<Page>
Exhibit 2
<Page>
[LOGO]
DURBAN ROODEPOORT DEEP, LIMITED
(Incorporated in the Republic of South Africa)
Registration No.1895/000926/06
ARBN 086 277616
JSE trading symbol : DUR
ISIN Code : ZAE 000015079
Issuer code: DUSM
NASDAQ trading symbol : DROOY
REPORT TO SHAREHOLDERS FOR THE 3 RD QUARTER ENDED 31 MARCH 2003
GROUP RESULTS
HIGHLIGHTS
Cash unit cost well contained in rand terms (+3%)
Blyvoor production steady at 63 000 ounces
Healthy balance sheet for future acquisitions (Cash of US$ 63 million)
Increased shareholding in Emperor Gold Mines to 19.81%
<Table>
<Caption>
Quarter Quarter 9 Months to
Mar 2003 Dec 2002 Mar 2003
-------- -------- --------
Gold production (attributable) oz 208 999 225 241 662 510
kg 6 501 7 006 20 607
Cash operating costs US$/oz 329 276 282
R/kg 88 409 85 642 85 534
Earnings (US GAAP) US$ m 3.2 22.5 40.3
R m 24.3 224.4 398.6
Gold price received US$/oz 348 321 327
R/kg 93 734 99 587 99 876
Capital expenditure US$ m 2.0 2.7 8.2
R m 17.7 26.4 79.7
</Table>
STOCK
<Table>
<Caption>
ISSUED CAPITAL STOCK TRADED JSE NASDAQ FRANKFURT
--- ------ ---------
184 078 834 ordinary no par value shares Ave. volume for the quarter per day (000) 224 2 776 112
5 000 000 cumulative preference shares % of issued stock traded (annualised) 32% 394% 16%
Price - High R 38.50 USD 4.38 Euro 4.02
- Low R 17.00 USD 2.11 Euro 2.05
- Close R 20.50 USD 2.55 Euro 2.43
</Table>
ADDRESS DETAILS
<Table>
REGISTERED OFFICE : SHARE TRANSFER SECRETARIES : UNITED KINGDOM REGISTRARS : DEPOSITORY BANK :
45 Empire Road, Parktown, Ultra Registrars (Pty) Ltd, St. James' Corporate Services Ltd, American Depository Receipts,
South Africa PO Box 4844, 6 St. James' Place, The Bank of New York,
PO Box 390, Johannesburg 2000, London Shareholders Relations Department,
Maraisburg 1700, South Africa SW IA INP 101 Barclay Street,
South Africa New York, NY 10296
</Table>
<Page>
- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
- --------------------------------------------------------------------------------
DEAR SHAREHOLDER
Due to a combination of the strength of the Rand against the US Dollar and a 7%
decrease in gold production, net operating income declined by US$ 18 million
(R201.8 million) this quarter. In addition, Crown Gold Recoveries (Pty) Limited
(in which DRD has a 40% interest) recorded a loss due to the underground fire at
ERPM. DRD's share of the after tax loss from this associate was US$ 2.3 million
(R 18.6 million).
While the US Dollar gold price increased by 8% to US$ 348 per ounce, the
strength in the Rand caused a 6% reduction in the Rand gold price received.
In spite of the lower gold production, cash unit cost were well contained,
increasing by 3% in Rand terms. Translating to US Dollar terms, however, cash
unit cost were US$ 329 per ounce, which is around the current spot gold price
level.
OVERALL PERFORMANCE
North West Operations (the Harties and Buffels mines) reported a cash operating
loss of US$ 2.4 million (R 20 million) for the quarter. An Eskom power failure
caused an 11 day interruption to production at Buffels' Pioneer Shaft with a
consequent loss of 2 890 ounces (90 kilograms) of gold at a cost of US$ 1.5
million (R13 million). Due to depletion of reserves, the open-cast production at
Harties will cease in the current quarter. Harties has consistently failed to
meet its targets and now, due to the lower gold price, it has been necessary to
take further corrective action to "right size" costs with production across the
entire North West Operations. Management has given notice to the National Union
of Mineworkers of its intention to retrench some 1 000 employees. In addition,
in order to reduce overheads, we have rationalised services between North West
and Blyvoor. Both operations will now report to Mr Deon van der Mescht (formerly
General Manager Blyvoor) and services will be shared between the operations
wherever possible. Work on bringing all ore feed to single, upgraded
metalurgical plant at Harties is underway, and will reduce cost by some US$ 3
per ton (R 28 per ton).
Gold production at Blyvoor was consistent with the previous quarter and
underground cash unit costs declined by 1% in Rand terms. The new slimes dam
project has begun and it is expected to be completed by December 2003 at a
capital cost of US$ 8 million (R 60 million).
Tolukuma had a much-improved quarter, recording a cash operating profit of
US$ 1.6 million (R 13.7 million). Gold production in March reached 7 312
ounces (219 kilograms) due to the high grade Tinabar vein coming on stream.
Cash unit cost reduced to US$ 265 per ounce. These results now appear to be
sustainable for the foreseeable future.
ASSOCIATES AND INVESTMENTS
As previously reported, the results of Crown Gold Recoveries (Pty) Limited were
adversely affected by the underground fire at ERPM, which resulted in the loss
of 4 180 ounces (130 kilograms) of gold production at a cost of US$ 1.8 million
(R 15 million). Production is now returning to normal levels. While ERPM's costs
are clearly unacceptable in the short term, efficiencies are improving with a
doubling of output per total employee costed to 18 tons been achieved. The Cason
Dump project has been deferred due to cash constraints.
DRD increased its shareholding in Emperor Gold Mines to 19.81%. The total
cost of this investment now stands at AUD 16.8 million, which has been
accounted for at fair value. Emperor's results for the March quarter showed
an increase in gold production of 14% over the previous quarter to 30 206
ounces at a reduced loss of US$ 0.8 million (AUD 1.4 million).
