EXHIBIT 99.1 RANDGOLD Randgold & Exploration Company Limited (Incorporated in the Republic of South Africa) (Registration number1992/005642/06) Share code: RNG ISIN: ZAE000008819 Nasdaq trading symbol: RANGY ("Randgold" or "the Company" or "the Group") REVIEWED PRELIMINARY RESULTS For the year ended 31 December 2004 Group income statement Reviewed Audited Year ended Year ended 31 December 31 December R000 Notes 2004 2003 Income Dividends and interest received 30 537 9 357 Profit on sale of portion of investment in associate 1 133 745 241 429 Profit/(loss) on sale of investments 15 546 (34 151) Profit on sale of property, plant and equipment 2 40 109 - Fair value adjustment of investment property 736 - Other income 7 431 14 987 Expenses Interest expense (7 401) (6 447) Depreciation and amortisation (11 472) (994) Impairment of goodwill - (24 398) Foreign exchange loss (57 304) (132 067) Exploration and corporate expenditure (10 372) (27 972) Profit before taxes, equity income and minority interest 141 555 39 744 Taxation (43 156) (29 593) Profit before equity income and minority interest 98 399 10 151 Equity income from associate 1 40 944 166 351 Minority interest (19 089) 702 Profit for the year 120 254 177 204 Weighted number of shares - - Earnings per share and headline earnings per share 62 609 48 237 - - Diluted earnings per share and diluted headline earnings per share 62 680 48 370 Earnings per share (cents) 192 367 Fully diluted earnings per share (cents) 192 366 Headline loss per share (cents) (59) (12) Fully diluted headline loss per share (cents) (59) (12) Reconciliation between earnings and headline earnings: Earnings for the year 120 254 177 204 Add back: Profit on sale of portion of investment in associate (133 745) (241 429) Impairment of goodwill - 24 398 Profit on sale of property, plant and equipment (40 109) - Profit on sale of investments (15 546) - Tax effect of adjustments 32 094 33 810 Headline loss for the year (37 052) (6 017) Group cash flow statement Reviewed Audited Year ended Year ended 31 December 31 December R000 2004 2003 Cash utilised in operations (40 928) (4 267) Dividends and interest received 30 537 8 198 Interest paid (7 401) (6 447) Taxation paid (694) (3 029) Net cash utilised in operations (18 486) (5 545) Net cash from investing activities 14 047 93 460 Net cash utilised in financing activities (910) (98 716) Net decrease in cash and cash equivalents (5 349) (10 801) Cash and cash equivalents at beginning of year 11 202 22 003 Cash and cash equivalents at end of year 5 853 11 202 Group balance sheet Reviewed Audited 31 December 31 December R000 Notes 2004 2003 ASSETS Current assets Cash and cash equivalents 5 853 11 202 Accounts receivable 31 323 3 466 Total current assets 37 176 14 668 Property, mineral rights and prospecting rights 3 239 012 79 133 Investment in associate 1 334 495 432 339 Investments 4 541 784 431 209 Other long-term assets 5 268 410 200 871 1 383 701 1 143 552 Total assets 1 420 877 1 158 220 Liabilities and shareholders' equity Current liabilities Accounts payable and accrued liabilities 11 677 6 736 Taxation 81 587 39 170 Total current liabilities 93 264 45 906 Long-term liabilities Provision for post retirement benefits 44 669 58 670 Deferred taxation 45 - 44 714 58 670 Total liabilities 137 978 104 576 Shareholders' equity Share capital 6 748 553 Share premium 928 005 614 120 Other reserves 7 398 701 632 077 Accumulated losses (104 827) (225 081) Total shareholders' equity 1 222 627 1 021 669 Outside shareholders' interest 60 272 31 975 Total liabilities and equity 1 420 877 1 158 220 Movement in shareholders' equity Reviewed Audited Year ended Year ended 31 December 31 December R000 2004 2003 Balance at beginning of the year 1 021 669 547 629 Share options exercised - 16 719 Shares issued during the year 314 080 304 588 Net movement in reserves (233 376) (24 471) Profit for the year 120 254 177 204 Balance at end of the year 1 222 627 1 021 669 Net asset value ("NAV") Fair value Price per 31 December Shares share Percent 2004 DESCRIPTION held R held R000 Listed investments Aflease Gold and Uranium Resources Limited (formerly The Afrikaner Lease Limited) 77 811 781 1.79 22.97 139 283 Anglo American Platinum Corporation Limited 235 000 210.00 0.11 49 350 Harmony Gold Mining Company Limited 315 000 51.75 0.08 16 301 