Wrap Text
HARMONY DELIVERS SOLID QUARTER
WITH PHENOMENAL CASH FLOWS,
CONTINUED OPERATIONAL EXCELLENCE
SUPPORTED BY GOLD PRICE
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 2025 ("Q1FY26") vs
30 September 2024 ("Q1FY25")
HARMONY DELIVERS SOLID QUARTER
WITH PHENOMENAL CASH FLOWS,
CONTINUED OPERATIONAL EXCELLENCE
SUPPORTED BY GOLD PRICE TAILWIND
Johannesburg, South Africa. Wednesday,
12 November 2025. Harmony Gold Mining Company
Limited (Harmony or the Company) is pleased to report
its operational update for the three months ended
30 September 2025.
SALIENT FEATURES
(Q1FY26 vs Q1FY25)
- Progress on our Thibakotsi safety strategy resulted in a loss?of?life
free quarter
- Lost time injury frequency rate (LTIFR) at 4.29, and below 5.00 for second
consecutive quarter
- Immediate copper production added after successful acquisition of MAC
Copper, owner of high?grade CSA copper mine, on 24 October 2025
- As planned, group gold production decreased by 8% to 12 128kg (389 923oz)
from 13 131kg (422 172oz) and remains on track to meet full?year guidance
- In line with plan, underground recovered grades decreased by 6% to 5.91g/t
from 6.32g/t ? above guidance, mainly due to steady high recovered grades
of 10.54g/t at Mponeng
- Hidden Valley generated R1.7 billion (US$94 million) in adjusted free cash
flow(1) as recovered grades increased significantly to 1.63g/t from 1.24g/t
- As planned, 15% increase in group all?in sustaining costs (AISC) to
R1 107 486/kg (US$1 954/oz) from R963 310/kg (US$1 667/oz) and below
lower end of FY26 guidance range(2)
- 34% increase in average gold price received to R1 818 510/kg (US$3 209/oz)
from R1 360 974/kg (US$2 356/oz) providing excellent tailwind
- 20% increase in gold revenue to R21.7 billion (US$1.2 billion) from
R18.1 billion (US$1.0 billion)
- Strong, flexible balance sheet with net cash position increasing to
R17.1 billion (US$989 million) and liquidity of R26.6 billion (US$1.5 billion) in
cash and undrawn facilities at the end of the first quarter
- 10 megalitre per day feed capacity reverse osmosis water treatment plant at
Tau Tona was commissioned in July 2025
(1) Adjusted free cash flow = revenue ? cash operating cost ? capital expenditure +? impact of run?of?mine as per operating results
(2) For Q1FY26 royalties accounted for R60 000/kg (US$106/oz) or 5% of AISC. In Q1FY25, it was R37 400/kg (US$65/oz) or 4%
Unless otherwise indicated, all currency conversions for this reporting period are at the average exchange rate of R17.63/US$1
(Q1FY25: R17.97/US$1)
Please note that financial information has not been reviewed or audited by the Company's external auditors. Any pro?forma financial
information is the responsibility of the Board of Directors and is presented for illustration purposes only, and because of its nature, it may not
fairly present the Company's financial position
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
OVERVIEW
Harmony delivered a solid operational performance in Q1FY26, driven by an improvement in safety, consistent
operational excellence, higher recovered grades at Hidden Valley and a higher gold price received. We are
encouraged to report a loss?of?life?free quarter ? affirming that safe mines are profitable mines. As we continue
Mining with Purpose, Harmony is on track to meet its FY26 production, cost and grade guidance.
While gold remains our core focus, our copper expansion is a strategic move to enhance portfolio resilience, margin
quality and long?term sustainability. On 24 October 2025, we completed the acquisition of MAC Copper, owner of
the high?grade CSA mine in Cobar, Australia. We are delighted to welcome the CSA mine employees to Harmony.
The completion of this landmark acquisition marks a significant milestone in our strategy to grow into a global gold
and copper producer. Copper is essential to the global shift toward renewable energy infrastructure. Harmony's
growing copper portfolio reinforces our strategic role in enabling the energy transition, while positioning us to
benefit from long?term structural demand.
Whether investing in our own growth projects or pursuing value?accretive mergers and acquisitions, all
opportunities are assessed through a disciplined lens that weighs potential returns against associated risks.
Ultimately, every project competes for capital, and we will continue to allocate resources to those initiatives that
deliver the greatest value for our stakeholders.
Safety
The health and safety of our people remain our top priority. Our long?term improvement in our safety performance
reflects the success of our proactive programmes and robust safety infrastructure. As operators of some of
the world's deepest mines, we know this demands excellence at all times. We remain committed to zero harm
through a culture of accountability and continuous improvement.
In Q1FY26, our lost?time injury frequency rate improved to 4.29 from 5.57 in Q1FY25 ? a positive trend, but the
elimination of injuries and zero harm remains the goal. We continue embedding a safety?first mindset across all
operations, ensuring every workplace is safe, compliant, and empowering.
Other notable achievements this reporting period include:
? South African operations achieved 3 million loss?of?life free shifts for the period under review
? Five of our underground mines achieved millionaire status during the quarter, with Masimong recording over
four million loss?of?life free shifts
? Hidden Valley has operated for over 10 years without a loss of life.
