FY25 ANNUAL RESULTS #MiningWithPurpose #MiningWithPurpose 28 August 2025 Beyers Nel, CEO JSE ticker code HAR / NYSE ticker code HMY © Harmony #MiningWithPurpose FY25 Annual Results 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, result ...

Core Viewpoint - Harmony Gold Mining Co. Ltd. (HMY) is expected to report fiscal 2025 results on August 28, with earnings estimated at $2.85 per share, indicating a 190.8% year-over-year increase [1]. Group 1: Earnings and Production Outlook - Higher gold prices and strong production in Q4 are anticipated to positively impact HMY's performance, despite challenges from rising costs [2][6]. - The consensus estimate for fiscal 2025 earnings has remained stable over the past 60 days, with an Earnings ESP of 0.00% and a Zacks Rank of 3 [3]. - HMY is projected to meet its full-year production guidance of 1.4-1.5 million ounces, despite a 6% decline in output during the first nine months due to adverse weather conditions [5][6]. Group 2: Gold Price Dynamics - Gold prices have surged this year, reaching a record high of $3,500 per ounce on April 22, driven by safe-haven demand amid global trade tensions and geopolitical issues [4]. - Although gold prices have retreated from their April highs, they remained above $3,300 per ounce at the end of Q2 [4]. Group 3: Cost Pressures - HMY faces significant cost pressures, with all-in sustaining costs rising approximately 24% in Q3 and total cash costs increasing by 22% year-over-year [8]. - Labor and electricity costs are the largest components of HMY's cost structure, and while the company is pursuing energy-saving initiatives, higher electricity tariffs are expected to continue impacting margins [8]. Group 4: Stock Performance and Valuation - HMY's shares have increased by 53.4% over the past year, outperforming the Zacks Mining – Gold industry and the S&P 500 [9]. - The company is currently trading at a forward 12-month earnings multiple of 5.52, which is about 60.5% lower than the peer group average of 13.97 [12]. Group 5: Development Projects and Strategic Position - HMY has a diverse portfolio of gold development projects, including the Wafi-Golpu copper-gold project in Papua New Guinea, which is expected to significantly enhance the company's reserves [15]. - The company maintains a strong balance sheet and generates substantial cash flows, enabling it to finance development projects and enhance shareholder value [16]. - The acquisition of the Eva Copper project aligns with HMY's strategy to transition into a low-cost gold and copper producer, supported by favorable gold prices [17].

Company Performance - Harmony Gold (HMY) closed at $15.91, reflecting a +2.71% increase from the previous day, outperforming the S&P 500's decline of 0.4% [1] - The stock has appreciated by 4.45% over the past month, surpassing the Basic Materials sector's gain of 2.44% and the S&P 500's gain of 1.67% [1] Earnings Estimates - Harmony Gold is expected to announce its earnings on August 28, 2025, with Zacks Consensus Estimates predicting earnings of $2.85 per share and revenue of $0 million, representing a +190.82% change in earnings from the previous year [2] - The consensus EPS projection has remained stagnant over the past 30 days, and Harmony Gold currently holds a Zacks Rank of 2 (Buy) [5] Analyst Estimates and Valuation - Changes in analyst estimates for Harmony Gold are crucial as they reflect short-term business trends, with positive revisions indicating a favorable outlook on the company's health and profitability [3] - Harmony Gold has a Forward P/E ratio of 5.44, significantly lower than the industry average of 12.96, and a PEG ratio of 0.09 compared to the Mining - Gold industry's average PEG ratio of 0.58 [6] Industry Context - The Mining - Gold industry, part of the Basic Materials sector, holds a Zacks Industry Rank of 75, placing it in the top 31% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

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Company Performance - Harmony Gold (HMY) closed at $15.82, reflecting a -1.25% change from the previous day, underperforming the S&P 500 which lost 0.08% [1] - Prior to the recent trading session, shares of Harmony Gold had gained 11.79%, outperforming the Basic Materials sector's loss of 1.5% and the S&P 500's gain of 1.21% [1] Earnings Forecast - Zacks Consensus Estimates project earnings of $2.85 per share and revenue of $0 million for the year, indicating a significant increase of +190.82% in earnings compared to the previous year [2] Analyst Estimates - Recent changes to analyst estimates for Harmony Gold reflect short-term business trends, with positive revisions indicating a favorable outlook on the company's health and profitability [3] Zacks Rank and Valuation - Harmony Gold currently holds a Zacks Rank of 1 (Strong Buy), with a Forward P/E ratio of 5.62, which is a discount compared to the industry average Forward P/E of 13.38 [5] - The company has a PEG ratio of 0.1, significantly lower than the Mining - Gold industry's average PEG ratio of 0.58 [6] Industry Context - The Mining - Gold industry is part of the Basic Materials sector and holds a Zacks Industry Rank of 54, placing it in the top 22% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Company Overview - Harmony Gold Mining is one of the largest gold miners globally, with an expected production of up to 1.5 million ounces in the current year [1] Industry Insights - The company operates predominantly in South Africa and is involved in various growth projects, indicating a strategic focus on expanding its operations [1] Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities like gold, and has transitioned to a value investing-focused platform [1]

Despite the recent pullback, gold prices have gained roughly 27% this year. The aggressive trade policies, including sweeping new import tariffs announced by President Donald Trump, intensified global trade tensions and heightened investor anxiety, prompting the price rally. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump's policies. Prices of the yellow metal catapulted to a record high of $3,500 per ounce on April 22. Increased purchases by central banks ...

