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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 104 17.4.1。根据关闭责任估计数,关闭费用评估是根据迪格比·威尔斯于2023年7月修订的NEMA的要求进行的。经费评估的目的是修订现有的关闭和修复估计数,以反映截至2023年7月的当前状况。17.4.2.关闭负债的数量关闭成本估计是为了在FWGR的年度财务报表中报告负债。修订后的NEMA第28条规定,每个人都有注意的义务,并规定了防止、最大限度地减少和纠正污染或退化的义务。该负债每年进行调整,FWGR已为恢复对环境的负面影响拨出资金。关闭费用是在“计划外”和“计划内”的基础上确定的。预算费用假设采矿仍在继续,最后的修复将仅限于修复TSF足迹。预算外费用假定立即停止采矿,并用于恢复该地区目前的状况。详细的关闭成本模型计算了拆除、拆除和修复每个基础设施组件的成本,这些成本可能包括(但不限于):·修复泵站和管道足迹;·普遍的恢复和植被管理战略;·确保回收的足迹是自由排水的;·使关闭后仍将保留的TSF植物生长;·对每个修复的足迹进行辐射清除;和·关闭后的维护和监测费用。FWGR已在计划外估计的基础上拨备了财务担保的数量。表26列出了2023年6月Digby Wells年度财务拨备评估的关闭成本估计。表26:FWGR资产计划外成本2023(ZAR M)计划成本2023(ZAR M)Driefontein 5 TSF 9.85 9.96 Driefontein 3 TSF 32.45 13.66 Kloof 1 TSF 16.25 12.06 Libanon TSF 23.30 15.08 Venterspost North TSF 26.12 12.52 Venterspost South TSF 7.60 4.90 DP2 15.78 15.78 DP3 12.43 12.43 Driefontein 4 TSF 25.26 20.84管道5.04 5.04关闭后方面Driefontein 5 TSF 3.293.29关闭后问题3 TSF 10.49 4.18关闭后问题Kloof 1 TSF 26.89 4.27关闭后问题Libanon TSF 8.56 5.32关闭后问题TSF45.19 4.43关闭后问题TSF13.47 1.79关闭后问题DP2 2.64 1.64关闭后问题DP3 0.28 0.28关闭后问题驱动因素4 TSF 12.25 7.34项目管理17.83 9.29意外事件29.71 15.48总计344.682023注:四舍五入造成的明显计算误差
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 105随着TSFs开采的进展,修复和关闭的负债将从目前的意外成本344.68百万兹罗提降至最终预定成本179.56百万兹罗提,FWGR将向DMRE提出适当申请,要求对关闭责任进行调整,以应付这一减少的负债。GuardRisk保险有限公司(GuardRisk)已经为DMRE提供了490.5亿兹罗提的财务担保。根据圈护环境恢复保险单,还向GuardRisk专属牢房投资了474.8亿兹罗提。这些资金被限制用于在土地管理活动期间和结束时的未来康复活动的唯一目标。GuardRisk牢房(2023年6月30日)提供的财务担保和资金足以支付2023年估计的行动预算外负债344.68亿瑞士法郎。表27显示了根据NEMA财务拨备条例(2015)第7条在2016年Digby Wells环境影响评估和环境与管理方案报告中计算的RTSF的关闭责任,其中规定,在任何给定时间,财务拨备都等于立即实施计划至少十年的实际成本总和(包括年度修复、最终计划、退役和关闭计划)。FWGR已通知Sound Mining,FWGR已通过GuardRisk保证了RTSF关闭成本估计的169.0百万兹罗提,并满足IEA的要求。2023年的关闭费用估计是通过将2016年的估计增加6%来正常化的。表27:Kloof EIA的关闭成本估计,并通过GuardRisk资产担保2016年一年后的计划外成本(ZAR M)2016年计划外成本(ZAR M)2023年6月30日(ZAR M)计划成本(ZAR M)RTSF 77.17 172.31 123.00 274.64来源:Digby Wells,201617.5。结论意见注意到,伊斯兰会议组织发表了一项最后的法定意见,支持海地政府执行机构报告中所载的要求和条件。FWGR提交了第34条的拆迁许可证申请。环境专家认为,到目前为止,FWGR的运作得到了很好的规划和执行。已经确定并解决了立法要求,在有差距的地方,正在采取措施加以解决。FWGR非常了解已确定的风险,在编写本TRS时,正在处理这些风险,以避免对运营产生任何重大影响。在这次审查中没有发现致命的缺陷。通过GuardRisk购买的保险单为490.5亿兹罗提,再加上GuardRisk牢房自保的当前余额474.8亿兹罗提(2023年6月30日),足以支付2023年为该行动估计的计划外负债344.68亿兹罗提。需要注意以下事项:·应根据《政府公报》第GNR 1147号完成风险评估,以确定应纳入的任何剩余或潜在成本;·FWGR正在修改其Driefontein IWUL并将其移交给FWGR;·FWGR已向水务事务部(DWA)提交了RTSF设计,如果未获批准,或如果需要进一步修订FWGR的IWUL或IEA,可能会对预测时间和业务收入产生重大影响;·在业务范围内确定了许多遗产地和墓地,并提交了适当的许可;·非法采矿活动和附近的非正式定居点可能侵占业务。关于1997年《延长保有权保障法》(1997年第62号法),任何非法土地占有者也可能有权享有某些保有权,这可能会阻止土地所有者和政府驱逐他们,除非符合保有权保证法的规定;·需要管理技术转让框架和采矿活动产生的粉尘;以及·需要保护可用于农业活动的水的质量或数量。QP感到满意的是,这些项目正在按照所需的时间表进行处理。
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Far West Gold Recoves(专有)Limited文件编号:PR/SMI/1330/23 106 18.资本及营运成本项目18(I)及(Ii)用以审核估计矿产储量可行性的资本及营运成本估计,是根据目前的营运及研究工作--有关加工、RTSF及相关抽水及管道基础设施的工作而作出的。运营成本估计数以实际成本为依据,而资本估计数则根据收到和支付的矿山发票的实际价格确定,而资本估计数则是使用单位费率(根据最近安装的报价或基准获得)和设计数量确定的。尽管以前的可行性研究工作在大多数情况下都达到了明确的准确度,但一些估计已经不再是最新的。话虽如此,大部分资本需求用于DP2扩建和RTSF建设,QP承认,这些资本估计已在之前的可行性研究工作后更新。因此,该TRS被认为处于初步可行的准确度水平(即+/-25%)。如有必要,估计已适当夸大至2023年6月的实际价值,Sound Mining已将所有成本计入15%的应急费用,以反映对PFS研究水平的预期信心。18.1。非经常开支非经常开支是以2023年6月30日实质计算的估计数字,摘要载於表28。2024财年的资本成本估算不适用于应急费用;但此后每年都会对LOM采用15%的应急费用。表28:资本支出说明摘要2023年6月(ZAR M)土地(RTSF和管道)土地(RTSF和管道)49.30物业采购49.30 DP2扩建设备和基础设施1,770.53 DP2扩建项目总计1,770.53 RTSF建造和基础设施3,146.97 DP2至RTSF 635.57 Libanon至DP2 467.27 Kloof 1至DP2 405.25企业成本南至DP2 361.03企业成本北至Libanon 252.65管道和抽水直接资本支出总额7,088.57资本支出修复拨备*-DP2维持/更换资本93.73继续经营(SIB)251.50间接资本支出总额345.23应急(15%)976.28资本支出总额8,410.08来源:健全矿业,2023年;和FWGR,2023年注:*相关信托基金的拨款目前超过了这一修复要求
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 107考虑在2027年之前每年保留8.7亿兹罗提的业务准备金,之后将LOM剩余部分的拨备增加到16.0百万兹罗提。这笔经费包括整个行动的设备维护和更换费用。Sound Mining指出,GuardRisk牢房被囚禁的金额超过了环境责任,因此没有列入任何条款。图9说明了该业务由此产生的年度资本支出需求。图9:资本支出预测来源:健全的采矿,2023年DP2将从2024财年扩大到2027财年,而RTSF计划在五年内(即2024财年至2028财年)建造,剩余的资本支出主要用于管道和抽水基础设施。18.2.运营成本DP2运营成本估算(表29)和预测(图10)是基于当前运营所发生的实际成本。在DP2增加其吞吐量时,考虑到了规模经济,对增加的预算应用了一个系数。表29:单位运营成本超过LOM描述单位成本(ZAR/t)10.94承包商9.08试剂23.00其他工程储备7.16电力19.20水0.30机器租用2.85其他8.69其他公司成本3.61裁员0.33应急(15%)11.92 DP2运营成本97.08来源:Sound Mining,2023年;和FWGR,2023年ZAR72.5百万ZAR72.5百万的削减拨款已列入生产计划的最后一年(即,2041财年)。经济评估认为,在2027财年,当生产率为500ktpm时,运营成本将出现5%的意外事件,当运营增加到1.2Mtpm时,将出现15%的意外事件。0 500 1,000 1,500 2,000 2,500 3,000 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2033 2034 2035 2036 2037 2038 2039 2040 2041 C AP Ita L E XP en di tu Re(Z AR M)财政年度直接资本支出间接资本支出资本意外开支
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 108图表10:运营成本预测来源:Sound Mining,2023年18.2.1。结论意见指出,LOM的业务费用估计数中没有充分考虑到沉积地点、现有的TSFs、可用的TSFs和DP2之间的平均距离较长的泵送费用的变化的影响。有一种风险是,随着时间的推移,业务费用可能会更高,但考虑到以前的费用估计数与DP2投入使用后计算的实际业务费用的比较情况,预计这些费用不会很大。采矿成本记入了与开垦承包商签订的一份确定合同中。0 200 400 600 800 1,200 1,400 1,600 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041(Z AR M)财政年度
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 109 19.经济评估项目19(I);(Ii);(Iii)及(Iv)采用贴现现金流量(DCF)模型方法评估上述矿产储量的经济可行性。考虑到该业务的发展阶段和未来全球经济的不确定性,以及汇率、利率和金价的不确定性,实际DCF模型被认为比名义DCF模型更合适。贴现现金流模型产生于2023年6月南非兰特(ZAR)实际价值,基于收入预测、相关资本和运营成本预测以及适当和合理的经济假设(表30)。表30:对DCF模型的输入描述量子单位关键日期货币条款2023年6月30日计划产能DP2扩展Mtpm 1.2 Lom Lom考虑1.2Mpta运营年18年或有事项%15%金价ZAR/美元ZAR/美元17.39美元/盎司黄金美元/盎司1,934 ZAR/kg黄金ZAR/kg 1,081,261来源:Sound Mining,2023年;和FWGR,2023年。这些假设基于从FWGR和对矿产资源、LOM规划和技术研究工作做出贡献的各种顾问的信息,这些研究工作支撑着2023年6月30日的矿产储量估计。经济评估假设100%以股权为基础的业务,并忽略营运资本变化的影响。QP对这些信息的质量感到满意,包括收入和成本预测,并认为DCF模型的投入构成了PFS的总体准确度水平(即+/-25%)。19.1。收入预测收入预测是黄金销售和用于经济评估的定价假设的函数。由测试工作和当前工厂性能数据支持的以下加工回收率应用于相应TSF的材料,以计算黄金销售量:·Driefontein 5 TSF材料为49.5%;·Driefontein 3 TSF材料为56.6%;·Kloof 1 TSF材料为50.5%;·Libanon TSF材料为47.2%;·Venterspost South TSF材料为62.5%;以及·Venterspost North TSF材料为54.7%。随着时间的推移,DP2的扩展促进了黄金销售的增加(图11和错误!找不到引用来源。)。
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 110图表11:黄金销售预测来源:Sound Mining,2023年当可用的TSF很可能被纳入运营时,2023年的加工产能可以在2041财年之后继续下去。在现阶段,经济评估只考虑了构成目前矿产储量的TSFs的枯竭情况。这些TSFs出售的黄金相当于大约1.2 Moz。实际收入预测依赖于黄金价格1,081,261/公斤(即1,934美元/盎司,以17.39兹罗尔/美元计算)。税收将使用黄金开采税公式确定,并将所有未赎回的资本考虑在内。这些资产是FWGR正在进行的业务的一部分,这些业务不在MPRDA条款的范围内,该条款规定有义务为业务收益支付特许权使用费。19.2.现金流图表12显示了一项业务的税后现金流,该业务不包括最终将从可用的TSF中获得的收益(请参阅错误!找不到引用来源。)。图表12:税后贴现现金流来源:健全矿业,2023 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 G ol d SOLD(K G)财政年度-4,000-2,000 0,000 2,000,4,000 8,000,000 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Fr ee C as HF lo w(Z AR M)财政年度税后累计自由现金流
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Far West Gold Recovery(专有)有限公司文件编号:PR/SMI/1330/23 111 LOM累计税后现金流仍为正数。当假设贴现率为10.96%时,非杠杆业务的净现值为22.7亿兹罗提。FWGR是一项持续经营,因此内部回报率(IRR)和资本回收期不适用。19.3.敏感性LOM计划、预算和预测的实现不能得到保证,因为它们是基于经济假设的,其中许多假设超出了公司的控制。从这样的预测中得出的未来现金流和利润本质上是不确定的,实际结果可能或多或少是有利的。Sound Mining查明的技术风险载于第12.1项。上述及其他环境风险可能会影响预期收入及成本预测,因此已根据-20%至+20%的上升或下降变动进行评估。表31:税后NPV10.96差异的敏感度NPV10.96(ZAR十亿)80%90%100%110%120%收入(0.38)0.97 2.27 3.57 4.81资本支出3.48 2.89 2.27 1.67 1.03运营成本3.17 2.72 2.27 1.83 1.35来源:声音挖掘,2023年图表13显示,收入预测的变化对利润率的影响最大。图13:对预期收入和成本的敏感度来源:健全的采矿,2023年表32显示了黄金价格变化的重要性。表32:黄金价格敏感度ZAR/KG 700,000 800,000 900,000 1,000 1,200,000 NPV10.96(ZAR十亿)(2.87)(1.28)0.07 1.29 2.49 3.70来源:Sound Mining,2023年黄金价格高于ZAR 894,576/Kg,在经济上是可行的。-1,000 0 1,000 2,000 3,000 5,000 6,000 80%90%100%110%120%N PV 10.9 6(Z AR M)参数变化营业成本资本支出
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 112对贴现率的敏感度如表33所示。表33:贴现率敏感度0.0%5.0%7.5%10.0%12.5%15.0%净现值(ZAR亿)8.38 4.61 3.43 2.55 1.87 1.36来源:Sound Mining,2023 19.4QP认为所述的矿产储量在经济上都是可行的。20.邻近财产项目20(一);(二);(三)和(四)讨论邻近财产的特点通常与原地矿藏有关。TSF资产独立于邻近属性,在成矿方面没有相关性。