JCI Limited - ordinary shares 51 560 613 0.27 2.43 13 921 JCI Limited - debentures 50 651 0.83 0.01 42 Kelgran Limited 2 324 830 0.16 2.47 372 Pan Palladium Limited 13 100 000 2.15 12.38 28 165 Randgold Resources Limited 18 358 000 67.35 30.92 1 236 411 Simmer and Jack Mines Limited 40 000 000 0.21 18.57 8 400 Western Areas Limited 9 816 613 25.00 9.32 245 415 1 737 660 Other assets 585 131 Current assets 37 176 Property, mineral rights and prospecting permits 279 545 Other long-term assets (Group's holding) 268 410 Liabilities and outside shareholders interest (198 250) Net assets 2 124 541 Shares in issue (000) 74 813 128 NAV per share (cents) 2 840 Segmental analysis Geographical segments South African Business Non- Investments segments South African and Mining Exploration corporate R000 activities activities activities Total Year ended 31 December 2004 Income Net dividends and interest - 7 112 16 024 23 136 Depreciation and amortisation - (85) (11 387) (11 472) Foreign exchange differences (57 304) - - (57 304) Profit on sale of investments - - 15 546 15 546 Profit due to decrease in holding in associate 133 745 - - 133 745 Exploration and corporate expenditure (3 256) (1 893) (5 223) (10 372) Profit on sale of property, plant and equipment - 39 921 188 40 109 Fair value adjustment of investment property - - 736 736 Other income - 535 6 896 7 431 Profit before tax, equity income and minority interest 73 185 45 590 22 780 141 555 Equity income from associate 40 944 - - 40 944 Minority interest 341 (14 377) (5 053) (19 089) Taxation - (14 158) (28 998) (43 156) Profit/(loss) for the year 114 470 17 055 (11 271) 120 254 Assets 124 632 86 256 1 209 989 1 420 877 External liabilities and minority interest 12 433 67 417 118400 198 250 Financial review The net profit of R120 million for the year ended 31 December 2004, which is a decrease of 32% from the net profit of R177 million for the previous year, was mainly as a consequence of the lesser income from Randgold Resources Limited ("Randgold Resources"), both in terms of the attributable earnings and sale of shares in Randgold Resources. Randgold Resources attributable production declined to 204 194 ounces of gold in 2004 from 317 597 in 2003 and cash costs increased to $158/oz in 2004 from $76/oz in 2003. Randgold Resources' net profit declined on the back of the poorer production results to $20.1 million in 2004 from $47.5 million in 2003. Randgold's attributable earnings from Randgold Resources declined in line with the fall in earnings of Randgold Resources, and also because of the decline in shareholding from 37% to 31%. Randgold disposed of 3.2 million Randgold Resources shares during the year at a net profit of R134 million. Randgold's interest in Randgold Resources now stands at 31%. As a consequence of the further appreciation of the Rand during 2004, the investment in Randgold Resources was affected by an unrealised foreign exchange loss on conversion of R57 million. On the back of the increased funding provided to the Angolan joint venture partners, the interest earnings of Randgold have increased to R30 million relative to 2003's R9 million. Following the acquisition of Free State Development and Investment Corporation Limited ("FSD") last year, FSD finalised the mineral swap with Anglogold Ashanti and realised a profit of R39 million on the transaction. FSD is subject to tax on the transaction, but the retention of the rights is still subject to Ministerial approval under the new Minerals and Energy Bill. JCI's retention of its interest in FSD, accounts for the increased minority interest following the Anglogold Ashanti mineral right swap. Randgold disposed of some surplus equipment acquired in Angola and is due to receive the proceeds in the third quarter of 2005, representing the bulk of the outstanding accounts receivable. In line with Randgold's strategy of investing in Angolan diamond projects, the acquisitions and loans are mirrored in the additions to fixed assets. During 2004, Randgold entered into various transactions with Aflease Gold and Uranium Resources Limited ("Aflease"), and on the 31 December 2004 held some 78 million shares in Aflease worth R139 million. During the year, the Company lent 9.9 million shares in Randgold Resources to Bookmark Holdings, an Empowerment Entity. This transaction was structured