FINANCIAL
Gold revenue was marginally lower than the previous quarter. However, an
increase in cash operating costs in US$ terms due to the strengthening of the
Rand, together with a 36% decrease in the profit on financial instruments,
resulted in a 60% reduction in net operating income to US$ 12.0 million for the
quarter. Net profit attributable to shareholders decreased to US$ 3.2 million
from US$ 22.5 million the previous quarter. Cash and cash equivalents were US$
63.1 million at the end of the period with the current ratio at 132% compared to
200% the previous quarter. Borrowings, excluding the convertible bond, reduced
to US$ 5.5 million from US$ 10.2 million. Fully diluted earnings per share were
1.7 US cents per share.
OUTLOOK
While we remain optimistic about the prognosis for the US$ gold price, in the
short term the influence of the Rand/Dollar exchange rate will be critical. The
surprising appreciation of the Rand has been caused partly by Dollar weakness,
but has been exacerbated by the tight monetary discipline imposed by the SA
Reserve Bank. This has attracted short term money into the Rand at a time when
policy should have been more benign. Such a policy would appear to be at odds
with the nation's reliance on export growth, the attainment of full employment
and social redistribution. Far from bringing money into the country, it is more
likely to deter real fixed investment in wealth-creating activities such as gold
mining.
The Government has announced the future imposition of a royalty of 3% on the
revenue of gold producers. This will be an additional cost and will serve to
sterilize gold reserves, reduce the attraction of investing in gold mining and
result in lost jobs. DRD intends to voice its opposition to this additional tax
burden to Government through its membership of the South African Mining
Development Association (SAMDA).
I would like to draw shareholders attention to a separate Letter from your Board
dealing with corporate governance matters and the actions we have taken to
recover funds due to shareholders through legal processes. This is available on
the company's website : http:/www.durbans.com. It will not have escaped the
attention of shareholders that the many comments recently aired in the media
have come from the very past directors, employees, consultants or their
immediate families who have been affected by these various actions. The company
will seek justice in the appropriate courts, and not by entering into biased
debate in public.
STAFF CHANGES
After a long association with Durban Deep, Frik Coetzee will retire as
Operations Director due to ill health. We wish him well for the future. Neil
Pretorius will join the company shortly, from private practice, as its in-house
legal adviser.
These appointments, together with the operational changes highlighted above,
mean we have the correct balance of skills at Board level and a young and
enthusiastic management team prepared to deliver results into the future.
MARK WELLESLEY-WOOD
Chairman and Chief Executive Officer
<Page>
INCORPORATING THE RESULTS OF ALL DURBAN ROODEPOORT DEEP, LIMITED SUBSIDIARIES,
INCLUDING BLYVOORUITZICHT GOLD MINING COMPANY LIMITED, BUFFELSFONTEIN GOLD MINES
LIMITED, WEST WITWATERSRAND GOLD HOLDINGS LIMITED, HARTEBEESTFONTEIN GOLD MINE
(A DIVISION OF BUFFELSFONTEIN GOLD MINES LIMITED),
DRD AUSTRALASIA AND DOME RESOURCES NL ON A CONSOLIDATED BASIS.
THE RESULTS OF CROWN GOLD RECOVERIES (PTY) LTD WHICH INCLUDE THE EAST RAND
PROPRIETARY MINES LIMITED ARE ACCOUNTED FOR ON THE EQUITY BASIS.
THE FINANCIAL STATEMENTS BELOW ARE CONVERTED TO
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA (US
GAAP). THE ACCOUNTING POLICIES ARE, IN ALL MATERIAL RESPECTS, CONSISTENT WITH
THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2002.
<Table>
<Caption>
- --------------------------------------------------------------------------------------------------------------------------------
GROUP INCOME STATEMENTS
- --------------------------------------------------------------------------------------------------------------------------------
--------------------------------------- -----------------
FINANCIAL RESULTS (US$ m) (US$ m)
--------------------------------------- -----------------
(Unaudited) QUARTER Quarter 9 months to
MAR 2003 Dec 2002 Mar 2003
--------------------------------------- -----------------
REVENUES
Product sales (Gold revenue) 65.7 65.9 198.8
COST AND EXPENSES ( 64.3) ( 58.5) ( 177.0)
--------------------------------------- -----------------
Cash operating costs ( 62.0) ( 56.8) ( 172.1)
Other cash expenses ( 2.0) ( 0.9) ( 3.7)
Movement in gold in process - ( 0.5) ( 0.4)
Movement in rehabilitation provision ( 0.3) ( 0.3) ( 0.8)
--------------------------------------- -----------------
OTHER OPERATING EXPENSES
Depreciation and amortization ( 2.3) ( 2.5) ( 6.8)
Employment termination costs ( 0.2) - ( 0.2)
Management and consulting fees ( 0.8) ( 0.5) ( 1.8)
Profit on financial instruments 17.8 27.6 42.4
Profit on sale of investments - 0.2 8.3
ADMINISTRATION AND GENERAL CHARGES ( 3.9) ( 2.2) ( 7.6)
--------------------------------------- -----------------
Stock based compensation costs ( 1.2) ( 1.0) ( 3.1)
Administration and general charges ( 2.7) ( 1.2) ( 4.5)
--------------------------------------- -----------------
NET OPERATING INCOME 12.0 30.0 56.1
Investment income 3.3 2.3 6.7
Other income 0.3 0.5 1.4
FINANCE COST
Interest expense ( 1.6) ( 1.0) ( 2.7)
--------------------------------------- -----------------
PROFIT BEFORE TAXATION 14.0 31.8 61.5
Income from associate ( 2.3) ( 0.3) ( 1.8)
Income and mining tax benefit - 0.5 -
