Wrap Text
Operational update for the three months ended 30 September 2023 ("Q1FY24”)
Harmony Gold Mining Company Limited
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
JSE share code: HAR
NYSE share code: HMY
ISIN: ZAE000015228
("Harmony" or "the Company")
OPERATIONAL UPDATE
for the three months ended 30 September 2023
("Q1FY24")
KEY HIGHLIGHTS
(Q1FY24 vs Q1FY23*)
- Group LTIFR# at 4.84 with safety performance trending in
the right direction
- 18% increase in underground recovered grades to
6.29g/t from 5.35g/t
- 17% increase in total gold production to 13 223kg
(425 130oz) from 11 301kg (363 336oz)
- 7% improvement in group all-in sustaining costs (AISC)
to R841 436/kg (US$1 404/oz) from R907 573/kg
(US$1 657/oz)
- 33% increase in gold revenue to R14 781 million
(US$793 million) from R11 137 million (US$654 million)
- 18% increase in average gold price received to
R1 127 208/kg (US$1 881/oz) from R955 010/kg
(US$1 743/oz)
- 278% increase in group operating free cash flow to
R3 236 million (US$174 million) from R857 million
(US$50 million) driven by higher recovered grades at
Mponeng, Moab Khotsong and Hidden Valley
- High-grade underground operations contributed 53%
towards group operating free cash flow
- Hidden Valley mine contributed 22% towards group
operating free cash flow
- Net debt to EBITDA at zero from 0.2 times at the end of
the previous financial year
- We remain on track to meet our FY24 production, cost
and grade guidance
* Q1FY23 - three-month period ended 30 September 2022
# LTIFR - lost-time injury frequency rate
Please note that financial information has not been reviewed or audited by the
Company's external auditors
HARMONY DELIVERS STELLAR FIRST QUARTER.
HIGHER FREE CASH FLOWS, HIGHER RECOVERED
GRADES, HIGHER PRODUCTION, HIGHER GOLD
PRICE RECEIVED … WITH LOWER COSTS
Johannesburg, South Africa. Monday, 13 November 2023.
Harmony Gold Mining Company Limited (Harmony or the Company) is
pleased to report our operational update for the three months ended
30 September 2023 (Q1FY24).
The first quarter saw a continuation of the strong operating performance
across all our operations, resulting in higher gold production and
outstanding operating free cash flows. This was mainly due to higher
average underground recovered grades from our South African
underground operations alongside a very strong quarter from the Hidden
Valley mine in Papua New Guinea.
Average recovered grades at the South African underground operations
increased by 18% to 6.29g/t for the Q1FY24 reporting period from 5.35g/t
in Q1FY23. The higher underground recovered grades were underpinned
by our high-grade Mponeng and Moab Khotsong operations. Recovered
grades at the Hidden Valley mine have remained high since we intercepted
the high-grade 'Big Red' part of the ore body in the fourth quarter of
the previous financial year (Q4FY23). Recovered grades at Hidden Valley
therefore increased by 74% year-on-year to 1.76g/t from 1.01g/t
in Q1FY23.
Group gold production in Q1FY24 increased by 17% to 13 223kg
(425 130oz) from 11 301kg (363 336oz) in Q1FY23 with almost all our
operations delivering higher production year-on-year. We are confident this
good momentum will continue on the back of improved flexibility.
Silver production from Hidden Valley increased by 55% to 30 914kg
(993 914oz) from 19 955kg (641 579oz) in Q1FY23. The average silver
price received also increased by 35% to R14 157/kg (US$23.59/oz)
from R10 514/kg (US$19.21/oz) in Q1FY23. As a result, we generated
R433 million (US$23 million) in silver revenue at Hidden Valley.
Uranium is a by-product from the gold extraction process at Moab
Khotsong. This quarter, uranium production increased by 50% to 70 044kg
(154 420lb) from 46 710kg (102 978lb) in Q1FY23. Uranium sold
increased 116% to 92 987kg (205 000lb) from 43 091kg (95 000lb).
Year-on-year, the average uranium price received increased by 24%
to US$58.21/lb from US$47.01/lb, resulting in uranium revenue of
R223 million (US$12 million) for the quarter.