to finance the purchase by Inkwenkwezi Gold (Pty) Limited ("Inkwenkwezi") of 19 million shares in Western Areas Limited ("Western Areas") from Anglo American Plc ("Anglo"). Inkwenkwezi is currently in the process of finalising this transaction with Anglo and exercising its option against Randgold for 5.3 million Western Areas shares. Bookmark Holdings is due to return the shares by June 2006. In addition to this loan, Randgold had provided funding for the Angolan initiatives of R150 million and JCI's loan to FSD is still owing, accounting for the R268 million of other assets. The issuance of 9.4 million Randgold shares to Aflease and 2.1 million shares to Pan Palladium account for the increase in share capital and premium of R314 million during 2004. The market value of the Western Areas shares at 31 December 2004 was some R233 million less than the acquisition price. The directors are of the view that this diminution in value is not permanent, and have accounted for this against the equity reserves, in accordance with fair value accounting standards. Notes to financial statements The preliminary results for the year ended 31 December 2004 have been prepared in terms of the International Financial Reporting Standards of the International Accounting Standards Board and the South African Statements of Generally Accepted Accounting Practice, including accounting standard AC127, "Interim Financial Reporting", and in accordance with the Group's accounting policies which are consistent with those used in the audited financial statements for the year ended 31 December 2003. The preliminary results have been reviewed by our auditors, Charles Orbach & Company, and a copy of their unmodified review report on the financial statements contained in this preliminary report is available for inspection at the Company's registered office. 1. Investment in Associate: a. The Group's shareholding in Randgold Resources decreased from 36.86% to 30.92% due to shares being sold. Carrying amount R000 Carrying amount at beginning of the year 432 339 Net loss on share capital movements in associate (516) Decrease in Group's holding due to shares sold (66 464) Movement on cash flow hedges (15 571) Unrealised exchange losses on conversion (56 237) Equity accounted earnings of associate 40 944 Carrying amount at end of the year 334 495 b. Reconciliation of the Group's shareholding in Randgold Resources: Shareholding at beginning of the year Note i 21 570 000 36.9% Disposed of during the year Note ii (3 212 000) (6.0%) Shareholding at end of the year 18 358 000 30.9% Lent to an Empowerment Entity Note iii 9 890 500 16.7% Held in escrow to secure Angolan diamond concession option Note iv 2 000 000 3.3% Held directly and indirectly at end of the year Note v 6 467 500 10.9% Shareholding at end of the year 18 358 000 30.9% Notes: i During 2004 Randgold Resources did a two-for-one share split. The shareholding at 31 December 2003 was 10 785 000 and after the split equates to 21 570 000. ii Shares sold during 2004, reducing the shareholding from 36.9% to 30.9%. iii Lent to an Empowerment Entity, primarily for the purchase of the Anglo shareholding in Western Areas (19 million shares) by Inkwenkwezi. Inkwenkwezi is currently finalising this transaction with Anglo and exercising its option against Randgold for 5.3 million Western Areas shares. iv Shares held in escrow by a vendor of a potential Angolan diamond concession as security for first right of refusal. Following completion of a due diligence, Randgold has elected not to pursue the opportunity and the shares are required to be returned. v Shares held by Randgold directly and indirectly at year-end. In terms of the shares lent out under the script lending arrangements, Randgold retains the beneficial interest in the shares, and is entitled to the return of the shares in due course, at which time the shares will be registered in Randgold's name. 2. Profit on a mineral right swap concluded by FSD with Anglogold Ashanti. 