<SEC-DOCUMENT>0001023512-23-000005.txt : 20230511
<SEC-HEADER>0001023512-23-000005.hdr.sgml : 20230511
<ACCEPTANCE-DATETIME>20230403112946
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001023512-23-000005
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230403

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		45 EMPIRE ROAD
		STREET 2:		PARKTOWN
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			2193
		BUSINESS PHONE:		27113817800

	MAIL ADDRESS:	
		STREET 1:		PO BOX 390
		STREET 2:		MARAISBURG
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			1700

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DURBAN ROODEPOORT DEEP LTD
		DATE OF NAME CHANGE:	19960924
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<div id="a4" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:329px;top:118.8px;">DRDGOLD LIMITED </div><div id="a7" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:329.7px;top:152.5px;">Constantia Office Park </div><div id="a9" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:262.5px;top:169.3px;">Cnr 14th Avenue and Hendrik Potgieter Road </div><div id="a11" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:275.3px;top:186.1px;">Cycad House, Building 17, Ground Floor </div><div id="a13" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:327.7px;top:203.1px;">Weltevreden Park 1709 </div><div id="a15" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:359.3px;top:219.9px;">South Africa </div><div id="a19" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:270.4px;">John Coleman </div><div id="a21" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:287.4px;">Karl Hiller </div><div id="a23" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:304.2px;">Division of Corporation Finance </div><div id="a25" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:321.2px;">Office of Energy and Transportation </div><div id="a29" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:338px;">U.S. Securities and Exchange Commission </div><div id="a31" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:354.9px;">100 F Street, N.E. </div><div id="a33" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:371.8px;">Washington, D.C. 20549-4628 </div><div id="a39" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:480.1px;top:418.2px;">April 3, 2023 </div><div id="a46" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:466px;">Re:<div style="display:inline-block;width:27.6px">&#160;</div>DRDGOLD Limited </div><div id="a51" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:144px;top:482.3px;">Form 20-F for the Fiscal Year ended June 30, 2022 </div><div id="a55" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:144px;top:499.1px;">Filed October 28, 2022 </div><div id="a57" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:144px;top:516.1px;">File No. 001-35387 </div><div id="a62" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:549.7px;">Dear Mr. Coleman and Mr. Hiller: </div><div id="a75" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:583.4px;">Set forth below are the responses of DRDGOLD Limited (the</div><div id="a85" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:458.5px;top:583.4px;"><div style="display:inline-block;width:3.7px">&#160;</div>&#8220;Company&#8221;</div><div id="a89" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:537.9px;top:583.4px;">) to the comments received from </div><div id="a95" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:600.4px;">the staff (the &#8220;</div><div id="a97" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:132.5px;top:600.4px;">Staff</div><div id="a98" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:162.6px;top:600.4px;">&#8221;) of the Division of Corporate Finance of the Securities and Exchange<div style="display:inline-block;width:2.2px">&#160;</div>Commission (the </div><div id="a101" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:617.2px;">&#8220;</div><div id="a102" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:54.6px;top:617.2px;">Commission</div><div id="a103" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:132px;top:617.2px;">&#8221;) by letter to Mr. Riaan Davel, dated March 2, 2023 (the </div><div id="a111" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:471.5px;top:617.2px;">&#8220;Comment Letter&#8221;</div><div id="a112" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:590.7px;top:617.2px;">), relating to the </div><div id="a115" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:634.2px;">Company&#8217;s Annual Report on Form 20-F for the fiscal year ended June 30, 2022 (the </div><div id="a123" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:552.4px;top:634.2px;">&#8220;Annual Report&#8221;</div><div id="a124" style="position:absolute;font-family:&apos;Times New 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<div id="a201" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:48.2px;">U.S. Securities and Exchange Commission </div><div id="a203" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:65px;">April 3, 2023 </div><div id="a210" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:81.9px;">Page 2 </div><div id="a300" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:78.1px;top:534.6px;">-1&#160;000</div><div id="a301" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:85.5px;top:509.1px;">-500</div><div id="a302" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:98.7px;top:483.7px;">0</div><div id="a303" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:88.5px;top:458.2px;">500</div><div id="a304" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.112px;color:#7F7F7F;left:81.2px;top:432.7px;">1&#160;000</div><div id="a305" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:81.2px;top:407.3px;">1&#160;500</div><div id="a306" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:81.2px;top:381.9px;">2&#160;000</div><div id="a307" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:81.2px;top:356.4px;">2&#160;500</div><div id="a308" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:117px;top:547.6px;">2023</div><div id="a309" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:145.1px;top:547.6px;">2024</div><div id="a310" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:173.2px;top:547.6px;">2025</div><div id="a311" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:201.3px;top:547.6px;">2026</div><div id="a312" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:229.4px;top:547.6px;">2027</div><div id="a313" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:257.5px;top:547.6px;">2028</div><div id="a314" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:285.6px;top:547.6px;">2029</div><div id="a315" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:313.7px;top:547.6px;">2030</div><div id="a316" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:341.9px;top:547.6px;">2031</div><div id="a317" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:369.9px;top:547.6px;">2032</div><div id="a318" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:398.1px;top:547.6px;">2033</div><div id="a319" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:426.2px;top:547.6px;">2034</div><div id="a320" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:454.3px;top:547.6px;">2035</div><div id="a321" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:482.4px;top:547.6px;">2036</div><div id="a322" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:510.5px;top:547.6px;">2037</div><div id="a323" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:538.6px;top:547.6px;">2038</div><div id="a324" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:566.7px;top:547.6px;">2039</div><div id="a325" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:594.9px;top:547.6px;">2040</div><div id="a326" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:623px;top:547.6px;">2041</div><div id="a327" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:651.1px;top:547.6px;">2042</div><div id="a328" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;transform:rotate(270deg);transform-origin:left 9.6px;left:68px;top:498.1px;">NPV10 (ZAR M)</div><div id="a329" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:364.8px;top:554.7px;">Financial Year</div><div id="a330" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:247.3px;top:345.8px;">Post Tax Discounted Cashflow</div><div id="a331" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:440.9px;top:345.8px;">Cumulative Cashflow</div><div id="a332" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:113.9px;top:820.8px;">262</div><div id="a333" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:140.9px;top:813.5px;">459</div><div id="a334" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:169.3px;top:890.9px;">-509</div><div id="a336" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:197.7px;top:868.7px;">-136</div><div