Revenue and average gold price received
Gold revenue for the quarter rose 20% to R21 689 million (US$1 230 million) from R18 125 million
(US$1 009 million) in Q1FY25, driven primarily by a 34% increase in the average gold price to R1 818 510/kg
(US$3 209/oz) from R1 360 974/kg (US$2 356/oz).
While the gold price remains outside our control, we continue to focus on factors within our influence: improving
safety, maintaining disciplined mining practices, allocating capital effectively and sustaining rigorous cost
management.
Production
We remain on track to meet full?year production guidance. In line with plan, group production for Q1FY26 declined
8% to 12 128kg (389 923oz) compared to 13 131kg (422 172oz) in Q1FY25. Doornkop's production declined
year?on?year as a result of shaft water?handling constraints, which have now been resolved. Production at Moab
Khotsong declined by 20% year?on?year due to challenging ground conditions and fluctuating face grades as we
mine out the middle mine, as planned.
Compared to Q4FY25, production increased quarter?on?quarter by 6%, driven by an 8% rise in total tonnes milled
and improved operational momentum across the portfolio.
Recovered grades
While underground recovered grades decreased by 6% to 5.91g/t from 6.32g/t in the comparable reporting period,
this is in line with plan, and we remain ahead of the guided 5.80g/t for FY26.
Recovered grades at Mponeng remained steady at 10.54g/t compared to 10.70g/t in Q1FY25.
Hidden Valley continues to deliver exceptional results with recovered grades increasing by 31% to 1.63g/t from
1.24g/t in Q1FY25.
Balance sheet and hedging
Our balance sheet remains strong, with net cash increasing by 53% in the first quarter to R17.1 billion
(US$989 million) from R11.1 billion (US$628 million) as at 30 June 2025. Liquidity also improved, with cash and
available undrawn facilities rising 27% to R26.6 billion (US$1.5 billion) since 30 June 2025. This performance
reflects robust operating free cash flow, margin improvements across all operations, and the benefit of a high rand
gold price, reinforcing our financial flexibility to support growth and resilience.
The acquisition of MAC Copper has been successfully funded through a combination of cash, existing credit
facilities and a US$1.25 billion bridge loan. We have drawn down only 70%, or US$875 million from the bridge
facility, and elected to fund the balance of the acquisition price and related costs from cash balances.
Following the completion of the transaction, our net debt to EBITDA ratio remains comfortably below our internal
threshold of 1.0x, underscoring our disciplined approach to capital management and balance sheet strength. The
structure of debt instruments used to fund our major projects is under review and will enable Harmony to optimise
its balance sheet while matching its funding profile to its cash flow generation. We will provide further guidance at
our H1FY26 results update.
We remain well positioned to advance our life?of?mine extension projects in South Africa and at Hidden Valley,
while integrating the CSA mine into the Harmony portfolio. In parallel, we continue to advance Eva Copper and
remain fully committed to permitting Wafi?Golpu ? our transformational copper?gold growth projects.
Our confidence in future cash flows, combined with a disciplined and balanced approach to capital allocation,
places us in a strong position to deliver shareholder returns while pursuing long?term growth.
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 484 000oz stood at R1 820 000/kg and R2 062 000/kg
respectively. The longer dated maturities reflect higher protection levels being locked in off the recently higher spot
gold price.
Costs
Costs remain well controlled, with increases aligned to plan and below mining inflation, reflecting disciplined
cost management.
Total cash operating costs, net of by?product credits, increased by 6% to R11 260 million (US$639 million) from
R10 673 million, mainly due to higher royalties, increased contractor costs and annual electricity inflation. Royalty
payments in South Africa are calculated on a sliding scale based on both revenue and profitability. During Q1FY26,
these royalties increased to R716 million (US$41 million), representing 6% of total cash operating costs, compared
to R496 million (US$28 million), or 4% of total cash operating costs in the comparable reporting period.
Cash operating cost per kilogram increased 14% year?on?year to R928 439/kg (US$1 638/oz) from R812 811/kg
(US$1 407/oz), mainly due to lower planned production alongside the above?mentioned increases.
Year?on?year, AISC rose 15% to R1 107 486/kg (US$1 954/oz) from R963 310/kg (US$1 667/oz) in Q1FY25.
This is in line with guidance and reflects the increase in sustaining capital as previously guided. Sequentially, AISC
increased by only 3% compared to Q4FY25, supported by higher tonnes milled and improved production.
Hidden Valley delivered a standout performance, reducing its AISC by 16% to R773 566/kg (US$1 365/oz). The
improved recovered grades and enhanced operational efficiency were key drivers of the performance alongside
higher silver prices and resultant increase in by?product credits.
All?in costs (AIC) increased by 19% to R1 218 721/kg (US$2 150/oz) from R1 026 004/kg (US$1 776/oz) in
Q1FY25 due to the investment in our major projects.
Capital expenditure and projects
Group capital expenditure rose 31% to R2 873 million (US$163 million) from R2 191 million, reflecting investment
in high?return, long?life projects and ongoing development capital across our underground mines to maintain
flexibility. The increase was primarily due to the life?of?mine extensions at Mponeng, Moab Khotsong and Hidden
Valley, as well as the 100MW solar project at Moab Khotsong to reduce long?term energy costs, derisk energy
supply and lower our carbon footprint. Construction of the 100MW solar plant remains on track for completion by
the end of calendar year 2026, moving us closer to our net carbon?zero target by 2045. A 10 megalitre per day
feed capacity reverse osmosis water treatment plant at Tau Tona was commissioned in July 2025, contributing to
our 2034 water ambition target.
