v3.26.3
OPERATING SEGMENTS
 12 Months Ended
Jun. 30, 2026
Disclosure of operating segments [abstract]  
OPERATING SEGMENTS OPERATING SEGMENTS
ACCOUNTING POLICIES
Operating segments are reported in a manner consistent with internal reports that the Group’s chief operating decision
maker (“CODM”) reviews regularly in allocating resources and assessing performance of operating segments. The CODM
has been identified as the Group’s Executive Committee. The Group has one material revenue stream, the sale of gold. To
identify operating segments, management reviewed various factors, including operational structure and mining
infrastructure. It was determined that an operating segment consists of a single or multiple metallurgical plants and
reclamation sites that, together with its tailings storage facility, is capable of operating independently.
When assessing profitability, the CODM considers, inter alia, the revenue and cash operating costs of each segment. The
net of these amounts is the segment operating profit or loss. Therefore, segment operating profit has been disclosed as the
primary measure of profit or loss. The CODM also considers the additions to property, plant and equipment.
The Group has one material revenue stream, the sale of gold to South African Bullion banks. The following summary describes
the operations in the Group’s reportable operating segments:
Ergo is a surface gold retreatment operation which treats old slime dams and sand dumps to the south of Johannesburg’s
central business district as well as the East and Central Rand goldfields. The operation comprises three plants and a solar
plant with a BESS. The Ergo plant operates as a metallurgical plant and the City Deep and Knights plants as pump/milling
stations feeding the Ergo plant.
FWGR is a surface gold retreatment operation which treats old slime dams in the West Rand goldfields. The operation
comprises the Driefontein 2 plant and relevant infrastructure to process tailings from the Driefontein 5 and 3 slimes dam and
deposit residues on the Driefontein 4 TSF.
Corporate office and other reconciling items (collectively referred to as “Other reconciling items”) represent the items to
reconcile to the consolidated financial statements. This does not represent a separate segment as it does not generate mining
revenue.
Ergo
FWGR
Other
reconciling
items
Total
2026
Amounts in R million
Revenue (External)
8,080.0
3,079.0
—
11,159.0
Cash operating costs
(3,968.8)
(743.6)
—
(4,712.4)
Movement in gold in process and finished inventories – Gold Bullion
15.5
(10.1)
—
5.4
Segment operating profit
4,126.7
2,325.3
—
6,452.0
Additions to property, plant and equipment
(999.6)
(2,735.8)
(1.5)
(3,736.9)
Reconciliation of segment operating profit to profit after tax
Segment operating profit
4,126.7
2,325.3
—
6,452.0
Depreciation
(341.0)
(133.0)
(3.2)
(477.2)
Change in estimate of environmental rehabilitation recognised in profit
or loss
20.8
—
(7.7)
13.1
Ongoing rehabilitation expenditure
(16.4)
(2.5)
(0.8)
(19.7)
Care and maintenance
—
—
(0.2)
(0.2)
Other operating costs
(2.9)
—
—
(2.9)
Other income
8.9
—
0.5
9.4
Loss on disposal of subsidiary
(4.8)
—
—
(4.8)
Administration expenses and other costs
(35.8)
(2.9)
(194.0)
(232.7)
Finance income
52.2
58.9
134.4
245.5
Finance expense
(75.0)
(15.0)
(10.0)
(100.0)
Current tax
(485.3)
—
(10.9)
(496.2)
Deferred tax
(418.7)
(697.6)
(14.5)
(1,130.8)
Profit after tax
2,828.7
1,533.2
(106.4)
4,255.5
Reconciliation of cost of sales to cash operating costs
Cost of sales1 (a)
(4,292.8)
(889.2)
(11.9)
(5,193.9)
Depreciation
341.0
133.0
3.2
477.2
Change in estimate of environmental rehabilitation recognised in profit
or loss
(20.8)
—
7.7
(13.1)
Movement in gold in process and finished inventories – Gold Bullion
(15.5)
10.1
—
(5.4)
Ongoing rehabilitation expenditure
16.4
2.5
0.8
19.7
Care and maintenance
—
—
0.2
0.2
Other operating costs
2.9
—
—
2.9
Cash operating costs
(3,968.8)
(743.6)
—
(4,712.4)
1  Included in cost of sales is R64.0 million (2025: R138.9 million; 2024: R144.9 million ) paid for services rendered by Sibanye-Stillwater.