3. The increase in property, mineral rights and prospecting rights is attributable to the increased investment in alluvial diamond mining interests in Angola. During the year Randgold acquired an effective 45.5% interest in the Cassanguidi alluvial diamond mining venture in the Lunda Norte, Angola. The Cassanguidi concession has a history of successful mining and the mining operation commenced in December 2004. Randgold further acquired interests in the Luxinge mining concession and Dando Cuanza prospecting concession in Angola. These concessions were selected on the basis of preliminary geological evaluations and are currently under development and are expected to start producing in 2005. In particular, the Dando Cuanza concession has several known kimberlite pipes and ongoing geological work is being undertaken to evaluate their potential. 4. The Group acquired an additional 5.8 million Western Areas shares and a net amount of 47.5 million Aflease shares during the year. 5. Other long-term assets comprise funding advanced to the Angolan joint venture partners, Inkwenkwezi and JCI Limited. 6. During the period under review, the Company made application to the JSE Securities Exchange South Africa for the following listings of ordinary shares: o 9 September 2004 - listing of 9.4 million ordinary shares of 1 cent each in terms of a Share Swap Agreement between Randgold, JCI Limited and Aflease, in terms of which Aflease issued Randgold 94 million Aflease ordinary shares of 2 cents each. o 26 October 2004 - listing of 2 159 343 ordinary shares of 1 cent each in terms of a Share Subscription Agreement between Pan Palladium and Randgold, in terms of which Pan Palladium issued 13 100 000 shares to Randgold. Randgold's authorised and issued share capital is currently as follows: Authorised: 75 000 000 shares of 1 cent each Issued: 74 813 128 shares of 1 cent each 7. The decrease in other reserves is primarily attributable to mark-to- in market adjustments made to the investments in Western Areas and Aflease accordance with AC133. R B Kebble Chief Executive Officer H C Buitendag Financial Director Johannesburg 29 April 2005 Disclaimer: Certain statements in this announcement, as well as oral statements that may be made by Randgold's officers, directors or employees acting on its behalf related to such information, contain "forward-looking statements" regarding Randgold's operations, economic performance and financial condition within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, specifically Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All statements, other than statements of historical facts, are "forward-looking statements." This includes those concerning the economic outlook for the mining industry, expectations regarding commodity prices, the completion and commencement of commercial operations of certain of the Company's exploration and production investments, its liquidity, and capital resources and expenditure. Although the Company is of the opinion that the expectations reflected in such forward- looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Actual results could differ materially from those implied by or set out in the forward-looking statements. Among other factors, this could be as a result in changes in economic and market conditions, the success of business and operating initiatives, including development of mining operations, changes in regulatory environment and other government actions, fluctuations in commodity prices and exchange rates, business and operational risk management and the risks identified in Item 3 of the Company's most recent annual report on Form 20-F filed with the U.S. Securities Exchange Commission and its other filings and submissions with the SEC. All forward-looking statements attributable to the Company, or persons acting on its behalf, are qualified in their entirety by these cautionary statements. Registered office: 28 Harrison Street, Johannesburg, 2001, P.O. Box 11165,Johannesburg, 2000 Republic of South Africa, Telephone: +27(11) 688-5000 Fax:+27(11) 834-5086, e-mail: tbeale@jci.co.za South African Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street, Johannesburg, 2001, P.O Box 61051, Marshalltown,2107, Republic of South Africa Telephone: +27(11) 370-5000 Fax: +27(11) 688-7721/2 United States Depository: American Depository Receipts, The Bank of New York, Shareholder Relations Department, 101 Barclay Street, New York, NY 10286 Telephone: +91 212 815-3326 Fax: +91 212 571-3050 Investor relations: For further information contact David Barritt on Telephone: + 27(21) 761-0549, Fax : +27(21) 797-0467, e-mail:david@barritt.co.za Website: www.randgold.co.za