Core Insights - Harmony Gold Mining Co. Ltd.'s gold production for fiscal 2025 decreased by 5% to approximately 1.48 million ounces from about 1.56 million ounces the previous year, primarily due to adverse weather and operational challenges [1][7] Production Challenges - The company met its production guidance, but output was affected by interruptions caused by unprecedented rainfall in South Africa, which impacted electricity supply to its West Wits operations [2][7] - Safety-related stoppages also contributed to temporary production halts, particularly affecting the third and fourth quarters of fiscal 2025 [2] Future Production Outlook - Harmony Gold anticipates producing between 1.4 million and 1.5 million ounces of gold in fiscal 2026, indicating ongoing production challenges and suggesting flat year-over-year production [3][7] Peer Comparison - In contrast, AngloGold Ashanti plc reported a 21% year-over-year increase in gold production to 804,000 ounces in the second quarter of 2025, driven by strong performance from its managed operations [4] - Gold Fields Limited experienced a 24% year-over-year increase in attributable equivalent gold production to 1,136,000 ounces in the first half of 2025, remaining on track to meet its production guidance for the year [5] Stock Performance and Valuation - Harmony Gold's shares have increased by 86.6% year to date, compared to a 100.2% rise in the Zacks Mining – Gold industry, largely due to a surge in gold prices [6] - The company is currently trading at a forward 12-month earnings multiple of 6.23, which represents a 59.8% discount to the industry average of 15.48 [9]

Group 1 - The gold sector experienced a significant rise, with spot gold surpassing $3,560, marking a new historical high [1] - Notable stock performances include Harmony Gold (HMY.US) up over 7%, Royal Gold (RGLD.US) up 0.34%, Coeur Mining (CDE.US) up over 3%, New Gold (NGD.US) up over 1%, DRDGOLD (DRD.US) up over 5%, and Kinross Gold (KGC.US) up over 2% [1] - According to Tavi Costa from Crescat Capital, foreign central bank gold holdings have exceeded U.S. Treasury holdings for the first time since 1996 as gold prices reach record levels [1]

Core Viewpoint - The gold sector is experiencing a significant rise, with several companies seeing notable stock price increases as gold prices reach historical highs [1] Group 1: Company Performance - Harmony Gold (HMY.US) increased by over 6% [1] - Royal Gold (RGLD.US) rose by more than 2% [1] - Coeur Mining (CDE.US) saw an increase of over 2% [1] - New Gold (NGD.US) gained approximately 1.9% [1] - DRDGOLD (DRD.US) surged by over 4.5% [1] - Kinross Gold (KGC.US) rose by more than 3% [1] Group 2: Market Trends - Spot gold prices surpassed $3,500, marking a new historical high [1] - Silver prices also increased, reaching $40.86 per ounce, the highest level in fourteen years [1]

Core Insights - Gold prices have reached a new all-time high, surpassing $3,500 an ounce, driven by safe-haven demand amid geopolitical and economic uncertainties [1][10] - The price of gold has increased over 30% in 2025, with a continuous rally for six sessions [2][10] - Key factors contributing to gold's rise include expectations of Federal Reserve rate cuts, a weaker U.S. dollar, concerns over Fed independence, and ongoing geopolitical risks [4][5][6][7] Gold Market Dynamics - Expectations of Fed Rate Cuts: Market anticipates a 90% probability of a 25-basis-point cut at the upcoming Fed meeting, making gold more attractive as lower rates diminish the appeal of yield-bearing assets [4] - A Weaker Dollar: The U.S. Dollar Index has fallen approximately 10%, making gold cheaper for international buyers and boosting global demand [5] - Concerns Over Fed Independence: Political pressure on the Fed has raised doubts about its independence, enhancing gold's appeal as a safe-haven asset [6] - Lingering Geopolitical and Economic Uncertainty: Ongoing trade tensions and fragile economic growth continue to drive investors towards gold for stability [7] Investment Opportunities - Agnico Eagle Mines Limited (AEM): A leading gold producer with strong financials, including a nearly doubled operating cash flow to $1.8 billion in Q2 2025 and a solid project pipeline [8][9] - Idaho Strategic Resources Inc. (IDR): Combines gold production with rare earth elements, ramping up exploration at its Golden Chest Mine while maintaining a low debt profile [12][13] - Harmony Gold Mining Company Limited (HMY): South Africa's largest gold producer, with significant cash reserves and a projected 128% year-over-year EPS growth for fiscal 2026 [15][16][17] - Gold Fields Limited (GFI): One of the largest unhedged gold producers, showing impressive financial performance with a 94% year-over-year EPS growth estimate for 2025 [18][19][20]

