includes in the
    prospectus, by means of a post-effective amendment, financial
    statements required pursuant to this paragraph&nbsp;(a)(4) and
    other information necessary to ensure that all other information
    in the prospectus is at least as current as the date of those
    financial statements. Notwithstanding the foregoing, with
    respect to registration statements on Form&nbsp;F-3, a
    post-effective amendment need not be filed to include financial
    statements and information required by Section&nbsp;10(a)(3) of
    the Securities Act or Rule&nbsp;3-19 of Regulation&nbsp;S-X if
    such financial statements and information are contained in
    periodic reports filed with or furnished to the Commission by
    the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)
    of the Securities Exchange Act of 1934 that are incorporated by
    reference in the Form&nbsp;F-3.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;The undersigned registrant hereby
undertakes that, for purposes of determining any liability under
the Securities Act of 1933, each filing of the Registrant&#146;s
annual report pursuant to Section&nbsp;13(a) or 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant
to Section&nbsp;15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in the Registration Statement
shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof.
</FONT>

<P align="center"><FONT size="2">II-2
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(c)&nbsp;The undersigned registrant hereby
undertakes as follows: that prior to any public reoffering of
the securities registered hereunder through use of a prospectus
which is a part of this registration statement, by any person or
party who is deemed to be an underwriter within the meaning of
Rule&nbsp;145(c), the issuer undertakes that such reoffering
prospectus will contain the information called for by the
applicable registration form with respect to reofferings by
persons who may be deemed underwriters, in addition to the
information called for by the other items of the applicable form.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(d)&nbsp;The registrant undertakes that every
prospectus (i)&nbsp;that is filed pursuant to
paragraph&nbsp;(c)&nbsp;immediately preceding, or (ii)&nbsp;that
purports to meet the requirements of section&nbsp;10(a)(3) of
the Securities Act and is issued in connection with an offering
of securities subject to Rule&nbsp;415, will be filed as a part
of an amendment to the Registration Statement and will not be
used until such amendment is effective, and that, for purposes
of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered
therein, and the offering of such securities at that time shall
be deemed to be the initial <I>bona fide </I>offering thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(e)&nbsp;Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the
successful defence of any action, suit or proceeding) is
asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such
issue.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(f)&nbsp;The undersigned registrant hereby
undertakes: (i)&nbsp;to respond to requests for information that
is incorporated by reference into the prospectus pursuant to
items&nbsp;4, 10(b),&nbsp;11, or 13 of this Form&nbsp;F-4,
within one business day of receipt of such request, and to send
the incorporated documents by first class mail or other equally
prompt means: and (ii)&nbsp;to arrange or provide a facility in
the U.S.&nbsp;for the purpose of responding to such requests.
The undertaking in subparagraph&nbsp;(i)&nbsp;above includes
information contained in documents filed subsequent to the
effective date of the registration statement through the date of
responding to the request.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(g)&nbsp;The undersigned registrant hereby
undertakes to supply by means of a post-effective amendment all
information concerning a transaction and the company being
acquired involved therein, that was not the subject of and
included in the registration statement when it became effective.
</FONT>