While contractor and trackless mobile machinery challenges have delayed progress at Mponeng and Moab
Khotsong, these timelines are incorporated into our life?of?mine plans. Studies have also commenced at Tshepong
North to determine the feasibility of extending mine life by approximately six years.
Our disciplined capital deployment strategy focuses on projects that deliver solid returns and sustainable long?term
value, positioning Harmony to fund growth initiatives such as Eva Copper while maintaining financial strength.
MAC Copper acquisition
CSA is a long?life, mechanised underground copper mine located in a Tier?1 mining jurisdiction. This asset will
meaningfully enhance our business and support our long?term growth.
Harmony's FY27 planning parameters will be integrated into the CSA life?of?mine planning process, ensuring
alignment with the disciplined and consistent approach applied across our broader portfolio.
OPERATIONAL EXCELLENCE
Our operations are grouped into four distinct quadrants, each with its own plan, risk profile and strategy.
This ensures we deliver as guided, and extract the absolute best from our assets. Our overall operational
performance this quarter was supported by continued exceptional performances at Mponeng and Hidden Valley.
South African underground high?grade operations
Adjusted free cash flows from Mponeng and Moab Khotsong increased by 3% to R2 819 million (US$160 million)
from R2 729 million (US$152 million) in Q1FY25. The performance was underpinned by another strong
operational performance from Mponeng where adjusted free cash flows increased by 23% to R2 257 million
(US$128 million) from R1 842 million (US$103 million) in the comparable quarter. Production declined by 14%
to 4 211kg mainly as a result of lower recovered grades at Moab Khotsong which declined by 18% to 7.25g/t from
8.84g/t year on year. Mponeng's recovered grades remained high and steady at 10.54g/t.
South African underground Q?on?q Y?on?y
high?grade Unit Q1FY26 Q4FY25 (%) Q1FY25 (%)
Production kg 4 211 4 378 (4) 4 872 (14)
Recovered grade g/t 9.08 10.04 (10) 9.90 (8)
Cash operating costs R/kg 874 975 759 048 (15) 683 506 (28)
All?in sustaining costs R/kg 969 958 904 422 (7) 779 718 (24)
All?in costs R/kg 1 157 119 1 135 011 (2) 855 746 (35)
Adjusted free cash flow Rm 2 819 2 832 — 2 729 3
Adjusted free cash flow margins % 37 37 — 40 (8)
Sustaining capital Rm 299 424 29 351 15
Major capital Rm 763 979 22 361 >(100)
International (Hidden Valley)
Adjusted free cash flows at Hidden Valley increased by 115% to R1 661 million (US$94 million) from R771 million
in Q1FY25. Adjusted free cash flow margins remained exceptional, increasing to 59% from 46% in the comparable
reporting period. Year on year, production increased by 25% to 1 499kg and recovered grade increased by 31%
to 1.63g/t.
Q?on?q Y?on?y
International Unit Q1FY26 Q4FY25 (%) Q1FY25 (%)
Gold production kg 1 499 1 307 15 1 204 25
Recovered grade g/t 1.63 1.42 15 1.24 31
Cash operating costs R/kg 218 174 454 452 52 455 679 52
All?in sustaining costs R/kg 773 566 850 211 9 918 309 16
All?in costs R/kg 865 455 956 327 10 957 402 10
Adjusted free cash flow Rm 1 661 1 067 56 771 >100
Adjusted free cash flow margins % 59 47 26 46 28
Sustaining capital Rm 519 343 (51) 342 (52)
Major capital Rm 112 105 (7) 34 >(100)
South African surface source operations
Mine Waste Solutions, Savuka Tailings, Central Plant Reclamation, Phoenix, Kalgold and rock dumps continue to
generate excellent adjusted free cash flows at excellent margins. Adjusted free cash flows at Mine Waste Solutions
and Kalgold both increased by over 100% compared to Q1FY25.
Q?on?q Y?on?y
South African surface operations Unit Q1FY26 Q4FY25 (%) Q1FY25 (%)
Production kg 1 952 1 835 6 2 168 (10)
Recovered grade g/t 0.17 0.18 (6) 0.20 (15)
Cash operating costs R/kg 871 865 839 614 (4) 720 999 (21)
All?in sustaining costs R/kg 1 002 522 946 174 (6) 783 340 (28)
All?in costs R/kg 1 115 730 1 127 602 1 906 254 (23)
Adjusted free cash flow Rm 1 416 1 220 16 806 76
Adjusted free cash flow margins % 40 37 8 29 38
Sustaining capital Rm 213 141 (51) 87 >(100)
Major capital Rm 214 327 35 266 20
South African underground optimised operations
Our South African optimised portfolio (Tshepong North, Tshepong South, Doornkop, Kusasalethu, Joel, Target 1
and Masimong) contributed 37% towards group production and remains highly levered to the gold price.
Adjusted free cash flows increased by 68% to R1 471 million (US$83 million) from R874 million (US$49 million)
in the comparable reporting period while adjusted free cash flow margins increased to 19% from 13% in
Q1FY25. Production, grade and costs all improved quarter on quarter.
