Company announcements Home » Investors » News » Company announcements » Operational update for the nine months ended 31 March 2025 (9MFY25) 2025 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Operational update for the nine months ended 31 March 2025 (9MFY25)May 05, 2025 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 Compan 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 workedUnless 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: The devastating safety incidents which demanded pre‐emptive stoppages at Joel, Doornkop and Mponeng 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 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 NelChief executive officer COMPARATIVE OPERATIONAL METRICS FOR Q3FY25 VS Q3FY24 AND 9MFY25 VS 9MFY24 UnitQ3FY25Q3FY24Q‐on‐q(%)9MFY259MFY24Y‐on‐Y(%)Average gold price receivedR/kg1 581 0291 213 350301 454 2911 162 04825 $/oz2 6612 000332 4971 92830Underground yieldg/t5.985.8626.286.162Gold produced totalkg9 77110 888(10)34 58736 777(6) oz314 142350 056(10)1 111 9961 182 405(6)South African optimised underground(1)kg3 4864 269(18)12 57114 576(14) oz112 077137 251(18)404 167468 629(14)South African high‐grade underground(2)kg3 1913 319(4)12 17611 3647 oz102 592106 708(4)391 467365 3607South African surface(3)kg1 7842 260(21)6 0406 786(11) oz57 35672 660(21)194 190218 174(11)International (Hidden Valley)kg1 3101 040263 8004 051(6) oz42 11733 43726122 172130 242(6)Total cash costsR/kg984 143823 880(19)861 916747 669(15) $/oz1 6571 358(22)1 4801 241(19)Group AISCR/kg1 171 062964 834(21)1 027 912877 965(17) US$/oz1 9711 590(24)1 7651 457(21)Group AICR/kg1 322 6281 037 998(27)1 121 938942 150(19) US$/oz2 2261 711(30)1 9271 563(23)Average exchange rateR/US$18.4818.87(2)18.1118.75(3) Tshepong South, Tshepong North, Target 1, Joel, Masimong, Doornkop and Kusasalethu Mponeng and Moab Khotsong Mine Waste Solutions, Phoenix, Central Plant, Savuka Tailings, Dumps and Kalgold OPERATING RESULTS – QUARTER ON QUARTER (RAND/METRIC) SOUTH AFRICA – UNDERGROUND PRODUCTION Three months endedMoab KhotsongMponengTshepong NorthTshepong SouthDoornkopJoelTarget 1KusasalethuMasimongTOTAL UNDERGROUNDOre milledt’000Mar‐25178178145951686374131851 117 Mar‐2418621316396201861071381051 295Yieldg/tonneMar‐258.079.864.236.483.484.033.806.543.285.98 Mar‐247.958.644.426.654.374.094.396.013.615.86Gold producedkgMar‐251 4361 7556146165852542818572796 677 Mar‐241 4781 8417216388793524708303797 588Gold soldkgMar‐251 4241 7496276285592593088542846 692 Mar‐241 3721 6476886098093364557433627 021Gold price receivedR/kgMar‐251 569 8661 587 9411 576 3961 576 9321 574 0411 579 4291 588 5971 567 7371 575 6201 577 418 Mar‐241 241 0651 235 8121 229 2081 229 9661 223 9021 234 5541 229 5491 227 7211 227 1821 232 545Gold revenue¹R’000Mar‐252 235 4892 777 309988 400990 313879 889409 072489 2881 338 847447 47610 556 083 Mar‐241 702 7412 035 382845 695749 049990 137414 810559 445912 197444 2408 653 696Cash operating costR’000Mar‐251 319 0231 482 945738 549697 787777 261424 477595 930958 419454 6457 449 036(net of by‐productcredits) Mar‐241 288 7121 337 990680 937606 239733 755392 645575 423892 802461 0876 969 590Inventory movementR’000Mar‐25(87 942)(17 810)12 4342 006(38 089)13 68629 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 costsR’000Mar‐251 231 0811 465 135750 983699 793739 172438 163625 169937 495465 4947 352 485 Mar‐241 135 0481 157 992646 084581 393677 690377 511564 362811 410443 9576 395 447Production profitR’000Mar‐251 004 4081 312 174237 417290 520140 717(29 091)(135 881)401 352(18 018)3 203 598 Mar‐24567 693877 390199 611167 656312 44737 299(4 917)100 7872832 258 249Capital expenditureR’000Mar‐25910 341459 140148 