Key Takeaways AngloGold Ashanti outperformed Harmony Gold with a 194.6% one-year stock surge.AU's EBITDA jumped 129% y/y in 2025, driven by higher output and gold prices.Harmony Gold faces rising costs, with all-in sustaining costs up 21% in fiscal 2026.AngloGold Ashanti PLC (AU) and Harmony Gold Mining Co. Ltd. (HMY) are two prominent gold mining companies with a diversified portfolio of mines. Both AU and HMY are gaining from the surge in gold prices.Gold prices are benefiting from safe-haven demand, heig ...

Core Viewpoint - Harmony Gold Mining Company Limited, listed on the NYSE as HMY, is a significant player in the gold mining industry, with operations in South Africa and Papua New Guinea, despite missing earnings estimates in its recent report [1] Financial Performance - The company's earnings per share (EPS) was $0.88, missing the estimated $0.95 [5] - Actual revenue was $2.74 billion, slightly below the estimated $2.76 billion [2][5] - A 36% increase in the average gold price contributed to a 20% rise in group revenue [2] Dividend and Market Conditions - Harmony Gold doubled its interim dividend, benefiting from favorable market conditions [2] Valuation Metrics - The company has a price-to-earnings (P/E) ratio of approximately 12.10, indicating investor willingness to pay for earnings [3] - The price-to-sales ratio is about 2.33, reflecting market valuation of revenue [3] - The enterprise value to sales ratio is around 2.18, while the enterprise value to operating cash flow ratio is approximately 7.11 [3] Financial Stability - The earnings yield stands at 8.27%, showing earnings generated relative to share price [4] - Harmony Gold maintains a low debt-to-equity ratio of 0.046, indicating a conservative approach to debt [4] - The current ratio of 1.72 suggests a strong ability to cover short-term liabilities with short-term assets, showcasing financial stability [4]

Market Overview - The U.S. stock market opened mixed on March 11, with the Nasdaq up by 0.28%, the Dow Jones down by 0.02%, and the S&P 500 up by 0.12% [1] Key Index Performance - Dow Jones Industrial Average: Current price at 47,697.02, down by 9.49 points (-0.02%) [2] - Nasdaq Index: Current price at 22,760.17, up by 63.07 points (+0.28%) [2] - S&P 500: Current price at 6,789.53, up by 8.05 points (+0.12%) [2] Notable Stock Movements - Oracle (ORACLE) saw a significant increase of 13.20%, with a current price of 169.120 [3] - Tesla (TESLA) rose by 2.52%, currently priced at 409.291 [3] - Micron Technology (MICRON) increased by 1.85%, with a current price of 410.570 [3] - Other tech stocks such as AMD, Intel, Qualcomm, Amazon, Microsoft, and NVIDIA also experienced gains [2] Decline in Gold Stocks - Gold stocks faced declines, with Harmony Gold dropping over 10%, Hecla Mining down over 5%, and U.S. Gold falling over 3% [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes □ No 区 For March 11, 2026 Harmony Gold Mining Company Limited Randfontein Office Park Corner Main Reef Road and Ward Avenue Randfontein, 1759 South Africa (Address of principal executive offices) * -- (Indicate by check mark wh ...

Core Viewpoint - Harmony Gold Mining is transitioning into a significant global producer of gold and copper, focusing on creating value for stakeholders while maintaining a strong balance sheet and disciplined capital allocation. Financial Performance - The company reported an interim dividend payout of ZAR 3.4 billion (or $204 million), which is 43% of net free cash flow for the period [1] - Harmony declared an interim dividend of ZAR 5.30 (or $0.32) per share, resulting in a rolling 12-month dividend yield of 2.2% [2] Production and Operations - Operations are on track to meet full-year production, cost, and grade guidance, supported by an "exceptional gold price environment" [3] - Current production guidance for the CSA mine includes one-off stoppages, with management expressing satisfaction with the ore body and ongoing improvements [10] - Lower gold production was attributed to a mill motor failure at Hidden Valley and prior cyanide supply disruptions affecting recoveries [11] Capital Expenditure and Projects - Group capital expenditure guidance for FY2026 is updated to ZAR 18.5 billion, including CSA and Eva Copper project spending [5] - The Eva Copper project is targeting first production by late 2028, with total project capital estimated between $1.55 billion and $1.75 billion [6] Strategic Focus - The company is pursuing selective growth with capital allocation prioritizing safety, sustaining existing operations, and organic projects [4] - Harmony is investing in Australia as a natural extension of its operational capabilities, supporting its Papua New Guinea operations [7] Cost Management - South African costs are predictable, with labor comprising about 55% of the cost basket, and over 70% of costs being relatively stable [9] - The company is working to reduce dependence on external cyanide supply by increasing internal distribution capacity [8] Silver Production - Silver revenue decreased by 27% to ZAR 740 million from ZAR 1 billion, primarily due to reduced production linked to the mill motor issue [12] Capital Structure - The company expects to return to a net cash position by the end of the financial year, despite recent acquisitions [13] - Management is evaluating options to refinance near-term maturities related to a bridge loan for the CSA acquisition [13] Long-term Vision - Harmony aims to be a higher quality, lower risk global producer of copper and gold, emphasizing "mining with purpose" [14]