South African underground Q?on?q Y?on?y
optimised Unit Q1FY26 Q4FY25 (%) Q1FY25 (%)
Production kg 4 466 3 916 14 4 887 (9)
Recovered grade g/t 4.44 4.40 1 4.65 (5)
Cash operating costs R/kg 1 241 967 1 275 977 3 1 070 436 (16)
All?in sustaining costs R/kg 1 410 613 1 585 135 11 1 235 143 (14)
All?in costs R/kg 1 451 317 1 639 442 11 1 261 056 (15)
Adjusted free cash flow Rm 1 471 661 >100 874 68
Adjusted free cash flow margins % 19 10 90 13 46
Sustaining capital Rm 598 864 31 637 6
Major capital Rm 156 189 17 113 (38)
INTERNATIONAL PROJECTS
Eva Copper
The Eva Copper Project (Eva Copper or the Project) in northwest Queensland continues to progress well.
Preliminary site works are underway, supported by a conditional grant from the Queensland Government.
The feasibility study update is largely complete, with front?end engineering and design advancing. We are
engaging with the Queensland Government to secure a power solution aligned with both the Project's needs and
the state's long?term energy roadmap.
Eva Copper's designation as a Prescribed Project supports our application to amend its Environmental Authority.
Upon completion of the feasibility update, expected before the end of the 2025 calendar year, Harmony's Board
will consider a Final Investment Decision.
Current declared Mineral Resources stand at 366Mt @ 0.4% Cu (1.47Mt copper) and 196Mt @ 0.07g/t Au
(440 000oz gold), reinforcing Eva Copper's scale and strategic importance.
Wafi?Golpu
Discussions between Harmony, our joint venture partner Newmont Corporation and the Papua New Guinea
Government to secure the special mining lease are continuing.
ANNUAL PRODUCTION, COST AND GRADE GUIDANCE
While we are only one quarter into FY26, we are confident of achieving our annual guidance of:
- 1 400 000 to 1 500 000oz in total production
- AISC of between R1 150 000/kg to R1 220 000/kg
- underground grade of above 5.80g/t
Updated production guidance, including forecasts for CSA mine and its contribution, will be provided with the
release of the interim results scheduled for late February or early March 2026.
CONCLUSION
An improving safety culture, balanced capital allocation, operational flexibility and stringent cost controls remain
the foundation of our commitment to long?term value creation for shareholders and stakeholders.
Our strategy remains gold?first, with copper as a complementary metal. We continue to unlock value through
reserve conversion and disciplined, value?accretive mergers and acquisitions. Harmony's 136Moz Mineral
Resource and 37Moz Mineral Reserve base support a stable gold production profile of 1.4Moz to 1.5Moz
annually for over 20 years. Reserve conversion opportunities, especially at current gold prices, offer further
upside. The integration of CSA mine and advancement of Eva Copper will strengthen medium?term resilience ?
timeously mitigating the Moab Khotsong ore gap.
Pending the approval of Eva Copper, copper production of approximately 100 000 tonnes per year is expected
within three to five years, enhancing margins and diversifying cash flow.
We remain focused on delivering consistent, long?term returns while building a resilient and future?ready
portfolio.
Thank you.
Beyers Nel
Chief executive officer
COMPARATIVE OPERATIONAL METRICS FOR Q1FY26 VS Q4FY25 AND Q1FY25
Q?on?q Y?on?y
Unit Q1FY26 Q4FY25 (%) Q1FY25 (%)
Average gold price received R/kg 1 818 510 1 762 739 3 1 360 974 34
$/oz 3 209 2 999 7 2 356 36
Underground yield g/t 5.91 6.25 (5) 6.32 (6)
Gold produced total kg 12 128 11 436 6 13 131 (8)
oz 389 923 367 675 6 422 172 (8)
South African underground optimised(1) kg 4 466 3 916 14 4 887 (9)
oz 143 585 125 902 14 157 121 (9)
South African underground high grade(2) kg 4 211 4 378 (4) 4 872 (14)
oz 135 386 140 755 (4) 156 639 (14)
South African surface(3) kg 1 952 1 835 6 2 168 (10)
oz 62 758 58 997 6 69 703 (10)
International (Hidden Valley) kg 1 499 1 307 15 1 204 25
oz 48 194 42 021 15 38 709 25
Total cash costs R/kg 928 439 914 174 (2) 812 811 (14)
$/oz 1 638 1 555 (5) 1 407 (16)
Group AISC R/kg 1 107 486 1 136 531 3 963 310 (15)
US$/oz 1 954 1 934 (1) 1 667 (17)
Group AIC R/kg 1 218 721 1 286 597 5 1 026 004 (19)