<P align="center"><FONT size="2">II-3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has
reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;F-4 and has duly caused
this registration statement or amendment thereof to be signed on
its behalf by the undersigned, thereunto duly authorized, in
South Africa, on the 9th,&nbsp;day of December, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">DRDGOLD LIMITED
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ MARK MICHAEL WELLESLEY-WOOD
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Mark Michael Wellesley-Wood
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chairman of the Board</FONT></I></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ IAN LOUIS MURRAY
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Ian Louis Murray
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Executive Officer</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chief Financial Officer</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER-OF-ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW BY ALL MEN BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints
Mark Michael Wellesley-Wood and Ian Louis Murray and each of
them, his true and lawful attorneys-in-fact and agents, with
full power of substitution and resubstitution, for him and in
his name, place and stead, in any and all capacities, to sign
any and all amendments, including pre-effective and
post-effective amendments, to this registration statement, or
any related registration statement, including any registration
statement to be filed pursuant to Rule&nbsp;462(b) under the
Securities Act of 1933, and to file the same, with all exhibits
thereto, and other documents in connection therewith, and the
Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or their
or his substitute or substitutes, may lawfully do or cause to be
done by virtue thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been
signed by the following persons in the capacities and on the
dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARK MICHAEL WELLESLEY-WOOD<BR>
    <HR size="1" noshade>Mark Michael Wellesley-Wood
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Executive Chairman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ IAN LOUIS MURRAY<BR>
    <HR size="1" noshade>Ian Louis Murray
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer<BR>
    Chief Financial Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <BR>
    <HR size="1" noshade><FONT size="2">Geoffrey Charles Campbell
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Board Member
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;&nbsp;, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ ROBERT PETER HUME<BR>
    <HR size="1" noshade>Robert Peter Hume
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Board Member
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MOLTIN PASEKA NCHOLO<BR>
    <HR size="1" noshade>Moltin Paseka Ncholo
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Board Member
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <BR>
    <HR size="1" noshade><FONT size="2">Douglas John Meldrum Blackmur
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Board Member
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;&nbsp;, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES TURK<BR>
    <HR size="1" noshade>James Turk
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Board Member
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DONALD PUGLISI<BR>
    <HR size="1" noshade>Puglisi&nbsp;&#38; Associates
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Authorized U.S.&nbsp;Representative
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">INDEX TO EXHIBITS</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="77%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Exhibit No.</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description of Exhibit</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Memorandum of Association of DRDGOLD Limited
    (Incorporated by reference to our Registration Statement on
    Form&nbsp;20-F)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Association of DRDGOLD Limited, as
    amended on November&nbsp;8, 2002 (Incorporated by reference to
    our Annual Report on Form&nbsp;20-F for the fiscal year ended
    June&nbsp;30, 2002)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Deposit Agreement among DRDGOLD Limited, The Bank
    of New York as Depositary, and the owners and holders of
    American Depositary Receipts, dated as of August&nbsp;12, 1996,
    as amended and restated as of October&nbsp;2, 1996 and as
    further amended and restated as of August&nbsp;6, 1998
    (Incorporated by reference to our Registration Statement on
    Form&nbsp;F-6 (Registration Number&nbsp;333-11752), filed with
    the Securities and Exchange Commission on March&nbsp;29, 2000)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Bowman Gilfillan Inc., South African
    counsel to the Company, as to the validity of the securities
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of KPMG Inc
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of KPMG Inc
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte&nbsp;&#38; Touche
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte Touche Tohmatsu&nbsp;&#151;
    Papua New Guinea
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Bowman Gilfillan (included in
    Exhibit&nbsp;5.1)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Powers of Attorney (set forth in the signature
    page hereto)
    </FONT></TD>
</TR>

</TABLE>
</CENTER>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>u48166exv5w1.htm
<DESCRIPTION>EX-5.1: OPINION OF BOWMAN GILFILLAN
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-5.1:</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">Exhibit&nbsp;5.1</FONT></B>

<P align="center">
<B><FONT size="2">[LETTERHEAD OF BOWMAN GILFILLAN
INC.]</FONT></B>

<P align="left">
<FONT size="2">December&nbsp;14, 2004
</FONT>

<P align="left">
<FONT size="2">DRDGOLD Limited
</FONT>

<DIV align="left">
<FONT size="2">45 Empire Road
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Parktown, Johannesburg
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">South Africa, 2193
</FONT>
</DIV>

<P align="left">
<FONT size="2">Ladies and Gentlemen:
</FONT>

<P align="left">
<FONT size="2">Re: Registration Statement on Form&nbsp;F-4
</FONT>

