Company announcements

Trading statement and operational update for the financial year ended 30 June 2025 (“FY25”)

August 25, 2025

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Johannesburg. Monday, 25 August 2025.  “As Harmony marks its 75th anniversary, FY25 stands out as our tenth consecutive year of meeting guidance – a testament to a decade of operational discipline and consistency. We delivered group production of 46 023kg (1 479 671oz), landing towards the upper end of our guided range, driven by robust contributions from our high-grade South African underground operations and the Hidden Valley mine in Papua New Guinea.

Recovered underground grades improved by 3% to 6.27g/t, exceeding the upwardly revised guidance of 6g/t, supported by an exceptional performance at Mponeng. Through disciplined cost management, we maintained all-in sustaining costs (AISC) at R1 054 346/kg (US$1 806/oz), comfortably within the guided range of R1 020 000/kg to R1 100 000/kg.

Our strategy remains firmly centered on value enhancement over volume growth through safe, profitable ounces. By allocating capital to higher-margin, lower-risk assets and prioritising quality ounces over output, we continue to strengthen margins, improve portfolio resilience, and enhance long-term returns.

Gold remains at the core of our business, underpinning our identity and long‑term value proposition. Copper, however, will be a key enhancement and catalyst for future earnings growth – providing diversification, supporting the global energy transition, and helping to secure robust cash flows across commodity cycles. By integrating copper into our high‑margin portfolio, we strengthen our ability to generate returns through both favourable and challenging market conditions. We have a proven track record of delivery and a clear plan to enhance portfolio quality. With safety, operational excellence and effective capital allocation as non‑negotiable foundations, Harmony is positioned to create enduring value for all stakeholders,” said Beyers Nel, CEO of Harmony.

Expected basic and headline earning for FY25

Shareholders of Harmony are advised that a reasonable degree of certainty exists that basic earnings for FY25 will be higher than for the financial year ended 30 June 2024 (“the previous comparable period” or “FY24”) primarily due to:

• an increase in group revenue as a result of continued operational excellence and a higher average gold price received. The average gold price received increased by 27% to R1 529 358/kg (US$2 620/oz) from R1 201 653/kg (US$1 999/oz)
• no impairment recognised on assets during FY25 due to headroom shown on all assets compared to R2 793 million (US$154 million) impairment in FY24.

The increase in earnings was partially offset by the following:

• an increase in production costs mainly due to inflationary increases on costs including labour, contractors, consumables and electricity;
• the royalty expense increased due to a higher rate being applied due to higher profits, as well as the increased revenue base to which it is applied;
• an increase in the taxation expense of approximately R3 500 million (US$200 million), of which approximately R1 750 million (US$100 million) relates to current taxation. The increase in current taxation was mainly due to higher profitability resulting from continued operational excellence and the increased gold price received. The remainder of the increase relates to deferred taxation, reflecting the change in temporary differences as well as the impact of changes in deferred tax rates applied for the majority of the group’s South African mining companies.

Consequently, earnings per share (“EPS”) are expected to be between 2 180 and 2 450 South African (“SA”) cents per share, which is an increase of between 57% and 77% on the EPS of 1 386 SA cents per share for the previous comparable period. In United States (“US”) dollar terms, the earnings per share is expected to be between 120 and 132 US cents per share, which is an increase of between 64% and 81% on the profit per share of 73 US cents per share reported for the previous comparable period.

Headline earnings per share (“HEPS”) are expected to be between 2 190 and 2 500 SA cents per share, which represents an increase of between 18% and 35% from the HEPS of 1 852 SA cents per share reported in the previous comparable period. In US dollar terms, the headline earnings per share is expected to be between 121 and 137 US cents per share, which is an increase of between 22% and 38% on the HEPS of 99 US cents per share reported for the previous comparable period.

Harmony will publish its financial results for the financial year ended 30 June 2025 on Thursday, 28 August 2025. Please see Harmony’s website for more details: www.harmony.co.za.

The financial information on which this trading statement has been based, has not been reviewed or reported on by Harmony’s external auditors.

For more details, contact:

Jared Coetzer
Head of Investor Relations
+27 (0) 82 746 4120
Johannesburg

25 August 2025

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J.P. Morgan Equities South Africa (Pty) Ltd