US$/oz 2 150 2 189 2 1 776 (21)
Average exchange rate R/US$ 17.63 18.28 (4) 17.97 (2)
(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
HEDGE POSITION AS AT 30 SEPTEMBER 2025
FY2026 FY2027 FY2028 FY2029
H1 H2 H1 H2 H1 H2 H1 Total
Rand gold
Forward contracts koz 78 92 36 20 10 — — 236
R'000/kg 1 422 1 561 1 669 1 735 1 792 — — 1 556
Dollar gold
Forward contracts koz 9 13 6 6 1 — — 35
$/oz 2 321 2 531 2 631 2 765 2 760 — — 2 541
Rand gold koz 20 100 108 100 82 62 12 484
Collars Floor R'000/kg 1 601 1 706 1 694 1 770 1 923 2 145 2 296 1 820
Cap R'000/kg 1 834 1 940 1 929 2 005 2 179 2 408 2 553 2 062
Dollar gold koz 6 18 15 12 14 9 1 75
Collars Floor US$/oz 2 601 2 817 2 669 2 778 2 997 3 348 3 543 2 881
Cap US$/oz 2 909 3 145 3 003 3 093 3 326 3 761 3 893 3 207
Total gold koz 113 223 165 138 107 71 13 830
Currency hedges
Rand dollar
Zero cost collars $m 60 74 28 4 — — — 166
Floor R/$ 18.55 18.58 18.73 19.09 — — — 18.61
Cap R/$ 20.55 20.58 20.74 21.10 — — — 20.61
Forward contracts $m 21 11 — — — — — 32
R/$ 20.03 20.15 — — — — — 20.07
Total rand dollar $m 81 85 28 4 — — — 198
Dollar silver
Zero cost collars koz 330 660 660 600 90.00 — — 2 340
Floor $/oz 28.61 30.15 32.16 35.83 39.19 — — 32.30
Cap $/oz 31.74 33.52 36.45 40.58 43.97 — — 36.31
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/tailings t'000 Sep?25 207 257 201 121 211 108 118 130 116 1 469
processed Jun?25 195 241 174 130 186 92 86 116 107 1 327
Yield g/tonne Sep?25 7.25 10.54 4.13 6.15 3.27 3.48 3.48 7.89 3.34 5.91
Jun?25 7.67 11.96 4.02 6.01 3.19 4.12 3.59 7.33 2.84 6.25
Gold produced kg Sep?25 1 501 2 710 830 744 691 376 411 1 026 388 8 677
Jun?25 1 495 2 883 700 781 593 379 309 850 304 8 294
Gold sold kg Sep?25 1 460 2 705 798 715 662 362 349 1 024 373 8 448
Jun?25 1 483 2 816 675 753 594 365 313 831 293 8 123
Gold price received R/kg Sep?25 1 806 903 1 821 311 1 816 378 1 809 269 1 816 068 1 814 923 1 796 418 1 821 238 1 817 040 1 815 425
Jun?25 1 759 465 1 757 461 1 749 640 1 749 980 1 764 487 1 750 877 1 765 687 1 756 544 1 749 044 1 756 621
Gold revenue R'000 Sep?25 2 638 078 4 926 646 1 449 470 1 293 627 1 202 237 657 002 626 950 1 864 948 677 756 15 336 714
Jun?25 2 609 286 4 949 009 1 181 007 1 317 735 1 048 105 639 070 552 660 1 459 688 512 470 14 269 030
Cash operating cost R'000 Sep?25 1 582 728 2 101 792 918 142 845 265 854 346 520 496 693 378 1 145 302 569 738 9 231 187
(net of by?product Jun?25 1 369 251 1 953 863 799 331 782 941 816 491 477 659 614 057 1 003 854 502 392 8 319 839
credits)
Inventory movement R'000 Sep?25 (109 050) (12 857) (63 386) (40 040) (37 584) (22 042) (115 495) (16 661) (32 156) (449 271)
Jun?25 68 091 (50 577) (26 837) (35 587) 144 382 (20 870) 7 438 2 870 (10 672) 78 238
Operating costs R'000 Sep?25 1 473 678 2 088 935 854 756 805 225 816 762 498 454 577 883 1 128 641 537 582 8 781 916
Jun?25 1 437 342 1 903 286 772 494 747 354 960 873 456 789 621 495 1 006 724 491 720 8 398 077
Production profit/(loss) R'000 Sep?25 1 164 400 2 837 711 594 714 488 402 385 475 158 548 49 067 736 307 140 174 6 554 798
Jun?25 1 171 944 3 045 723 408 513 570 381 87 232 182 281 (68 835) 452 964 20 750 5 870 953
Sustaining capital R'000 Sep?25 85 405 213 345 137 166 94 136 130 779 59 623 80 845 75 196 20 385 896 880
expenditure Jun?25 147 702 276 724 186 055 129 859 174 560 73 166 134 240 123 026 42 719 1 288 051
Major capital expenditure R'000 Sep?25 408 383 354 382 26 577 36 872 92 862 — 6 — — 919 082
(incl. renewables) Jun?25 705 552 273 389 46 271 40 413 102 552 (260) (13) — — 1 167 904
Capital expenditure R'000 Sep?25 493 788 567 727 163 743 131 008 223 641 59 623 80 851 75 196 20 385 1 815 962
Jun?25 853 254 550 113 232 326 170 272 277 112 72 906 134 227 123 026 42 719 2 455 955
Cash operating costs R/kg Sep?25 1 054 449 775 569 1 106 195 1 136 109 1 236 391 1 384 298 1 687 051 1 116 279 1 468 397 1 063 869
Jun?25 915 887 677 719 1 141 901 1 002 485 1 376 882 1 260 314 1 987 239 1 181 005 1 652 605 1 003 115
Cash operating costs R/tonne Sep?25 7 646 8 178 4 568 6 986 4 049 4 819 5 876 8 810 4 912 6 284
Jun?25 7 022 8 107 4 594 6 023 4 390 5 192 7 140 8 654 4 695 6 270
