EMPLOYEE BENEFITS |
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| EMPLOYEE BENEFITS | EMPLOYEE BENEFITS
18.1EQUITY SETTLED LONG TERM INCENTIVE SCHEMES
On 2 December 2019, the shareholders approved an equity settled long term incentive scheme. Under the Equity Long Term Incentive (“ELTI”) scheme, qualifying employees are awarded conditional shares on an annual basis, comprising performance shares (80% of the total conditional shares awarded) and retention shares (20% of the total conditional shares awarded). Conditional shares will vest three years after grant date and will be settled in the form of DRDGOLD shares at a zero- exercise price. The last grant in terms of the ELTI scheme was made on 22 October 2024. The ELTI scheme was replaced by the Single Incentive Plan (“SIP”), incorporating the Deferred Share Plan (“DSP”), which was approved by the shareholders on 29 November 2023. Under the DSP scheme, qualifying employees are awarded deferred shares on an annual basis. The deferred shares are held in escrow by an escrow agent for the benefit of qualifying employees from grant date. Dividends declared on shares granted per the DSP accrue and are paid to the employees over the vesting period. Deferred shares will vest equally over a period of and years after grant date, depending on the level of seniority of the participant, and will be settled in the form of DRDGOLD shares at a zero-exercise price. The first grant under the DSP was made on 13 August 2025. ELTI Scheme The key conditions of the grants made under the ELTI scheme are: Retention shares: 100% of the retention shares will vest if the employee remains in the active employ of the Company at vesting date, is not under notice period and individual performance criteria are met. Performance shares: Total shareholder’s return (“TSR”) measured against a hurdle rate of 15% referencing DRDGOLD’s Weighted Average Cost of Capital (“WACC”): •50% of the performance shares are linked to this condition; and •all of these performance shares will vest if DRDGOLD’s TSR exceeds the hurdle rate over the vesting period. 18EMPLOYEE BENEFITS continued 18.1EQUITY SETTLED LONG TERM INCENTIVE SCHEMES continued TSR is measured against a peer group of three peers (Sibanye-Stillwater, Harmony Gold Mining Company Limited and Pan- African Resources Limited): •50% of the performance shares are linked to this condition; and •the number of performance shares which vest is based on DRDGOLD’s actual TSR performance in relation to percentiles of peer group’s performance as follows:
170% of the total grant vested as a result of performance conditions being met, with the balance having expired (2025: 30% vested). The settlement of the vesting was made through a combination of 2,153,302 treasury shares and 1,082,033 new share issue on 20 October 2025. Fair value The weighted average fair value of the performance and retention shares at grant date were determined using the Monte Carlo simulation pricing model applying the following key inputs:
1The performance conditions are included in the measurement of the grant date fair value as they are classified as market-based performance conditions. 2Expected volatility has been based on an evaluation of the historical volatility of DRDGOLD’s share price, commensurate with the expected term of the options. 18EMPLOYEE BENEFITS continued 18.1EQUITY SETTLED LONG TERM INCENTIVE SCHEMES continued DSP Scheme The key conditions of the grants made under the DSP scheme are: 100% of the deferred shares will vest equally over a period of three or five years, if the employee remains in the active employ of the Company at vesting date, is not under notice period and individual performance criteria are met.
18.2TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL Interests in contracts None of the directors, officers or major shareholders of DRDGOLD or, to the knowledge of DRDGOLD’s management, their families, had any interest, direct or indirect, in any transaction entered into during the year ended 30 June 2026 or the preceding financial years, or in any proposed transaction which has affected or will materially affect DRDGOLD or its subsidiaries other than disclosed in these financial statements. None of the directors or officers of DRDGOLD or any associate of such director or officer is currently or has been at any time during the past financial year materially indebted to DRDGOLD.
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| Disclosure of share-based payment arrangements | 18.1EQUITY SETTLED LONG TERM INCENTIVE SCHEMES
On 2 December 2019, the shareholders approved an equity settled long term incentive scheme. Under the Equity Long Term Incentive (“ELTI”) scheme, qualifying employees are awarded conditional shares on an annual basis, comprising performance shares (80% of the total conditional shares awarded) and retention shares (20% of the total conditional shares awarded). Conditional shares will vest three years after grant date and will be settled in the form of DRDGOLD shares at a zero- exercise price. The last grant in terms of the ELTI scheme was made on 22 October 2024. The ELTI scheme was replaced by the Single Incentive Plan (“SIP”), incorporating the Deferred Share Plan (“DSP”), which was approved by the shareholders on 29 November 2023. Under the DSP scheme, qualifying employees are awarded deferred shares on an annual basis. The deferred shares are held in escrow by an escrow agent for the benefit of qualifying employees from grant date. Dividends declared on shares granted per the DSP accrue and are paid to the employees over the vesting period. Deferred shares will vest equally over a period of and years after grant date, depending on the level of seniority of the participant, and will be settled in the form of DRDGOLD shares at a zero-exercise price. The first grant under the DSP was made on 13 August 2025. ELTI Scheme The key conditions of the grants made under the ELTI scheme are: Retention shares: 100% of the retention shares will vest if the employee remains in the active employ of the Company at vesting date, is not under notice period and individual performance criteria are met. Performance shares: Total shareholder’s return (“TSR”) measured against a hurdle rate of 15% referencing DRDGOLD’s Weighted Average Cost of Capital (“WACC”): •50% of the performance shares are linked to this condition; and •all of these performance shares will vest if DRDGOLD’s TSR exceeds the hurdle rate over the vesting period. 18EMPLOYEE BENEFITS continued 18.1EQUITY SETTLED LONG TERM INCENTIVE SCHEMES continued TSR is measured against a peer group of three peers (Sibanye-Stillwater, Harmony Gold Mining Company Limited and Pan- African Resources Limited): •50% of the performance shares are linked to this condition; and •the number of performance shares which vest is based on DRDGOLD’s actual TSR performance in relation to percentiles of peer group’s performance as follows:
170% of the total grant vested as a result of performance conditions being met, with the balance having expired (2025: 30% vested). The settlement of the vesting was made through a combination of 2,153,302 treasury shares and 1,082,033 new share issue on 20 October 2025. Fair value The weighted average fair value of the performance and retention shares at grant date were determined using the Monte Carlo simulation pricing model applying the following key inputs:
1The performance conditions are included in the measurement of the grant date fair value as they are classified as market-based performance conditions. 2Expected volatility has been based on an evaluation of the historical volatility of DRDGOLD’s share price, commensurate with the expected term of the options. 18EMPLOYEE BENEFITS continued 18.1EQUITY SETTLED LONG TERM INCENTIVE SCHEMES continued DSP Scheme The key conditions of the grants made under the DSP scheme are: 100% of the deferred shares will vest equally over a period of three or five years, if the employee remains in the active employ of the Company at vesting date, is not under notice period and individual performance criteria are met.
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