The rand gold price remained favourable, increasing by 18% to
R1 127 208/kg (US$1 881/oz) from R955 010/kg (US$1 743/oz)
year-on-year. The strong rand/kg gold price continues to provide Harmony
with a significant tailwind.
Gold revenue increased by 33% to R14 781 million (US$793 million) this
quarter from R11 137 million (US$654 million) in Q1FY23.
We continue to manage costs carefully and are pleased that all our cost
metrics per unit are lower year-on-year - in both rand and US dollar terms
- as a result of the higher recovered grades, low-cost surface retreatment
production and higher by-product credits from silver and uranium.
- Cash operating costs in Q1FY24 decreased by 6% to R711 999/kg
(US$1 188/oz) from R756 166/kg (US$1 380/oz) in Q1FY23
- All-in sustaining costs (AISC) decreased by 7% to R841 436/kg
(US$1 404/oz) from R907 573/kg (US$1 657/oz) in Q1FY23
- All-in costs (AIC) decreased by 5% to R900 505/kg (US$1 503/oz) from
R946 228/kg (US$1 727/oz)
Group operating free cash flows increased by 278% in Q1FY24 to
R3 236 million (US$174 million) from R857 million (US$50 million) in
Q1FY23. Group operating free cash flow margins increased to 22% in this
reporting period from 8% in Q1FY23.
The Company's balance sheet has continued to strengthen this quarter
as we reduced our net debt to R117 million (US$6 million) from
R2 726 million (US$145 million) at the end of the 2023 financial year. Net
debt to EBITDA ratio is 0.0 times from 0.2 times in the previous quarter.
We have an extensive project pipeline to help us achieve our goal to
improve the quality of our ounces and expand our margins as we transform
into a global gold-copper producer. We are on track with the key projects
in execution. These include the tailings storage facility expansion at
Mine Waste Solutions and the Zaaiplaats project which is the life of mine
extension at Moab Khotsong.
Newmont Corporation has joined Harmony as partner in the Wafi-Golpu
Joint Venture effective 7 November 2023, following the conclusion of the
Newcrest Mining Limited acquisition. We look forward to working with
them as we continue with the permitting of Wafi-Golpu after the signing
of the non-binding framework Memorandum of Understanding (MoU)
on 6 April 2023.
Sustainability is embedded throughout Harmony, As such, we are
incorporating a risk-based approach to informing and updating the
feasibility study for the Eva Copper Mine Project in Australia. A key
project consideration is to include the supply of renewable power in the
project plan, which amongst other proposed changes, will require an
environmental permit amendment. Harmony continues to receive good
support from the state and local level stakeholders as we progress the
Eva Copper Mine Project for the benefit of all our stakeholders. We will
continue providing updates on the progress of the study and the permitting
process.
In the interim, we are continuing with enhancing the resource and project
footprint database required to inform the feasibility study outcomes
through on-site drilling, laboratory test-work and modelling activities,
with over 41 000 metres drilled in the period since acquiring the project.
This will inform resource definition, geotechnical, metallurgical and
geohydrological data sets in addition to study optimisation work streams.
The sequencing of our capital expenditure is expected to remain largely
unchanged, with comfortable levels of capital intensity alongside our
robust balance sheet.
As we head towards the end of the calendar year, it is imperative we
remain focused on safety, effective cost management and delivering
operational excellence across all our operations. Our people remain our
number one asset. The remarkable improvement in our group safety
performance is evidence that a proactive safety culture and operational
excellence work hand-in-hand. This is a true example of mining
with purpose as we continue creating value for all our shareholders
and stakeholders.
HEALTH AND SAFETY
Harmony's safety performance continues to improve. The group LTIFR for
this quarter improved to 4.84 from 5.68 in Q1FY23, the lowest in ten
years. This is a remarkable achievement and reflects the immense effort by
each employee to embed a culture of safety and to live the Harmony values
at work and at home.