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 113 21.其他相关数据和资料第21项与矿产资源和矿产储量声明有关的资料肯定将包括南非现行的立法框架。21.1。南非矿产政策和立法框架南非政府有一个广泛的法律框架,在这个框架内管理采矿、环境和社会方面的问题。框架内包括国际条约和议定书,以及涉及国际、国家、省和地方管理领域的国家法令、条例、标准和准则。政府和相关监管当局的作用可以概括如下:·作为宪法规定的环境和采矿立法的保管者;·公众和矿业公司之间的渠道,以确保矿业权持有者满足改革采矿业的目标,特别是增加该行业的黑人人数,以反映该国的人口结构,赋予他们权力并使他们能够有意义地参与和维持经济增长;从而确保透明度,以实现加速和共享的经济增长;·从社会经济和环境管理的角度倡导可持续发展;和·历史采矿遗产的最终保管人,包括废弃的矿山。政府对其环境立法进行了重大改革。这背后的推动力是需要支持可持续发展的总体国家目标。最近,在2015年,政府公布了《国家环境管理法修正案》征求公众意见,修订后的《财政拨款条例》草案于2017年11月10日R1228号政府公告41236号政府公告中公布,涉及探矿、勘探和采矿或生产业务。适用的法律如下:·南非《宪法》(1996年第108号法);·1956年《采矿和工程法》(1956年第27号法);·1996年《矿山健康和安全法》(1996年第29号法);·1998年《国家环境管理法》(1998年第107号法)(全国环境管理法);·1998年《国家水法》(1998年第36号法)(全国水务局);·1999年《国家核监管法》(1999年第47号法);·《国家环境管理:2004年生物多样性法》(2004年第10号法);·《国家环境管理法:空气质量法》(2004年第39号法);·《国家环境管理:废物法》(2008年第59号法)(NEM:WA);·《竞争法》,1998年(1998年第89号法);·《公司法》,2008年(2008年第71号法);·《矿物和石油资源开发法》,2002年(2002年第28号法);·《矿物和石油资源特许权使用费法》(2008年第28号法)(MPRRA);·《矿业权登记法》(1967年第16号法);·《2003年矿业权登记修正案法》(2003年第24号法);·《基础广泛的社会经济宪章》(及相关修正案,2010年),又称《采矿宪章》;·《国家遗产资源法》(1999年第25号法)(NHRA);·《国家环境管理:2003年保护区法》(2003年第57号法);·《国家环境管理:生物多样性法》(2004年第10号法)(NEM:BA);·《国家森林法》(1998年第30号法)(NFA);
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Far West Gold Recovery(专有)有限公司文件编号:PR/SMI/1330/23 114·1973年《危险物质法》(1973年第15号法)(HSA);·1956年《爆炸物法》(1956年第25号法);·1993年《国家道路交通法》(1996年第93号法)(NRTA);和·2018年9月公布的《南非采矿业新的广泛黑人经济赋权宪章》(也称为《新采矿宪章》)。21.2。南非立法框架适用于采矿活动,特别是环境、社会和社区影响问题的南非立法如下:·1996年《南非宪法》(1996年第108号法);·2008年《矿物和石油资源开发法》(2002年第28号法)(MPRDA);·1998年《国家环境管理法》(1998年第107号法)(NEMA);·1998年《国家水法》(1998年第36号法);·《国家环境管理:废物法》(2008年第59号法)(NEM:WA);·《国家环境管理法:空气质量法》(2004年第39号法)(NEM:AQA);·《1973年危险物质法》(1973年第15号法)(HSA);·《1999年国家遗产资源法》(1999年第25号法)(NHRA);·《国家环境管理:保护区法》(2003年第57号法);·《国家环境管理:生物多样性法》(2004年第10号法);和·《国家森林法》(1998年第30号法)(NFA)。以下是上述法令的简要说明:1996年《南非宪法》(1996年第108号法令):矿山必须遵守南非宪法和普通法,以应有的努力开展作业和关闭活动,并注意他人的权利。《宪法》第24(A)节规定,人人有权(A)拥有一个不损害其健康或福祉的环境;(B)通过合理的立法和其他措施,保护环境,造福今世后代:·防止污染和生态退化;·促进养护;和·确保自然资源的生态可持续发展和利用。《2002年矿物和石油资源开发法》(2002年第28号法):《矿产和石油资源开发法》通过充分考虑经济、社会和环境成本以实现南非矿产资源的可持续发展,提供了从摇篮到坟墓的全面探矿和采矿方法。1998年《国家环境管理法》(1998年第107号法)(《国家环境管理法》):《国家环境管理法》于1998年颁布,取代1989年《环境保护法》(1989年第73号法),成为国家环境立法的总体框架。颁布《国家环境管理条例》是为了实施《环境管理政策》(2007年公布),后来又进行了修订,包括2003年的《国家环境管理修正案法》和2004年的《国家环境管理第二修正案法》(2004年第8号法)。
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Far West Gold Recovery(专有)有限公司文件编号:PR/SMI/1330/23 115修复和关闭所需经费不断变化。从历史上看,关闭和修复负债的计算和财务拨备的确定和拨备,必须符合《千年发展目标》(GN 527,2004年4月)条例第53和54条、DMRE在2004/5年度发布的一份评估与关闭相关的财务拨备数量的指导文件以及DMRE根据通货膨胀不时更新的一套总费率。财务拨备条例(GNR 1147)于2015年11月公布(经2020年1月修订),以取代《MPRDA》下的条例53和54。新条例要求:·年度恢复,如年度恢复计划;所示·在作业结束时对探矿、勘探、采矿或生产作业进行最终恢复、退役和关闭,如最终恢复、退役和矿山关闭计划;所反映,以及·补救将来可能已知的潜在或残余环境影响,包括抽水和处理受污染或外来水;如环境风险评估报告所反映的;和·权利或许可证的申请人或持有人必须确保在任何给定时间,财政拨款等于立即实施条例6和条例第11(1)条所设想的至少10年期间实施计划和报告的实际费用之和。NEMA第24P条(2014年4月修订)也适用。它要求:·在DMRE颁发环境授权之前以规定的方式提供财政拨款;·年度环境责任评估;以及·每年“增加”可用财政拨款,使矿产资源部长满意。1998年《国家水法》(1998年第36号法)(《水法》):《水法》第21条规定,水和污水的提取、储存、使用、转移、减少流量和处置都需要水利部。采矿和相关活动用水的使用也通过1999年《西北地区法》颁布后更新的条例进行管理--GN 704。GN 704涉及旨在保护水资源的采矿和相关活动用水条例。GNR 704包括活动的控制措施及其对水管理措施的规模、控制和监测的规定。2008年《国家环境管理:废物法》(2008年第59号法)(NEM:WA):根据NEM:Wa(GN 921,2013年11月29日)列出的废物管理活动包括:废物储存;废物的再利用、回收和回收;废物处理;以及按特定阈值处置废物。从历史上看,地雷残留物是按照《地雷行动纲领》和《国家环境管理条例》进行管理的。随着2014年颁布了《国家环境管理:废物修正法案》,并将矿渣列为A类(危险)废物,以及将矿渣储存和残渣储存列入需要进行废物管理活动的清单,这种情况在2014年发生了变化。2008年,矿产资源和环境事务部长缔结了一项关于采矿方面的国家“一个环境制度”的协定。部长们通过了一个综合的矿山环境管理制度,并努力使MPRDA、NEMA、NEM:WA、NEM:AQA和NWA保持一致。简而言之,该协议意味着,采矿、探矿、生产和相关活动产生的环境问题将根据《国家环境管理条例》进行管理,而矿产资源部长将成为《国家环境管理条例》的主管当局。在接受上述协定之后,对环境立法进行了各种修订,特别是《环境管理条例》、《环境保护和可持续发展法》和《环境管理条例:华盛顿州》。对这些修订具有重要意义的是,将残留物库存列入《新能源管理:西澳清单》所列活动,并公布了关于规划和管理2015年GNR 632号和2015年7月921号GNR 632号和GN 921号勘探、采矿、勘探或生产作业的残留物库存和残留物矿藏的条例。
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远西黄金回收(专有)有限公司编号:PR/SMI/1330/23 116号文件过渡性规定具体包括以下内容:·根据《MPRDA》第73条关于残渣储存和残渣矿床管理的任何活动,如能根据2015年GNR 632号规定进行的,必须被视为已经按照该规定进行;·在2015年GNR 632开始实施时,根据《MPRDA》核准的残渣储存和残渣矿床的管理措施必须被视为已获批准;·MPRDA规定的权利或许可证的持有者必须按照核准的管理措施继续管理残留物储存和残留物存放;和·在本通知生效之日合法开展《新能源管理:瓦州》附表所列废物管理活动的人可以继续进行废物管理活动,直到部长在公报中公告要求此人申请废物管理为止。国家环境管理:2004年空气质量法(2004年第39号法)(NEM:AQA):根据NEM:AQA第21节:AQA,可能导致大气排放的所列过程需要大气排放许可证,这可能对环境、健康、社会和经济条件产生重大有害影响。这些要求适用于冶炼厂、炼油厂和某些加工厂。NEM:AQA GN 283 2015年4月要求地雷在环保部登记,并按照国家大气排放清单系统(NAEIS)的要求提交结果。《国家粉尘控制条例》(GNR 827,2013年11月1日)规定了住宅和非住宅地区的降尘标准,以及监测和向空气质量官员报告的要求。采矿作业有责任遵守这些标准。1973年危险物质法(1973年第15号法)(HSA):关于第四类危险物质的条例(1993年2月26日GNR 247)适用于冶金加工厂中使用的放射性核素的使用和运输。1999年《国家遗产资源法》(1999年第25号法)(NHRA):《NHRA》要求对该法所列发展项目进行遗产评估。该法禁止下列行为:改建、扰乱、损坏或拆除60年以上的建筑物和结构;考古和古生物文物;具有重要文化意义的坟墓和墓地;以及公共古迹,但有关省遗产资源管理局颁发许可证的除外。2003年《国家环境管理:保护区法》(2003年第57号法)(NEM:PAA):NEM:PAA管理南非保护区系统及其管理。它区分了以下类型的保护区:国家公园、自然保护区、特殊自然保护区和“受保护环境”。禁止在国家公园、自然保护区和特殊自然保护区内采矿,但经环境事务部长和矿产资源部长的必要许可,可允许在“受保护环境”内采矿。2004年《国家环境管理:生物多样性法》(2004年第10号法)(NEM:BA):采矿权持有人需要遵守《外来物种和入侵物种条例》(2014年8月1日GNR 598),NEM:BA关于2016年7月29日GN 864所列物种,涉及不同类别的外来和入侵动植物物种,这些物种被禁止、必须打击或根除、控制、需要许可证或须受某些豁免和禁令的约束。1998年《国家森林法》(1998年第84号法):《国家林业法》禁止砍伐、干扰、损害或毁坏天然林中的树木以及根据《国家林业法》公布的受保护树种清单中的树木,除非是由农业、林业和渔业部颁发许可证。
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 117 22.解释和结论项目22项目24提供了编制技术报告所使用的所有技术文件的完整清单。QP在编制矿产资源和矿产储量估算的过程中询问了所有这些信息,并对LOM规划的技术经济价值以及所执行的信息和研究工作的完整性感到满意。QP认为,在当前方法和系统的背景下,FWGR的业务是相当稳健的。这些业务正在进行中,有一支经验丰富的管理团队、技术熟练的员工和一名采矿承包商,他们的记录证明了所需的能力。除本文所指的风险可控的不确定性外,并无发现任何营运或地质冶金性质的因素会对最终经济开采的前景或所述矿产储量的有效性造成重大影响。QP对用于经济评估的1,081,261兹罗提/公斤(即1,934美元/盎司,按17.39兹罗尔/美元计算)的金价感到满意。此价格由DRDGold提供,与2023年6月30日的现货价格1,173,183.94 ZAR1,173,183.94 ZAR1,173,183.94(即1,806.89美元/盎司,按ZAR18.78/U.S.计算)并无出入。Sound Mining已经审查了所提供的EIA和EMP。FWGR持有的资产是从Sibanye-Stillwater的子公司Sibanye Gold收购的,交易确立了对包含矿产资源和矿产储量的各种尾矿坝的普通法所有权。矿业局除其他外,根据环境保护局和“矿山健康和安全条例”的规定开展活动。与Sibanye Gold签订的使用和访问协议明确规定了Sibanye Gold持有的各种权利、许可和许可证,FWGR根据这些权利、许可和许可证进行运营,等待将可转让的权利、许可和许可证转让给FWGR。勘探计划的钻探、取样、分析流程和管理是适当的,并符合行业最佳实践。他们被认为是高度自信的。用于根据体积确定数量的密度是根据现场测量值和经验数据确定的,被认为是可靠的。声音挖掘得出的结论是,这些估计是基于一个合适的可靠信息数据库。对LOM计划的审查表明,回收率与冶金测试工作中实现的回收率一致,使用的数量和品位与矿产资源估计中估计的数量和品位一致。对DP2处理的回顾表明,该厂的表现符合预期,经过进一步的修改,将足以应对计划中的第二阶段产能增加到1.2Mtpm。扩建的设计基于具有代表性的和充分的冶金数据、知识和见解。工厂的质量平衡是适当的。DP2产生的尾矿材料将储存在Driefontein 4 TSF,直到RTSF投产,沉积速率为2.4Mtpm,最终透视能力为800Mt。Sound Mining已经审查了FWGR专家为RTSF准备的设计,并得出结论,详细的设计报告为未来安全RTSF的发展提供了坚实的基础。已经审查了所有必要基础设施所需的资本拨备,并认为这是适当的。已经进行了扩大DP2和区域业务框架的资本支出估计数,目前以PFS的准确度列报。业务支出是根据当前业务的实际数据估算的。这些估计被认为是适当的,符合行业标准。QP虽然认识到第12.1项确认的风险,但仍信纳FWGR的矿产资源及矿产储量不太可能因这些不确定因素而有重大变化。23.建议项目23 QPS建议FWGR继续及时主动地为RTSF寻求必要的监管批准,以确保预测的生产能够不间断地继续进行。
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 118 24.参考文献第24项编制本技术报告所使用的数据和信息来源见表34。表34:TRS数据和信息源来源日期文件类型所有权工程DRA SA(专有)有限公司202年7月xlsx远西黄金回收DP2扩建研究预可行性研究资本成本估算DRA SA(专有)有限公司2022年5月远西黄金回收DP2扩建项目可行性研究流程流程图DRA SA(专有)有限公司2022年pdf 00301-区块计划DRA SA(专有)有限公司202年3月远西黄金回收DP2扩建项目可行性研究估算基础DRA SA(专有)有限公司2022年pdf FZADBR6245-PROC-PDC-005-Rev B_PDC RA SA(专有)有限公司2022 pdsx FZADBR6245-2022 pdfPROC-PDC-005-Rev B_PDC DRDGold Limited 2020年8月远西黄金回收区域尾矿设施DRDGold Limited 2020年8月电力交货点会议纪要Geo Tail SA(专有)有限公司2023年5月远西部黄金回收区域尾矿储存设施设计报告Geo Tail SA(专有)有限公司2023年7月修订设计演示文稿Rev2 Mintek和DRDGold Limited 2020年9月DRA SA(专有)有限公司2023年6月xlsx DRDGold RTSF成本估计2023(002)DRASA(专有)有限公司2023年6月xlsx DRDGold RTSF现金流Rev.1(002)矿产资源和能源部环境/法律部门2018年5月pdf WRTRP Driefontein环境授权GP30/5/1/2/3/2/1(51)EM矿产资源和能源部2018年5月pdf WRTRP Kloof综合环境授权GP30/5/1/2/3/2/1(66)EM水务和卫生部2017年3月pdf WRTRP综合用水许可证。许可证编号:10/C22B/ACFGI/4976水利部2017年3月PDF Driefontein用水许可证。许可证编号:10/C23E/ACEFGIJ/4527 Digby Wells Environmental(南非)(专有)有限公司2022年7月pdf Far West Gold回收关闭成本评估2022年。财务拨备评估报告Digby Wells环境(南非)(专有)有限公司2016年3月修订现有环境影响管理计划并纳入与Driefontein矿业权地区营运有关的上市活动的环境影响评估及环境管理方案、Sibanye Gold Limited Digby Wells环境(南非)(专有)有限公司2016年3月修订现有EMP并纳入与Kloof矿业权地区营运相关的上市活动的环境影响评估及环境管理方案Sibanye Gold Limited Digby Wells环境(南非)(专有)有限公司2020年5月远西黄金回收关闭成本评估(ERG6453)Digby Wells环境(南非)(专有)有限公司2020年9月Digby Wells环境(南非)(专有)有限公司2023年7月远西部黄金回收关闭成本评估2023年7月财务拨备评估报告2019年7月国家核监管机构根据国家核监管机构法案注册证书,1999年(1999年第4T号法案)沃克斯曼律师2017年11月Sibanye Gold Limited与K2017449061(WRTRP将更名)的交换协议pdf,包括DRDGold Schedule and Economics DRDGold Limited 2023 xlsx DP2 Expansion LOM PLAN_FY24_Base_V3 DRDGold Limited 2023 pdf DRDGold_Composal Perfers_TRS_FY2023 DRGold Limited 2023 xlsx Production INFO_Sound Mining_FY23 DRDGold Detail WACC 2023年6月xlsx 2023-DDRGold更新WACC_6月_V2黄金价格预测2023 xlsx Gold价格预测_DRS_Q4_V3_V3
