DRDGOLD

DRD · JOHANNESBURG

$23.97−$0.38 (−1.56%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $24.35

DRD analyst rating

BuyConsensus of 1 analyst over the last 12 months. 100% rate it a buy.

Strong buy0
Buy1
Hold0
Underperform0
Sell0

12-month price target · 5 analysts

Average $30.67 (+27.9% upside)

Low: $20.84
Now: $23.97
High: $39.50

Upgrades and downgrades

The latest rating actions, newest first

DRD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Aug 20, 2026	Maintains	Buy	$33.00 → $35.00	25%
HC Wainwright & Co.	Jan 30, 2026	Maintains	Buy	$36.25 → $46.50	25%

The case for and against

Updated Apr 3, 2026

Bull case

DRDGold Ltd has demonstrated a strong commitment to growth, with significant cash flow reinvestment contributing to its positive financial outlook in the current rising gold price environment. The company recognized a slight quarter-on-quarter increase in gold sales, reaching 37,231 ounces, while benefiting from an average gold price of $3,429 per ounce, which led to an adjusted EBITDA growth of approximately R1,092.9 million (around $62 million). Additionally, management anticipates that the robust gold price conditions will enhance liquidity and free cash flow, thereby supporting an expanded capital expenditure program for the year.

Bear case

The financial outlook for DRDGold indicates challenges stemming from rising operational costs, particularly due to higher labor expenses and increased electricity tariffs, which have placed pressure on profitability. The company's all-in costs have increased significantly, rising by 9% quarter-over-quarter to R781 million and reaching R1,745,213 per kilogram of gold, reflecting a 6% year-over-year increase. Despite the suspension of strikes that prevented immediate production disruptions, the unresolved wage disputes could pose future operational risks, further complicating the company's financial landscape.

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