Core Viewpoint - Harmony Gold Mining Co. Ltd. (HMY) experienced a significant increase in all-in-sustaining costs (AISC) and total cash operating costs due to rising labor and electricity expenses, which are expected to impact margins in the near term [1][2][3]. Cost Structure - AISC rose approximately 20% to $1,806 per ounce in fiscal 2025, driven by a 19% year-over-year increase in total cash operating costs to $1,499 per ounce [1][7]. - Labor and electricity costs are the largest components of HMY's cost structure, with electricity and water expenses increasing by 16% due to higher tariffs from Eskom [2][3][7]. Industry Comparison - Among peers, AngloGold Ashanti plc (AU) reported an 8% increase in total cash costs per ounce and a 7% rise in AISC, while Gold Fields Limited (GFI) saw a slight decline in AISC by 0.7% to $1,739 per ounce [4][5]. Price Performance and Valuation - HMY shares have increased by 61.8% year to date, although this is below the Zacks Mining – Gold industry's rise of 85.4% [6]. - HMY is trading at a forward 12-month earnings multiple of 4.61, which represents a 67.9% discount to the industry average of 14.36X [9]. Earnings Estimates - The Zacks Consensus Estimate for HMY's fiscal 2026 earnings indicates a year-over-year increase of 127.6%, with EPS estimates trending higher over the past 60 days [8].

Core Insights - Harmony Gold Mining Company Limited (HMY) reported adjusted earnings of $1.29 per share for fiscal 2025, a 30% increase from the previous year's adjusted earnings of 99 cents [1][6] - Revenues for fiscal 2025 rose 24% year over year to $4,071 million, with average gold prices received increasing 31% to $2,620 per ounce [1][6] Production and Costs - Gold production for fiscal 2025 was 1,479,671 ounces, reflecting a 5% decrease year over year [2][6] - Cash operating costs per ounce increased by 19% year over year to $1,499, while all-in-sustaining costs rose 20% to $1,806 per ounce [2][6] Financial Overview - As of June 30, 2025, cash and cash equivalents increased by 186% year over year to $738 million [3][6] - Total adjusted free cash flow surged 58% year over year to $614 million in fiscal 2025 [3][6] - Long-term debt at the end of fiscal 2025 was $107 million, up approximately 9% year over year [3][6] Outlook - Harmony Gold anticipates producing between 1.4 million and 1.5 million ounces of gold in fiscal 2026 [4] - Capital expenditures for fiscal 2026 are projected to rise to $699 million due to investments in high-quality ounces and long-term growth initiatives [4] Stock Performance - Shares of Harmony Gold have increased by 38.7% over the past year, compared to a 59.3% growth in the industry [5][6]

Group 1 - The gold sector is experiencing an upward trend despite market conditions, with significant gains in various gold-related stocks and ETFs [1] - As of the latest update, the Gold ETF (GLD.US) has increased by 0.5%, Barrick Mining (B.US) has risen over 1.4%, Gold Fields (GFI.US) has gained over 2.4%, and Harmony Gold (HMY.US) has surged over 5% [1] - Spot gold prices have reached $3,440 per ounce, marking a new high since June 16, with a daily increase of 0.68% [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For August 28, 2025 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 whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Johann ...