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 119世界黄金理事会2023年HTTPS世界黄金理事会,黄金供需统计-https://www.gold.org/goldhub/data/gold-supply-and-demand-statistics世界黄金理事会2023年HTTPS https://www.gold.org/goldhub/data/how-much-gold世界黄金理事会2023年HTTPS https://www.gold.org/goldhub/data/gold-prices地质弗里梅尔等人2005年威特沃特斯兰德金矿的形成和保护,世界上最大的黄金省土木工程材料工程(专有)有限公司2020年11月黄金密度数据麦卡锡和鲁比奇2005年6月出版地球和生命的故事民康(专有)有限公司2009年6月关于West Wits HTO项目地表矿产资源评估、调度和财务评估的技术报告,Gold Fields(Pty)Ltd.南非民康(专有)有限公司2013年2月豪登省Gold1 TSFs的技术报告,南非Minxcon(专有)有限公司2013 dm d4_e_krig_all1 Minxcon(专有)有限公司2013 dm d4_w_krig_all1 Minxcon(专有)有限公司2009 dm drth_krig_allfinal2b Minxcon(专有)有限公司2009 dm DTOPO_pt/tr Minxcon(专有)有限公司2009 dm dr5_krig_all fin Minxcon(专有)有限公司2009 dm dtopo_pt/tr Minxcon(专有)有限公司2009 dm TOPO_pt/tr Minxcon(专有)有限公司2009 dlim_krig_all1_2010C Minxcon(专有)有限公司2009 dm dmdtopo_pt/tr Minxcon(专有)有限公司2009 dm TOPO_pt/tr Minxcon(专有)有限公司2009 dm dlim_krig_all1_2010C Minxcon(专有)有限公司(专有)有限公司2009 dm dtopo_pt/tr minxcon(专有)Limited 2009 dm vn_krig_all1_fin2d minxcon(专有)有限公司2009 dm vn_fin_pt/tr minxcon(专有)有限公司2009 dm vs_krig_all1_final2c Minxcon(专有)Limited 2009 dm vs_fin_pt/tr RVN Group(专有)Limited 2020年7月密度测量和监督dddGold Geografix调查cc 2023 pdfDriefontein 5 01072023 R1 Geografix测量cc 2023年7月PDF,Driefontein 3 01072023 R1 DWG数量报告本TRS中使用的术语、单位和缩略语的词汇表如表35所示。表35:词汇和缩略语术语解释来自2,500 Ma-4,000 Ma的太古代地质世代对矿石样品进行化学分析,以确定其金属含量含金量含金盆地地质盆地是一个大的低洼地区,通常低于海平面碎屑主要由从先前存在的岩石或矿物整合而来的运输碎屑组成的岩石或沉积物当它们代表一个完整的沉积砾岩时期时,称为整合层序列由圆形到次棱角碎屑组成的粗粒碎屑沉积岩,位于大陆岩石圈的一段古老而稳定的岩石圈中,经历了大陆合并和裂谷的循环。克拉通是现今普遍存在于构造板块内部的切割品位矿化岩石的最低品位,它决定了通过进一步浓缩密度来恢复其含金量是否经济,密度是指具有恒定体积的物体的相对“重量”,密度=质量/体积沉积任何一种通过风、水、冰或其他试剂去测量利用方位和倾角测量数据在3D空间中重建钻孔轨迹利用侵蚀的松散岩石和矿物材料稀释废料或低于边界品位的矿物形成的碎屑在采矿作业过程中污染矿石,从而降低采矿的平均品位最终可行性研究(DFS)对所有成本、收入、设备需求和产量的最终工程估计,精确度在-5%到+10%之间。该研究用于确定一个项目的经济可行性,并支持寻找与受地质活动影响的地区外部有关的或表示该地区外部的项目融资。
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 120术语解释白云石碳酸盐矿物,CaMG(CO3)2。白云石一词也用于描述沉积碳酸盐岩,它主要由矿物白云岩Doréan未精炼的、因此不纯的金合金和不同数量的银和少量贱金属组成,在交付给精炼厂以升级到伦敦良好的交付标准之前,通常包括平均85%的金,为勘探和评估地下地质的目的而钻探。在这种情况下,金矿脉的存在和分布岩浆注入平面软弱带形成的垂直或近垂直的火成岩体,如与围岩的层理或面理不一致的断层或裂隙估计可变勘探、采样、测绘、钻探和其他工作的定量判断参与寻找成矿相的沉积特征的总和,其特征为沉积在特定环境中沉积;一种被认为是在相似的温度和压力条件下形成的变质岩组合断层地球物质中的一种断裂,沿着断裂的两边平行于运动平面移动火焰法分析金属矿石的方法需要利用采场或矿体底侧的溪流或河流的作用产生的熔炉热流作用产生的熔炉热流金矿金矿床定义在一个地理上不同的子盆地中的含金矿床花岗岩一种侵入长英质岩石,其结构是粒状的,热液作用于热水的循环。一般来说,这发生在火山活动附近,表明矿产资源是矿产资源的一部分,其数量和等级或质量是根据充分的地质证据和采样来估计的。与指定矿产资源相关的地质确定性水平足以让合资格的人士充分详细地应用修正因素,以支持矿山规划和对矿床的经济可行性进行评估。由于指示矿产资源的置信度低于测量矿产资源的置信度,因此指示矿产资源只能转换为可能的矿产储量。推断矿产资源是矿产资源的一部分,其数量、品位或质量是根据有限的地质证据和采样来估计的。与推断的矿产资源有关的地质不确定性水平太高,无法应用可能影响经济开采前景的相关技术和经济因素,从而有助于评估经济可行性。由于推断矿产资源的地质置信度是所有矿产资源中最低的,因此无法以有助于评估经济可行性的方式应用修正系数,因此在评估采矿项目的经济可行性时,可能不考虑推断矿产资源,也不能将其转换为矿产储量。卡鲁:南非的一个大片半沙漠自然区,因其地质上的卡鲁超群而得名,常被用来描述145 Ma至360 Ma的年代,这是一种在确定矿产资源时使估计误差最小化的插值法。与所测量矿产资源相关的地质确定性水平足以让合资格人士应用足够详细的修正因素,以支持详细的矿山规划和对矿藏经济可行性的最终评估。由于测量矿产资源的置信度高于指示矿产资源或推断矿产资源的置信度,因此可将测量矿产资源转换为已探明矿产储量或可能矿产储量。可开采矿产资源中在技术上和经济上可行的那部分矿产资产(S)任何已被授予的勘探和/或采矿权利(“财产”),或持有该财产或该实体证券的任何其他权利,包括但不限于所有物质和无形财产、矿业权、采矿权、采矿租约、知识产权、个人财产(包括工厂设备和基础设施)、采矿和勘探所有权及所有权或因发现和开采位于地壳内、之上或附近的矿物和石油而持有或获得的任何其他权利。矿产资产可分为闲置矿产、勘探矿产、开发矿产、采矿矿产或废弃矿产。矿产储量是对已指示和已测量矿产资源的吨位和品位或质量的估计,在合格投资者看来,这些资源可以作为经济上可行的项目的基础。更具体地说,指已测量或指示的矿产资源中经济上可开采的部分,包括稀释材料和在开采或提取材料时可能发生的损失的补偿。 确定测量或指示的矿产资源的一部分具有经济可行性必须基于QP应用
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 121术语解释对已指示或已测量矿产资源的修正因素。该研究必须证明,在本报告所述期间,在合理的投资和市场假设下,矿产储备的开采在经济上是可行的。这项研究必须建立一个技术上可行、经济上可行的矿山寿命计划,这将是确定矿产储量的基础。“经济上可行”一词是指QP已使用贴现现金流分析确定,或以其他方式分析确定,在合理投资和市场假设下,开采矿产储量在经济上是可行的。矿产资源是指在地壳中或在地壳上具有经济价值的物质的集中或赋存状态,其形式、等级或质量和数量是有合理的经济开采前景的。矿产资源是对矿化的合理估计,考虑到相关因素,如边际品位、可能的采矿规模、位置或连续性,在假设和合理的技术和经济条件下,可能全部或部分变得经济上可开采的矿化。它不仅仅是钻探或取样的所有矿化的清单。修正系数是一个有资格的人必须申请指示和测量的矿产资源,然后进行评价,以确定矿产储量的经济可行性的因素。合格的人员必须应用和评估修正系数,以将已测量和指示的矿产资源转换为已探明和可能的矿产储量。这些因素包括但不限于:采矿;加工;冶金;基础设施;经济;营销;法律;环境合规;计划、谈判或与当地个人或团体的协议;以及政府因素。所应用的改性因素的数量、类型和具体特性将必然是矿物、矿山、财产或项目的函数并取决于该矿物、矿山、财产或项目。珊瑚礁含贵金属的层状板状矿体(Rom)是指在爆破或开采页岩后获得的矿化、未经加工或未粉碎的物质。由粘土、泥浆或淤泥走向形成的细粒碎屑沉积岩是指地质特征的方位,它是一条代表该特征与水平面相交的直线。这被表示为走向线向斜的罗盘褶皱,从一个共同的山谷/底部向两边向上倾斜的地层在矿石处理后剩余的尾矿材料不整合连续地层之间的表面,代表着地质记录中缺失的一段时间,由沉积中断或岩性侵蚀后重新沉积而产生的铀矿一种黑色、棕色或灰色的铀矿矿物,UO2方差图作为样本分离线框的函数,对样本位置之间的平均方差的度量由带有连接直线或曲线的顶点构成的3D表面术语描述%百分比%Au百分比黄金%质量百分比质量~约‘分钟’000立方米千立方米“秒°C°C摄氏度微米3D三维AEL大气排放许可证ALS Chemex南非(专有)有限公司AMIS非洲矿产标准ANC非洲人国民大会Au Gold Au(CN)2金氰化物复合棒压力单位BT十亿吨BPS增压泵站CaSO4亚硫酸钙(石膏)CIL浸出碳CIP浆中碳CLR碳头珊瑚礁厘米厘米COP实用规程
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 122 COP炉灶优化项目COR注册证书新冠肺炎冠状病毒病2019年CPP中央加工厂CRM认证标准物质CTSF中央尾矿储存设施杯炉灶铀项目CWF中央水设施DAFF农林渔业部DCF贴现现金流DFS最终可行性研究DMRE Digby Wells Wells环境(南非)(专有)有限公司DMRE矿产资源和能源部(2019年前的矿产资源部)DP2 Driefontein工厂2 DP3 Drieftein工厂3 DRA DRA Gold SA(专有)有限公司DRDDRGold DRA Gold Limited水事务部水和卫生部E EAST EA环境授权根据NEMA ECA环境保护法ECSA南非工程委员会EIA环境影响评估EMP环境管理计划Empr环境管理计划报告EPCM工程,采购和建设管理Ergo Ergo矿业(专有)有限公司Eskom电力供应委员会ESTA保证期延长法案Ezulwini Ezulwini矿业公司(专有)有限公司FC精细粗料前端工程设计FSAIMM南部非洲矿冶研究所FSAIMM FWGR Far West黄金回收(专有)有限公司FY财政年度每立方厘米每立方厘米克/厘米3克每吨黄金每吨g/t Au g GaGiga年(为期10亿年)国内生产总值国内生产总值风险警示风险保险有限公司GISTM关于尾矿管理的全球行业标准GN政府通知GNR黄金法规菲尔德金田有限公司Gold One Gold One International Limited GPS全球定位系统南非地质学会GTSA Geo Tail SA(专有)有限公司硫酸公顷和谐和谐金矿有限公司HDPE高密度聚乙烯高密度聚乙烯管道HIA遗产影响评估
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 123 HIV/AIDS人类免疫缺陷病毒/获得性免疫缺陷综合征HNO3硝酸小时HSA危险物质法案HWSW高跟墙清扫井I和AP感兴趣和受影响的各方ICMM国际采矿和矿产理事会国际大型大坝理事会IEA综合环境授权IEC国际电工委员会ILanda ILanda水务CC IRR内部收益率ISO国际标准化组织IWUL综合用水许可证JSE约翰内斯堡证券交易所有限公司合资企业千克千赫千赫千米千克/月千吨千伏VA千伏-安培LIDAR光探测和测距LOM矿山寿命m/年m/年m³m³/a立方米m³/d立方米m³/d立方米/小时m Mega年(100万年)高于平均海平面MCNCF最大累积负现金流MDP多个沉积点MHSA矿山健康与安全法Minxcon Minxcon(专有)有限公司毫米mm mm3百万立方米/a百万立方米每年MZ百万盎司MPRDA矿产和石油资源特许权使用费法案MPRDA矿产和石油资源特许权使用费法案先生矿业权百万吨Mtpm百万吨/月百万吨兆伏安培N北NAEIS国家大气排放清单系统NEM:AQA国家环境管理空气质量法NEM:BA国家环境管理生物多样性法NEM:PAA国家环境管理:保护区法NEM:西澳国家环境管理废物NEMA国家环境管理法
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23124 NFA国家森林法NGL名义地面NHRA国家遗产资源法NMD名义最大需求NNR国家核监管机构NNRA国家核监管机构NPV净现值NPV10.17净现值为10.17%NRTA国家道路交通法案NWA国家水法纽约证券交易所盎司金衡盎司(换算为金衡盎司为31.10348)盎司黄金盎司P&G初步和一般面值风险PFS初步可行性研究pH标度用于指定水溶液的酸碱度PLL潜在的生命损失PMP可能的最大降雨量PSD颗粒大小分布QA/QC质量保证和质量控制QP合格人员兰德铀矿有限公司露天矿场RTSF地区尾矿储存设施RWD回水大坝S南S2硫渣南非标准局南非自然科学行业理事会南非钻石和贵金属监管机构南非钻石和贵金属监管机构南非矿冶研究所南非矿冶研究所南非矿冶单一沉积点美国证券交易委员会证券交易委员会设定点实验室SG比重SGSGS南非(专有)SISystème International SIA社会影响评估SIB继续经营Sibanye Gold Sibanye Gold Limited Sibanye-Stillwater Sibanye-Stillwater Limited S-K1300根据1934年美国证券交易法S-K法规第1300分部SLP社会和劳工计划单反单反咨询(非洲)(专有)有限公司SPCU SPCU自行式气旋单元SPLUMA空间规划和土地使用管理法案,SPV特殊用途车SRK SRK咨询(专有)有限公司SVOL1第一搜索量SVOL2第二搜索量SWD暴雨坝
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 125吨吨/立方米TDS总溶解固体信托DRDSA授权信托Tor职权范围TPA吨/年TPH吨/小时TPM吨/月TRS技术报告摘要TSF尾矿储存设施TWSW趾壁清理井U铀U/O底流/溢流U3O8三铀氧化合物美元美元/盎司美元每盎司紫外线V1版本1 V2版本2 VCR Ventersdorp联系WW West Witrsand Supergroup Witrsand Supergroup污水回收项目(专有WRP西部和尾矿回收项目)有限用水许可证WWP West Wits项目WWTTP West Wits尾矿处理项目ZAR南非兰特10亿ZAR百万南非兰特M/年数百万南非兰特/公斤南非兰特/吨南非兰特/吨南非兰特/美元南非兰特和美元的汇率
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 126 25.依据注册人项目25提供的信息,本技术报告中的信息和结论基于本项目所述,在编制本技术报告时,DRDGold和FWGR向合格投资者提供的信息。·宏观经济趋势、数据、假设和利率(项目19);·登记人控制范围内的营销信息和计划(项目16);·合格投资者专业知识以外的法律事项,例如影响采矿计划的法规和规章解释(项目3);·合格投资者专业知识以外的环境事项(项目17);·登记人承诺或计划就其采矿计划向当地个人或团体提供的住宿(项目17);以及·合格投资者专业知识以外的政府因素(项目3)。合格投资者审查了这些信息的表面价值,并认为这些信息是合理和适当的。合格投资者相信,依赖FWGR提供的信息是合理的,因为他们非常熟悉FWGR自成立以来的运作和持续进展。因此,这为QPS在FWGR的管理、流程、程序和规划质量方面提供了更高的舒适度。