Despite these efforts, more still needs to be done to achieve our goal of
zero-loss of life. We are deeply saddened that three of our colleagues lost
their lives in two separate fall-of-ground events. The first event occurred
at Kusasalethu on 5 September 2023 (Q1FY24), while the second event
occurred at Tshepong North on 6 October 2023 (Q2FY24).
We express our sincerest condolences to the families of:
- Amahle Nodangala, rock drill operator, Kusasalethu
- Luvuyo Sangeni, development team member, Kusasalethu
- Mlandelwa Zide, scrapper winch operator, Tshepong North
One life lost is one too many. Harmony takes the learnings from every
incident as we continue our relentless pursuit of achieving zero loss of life.
COMPARATIVE OPERATIONAL METRICS FOR Q1FY24 VS Q4FY23 AND Q1FY23
Q-on-q Y-on-y
Unit Q1FY24 Q4FY23 (%) Q1FY23 (%)
Average gold price received R/kg 1 127 208 1 143 114 (1) 955 010 18
$/oz 1 881 1 904 (1) 1 743 8
Underground yield g/t 6.29 6.09 3 5.35 18
Gold produced total kg 13 223 12 302 7 11 301 17
oz 425 130 395 520 7 363 336 17
SA optimised underground(1) kg 5 448 4 802 13 5 345 2
oz 175 158 154 389 13 171 845 2
SA high grade underground(2) kg 4 234 4 105 3 3 122 36
oz 136 126 131 979 3 100 374 36
SA surface(3) kg 2 185 1 959 12 1 822 20
oz 70 250 62 984 12 58 580 20
International (Hidden Valley) kg 1 356 1 436 (6) 1 012 34
oz 43 596 46 168 (6) 32 537 34
Total cash costs R/kg 711 999 717 982 1 756 166 6
$/oz 1 188 1 196 1 1 380 14
Group AISC R/kg 841 436 878 138 4 907 573 7
US$/oz 1 404 1 462 4 1 657 15
Group AIC R/kg 900 505 937 480 4 946 228 5
US$/oz 1 503 1 561 4 1 727 13
Average exchange rate R/US$ 18.64 18.68 — 17.04 9
(1) Tshepong South, Tshepong North, Target 1, Joel, Masimong, Doornkop and Kusasalethu
(2) Mponeng and Moab Khotsong
(3) Mine Waste Solutions, Phoenix, Central Plant, Savuka Tailings, Dumps and Kalgold
HEDGING
During the quarter, the rand gold hedge book was maintained at 20%. The average forward rand gold price on the
hedge book is at R1 215 000/kg on a net position of 542 000oz at the end of the first quarter. Harmony will only
hedge when it is certain that it can achieve a minimum margin of 25% above AISC and inflation.
ANNUAL PRODUCTION, COST AND GRADE GUIDANCE
While we are only one quarter into FY24, we are confident of achieving our annual guidance of:
- 1 380 000 to 1 480 000oz in total production
- overall AISC guidance of below R975 000/kg
- underground grade guidance at 5.60 to 5.75g/t
HEDGE POSITION AS AT 30 SEPTEMBER 2023
FY2024 FY2025 FY2026
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Total
Rand gold
Forward contracts koz 78 78 78 76 72 72 66 22 542
R'000/kg 1 099 1 134 1 165 1 189 1 230 1 316 1 365 1 364 1 215
Dollar gold
Forward contracts koz 9 9 9 9 6 3 1 — 46
$/oz 1 941 2 052 2 106 2 127 2 150 2 171 2 187 — 2 079
Total gold koz 87 87 87 85 78 75 67 22 588
Currency hedges
Rand dollar
Zero cost collars $m 78 78 78 78 76 66 30 — 484
Floor R/$ 17.64 17.81 18.04 18.25 18.72 19.33 19.98 — 18.38