Deferred income and mining tax charge ( 8.5) ( 9.5) ( 19.4)
--------------------------------------- -----------------
NET PROFIT APPLICABLE TO STOCKHOLDERS 3.2 22.5 40.3
--------------------------------------- -----------------
Basic earnings per share (cents) 1.8 12.3 22.0
Diluted earnings per share (cents) 1.7 11.8 21.0
</Table>
- --------------------------------------------------------------------------------
CHANGES IN SHAREHOLDER'S EQUITY
- --------------------------------------------------------------------------------
<Table>
<Caption>
--------------------------------------- -----------------
(Unaudited) (US$ M) (US$ m)
--------------------------------------- -----------------
QUARTER Quarter 9 months to
MAR 2003 Dec 2002 Mar 2003
--------------------------------------- -----------------
Shareholder's equity at the beginning
of the period 42.9 11.1 ( 11.2)
Share capital issued 1.8 1.6 11.7
--------------------------------------- -----------------
- for cash - - 6.7
- for share options exercised 0.6 0.6 1.9
- for stock based compensation 1.2 1.0 3.1
--------------------------------------- -----------------
Movement in retained income 4.2 30.2 48.4
--------------------------------------- -----------------
- profit applicable to shareholders 3.2 22.5 40.3
- mark-to-market on investments ( 2.0) - ( 1.9)
- currency adjustments and other 3.0 7.7 10.0
--------------------------------------- -----------------
Shareholder's equity at the end of the period 48.9 42.9 48.9
--------------------------------------- -----------------
</Table>
- --------------------------------------------------------------------------------
GROUP CASH FLOW STATEMENTS
- --------------------------------------------------------------------------------
<Table>
<Caption>
---------------------------------------
(US$ m)
---------------------------------------
ABRIDGED QUARTER Quarter
(Unaudited) MAR 2003 Dec 2002
---------------------------------------
Net cash out flow from operating activities ( 11.2) ( 5.5)
Net cash out flow from investing activities ( 9.1) ( 2.4)
Net cash (out)/in flow from financing activities ( 7.4) 64.0
---------------------------------------
Net (decrease)/increase in cash & equivalents ( 27.7) 56.1
Effect of exchange rate changes on cash 3.8 6.3
Cash and equivalents at beginning of period 87.0 24.6
---------------------------------------
Cash and equivalents at end of period 63.1 87.0
---------------------------------------
</Table>
- --------------------------------------------------------------------------------
GROUP BALANCE SHEETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
-----------------------------------------
(US$ M)
-----------------------------------------
ABRIDGED QUARTER Quarter
(Unaudited) MAR 2003 Dec 2002
-----------------------------------------
ASSETS
CURRENT ASSETS 93.6 116.4
-----------------------------------------
Cash and equivalents 63.1 87.0
Receivables 21.3 21.1
Inventories 9.2 8.3
-----------------------------------------
MINING ASSETS 85.0 78.7
-----------------------------------------
Cost 361.3 332.4
Accumulated depreciation & amortization ( 276.3) ( 253.7)
-----------------------------------------
OTHER ASSETS 63.0 61.7
-----------------------------------------
Deferred income and mining taxes 29.3 35.4
Non-current assets 33.7 26.3
-----------------------------------------
-----------------------------------------
TOTAL ASSETS 241.6 256.8
-----------------------------------------
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES 70.7 58.1
-----------------------------------------
Bank overdraft 1.6 -
Accounts payable and accrued liabilities 48.1 42.7
Short term portion of long term loans 20.6 15.0
Income and mining taxes 0.4 0.4
-----------------------------------------
LONG TERM LOANS 5.5 10.2
CONVERTIBLE LOAN NOTE 60.7 63.4
DEFERRED FINANCIAL LIABILITY 33.5 61.9
PROVISION-ENVIRONMENTAL REHABILITATION 22.3 20.3
STOCKHOLDERS' EQUITY 48.9 42.9
AUTHORISED
300 000 000 ordinary no par value shares
5 000 000 cumulative preference shares
ISSUED
184 078 834 ordinary no par value shares
5 000 000 cumulative preference shares
-----------------------------------------
Stated capital 360.2 359.6
Additional paid in capital 36.5 35.3
Cumulative preference shares 0.1 0.1
Accumulated loss ( 301.7) ( 304.9)
Other comprehensive income ( 46.2) ( 47.2)
-----------------------------------------
-----------------------------------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 241.6 256.8
-----------------------------------------
</Table>
- --------------------------------------------------------------------------------
CONVERSION FACTORS
- --------------------------------------------------------------------------------
<Table>
CURRENCY
Balance Sheet: 31-Mar-03 US$ 1 = R 8.0145
Income Statement: Jan-03 US$ 1 = R 8.6925
Feb-03 US$ 1 = R 8.3246
Mar-03 US$ 1 = R 8.0796
</Table>
- --------------------------------------------------------------------------------
SHARE OPTION SCHEME
- --------------------------------------------------------------------------------
<Table>
<Caption>
The following summary provides information in respect of the Durban Roodepoort
Deep (1996) Option Scheme as at 31 March 2003:
Number of options in issue : 4 489 721
Number of options currently vested : 850 329
</Table>
<Page>
INCORPORATING THE RESULTS OF ALL DURBAN ROODEPOORT DEEP, LIMITED SUBSIDIARIES,
INCLUDING BLYVOORUITZICHT GOLD MINING COMPANY LIMITED, BUFFELSFONTEIN GOLD MINES
LIMITED, WEST WITWATERSRAND GOLD HOLDINGS LIMITED, HARTEBEESTFONTEIN GOLD MINE
(A DIVISION OF BUFFELSFONTEIN GOLD MINES LIMITED),
DRD AUSTRALASIA AND DOME RESOURCES NL ON A CONSOLIDATED BASIS.