id="a338" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.112px;color:#7F7F7F;left:230.1px;top:831.3px;">84</div><div id="a339" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:254.5px;top:875.4px;">-249</div><div id="a341" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:283px;top:890.3px;">-499</div><div id="a343" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:315.4px;top:831.4px;">83</div><div id="a344" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:341.3px;top:802.5px;">570</div><div id="a345" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:369.7px;top:820px;">275</div><div id="a346" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:398.1px;top:823.9px;">210</div><div id="a347" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:426.5px;top:826.4px;">167</div><div id="a348" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.112px;color:#7F7F7F;left:454.9px;top:827.3px;">152</div><div id="a349" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:485.9px;top:832.6px;">64</div><div id="a350" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:511.8px;top:828.3px;">136</div><div id="a351" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:540.2px;top:826.1px;">173</div><div id="a352" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:568.7px;top:829.6px;">115</div><div id="a353" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.112px;color:#7F7F7F;left:597.1px;top:830.4px;">101</div><div id="a354" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.112px;color:#7F7F7F;left:628.1px;top:830.9px;">91</div><div id="a355" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:656.5px;top:834.9px;">25</div><div id="a356" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:72.5px;top:907.5px;">-1&#160;000</div><div id="a357" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:79.9px;top:877.7px;">-500</div><div id="a358" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:93.1px;top:848px;">0</div><div id="a359" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:82.9px;top:818.2px;">500</div><div id="a360" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:75.6px;top:788.5px;">1&#160;000</div><div id="a361" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.112px;color:#7F7F7F;left:75.6px;top:758.7px;">1&#160;500</div><div id="a362" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:75.6px;top:729px;">2&#160;000</div><div id="a363" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:111.5px;top:920.5px;">2023</div><div id="a364" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:139.9px;top:920.5px;">2024</div><div id="a365" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:168.3px;top:920.5px;">2025</div><div id="a366" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:196.8px;top:920.5px;">2026</div><div id="a367" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:225.2px;top:920.5px;">2027</div><div id="a368" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:253.6px;top:920.5px;">2028</div><div id="a369" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:282.1px;top:920.5px;">2029</div><div id="a370" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:310.5px;top:920.5px;">2030</div><div id="a371" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:338.9px;top:920.5px;">2031</div><div id="a372" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:367.3px;top:920.5px;">2032</div><div id="a373" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:395.7px;top:920.5px;">2033</div><div id="a374" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:424.2px;top:920.5px;">2034</div><div id="a375" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:452.6px;top:920.5px;">2035</div><div id="a376" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:481px;top:920.5px;">2036</div><div id="a377" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:509.4px;top:920.5px;">2037</div><div id="a378" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:537.9px;top:920.5px;">2038</div><div id="a379" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:566.3px;top:920.5px;">2039</div><div id="a380" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:594.7px;top:920.5px;">2040</div><div id="a381" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:623.1px;top:920.5px;">2041</div><div id="a382" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:651.6px;top:920.5px;">2042</div><div id="a383" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;color:#7F7F7F;transform:rotate(270deg);transform-origin:left 9.6px;left:66.3px;top:859.2px;">NPV10 (ZAR M)</div><div id="a384" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;color:#7F7F7F;left:363px;top:930.1px;">Financial Year</div><div id="a385" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:254.2px;top:716.8px;">Post Tax Discounted Cashflow</div><div id="a386" style="position:absolute;font-family:&apos;Calibri&apos;;color:#7F7F7F;left:434.1px;top:716.8px;">Cumulative Cashflow</div><div id="a217" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:51.7px;top:149.6px;">Company&#8217;s Response:<div style="display:inline-block;width:3.7px">&#160;</div></div><div id="a219" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:181.6px;">In response to the Staff's comment the Technical Report Summary will be revised as illustrated below, to comply with </div><div id="a223" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:198.6px;">the requirements of Item 601(b)(96)(iii)(B)(19)(ii) of Regulation S-K.<div style="display:inline-block;width:2.3px">&#160;</div>The Company proposes to add Appendix 1 to </div><div id="a236" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:215.4px;">Item 19.2 and amend the endnote below Graph 12 on page 117 of the Technical Report Summary as illustrated below. </div><div id="a247" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:232.4px;">Furthermore, numerical figures have been added to Graph 14 on page<div style="display:inline-block;width:2.3px">&#160;</div>119.<div style="display:inline-block;width:4.1px">&#160;</div></div><div id="a254" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:85.8px;top:266.8px;">Graph 12 presents the post<div style="display:inline-block;width:1.4px">&#160;</div>-tax cashflow for<div style="display:inline-block;width:3.8px">&#160;</div>an operation that excludes<div style="display:inline-block;width:4.1px">&#160;</div>the benefits that would eventually<div style="display:inline-block;width:4px">&#160;</div>be derived from the Available<div style="display:inline-block;width:4.2px">&#160;</div>TSFs </div><div id="a258" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:709.3px;top:266.8px;">(refer to </div><div id="a260" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:85.8px;top:285px;">Appendix 1).</div><div id="a264" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:85.8px;top:321.5px;">Graph 12: Post-tax Discounted Cashflows </div><div id="a271" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:9.28px;color:#000000;left:85.8px;top:571.9px;">Source:<div style="display:inline-block;width:9.6px">&#160;</div>Sound Mining, 2022 </div><div id="a276" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:85.8px;top:603px;">The cumulative post-tax cashflows over the<div style="display:inline-block;width:0.7px">&#160;</div>LoM remain positive. When<div style="display:inline-block;width:0.9px">&#160;</div>assuming a discount rate<div style="display:inline-block;width:1px">&#160;</div>of 10% the unleveraged operation<div style="display:inline-block;width:0.9px">&#160;</div>reflects a Net Present </div><div id="a281" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:85.8px;top:621.2px;">Value<div style="display:inline-block;width:4px">&#160;</div>(NPV) of<div style="display:inline-block;width:4.6px">&#160;</div>ZAR2.32 Billion<div style="display:inline-block;width:4.4px">&#160;</div>with.</div><div id="a282" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:246.6px;top:621.2px;"><div style="display:inline-block;width:3.5px">&#160;</div>FWGR is<div style="display:inline-block;width:4.6px">&#160;</div>an ongoing<div style="display:inline-block;width:4.6px">&#160;</div>operation and<div style="display:inline-block;width:4.9px">&#160;</div>thus the<div style="display:inline-block;width:4.5px">&#160;</div>Internal Rate<div style="display:inline-block;width:4.9px">&#160;</div>of Return<div style="display:inline-block;width:4.8px">&#160;</div>(IRR) and<div style="display:inline-block;width:4.5px">&#160;</div>a capital<div style="display:inline-block;width:4.8px">&#160;</div>payback period<div style="display:inline-block;width:4.6px">&#160;</div>are<div style="display:inline-block;width:3.9px">&#160;</div>not </div><div id="a284" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:85.8px;top:639.5px;">applicable. </div><div id="a289" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:48px;top:694.2px;"><div style="display:inline-block;width:45.6px">&#160;</div>Graph 14: Post-tax Discounted Cashflows (including liner) </div><div id="a295" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:48px;top:951.8px;"><div style="display:inline-block;width:45.6px">&#160;</div>Source:<div style="display:inline-block;width:17.9px">&#160;</div>Sound Mining, 2022</div></div>