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 127 26.合资格人士披露同意项第26项我们,受让人以合资格人士的身份,就S-K法规第601(B)(96)项所要求的日期为2023年10月30日的远西黄金回收(专有)有限公司的技术报告概要(技术报告概要),并作为证物存档于DRDGold Limited(DRDGold)截至2023年6月30日的Form 20-F年报及其任何修订或补充及/或证物(统称为,《表20-F》)根据美国证券交易委员会颁布的《S-K规则》第1300分部(《S-K 1300号规则》),双方同意:·公开提交和使用我负责的《技术报告摘要》作为20-F表的证物;·在20-F表格和我负责的技术报告摘要中使用和提及我的名字,包括我作为专家或合格人员(由SK-1300定义)的身份;以及·使用20-F表格中的技术报告摘要的任何摘录或摘要,以及使用通过引用方式纳入或并入20-F表格中的技术报告摘要或其部分的任何派生、摘要、引用或参考的信息;以及对其进行的任何修改或补充。我负责编写技术报告摘要,并证明我已经阅读了20-F,并且它公平、准确地反映了我所负责的技术报告摘要中的信息。表36:合资格人士的职责范围及披露同意书物业名称TRS生效日期QP名称隶属于注册人所属的领域或责任范围签署Far West Gold Recovery专利有限公司(DRDGold Limited的子公司)2023年6月30日沃恩·杜克先生独立顾问矿产储量/S/Vaughn Duke Far West黄金回收专有有限公司(DRDGold Limited的子公司)2023年6月30日戴安娜·范布伦女士独立顾问矿产资源/S/戴安娜·范布伦Far West Gold Recovery Limited(DRDGold Limited的子公司)2023年6月30日雷恩先生独立环境和社会治理/S/Keith Raine
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远西黄金回收(专有)有限公司文件编号:PR/SMI/1330/23 128附录A:DCF模型描述单位总计/平均2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2033 FY2034 FY2035 FY2036 FY2037 FY2038 FY2039 FY2039 FY2041回收吨kt 274,633 6,044 6,044 11,700 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14.28 0.27 0.27 0.27回收率%53%55%55%57%54%53%53%53%52%49%49%52%56%54%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%555%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55%55资本支出ZAR M 8,410 925 1,996 2,652 1,125 309 18 174 329 18 18 18 434 77 251 18 18 18 10税前自由现金流量ZAR M 11,740(51)(1,157)(1,597)540 1,412 1,604 1,636 1,238 887 887 887 635 1,156 721 944 944 944公司税ZAR M 3,362--169 338 199 273 273 273 24 198 487(51)(1,597)540 1,412 1,405 1,157 632 632 466 817 522 671 671累计税后自由现金流量ZAR M 8,379(51)(1,208)(2,805)(2,265)(854)552 1,700 2,578 3,210 3,842 4,474 4,939 5,757 6,278,949 7,620 8,291 8,379税后贴现现金流量ZAR M 2,265(46)(940)(1,169)356 839 753 555 382 248 223 201 134 211 122 141 127 115 13累计税后贴现现金流量ZAR M 2,265(46)(986)(2,155)(1,799)(959)(206)348 137 730 91,201 1,748 1,869 2,010 2,252 2,2652023注:四舍五入造成的明显计算误差
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 109 19. ECONOMIC ASSESSMENT Item 19 (i); (ii); (iii) and (iv) A Discounted Cashflow (DCF) modelling approach was adopted to assess the economic viability of the Mineral Reserves as stated. Considering the stage of development of the operation and the uncertainties of future global economics, as well as exchange rate, interest rate and gold price uncertainties, a real DCF model is deemed more appropriate than a nominal DCF model. The DCF model was generated in June 2023 South African Rand (ZAR) real terms and is based on the revenue forecast, associated capital and operating cost forecasts, and on appropriate and reasonable economic assumptions (Table 30). Table 30: Inputs to the DCF Model Description Quantum Unit Key Dates Money Terms 30 June 2023 Planned Capacity DP2 Expansion Mtpm 1.2 LoM LoM considering a 1.2Mpta Operation Years 18 Contingencies Contingency % 15% Gold Price ZAR/USD ZAR/USD 17.39 USD/oz Gold USD/oz 1,934 ZAR/kg Gold ZAR/kg 1,081,261 Source: Sound Mining, 2023; and FWGR, 2023 These assumptions are based on information received from FWGR and from the various consultants who contributed to the Mineral Resources, LoM planning and technical study-work that underpin the 30 June 2023 Mineral Reserve estimate. The economic assessment assumes a 100% equity-based business and ignores the effect of working capital changes. The QP is satisfied with the quality of this information, including the revenue and cost forecasts, and considers the inputs to the DCF model to constitute an overall PFS level of accuracy (i.e., +/-25%). 19.1. Revenue Forecast The revenue forecast is a function of gold sales and the pricing assumptions used for the economic assessment. The following processing recoveries, which are supported by test work and current plant performance data, were applied to the material from the respective TSFs to compute the amount of gold sold: • 49.5% for Driefontein 5 TSF material; • 56.6% for Driefontein 3 TSF material; • 50.5% for Kloof 1 TSF material; • 47.2% Libanon TSF material; • 62.5% for Venterspost South TSF material; and • 54.7% for Venterspost North TSF material. The expansion of DP2 facilitates an increase in gold sales over time (Graph 11 and Error! Reference source not found.).
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 110 Graph 11: Gold Sales Forecast Source: Sound Mining, 2023 Processing throughput can continue after FY2041 when the available TSFs are likely to be incorporated into the operation. At this stage, the economic assessment has only considered the depletion of the TSFs that comprise the current Mineral Reserves. The gold sold from these TSFs equate to approximately 1.2Moz. The real revenue forecast relies on a gold price of ZAR1,081,261/kg (i.e., USD1,934/oz at ZAR17.39/USD). Taxes would be determined using the gold mining tax formula with all unredeemed capital taken into account. The assets are part of the ongoing business of FWGR, which fall outside the ambit of the provision of the MPRDA that would place an obligation to pay royalties on the proceeds of the operations. 19.2. Cashflows Graph 12 presents the post-tax cashflow for an operation that excludes the benefits that would eventually be derived from the Available TSFs (see Error! Reference source not found.). Graph 12: Post-tax Discounted Cashflows Source: Sound Mining, 2023 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 G ol d So ld (k g) Financial Year -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Fr ee C as hf lo w (Z AR M ) Financial Year Free Cashflow After Tax Cumulative Free Cashflow After Tax
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 111 The cumulative post-tax cashflows over the LoM remain positive. When assuming a discount rate of 10.96% the unleveraged operation reflects a NPV of ZAR2.27 Billion. FWGR is an ongoing operation and thus the Internal Rate of Return (IRR) and a capital payback period are not applicable. 19.3. Sensitivities The achievability of the LoM plans, budgets and forecasts cannot be assured as they are based on economic assumptions, many of which are beyond the control of the company. Future cashflows and profits derived from such forecasts are inherently uncertain and actual results may be significantly more or less favorable. The technical risks as identified by Sound Mining are provided in Item 12.1. These and other environmental risks can impact the anticipated revenue and cost forecasts and accordingly have been assessed against upside or downside changes of between -20% and +20%. The consequential potential impacts are presented in Table 31 and is illustrated graphically in Graph 13. Table 31: Sensitivity of Post-tax NPV10.96 Variance NPV10.96 (ZAR Billion) 80% 90% 100% 110% 120% Revenue (0.38) 0.97 2.27 3.57 4.81 Capital Expenditure 3.48 2.89 2.27 1.67 1.03 Operating Costs 3.17 2.72 2.27 1.83 1.35 Source: Sound Mining, 2023 Graph 13 shows that changes to the revenue forecast will impact margins the most. Graph 13: Sensitivity to Expected Revenue and Costs Source: Sound Mining, 2023 Table 32 shows the materiality of changes in the gold price. Table 32: Sensitivity of Gold Price Gold Price ZAR/kg 700,000 800,000 900,000 1,000,000 1,100,000 1,200,000 NPV10.96 (ZAR Billion) (2.87) (1.28) 0.07 1.29 2.49 3.70 Source: Sound Mining, 2023 The operation is economically viable above a gold price of ZAR894,576/kg. -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 80% 90% 100% 110% 120% N PV 10 .9 6 (Z AR M ) Variation of Parameter Revenue Operating Costs Capital Expenditure