<P align="left">
<FONT size="2">Ladies and Gentlemen:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have acted as counsel to DRDGOLD Limited, a
company incorporated under the laws of the Republic of South
Africa (the &#147;Company&#148;), in connection with the
registration of 60,000,000 ordinary shares, no par value (the
&#147;Shares&#148;) (which may be evidenced by American
Depositary Receipts) pursuant to a Registration Statement on
Form&nbsp;F-4 (such Registration Statement, as it may be amended
from time to time, the &#147;Registration Statement&#148;) filed
by the Company with the U.S.&nbsp;Securities and Exchange
Commission (the &#147;Commission&#148;) under the
U.S.&nbsp;Securities Act of 1933 (the &#147;Securities
Act&#148;). The Shares may be offered and issued from time to
time in connection with acquisition of other businesses, assets
or securities. This opinion is delivered in accordance with the
requirements of Item&nbsp;601(b)(5)(i) of Regulation&nbsp;S-K
under the Securities Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the purpose of this opinion, we have examined
such matters of law and originals, or copies certified or
otherwise identified to our satisfaction, of such documents,
corporate records and other instruments as we have deemed
necessary. Based on the foregoing and on all other instruments,
documents and matters examined for the rendering of this
opinion, we are of the opinion that, when (i)&nbsp;the issuance
of the Shares has been authorised by appropriate corporate,
shareholder and regulatory action, and (ii)&nbsp;the Shares have
been issued and delivered in accordance with the provisions of
the applicable acquisition or merger agreement approved by
either the Board of Directors, the Company and/or where
applicable, its shareholders upon payment or receipt of the
consideration therefor provided for therein, will be validly
issued, fully paid and non-assessable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We express no opinion as to the applicability or
effect of any laws, orders or judgments of any state or
jurisdiction other than the substantive laws of the Republic of
South Africa. Further, our opinion is based solely upon existing
laws, rules and regulations, and we undertake no obligation to
advise you of any changes that may be brought to our attention
after the date hereof. We consent to the use of our name under
the caption &#147;Legal Matters&#148; in the prospectus included
in the Registration Statement, and to the filing of this opinion
as an exhibit to the Registration Statement. By giving you this
opinion and consent, we do not admit that we are experts with
respect to any part of the Registration Statement or Prospectus
within the meaning of the term &#147;expert&#148; as used in
Section&nbsp;11 of the Securities Act, or the rules and
regulations promulgated thereunder by the Commission, nor do we
admit that we are in the category of persons whose consent is
required under Section&nbsp;7 of the Securities Act.
</FONT>

<P align="left">
<FONT size="2">Sincerely,
</FONT>

<P align="left">
<FONT size="2">/s/ Bowman Gilfillan
</FONT>

<DIV align="left">
<HR size="1" width="30%" align="left" noshade>
</DIV>

<DIV align="left">
<B><FONT size="2">BOWMAN GILFILLAN</FONT></B>
</DIV>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>u48166exv23w1.htm
<DESCRIPTION>EX-23.1: CONSENT OF KPMG INC
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.1:</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">Exhibit&nbsp;23.1</FONT></B>

<P align="center">
<B><FONT size="2">Consent of Independent Registered Public
Accounting Firm</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We consent to the incorporation by reference
herein, of our report dated November&nbsp;29, 2004 with respect
to the consolidated balance sheets of Durban Roodepoort Deep,
Limited and its subsidiaries as of June&nbsp;30, 2004 and
June&nbsp;30, 2003 and the related consolidated statements of
operations, stockholders&#146; equity, cash flows and notes
thereto for the years in the two-year period ended June&nbsp;30,
2004, which report appears in the Annual Report on
Form&nbsp;20-F/A of Durban Roodepoort Deep, Limited for the year
ended June&nbsp;30, 2004, and to the reference to our firm under
the heading &#147;Experts&#148; in this prospectus.
</FONT>

<P align="left">


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ Johan Holtzhausen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">/s/ Carel Smit
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <HR size="1" noshade width="100%"><BR>
    <FONT size="2">Johan Holtzhausen<BR>
    Director: Energy and Natural Resources
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <HR size="1" noshade width="100%"><BR>
    <FONT size="2">Carel Smit<BR>
    Managing Director: Energy and Natural Resources
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">KPMG Inc</FONT></B>

<DIV align="left">
<I><FONT size="2">Registered Accountants and Auditors</FONT></I>
</DIV>

<DIV align="left">
<I><FONT size="2">Chartered Accountants (SA)</FONT></I>
</DIV>

<P align="left">
<FONT size="2">Johannesburg, Republic of South Africa
</FONT>

<DIV align="left">
<FONT size="2">December&nbsp;13, 2004
</FONT>
</DIV>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>u48166exv23w2.htm
<DESCRIPTION>EX-23.2: CONSENT OF KPMG INC
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.2:</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">Exhibit&nbsp;23.2</FONT></B>

