Wrap Text
Operational update for the nine months ended 31 March 2025
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 nine months ended 31 March 2025 (9MFY25)
HARMONY ON TRACK TO MEET FULL YEAR GUIDANCE WITH UNDERGROUND
RECOVERED GRADE GUIDANCE INCREASED TO OVER 6G/T. MPONENG AND
HIDDEN VALLEY CONTINUE TO EXCEL WHILE STRONG GOLD PRICE RECEIVED
DRIVES NET CASH TO RECORD R10.8 BILLION.
Johannesburg, South Africa. Monday, 5 May 2025. Harmony Gold Mining Company
Limited (Harmony or the Company) is pleased to report its operational update for the nine months ended
31 March 2025 (9MFY25).
KEY FEATURES
(9MFY25 vs 9MFY24)
- Group LTIFR# at 5.76 from 5.55 with safety our priority as we strive to realise our goal of zero harm
- Challenging operational third quarter (Q3FY25) due to safety incidents and inclement weather exacerbating
what is seasonally our lowest production quarter due to January start up
- On track to meet FY25 production and cost guidance, revised grade guidance upwards to 6.00g/t on the
back of strong performances from Mponeng and Moab Khotsong
- 2% increase in underground recovered grades to 6.28g/t from 6.16g/t
- 25% increase in average rand gold price received to R1 454 291/kg (US$2 497/oz) from R1 162 048/kg
(US$1 928/oz)
- 20% increase in gold revenue to R50 915 million (US$2 811 million) from R42 397 million (US$2 262 million)
- Robust balance sheet with net cash increasing by 49% to R10 831 million (US$592 million) from
R7 283 million (US$386 million) as at 31 December 2024 (H1FY25)
- Group production down by 6% to 34 587kg (1 111 996oz) from 36 777kg (1 182 405oz) impacted by severe
rainfall across South Africa
- 7% increase in gold production from South African underground high-grade mines to 12 176kg (391 467oz)
from 11 364kg (365 360oz) despite weather impacts
- Total cash operating costs increased by 8%, in-line with plan, to R29 811 million (US$1 646 million) from
R27 497 million (US$1 467 million)
- Rand cost base remains predictable and largely unaffected by global tariffs
- 17% increase in group all-in sustaining costs (AISC) to R1 027 912/kg (US$1 765/oz) from
R877 965/kg (US$1 457/oz)
- Execution of key projects at Moab Khotsong, Mponeng and Mine Waste Solutions continue
# LTIFR – lost-time injury frequency rate per million hours worked
Unless otherwise indicated, all currency conversions for this reporting period are at the average exchange rate of R/US$18.11 (9MFY24: R/US$18.75)
Please note that financial information has not been reviewed or audited by the Company's external auditors
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
INTRODUCTION
Johannesburg, South Africa. Monday, 5 May 2025. Harmony Gold Mining Company Limited (Harmony or the
Company) is pleased to report its operational performance for the nine months ended 31 March 2025.
We remain on track to meet our full-year production, grade and cost guidance, demonstrating our resilience in
a dynamic global environment. While the gold price is near an all-time high, we remain focused on maintaining
the good mining discipline underpinning our consistent operating performance and strong free cash flows. By
maintaining a balanced and disciplined approach to capital allocation and managing those factors in our control,
we will continue rewarding our shareholders and other stakeholders with meaningful returns and long-term
value creation.
One of the main factors in our control is safety. Our vision remains to create a workplace where everyone feels
secure and empowered, knowing their well-being is our top concern. Various interventions exist throughout
the company to equip each of our employees to be a safety leader – they include training, regular awareness
campaigns, leadership development programmes and introducing a formal accountability model.
Safety is not merely a matter of intensity; it is fundamentally about consistency. The practice of doing the right thing
every day is what truly cultivates a robust safety culture. By diligently focusing on leading indicators and consistently
implementing best practices, we ensure a safer environment for all.
While some of our operations continue to achieve significant safety milestones, we have not yet reached or goal of
zero harm. We pay our respects and extend our heartfelt condolences to the families, friends and colleagues of our
two colleagues who tragically lost their lives after this reporting period:
- Mr. Joaquim Alfredo Chihobomo Cossa, a locomotive operator at Moab Khotsong and,
- Mr. Lebamang Emmanuel Setenane, a general worker at the Saaiplaas Reclamation Dam
Our LTIFR for this reporting period regressed to 5.76 per million hours worked from 5.55 per million hours worked
in the previous nine-month period ended 31 March 2024 (9MFY24).