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<div id="a387" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:48.2px;">U.S. Securities and Exchange Commission </div><div id="a389" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:65px;">April 3, 2023 </div><div id="a396" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:48px;top:82px;">Page 3 </div><div id="a421" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:75.5px;top:170.7px;">Description </div><div id="a423" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:160.5px;top:170.7px;">Unit </div><div id="a425" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:201.5px;top:163.7px;">Total/ </div><div id="a427" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:197.1px;top:177.8px;">Average </div><div id="a429" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:250.9px;top:163.7px;">2023 </div><div id="a431" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:256.2px;top:177.8px;">FY </div><div id="a433" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:292.5px;top:163.7px;">2024 </div><div id="a435" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:297.8px;top:177.8px;">FY </div><div id="a437" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:334.1px;top:163.7px;">2025 </div><div id="a439" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:339.4px;top:177.8px;">FY </div><div id="a441" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:375.7px;top:163.7px;">2026 </div><div id="a443" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:381px;top:177.8px;">FY </div><div id="a445" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:417.3px;top:163.7px;">2027 </div><div id="a447" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:422.6px;top:177.8px;">FY </div><div id="a449" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:458.9px;top:163.7px;">2028 </div><div id="a451" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:464.2px;top:177.8px;">FY </div><div id="a453" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:500.5px;top:163.7px;">2029 </div><div id="a455" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:505.8px;top:177.8px;">FY </div><div id="a457" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:542.1px;top:163.7px;">2030 </div><div id="a459" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:547.4px;top:177.8px;">FY </div><div id="a461" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:583.7px;top:163.7px;">2031 </div><div id="a463" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:589px;top:177.8px;">FY </div><div id="a465" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:625.4px;top:163.7px;">2032 </div><div id="a467" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:630.7px;top:177.8px;">FY </div><div id="a469" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:667px;top:163.7px;">2033 </div><div id="a471" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:672.3px;top:177.8px;">FY </div><div id="a473" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:708.6px;top:163.7px;">2034 </div><div id="a475" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:713.9px;top:177.8px;">FY </div><div id="a477" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:750.2px;top:163.7px;">2035 </div><div id="a479" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:755.5px;top:177.8px;">FY </div><div id="a481" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:791.8px;top:163.7px;">2036 </div><div id="a483" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:797.1px;top:177.8px;">FY </div><div id="a485" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:833.4px;top:163.7px;">2037 </div><div id="a487" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:838.7px;top:177.8px;">FY </div><div id="a489" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:875px;top:163.7px;">2038 </div><div id="a491" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:880.3px;top:177.8px;">FY </div><div id="a493" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:916.6px;top:163.7px;">2039 </div><div id="a495" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:921.9px;top:177.8px;">FY </div><div id="a497" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:958.2px;top:163.7px;">2040 </div><div id="a499" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:963.5px;top:177.8px;">FY </div><div id="a501" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:999.8px;top:163.7px;">2041 </div><div id="a503" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1005.1px;top:177.8px;">FY </div><div id="a505" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1041.4px;top:163.7px;">2042 </div><div id="a507" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1046.7px;top:177.8px;">FY </div><div id="a509" style="position:absolute;font-family:&apos;Calibri&apos;;left:52.2px;top:193px;">Reclaimed Tonnes </div><div id="a511" style="position:absolute;font-family:&apos;Calibri&apos;;left:165.5px;top:193px;">kt </div><div id="a513" style="position:absolute;font-family:&apos;Calibri&apos;;left:203.4px;top:193px;">229.371 </div><div id="a515" style="position:absolute;font-family:&apos;Calibri&apos;;left:255.4px;top:193px;">6,044 </div><div id="a517" style="position:absolute;font-family:&apos;Calibri&apos;;left:297px;top:193px;">6,044 </div><div id="a519" style="position:absolute;font-family:&apos;Calibri&apos;;left:338.6px;top:193px;">6,044 </div><div id="a521" style="position:absolute;font-family:&apos;Calibri&apos;;left:380.2px;top:193px;">7,546 </div><div id="a523" style="position:absolute;font-family:&apos;Calibri&apos;;left:421.8px;top:193px;">9,048 </div><div id="a525" style="position:absolute;font-family:&apos;Calibri&apos;;left:463.4px;top:193px;">9,048 </div><div id="a527" style="position:absolute;font-family:&apos;Calibri&apos;;left:505px;top:193px;">9,048 </div><div id="a529" style="position:absolute;font-family:&apos;Calibri&apos;;left:541.5px;top:193px;">11,148 </div><div id="a531" style="position:absolute;font-family:&apos;Calibri&apos;;left:583.1px;top:193px;">14,400 </div><div id="a533" style="position:absolute;font-family:&apos;Calibri&apos;;left:624.7px;top:193px;">14,400 </div><div id="a535" style="position:absolute;font-family:&apos;Calibri&apos;;left:666.3px;top:192.5px;">14,400 </div><div id="a537" style="position:absolute;font-family:&apos;Calibri&apos;;left:707.9px;top:192.5px;">14,400 </div><div id="a539" style="position:absolute;font-family:&apos;Calibri&apos;;left:749.5px;top:192.5px;">14,400 </div><div id="a541" style="position:absolute;font-family:&apos;Calibri&apos;;left:791.1px;top:192.5px;">14,400 </div><div id="a543" style="position:absolute;font-family:&apos;Calibri&apos;;left:832.7px;top:192.5px;">14,400 </div><div id="a545" style="position:absolute;font-family:&apos;Calibri&apos;;left:874.4px;top:192.5px;">14,400 </div><div id="a547" style="position:absolute;font-family:&apos;Calibri&apos;;left:916px;top:192.5px;">14,400 </div><div id="a549" style="position:absolute;font-family:&apos;Calibri&apos;;left:957.6px;top:192.5px;">14,400 </div><div id="a551" style="position:absolute;font-family:&apos;Calibri&apos;;left:999.2px;top:192.5px;">14,400 </div><div id="a553" style="position:absolute;font-family:&apos;Calibri&apos;;left:1045.9px;top:193px;">7,000 </div><div id="a555" style="position:absolute;font-family:&apos;Calibri&apos;;left:52.2px;top:208.8px;">Head Grade </div><div id="a557" style="position:absolute;font-family:&apos;Calibri&apos;;left:163.4px;top:208.8px;">g/t </div><div id="a559" style="position:absolute;font-family:&apos;Calibri&apos;;left:218.6px;top:208.8px;">0.33 </div><div id="a561" style="position:absolute;font-family:&apos;Calibri&apos;;left:260.3px;top:208.8px;">0.48 </div><div id="a563" style="position:absolute;font-family:&apos;Calibri&apos;;left:301.9px;top:208.8px;">0.47 </div><div id="a565" style="position:absolute;font-family:&apos;Calibri&apos;;left:343.5px;top:208.8px;">0.47 </div><div id="a567" style="position:absolute;font-family:&apos;Calibri&apos;;left:385.2px;top:208.8px;">0.41 </div><div id="a569" style="position:absolute;font-family:&apos;Calibri&apos;;left:426.8px;top:208.8px;">0.36 </div><div id="a571" style="position:absolute;font-family:&apos;Calibri&apos;;left:468.4px;top:208.8px;">0.36 </div><div id="a573" style="position:absolute;font-family:&apos;Calibri&apos;;left:510px;top:208.8px;">0.36 </div><div id="a575" style="position:absolute;font-family:&apos;Calibri&apos;;left:551.6px;top:208.8px;">0.37 </div><div id="a577" style="position:absolute;font-family:&apos;Calibri&apos;;left:593.2px;top:208.8px;">0.37 </div><div id="a579" style="position:absolute;font-family:&apos;Calibri&apos;;left:634.8px;top:208.8px;">0.37 </div><div