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 112 A sensitivity on the discount rate is displayed in Table 33. Table 33: Sensitivity of the Discount Rate Discount Rate 0.0% 5.0% 7.5% 10.0% 12.5% 15.0% NPV (ZAR Billion) 8.38 4.61 3.43 2.55 1.87 1.36 Source: Sound Mining, 2023 19.4. Concluding Comments The QP is satisfied that the Mineral Reserves as stated are all economically viable. 20. ADJACENT PROPERTIES Item 20 (i); (ii); (iii) and (iv) A discussion of the characteristics of adjacent properties is usually relevant for in situ mineral deposits. The TSF assets are independent from adjacent properties with no correlation in mineralization.
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 113 21. OTHER RELEVANT DATA AND INFORMATION Item 21 Information relevant to the Mineral Resource and Mineral Reserve statements will certainly include the prevailing legislative framework in South Africa. 21.1. South African Minerals Policy and Legislative Framework The South African Government has an extensive legal framework within which mining, environmental and social aspects are managed. Inclusive within the framework are international treaties and protocols, and national acts, regulations, standards, and guidelines which address international, national, provincial and local management areas. The role of the Government and the relevant regulatory authorities can be summarized as follows: • the custodian of environmental and mining legislation as a Constitutional imperative; • a conduit between the public and mining companies to ensure that mineral rights holders satisfy the objectives of transforming the mining industry by, inter alia, increasing the number of black people in the industry to reflect the country’s population demographics, to empower and enable them to meaningfully participate in and sustain the growth of the economy; thereby ensuring transparency to achieve accelerated and shared economic growth; • advocate of sustainable development, from a socio-economic and environmental management perspective; and • ultimate custodian of historical mining legacies, inclusive of abandoned mines. The Government has significantly reformed its environmental legislation. The driving force behind this is the need to support the overall national objective of sustainable development. Most recently, in 2015, the government published the National Environmental Management Laws Amendment Bill for public comment and the Draft Revised Financial Provision Regulations were published in General Notice No.: R1228 of 10 November 2017 in Government Gazette No.: 41236 in respect of prospecting, exploration and mining or production operations. The applicable laws are listed below: • The Constitution of South Africa (Act No. 108 of 1996); • Mines and Works Act, 1956 (Act No. 27 of 1956); • the Mine Health and Safety Act, 1996 (Act No. 29 of 1996); • the National Environmental Management Act, 1998 (Act No. 107 of 1998) (NEMA); • National Water Act, 1998 (Act No. 36 of 1998) (NWA); • National Nuclear Regulator Act, 1999 (Act No. 47 of 1999) (NNRA); • National Environmental Management: Biodiversity Act, 2004 (Act No. 10 of 2004); • National Environmental Management: Air Quality Act, 2004 (Act No. 39 of 2004); • National Environmental Management: Waste Act, 2008 (Act No. 59 of 2008) (NEM:WA); • the Competition Act, 1998 (Act No. 89 of 1998); • the Companies Act, 2008 (Act No. 71 of 2008); • Mineral and Petroleum Resources Development Act, 2002 (Act No. 28 of 2002) (MPRDA); • Mineral and Petroleum Resources Royalty Act, 2008 (Act No. 28 of 2008) (MPRRA); • Mining Titles Registration Act, 1967 (Act No. 16 of 1967); • Mining Titles Registration Amendment Act, 2003 (Act No. 24 of 2003); • Broad-Based Socio-Economic Charter (and associated amendments, 2010), also known as the Mining Charter; • National Heritage Resources Act, 1999 (Act No. 25 of 1999) (NHRA); • National Environmental Management: Protected Areas Act, 2003 (Act No. 57 of 2003) (NEM:PAA); • National Environmental Management: Biodiversity Act, 2004 (Act No. 10 of 2004) (NEM:BA); • National Forests Act, 1998 (Act No. 30 of 1998) (NFA);
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 114 • Hazardous Substances Act, 1973 (Act No. 15 of 1973) (HSA); • Explosives Act, 1956 (Act No. 25 of 1956); • National Road Traffic Act, 1993 (Act No. 93 of 1996) (NRTA); and • New Broad-Based Black-Economic Empowerment Charter for the South African Mining Industry (also known as the New Mining Charter) published in September 2018. 21.2. South African Legislative Framework South African legislation applicable to mining related activities and specifically with regard to environmental, social and community impact issues are: • The Constitution of South Africa Act, 1996 (Act No. 108 of 1996); • Mineral and Petroleum Resources Development Act, 2008 (Act No. 28 of 2002) (MPRDA); • National Environmental Management Act, 1998 (Act No. 107 of 1998) (NEMA); • National Water Act, 1998 (Act No. 36 of 1998) (NWA); • National Environmental Management: Waste Act, 2008 (Act No. 59 of 2008) (NEM:WA); • National Environmental Management: Air Quality Act, 2004 (Act No. 39 of 2004) (NEM:AQA); • Hazardous Substances Act, 1973 (Act No. 15 of 1973) (HSA); • National Heritage Resources Act, 1999 (Act No. 25 of 1999) (NHRA); • National Environmental Management: Protected Areas Act, 2003 (Act No. 57 of 2003) (NEM:PAA); • National Environmental Management: Biodiversity Act, 2004 (Act No. 10 of 2004); and • National Forests Act, 1998 (Act No. 30 of 1998) (NFA). A brief description of the above Acts is summarized below: The Constitution of South Africa Act, 1996 (Act No. 108 of 1996): Mines must comply with South African constitutional and common law by conducting their operational and closure activities with due diligence and care for the rights of others. Section 24(a) of the Constitution states that everyone has the right to (a) an environment which is not harmful to their health or well-being; and (b) to have the environment protected, for the benefit of present and future generations, through reasonable legislative and other measures that: • prevent pollution and ecological degradation; • promote conservation; and • secure ecologically sustainable development and use of natural resources. Mineral and Petroleum Resources Development Act, 2002 (Act No. 28 of 2002) (MPRDA): The MPRDA provides a holistic cradle-to-grave approach to prospecting and mining by fully considering economic, social and environmental costs to achieve sustainable development of South African Mineral Resources. National Environmental Management Act, 1998 (Act No. 107 of 1998) (NEMA): NEMA was promulgated in 1998 to replace the Environmental Conservation Act, 1989 (Act No. 73 of 1989) (ECA) as the overarching national environmental legislative framework. NEMA was promulgated to give effect to the Environmental Management Policy (published in 2007), and has been subsequently amended, including the National Environmental Management Amendment Act of 2003, and the National Environmental Management Second Amendment Act, 2004 (Act No. 8 of 2004).