Cash operating cost R/kg Sep?25 1 383 422 985 062 1 303 476 1 312 195 1 560 039 1 542 870 1 883 769 1 189 569 1 520 936 1 273 153
and capital Jun?25 1 486 625 868 531 1 473 796 1 220 503 1 844 187 1 452 678 2 421 631 1 325 741 1 793 128 1 299 228
All?in sustaining cost R/kg Sep?25 1 115 635 891 329 1 291 699 1 316 848 1 481 974 1 603 067 1 962 385 1 217 684 1 544 711 1 193 363
Jun?25 1 105 346 798 608 1 464 297 1 199 983 1 953 295 1 500 833 2 493 238 1 402 614 1 759 568 1 224 876
Adjusted free cash flow % Sep?25 21% 46% 25% 25% 10% 12% (23)% 35% 13% 28%
margin(1) Jun?25 15% 49% 13% 28% (4)% 14% (35)% 23% (6)% 24%
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 Sep?25 6 787 1 268 988 977 761 397 11 178 12 647 918 13 565
processed Jun?25 6 188 1 101 957 864 852 350 10 312 11 639 920 12 559
Yield g/tonne Sep?25 0.117 0.169 0.177 0.153 0.363 0.87 0.17 0.84 1.63 0.89
Jun?25 0.119 0.184 0.185 0.149 0.327 0.89 0.18 0.87 1.42 0.91
Gold produced kg Sep?25 793 214 175 149 276 345 1 952 10 629 1 499 12 128
Jun?25 737 203 177 129 279 310 1 835 10 129 1 307 11 436
Gold sold kg Sep?25 738 217 169 139 285 378 1 926 10 374 1 553 11 927
Jun?25 773 210 177 128 262 277 1 827 9 950 1 292 11 242
Gold price received R/kg Sep?25 1 798 079 1 966 742 1 820 101 1 793 727 1 840 319 1 827 167 1 830 659 1 818 254 1 820 220 1 818 510
Jun?25 1 769 973 1 934 605 1 758 299 1 767 039 1 746 412 1 750 722 1 781 262 1 761 145 1 775 011 1 762 739
Gold revenue R'000 Sep?25 1 326 982 426 783 307 597 249 328 524 491 690 669 3 525 850 18 862 564 2 826 801 21 689 365
Jun?25 1 368 189 406 267 311 219 226 181 457 560 484 950 3 254 366 17 523 396 2 293 314 19 816 710
Cash operating cost R'000 Sep?25 677 539 154 595 101 819 115 615 323 937 328 376 1 701 881 10 933 068 327 043 11 260 111
(net of by?product Jun?25 599 805 135 345 87 721 100 216 325 367 292 237 1 540 691 9 860 530 593 969 10 454 499
credits)
Inventory movement R'000 Sep?25 (62 283) 653 (4 174) (8 336) 2 417 33 792 (37 931) (487 202) 146 035 (341 167)
Jun?25 24 753 1 520 666 (275) 7 739 (31 726) 2 677 80 915 18 889 99 804
Operating costs R'000 Sep?25 615 256 155 248 97 645 107 279 326 354 362 168 1 663 950 10 445 866 473 078 10 918 944
Jun?25 624 558 136 865 88 387 99 941 333 106 260 511 1 543 368 9 941 445 612 858 10 554 303
Production profit/(loss) R'000 Sep?25 711 726 271 535 209 952 142 049 198 137 328 501 1 861 900 8 416 698 2 353 723 10 770 421
Jun?25 743 631 269 402 222 832 126 240 124 454 224 439 1 710 998 7 581 951 1 680 456 9 262 407
Sustaining capital R'000 Sep?25 6 857 35 255 15 810 17 269 426 137 308 212 925 1 109 805 518 841 1 628 646
expenditure Jun?25 25 566 29 090 5 652 21 992 — 58 901 141 201 1 429 252 343 273 1 772 525
Major capital R'000 Sep?25 213 891 — — — — — 213 891 1 132 973 111 522 1 244 495
expenditure Jun?25 327 371 — — — — — 327 371 1 495 275 104 543 1 599 818
(incl. renewables)
Capital expenditure R'000 Sep?25 220 748 35 255 15 810 17 269 426 137 308 426 816 2 242 778 630 363 2 873 141
Jun?25 352 937 29 090 5 652 21 992 — 58 901 468 572 2 924 527 447 816 3 372 343
Cash operating costs R/kg Sep?25 854 400 722 407 581 823 775 940 1 173 685 951 814 871 865 1 028 607 218 174 928 439
Jun?25 813 847 666 724 495 599 776 868 1 166 190 942 700 839 614 973 495 454 452 914 174
Cash operating costs R/tonne Sep?25 100 122 103 118 426 827 152 864 356 830
Jun?25 97 123 92 116 382 835 149 847 646 832
Cash operating cost R/kg Sep?25 1 132 770 887 150 672 166 891 839 1 175 228 1 349 809 1 090 521 1 239 613 638 696 1 165 341
and capital Jun?25 1 292 730 810 025 527 531 947 349 1 166 190 1 132 703 1 094 966 1 262 223 797 081 1 209 063
All?in sustaining cost R/kg Sep?25 895 229 882 497 672 651 896 029 1 146 596 1 358 917 1 002 522 1 157 482 773 566 1 107 486
Jun?25 883 011 795 625 532 554 952 602 1 271 397 1 190 287 946 174 1 173 709 850 211 1 136 531
Adjusted free cash flow % Sep?25 32% 56% 62% 47% 38% 35% 40% 30% 59% n/a
margin(1) Jun?25 30% 60% 70% 46% 29% 22% 37% 27% 47% n/a
(1) Excludes run of mine costs for Kalgold (Sep?25 : R18.687m, Jun?25 : ?R25.532m) and Hidden Valley (Sep?25 : ?R208.138m, Jun?25 : ?R184.038m).
