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]