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 115 The requirements for financial provisions for rehabilitation and closure are evolving. Historically, closure and rehabilitation liability calculations and financial provisions had to be determined and provided for in accordance with Regulations 53 and 54 under the MPRDA (GN 527, April 2004), a guideline document for the evaluation of the quantum of closure-related financial provisions issued by the DMRE in 2004/5, and a set of master rates updated from time to time by the DMRE based on inflation. Financial provision regulations (GNR 1147) were published on November 2015 (as amended January 2020) to replace Regulations 53 and 54 under the MPRDA. The new regulations require the following: • annual rehabilitation, as reflected in an annual rehabilitation plan; • final rehabilitation, decommissioning and closure of the prospecting, exploration, mining or production operations at the end of the life of operations, as reflected in a final rehabilitation, decommissioning and mine closure plan; and • remediation of latent or residual environmental impacts which may become known in the future, including the pumping and treatment of polluted or extraneous water; as reflected in an environmental risk assessment report; and • the applicant or holder of a right or permit must ensure that the financial provision is, at any given time, equal to the sum of the actual costs of implementing the plans and report contemplated in regulation 6 and regulation 11 (1) for a period of at least 10 years forthwith. The NEMA Section 24P (as amended in April 2014) also applies. It requires: • financial provisions to be made in the prescribed manner before an environmental authorization is issued by the DMRE; • annual assessment of environmental liabilities; and • annual “increase” of available financial provisions to the satisfaction of the Minister of Mineral Resources. National Water Act, 1998 (Act No. 36 of 1998) (NWA): The NWA stipulates that a WUL is required for the abstraction, storage, use, diversion, flow reduction and disposal of water and effluent in terms of Section 21 of the Act. Use of water for mining and related activities is also regulated through regulations that were updated after the promulgation of the NWA in 1999 - GN 704. GN 704 addresses the regulations on use of water for mining and related activities aimed at the protection of water resources. Inclusive within GNR 704 are the control measures for activities and its regulation of the sizing, control and monitoring of water management measures. National Environmental Management: Waste Act, 2008 (Act No. 59 of 2008) (NEM:WA): Waste management activities listed in terms of the NEM:WA (GN 921, 29 November 2013) include: storage of waste; the reuse, recycling and recovery of waste; treatment of waste; and disposal of waste at specified thresholds. Historically, mine residues were managed in accordance with the MPRDA and the NEMA. This situation changed in 2014 with the promulgation of the National Environmental Management: Waste Amendment Act of 2014 and its inclusion of mine residue as a Category A (hazardous) waste, as well as the addition of mine residue stockpiles and residue deposits to the list of waste management activities requiring a WML. In 2008, the Ministers of Mineral Resources and Environmental Affairs concluded an agreement on the “One Environmental System” for the country with respect to mining. Ministers adopted an integrated mine environmental management system and sought to align the MPRDA, NEMA, NEM:WA, NEM:AQA and NWA. In short, the agreement implied that environmental issues resulting from mining, prospecting, production and related activities will be regulated in terms of the NEMA, whilst the Minister of Mineral Resources will become a competent authority in terms of NEMA. Following the acceptance of the above-mentioned agreement various amendments were made to environmental legislation, inter alia, the NEMA, MPRDA and NEM:WA. Significant to these amendments were the inclusion of residue stockpiles under the NEM:WA listed activities as well as the publication of regulations regarding the planning and management of residue stockpiles and residue deposits from the prospecting, mining, exploration or production operation in GNR 632 of 2015 and GN 921 July 2015.
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 116 Transitional provisions specifically include the following: • any activity in terms of regulation 73 of the MPRDA relating to the management of residue stockpiles and residues deposits, that can be done in terms of a provision of GNR 632 of 2015, must be regarded as having been done in terms thereof; • management measures of residue stockpiles and residue deposits approved in terms of the MPRDA, at the time of the coming into operation of GNR 632 of 2015, must be regarded as having been approved in terms thereof; • a holder of a right or permit in terms of the MPRDA must continue the management of the residue stockpiles and residue deposits in accordance with the approved management measures; and • a person who lawfully conducts a waste management activity listed in the NEM:WA Schedule on the date of the coming into effect of this Notice may continue with the waste management activity until such time that the Minister by notice in a Gazette calls upon such a person to apply for a WML. National Environmental Management: Air Quality Act, 2004 (Act No. 39 of 2004) (NEM:AQA): In terms of Section 21 of the NEM:AQA, an Atmospheric Emissions License (AEL) is required for listed processes that may result in atmospheric emissions, which may have a significant detrimental effect on the environment, health, social and economic conditions. These requirements apply to smelters, refineries and certain processing plants. NEM:AQA GN 283 April 2015 requires mines to register with the Department and submit results in-line with the National Atmospheric Emission Inventory System (NAEIS) requirements. The National Dust Control Regulations (GNR 827, 1 November 2013) provides standards for dust-fall in residential and non-residential areas, and the requirements of monitoring and reporting to the air quality officer. Mining operations have the responsibility to comply with the standards. Hazardous Substances Act, 1973 (Act No. 15 of 1973) (HSA): The regulations relating to Group IV Hazardous Substances (GNR 247 of 26 February 1993) in terms of the HSA apply to the use and transportation of radioactive nuclides used in metallurgical processing plants. National Heritage Resources Act, 1999 (Act No. 25 of 1999) (NHRA): The NHRA requires that a heritage assessment be undertaken for developments listed in the Act. The Act prohibits the following: the alteration, disturbance, damage or demolishment of buildings and structures older than 60 years; archaeological and paleontological artefacts; cultural significant graves and burial sites; and public monuments, except for where a permit was issued by the relevant Provincial Heritage Resources Authority. National Environmental Management: Protected Areas Act, 2003 (Act No. 57 of 2003) (NEM:PAA): The NEM:PAA regulates the system of protected areas in South Africa and their management. It distinguishes between the following types of protected areas: national parks; nature reserves; special nature reserves; and ‘protected environments. Mining is prohibited in national parks, nature reserves and special nature reserves, but mining in ‘protected environments’ may be allowed with the necessary permission from the Minister of Environmental Affairs as well as the Minister of Mineral Resources. National Environmental Management: Biodiversity Act, 2004 (Act No. 10 of 2004) (NEM:BA): Holders of a mining right need to comply with the alien and invasive species regulations (GNR 598 of 1 August 2014) in terms of NEM:BA for species listed in GN 864, of 29 July 2016, which deal with different categories of alien and invasive plant and animal species that are prohibited, must be combatted or eradicated, controlled, require a permit or are subject to certain exemptions and prohibitions. National Forest Act, 1998 (Act No. 84 of 1998) (NFA): The NFA prohibits the cutting, disturbance, damage or destruction of trees in natural forests and trees included in the lists of protected tree species published in terms of the NFA, except where a license was issued by the Department of Agriculture Forestry and Fisheries (DAFF).
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 117 22. INTERPRETATIONS AND CONCLUSIONS Item 22 A full list of all technical documents used in the compilation of the TRS is provided in Item 24. The QP has interrogated all of this information in the process of generating the Mineral Resource and Mineral Reserve estimates and remains satisfied with the technoeconomic merits of the LoM planning and of the integrity of the information and study-work performed. The QPs are of the opinion that the operations of FWGR are reasonably robust in the context of the current methodologies and systems. These operations are ongoing with an experienced management team, skilled employees and a mining contractor whose track record demonstrates the required competence. Apart from the uncertainties identified herein, which risks are manageable, no factors of an operational or geo-metallurgical nature have been identified that could significantly impact the prospects for eventual economic extraction, or the validity of the Mineral Reserves as stated. The QP is comfortable with the gold price of ZAR1,081,261/kg (i.e., USD1,934/oz at ZAR17.39/USD) used for the economic assessment. This price was provided by DRDGOLD and is not inconsistent with the spot price as at 30 June 2023 of ZAR1,173,183.94/kg (i.e., USD1,806.89/oz at ZAR18.78/USD). Sound Mining has reviewed the EIA and EMP that were provided. The assets held by FWGR were acquired from Sibanye Gold, a subsidiary of Sibanye-Stillwater, in a transaction in which common law ownership was established over the various tailings dams containing the Mineral Resources and Mineral Reserves. FWGR conducts its activities inter alia in accordance with EAs and the provisions of the Mine Health and Safety regulations. A Use and Access Agreement with Sibanye Gold articulates the various rights, permits and licenses held by Sibanye Gold in terms of which FWGR operates, pending the transfer to FWGR of those that are transferable. The drilling, sampling, analytical processes and governance of the exploration programs are appropriate and in-line with industry best practice. They are considered to be of high confidence. The density used to determine quantities from volumes has been determined from both in situ measured values and empirical data and is considered reliable. Sound Mining concludes that the estimations are based on a suitable database of reliable information. Scrutiny of the LoM plan has shown that the recoveries coincide with the recoveries achieved in the metallurgical test work and the quantities and grades used are consistent with those estimated in the Mineral Resource estimation. A review of the processing at DP2 reveals that the plant has performed in-line with expectations, and with further modifications, will adequately handle the planned increase in throughput to 1.2Mtpm for Phase 2. The design for the expansion is based on representative and adequate metallurgical data, knowledge and insights. The mass balance for the plant is appropriate. The tailings material arising from DP2 will be stored at the Driefontein 4 TSF until the RTSF is commissioned with a depositional rate of 2.4Mtpm and final perspective capacity of 800Mt. Sound Mining has reviewed the design for the RTSF prepared by FWGR’s specialists and has concluded that the detailed design report provides a solid basis for the future development of a safe RTSF. The capital provision for all of the necessary infrastructure requirements has been reviewed and is considered appropriate. The capital expenditure estimates for the expansion of DP2 and the RTSF were undertaken and are currently presented at a PFS level of accuracy. The operational expenditure has been estimated from actual data at the current operations. These estimates are considered appropriate and in-line with industry standards. The QP, while cognizant of the risks identified in Item 12.1, remains satisfied that Mineral Resources and Mineral Reserves of FWGR are not likely to change materially as a consequence of these uncertainties. 23. RECOMMENDATIONS Item 23 The QPs recommend that FWGR continues to proactively seek the necessary regulatory approvals for the RTSF timeously to ensure that forecast production can continue uninterrupted.