THE RESULTS OF CROWN GOLD RECOVERIES (PTY) LTD WHICH INCLUDE THE EAST RAND
PROPRIETARY MINES LIMITED ARE ACCOUNTED FOR ON THE EQUITY BASIS.
THE FINANCIAL STATEMENTS BELOW ARE CONVERTED TO
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA (US
GAAP). THE ACCOUNTING POLICIES ARE, IN ALL MATERIAL RESPECTS, CONSISTENT WITH
THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2002.
- --------------------------------------------------------------------------------
GROUP INCOME STATEMENTS
- --------------------------------------------------------------------------------
<Table>
<Caption>
------------------------------------------------ ----------------------
(R m) (R m)
FINANCIAL RESULTS ------------------------------------------------ ----------------------
(Unaudited) QUARTER Quarter 9 months to
MAR 2003 Dec 2002 Mar 2003
------------------------------------------------ ----------------------
REVENUES
Product sales (Gold revenue) 550.0 637.0 1 887.7
COST AND EXPENSES ( 540.8) ( 565.4) (1 671.0)
------------------------------------------------ ----------------------
Cash operating costs ( 517.5) ( 549.2) (1 621.7)
Other cash expenses ( 20.6) ( 9.5) ( 38.1)
Movement in gold in process ( 0.2) ( 4.1) ( 3.6)
Movement in rehabilitation provision ( 2.5) ( 2.6) ( 7.6)
------------------------------------------------ ----------------------
OTHER OPERATING EXPENSES
Depreciation and amortization ( 19.1) ( 22.5) ( 63.2)
Employment termination costs ( 1.7) - ( 2.0)
Management and consulting fees ( 6.7) ( 4.9) ( 16.4)
Profit on financial instruments 148.9 274.9 389.1
Profit on sale of investments - 2.3 88.7
ADMINISTRATION AND GENERAL CHARGES ( 32.5) ( 21.5) ( 69.6)
------------------------------------------------ ----------------------
Stock based compensation costs ( 9.7) ( 9.7) ( 29.0)
Administration and general charges ( 22.8) ( 11.8) ( 40.6)
------------------------------------------------ ----------------------
NET OPERATING INCOME 98.1 299.9 543.3
Investment income 27.3 21.3 61.2
Other income 2.3 4.7 12.6
FINANCE COST
Interest expense ( 13.1) ( 9.2) ( 23.8)
------------------------------------------------ ----------------------
PROFIT BEFORE TAXATION 114.6 316.7 593.3
Income from associate ( 18.6) ( 2.5) ( 13.1)
Income and mining tax benefit/(charge) 0.1 5.0 ( 0.1)
Deferred income and mining tax charge ( 71.8) ( 94.8) ( 181.5)
------------------------------------------------ ----------------------
NET PROFIT APPLICABLE TO STOCKHOLDERS 24.3 224.4 398.6
------------------------------------------------ ----------------------
Basic earnings per share (cents) 13.2 122.5 217.8
Diluted earnings per share (cents) 13.1 117.4 206.6
</Table>
- --------------------------------------------------------------------------------
CHANGES IN SHAREHOLDER'S EQUITY
- --------------------------------------------------------------------------------
<Table>
<Caption>
------------------------------------------------ ----------------------
(Unaudited) (R m) (R m)
------------------------------------------------ ----------------------
QUARTER Quarter 9 months to
MAR 2003 Dec 2002 Mar 2003
------------------------------------------------ ----------------------
Shareholder's equity at the beginning
of the period 371.8 116.8 ( 118.1)
Share capital issued 14.5 15.5 114.3
------------------------------------------------ ----------------------
- for cash - - 68.0
- for share options exercised 4.8 5.8 17.3
- for stock based compensation 9.7 9.7 29.0
------------------------------------------------ ----------------------
Movement in retained income 5.9 239.5 396.0
------------------------------------------------ ----------------------
- profit applicable to shareholders 24.3 224.4 398.6
- mark-to-market on investments ( 16.7) 0.2 ( 15.9)
- currency adjustments and other ( 1.7) 14.9 13.3
------------------------------------------------ ----------------------
Shareholder's equity at the end of period 392.2 371.8 392.2
------------------------------------------------ ----------------------
</Table>
- --------------------------------------------------------------------------------
GROUP CASH FLOW STATEMENTS
- --------------------------------------------------------------------------------
<Table>
<Caption>
----------------------------------------------------
(R m)
----------------------------------------------------
ABRIDGED QUARTER Quarter
(Unaudited) MAR 2003 Dec 2002
----------------------------------------------------
Net cash out flow from operating activities ( 93.4) ( 53.2)
Net cash out flow from investing activities ( 75.8) ( 23.7)
Net cash (out)/in flow from financing activities ( 61.6) 619.5
----------------------------------------------------