OPERATING RESULTS ? YEAR ON YEAR (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/tailings t'000 Sep?25 207 257 201 121 211 108 118 130 116 1 469
processed Sep?24 212 280 190 119 200 122 135 159 127 1 544
Yield g/tonne Sep?25 7.25 10.54 4.13 6.15 3.27 3.48 3.48 7.89 3.34 5.91
Sep?24 8.84 10.70 4.19 5.74 4.33 4.64 3.48 6.51 3.71 6.32
Gold produced kg Sep?25 1 501 2 710 830 744 691 376 411 1 026 388 8 677
Sep?24 1 875 2 997 796 683 866 566 470 1 035 471 9 759
Gold sold kg Sep?25 1 460 2 705 798 715 662 362 349 1 024 373 8 448
Sep?24 1 903 3 003 819 702 870 583 473 1 037 485 9 875
Gold price received R/kg Sep?25 1 806 903 1 821 311 1 816 378 1 809 269 1 816 068 1 814 923 1 796 418 1 821 238 1 817 040 1 815 425
Sep?24 1 379 318 1 380 777 1 382 339 1 381 254 1 375 347 1 380 823 1 377 404 1 379 443 1 380 126 1 379 850
Gold revenue(1) R'000 Sep?25 2 638 078 4 926 646 1 449 470 1 293 627 1 202 237 657 002 626 950 1 864 948 677 756 15 336 714
Sep?24 2 624 843 4 146 474 1 132 136 969 640 1 196 552 805 020 651 512 1 430 482 669 361 13 626 020
Cash operating cost R'000 Sep?25 1 582 728 2 101 792 918 142 845 265 854 346 520 496 693 378 1 145 302 569 738 9 231 187
(net of by?product Sep?24 1 419 744 1 910 298 832 078 780 530 807 067 515 000 673 700 1 073 953 548 893 8 561 263
credits)
Inventory movement R'000 Sep?25 (109 050) (12 857) (63 386) (40 040) (37 584) (22 042) (115 495) (16 661) (32 156) (449 271)
Sep?24 (16 132) (4 753) 11 916 17 209 (23 214) 679 (10 970) 15 970 8 262 (1 033)
Operating costs R'000 Sep?25 1 473 678 2 088 935 854 756 805 225 816 762 498 454 577 883 1 128 641 537 582 8 781 916
Sep?24 1 403 612 1 905 545 843 994 797 739 783 853 515 679 662 730 1 089 923 557 155 8 560 230
Production profit/(loss) R'000 Sep?25 1 164 400 2 837 711 594 714 488 402 385 475 158 548 49 067 736 307 140 174 6 554 798
Sep?24 1 221 231 2 240 929 288 142 171 901 412 699 289 341 (11 218) 340 559 112 206 5 065 790
Sustaining capital R'000 Sep?25 85 405 213 345 137 166 94 136 130 779 59 623 80 845 75 196 20 385 896 880
expenditure Sep?24 91 022 260 394 125 899 93 899 125 432 75 234 125 670 76 966 13 745 988 261
Major capital expenditure R'000 Sep?25 408 383 354 382 26 577 36 872 92 862 — 6 — — 919 082
(incl. renewables) Sep?24 227 166 133 906 25 088 39 410 48 013 — 5 — — 473 588
Capital expenditure R'000 Sep?25 493 788 567 727 163 743 131 008 223 641 59 623 80 851 75 196 20 385 1 815 962
Sep?24 318 188 394 300 150 987 133 309 173 445 75 234 125 675 76 966 13 745 1 461 849
Cash operating costs R/kg Sep?25 1 054 449 775 569 1 106 195 1 136 109 1 236 391 1 384 298 1 687 051 1 116 279 1 468 397 1 063 869
Sep?24 757 197 637 403 1 045 324 1 142 796 931 948 909 894 1 433 404 1 037 636 1 165 378 877 268
Cash operating costs R/tonne Sep?25 7 646 8 178 4 568 6 986 4 049 4 819 5 876 8 810 4 912 6 284
Sep?24 6 697 6 822 4 379 6 559 4 035 4 221 4 990 6 754 4 322 5 545
Cash operating cost R/kg Sep?25 1 383 422 985 062 1 303 476 1 312 195 1 560 039 1 542 870 1 883 769 1 189 569 1 520 936 1 273 153
and Capital Sep?24 926 897 768 968 1 235 006 1 337 978 1 132 231 1 042 816 1 700 798 1 111 999 1 194 561 1 027 063
All?in sustaining cost R/kg Sep?25 1 115 635 891 329 1 291 699 1 316 848 1 481 974 1 603 067 1 962 385 1 217 684 1 544 711 1 193 363
Sep?24 822 716 752 470 1 224 995 1 320 009 1 080 758 1 062 826 1 739 078 1 173 334 1 254 207 1 008 883
Adjusted free cash flow % Sep?25 21% 46% 25% 25% 10% 12% (23)% 35% 13% 28%
margin(2) Sep?24 34% 44% 13% 6% 18% 27% (23)% 20% 16% 26%
OPERATING RESULTS ? YEAR ON YEAR (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 Sep?25 6 787 1 268 988 977 761 397 11 178 12 647 918 13 565
processed Sep?24 5 964 1 582 1 017 992 923 373 10 851 12 395 971 13 366
Yield g/tonne Sep?25 0.117 0.169 0.177 0.153 0.363 0.87 0.17 0.84 1.63 0.89
Sep?24 0.147 0.154 0.155 0.161 0.432 0.88 0.20 0.96 1.24 0.98
Gold produced kg Sep?25 793 214 175 149 276 345 1 952 10 629 1 499 12 128
Sep?24 878 243 158 160 399 330 2 168 11 927 1 204 13 131
Gold sold kg Sep?25 738 217 169 139 285 378 1 926 10 374 1 553 11 927