id="a581" style="position:absolute;font-family:&apos;Calibri&apos;;left:676.4px;top:208.8px;">0.32 </div><div id="a583" style="position:absolute;font-family:&apos;Calibri&apos;;left:718px;top:208.8px;">0.30 </div><div id="a585" style="position:absolute;font-family:&apos;Calibri&apos;;left:759.6px;top:208.8px;">0.30 </div><div id="a587" style="position:absolute;font-family:&apos;Calibri&apos;;left:801.2px;top:208.8px;">0.30 </div><div id="a589" style="position:absolute;font-family:&apos;Calibri&apos;;left:842.8px;top:208.8px;">0.30 </div><div id="a591" style="position:absolute;font-family:&apos;Calibri&apos;;left:884.5px;top:208.8px;">0.30 </div><div id="a593" style="position:absolute;font-family:&apos;Calibri&apos;;left:926.1px;top:208.8px;">0.28 </div><div id="a595" style="position:absolute;font-family:&apos;Calibri&apos;;left:967.7px;top:208.8px;">0.27 </div><div id="a597" style="position:absolute;font-family:&apos;Calibri&apos;;left:1009.3px;top:208.8px;">0.27 </div><div id="a599" style="position:absolute;font-family:&apos;Calibri&apos;;left:1050.9px;top:208.8px;">0.27 </div><div id="a601" style="position:absolute;font-family:&apos;Calibri&apos;;left:52.2px;top:224.5px;">Recovery </div><div id="a603" style="position:absolute;font-family:&apos;Calibri&apos;;left:165.8px;top:224.5px;">% </div><div id="a605" style="position:absolute;font-family:&apos;Calibri&apos;;left:219.1px;top:224.5px;">53% </div><div id="a607" style="position:absolute;font-family:&apos;Calibri&apos;;left:260.8px;top:224.5px;">50% </div><div id="a609" style="position:absolute;font-family:&apos;Calibri&apos;;left:302.4px;top:224.5px;">54% </div><div id="a611" style="position:absolute;font-family:&apos;Calibri&apos;;left:344px;top:224.5px;">57% </div><div id="a613" style="position:absolute;font-family:&apos;Calibri&apos;;left:385.7px;top:224.5px;">55% </div><div id="a615" style="position:absolute;font-family:&apos;Calibri&apos;;left:427.3px;top:224.5px;">53% </div><div id="a617" style="position:absolute;font-family:&apos;Calibri&apos;;left:468.9px;top:224.5px;">53% </div><div id="a619" style="position:absolute;font-family:&apos;Calibri&apos;;left:510.5px;top:224.5px;">53% </div><div id="a621" style="position:absolute;font-family:&apos;Calibri&apos;;left:552.1px;top:224.5px;">53% </div><div id="a623" style="position:absolute;font-family:&apos;Calibri&apos;;left:593.7px;top:224.5px;">53% </div><div id="a625" style="position:absolute;font-family:&apos;Calibri&apos;;left:635.3px;top:224.5px;">53% </div><div id="a627" style="position:absolute;font-family:&apos;Calibri&apos;;left:676.9px;top:224.5px;">51% </div><div id="a629" style="position:absolute;font-family:&apos;Calibri&apos;;left:718.5px;top:224.5px;">49% </div><div id="a631" style="position:absolute;font-family:&apos;Calibri&apos;;left:760.1px;top:224.5px;">49% </div><div id="a633" style="position:absolute;font-family:&apos;Calibri&apos;;left:801.7px;top:224.5px;">49% </div><div id="a635" style="position:absolute;font-family:&apos;Calibri&apos;;left:843.3px;top:224.5px;">54% </div><div id="a637" style="position:absolute;font-family:&apos;Calibri&apos;;left:884.9px;top:224.5px;">58% </div><div id="a639" style="position:absolute;font-family:&apos;Calibri&apos;;left:926.5px;top:224.5px;">55% </div><div id="a641" style="position:absolute;font-family:&apos;Calibri&apos;;left:968.1px;top:224.5px;">55% </div><div id="a643" style="position:absolute;font-family:&apos;Calibri&apos;;left:1009.7px;top:224.5px;">55% </div><div id="a645" style="position:absolute;font-family:&apos;Calibri&apos;;left:1051.3px;top:224.5px;">55% </div><div id="a647" style="position:absolute;font-family:&apos;Calibri&apos;;left:52.2px;top:240.3px;">Gold Sold </div><div id="a649" style="position:absolute;font-family:&apos;Calibri&apos;;left:164.7px;top:240.3px;">kg </div><div id="a651" style="position:absolute;font-family:&apos;Calibri&apos;;left:208.5px;top:240.3px;">40,409 </div><div id="a653" style="position:absolute;font-family:&apos;Calibri&apos;;left:255.4px;top:240.3px;">1,404 </div><div id="a655" style="position:absolute;font-family:&apos;Calibri&apos;;left:297px;top:240.3px;">1,528 </div><div id="a657" style="position:absolute;font-family:&apos;Calibri&apos;;left:338.6px;top:240.3px;">1,592 </div><div id="a659" style="position:absolute;font-family:&apos;Calibri&apos;;left:380.2px;top:240.3px;">1,674 </div><div id="a661" style="position:absolute;font-family:&apos;Calibri&apos;;left:421.8px;top:240.3px;">1,740 </div><div id="a663" style="position:absolute;font-family:&apos;Calibri&apos;;left:463.4px;top:240.3px;">1,740 </div><div id="a665" style="position:absolute;font-family:&apos;Calibri&apos;;left:505px;top:240.3px;">1,740 </div><div id="a667" style="position:absolute;font-family:&apos;Calibri&apos;;left:546.6px;top:240.3px;">2,216 </div><div id="a669" style="position:absolute;font-family:&apos;Calibri&apos;;left:588.2px;top:240.3px;">2,840 </div><div id="a671" style="position:absolute;font-family:&apos;Calibri&apos;;left:629.9px;top:240.3px;">2,840 </div><div id="a673" style="position:absolute;font-family:&apos;Calibri&apos;;left:671.5px;top:240.3px;">2,369 </div><div id="a675" style="position:absolute;font-family:&apos;Calibri&apos;;left:713.1px;top:240.3px;">2,105 </div><div id="a677" style="position:absolute;font-family:&apos;Calibri&apos;;left:754.7px;top:240.3px;">2,105 </div><div id="a679" style="position:absolute;font-family:&apos;Calibri&apos;;left:796.3px;top:240.3px;">2,105 </div><div id="a681" style="position:absolute;font-family:&apos;Calibri&apos;;left:837.9px;top:240.3px;">2,322 </div><div id="a683" style="position:absolute;font-family:&apos;Calibri&apos;;left:879.5px;top:240.3px;">2,532 </div><div id="a685" style="position:absolute;font-family:&apos;Calibri&apos;;left:921.1px;top:240.3px;">2,190 </div><div id="a687" style="position:absolute;font-family:&apos;Calibri&apos;;left:962.7px;top:240.3px;">2,159 </div><div id="a689" style="position:absolute;font-family:&apos;Calibri&apos;;left:1004.3px;top:240.3px;">2,159 </div><div id="a691" style="position:absolute;font-family:&apos;Calibri&apos;;left:1045.9px;top:240.3px;">1,049 </div><div id="a693" style="position:absolute;font-family:&apos;Calibri&apos;;left:52.2px;top:256.2px;">Revenue </div><div id="a695" style="position:absolute;font-family:&apos;Calibri&apos;;left:156px;top:256.2px;">ZAR M </div><div id="a697" style="position:absolute;font-family:&apos;Calibri&apos;;left:208.5px;top:256.2px;">36,946 </div><div id="a699" style="position:absolute;font-family:&apos;Calibri&apos;;left:255.4px;top:256.2px;">1,284 </div><div id="a701" style="position:absolute;font-family:&apos;Calibri&apos;;left:297px;top:256.2px;">1,397 </div><div id="a703" style="position:absolute;font-family:&apos;Calibri&apos;;left:338.6px;top:256.2px;">1,455 </div><div id="a705" style="position:absolute;font-family:&apos;Calibri&apos;;left:380.2px;top:256.2px;">1,531 </div><div id="a707" style="position:absolute;font-family:&apos;Calibri&apos;;left:421.8px;top:256.2px;">1,591 </div><div id="a709" style="position:absolute;font-family:&apos;Calibri&apos;;left:463.4px;top:256.2px;">1,591 </div><div id="a711" style="position:absolute;font-family:&apos;Calibri&apos;;left:505px;top:256.2px;">1,591 </div><div id="a713" style="position:absolute;font-family:&apos;Calibri&apos;;left:546.6px;top:256.2px;">2,026 </div><div id="a715" style="position:absolute;font-family:&apos;Calibri&apos;;left:588.2px;top:256.2px;">2,597 </div><div id="a717" style="position:absolute;font-family:&apos;Calibri&apos;;left:629.9px;top:256.2px;">2,597 </div><div id="a719" style="position:absolute;font-family:&apos;Calibri&apos;;left:671.5px;top:256.2px;">2,166 </div><div id="a721" style="position:absolute;font-family:&apos;Calibri&apos;;left:713.1px;top:256.2px;">1,924 </div><div id="a723" style="position:absolute;font-family:&apos;Calibri&apos;;left:754.7px;top:256.2px;">1,924 </div><div id="a725" style="position:absolute;font-family:&apos;Calibri&apos;;left:796.3px;top:256.2px;">1,924 </div><div id="a727" style="position:absolute;font-family:&apos;Calibri&apos;;left:837.9px;top:256.2px;">2,123 </div><div id="a729" style="position:absolute;font-family:&apos;Calibri&apos;;left:879.5px;top:256.2px;">2,315 </div><div id="a731" style="position:absolute;font-family:&apos;Calibri&apos;;left:921.1px;top:256.2px;">2,003 </div><div id="a733" style="position:absolute;font-family:&apos;Calibri&apos;;left:962.7px;top:256.2px;">1,974 </div><div id="a735" style="position:absolute;font-family:&apos;Calibri&apos;;left:1004.3px;top:256.2px;">1,974 </div><div id="a737" style="position:absolute;font-family:&apos;Calibri&apos;;left:1053.4px;top:256.2px;">959 </div><div id="a739" style="position:absolute;font-family:&apos;Calibri&apos;;left:52.2px;top:272.1px;">Operating Costs </div><div id="a741" style="position:absolute;font-family:&apos;Calibri&apos;;left:156px;top:272.1px;">ZAR M </div><div id="a743" style="position:absolute;font-family:&apos;Calibri&apos;;left:208.5px;top:272.1px;">19,550 </div><div id="a745" style="position:absolute;font-family:&apos;Calibri&apos;;left:262.9px;top:272.1px;">838 </div><div id="a747" style="position:absolute;font-family:&apos;Calibri&apos;;left:304.5px;top:272.1px;">538 </div><div id="a749" style="position:absolute;font-family:&apos;Calibri&apos;;left:346.1px;top:272.1px;">538 </div><div id="a751" style="position:absolute;font-family:&apos;Calibri&apos;;left:387.7px;top:272.1px;">773 </div><div id="a753" style="position:absolute;font-family:&apos;Calibri&apos;;left:429.3px;top:272.1px;">868 </div><div id="a755" style="position:absolute;font-family:&apos;Calibri&apos;;left:470.9px;top:272.1px;">868 </div><div id="a757" style="position:absolute;font-family:&apos;Calibri&apos;;left:512.5px;top:272.1px;">868 </div><div id="a759" style="position:absolute;font-family:&apos;Calibri&apos;;left:554.1px;top:272.1px;">995 </div><div id="a761" style="position:absolute;font-family:&apos;Calibri&apos;;left:588.2px;top:272.1px;">1,168 </div><div id="a763" style="position:absolute;font-family:&apos;Calibri&apos;;left:629.9px;top:272.1px;">1,168 </div><div id="a765" style="position:absolute;font-family:&apos;Calibri&apos;;left:671.5px;top:272.1px;">1,168 </div><div id="a767" style="position:absolute;font-family:&apos;Calibri&apos;;left:713.1px;top:272.1px;">1,168 </div><div id="a769" style="position:absolute;font-family:&apos;Calibri&apos;;left:754.7px;top:272.1px;">1,168 </div><div id="a771" style="position:absolute;font-family:&apos;Calibri&apos;;left:796.3px;top:272.1px;">1,168 </div><div id="a773" style="position:absolute;font-family:&apos;Calibri&apos;;left:837.9px;top:272.1px;">1,168 </div><div id="a775" style="position:absolute;font-family:&apos;Calibri&apos;;left:879.5px;top:272.1px;">1,168 </div><div id="a777" style="position:absolute;font-family:&apos;Calibri&apos;;left:921.1px;top:272.1px;">1,168 </div><div id="a779" style="position:absolute;font-family:&apos;Calibri&apos;;left:962.7px;top:272.1px;">1,168 </div><div id="a781" style="position:absolute;font-family:&apos;Calibri&apos;;left:1004.3px;top:272.1px;">1,168 </div><div id="a783" style="position:absolute;font-family:&apos;Calibri&apos;;left:1053.4px;top:272.1px;">717 </div><div id="a785" style="position:absolute;font-family:&apos;Calibri&apos;;left:52.2px;top:287.7px;">Capital Expenditure </div><div id="a787" style="position:absolute;font-family:&apos;Calibri&apos;;left:156px;top:287.7px;">ZAR M </div><div id="a789" style="position:absolute;font-family:&apos;Calibri&apos;;left:213.6px;top:287.7px;">6,767 </div><div id="a791" style="position:absolute;font-family:&apos;Calibri&apos;;left:262.9px;top:287.7px;">326 </div><div id="a793" style="position:absolute;font-family:&apos;Calibri&apos;;left:309.6px;top:287.7px;">61 </div><div id="a795" style="position:absolute;font-family:&apos;Calibri&apos;;left:338.6px;top:287.7px;">1,595 </div><div id="a797" style="position:absolute;font-family:&apos;Calibri&apos;;left:387.7px;top:287.7px;">957 </div><div id="a799" style="position:absolute;font-family:&apos;Calibri&apos;;left:429.3px;top:287.7px;">300 </div><div id="a801" style="position:absolute;font-family:&apos;Calibri&apos;;left:470.9px;top:287.7px;">589 </div><div id="a803" style="position:absolute;font-family:&apos;Calibri&apos;;left:505px;top:287.7px;">1,120 </div><div id="a805" style="position:absolute;font-family:&apos;Calibri&apos;;left:554.1px;top:287.7px;">565 </div><div id="a807" style="position:absolute;font-family:&apos;Calibri&apos;;left:600.9px;top:287.7px;">18 </div><div id="a809" style="position:absolute;font-family:&apos;Calibri&apos;;left:637.4px;top:287.7px;">402 </div><div id="a811" style="position:absolute;font-family:&apos;Calibri&apos;;left:679px;top:287.7px;">146 </div><div id="a813" style="position:absolute;font-family:&apos;Calibri&apos;;left:725.7px;top:287.7px;">18 </div><div id="a815" style="position:absolute;font-family:&apos;Calibri&apos;;left:767.3px;top:287.7px;">18 </div><div id="a817" style="position:absolute;font-family:&apos;Calibri&apos;;left:803.8px;top:287.7px;">416 </div><div id="a819" style="position:absolute;font-family:&apos;Calibri&apos;;left:845.4px;top:287.7px;">152 </div><div id="a821" style="position:absolute;font-family:&apos;Calibri&apos;;left:892.1px;top:287.7px;">18 </div><div id="a823" style="position:absolute;font-family:&apos;Calibri&apos;;left:933.7px;top:287.7px;">18 </div><div id="a825" style="position:absolute;font-family:&apos;Calibri&apos;;left:975.3px;top:287.7px;">18 </div><div id="a827" style="position:absolute;font-family:&apos;Calibri&apos;;left:1016.9px;top:287.7px;">18 </div><div id="a829" style="position:absolute;font-family:&apos;Calibri&apos;;left:1058.5px;top:287.7px;">20 </div><div id="a831" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:52.2px;top:303.1px;">Post-tax Free </div><div id="a835" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:52.2px;top:317.2px;">Cashflow </div><div id="a837" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:155.5px;top:303.1px;">ZAR M </div><div id="a839" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:213.5px;top:310.1px;">7,338 </div><div id="a841" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:262.9px;top:310.1px;">288 </div><div id="a843" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:304.5px;top:310.1px;">555 </div><div id="a845" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:343.5px;top:310.1px;">(678) </div><div id="a847" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:385.2px;top:310.1px;">(199) </div><div id="a849" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:429.3px;top:310.1px;">424 </div><div id="a851" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:470.9px;top:310.1px;">118 </div><div id="a853" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:510px;top:310.1px;">(397) </div><div id="a855" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:554.1px;top:310.1px;">404 </div><div id="a857" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:595.7px;top:310.1px;">987 </div><div id="a859" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:637.4px;top:310.1px;">714 </div><div id="a861" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:679px;top:310.1px;">600 </div><div id="a863" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:720.6px;top:310.1px;">525 </div><div id="a865" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:762.2px;top:310.1px;">525 </div><div id="a867" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:803.8px;top:310.1px;">242 </div><div id="a869" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:845.4px;top:310.1px;">567 </div><div id="a871" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:887px;top:310.1px;">794 </div><div id="a873" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:928.6px;top:310.1px;">579 </div><div id="a875" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:970.2px;top:310.1px;">559 </div><div id="a877" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1011.8px;top:310.1px;">559 </div><div id="a879" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1053.4px;top:310.1px;">171 </div><div id="a881" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:52.2px;top:331.7px;">Cumulative Post-tax </div><div id="a884" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:52.2px;top:345.8px;">Free Cashflow </div><div id="a886" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:155.5px;top:331.7px;">ZAR M </div><div id="a888" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:213.5px;top:338.8px;">7,338 </div><div id="a890" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:262.9px;top:338.8px;">288 </div><div id="a892" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:304.5px;top:338.8px;">843 </div><div id="a894" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:346.1px;top:338.8px;">165 </div><div id="a896" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:390.3px;top:338.8px;">(34) </div><div id="a898" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:429.3px;top:338.8px;">389 </div><div id="a900" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:470.9px;top:338.8px;">507 </div><div id="a902" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:512.5px;top:338.8px;">110 </div><div id="a904" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:554.1px;top:338.8px;">514 </div><div id="a906" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:588.1px;top:338.8px;">1,501 </div><div id="a908" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:629.7px;top:338.8px;">2,216 </div><div id="a910" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:671.3px;top:338.8px;">2,816 </div><div id="a912" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:712.9px;top:338.8px;">3,341 </div><div id="a914" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:754.5px;top:338.8px;">3,867 </div><div id="a916" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:796.1px;top:338.8px;">4,108 </div><div