Net (decrease)/increase in cash & equivalents ( 230.8) 542.6
Effect of exchange rate changes on cash ( 16.6) ( 48.9)
Cash and equivalents at beginning of period 753.0 259.3
----------------------------------------------------
Cash and equivalents at end of period 505.6 753.0
----------------------------------------------------
</Table>
- --------------------------------------------------------------------------------
GROUP BALANCE SHEETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
----------------------------------------------------
(R m)
ABRIDGED ----------------------------------------------------
(Unaudited) QUARTER Quarter
MAR 2003 Dec 2002
----------------------------------------------------
ASSETS
CURRENT ASSETS 750.6 1 007.4
----------------------------------------------------
Cash and equivalents 505.6 753.0
Receivables 171.1 182.4
Inventories 73.9 72.0
----------------------------------------------------
MINING ASSETS 681.4 683.2
----------------------------------------------------
Cost 2 896.0 2 878.6
Accumulated depreciation & amortization (2 214.6) (2 195.4)
----------------------------------------------------
OTHER ASSETS 504.7 533.9
----------------------------------------------------
Deferred income and mining taxes 234.7 306.5
Non-current assets 270.0 227.4
----------------------------------------------------
----------------------------------------------------
TOTAL ASSETS 1 936.7 2 224.5
----------------------------------------------------
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES 554.0 503.4
----------------------------------------------------
Bank overdraft 12.6 -
Accounts payable and accrued liabilities 385.7 369.9
Short term portion of long term loans 152.5 130.2
Income and mining taxes 3.2 3.3
----------------------------------------------------
LONG TERM LOANS 44.2 88.2
CONVERTIBLE LOAN NOTE 499.4 549.2
DEFERRED FINANCIAL LIABILITY 268.3 535.8
PROVISION-ENVIRONMENTAL REHABILITATION 178.6 176.1
STOCKHOLDERS' EQUITY 392.2 371.8
AUTHORISED
300 000 000 ordinary no par value shares
5 000 000 cumulative preference shares
ISSUED
184 078 834 ordinary no par value shares
5 000 000 cumulative preference shares
----------------------------------------------------
Stated capital 2 199.5 2 194.7
Additional paid in capital 76.7 67.0
Cumulative preference shares 0.5 0.5
Accumulated loss (1 913.4) (1 937.7)
Other comprehensive income 28.9 47.3
----------------------------------------------------
----------------------------------------------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 1 936.7 2 224.5
----------------------------------------------------
</Table>
- --------------------------------------------------------------------------------
US/SA GAAP RECONCILIATION
- --------------------------------------------------------------------------------
<Table>
<Caption>
----------------------------------------------------
(R m)
----------------------------------------------------
QUARTER Quarter
Reconciliation of net profit to SA GAAP MAR 2003 Dec 2002
----------------------------------------------------
Net profit determined under US GAAP 24.3 224.4
Adjusted for:
Financial instruments ( 10.1) ( 19.6)
Accounting for business combinations 0.3 0.3
Stock based compensation costs 9.7 9.7
Fair value adjustment on investments ( 16.7) 0.4
Deferred taxation on adjustments 3.0 ( 0.1)
----------------------------------------------------
Effect of US GAAP adjustments ( 13.8) ( 9.3)
----------------------------------------------------
Net profit determined under SA GAAP 10.5 215.1
----------------------------------------------------
</Table>
<Page>
INCORPORATING THE RESULTS OF ALL DURBAN ROODEPOORT DEEP, LIMITED SUBSIDIARIES,
INCLUDING BLYVOORUITZICHT GOLD MINING COMPANY LIMITED, BUFFELSFONTEIN GOLD MINES
LIMITED, WEST WITWATERSRAND GOLD HOLDINGS LIMITED, HARTEBEESTFONTEIN GOLD MINE
(A DIVISION OF BUFFELSFONTEIN GOLD MINES LIMITED), DRD AUSTRALASIA AND DOME
RESOURCES NL ON A CONSOLIDATED BASIS.
THE RESULTS OF CROWN GOLD RECOVERIES (PTY) LTD WHICH INCLUDE THE EAST RAND
PROPRIETARY MINES LIMITED ARE ACCOUNTED FOR ON THE EQUITY BASIS.
THE FINANCIAL STATEMENTS BELOW ARE PREPARED ON THE HISTORICAL COST BASIS AND IN
ACCORDANCE WITH SOUTH AFRICAN STATEMENTS OF GENERALLY ACCEPTED ACCOUNTING
PRACTICE (SA GAAP). THE ACCOUNTING POLICIES ARE, IN ALL MATERIAL RESPECTS,
CONSISTENT WITH THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2002
EXCEPT FOR THE ADOPTION OF AC133 -
FINANCIAL INSTRUMENTS : RECOGNITION AND MEASUREMENT.
* PRO FORMA FIGURES FOR DECEMBER 2002 QUARTER ARE GIVEN TO SHOW THE EFFECTS OF
THE ESKOM GOLD-LINKED ELECTRICITY TARIFF AGREEMENT UNDER AC133.