<P align="center">
<B><FONT size="2">Consent of Independent Registered Public
Accounting Firm</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We consent to the incorporation be reference
herein, of our report dated November&nbsp;26, 2004 with respect
to the consolidated balance sheets of Crown Gold Recoveries
(Proprietary) Limited and its subsidiaries as of June&nbsp;30,
2004 and June&nbsp;30, 2003 and the related consolidated income
statements, statements of changes in equity, cash flow
statements and notes thereto for the years in the two-year
period ended June&nbsp;30, 2004, which report appears as an
exhibit to the Annual Report on Form&nbsp;20-F of Durban
Roodepoort Deep, Limited for the year ended June&nbsp;30, 2004,
and to the reference to our firm under the caption
&#147;Experts&#148; in this prospectus.
</FONT>

<P align="left">
<FONT size="2">/s/ Johan Holtzhausen
</FONT>

<DIV align="left">
<HR size="1" width="45%" align="left" noshade>
</DIV>

<DIV align="left">
<FONT size="2">Johan Holtzhausen
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Director: Energy and Natural Resources
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">KPMG Inc</FONT></B>

<DIV align="left">
<I><FONT size="2">Registered Accountants and Auditors</FONT></I>
</DIV>

<DIV align="left">
<I><FONT size="2">Chartered Accountants (SA)</FONT></I>
</DIV>

<P align="left">
<FONT size="2">Johannesburg, Republic of South Africa
</FONT>

<DIV align="left">
<FONT size="2">December&nbsp;13, 2004
</FONT>
</DIV>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>u48166exv23w3.htm
<DESCRIPTION>EX-23.3: CONSENT OF DELOITTE & TOUCHE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.3:</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">Exhibit&nbsp;23.3</FONT></B>

<P align="center">
<B><FONT size="2">Consent of Independent Registered Public
Accounting Firm</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We consent to the incorporation by reference in
this Registration Statement of DRDGOLD Limited on Form&nbsp;F-4
of our report dated September&nbsp;29, 2003, appearing in the
Amendment No.&nbsp;1 to the Annual Report on Form&nbsp;20-F of
Durban Roodepoort Deep, Limited for the year ended June&nbsp;30,
2004 and to the reference to our firm under the heading
&#147;Experts&#148; in this Prospectus, which is part of this
Registration Statement.
</FONT>

<P align="left">
<FONT size="2">/s/ Deloitte&nbsp;&#38; Touche
</FONT>

<DIV align="left">
<HR size="1" width="45%" align="left" noshade>
</DIV>

<DIV align="left">
<B><FONT size="2">Deloitte&nbsp;&#38; Touche</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Johannesburg, Republic of South Africa
</FONT>

<DIV align="left">
<FONT size="2">December&nbsp;17, 2004
</FONT>
</DIV>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>6
<FILENAME>u48166exv23w4.htm
<DESCRIPTION>EX-23.4: CONSENT OF DELOITTE TOUCHE TOHMATSU
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.4:</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">Exhibit&nbsp;23.4</FONT></B>

<P align="center">
<B><FONT size="2">Consent of Independent Registered Public
Accounting Firm</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We consent to the incorporation by reference in
this Registration Statement of DRDGOLD Limited on Form&nbsp;F-4
of our report dated June&nbsp;16, 2004 relating to the combined
financial statements of Mineral Resources Porgera Limited and
Orogen Minerals (Porgera) Limited as of and for the years ended
December&nbsp;31, 2002 and 2001, appearing in the Report of
Foreign Issuer on Form&nbsp;6-K of Durban Roodepoort Deep,
Limited dated October&nbsp;1, 2004 and to the reference to our
firm under the heading &#147;Experts&#148; in the Prospectus,
which is part of this Registration Statement.
</FONT>

<P align="left">
<FONT size="2">/s/ Deloitte Touche Tohmatsu&nbsp;&#151; Papua
New Guinea
</FONT>

<DIV align="left">
<HR size="1" width="45%" align="left" noshade>
</DIV>

<DIV align="left">
<B><FONT size="2">Deloitte Touche Tohmatsu&nbsp;&#151; Papua New
Guinea</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Johannesburg, Republic of South Africa
</FONT>

<DIV align="left">
<FONT size="2">December&nbsp;17, 2004
</FONT>
</DIV>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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