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 118 24. REFERENCES Item 24 The sources of data and information used in preparation of this TRS are presented in Table 34. Table 34: TRS Data and Information Sources Source Date File Type Title Engineering DRA SA (Proprietary) Limited July 2023 xlsx FAR WEST GOLD RECOVERIES DP2 Expansion Study Pre-Feasibility Study Capital Cost Estimate DRA SA (Proprietary) Limited May 2022 pdf Far West Gold Recoveries Dp2 Expansion Project Feasibility Study Process Flow Diagram DRA SA (Proprietary) Limited 2022 pdf 00301-Blockplan DRA SA (Proprietary) Limited March 2022 pdf Far West Gold Recoveries DP2 Expansion Project Feasibility Study Basis of Estimate DRA SA (Proprietary) Limited 2022 pdf FZADBR6245-PROC-PDC-005-Rev B_PDC DRA SA (Proprietary) Limited 2022 xlsx FZADBR6245-PROC-PDC-005-Rev B_PDC DRDGOLD Limited August 2020 docx Manual for the Management of the Disposal of Tailings on the Far West Gold Recoveries Regional Tailings Facility DRDGOLD Limited August 2020 pdf Electrical Point of Delivery Meeting minutes Geo Tail SA (Proprietary) Limited May 2023 pdf Far West Gold Recoveries Regional Tailings Storage Facility Design Report Geo Tail SA (Proprietary) Limited July 2023 pdf RTSF Revised Design Presentation Rev2 Mintek and DRDGOLD Limited September 2020 xlsx Predicted yields from the various dams based on test work results at September 2020 DRA SA (Proprietary) Limited June 2023 xlsx DRDGOLD RTSF Cost Estimate June 2023 (002) DRA SA (Proprietary) Limited June 2023 xlsx DRDGOLD RTSF Cash Flow Rev.1 (002) Environmental/Legal Department of Minerals Resources and Energy May 2018 pdf WRTRP Driefontein Environmental Authorization GP30/5/1/2/3/2/1(51)EM Department of Minerals Resources and Energy May 2018 pdf WRTRP Kloof Integrated Environmental Authorization GP30/5/1/2/3/2/1 (66)EM Department of Water and Sanitation March 2017 pdf WRTRP Integrated Water Use License. License No.: 10/C22B/ACFGI/4976 Department of Water and Sanitation March 2017 pdf Driefontein Water Use License. License No.: 10/C23E/ACEFGIJ/4527 Digby Wells Environmental (South Africa) (Proprietary) Limited July 2022 pdf Far West Gold Recoveries Closure Cost Assessment 2022. Financial Provision Assessment Report Digby Wells Environmental (South Africa) (Proprietary) Limited March 2016 pdf Environmental Impact Assessment and Environmental Management Programme for the Amendment of the existing EMP and Inclusion of Listed Activities Associated with Operations at Driefontein Mining Right Area, Sibanye Gold Limited Digby Wells Environmental (South Africa) (Proprietary) Limited March 2016 pdf Environmental Impact Assessment and Environmental Management Programme for the Amendment of the existing EMP and Inclusion of Listed Activities Associated with Operations at Kloof Mining Right Area, Sibanye Gold Limited Digby Wells Environmental (South Africa) (Proprietary) Limited May 2020 pdf Far West Gold Recoveries Closure Costs Assessment 2020 (ERG6453) Digby Wells Environmental (South Africa) (Proprietary) Limited September 2020 pdf Driefontein Environmental Authorization Audit Digby Wells Environmental (South Africa) (Proprietary) Limited July 2023 pdf Far West Gold Recoveries Closure Cost Assessment 2023 Financial Provision Assessment Report National Nuclear Regulator July 2019 pdf Certificate of Registration in terms of the National Nuclear Regulator Act, 1999 (Act No. 4T of 1999) Werksmans Attorneys November 2017 pdf Exchange agreement between Sibanye Gold Limited and K2017449061 (WRTRP to be renamed) and including DRDGOLD Schedule and Economics DRDGOLD Limited 2023 xlsx DP2 Expansion LOM plan_FY24_Base_V3 DRDGOLD Limited July 2023 pdf DRDGOLD_Competent Persons_TRS_FY2023 DRDGOLD Limited 2023 xlsx Production info_Sound Mining_FY23 DRDGOLD Detailed WACC June 2023 xlsx 2023 - DRDGOLD updated WACC_June_v2 Gold Price Forecasts June 2023 xlsx Gold Price Forecast_DRDGOLD_Q4_V3
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 119 World Gold Council 2023 https World Gold Council, Gold supply and demand statistics - https://www.gold.org/goldhub/data/gold-supply-and-demand-statistics World Gold Council 2023 https https://www.gold.org/goldhub/data/how-much-gold World Gold Council 2023 https https://www.gold.org/goldhub/data/gold-prices Geology Frimmel et al 2005 pdf The Formation and Preservation of the Witwatersrand Goldfields, the World’s Largest Gold Province Geoplan Materials Engineering (Proprietary) Limited November 2020 xlsx DRDGOLD Density Data McCarthy and Rubidge 2005 Book The Story of Earth and Life Minxcon (Proprietary) Limited June 2009 pdf Technical Report on the Surface Mineral Resource Estimation, Scheduling and Financial Valuation of the West Wits HTO Project, Gold Fields (Pty) Ltd. South Africa Minxcon (Proprietary) Limited February 2013 pdf A Technical Report on The Gold1 TSFs in the Gauteng Province, South Africa Minxcon (Proprietary) Limited 2013 dm d4_e_krig_all1 Minxcon (Proprietary) Limited 2013 dm d4_w_krig_all1 Minxcon (Proprietary) Limited 2009 dm drth_krig_allfinal2b Minxcon (Proprietary) Limited 2009 dm DTOPO_pt/tr Minxcon (Proprietary) Limited 2009 dm dr5_krig_all fin Minxcon (Proprietary) Limited 2009 dm dtopo_pt/tr Minxcon (Proprietary) Limited 2009 dm kl1_krig_all_final3c Minxcon (Proprietary) Limited 2009 dm DTOPO_pt/tr Minxcon (Proprietary) Limited 2009 dm lib_krig_all1_2010c Minxcon (Proprietary) Limited 2009 dm dtopo_pt/tr Minxcon (Proprietary) Limited 2009 dm vn_krig_all1_fin2d Minxcon (Proprietary) Limited 2009 dm vn_fin_pt/tr Minxcon (Proprietary) Limited 2009 dm vs_krig_all1_final2c Minxcon (Proprietary) Limited 2009 dm vs_fin_pt/tr The RVN Group (Proprietary) Limited July 2020 pdf Density Measurements and Supervision DRDGOLD Geografix Surveys cc July 2023 pdf, dwg Quantity Report of Driefontein 5 01072023 R1 Geografix Surveys cc July 2023 Pdf, dwg Quantity Report of Driefontein 3 01072023 R1 The glossary of terms, units and abbreviations used in this TRS are presented in Table 35. Table 35: Glossary and Abbreviations Term Explanation Archaean Geological eon from 2,500Ma - 4,000Ma Assay The chemical analysis of ore samples to determine their metal content Auriferous Containing, or producing, gold Basin A geological basin is a large low-lying area, often below sea level Clastic A rock or sediment composed principally of transported broken fragments derived from pre-existing rocks or minerals Conformable A sequence of beds is said to be conformable when they represent an unbroken period of deposition Conglomerate A coarse-grained clastic sedimentary rock composed of rounded to subangular fragments set in a fine-grained matrix Craton An old and stable section of the continental lithosphere which has survived cycles of merging and rifting continents. Cratons are today generally found in the interior of tectonic plates Cut-off grade The lowest grade of mineralized rock that determines as to whether or not it is economic to recover its gold content by further concentration Density Measure of the relative “heaviness” of objects with a constant volume, density = mass/volume Deposit Any sort of earth material that has accumulated through the action of wind, water, ice or other agents De-survey Mathematical reconstruction in 3D space of a borehole trace using azimuth and dip survey data Detrital Formed from eroded loose rock and mineral material Dilution Waste or material below the cut-off grade that contaminates the ore during the course of mining operations and thereby reduces the average grade mined Definitive Feasibility Study (DFS) A definitive engineering estimate of all costs, revenues, equipment requirements and production at a -5% to +10% level of accuracy. The study is used to define the economic viability of a project and to support the search for project financing Distal Relating to or denoting the outer part of an area affected by geological activity
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 120 Term Explanation Dolomite Carbonate mineral, CaMg(CO3)2. The word dolomite is also used to describe the sedimentary carbonate rock, which is composed predominantly of the mineral dolomite Doré An unrefined, therefore impure, alloy of gold with variable quantities of silver and smaller quantities of base metals, which is produced at a mine before passing on to a refinery for upgrading to London Good Delivery standard, which usually consists of 85% gold on average Drillhole Exploration hole drilled for the purposes of exploring for and evaluating sub-surface geology, in this instance the presence and distribution of gold Dyke A tabular vertical or near-vertical body of igneous rock formed by magmatic injection into planar zones of weakness such as faults or fractures that is discordant to the bedding or foliation of the country rock Estimation The quantitative judgement of a variable Exploration Prospecting, sampling, mapping, drilling and other work involved in the search for mineralization Facies The sum total of sedimentary features that characterize a sediment as having been deposited in a given environment; an assemblage of metamorphic rocks which are considered to have formed under similar conditions of temperature and pressure Fault A fracture in earth materials, along which the opposite sides have been displaced parallel to then plane of the movement Fire Assay The assaying of metallic ores by methods requiring the use of furnace heat Fluvial Produced by the action of a stream or river Footwall The underlying side of a stope or ore body Goldfield An auriferous deposit defined in a geographically distinct sub-basin Granite An intrusive felsic rock which is granular in texture Hydrothermal The circulation of hot water. Hydrothermal circulation occurs most often in the vicinity of sources of heat within the Earth's crust. In general, this occurs near volcanic activity Indicated Mineral Resource Is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated Mineral Resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated Mineral Resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated Mineral Resource may only be converted to a probable Mineral Reserve. Inferred Mineral Resource Is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred Mineral Resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a Mineral Reserve. Karoo A large semi-desert natural region of South Africa which lends its name to the geological Karoo Supergroup which is often used as an age description for the eon from 145Ma - 360Ma Kriging An interpolation method that minimizes the estimation error in the determination of a mineral resource. Kriging is a method of interpolation for which the interpolated values are modelled by a Gaussian process governed by prior covariances License, Permit, Lease or other similar entitlement Any form of license, permit, lease or other entitlement granted by the relevant Government department in accordance with its mining legislation that confers on the holder certain rights to explore for and/or extract minerals that might be contained in the land, or ownership title that may prove ownership of the minerals Life-of-Mine (LoM) Number of years in the current mine plan that an operation will extract and treat ore Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured Mineral Resource is sufficient to allow a qualified person to apply modifying factors, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured Mineral Resource has a higher level of confidence than the level of confidence of either an indicated Mineral Resource or an inferred Mineral Resource, a measured Mineral Resource may be converted to a proven Mineral Reserve or to a probable Mineral Reserve. Mineable That portion of a mineral resource for which extraction is technically and economically feasible Mineral Asset(s) Any right to explore and/or mine which has been granted (“property”), or entity holding such property or the securities of such an entity, including but not limited to all corporeal and incorporeal property, mineral rights, mining titles, mining leases, intellectual property, personal property (including plant equipment and infrastructure), mining and exploration tenures and titles or any other right held or acquired in connection with the finding and removing of minerals and petroleum located in, on or near the Earth’s crust. Mineral Assets can be classified as Dormant Properties, Exploration Properties, Development Properties, Mining Properties or Defunct Properties Mineral Reserve Is an estimate of tonnage and grade or quality of indicated and measured Mineral Resources that, in the opinion of the QP, can be the basis of an economically viable project. More specifically, the economically mineable part of a measured or indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The determination that part of a measured or indicated Mineral Resource is economically mineable must be based on a preliminary feasibility or feasibility study conducted by a QP applying the