- --------------------------------------------------------------------------------
GROUP INCOME STATEMENTS
- --------------------------------------------------------------------------------
<Table>
<Caption>
------------------------------------------------------------------
(R M)
FINANCIAL RESULTS ------------------------------------------------------------------
(Unaudited) QUARTER Quarter Quarter 9 months to
MAR 2003 Dec 2002 Dec 2002 Mar 2003
* Pro Forma
------------------------------------------------------------------
Gold revenue 550.0 637.0 637.0 1 887.7
Cash operating costs ( 517.5) ( 549.2) ( 549.2) (1 621.7)
Eskom linked electricity tariff - - ( 48.7) -
------------------------------------------------------------------
CASH OPERATING PROFIT 32.5 87.8 39.1 266.0
Other expenses - net ( 36.7) ( 18.5) ( 18.5) ( 65.2)
Business development ( 1.6) ( 0.9) ( 0.9) ( 3.7)
Care and maintenance costs ( 2.2) ( 1.9) ( 1.9) ( 6.0)
------------------------------------------------------------------
CASH (LOSS)/PROFIT FROM OPERATIONS ( 8.0) 66.5 17.8 191.1
Retrenchment costs ( 1.7) - - ( 2.0)
Investment income 27.3 21.3 21.3 61.2
Interest paid ( 13.4) ( 9.0) ( 9.0) ( 23.9)
------------------------------------------------------------------
NET CASH OPERATING PROFIT 4.2 78.8 30.1 226.4
Rehabilitation ( 2.5) ( 2.6) ( 2.6) ( 7.6)
Depreciation ( 18.8) ( 25.0) ( 25.0) ( 62.2)
Gain on financial instruments 115.0 255.3 1.3 336.7
Gold in process ( 0.2) ( 4.1) ( 4.1) ( 3.6)
------------------------------------------------------------------
PROFIT/(LOSS) BEFORE TAXATION 97.7 302.4 ( 0.3) 489.7
Income from associate ( 18.6) ( 2.5) ( 2.5) ( 13.1)
Taxation 0.1 5.0 5.0 ( 0.1)
Deferred taxation ( 68.7) ( 94.9) ( 4.1) ( 178.7)
------------------------------------------------------------------
PROFIT/(LOSS) AFTER TAXATION 10.5 210.0 ( 1.9) 297.8
Exceptional items - 5.1 5.1 84.9
------------------------------------------------------------------
NET PROFIT 10.5 215.1 3.2 382.7
------------------------------------------------------------------
HEADLINE EARNINGS PER SHARE - CENTS 5.7 114.7 ( 1.2) 162.7
BASIC EARNINGS PER SHARE - CENTS 5.7 117.4 1.8 209.1
CALCULATED ON THE WEIGHTED AVERAGE ORDINARY SHARES ISSUED OF : 183 708 812 183 177 297 183 177 297 183 040 049
DILUTED HEADLINE EARNINGS PER SHARE - CENTS 5.6 110.1 - 156.2
DILUTED BASIC EARNINGS PER SHARE - CENTS 5.6 112.6 1.7 198.7
</Table>
- --------------------------------------------------------------------------------
CHANGES IN SHAREHOLDER'S INTEREST
- --------------------------------------------------------------------------------
<Table>
<Caption>
------------------------------------------------------------------
(Unaudited) (R M)
------------------------------------------------------------------
QUARTER Quarter Quarter 9 months to
MAR 2003 Dec 2002 Dec 2002 Mar 2003
* Pro Forma
------------------------------------------------------------------
Shareholder's interest at the
beginning of the period 480.4 87.8 674.7 ( 144.0)
Share capital issued ( 2.4) 162.6 162.6 234.9
------------------------------------------------------------------
- for cash - - - 68.0
- for share options exercised 4.8 5.8 5.8 17.3
- for equity portion of convertible note ( 7.2) 156.8 156.8 149.6
------------------------------------------------------------------
Movement in retained income 10.5 215.1 3.2 382.7
Currency adjustments and other 5.0 14.9 14.9 19.9
------------------------------------------------------------------
Shareholder's interest at the end of the period 493.5 480.4 855.4 493.5
------------------------------------------------------------------
</Table>
- --------------------------------------------------------------------------------
INVESTOR RELATIONS
- --------------------------------------------------------------------------------
For further information, contact Ilja Graulich at :
Tel: (+27-11) 381-7800, Fax: (+27-11) 482-4641,
e-mail: graulich@drd.co.za,
web site: http://www.durbans.com
45 Empire Road,
Parktown, South Africa.
P O Box 390,
Maraisburg 1700,
South Africa.
- --------------------------------------------------------------------------------
GROUP BALANCE SHEETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
----------------------------------------------------------------
(R M)
----------------------------------------------------------------
(Unaudited) QUARTER Quarter Quarter
MAR 2003 Dec 2002 Dec 2002
* Pro Forma
----------------------------------------------------------------
EMPLOYMENT OF CAPITAL
Net mining assets 652.3 653.8 653.8
Investments 138.4 97.3 97.3
Environmental Trust funds 131.6 130.1 130.1
Deferred mining and income taxes 238.6 307.3 146.5
Current assets 750.6 1 007.4 1 007.4
----------------------------------------------------------------
Inventories 73.9 72.0 72.0
Trade and other receivables 171.1 182.4 182.4
Cash and equivalents 505.6 753.0 753.0
----------------------------------------------------------------
----------------------------------------------------------------
1 911.5 2 195.9 2 035.1
----------------------------------------------------------------
CAPITAL EMPLOYED
Shareholders' equity 493.5 480.4 855.4
Borrowings 417.1 500.3 500.3
Deferred financial liability 268.3 535.8 -
Rehabilitation 178.6 176.1 176.1
Other non-current liabilities 88.0 88.5 88.5
Current liabilities 466.0 414.8 414.8
----------------------------------------------------------------
Trade and other payables 310.3 281.5 281.5
Current portion of borrowings 152.5 130.0 130.0
Taxation 3.2 3.3 3.3
----------------------------------------------------------------
----------------------------------------------------------------
1 911.5 2 195.9 2 035.1
----------------------------------------------------------------
</Table>
- --------------------------------------------------------------------------------
GROUP CASH FLOW STATEMENTS
- --------------------------------------------------------------------------------
<Table>
<Caption>
-------------------------------------------
ABRIDGED (R M)
-------------------------------------------