Core Strategy - Harmony Gold Mining maintains gold as its core focus while strategically scaling copper production as a growth lever, targeting approximately 100,000 tonnes per annum from CSA and Eva within three to five years [1][6][3] - The company emphasizes a strategy guided by four pillars: responsible stewardship, operational excellence, cash certainty, and capital allocation, prioritizing value over volume [2][3] Operational Performance - In the reporting period, Harmony produced 724,000 ounces of gold, facing operational challenges such as a cyanide shortage and lower plant recoveries, which increased all-in sustaining costs to ZAR 1.18 million/kg ($2,115/oz) [4][9] - The company reported a decrease in underground recovered grades by 11% to 5.7 g/t, although face grades mined were in line with plans [8] Financial Results - Harmony's financial performance showed significant improvements, with EBITDA rising 39% to ZAR 18 billion and operating cash increasing by 36% [5][18] - The company declared a record interim dividend of ZAR 5.30 per share, totaling ZAR 3.4 billion, representing 43% of net free cash for the period [16][15] Cost Structure - Total cash costs (excluding CSA) rose 10% to ZAR 22 billion, with labor costs comprising approximately 55% of total costs, and electricity costs increasing by 14% year-over-year [13] - South African royalties increased by 60% due to higher revenue and profitability [13] Growth Projects - The Eva Copper project in Australia is expected to produce approximately 65,000 tonnes of copper per annum for the first five years, with total capital estimated between $1.55 billion and $1.75 billion [20] - CSA, acquired through the MAC transaction, is positioned as a high-grade copper mine with a reserve grade above 3.4% and over 12 years of reserve life [21] Future Outlook - Harmony anticipates FY2026 copper production at CSA to be between 17,500 and 18,500 tonnes, despite a planned one-month stoppage for shaft upgrades [22] - The company is focused on permitting for the Wafi-Golpu project in Papua New Guinea, which is seen as a generational asset [7][24]

Financial Data and Key Metrics Changes - Gold revenue increased by 20% to ZAR 44 billion, supported by a higher realized gold price and operational discipline [16] - EBITDA rose by 39% to ZAR 18 billion, while cash generated by operating activities increased by 36% to ZAR 14 billion [16] - Operating profit increased by 61% to ZAR 16 billion, and net profit rose by 24% to ZAR 10 billion [17] - Basic earnings per share increased to ZAR 15.63 [5] - Group all-in sustaining cost rose to ZAR 1.18 million per kilogram or $2,115 per ounce due to lower volumes and higher royalties [5][20] Business Line Data and Key Metrics Changes - Gold production for the reporting period was 724,000 ounces, impacted by a cyanide shortage and lower plant recoveries [4] - Underground recovered grades decreased by 11% to 5.7 grams per ton, while face grades mined remained in line with plans [4] - Hidden Valley's production was affected by a mill motor failure and shipping delays [4] Market Data and Key Metrics Changes - The company is geographically diversified with assets in South Africa, Papua New Guinea, and Australia, underpinned by approximately 136 million ounces in mineral resources and about 37 million ounces of mineral reserves [2] - South African royalties increased by 60% due to higher revenue and profitability [20] Company Strategy and Development Direction - The company aims to build enduring long-term value through safe, profitable ounces, quality reserve conversion, and disciplined copper scale alongside its gold portfolio [2] - Plans to bring approximately 100,000 tons per annum of copper online from CSA and Eva within the next 3-5 years [3] - The company is focused on optimizing cash flows and maintaining a strong balance sheet while investing in growth projects [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year production, cost, and grade guidance despite short-term headwinds [5] - The company is well-positioned for growth, with a strong balance sheet and significant cash reserves [21] - Management emphasized the importance of safety and operational excellence as foundational to long-term value creation [6][25] Other Important Information - The interim dividend has more than doubled to ZAR 3.4 billion, reflecting strong operational and financial results [5][24] - The company has revised its dividend policy to allow for up to 50% of net free cash to be returned to shareholders [23] Q&A Session Questions and Answers Question: Impact of cyanide shortage and lower recoverability - Management confirmed that the cyanide shortage was a one-off issue and has been resolved, with measures in place to mitigate future risks [34][35] Question: Details on the new dividend policy - The revised policy allows for a base dividend of 30% of net free cash, with potential for an additional upside dividend based on leverage levels [39][23] Question: Synergies with existing assets and resource endowment - Management indicated a focus on returning resources and reserves to viable projects, particularly in the Free State [45] Question: Constraints on CSA mining operations - The main constraints at CSA are related to ventilation and infrastructure, with plans in place to address these issues [51][52] Question: Status of Wafi-Golpu project - Management highlighted the importance of obtaining permits for Wafi-Golpu and noted ongoing discussions with the Papua New Guinea government to advance the project [77][81]