Cap R/$ 19.58 19.76 20.03 20.25 20.73 21.35 22.01 — 20.36
Forward contracts $m 36 36 36 36 33 24 13 — 214
R/$ 18.65 18.83 19.06 19.39 19.67 20.19 20.50 — 19.17
Total dollar $m 114 114 114 114 109 90 43 — 698
Dollar silver
Zero cost collars koz 240 240 240 210 210 120 40 — 1 300
Floor $/oz 24.35 24.53 24.54 24.66 24.92 25.59 25.86 — 24.72
Cap $/oz 27.12 27.31 27.42 27.66 27.92 28.59 28.86 — 27.61
OPERATING RESULTS - QUARTER ON QUARTER (RAND/METRIC)
SOUTH AFRICA
UNDERGROUND PRODUCTION
Three TOTAL
months Moab Tshepong Tshepong UNDER-
ended Khotsong Mponeng North South Doornkop Joel Target 1 Kusasalethu Masimong GROUND
Ore milled t'000 Sep-23 234 242 206 130 221 118 124 143 122 1 540
Jun-23 235 240 197 120 233 112 99 114 113 1 463
Yield g/tonne Sep-23 8.06 9.70 4.73 7.51 4.45 4.42 3.95 6.96 4.16 6.29
Jun-23 8.38 8.90 4.31 7.22 4.21 4.30 3.40 7.44 3.88 6.09
Gold produced kg Sep-23 1 887 2 347 974 976 984 521 490 995 508 9 682
Jun-23 1 970 2 135 850 866 981 482 337 848 438 8 907
Gold sold kg Sep-23 1 964 2 324 941 944 962 503 484 985 491 9 598
Jun-23 1 923 2 155 858 874 970 486 333 856 442 8 897
Gold price received R/kg Sep-23 1 140 814 1 137 959 1 138 429 1 138 051 1 140 873 1 138 684 1 139 329 1 135 160 1 138 251 1 138 725
Jun-23 1 154 526 1 154 348 1 156 627 1 158 025 1 158 457 1 157 537 1 151 784 1 153 944 1 156 018 1 155 538
Gold revenue(1) R'000 Sep-23 2 240 559 2 644 617 1 071 262 1 074 320 1 097 520 572 758 551 435 1 118 133 558 881 10 929 485
Jun-23 2 220 154 2 487 621 992 386 1 012 114 1 123 703 562 563 383 544 987 776 510 960 10 280 821
Cash operating cost R'000 Sep-23 1 184 336 1 517 720 769 584 682 210 789 095 453 130 604 179 944 227 472 711 7 417 192
(net of by-product credits) Jun-23 1 296 301 1 440 725 691 365 606 557 797 367 438 650 533 910 837 010 450 311 7 092 196
Inventory movement R'000 Sep-23 63 842 (10 553) (26 898) (26 629) (11 864) (13 733) (11 066) (7 730) (14 154) (58 785)
Jun-23 (85 821) 5 911 4 483 6 175 (4 380) 2 996 (2 722) 5 993 4 314 (63 051)
Operating costs R'000 Sep-23 1 248 178 1 507 167 742 686 655 581 777 231 439 397 593 113 936 497 458 557 7 358 407
Jun-23 1 210 480 1 446 636 695 848 612 732 792 987 441 646 531 188 843 003 454 625 7 029 145
Production profit R'000 Sep-23 992 381 1 137 450 328 576 418 739 320 289 133 361 (41 678) 181 636 100 324 3 571 078
Jun-23 1 009 674 1 040 985 296 538 399 382 330 716 120 917 (147 644) 144 773 56 335 3 251 676
Capital expenditure R'000 Sep-23 297 898 183 816 116 260 122 459 180 939 56 865 111 684 49 267 4 630 1 123 818
Jun-23 327 249 181 864 155 700 146 924 203 515 64 760 136 003 73 798 13 228 1 303 041
Cash operating costs R/kg Sep-23 627 629 646 664 790 127 698 986 801 926 869 731 1 233 018 948 972 930 533 766 081
Jun-23 658 021 674 813 813 371 700 412 812 810 910 062 1 584 303 987 040 1 028 107 796 250
Cash operating costs R/tonne Sep-23 5 061 6 272 3 736 5 248 3 571 3 840 4 872 6 603 3 875 4 816
Jun-23 5 516 6 003 3 509 5 055 3 422 3 917 5 393 7 342 3 985 4 848