Financial Data and Key Metrics Changes - The company achieved a record high adjusted free cash flow of over ZAR 11 billion, reflecting a 54% increase [5][36] - Headline earnings per share rose by 25% to ZAR 2,337, with net profit jumping 67% to ZAR 14.6 billion [5][36] - Revenue grew by 20% to ZAR 74 billion, driven by operational consistency and higher gold prices [36][35] - Net cash on the balance sheet surged by 285% to ZAR 11.1 billion, indicating robust cash generation [35][38] Business Line Data and Key Metrics Changes - Underground recovered grades increased to 6.27 grams per tonne, exceeding revised guidance [6][10] - Production from high-grade mines increased by 8% to 16.5 tonnes, with a 10% improvement in grade to 9.89 grams per tonne [18] - All-in sustaining costs for high-grade operations rose by 9% to close to ZAR 860,000 per kilogram [18] Market Data and Key Metrics Changes - The company maintained production guidance at 1,400,000 to 1,500,000 ounces for FY '26, reflecting confidence in ore body performance [24] - The stronger rand resulted in higher reported costs in USD, but the investment case remains strong due to quality assets [11][12] Company Strategy and Development Direction - The company is focused on producing high-quality gold and copper, with a strategic shift towards copper as a significant part of its portfolio [4][28] - Harmony aims to maintain a balance between shareholder returns and disciplined growth, with a strong emphasis on safety and sustainability [16][41] - The acquisition of Mack Copper is expected to enhance the portfolio and improve quality across commodity cycles [4][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant opportunity cost associated with delays in the Wafi Golpu project but emphasized its long-term value [50] - The company is optimistic about the future, with plans to close the Mack Copper acquisition and advance the Eva Copper project [25][32] - Management highlighted the importance of maintaining safety and operational excellence as non-negotiables in their strategy [3][9] Other Important Information - The company has been included in the FTSE for Good Index for the eighth consecutive year, reflecting its commitment to responsible mining [16] - Total capital expenditure is projected to rise to ZAR 12.95 billion, driven by fleet replacement and project advancements [25] Q&A Session Summary Question: Concerns about high grading during high gold prices - Management clarified that Harmony is not high grading but is using a sequential grid mining method to ensure safety and stability in operations [44][45] Question: Opportunity cost analysis regarding Wafi Golpu delays - Management acknowledged the significant opportunity cost but emphasized the project's long-term value and alignment with macroeconomic trends [50][51] Question: Update on Mack Copper and operational changes - Management stated that detailed planning for Mack Copper will begin post-acquisition, with a focus on operational consistency and addressing technical challenges [53][56] Question: Production gap between 2030 and 2035 - Management clarified that the gap is not where Mack Copper will fill in, as it is already included in the production profile [63] Question: Sustainable grade management - Management indicated that while high grades are currently being mined, future grades should be aligned with the stated reserve grade [67][69]

Financial Data and Key Metrics Changes - FY 2025 marked the tenth consecutive year of meeting production guidance, with adjusted free cash flow reaching over ZAR 11 billion at a 16% margin, a 54% increase from the previous year [5][36] - Headline earnings per share rose by 25% to ZAR 2,337, while net profit jumped 67% to ZAR 14.6 billion from ZAR 8.7 billion [5][36] - Revenue grew by 20% to ZAR 74 billion from ZAR 61 billion, driven by operational consistency and higher gold prices [36] Business Line Data and Key Metrics Changes - Underground recovered grades increased to 6.27 grams per tonne, exceeding revised guidance, reflecting improved portfolio quality [6][10] - High-grade mines saw production increase by 8% to 16.5 tonnes, with grades improving by 10% to 9.89 grams per tonne [18] - South African surface operations produced 7.9 tonnes, a 13% decrease due to heavy rainfall, but maintained a solid margin of 36% [23] Market Data and Key Metrics Changes - The company reported a strong balance sheet with net cash surging by 285% to ZAR 11.1 billion, indicating robust cash generation [36] - The market capitalization reached approximately ZAR 180 billion or USD 10 billion, reflecting capital discipline and growth potential [41] Company Strategy and Development Direction - The company is focused on a balanced growth strategy, emphasizing high-quality gold and copper production while maintaining a conservative risk profile [27][44] - The acquisition of Mack Copper is expected to enhance the portfolio, with a final investment decision on the Eva Copper project anticipated later in the year [26][33] - The strategy prioritizes value over volume, with a commitment to responsible growth benefiting all stakeholders [44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant opportunity cost associated with delays in the Wafi Golpu project but emphasized its long-term value as a Tier one copper-gold mine [54] - The company remains optimistic about maintaining production guidance of 1.4 to 1.5 million ounces, with underground recovered grades expected to stay strong [25][26] - Management highlighted the importance of safety and operational excellence as foundational to future success [3][5] Other Important Information - The company achieved the lowest ever Lost Time Injury Frequency Rate (LTIFR) in its history, indicating improvements in safety culture [5][8] - The company is committed to sustainability, as evidenced by its inclusion in the FTSE for Good Index for the eighth consecutive year [16] Q&A Session Summary Question: Concerns about high grading during high gold prices - Management clarified that Harmony is not high grading but is using a sequential grid mining method to ensure safety and avoid unnecessary risks [47][48] Question: Opportunity cost analysis regarding Wafi Golpu delays - Management acknowledged the significant opportunity cost but emphasized the project's long-term value and the ongoing efforts to finalize necessary agreements [52][54] Question: Update on Mack Copper and operational changes - Management stated that detailed technical analysis and planning will occur post-acquisition, with updates expected in February [56][58] Question: Production gap and future guidance - Management clarified that the production gap is not where Mack Copper will fill in, as it is already included in the production profile [67]