Financial Data and Key Metrics Changes - Gold revenue increased by 20% to ZAR 44 billion, driven by a higher realized gold price and operational discipline [17] - EBITDA rose 39% to ZAR 18 billion, while cash generated by operating activities increased by 36% to ZAR 14 billion [17] - Operating profit increased by 61% to ZAR 16 billion, and net profit rose by 24% to ZAR 10 billion [18] - Basic earnings per share increased to ZAR 15.63, reflecting strong operational and financial results [5] - All-in sustaining cost rose to ZAR 1.18 million per kilogram or $2,115 per ounce due to lower volumes and higher royalties [5] Business Line Data and Key Metrics Changes - Gold production for the reporting period was 724,000 ounces, impacted by a cyanide shortage and lower plant recoveries [4] - The lost time injury frequency rate reached an all-time low of 4.23, indicating improved safety performance [4] - The South African high-grade underground mines produced at a solid 37% margin, while margins at the South African optimized underground assets doubled to 22% [8] Market Data and Key Metrics Changes - The company is geographically diversified with assets in South Africa, Papua New Guinea, and Australia, providing stability and growth potential [2] - South African royalties increased by 60% due to higher revenue and profitability [20] - The strong rand has lifted reported US dollar costs, but the company remains below the mid-range of all-in sustaining cost guidance [20] Company Strategy and Development Direction - The company aims to build enduring long-term value through safe, profitable ounces, quality reserve conversion, and disciplined copper scale alongside its gold portfolio [2] - Plans to bring approximately 100,000 tons per annum of copper online from CSA and Eva within the next 3-5 years to address cash flow stability [3] - The company is focused on optimizing long-life assets and prioritizing value over volume to enhance profitability and sustainability [3] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year production, cost, and grade guidance despite short-term headwinds [5] - The company is well-positioned for growth, with a strong balance sheet and significant cash reserves to fund its growth pipeline [21] - Management emphasized the importance of safety and operational excellence as foundational to the company's strategy [26] Other Important Information - The interim dividend has more than doubled to ZAR 3.4 billion, reflecting a revised dividend policy that allows for up to 50% of net free cash to be returned to shareholders [5][24] - The company is actively assessing its capital structure to maintain an efficient balance sheet aligned with funding needs and cash flow strength [22] Q&A Session Summary Question: Impact of cyanide shortage and lower recoverability - Management confirmed that the cyanide shortage was a one-off issue and has been resolved, with measures in place to mitigate future risks [34][35] Question: Details on the new dividend policy - The board has discretion over dividends based on net debt to EBITDA levels, with a base dividend increased from 20% to 30% of net free cash [40][41] Question: Synergies with existing assets and resource endowment - The focus is on returning resources and reserves to viable projects rather than pursuing new acquisitions at inflated prices [46] Question: Constraints on CSA mining operations - The main constraints are related to ventilation and infrastructure, with plans to address these issues over the next 18-24 months [52][56] Question: Status of Wafi-Golpu project - The project is viewed as a generational asset, with ongoing efforts to secure necessary permits and advance discussions with stakeholders [76][80]

JSE ticker code HAR / NYSE ticker code HMY © Harmony #MiningWithPurpose H1FY26 RESULTS PRESENTATION Beyers Nel, CEO 11 March 2026 H1FY26 results presentation Safe harbour statement Disclaimer – Forward Looking Statements 2 This presentation 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, busine ...

Harmony Gold produced its first copper during its fiscal first half as the firm expands into the metal https://t.co/WqXYSP5bVO ...