Cash operating cost R/kg Sep-23 785 498 724 983 909 491 824 456 985 807 978 877 1 460 945 998 486 939 648 882 153
and Capital Jun-23 824 137 759 995 996 547 870 070 1 020 267 1 044 419 1 987 872 1 074 066 1 058 308 942 544
All-in sustaining cost R/kg Sep-23 730 422 758 337 942 276 835 731 971 798 1 020 734 1 486 712 1 039 994 1 015 902 892 228
Jun-23 749 609 779 676 1 014 862 871 699 979 683 1 067 174 1 908 404 1 132 651 1 047 175 931 905
Operating free cash flow % Sep-23 34% 36% 17% 25% 12% 11% (30)% 11% 15% 22%
margin(2) Jun-23 27% 35% 15% 26% 11% 11% (75)% 8% 9% 18%
OPERATING RESULTS - QUARTER ON QUARTER (RAND/METRIC) continued
SOUTH AFRICA
SURFACE PRODUCTION
Three Mine Central TOTAL
months Waste Plant Savuka TOTAL SOUTH Hidden TOTAL
ended Solutions Phoenix Reclamation Tailings Dumps Kalgold SURFACE AFRICA Valley HARMONY
Ore milled t'000 Sep-23 5 874 1 494 998 1 012 940 405 10 723 12 263 772 13 035
Jun-23 5 583 1 538 980 968 931 359 10 359 11 822 910 12 732
Yield g/tonne Sep-23 0.148 0.147 0.156 0.150 0.420 0.96 0.20 0.97 1.76 1.01
Jun-23 0.129 0.151 0.153 0.149 0.455 0.81 0.19 0.92 1.58 0.97
Gold produced kg Sep-23 872 220 156 152 395 390 2 185 11 867 1 356 13 223
Jun-23 718 232 150 144 424 291 1 959 10 866 1 436 12 302
Gold sold kg Sep-23 800 208 153 155 350 381 2 047 11 645 1 396 13 041
Jun-23 695 238 150 140 455 284 1 962 10 859 1 305 12 164
Gold price received R/kg Sep-23 917 805 1 159 692 1 135 745 1 140 226 1 131 894 1 139 255 1 053 338 1 123 716 1 156 340 1 127 208
Jun-23 935 055 1 186 210 1 158 993 1 151 250 1 154 758 1 154 817 1 080 830 1 142 040 1 152 056 1 143 114
Gold revenue(1) R'000 Sep-23 815 096 241 216 173 769 176 735 396 163 434 056 2 237 035 13 166 520 1 614 251 14 780 771
Jun-23 725 497 282 318 173 849 161 175 525 415 327 968 2 196 222 12 477 043 1 503 433 13 980 476
Cash operating cost R'000 Sep-23 554 241 136 805 97 302 98 019 331 009 279 986 1 497 362 8 914 554 500 209 9 414 763
(net of by-product credits) Jun-23 465 675 126 785 85 863 85 156 321 557 245 017 1 330 053 8 422 249 410 368 8 832 617
Inventory movement R'000 Sep-23 (38 602) (8 372) (3 029) 1 508 (12 349) (4 101) (64 945) (123 730) 1 703 (122 027)
Jun-23 (6 903) 3 664 311 (3 149) 32 120 (7 974) 18 069 (44 982) (77 188) (122 170)
Operating costs R'000 Sep-23 515 639 128 433 94 273 99 527 318 660 275 885 1 432 417 8 790 824 501 912 9 292 736
Jun-23 458 772 130 449 86 174 82 007 353 677 237 043 1 348 122 8 377 267 333 180 8 710 447
Production profit R'000 Sep-23 299 457 112 783 79 496 77 208 77 503 158 171 804 618 4 375 696 1 112 339 5 488 035
Jun-23 266 725 151 869 87 675 79 168 171 738 90 925 848 100 4 099 776 1 170 253 5 270 029
Capital expenditure R'000 Sep-23 436 677 2 889 16 519 3 324 2 658 66 300 528 367 1 652 185 214 389 1 866 574
Jun-23 364 846 5 816 14 696 7 654 9 324 54 349 456 685 1 759 726 428 043 2 187 769
Cash operating costs R/kg Sep-23 635 597 621 841 623 731 644 862 837 997 717 913 685 292 751 205 368 886 711 999
Jun-23 648 572 546 487 572 420 591 361 758 389 841 983 678 945 775 101 285 772 717 982