We have a comprehensive approach to planning that prioritises safety, and we must remain agile in our ability to
adapt and improve. Our robust planning processes bolster our confidence in delivering consistently and ensure that
we will, once again, meet our full-year guidance.
The March quarter is always our lowest production quarter due to the January start-up when our employees return
to work after the December holiday period. Our operations do not produce over this period, and this is factored
into our annual plans. Group production for 9MFY25 reporting period decreased by 6% to 34 587kg (1 111 996oz)
from 36 777kg (1 182 405oz), mainly due to a number of events resulting in a slower than planned third quarter
(Q3FY25), namely:
1. The devastating safety incidents which demanded pre-emptive stoppages at Joel, Doornkop and Mponeng
2. The unprecedented rainfall in South Africa which resulted in interruptions in the electricity supply to our West
Wits operations. This was a result of lightning strikes and other rain damage to Eskom infrastructure which
impacted production at Mponeng, Doornkop and Kusasalethu
3. In the Vaal River Region, the excessive rainfall negatively impacted Mine Waste Solutions, our large surface
retreatment operation, as we were unable to access the planned higher-grade, low-lying areas due to flooding.
This resulted in lower volumes and lower recovered grades
Recovered underground grades remain well above guidance, increasing by 2% to 6.28g/t from 6.16g/t in 9MFY24.
Mponeng has been the primary driver behind these higher grades. The quality of the high-grade Mponeng and
Moab Khotsong ore bodies supports our investment in these assets, ensuring sustained high-margin production and
long-term value creation for our stakeholders.
Margins remain strong at our South African high-grade underground and surface operations, and at the Hidden
Valley mine in Papua New Guinea. This demonstrates the transformative impact of investing in quality ounces for
the Company.
Gold revenue for this reporting period increased by 20% to R50 915 million (US$2 811 million) compared to
R42 397 million (US$2 262 million) in 9MFY24. The main driver behind this was the higher average gold price
received, which increased by 25% to R1 454 291/kg (US$2 497/oz) from R1 162 048/kg (US$1 928/oz) in the
comparable reporting period.
As a result, our balance sheet remains in an exceptionally strong position with net cash increasing in the third
quarter by R3 548 million, or 49%, to R10 831 million (US$592 million) from R7 283 million (US$386 million) at
31 December 2024 (H1FY25).
We have a clear strategy to enhance our global competitiveness and establish Harmony as an international gold
and copper producer. The Eva Copper Project (the Project) in Queensland, Australia, is progressing well with
the feasibility study update nearing completion and preparatory works at the Project site underway. Most of the
technical work has been completed. The Queensland Government's planned CopperString grid-power transmission
project remains the preferred power solution for the Project, subject to timing and cost. Alternative renewable
solutions are being explored as we remain focused on pursuing the optimal power solution for the Project.
COSTS
Cost control remains of critical importance, especially as the gold price rises to record levels. We are pleased
that total cash operating costs for the year remain in line with our planned inflationary increases, increasing by 8%
to R29 811 million (US$1 646 million) from R27 497 million (US$1 467 million). Royalties increased by 52% to
R1 116 million (US$62 million) from R732 million (US$39 million) and represent about 4% of our cash operating
costs. Our rand cost base remains predictable and largely unaffected by the recently announced global tariffs. Our
cost metrics per unit have increased in-line with guidance. However, they were negatively impacted by the lower
production in the third quarter of financial year 2025. We remain confident of meeting our full-year cost guidance
of between R1 020 000/kg to R1 100 000/kg.
- Cash operating costs increased by 15% to R861 916/kg (US$1 480/oz) from R747 669/kg (US$1 241/oz)
- All-in sustaining costs increased by 17% to R1 027 912/kg (US$1 765/oz) from R877 965/kg (US$1 457/oz)
- All-in costs (AIC) increased by 19% to R1 121 938/kg (US$1 927/oz) from R942 150/kg (US$1 563/oz)
CAPITAL EXPENDITURE
Total capital expenditure for the reporting period increased by 31% to R7 625 million (US$421 million) from
R5 827 million (US$311 million). This is mainly due to the ongoing extension projects at Moab Khotsong and
Mponeng.