(Unaudited) QUARTER Quarter
MAR 2003 Dec 2002
-------------------------------------------
Net cash out flow from operating activities ( 93.4) ( 53.2)
Net cash out flow from investing activities ( 75.8) ( 23.7)
Net cash (out)/in flow from financing activities ( 61.6) 619.5
-------------------------------------------
(Decrease)/increase in cash & equivalents ( 230.8) 542.6
Translation adjustment ( 16.6) ( 48.9)
Opening cash and equivalents 753.0 259.3
-------------------------------------------
Closing cash and equivalents 505.6 753.0
-------------------------------------------
</Table>
- --------------------------------------------------------------------------------
DIRECTORS - (*BRITISH)(**AUSTRALIAN)
- --------------------------------------------------------------------------------
EXECUTIVES :
MM Wellesley-Wood (Chairman and Chief Executive Officer)*
IL Murray (Deputy Chief Executive Officer)
JH Dissel (Chief Financial Officer)
NON-EXECUTIVES :
MP Ncholo ; RP Hume ; GC Campbell* ; DC Baker**
Group Company Secretary : JH Dissel (Acting)
<Page>
KEY OPERATING AND FINANCIAL RESULTS
<Table>
<Caption>
CROWN GOLD RECOVERIES ATTRIBUTABLE
----------------------------------------------
CROWN ERPM TO DRD
SECTION SECTION (40% OF CGR)
- -----------------------------------------------------------------------------------------------------------------------------
US$/Imperial
Ore milled - t'000 MAR 03 QTR 2 865 136 1 200
Dec 02 Qtr 2 890 102 1 197
9 Mths to Mar 03 8 856 238 3 638
Gold produced - ounces MAR 03 QTR 33 533 17 329 20 345
Dec 02 Qtr 36 588 12 346 19 574
9 Mths to Mar 03 107 416 29 675 54 837
Yield - ounces per ton MAR 03 QTR 0.012 0.127 0.017
Dec 02 Qtr 0.013 0.121 0.016
9 Mths to Mar 03 0.012 0.125 0.015
Cash operating cost - US$/oz MAR 03 QTR 292 562 NA
Dec 02 Qtr 229 423 na
9 Mths to Mar 03 242 504 na
Cash operating cost - US$/ton MAR 03 QTR 3 72 NA
Dec 02 Qtr 3 51 na
9 Mths to Mar 03 3 63 na
Cash operating profit/(loss) - US$ m MAR 03 QTR 1.8 ( 3.7) NA
Dec 02 Qtr 3.3 ( 1.2) na
9 Mths to Mar 03 9.1 ( 5.0) na
- ------------------------------------------------------------------------------------------------------------------------------
ZAR/METRIC
Ore milled - t'000 MAR 03 QTR 2 600 124 1 090
Dec 02 Qtr 2 621 92 1 085
9 Mths to Mar 03 8 034 216 3 300
Gold produced - kg MAR 03 QTR 1 043 539 633
Dec 02 Qtr 1 138 384 609
9 Mths to Mar 03 3 341 923 1 706
Yield - g/tonne MAR 03 QTR 0.40 4.35 0.58
Dec 02 Qtr 0.43 4.17 0.56
9 Mths to Mar 03 0.42 4.27 0.52
Cash operating cost - R/kg MAR 03 QTR 78 417 150 959 NA
Dec 02 Qtr 71 027 126 737 na
9 Mths to Mar 03 73 153 140 882 na
Cash operating cost - R/tonne MAR 03 QTR 31 656 NA
Dec 02 Qtr 31 529 na
9 Mths to Mar 03 30 602 na
Cash operating profit/(loss) - R m MAR 03 QTR 15.5 ( 30.9) NA
Dec 02 Qtr 31.8 ( 11.5) na
9 Mths to Mar 03 88.6 ( 42.4) na
- ------------------------------------------------------------------------------------------------------------------------------
# West Witwatersand Gold Mine
- ------------------------------------------------------------------------------------------------------------------------------
CAPITAL EXPENDITURE QUARTER CROWN GOLD RECOVERIES
US$ m R m
- ------------------------------------------------------------------------------------------------------------------------------
Net Outflow MAR 03 QTR 1.1 8.6
Dec 02 Qtr 2.4 23.0
9 Mths to Mar 03 4.3 40.0
- ------------------------------------------------------------------------------------------------------------------------------
<Caption>
- -------------------------------------------------------------------------------------------------------------------------------
BLYVOOR NORTH WEST
UNDER- SURFACE UNDER- SURFACE
GROUND GROUND
- -------------------------------------------------------------------------------------------------------------------------------
US$/Imperial
Ore milled - t'000 248 470 635 1 357
256 446 740 1 308
738 1 386 2 103 4 107
Gold produced - ounces 50 927 12 347 86 619 18 667
51 248 11 896 103 139 21 444
153 873 35 431 298 716 62 135
Yield - ounces per ton 0.205 0.026 0.136 0.014
0.200 0.027 0.139 0.016
0.209 0.026 0.142 0.015
Cash operating cost - US$/oz 287 237 383 309
252 197 302 230
254 211 313 246
Cash operating cost - US$/ton 59 6 52 4
50 5 42 4
53 5 44 4
Cash operating profit/(loss) - US$ m 3.0 1.4 ( 3.1) 0.7
3.4 1.4 1.7 1.8
11.2 4.1 3.7 4.9
- -------------------------------------------------------------------------------------------------------------------------------
ZAR/METRIC
Ore milled - t'000 225 427 576 1 232
232 405 671 1 187
670 1 258 1 908 3 727
Gold produced - kg 1 584 384 2 694 581
1 594 370 3 208 667
4 786 1 102 9 291 1 933
Yield - g/tonne 7.04 0.90 4.68 0.47
6.87 0.91 4.78 0.56
7.14 0.88 4.87 0.52
Cash operating cost - R/kg 77 190 63 708 102 965 83 247
78 047 61 143 93 769 71 213
76 621 63 680 94 969 74 180
Cash operating cost - R/tonne 543 57 481 39
536 56 448 40
547 56 462 38
Cash operating profit/(loss) - R m 25.5 11.7 ( 26.1) 6.1
32.7 13.8 15.8 18.3
108.2 39.2 44.2 49.4
- -------------------------------------------------------------------------------------------------------------------------------
# West Witwatersand Gold Mine
- -------------------------------------------------------------------------------------------------------------------------------
CAPITAL EXPENDITURE BLYVOOR NORTH WEST
US$ m R m US$ m R m
- -------------------------------------------------------------------------------------------------------------------------------
Net Outflow 1.0 8.0 0.7 5.8
1.0 10.3 1.3 13.1
2.8 26.3 4.4 43.6
- -------------------------------------------------------------------------------------------------------------------------------
<Caption>
- -------------------------------------------------------------------------------------------------------------------------------
TOLUKUMA TOTAL DIS- TOTAL
CONTINUING CONTINUING DRD
OPERATIONS OPERATION # ATTRIBUTABLE
- -------------------------------------------------------------------------------------------------------------------------------
US$/Imperial