Cash operating costs R/tonne Sep-23 94 92 97 97 352 691 140 727 648 722
Jun-23 83 82 88 88 345 682 128 712 451 694
Cash operating cost R/kg Sep-23 1 136 374 634 973 729 622 666 730 844 727 887 913 927 107 890 431 526 990 853 160
and Capital Jun-23 1 156 714 571 556 670 393 644 514 780 380 1 028 749 912 066 937 049 583 852 895 821
All-in sustaining cost R/kg Sep-23 715 684 640 726 729 217 663 555 918 051 929 546 779 538 872 295 584 011 841 436
Jun-23 765 289 580 732 681 491 640 436 797 804 1 059 093 777 655 903 121 670 281 878 138
Operating free cash flow % Sep-23 (35)% 42% 34% 43% 16% 21% 6% 19% 44% 22%
margin(2) Jun-23 (28)% 53% 42% 42% 37% 4% 15% 18% 39% 20%
(1) Includes a non-cash consideration to Franco-Nevada (Sep-23:R80.852m, Jun-23:R75.634m) under Mine Waste Solutions, excluded from the gold price calculation.
(2) Excludes run of mine costs for Kalgold (Sep-23 : R1.398m, Jun-23 : -R14.217m) and Hidden Valley (Sep-23 : -R183.935m, Jun-23 : -R76.367m).
DIRECTORATE AND ADMINISTRATION
HARMONY GOLD MINING COMPANY LIMITED
Harmony Gold Mining Company Limited was
incorporated and registered as a public company in
South Africa on 25 August 1950
Registration number: 1950/038232/06
CORPORATE OFFICE
Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road and Ward Avenue
Randfontein, 1759, South Africa
Telephone: +27 11 411 2000
Website: http://www.harmony.co.za
DIRECTORS
Dr PT Motsepe* (chairman), KT Nondumo*^ (deputy
chairman), Dr M Msimang*^ (lead independent
director), PW Steenkamp (chief executive officer),
BP Lekubo (financial director), Dr HE Mashego
(executive director)
B Nqwababa*^, VP Pillay*^, MJ Prinsloo*^,
GR Sibiya*^, PL Turner*^, JL Wetton*^
* Non-executive
^ Independent
COMPANY SECRETARY
SS Mohatla
E-mail queries: companysecretariat@harmony.co.za
Telephone: +27 11 411 2359
INVESTOR RELATIONS
E-mail: HarmonyIR@harmony.co.za
Telephone: +27 11 411 6073 or +27 82 746 4120
TRANSFER SECRETARIES
JSE Investor Services (Proprietary) Limited
(Registration number 2000/007239/07)
19 Ameshoff Street, 13th Floor, Hollard House,
Braamfontein
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: +27 86 154 6572
E-mail: info@jseinvestorservices.co.za
Fax: +27 86 674 4381
AMERICAN DEPOSITARY RECEIPTS
Deutsche Bank Trust Company Americas
c/o American Stock Transfer and
Trust Company
Operations Centre, 6201 15th Avenue, Brooklyn,
NY 11219, United States
E-mail queries: db@astfinancial.com
Toll free (within the US): +1 886 249 2593
Int: +1 718 921 8137
Fax: +1 718 921 8334
SPONSOR
JP Morgan Equities South Africa Proprietary Limited
1 Fricker Road, corner Hurlingham Road, Illovo,
Johannesburg, 2196
Private Bag X9936, Sandton, 2146
Telephone: +27 11 507 0300
Fax: +27 11 507 0503
TRADING SYMBOLS
ISIN: ZAE000015228
HARMONY'S ANNUAL REPORTS
Harmony's Integrated Annual Report, and its annual report filed on a Form 20F with the United States' Securities
and Exchange Commission for the financial year ended 30 June 2023, are available on our website
(http://www.harmony.co.za/invest).