Sep?24 886 248 159 152 398 325 2 168 12 043 1 222 13 265
Gold price received R/kg Sep?25 1 798 079 1 966 742 1 820 101 1 793 727 1 840 319 1 827 167 1 830 659 1 818 254 1 820 220 1 818 510
Sep?24 1 081 756 1 432 484 1 377 377 1 374 414 1 377 485 1 377 102 1 262 640 1 358 750 1 382 893 1 360 974
Gold revenue(1) R'000 Sep?25 1 326 982 426 783 307 597 249 328 524 491 690 669 3 525 850 18 862 564 2 826 801 21 689 365
Sep?24 1 030 206 355 256 219 003 208 911 548 239 447 558 2 809 173 16 435 193 1 689 895 18 125 088
Cash operating cost R'000 Sep?25 677 539 154 595 101 819 115 615 323 937 328 376 1 701 881 10 933 068 327 043 11 260 111
(net of by?product Sep?24 566 419 152 823 106 714 104 858 359 539 272 773 1 563 126 10 124 389 548 638 10 673 027
credits)
Inventory movement R'000 Sep?25 (62 283) 653 (4 174) (8 336) 2 417 33 792 (37 931) (487 202) 146 035 (341 167)
Sep?24 (4 590) 646 (498) (5 222) (2 042) (1 845) (13 551) (14 584) 43 903 29 319
Operating costs R'000 Sep?25 615 256 155 248 97 645 107 279 326 354 362 168 1 663 950 10 445 866 473 078 10 918 944
Sep?24 561 829 153 469 106 216 99 636 357 497 270 928 1 549 575 10 109 805 592 541 10 702 346
Production profit/(loss) R'000 Sep?25 711 726 271 535 209 952 142 049 198 137 328 501 1 861 900 8 416 698 2 353 723 10 770 421
Sep?24 468 377 201 787 112 787 109 275 190 742 176 630 1 259 598 6 325 388 1 097 354 7 422 742
Sustaining capital R'000 Sep?25 6 857 35 255 15 810 17 269 426 137 308 212 925 1 109 805 518 841 1 628 646
expenditure Sep?24 18 959 969 486 11 398 81 55 034 86 927 1 075 188 342 345 1 417 533
Major capital R'000 Sep?25 213 891 — — — — — 213 891 1 132 973 111 522 1 244 495
expenditure Sep?24 265 630 — — — — — 265 630 739 218 34 176 773 394
(incl. renewables)
Capital expenditure R'000 Sep?25 220 748 35 255 15 810 17 269 426 137 308 426 816 2 242 778 630 363 2 873 141
Sep?24 284 589 969 486 11 398 81 55 034 352 557 1 814 406 376 521 2 190 927
Cash operating costs R/kg Sep?25 854 400 722 407 581 823 775 940 1 173 685 951 814 871 865 1 028 607 218 174 928 439
Sep?24 645 124 628 901 675 405 655 363 901 100 826 585 720 999 848 863 455 679 812 811
Cash operating costs R/tonne Sep?25 100 122 103 118 426 827 152 864 356 830
Sep?24 95 97 105 106 390 731 144 817 565 799
Cash operating cost R/kg Sep?25 1 132 770 887 150 672 166 891 839 1 175 228 1 349 809 1 090 521 1 239 613 638 696 1 165 341
and Capital Sep?24 969 257 632 889 678 481 726 600 901 303 993 355 883 618 1 000 989 768 404 979 663
All?in sustaining cost R/kg Sep?25 895 229 882 497 672 651 896 029 1 146 596 1 358 917 1 002 522 1 157 482 773 566 1 107 486
Sep?24 705 609 632 623 676 400 730 487 898 437 1 046 345 783 340 967 876 918 309 963 310
Adjusted free cash flow % Sep?25 32% 56% 62% 47% 38% 35% 40% 30% 59% n/a
margin(2) Sep?24 11% 57% 51% 44% 34% 23% 29% 27% 46% n/a
(1) Includes a non?cash consideration to Franco?Nevada (Sep?25:R0m, Sep?24:R71.770m) under Mine Waste Solutions, excluded from the gold price calculation.
(2) Excludes run of mine costs for Kalgold (Sep?25 : R18.687m, Sep?24 : ?R16.028m) and Hidden Valley (Sep?25 : ?R208.138m, Sep?24 : R5.860m).
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: 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)
M Gule*^, FJ Lombard*^, Z Matlala*^,
M Moshe*^, 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
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 2025, are available on our
website (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, and the ability to successfully integrate, past and future acquisitions, as
well as at existing operations; our ability to complete ongoing and future acquisitions; 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 (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 Mineral Resource and Ore Reserve figures published in this booklet are updated as at 30 June 2025. 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
12 November 2025
Date: 12-11-2025 01:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