Ore milled - t'000 49 3 959 363 4 322
40 3 987 130 4 117
127 12 099 1 228 13 327
Gold produced - ounces 16 397 205 302 3 697 208 999
15 754 223 055 2 186 225 241
46 877 651 869 10 641 662 510
Yield - ounces per ton 0.335 0.052 0.010 0.048
0.394 0.056 0.017 0.055
0.369 0.054 0.009 0.050
Cash operating cost - US$/oz 265 329 295 328
307 276 322 276
284 282 324 283
Cash operating cost - US$/ton 89 22 3 20
121 20 5 19
105 20 3 18
Cash operating profit/(loss) - US$ m 1.6 3.6 0.1 3.7
0.8 9.1 - 9.1
2.8 26.7 - 26.7
- ---------------------------------------- ----------------------------------------------------------------------------------
ZAR/METRIC
Ore milled - t'000 45 3 595 329 3 924
37 3 617 118 3 735
117 10 980 1 114 12 094
Gold produced - kg 510 6 386 115 6 501
490 6 938 68 7 006
1 458 20 276 331 20 607
Yield - g/tonne 11.33 1.78 0.35 1.66
13.24 1.92 0.58 1.88
12.46 1.85 0.30 1.70
Cash operating cost - R/kg 70 837 88 409 77 878 88 203
95 280 85 642 105 191 85 850
86 233 85 534 100 927 85 803
Cash operating cost - R/tonne 803 210 27 183
1 262 214 61 207
1 075 207 30 184
Cash operating profit/(loss) - R m 13.7 30.9 1.6 32.5
7.5 88.1 ( 0.3) 87.8
25.2 266.2 ( 0.2) 266.0
- -------------------------------------------------------------------------------------------------------------------------------
# West Witwatersand Gold Mine
- -------------------------------------------------------------------------------------------------------------------------------
CAPITAL EXPENDITURE TOLUKUMA TOTAL DRD
US$ m R m US$ m R m
- -------------------------------------------------------------------------------------------------------------------------------
Net Outflow 0.3 3.1 2.0 17.7
0.3 2.8 2.7 26.4
0.9 8.8 8.2 79.7
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
<Page>
TOTAL COSTS AND CASH COSTS
Total costs is a non-U.S. GAAP measurement that represents the full amount
of costs incurred and represents the difference between revenues from gold
bullion and related by-products delivered to refineries and profits or losses
before taxation. Total costs per ounce are calculated by dividing total costs by
ounces of gold produced.
Cash costs are costs incurred directly in the production of gold and
include labor costs, contractor and other related costs, inventory costs and
electricity costs. Cash costs per ounce are calculated by dividing cash costs by
ounces of gold produced. Cash costs have been calculated on a consistent basis
for all periods presented.
Cash costs should not be considered by investors as an alternative to net
operating income or net profit applicable to common stockholders or as an
alternative to other GAAP measures and may not be comparable to other similarly
titled measures of other companies. However, we believe that cash costs in total
and per ounce are useful indicators to investors and management of the
performance of individual mines and our operations as a whole, as they provide:
- and indication of a mine's profitability and efficiency;
- the trends in costs as the mine matures;
- a measure of a mine's gross margin per ounce, by comparison of the
cash costs per ounce by mine to the price of gold;
- an internal benchmark of performance to allow for comparison against
other mines; and
- a basis for benchmarking against other mining companies with similar
assets.
During the annual planning process, cash cost per ounce targets are set
for each month by our board of directors. These targets are adjusted for changes
in exchange rates on a monthly basis. Variances are analyzed monthly, taking
into account volume changes, production and labor efficiencies, price variances
and changes of scope. For negative variances, a plan of action is agreed upon by
management to address the situation.
The following table lists the components of cash costs for each of the
periods set forth below:
<Table>
<Caption>
- --------------------------------------------------------------------------
Nine Months ended
Costs March 31, 2002
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
Labor 42%
- --------------------------------------------------------------------------
Contractor Services 21%
- --------------------------------------------------------------------------
Inventory 26%
- --------------------------------------------------------------------------
Electricity 11%
- --------------------------------------------------------------------------
</Table>
<Page>
Cash costs do not include certain factors that bear on our overall
financial performance, including gains and losses on financial instruments,
depreciation and amortization and selling, administration and general charges.
A reconciliation of cash costs to total costs for each of the periods
included in the table above is presented below. In addition, the table also
provides a reconciliation of cash costs per ounce to total costs per ounce for
each of those periods.
<Table>
<Caption>
- -------------------------------------------------------------------------------------
Unaudited
Nine Months ended March 31, 2002
$'000 $ per ounce
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
TOTAL COSTS 139,123 229
- -------------------------------------------------------------------------------------
Adjustments
- -------------------------------------------------------------------------------------
Finance costs (2,695) (4)
- -------------------------------------------------------------------------------------
Non-operating income 8,058 13
- -------------------------------------------------------------------------------------
Selling, administration and general charges (7,653) (13)
- -------------------------------------------------------------------------------------
Other operating income/(costs) 38,845 64
- -------------------------------------------------------------------------------------
CASH COSTS 175,678 289
- -------------------------------------------------------------------------------------
Total Ounces produced 607,673
- -------------------------------------------------------------------------------------
</Table>