id="a918" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:837.7px;top:338.8px;">4,675 </div><div id="a920" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:879.3px;top:338.8px;">5,469 </div><div id="a922" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:920.9px;top:338.8px;">6,049 </div><div id="a924" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:962.5px;top:338.8px;">6,608 </div><div id="a926" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1004.1px;top:338.8px;">7,167 </div><div id="a928" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1045.7px;top:338.8px;">7,338 </div><div id="a930" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:52.2px;top:360.5px;">Post-tax Discounted </div><div id="a933" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:52.2px;top:374.6px;">Cashflow </div><div id="a935" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:155.5px;top:367.6px;">ZAR M </div><div id="a937" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:213.5px;top:367.6px;">2,318 </div><div id="a939" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:262.9px;top:367.6px;">262 </div><div id="a941" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:304.5px;top:367.6px;">459 </div><div id="a943" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:343.5px;top:367.6px;">(509) </div><div id="a945" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:385.2px;top:367.6px;">(136) </div><div id="a947" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:429.3px;top:367.6px;">263 </div><div id="a949" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:476.1px;top:367.6px;">66 </div><div id="a951" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:510px;top:367.6px;">(204) </div><div id="a953" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:554.1px;top:367.6px;">189 </div><div id="a955" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:595.7px;top:367.6px;">419 </div><div id="a957" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:637.4px;top:367.6px;">275 </div><div id="a959" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:679px;top:367.6px;">210 </div><div id="a961" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:720.6px;top:367.6px;">167 </div><div id="a963" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:762.2px;top:367.6px;">152 </div><div id="a965" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:808.9px;top:367.6px;">64 </div><div id="a967" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:845.4px;top:367.6px;">136 </div><div id="a969" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:887px;top:367.6px;">173 </div><div id="a971" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:928.6px;top:367.6px;">115 </div><div id="a973" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:970.2px;top:367.6px;">101 </div><div id="a975" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1016.9px;top:367.6px;">91 </div><div id="a977" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1058.5px;top:367.6px;">25 </div><div id="a979" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:52.2px;top:389.3px;">Cumulative Post-tax </div><div id="a982" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:52.2px;top:403.3px;">Discounted Cashflow </div><div id="a984" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:155.5px;top:396.4px;">ZAR M </div><div id="a986" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:213.5px;top:396.4px;">2,318 </div><div id="a988" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:262.9px;top:396.4px;">262 </div><div id="a990" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:304.5px;top:396.4px;">721 </div><div id="a992" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:346.1px;top:396.4px;">211 </div><div id="a994" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:392.9px;top:396.4px;">75 </div><div id="a996" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:429.3px;top:396.4px;">338 </div><div id="a998" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:470.9px;top:396.4px;">405 </div><div id="a1000" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:512.5px;top:396.4px;">201 </div><div id="a1002" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:554.1px;top:396.4px;">389 </div><div id="a1004" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:595.7px;top:396.4px;">808 </div><div id="a1006" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:629.7px;top:396.4px;">1,083 </div><div id="a1008" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:671.3px;top:396.4px;">1,294 </div><div id="a1010" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:712.9px;top:396.4px;">1,461 </div><div id="a1012" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:754.5px;top:396.4px;">1,613 </div><div id="a1014" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:796.1px;top:396.4px;">1,677 </div><div id="a1016" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:837.7px;top:396.4px;">1,813 </div><div id="a1018" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:879.3px;top:396.4px;">1,986 </div><div id="a1020" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:920.9px;top:396.4px;">2,100 </div><div id="a1022" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:962.5px;top:396.4px;">2,201 </div><div id="a1024" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1004.1px;top:396.4px;">2,292 </div><div id="a1026" style="position:absolute;font-family:&apos;Calibri&apos;;font-weight:bold;left:1045.7px;top:396.4px;">2,318 </div><div id="a408" style="position:absolute;font-family:&apos;Calibri&apos;;left:48px;top:459.3px;">Appendix 1: Summary of the DCF Model (excluding liner)</div><div id="a410" style="position:absolute;font-family:&apos;Calibri&apos;;left:48px;top:471.5px;">Notes:<div style="display:inline-block;width:21.3px">&#160;</div>Apparent computational errors due to rounding </div></div>
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<div id="a1028" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:48.2px;">U.S. Securities and Exchange Commission </div><div id="a1031" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:65px;">April 3, 2023 </div><div id="a1038" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:81.9px;">Page 4 </div><div id="a1047" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:96px;top:153.6px;">Comment: </div><div id="a1049" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:185px;">2. </div><div id="a1051" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:144px;top:185px;">We note that disclosures under Reliance on Information Provided by the Registrant, on </div><div id="a1053" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:144px;top:202px;">page 136 of the Technical Report Summary, include categories of information beyond </div><div id="a1055" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:144px;top:218.8px;">those that are permissible under Item 1302(f)(1) of Regulation S-K. </div><div id="a1061" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:144px;top:252.5px;">For example, in the last two bullet points of this section, the qualified persons<div style="display:inline-block;width:2.2px">&#160;</div>indicate </div><div id="a1063" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:144px;top:269.3px;">there has been reliance with regard to certain cost estimates and technical evaluations </div><div id="a1065" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:144px;top:286.3px;">provided by FWGR or its consultants or associates. </div><div id="a1069" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:144px;top:319.9px;">Please discuss this observation with the qualified persons and arrange<div style="display:inline-block;width:2.2px">&#160;</div>to obtain and file </div><div id="a1070" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;color:#000000;left:144px;top:336.8px;">a revised Technical<div style="display:inline-block;width:5.1px">&#160;</div>Report Summary that is consistent with the requirements in Item </div><div id="a1074" style="position:absolute;font-family:&apos;Times New 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style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:131.6px;top:762px;"><div style="display:inline-block;width:2.6px">&#160;</div>reasonable to rely on the information provided by FWGR </div><div id="a1199" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:384.1px;top:762px;">since </div><div id="a1201" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:408.5px;top:762px;">as identified in this item because</div><div id="a1202" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:551.5px;top:762px;"><div style="display:inline-block;width:2.6px">&#160;</div>they are </div><div id="a1204" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:592.6px;top:762px;">intimately more </div><div id="a1205" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:664.8px;top:762px;">familiar </div><div