H.C. Wainwright raised its price target on DRDGOLD Ltd. (NYSE: DRD) to $30.50 from $18.75 while maintaining a Buy rating, citing strong investor interest in its Vision 2028 Initiative and tailwinds from elevated gold prices. Shares climbed more than 3% pre-market Tuesday.
The initiative outlines plans to expand gold operations with roughly R7.8 billion ($449.7 million) in capital expenditures. Key projects include the expansion of the Ergo Processing Plant, integrating solar power and battery storage for greater efficiency, and the Knights Tailings Reclamation project to recover gold from historical deposits.
At Far West Gold Recoveries (FWGR), Vision 2028 calls for more than doubling Driefontein 2 plant’s processing capacity to 1.2 million tonnes per month. A new regional tailings storage facility is also planned to accommodate the increased throughput, which management said would extend operational life and boost output.