FORWARD-LOOKING STATEMENTS
This booklet contains forward-looking statements within the meaning of the safe harbour provided by Section 21E of the
Exchange Act and Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), with respect to our financial
condition, results of operations, business strategies, operating efficiencies, competitive positions, growth opportunities for
existing services, plans and objectives of management, markets for stock and other matters. These forward-looking
statements, including, among others, those relating to our future business prospects, revenues, and the potential benefit of
acquisitions (including statements regarding growth and cost savings) wherever they may occur in this booklet, are necessarily
estimates reflecting the best judgement of our senior management and involve a number of risks and uncertainties that
could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence,
these forward-looking statements should be considered in light of various important factors, including those set forth
in our integrated annual report. Important factors that could cause actual results to differ materially from estimates or
projections contained in the forward-looking statements include, without limitation: overall economic and business conditions
in South Africa, Papua New Guinea, Australia and elsewhere; the impact from, and measures taken to address Covid-19 and
other contagious diseases, such as HIV and tuberculosis; high and rising inflation, supply chain issues, volatile commodity costs
and other inflationary pressures exacerbated by the Russian invasion of Ukraine and subsequent sanctions; estimates of future
earnings, and the sensitivity of earnings to gold and other metals prices; estimates of future gold and other metals production
and sales; estimates of future cash costs; estimates of future cash flows, and the sensitivity of cash flows to gold and other
metals prices; estimates of provision for silicosis settlement; increasing regulation of environmental and sustainability matters
such as greenhouse gas emission and climate change, and the impact of climate change on our operations; estimates of future
tax liabilities under the Carbon Tax Act (South Africa); statements regarding future debt repayments; estimates of future capital
expenditures; the success of our business strategy, exploration and development activities and other initiatives; future financial
position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings and financing plans;
estimates of reserves statements regarding future exploration results and the replacement of reserves; the ability to achieve
anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operations;
fluctuations in the market price of gold and other metals; the occurrence of hazards associated with underground and surface
gold mining; the occurrence of labour disruptions related to industrial action or health and safety incidents; power cost
increases as well as power stoppages, fluctuations and usage constraints; ageing infrastructure, unplanned breakdowns and
stoppages that may delay production, increase costs and industrial accidents; supply chain shortages and increases in the prices
of production imports and the availability, terms and deployment of capital; our ability to hire and retain senior management,
sufficiently technically-skilled employees, as well as our ability to achieve sufficient representation of historically disadvantaged
persons in management positions or sufficient gender diversity in management positions or at Board level; our ability to comply
with requirements that we operate in a sustainable manner and provide benefits to affected communities; potential liabilities
related to occupational health diseases; changes in government regulation and the political environment, particularly tax and
royalties, mining rights, health, safety, environmental regulation and business ownership including any interpretation thereof;
court decisions affecting the mining industry, including, without limitation, regarding the interpretation of mining rights; our
ability to protect our information technology and communication systems and the personal data we retain; risks related to
the failure of internal controls; our ability to meet our environmental, social and corporate governance targets; the outcome
of pending or future litigation or regulatory proceedings; fluctuations in exchange rates and currency devaluations and other
macroeconomic monetary policies, as well as the impact of South African exchange control regulations; the adequacy of the
Group's insurance coverage; any further downgrade of South Africa's credit rating and socio-economic or political instability
in South Africa, Papua New Guinea, Australia and other countries in which we operate; changes in technical and economic
assumptions underlying our mineral reserves estimates; geotechnical challenges due to the ageing of certain mines and a
trend toward mining deeper pits and more complex, often deeper underground deposits; and actual or alleged breach or
breaches in governance processes, fraud, bribery or corruption at our operations that leads to censure, penalties or negative
reputational impacts.
The foregoing factors and others described under "Risk Factors" in our Integrated Annual Report (http://www.har.co.za) and our
Form 20-F should not be construed as exhaustive. We undertake no obligation to update publicly or release any revisions
to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the
occurrence of unanticipated events, except as required by law. All subsequent written or oral forward-looking statements
attributable to Harmony or any person acting on its behalf, are qualified by the cautionary statements herein.
The forward-looking financial information has not been reviewed and reported on by the company's auditors.
Date: 13-11-2023 08:00:00
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