FY25 GRADE, PRODUCTION AND COST GUIDANCE
With one quarter's production remaining for FY25, we have increased our underground recovered grade guidance
while keeping everything else unchanged. We are confident we will achieve our full year guidance of:
- underground recovered grades increased to be above 6.00g/t (previously 5.80g/t)
- 1 400 000 to 1 500 000oz in total production
- overall AISC guidance of between R1 020 000/kg to R1 100 000/kg
HEDGING
The record gold prices have provided an excellent opportunity to replace maturing hedges with new ones as they
expire, locking in excellent margins in-line with our hedging policy. During the quarter, the gold hedge book was
maintained at between 10% and 30% of production over a rolling 36-month period. The average floor and ceiling
price on our rand gold zero cost collar book of 346 000 oz stood at R1 660 000/kg and R1 890 000/kg respectively.
LOOKING AHEAD
Harmony remains unwavering in our dedication to safety and excellence, and
steadfast in our commitment to achieving our strategic vision. With over 75 years
of mining expertise, we have long understood the importance of planning
and responding consistently without losing sight of our end goal. This has helped build
resilience and adaptability throughout the organisation.
We are a company fortified by sound fundamentals, an exceptional team, and a
focused execution of our promises. Supported by a robust gold price and a strong
balance sheet, we are strategically positioned to advance our ambition of becoming
a global gold and copper producer.
To our partners and shareholders: thank you for your trust and confidence. Your
support remains at the heart of our shared success and epitomises our belief in
Mining with Purpose.
Beyers Nel
Chief executive officer
COMPARATIVE OPERATIONAL METRICS FOR Q3FY25 VS Q3FY24 AND 9MFY25 VS 9MFY24
Q-on-q Y-on-Y
Unit Q3FY25 Q3FY24 (%) 9MFY25 9MFY24 (%)
Average gold price received R/kg 1 581 029 1 213 350 30 1 454 291 1 162 048 25
$/oz 2 661 2 000 33 2 497 1 928 30
Underground yield g/t 5.98 5.86 2 6.28 6.16 2
Gold produced total kg 9 771 10 888 (10) 34 587 36 777 (6)
oz 314 142 350 056 (10) 1 111 996 1 182 405 (6)
South African optimised underground(1) kg 3 486 4 269 (18) 12 571 14 576 (14)
oz 112 077 137 251 (18) 404 167 468 629 (14)
South African high-grade underground(2) kg 3 191 3 319 (4) 12 176 11 364 7
oz 102 592 106 708 (4) 391 467 365 360 7
South African surface(3) kg 1 784 2 260 (21) 6 040 6 786 (11)
oz 57 356 72 660 (21) 194 190 218 174 (11)
International (Hidden Valley) kg 1 310 1 040 26 3 800 4 051 (6)
oz 42 117 33 437 26 122 172 130 242 (6)
Total cash costs R/kg 984 143 823 880 (19) 861 916 747 669 (15)
$/oz 1 657 1 358 (22) 1 480 1 241 (19)
Group AISC R/kg 1 171 062 964 834 (21) 1 027 912 877 965 (17)
US$/oz 1 971 1 590 (24) 1 765 1 457 (21)
Group AIC R/kg 1 322 628 1 037 998 (27) 1 121 938 942 150 (19)
US$/oz 2 226 1 711 (30) 1 927 1 563 (23)
Average exchange rate R/US$ 18.48 18.87 (2) 18.11 18.75 (3)
(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
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 Mar-25 178 178 145 95 168 63 74 131 85 1 117
Mar-24 186 213 163 96 201 86 107 138 105 1 295
Yield g/tonne Mar-25 8.07 9.86 4.23 6.48 3.48 4.03 3.80 6.54 3.28 5.98
Mar-24 7.95 8.64 4.42 6.65 4.37 4.09 4.39 6.01 3.61 5.86
Gold produced kg Mar-25 1 436 1 755 614 616 585 254 281 857 279 6 677
Mar-24 1 478 1 841 721 638 879 352 470 830 379 7 588
Gold sold kg Mar-25 1 424 1 749 627 628 559 259 308 854 284 6 692
Mar-24 1 372 1 647 688 609 809 336 455 743 362 7 021
Gold price received R/kg Mar-25 1 569 866 1 587 941 1 576 396 1 576 932 1 574 041 1 579 429 1 588 597 1 567 737 1 575 620 1 577 418
Mar-24 1 241 065 1 235 812 1 229 208 1 229 966 1 223 902 1 234 554 1 229 549 1 227 721 1 227 182 1 232 545