id="a1206" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:780.3px;">with the operations<div style="display:inline-block;width:4px">&#160;</div>and ongoing progress<div style="display:inline-block;width:4.1px">&#160;</div>of FWGR since<div style="display:inline-block;width:4px">&#160;</div>inception, and as a<div style="display:inline-block;width:4.2px">&#160;</div>consequence </div><div id="a1207" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:495.9px;top:780.3px;">enjoy </div><div id="a1209" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:522.8px;top:780.3px;">this provides the<div style="display:inline-block;width:3.9px">&#160;</div>QPs with</div><div id="a1210" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:638.5px;top:780.3px;"><div style="display:inline-block;width:3px">&#160;</div>an enhanced </div><div id="a1212" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:798.5px;">level of comfort with respect to </div><div id="a1213" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:235.1px;top:798.5px;">the </div><div id="a1214" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:252px;top:798.5px;">management</div><div id="a1215" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:309.8px;top:798.5px;"><div style="display:inline-block;width:2.4px">&#160;</div>integrity and the</div><div id="a1217" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:384.2px;top:798.5px;">,</div><div id="a1218" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:386.9px;top:798.5px;"><div style="display:inline-block;width:2.4px">&#160;</div>processes, procedures and quality of planning </div><div id="a1220" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:590.7px;top:798.5px;">conducted </div><div id="a1222" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:638.9px;top:798.5px;">at FWGR. </div><div id="a1224" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:96px;top:816.8px;">Additional information provided by FWGR included technical reports supplied by its<div style="display:inline-block;width:3.9px">&#160;</div>consultants and associates and the relevant<div 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style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:96px;top:877.9px;">title, agreements and other pertinent conditions; </div><div id="a1235" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:96px;top:902.7px;">&#8226;</div><div id="a1236" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:101.3px;top:902.7px;"><div style="display:inline-block;width:9.6px">&#160;</div></div><div id="a1238" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:113.6px;top:902.7px;">these studies were undertaken<div style="display:inline-block;width:3.8px">&#160;</div>by Digby Wells Environmental<div style="display:inline-block;width:4.1px">&#160;</div>(South Africa) (Proprietary) Limited (Digby Wells)<div style="display:inline-block;width:4.2px">&#160;</div>and Sound Mining has </div><div id="a1240" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:96px;top:921px;">relied on the findings of these studies; </div><div id="a1242" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:96px;top:945.8px;">&#8226;</div><div id="a1243" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:101.3px;top:945.8px;"><div style="display:inline-block;width:9.6px">&#160;</div></div><div id="a1245" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:114.4px;top:945.8px;">DRA SA<div style="display:inline-block;width:4.7px">&#160;</div>(Proprietary) Limited<div style="display:inline-block;width:4.4px">&#160;</div>were<div style="display:inline-block;width:3.8px">&#160;</div>responsible for<div style="display:inline-block;width:4.6px">&#160;</div>the detailed<div style="display:inline-block;width:4.6px">&#160;</div>design and<div style="display:inline-block;width:4.6px">&#160;</div>associated cost<div style="display:inline-block;width:4.7px">&#160;</div>estimates for<div style="display:inline-block;width:5px">&#160;</div>the expansion<div style="display:inline-block;width:4.3px">&#160;</div>of DP2<div style="display:inline-block;width:4.8px">&#160;</div>and </div><div id="a1247" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:96px;top:964px;">associated piping and pumping<div style="display:inline-block;width:3.9px">&#160;</div>infrastructure. Beric Robinson<div style="display:inline-block;width:3.9px">&#160;</div>Tailings (Proprietary)<div style="display:inline-block;width:4.2px">&#160;</div>Limited (Beric Robinson Tailings)<div style="display:inline-block;width:5px">&#160;</div>were responsible for </div><div id="a1249" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:96px;top:982.1px;">the design of the RTSF which<div style="display:inline-block;width:0.8px">&#160;</div>was also costed by DRA. The<div style="display:inline-block;width:1px">&#160;</div>QPs have relied on Spargo Consult as<div style="display:inline-block;width:0.9px">&#160;</div>an independent expert for the<div style="display:inline-block;width:1px">&#160;</div>review of this </div><div id="a1251" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:96px;top:1000.3px;">work; and<div style="display:inline-block;width:2.3px">&#160;</div></div></div>
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<div id="a1253" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:48.2px;">U.S. Securities and Exchange Commission </div><div id="a1256" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:65px;">April 3, 2023 </div><div id="a1263" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:81.9px;">Page 5 </div><div id="a1271" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:96px;top:135.3px;"><div style="display:inline-block;width:2.4px">&#160;</div>&#8226;<div style="display:inline-block;width:11.9px">&#160;</div>Geo Tail SA (Proprietary) Limited (GTSA) were responsible for the Cyclone Conversion Design and technical evaluation of the </div><div id="a1274" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#FF0000;left:148.8px;top:153.5px;">Leeudoorn TSF; and the QPs have relied on the findings of this study. </div><div id="a1277" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:188.8px;">Item 2.3 </div><div id="a1280" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:224.9px;">The QPs also relied on reports from: </div><div id="a1282" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:247.1px;">DRA SA (Proprietary) Limited </div><div id="a1284" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:223.2px;top:247.1px;">(DRA); </div><div id="a1286" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:269.3px;">Geo Tail SA (Proprietary) Limited&#8217;s (GTSA);</div><div id="a1289" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:291.6px;">Beric Robinson Tailings (Proprietary) Limited (Beric Robinson Tailings); and </div><div id="a1291" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:313.8px;">Digby Wells Environmental (South Africa) (Proprietary) Limited (Digby Wells). </div><div id="a1294" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:354.3px;">Item 14 </div><div id="a1297" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:388.7px;">An expansion of the currently operating DP2 processing plant is planned to facilitate an increase in processing throughput from the </div><div id="a1299" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:407px;">current TSF Mineral Reserve inventory. </div><div id="a1300" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:267.6px;top:407px;">DRA were responsible for the detailed design and associated cost estimates for the expansion of </div><div id="a1302" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:425.2px;">DP2 as well as the piping and pumping infrastructure. The QPs appointed Spargo Consult, as an independent expert, to assist with the </div><div id="a1304" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:443.5px;">review of the metallurgical aspects. </div><div id="a1307" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:479.9px;">Item 15.1 </div><div id="a1310" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:12px;color:#000000;left:96px;top:517px;">Leeudoorn Facility </div><div id="a1313" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:546.5px;">The Leeudoorn TSF is located 7km north-east of Fochville on the West Rand, Gauteng Province. Sibanye Gold have, after a detailed, joint </div><div id="a1318" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:564.7px;">technical review, agreed in principle that FWGR may,<div style="display:inline-block;width:4.1px">&#160;</div>with effect from January 2026, deposit up to 500ktm of tailings onto the Leeudoorn </div><div id="a1322" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:583px;">TSF provided FWGR paid the capital cost to convert the TSF to cyclone depositioning. </div><div id="a1325" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:619.5px;">The QPs have relied on the findings of Geo Tail SA (Proprietary) Limited&#8217;s (GTSA)<div