683131 337223 03863 12085 24997 06327 7642 145 735 Mar‐24356 661212 881130 998130 454151 43239 455109 67548 0067 0931 186 655Cash operating costsR/kgMar‐25918 540844 9831 202 8491 132 7711 328 6511 671 1692 120 7471 118 3421 629 5521 115 626 Mar‐24871 930726 773944 434950 218834 7611 115 4691 224 3041 075 6651 216 588918 502Cash operating costsR/tonneMar‐257 4108 3315 0937 3454 6276 7388 0537 3165 3496 669 Mar‐246 9296 2824 1786 3153 6514 5665 3786 4704 3915 382Cash operating costR/kgMar‐251 552 4821 106 6011 445 0031 345 9811 709 9131 919 6732 424 1251 231 6011 729 0651 436 988and Capital Mar‐241 113 243842 4071 126 1231 154 6911 007 0391 227 5571 457 6551 133 5041 235 3031 074 887All‐in sustaining costR/kgMar‐25963 364984 6791 443 2871 302 1761 611 4371 976 1222 367 9141 241 7981 834 0421 276 155 Mar‐24952 470840 0301 150 0551 156 166988 5501 279 1191 510 5551 190 0001 312 7971 062 795 SOUTH AFRICA – SURFACE PRODUCTION Three months endedMine Waste SolutionsPhoenixCentral Plant ReclamationSavuka TailingsDumpsKalgoldTOTAL SURFACETOTAL SOUTH AFRICAHidden ValleyTOTAL HARMONYOre milled/tailingst’000Mar‐255 5031 5609379051 03735210 29411 41198212 393processed Mar‐245 3851 5259551 0061 10535310 32911 62475412 378Yieldg/tonneMar‐250.1100.1610.1640.1430.3690.740.170.741.330.79 Mar‐240.1700.1450.1580.1540.4440.920.220.851.380.88Gold producedkgMar‐256062511541293832611 7848 4611 3109 771 Mar‐249182211511554913242 2609 8481 04010 888Gold soldkgMar‐256402491641403802671 8408 5321 2529 784 Mar‐249392041561564923352 2829 3031 09710 400Gold price receivedR/kgMar‐251 567 0421 692 0081 572 4571 595 0711 560 6051 569 8651 585 6491 579 1931 593 5421 581 029 Mar‐241 002 6451 258 5251 232 8781 231 6671 225 3901 226 0691 137 7381 209 2891 247 7891 213 350Gold revenue(1)R’000Mar‐251 002 907421 310257 883223 310593 030419 1542 917 59413 473 6771 995 11515 468 792 Mar‐241 014 675256 739192 329192 140602 892410 7332 669 50811 323 2041 368 82412 692 028Cash operating costR’000Mar‐25527 714139 35386 92192 385380 699309 2221 536 2948 985 330630 7309 616 060(net of by‐product credits) Mar‐24501 486137 41887 04283 767352 921247 9331 410 5678 380 157590 2488 970 405Inventory movementR’000Mar‐2534 632(492)5 9156 110(6 370)5 55845 353(51 198)(5 337)(56 535) Mar‐244 089(11 451)2 5461 2053 6882 0762 153(571 990)(76 888)(648 878)Operating costsR’000Mar‐25562 346138 86192 83698 495374 329314 7801 581 6478 934 132625 3939 559 525 Mar‐24505 575125 96789 58884 972356 609250 0091 412 7207 808 167513 3608 321 527Production profitR’000Mar‐25440 561282 449165 047124 815218 701104 3741 335 9474 539 5451 369 7225 909 267 Mar‐24509 100130 772102 741107 168246 283160 7241 256 7883 515 037855 4644 370 501Capital expenditureR’000Mar‐25185 52535 5548 12710 92427127 271267 6722 413 407486 2442 899 651 Mar‐24256 1433 7582 3916 06037547 874316 6011 503 256497 9612 001 217Cash operating costsR/kgMar‐25870 815555 191564 422716 163993 9921 184 759861 1511 061 970481 473984 143 Mar‐24546 281621 801576 437540 432718 780765 225624 145850 950567 546823 880Cash operating costsR/tonneMar‐25968993102367878149787642776 Mar‐2493909183319702137721783725Cash operating costR/kgMar‐251 176 962696 841617 195800 845994 7001 289 2451 011 1921 347 209852 6521 280 904and Capital Mar‐24825 304638 805592 272579 529719 544912 985764 2341 003 5961 046 3551 007 680All‐in sustaining costR/kgMar‐25944 024701 556616 988781 564985 7891 306 533930 9311 201 705962 2441 171 062 Mar‐24578 518645 545594 174583 538725 577909 102666 159962 439985 141964 834 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. 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 (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