Gold revenue¹ R'000 Mar-25 2 235 489 2 777 309 988 400 990 313 879 889 409 072 489 288 1 338 847 447 476 10 556 083
Mar-24 1 702 741 2 035 382 845 695 749 049 990 137 414 810 559 445 912 197 444 240 8 653 696
Cash operating cost R'000 Mar-25 1 319 023 1 482 945 738 549 697 787 777 261 424 477 595 930 958 419 454 645 7 449 036
(net of by-productcredits) Mar-24 1 288 712 1 337 990 680 937 606 239 733 755 392 645 575 423 892 802 461 087 6 969 590
Inventory movement R'000 Mar-25 (87 942) (17 810) 12 434 2 006 (38 089) 13 686 29 239 (20 924) 10 849 (96 551)
Mar-24 (153 664) (179 998) (34 853) (24 846) (56 065) (15 134) (11 061) (81 392) (17 130) (574 143)
Operating costs R'000 Mar-25 1 231 081 1 465 135 750 983 699 793 739 172 438 163 625 169 937 495 465 494 7 352 485
Mar-24 1 135 048 1 157 992 646 084 581 393 677 690 377 511 564 362 811 410 443 957 6 395 447
Production profit R'000 Mar-25 1 004 408 1 312 174 237 417 290 520 140 717 (29 091) (135 881) 401 352 (18 018) 3 203 598
Mar-24 567 693 877 390 199 611 167 656 312 447 37 299 (4 917) 100 787 283 2 258 249
Capital expenditure R'000 Mar-25 910 341 459 140 148 683 131 337 223 038 63 120 85 249 97 063 27 764 2 145 735
Mar-24 356 661 212 881 130 998 130 454 151 432 39 455 109 675 48 006 7 093 1 186 655
Cash operating costs R/kg Mar-25 918 540 844 983 1 202 849 1 132 771 1 328 651 1 671 169 2 120 747 1 118 342 1 629 552 1 115 626
Mar-24 871 930 726 773 944 434 950 218 834 761 1 115 469 1 224 304 1 075 665 1 216 588 918 502
Cash operating costs R/tonne Mar-25 7 410 8 331 5 093 7 345 4 627 6 738 8 053 7 316 5 349 6 669
Mar-24 6 929 6 282 4 178 6 315 3 651 4 566 5 378 6 470 4 391 5 382
Cash operating cost R/kg Mar-25 1 552 482 1 106 601 1 445 003 1 345 981 1 709 913 1 919 673 2 424 125 1 231 601 1 729 065 1 436 988
and Capital Mar-24 1 113 243 842 407 1 126 123 1 154 691 1 007 039 1 227 557 1 457 655 1 133 504 1 235 303 1 074 887
All-in sustaining cost R/kg Mar-25 963 364 984 679 1 443 287 1 302 176 1 611 437 1 976 122 2 367 914 1 241 798 1 834 042 1 276 155
Mar-24 952 470 840 030 1 150 055 1 156 166 988 550 1 279 119 1 510 555 1 190 000 1 312 797 1 062 795
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/tailings t'000 Mar-25 5 503 1 560 937 905 1 037 352 10 294 11 411 982 12 393
processed Mar-24 5 385 1 525 955 1 006 1 105 353 10 329 11 624 754 12 378
Yield g/tonne Mar-25 0.110 0.161 0.164 0.143 0.369 0.74 0.17 0.74 1.33 0.79
Mar-24 0.170 0.145 0.158 0.154 0.444 0.92 0.22 0.85 1.38 0.88
Gold produced kg Mar-25 606 251 154 129 383 261 1 784 8 461 1 310 9 771
Mar-24 918 221 151 155 491 324 2 260 9 848 1 040 10 888
Gold sold kg Mar-25 640 249 164 140 380 267 1 840 8 532 1 252 9 784
Mar-24 939 204 156 156 492 335 2 282 9 303 1 097 10 400
Gold price received R/kg Mar-25 1 567 042 1 692 008 1 572 457 1 595 071 1 560 605 1 569 865 1 585 649 1 579 193 1 593 542 1 581 029
Mar-24 1 002 645 1 258 525 1 232 878 1 231 667 1 225 390 1 226 069 1 137 738 1 209 289 1 247 789 1 213 350
Gold revenue(1) R'000 Mar-25 1 002 907 421 310 257 883 223 310 593 030 419 154 2 917 594 13 473 677 1 995 115 15 468 792
Mar-24 1 014 675 256 739 192 329 192 140 602 892 410 733 2 669 508 11 323 204 1 368 824 12 692 028
Cash operating cost R'000 Mar-25 527 714 139 353 86 921 92 385 380 699 309 222 1 536 294 8 985 330 630 730 9 616 060
(net of by-product credits) Mar-24 501 486 137 418 87 042 83 767 352 921 247 933 1 410 567 8 380 157 590 248 8 970 405
Inventory movement R'000 Mar-25 34 632 (492) 5 915 6 110 (6 370) 5 558 45 353 (51 198) (5 337) (56 535)
Mar-24 4 089 (11 451) 2 546 1 205 3 688 2 076 2 153 (571 990) (76 888) (648 878)
Operating costs R'000 Mar-25 562 346 138 861 92 836 98 495 374 329 314 780 1 581 647 8 934 132 625 393 9 559 525
Mar-24 505 575 125 967 89 588 84 972 356 609 250 009 1 412 720 7 808 167 513 360 8 321 527