style="display:inline-block;width:3.8px">&#160;</div>Leeudoorn TSF Cyclone Conversion Design and technical </div><div id="a1328" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:637.7px;">evaluation for an understanding of the planned conversion of the current day wall TSF to a cyclone-based deposition system. The design </div><div id="a1331" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:656px;">has been developed to accommodate the required deposition plan. While the QP has not interrogated the voracity of this work in detail, it </div><div id="a1334" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:674.2px;">has been benchmarked against other similar conversion projects and has been found to be within proven operational practice and </div><div id="a1336" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:692.4px;">acceptable risk levels. </div><div id="a1339" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:728.1px;">Item 15.2.3 </div><div id="a1342" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:762.5px;">Sound Mining has reviewed the </div><div id="a1344" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:235.1px;top:762.5px;">FWGR</div><div id="a1345" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:262.1px;top:762.5px;"><div style="display:inline-block;width:2.4px">&#160;</div>Regional Tailings Dam Report </div><div id="a1347" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:393.7px;top:762.5px;">and design</div><div id="a1348" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:440.7px;top:762.5px;"><div style="display:inline-block;width:2.4px">&#160;</div>prepared by Beric Robinson Tailings (2020) </div><div id="a1350" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:631px;top:762.5px;">(costed by </div><div id="a1351" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:780.8px;">DRA)</div><div id="a1352" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:117.8px;top:780.8px;"><div style="display:inline-block;width:2.4px">&#160;</div>and has concluded that the report provides a solid basis for the future development of a safe RTSF. Sound Mining believes that by </div><div id="a1355" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:799px;">following the principles and design strategy outlined in the report, the chances of a TSF failure will be unlikely. However,<div style="display:inline-block;width:4.1px">&#160;</div>cognizance needs </div><div id="a1357" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:817.2px;">to be taken of the uncertainties discussed subjectively below. </div><div id="a1360" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:848.1px;">Item 16.1 </div><div id="a1363" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:882.6px;">The QP considered a five-year period of historical analysis to form an opinion of the gold price and exchange rate to be expected going </div><div id="a1366" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:900.8px;">forward because the QP is of the opinion that a five-year period sufficiently covers the market volatility seen in the international gold </div><div id="a1370" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:919px;">market. This is also consistent with the five-year period of consensus pricing relied on for the price forecast. The gold price increased in </div><div id="a1373" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:937.3px;">2020 due to uncertainties related to the outbreak of Covid-19. It then steadily declined to a spot price of ~ZAR945,295/kg (i.e., </div><div id="a1378" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:955.5px;">USD1,806.89/oz at ZAR16.27/USD) as at 30 June 2022 (Graph 5). </div><div id="a1382" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:377.5px;top:955.5px;">After interrogating the gold price, the QPs are of the opinion that a gold </div><div id="a1384" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:973.8px;">price of ZAR914,294/kg, provided by FWGR, is appropriate for use in the economic assessment.</div></div>
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<div id="a1388" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:48.2px;">U.S. Securities and Exchange Commission </div><div id="a1391" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:65px;">April 3, 2023 </div><div id="a1398" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:81.9px;">Page 6 </div><div id="a1406" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:135.6px;">Item 17.4 </div><div id="a1410" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:96px;top:170.1px;">Environmental Closure Liability Estimate </div><div id="a1414" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:197.3px;">Sound Mining<div style="display:inline-block;width:5px">&#160;</div>has<div style="display:inline-block;width:3.8px">&#160;</div>relied on<div style="display:inline-block;width:5px">&#160;</div>environmental<div style="display:inline-block;width:4.1px">&#160;</div>closure liability<div style="display:inline-block;width:4.9px">&#160;</div>estimates<div style="display:inline-block;width:3.9px">&#160;</div>provided<div style="display:inline-block;width:3.9px">&#160;</div>by<div style="display:inline-block;width:3.8px">&#160;</div>Digby<div style="display:inline-block;width:3.8px">&#160;</div>Wells.<div style="display:inline-block;width:4.2px">&#160;</div>They<div style="display:inline-block;width:3.8px">&#160;</div>are<div style="display:inline-block;width:3.9px">&#160;</div>experts in<div style="display:inline-block;width:4.9px">&#160;</div>this field<div style="display:inline-block;width:4.9px">&#160;</div>and<div style="display:inline-block;width:3.8px">&#160;</div>were </div><div id="a1416" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:96px;top:215.6px;">commissioned for the purpose</div><div id="a1417" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:228.3px;top:215.6px;">. A review of the closure estimate and associated plans </div><div id="a1418" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#0000FF;left:468.4px;top:215.6px;">covered</div><div id="a1419" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:503.3px;top:215.6px;"><div style="display:inline-block;width:2.4px">&#160;</div>the following aspects: </div><div id="a1422" style="position:absolute;font-family:&apos;Arial&apos;;color:#000000;left:133.8px;top:238.7px;">&#8226; </div><div id="a1424" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:157.8px;top:237.8px;">discussion of the methodology used to derive the costs for demolition, closure and rehabilitation; and </div><div id="a1427" style="position:absolute;font-family:&apos;Arial&apos;;color:#000000;left:133.8px;top:257px;">&#8226; </div><div id="a1429" style="position:absolute;font-family:&apos;Calibri&apos;;font-size:10.72px;color:#000000;left:157.8px;top:256.1px;">comment on the adequacy of the financial provisions made for the operation. </div><div id="a1432" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:18.72px;color:#000000;left:336.2px;top:291.9px;">*<div style="display:inline-block;width:46.5px">&#160;</div>*<div style="display:inline-block;width:46.6px">&#160;</div>*</div><div id="a1435" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:192px;top:334.6px;">Should the Staff have any questions or comments, please contact me on +27 11 470 </div><div id="a1439" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:351.6px;">2600 or at riaan.davel@drdgold.com. </div><div id="a1447" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:432.1px;top:400.1px;">Sincerely, </div><div id="a1449" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:192px;top:431.4px;"><div style="display:inline-block;width:240px">&#160;</div>/s/ Riaan Davel </div><div id="a1458" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:432.1px;top:465.2px;">Riaan Davel </div><div id="a1460" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:432.1px;top:482px;">Chief Financial Officer </div><div id="a1463" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:96px;top:515.8px;">cc: </div><div id="a1465" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-style:italic;color:#000000;left:144px;top:515.8px;">DRDGOLD Limited </div><div id="a1470" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:144px;top:532.6px;"><div style="display:inline-block;width:48px">&#160;</div>Mpho Mashatola </div><div id="a1474" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-style:italic;color:#000000;left:144px;top:566.3px;">Skadden Arps, Slate, Meagher &amp; Flom (UK) LLP </div><div id="a1482" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:144px;top:583.1px;"><div style="display:inline-block;width:48px">&#160;</div>James McDonald </div><div id="a1486" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;color:#000000;left:144px;top:600.1px;"><div style="display:inline-block;width:48px">&#160;</div>Maria Protopapa </div></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