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 121 Term Explanation modifying factors to indicated or measured Mineral Resources. The study must demonstrate that, at the time of the reporting, extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions. The study must establish a life of mine plan that is technically achievable and economically viable, which will be the basis of determining the Mineral Reserve. And the term “economically viable” means that the QP has determined, using a discounted cashflow analysis, or has otherwise analytically determined that the extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. Mineral Resource Is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled. Modifying Factors Are the factors that a qualified person must apply to indicated and measured Mineral Resources and then evaluate in order to establish the economic viability of Mineral Reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated Mineral Resources to proven and probable Mineral Reserves. These factors include, but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project. Reef A precious metal bearing stratiform tabular ore body Run-of-Mine (RoM) Means the mineralized, raw unprocessed or uncrushed material obtained after blasting or excavating Shale A fine-grained detrital sedimentary rock formed from clay, mud or silt Strike Refers to the orientation of a geologic feature which is a line representing the intersection of that feature with a horizontal plane. This is represented as a compass bearing of the strike line Syncline A fold with strata sloping upward on both sides from a common valley/base Tailings Material remaining after ore has been processed Unconformity A surface between successive strata representing a missing interval in the geologic record of time and produced either by an interruption in deposition or by the erosion of lithology followed by renewed deposition Uraninite A black, brown or grey uranium ore mineral, UO2 Variogram A measure of the average variance between sample locations as a function of sample separation Wireframe A 3D surface constructed from vertices with connecting straight lines or curves Term Description % percentage % Au percentage gold % mass percentage mass ~ approximate ‘ minutes ‘000m3 thousand cubic meters “ seconds ° Degree °C Degrees Celsius µm micrometer 3D three dimensional AEL Atmospheric Emissions License ALS ALS Chemex South Africa (Proprietary) Limited AMIS African Mineral Standards ANC African National Congress Au Gold Au(CN)2 gold cyanide complex bar metric unit of pressure Bt Billion tons BPS Booster Pump Stations CaSO4 Calcium sulfite (gypsum) CIL Carbon-in-Leach CIP Carbon-in-Pulp CLR Carbon Leader Reef cm centimeter CoP Code of Practice
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 122 COP Cooke Optimization Project CoR Certificate of Registration Covid-19 Coronavirus Disease 2019 CPP Central Processing Plant CRM Certified Reference Material CTSF Central Tailings Storage Facility CUP Cooke Uranium Project CWF Central Water Facility DAFF Department of Agriculture Forestry and Fisheries DCF Discounted Cashflow DFS Definitive Feasibility Study Digby Wells Digby Wells Environmental (South Africa) (Proprietary) Limited DMRE Department of Mineral Resources and Energy (Department of Mineral Resources prior to 2019) DP2 Driefontein Plant 2 DP3 Driefontein Plant 3 DRA DRA SA (Proprietary) Limited DRDGOLD DRDGOLD Limited DWA Department of Water Affairs DWS Department of Water and Sanitation E east EA Environmental Authorization under NEMA ECA Environmental Conservation Act ECSA Engineering Council of South Africa EIA Environmental Impact Assessment EMP Environmental Management Plan EMPr Environmental Management Program Report EPCM Engineering, Procurement and Construction Management Ergo Ergo Mining (Proprietary) Limited Eskom Electricity Supply Commission ESTA Extension of Security of Tenure Act Ezulwini Ezulwini Mining Company (Proprietary) Limited FC fine coarse FEED Front End Engineering Design FSAIMM Fellow of the Southern African Institute of Mining and Metallurgy FWGR Far West Gold Recoveries (Proprietary) Limited FY Financial Year g gram g/cm3 grams per cubic centimeter g/t grams per ton g/t Au grams per ton gold Ga Giga annum (a period of 1 billion years) GDP Gross Domestic Product Guardrisk Guardrisk Insurance Company Limited GISTM Global Industry Standard on Tailings Management GN Government Notice GNR Government Notice Regulation Gold Fields Gold Fields Limited Gold One Gold One International Limited GPS Global Positioning System GSSA Geological Society of South Africa GTSA Geo Tail SA (Proprietary) Limited H2SO4 sulfuric acid ha Hectare Harmony Harmony Gold Mining Company Limited HDPE high-density polyethylene pipe HIA Heritage Impact Assessment
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 123 HIV/AIDS Human Immunodeficiency Viruses/Acquired Immunodeficiency Syndrome HNO3 nitric acid hr Hour HSA Hazardous Substances Act HWSW Heel Wall Scavenger Wells I&APs Interested & Affected Parties ICMM International Council for Mining and Minerals ICOLD International Council for Large Dams IEA Integrated Environmental Authorization IEC International Electrotechnical Commission iLanda iLanda Water Services CC IRR Internal Rate of Return ISO International Organization for Standardization IWUL Integrated Water Use License JSE Johannesburg Stock Exchange Limited JV Joint Venture kg kilogram kHz kilohertz km kilometer koz kilo ounce ktpm kiloton per month kV kilovolt kVA kilovolt-ampere LIDAR light detection and ranging LoM Life-of-Mine m meter M million m/yr meters per year m2 square meter m³ cubic meter m³/a cubic meter per annum m³/d cubic meters per day m³/hr cubic meter per hour Ma Mega annum (a period of 1 million years) mamsl meters above mean sea level MCNCF Maximum Cumulative Negative Cashflow MDP Multiple Deposition Point MHSA Mine Health and Safety Act Minxcon Minxcon (Proprietary) Limited mm millimeters Mm3 Million cubic meters Mm3/a Million cubic meters per annum Moz Millions of ounces MPRDA Mineral and Petroleum Resources Development Act MPRRA Mineral and Petroleum Resources Royalty Act MR Mining Right Mt Million tons Mtpm Million tons per month MVA Mega Volt Ampere N north NAEIS National Atmospheric Emission Inventory System NEM:AQA National Environmental Management Air Quality Act NEM:BA National Environmental Management Biodiversity Act NEM:PAA National Environmental Management: Protected Areas Act NEM:WA National Environmental Management Waste NEMA National Environmental Management Act
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 124 NFA National Forests Act NGL Nominal Ground Level NHRA National Heritage Resources Act NMD Nominal Maximum Demand NNR National Nuclear Regulator NNRA National Nuclear Regulator Act NPV Net Present Value NPV10.17 Net Present Value at 10.17% NRTA National Road Traffic Act NWA National Water Act NYSE New York Stock Exchange oz troy ounce (conversion to troy ounces is 31.10348) oz Au gold ounces P&Gs Preliminary and General PAR Population at Risk PFS Preliminary Feasibility Study pH scale used to specify the acidity or basicity of an aqueous solution PLL Potential Loss of Life PMP Probable Maximum Precipitation PoD Point of Delivery PSD particle size distribution QA/QC Quality Assurance and Quality Control QP Qualified Person Rand Uranium Rand Uranium Limited RoM Run-of-Mine RTSF Regional Tailings Storage Facility RWD return water dams S south S2 sulfur SABS South African Bureau of Standards SACNASP South African Council for Natural Scientific Professions SADPMR The South African Diamond and Precious Metals Regulator SAHRA South African Heritage Resources Agency SAIMM Southern African Institute of Mining and Metallurgy SANAS South African National Accreditation System SDP Single Deposition Point SEC Securities Exchange Commission Set Point Set Point Laboratories SG Specific Gravity SGS SGS South Africa (Proprietary) Limited SI Système Internationale SIA Social Impact Assessment SiB Stay-in-Business Sibanye Gold Sibanye Gold Limited Sibanye-Stillwater Sibanye-Stillwater Limited S-K 1300 Subpart 1300 of Regulation S-K under the U.S. Securities Exchange Act of 1934 SLP Social and Labor Plan SLR SLR Consulting (Africa) (Proprietary) Limited Sound Mining Sound Mining International SA (Proprietary) Limited SPCU Self-Propelled Cyclone Units SPLUMA Spatial Planning and Land Use Management Act, SPV Special Purpose Vehicle SRK SRK Consulting (Proprietary) Limited SVOL1 first search volume SVOL2 second search volume SWD storm water dam
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 125 t metric ton t/m3 tons per cubic meter TDS total dissolved solids the Trust DRDSA Empowerment Trust ToR Terms of Reference tpa tons per annum tph tons per hour tpm tons per month TRS Technical Report Summary TSF Tailings Storage Facility TWSW Toe Wall Scavenger Wells U uranium U/O Underflow/Overflow U3O8 triuranium octoxide USD United States Dollars USD/oz United States Dollars per ounce UV ultraviolet V1 Version 1 V2 Version 2 VCR Ventersdorp Contact Reef W west Witwatersrand Basin Witwatersrand Supergroup WML Waste Management License WRTRP West Rand Tailings Retreatment Project (Proprietary) Limited WUL Water Use License WWP West Wits Project WWTTP West Wits Tailings Treatment Project ZAR South African Rands ZAR Billion Billion South African Rands ZAR M Million South African Rands ZAR M/yr Millions of South African Rands per year ZAR/kg South African Rands per kilogram ZAR/t South African Rands per ton ZAR/USD South African Rands and United States Dollars exchange rate
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 126 25. RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT Item 25 The information and conclusions within this TRS are based on information made available to the QPs by DRDGOLD and FWGR at the time of the preparation of this TRS as noted in this Item. FWGR have provided the QPs with information on the following: • macroeconomic trends, data, assumptions and interest rates (Item 19); • marketing information and plans within the control of the registrant (Item 16); • legal matters outside the expertise of the QP, such as statutory and regulatory interpretations affecting the mine plan (Item 3); • environmental matters outside the expertise of the QP (Item 17); • accommodations the registrant commits or plans to provide to local individuals or groups in connection with its mine plans (Item 17); and • governmental factors outside the expertise of the QP (Item 3). The QPs have reviewed this information at face value and are satisfied that it is both reasonable and appropriate. The QPs believe that it is reasonable to rely on the information provided by FWGR as identified in this Item because they are intimately familiar with the operations and ongoing progress of FWGR since inception. As a consequence, this provides the QPs with an enhanced level of comfort with respect to the management, processes, procedures and quality of planning at FWGR.
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 127 26. QUALIFIED PERSONS DISCLOSURE CONSENT Item 26 We, the signees, in our capacity as Qualified Persons in connection with the Technical Report Summary of Far West Gold Recoveries (Proprietary) Limited dated 30 October 2023 (The Technical Report Summary) as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to DRDGOLD Limited’s (DRDGOLD) annual report on Form 20-F for the year ended 30 June 2023 and any amendments or supplements and/or exhibits thereto (collectively, the “Form 20-F”) pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission (1300 Regulation S-K), each hereby consent to: • the public filing and use by DRDGOLD of the Technical Report Summary for which I am responsible as an exhibit to the Form 20-F; • the use and reference to my name, including my status as an expert or Qualified Person (as defined by SK-1300) in connection with the Form 20-F and Technical Report Summary for which I am responsible; and • use of any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and any amendments or supplements thereto. I am responsible for authoring, and this consent pertains to, the Technical Report Summary for which my name appears below and certify that I have read the 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which I am responsible. Table 36: Qualified Person’s Area of Responsibility and Disclosure Consent Property Name TRS Effective Date QP Name Affiliation to Registrant Field or Area of Responsibility Signature Far West Gold Recoveries Proprietary Limited (A subsidiary of DRDGOLD Limited) 30 June 2023 Mr Vaughn Duke Independent Consultant Mineral Reserves /s/ Vaughn Duke Far West Gold Recoveries Proprietary Limited (A subsidiary of DRDGOLD Limited) 30 June 2023 Mrs Diana van Buren Independent Consultant Mineral Resources /s/ Diana van Buren Far West Gold Recoveries Proprietary Limited (A subsidiary of DRDGOLD Limited) 30 June 2023 Mr Keith Raine Independent Consultant Environmental and Social Governance /s/ Keith Raine
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Far West Gold Recoveries (Proprietary) Limited Document No: PR/SMI/1330/23 128 Appendix A: Summary of the DCF Model Description Unit Total/Average FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034 FY2035 FY2036 FY2037 FY2038 FY2039 FY2040 FY2041 Reclaimed Tons kt 274,633 6,044 6,044 6,044 11,700 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 14,400 Head Grade g/t 0.33 0.43 0.42 0.47 0.41 0.37 0.36 0.38 0.36 0.30 0.30 0.30 0.30 0.30 0.28 0.27 0.27 0.27 0.27 Recovery % 53% 55% 55% 57% 54% 53% 53% 53% 52% 49% 49% 49% 52% 56% 54% 55% 55% 55% 55% Gold Sold kg 38,646 1,426 1,392 1,593 2,573 2,863 2,771 2,945 2,720 2,107 2,107 2,107 2,258 2,410 2,169 2,160 2,160 2,160 725 Revenue ZAR M 41,689 1,534 1,498 1,714 2,777 3,089 2,990 3,178 2,935 2,274 2,274 2,274 2,437 2,601 2,340 2,331 2,331 2,331 782 Operating Costs ZAR M 21,538 659 659 659 1,112 1,368 1,368 1,368 1,368 1,368 1,368 1,368 1,368 1,368 1,368 1,368 1,368 1,368 660 Capital Expenditure ZAR M 8,410 925 1,996 2,652 1,125 309 18 174 329 18 18 18 434 77 251 18 18 18 10 Pre-tax Free Cashflow ZAR M 11,740 (51) (1,157) (1,597) 540 1,412 1,604 1,636 1,238 887 887 887 635 1,156 721 944 944 944 112 Corporate Tax ZAR M 3,362 - - - - - 169 338 199 273 273 273 24 198 487 360 255 255 255 Post-tax Free Cashflow ZAR M 8,379 (51) (1,157) (1,597) 540 1,412 1,405 1,148 878 632 632 632 466 817 522 671 671 671 88 Cumulative Post-tax Free Cashflow ZAR M 8,379 (51) (1,208) (2,805) (2,265) (854) 552 1,700 2,578 3,210 3,842 4,474 4,939 5,757 6,278 6,949 7,620 8,291 8,379 Post-tax Discounted Cashflow ZAR M 2,265 (46) (940) (1,169) 356 839 753 555 382 248 223 201 134 211 122 141 127 115 13 Cumulative Post-tax Discounted Cashflow ZAR M 2,265 (46) (986) (2,155) (1,799) (959) (206) 348 730 978 1,201 1,403 1,536 1,748 1,869 2,010 2,137 2,252 2,265 Source: Sound Mining, 2023 Note: Apparent computational errors due to rounding