(a)  Most significant components of other operating costs within cost of sales include:
Consumable stores
(1,265.8)
(246.6)
—
(1,512.4)
Labour including short term incentives
(638.9)
(128.9)
—
(767.8)
Electricity
(380.9)
(135.1)
—
(516.0)
Specialist service providers
(977.1)
(44.4)
—
(1,021.5)
Machine hire
(147.9)
(25.5)
—
(173.4)
Security expenses
(176.5)
(40.3)
—
(216.8)
Water
(39.8)
(2.9)
—
(42.7)
23OPERATING SEGMENTS continued
Ergo
FWGR
Other
reconciling
items
Total
2025
Amounts in R million
Revenue (External)
5,671.5
2,206.7
—
7,878.2
Cash operating costs
(3,699.2)
(673.5)
—
(4,372.7)
Movement in gold in process and finished inventories – Gold Bullion
9.8
8.3
—
18.1
Segment operating profit
1,982.1
1,541.5
—
3,523.6
Additions to property, plant and equipment
(605.7)
(1,593.1)
(1.2)
(2,200.0)
Reconciliation of segment operating profit to profit after tax
Segment operating profit
1,982.1
1,541.5
—
3,523.6
Depreciation
(326.5)
(130.2)
(2.5)
(459.2)
Change in estimate of environmental rehabilitation recognised in profit
or loss
92.8
—
5.2
98.0
Ongoing rehabilitation expenditure
(16.3)
(2.6)
(0.3)
(19.2)
Care and maintenance
—
—
0.8
0.8
Other operating costs
(13.5)
—
—
(13.5)
Administration expenses and other costs
(19.6)
(8.3)
(185.9)
(213.8)
Finance income
53.1
52.1
118.6
223.8
Finance expense
(51.6)
(11.7)
(10.1)
(73.4)
Deferred tax
(405.6)
(426.9)
8.1
(824.4)
Profit after tax
1,294.9
1,013.9
(66.1)
2,242.7
Reconciliation of cost of sales to cash operating costs
Cost of sales (a)
(3,952.9)
(798.0)
3.2
(4,747.7)
Depreciation
326.5
130.2
2.5
459.2
Change in estimate of environmental rehabilitation recognised in profit
or loss
(92.8)
—
(5.2)
(98.0)
Movement in gold in process and finished inventories – Gold Bullion
(9.8)
(8.3)
—
(18.1)
Ongoing rehabilitation expenditure
16.3
2.6
0.3
19.2
Care and maintenance
—
—
(0.8)
(0.8)
Other operating costs
13.5
—
—
13.5
Cash operating costs
(3,699.2)
(673.5)
—
(4,372.7)
(a)  Most significant components of other operating costs within cost of sales include:
Consumable stores
(1,151.4)
(224.6)
—
(1,376.0)
Labour including short term incentives
(625.9)
(121.3)
—
(747.2)
Electricity
(422.9)
(121.1)
—
(544.0)
Specialist service providers
(833.0)
(43.2)
—
(876.2)
Machine hire
(136.3)
(20.0)
—
(156.3)
Security expenses
(162.2)
(36.3)
—
(198.5)
Water
(41.3)
(3.8)
—
(45.1)
23OPERATING SEGMENTS continued
Ergo
FWGR
Other
reconciling
items
Total
2024
Amounts in R million
Revenue (External)
4,524.9
1,714.8
—
6,239.7
Cash operating costs
(3,571.0)
(622.3)
—
(4,193.3)
Movement in gold in process and finished inventories - Gold Bullion
37.5
(2.6)
—
34.9
Segment operating profit
991.4
1,089.9
—
2,081.3
Additions to property, plant and equipment
(2,354.6)
(756.6)
(2.7)
(3,113.9)
Reconciliation of segment operating profit to profit after tax
Segment operating profit
991.4
1,089.9
—
2,081.3
Depreciation
(138.7)
(129.5)
(2.2)
(270.4)
Change in estimate of environmental rehabilitation recognised in profit
or loss
11.1
0.2
0.3
11.6
Ongoing rehabilitation expenditure
(13.0)
(2.1)
(1.0)
(16.1)
Care and maintenance
—
—
2.5
2.5
Other operating costs
0.9
—
—
0.9
Other income
0.6
1.3
0.1
2.0
Administration expenses and other costs
(10.6)
(5.5)
(183.2)
(199.3)
Finance income
51.8
53.9
175.1
280.8
Finance expense
(60.9)
(11.7)
(3.8)
(76.4)
Current tax
5.4
(92.5)
(12.6)
(99.7)
Deferred tax
(205.1)
(183.7)
0.3
(388.5)
Profit after tax
632.9
720.3
(24.5)
1,328.7
Reconciliation of cost of sales to cash operating costs
Cost of sales
(3,673.2)
(756.3)
(0.4)
(4,429.9)
Depreciation
138.7
129.5
2.2
270.4
Change in estimate of environmental rehabilitation recognised in profit
or loss
(11.1)
(0.2)
(0.3)
(11.6)
Movement in gold in process and finished inventories - Gold Bullion
(37.5)
2.6
—
(34.9)
Ongoing rehabilitation expenditure
13.0
2.1
1.0
16.1
Care and maintenance
—
—
(2.5)
(2.5)
Other operating costs
(0.9)
—
—
(0.9)
Cash operating costs
(3,571.0)
(622.3)
—
(4,193.3)
(a) Most significant components of other operating costs within cost of sales include:
Consumable stores
(1,087.4)
(215.9)
—
(1,303.3)
Labour including short term incentives
(621.4)
(113.5)
—
(734.9)
Electricity
(472.7)
(113.4)
—
(586.1)
Specialist service providers
(812.1)
(39.6)
—
(851.7)
Machine hire
(173.2)
(25.2)
—
(198.4)
Security expenses
(137.8)
(29.4)
—
(167.2)
Water
(30.8)
(1.7)
—
(32.5)