
	SA Rand
Figures in million	2025	2024	2023
Commodities
Gold (a)	75 240	59 212	47 366
Silver (b)	1 810	1 667	1 021
Uranium (c)	822	866	304
	77 872	61 745	48 691
Toll treatment services (d)	532	576	430
Revenue from contracts with customers	78 404	62 321	49 121
Consideration from streaming contract (e)	86	323	338
Hedging loss (f)	(4 594)	(1 265)	(184)
Total revenue1	73 896	61 379	49 275

1A geographical analysis of revenue origin is provided in the segment report. Refer to note 39 for further information.


Gold: South Africa (excluding streaming contract)			Gold is delivered and a certificate of sale is issued.
Gold and silver: Hidden Valley			Metal is collected from Hidden Valley and a confirmation of collection is sent to and accepted by the customer.
Uranium			Confirmation of transfer is issued.
Toll treatment services			As the gold-bearing material is treated and processed over time.
Streaming contract			Gold is delivered and credited into the Franco-Nevada designated gold account.

(a)The increase in gold revenue during the 2025 financial year is due to the average dollar gold price increasing by 31.1%,

from US$1 999/oz in the 2024 year to US$2 620/oz in 2025. This was offset by a 4.2% decrease in gold sold from

48 222kg to 46 193kg, coupled with the strengthening of the Rand/US$ exchange rate from an average of R18.70/US$ to

The increase in gold revenue during the 2024 financial year is due to the average dollar gold price increasing by 10.6%,

from US$1 808/oz in the 2023 year to US$1 999/oz in 2024. Further to this there was a 5.5% increase in gold sold from

45 690kg to 48 222kg. In addition, the Rand/US$ exchange rate weakened from an average of R17.76/US$ to R18.70/

(b)Substantially all of the group's silver is derived from the Hidden Valley mine in Papua New Guinea. The increase in silver

revenue in the 2025 financial year is mainly due to the average dollar silver price increased by 26.2% from US$24.72/oz in

the 2024 year to US$31.20/oz. This was offset by silver production decreasing 14.6% from 114 240kg in the 2024 year to

The increase in silver revenue in the 2024 financial year is mainly due to an increase in production of 39.2% to 114 240kg

from 82 093kg in 2023. In addition, the average dollar silver price increased by 12.9% from US$21.89/oz in 2023 to

(c)Uranium is derived from the Moab Khotsong operation. The decrease is mainly due to uranium produced from 267 667kg

The increase in 2024 is due to uranium produced increasing by 12.7% to 267 667kg from 237 438kg in 2023, together

with an increase in the average uranium price of 59.2% to R3 121/kg in 2024 from R1 960/kg in 2023.

(d)The fees for services rendered for the treatment of third-party gold-bearing material at the Doornkop of R203 million

(e)The streaming arrangement results in the non-cash consideration recognised as part of revenue for the streaming

(f)The realised effective portion of the hedge-accounted gold derivatives was impacted by the average gold market spot

price of R1 644 902/kg (2024: R1 249 344/kg) (2023: R1 045 527/kg) during the 2025 financial year compared to the

average forward price of matured contracts of R1 306 033/kg (2024: R1 134 735/kg) (2023: R1 028 764/kg). Refer to note