Production profit R'000 Mar-25 440 561 282 449 165 047 124 815 218 701 104 374 1 335 947 4 539 545 1 369 722 5 909 267
Mar-24 509 100 130 772 102 741 107 168 246 283 160 724 1 256 788 3 515 037 855 464 4 370 501
Capital expenditure R'000 Mar-25 185 525 35 554 8 127 10 924 271 27 271 267 672 2 413 407 486 244 2 899 651
Mar-24 256 143 3 758 2 391 6 060 375 47 874 316 601 1 503 256 497 961 2 001 217
Cash operating costs R/kg Mar-25 870 815 555 191 564 422 716 163 993 992 1 184 759 861 151 1 061 970 481 473 984 143
Mar-24 546 281 621 801 576 437 540 432 718 780 765 225 624 145 850 950 567 546 823 880
Cash operating costs R/tonne Mar-25 96 89 93 102 367 878 149 787 642 776
Mar-24 93 90 91 83 319 702 137 721 783 725
Cash operating cost R/kg Mar-25 1 176 962 696 841 617 195 800 845 994 700 1 289 245 1 011 192 1 347 209 852 652 1 280 904
and Capital Mar-24 825 304 638 805 592 272 579 529 719 544 912 985 764 234 1 003 596 1 046 355 1 007 680
All-in sustaining cost R/kg Mar-25 944 024 701 556 616 988 781 564 985 789 1 306 533 930 931 1 201 705 962 244 1 171 062
Mar-24 578 518 645 545 594 174 583 538 725 577 909 102 666 159 962 439 985 141 964 834
(1) Includes a non-cash consideration to Franco-Nevada (Mar-25:R0m, Mar-24:R73.191m) under Mine Waste Solutions, excluded from the gold price calculation.
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), BB Nel (chief executive officer), BP Lekubo
(financial director), Dr HE Mashego (executive
director)
B Nqwababa*^, VP Pillay*^, MJ Prinsloo*^,
GR Sibiya*^, PL Turner*^, JL Wetton*^, M Gule*^,
Z Matlala*^, M Moshe*^
* 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
E-mail: info@jseinvestorservices.co.za
Telephone: +27 86 154 6572
Fax: +27 86 674 4381
AMERICAN DEPOSITARY RECEIPTS
American Depositary Receipts
Deutsche Bank Trust Company Americas
c/o Equiniti Trust Company LLC, Peck Slip Station,
PO Box 2050, New York, NY10271-2050
Email: db@astfinancial.com
Toll free (within US): (886) 249 2593
Int: +1 718 921 8137
Fax: +1 718 921 8334
SPONSOR
J.P. 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 Report, and its report suite filed on a Form 20F with the United States' Securities
and Exchange Commission for the financial year ended 30 June 2024, 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 judgment 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. All statements other than statements of historical facts
included in this booklet may be forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should be considered in light of various important factors, including those
set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements. 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 geopolitical risks; 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; 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. Any forward-looking statements contained in these financial results have
not been reviewed or reported on by Harmony's external auditors.
Competent Person's statement
The information in this booklet that relates to Mineral Resources or Ore Reserves has been extracted from our Reserves and Resources
statement published on 30 June 2024. Harmony confirms that it is not aware of any new information or data that materially affects the
information included in the statement, in the case of Mineral Resources or Mineral Reserves, that all material assumptions and technical
parameters underpinning the estimates in the original release continue to apply and have not materially changed. Harmony confirms
that the form and context in which the competent person's findings are presented have not been materially modified from the original
release.
Johannesburg
5 May 2025
Date: 05-05-2025 03:46:00
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