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Core Viewpoint - Harmony Gold Mining has approved the development of the Eva Copper Project, which is expected to significantly expand its copper portfolio following a positive feasibility study and final investment decision [1] Project Overview - The Eva Copper Project is a 100%-owned asset with a low strip ratio, forecasted to produce approximately 65,000 tonnes per annum (tpa) of copper in concentrate during the first five years, with a life-of-mine average production of around 60,000 tpa of copper and 19,000 ounces of gold per annum over an estimated 15-year mine life [2] - The project's all-in sustaining cost is estimated at $2.50 per pound, indicating strong margins and increased cash flow throughout its life [3] Financial and Economic Aspects - Project capital expenditure is estimated between $1.55 billion (A$2.3 billion) and $1.75 billion, with investment phased over a three-year construction period to maintain a manageable investment profile [4] - Since acquiring the project in October 2022, Harmony has completed 166,000 meters of resource definition drilling, expanding mineral resources and reserves, confirming strong economics and low execution risk [5] Project Execution Timeline - Following board approval, the project will transition to execution, with the appointment of an engineering, procurement, and construction (EPC) contractor expected imminently, and construction of the processing plant targeted to start in the third quarter of 2026 [6] - First production is aimed for the second half of 2028, subject to amendments to the Environmental Authority [6] Strategic Importance - The Eva Copper Project, along with the recent MAC Copper acquisition, is expected to enhance cash flow resilience across commodity cycles, with a combined total of approximately 100,000 tonnes of copper annually once fully commissioned [7]

Acquisition Overview - Harmony Gold Mining has completed the acquisition of MAC Copper, owner of the CSA copper mine in New South Wales, Australia, for $12.25 per share, totaling an equity valuation of $1.01 billion [1] - The acquisition was finalized on October 24, 2025, through a Jersey law Scheme of Arrangement [1] Financing Details - The transaction was financed using cash reserves and a $1.25 billion bridge facility [2] Strategic Importance - The CEO of Harmony stated that the acquisition marks a significant milestone in the company's strategy to grow as a global gold and copper producer, enhancing long-term value creation [3][4] - The CSA mine is described as a high-grade, long-life copper asset located in a Tier-1 jurisdiction, which will support Harmony's long-term growth [4] Integration Plans - Over the next three months, Harmony plans to integrate the CSA mine into its operations, aiming to unlock synergies and improve operational efficiency [5] - A detailed update on the CSA mine's operational performance and development milestones will be provided during the half-year results presentation scheduled for late February or early March 2026 [6] Future Guidance - For FY27, Harmony will incorporate the CSA mine's life-of-mine plan into its overall planning parameters, ensuring consistency with its other operations [7] - The life-of-mine plan for the CSA mine will be released alongside Harmony's FY26 results in August 2026 [7]