Group 1 - Harmony Gold Mining Co. Ltd. (HMY) is confident in achieving its fiscal 2025 production guidance of 1.4-1.5 million ounces of gold despite a 6% year-over-year decline in gold output to approximately 1.11 million ounces in the first nine months due to unprecedented rainfall affecting operations [1][6] - The company raised its underground recovered grade guidance to 6.00g/t from 5.80g/t, expecting to exceed this target based on strong performances from its Mponeng and Moab Khotsong assets [2][6] - HMY's shares have increased by 68.9% year to date, outperforming the Zacks Mining – Gold industry's rise of 58.7%, attributed to a surge in gold prices [5] Group 2 - AngloGold Ashanti plc (AU) reported a 22% year-over-year increase in gold production to 720,000 ounces in the first quarter of 2025, marking its strongest first-quarter production since 2020 [3] - Gold Fields Limited (GFI) achieved a 19% year-over-year increase in attributable equivalent gold production to 551,000 ounces in the first quarter of 2025 and remains on track to meet its production guidance for the year [4] - The Zacks Consensus Estimate for HMY's fiscal 2025 earnings indicates a significant year-over-year rise of 190.8%, with EPS estimates trending higher over the past 60 days [7] Group 3 - HMY is currently trading at a forward 12-month earnings multiple of 4.87, which is approximately 61.7% lower than the industry average of 12.72X, and holds a Value Score of B [8] - HMY stock is rated as a Zacks Rank 1 (Strong Buy) [10]

Company Overview - Harmony Gold is currently ranked 1 (Strong Buy) in the Zacks Rank system, indicating strong potential for outperforming the market in the near term [3] - The company has seen a significant increase in its full-year earnings estimate, which has risen by 43.9% over the past quarter, reflecting improved analyst sentiment [4] Performance Metrics - Year-to-date, Harmony Gold has gained approximately 83.1%, significantly outperforming the Basic Materials sector, which has returned an average of 15.8% [4] - Within the Mining - Gold industry, Harmony Gold ranks 12 in the Zacks Industry Rank, with the industry itself averaging a gain of 58.7% this year, indicating that Harmony Gold is performing better than its peers [6] Comparative Analysis - Another stock in the Basic Materials sector, Novozymes A/S, has a year-to-date return of 22.7% and also holds a Zacks Rank of 1 (Strong Buy) [5] - Novozymes A/S belongs to the Chemical - Specialty industry, which is currently ranked 89, with an average year-to-date gain of 5.5%, showing a stark contrast to Harmony Gold's performance [6] Sector Context - The Basic Materials sector consists of 238 individual stocks and is ranked 10 in the Zacks Sector Rank, which evaluates sectors based on the average Zacks Rank of individual companies [2]

Core Viewpoint - Harmony Gold Mining Co. Ltd. (HMY) is focusing on long-term growth through the execution of two key development projects: the Wafi-Golpu copper-gold project in Papua New Guinea and the Eva Copper project in Australia [1]. Group 1: Wafi-Golpu Project - The Wafi-Golpu project is a significant asset for HMY, with an estimated gold reserve of 13 million ounces, making it one of the largest copper-gold block cave projects globally [2]. - HMY is currently negotiating with its joint venture partner, Newmont Corporation, and the PNG Government regarding the Mining Development Contract necessary for a Special Mining Lease, with permitting on track [2]. Group 2: Eva Copper Project - The Eva Copper project in Australia is considered low-risk and adds to HMY's global copper-gold footprint, aligning with its goal of becoming a low-cost mining company [3]. - HMY acquired Eva Copper in 2022, and the project is expected to produce between 55,000 to 60,000 tons of copper annually, with a feasibility study update currently in progress [3]. Group 3: Strategic Diversification - HMY's strategy includes diversifying beyond its South African gold operations, with a focus on the Wafi-Golpu and Eva Copper projects to drive transformative growth [4]. - The paired focus on these projects positions HMY uniquely in the market, enhancing its growth potential [4]. Group 4: Market Performance and Valuation - HMY shares have increased by 64.9% over the past year, outperforming the Zacks Mining – Gold industry, which rose by 33.4% [7]. - The company is currently trading at a forward 12-month earnings multiple of 5.26, which is approximately 56.3% lower than the industry average of 12.04 [9]. - The Zacks Consensus Estimate for HMY's fiscal 2025 earnings indicates a year-over-year growth of 190.8%, with EPS estimates trending higher over the past 60 days [10].