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Results for the year ended 30 June 2025 and a Final Dividend Declaration
Harmony Gold Mining Company Limited
Registration number1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(Harmony and/or the Company)
RESULTS FOR THE YEAR ENDED 30 JUNE 2025 AND A FINAL DIVIDEND DECLARATION
Harmony's results underscore value-driven growth with strong margins, record cash
flows, high grades and strategic copper expansion
Johannesburg. Thursday, 28 August 2025. Harmony Gold Mining Company Limited is
pleased to announce its financial and operating results for the year ended 30 June
2025 (FY25).
"Harmony's purpose is to create shared value through responsible mining,
underpinned by safety, sustainability, and operational excellence. This
disciplined approach has delivered a decade of consistent performance, resulting
in strong cash generation, and a future driven by gold and copper, quality
orebodies, and collaboration.
In FY25, we met production guidance for the tenth consecutive year and delivered
record free cash flows. Our high-margin portfolio continues to drive earnings and
support sustained shareholder returns.
We are committed to preserving financial strength and flexibility to fund growth
and return value across commodity cycles. As we mark 75 years, we do so with pride
in our legacy and confidence in our future", said Beyers Nel, CEO of Harmony.
Key highlights of FY25 are:
• Despite the tragic losses of life in the FY25, the Group achieved an all-time
low lost time injury frequency rate of 5.39 from 5.53 per million hours
worked, highlighting continued progress in our journey towards zero harm
• 26% increase in headline earnings per share to 2 337 SA cents
(129 US cents) from 1 852 SA cents (99 US cents)
• 67% increase in earnings per share of 2 313 SA cents (127 US cents) from 1 386
SA cents (73 US cents)
• Record adjusted free cash flow, up 54% to R11 142 million (US$614 million)
driven by higher recovered grades and a higher average gold price received
• 3% increase in underground recovered grades to 6.27g/t from 6.11g/t
• 5% decrease in total gold production to 46 023kg (1 479 671oz) from 48 578kg
(1 561 815oz), within guidance
• Increase in production of 19% at Mponeng, with exceptional recovered grades
of 11.27g/t
• 17% increase in group all-in sustaining costs (AISC) to
R1 054 346/kg (US$1 806/oz) from R901 550/kg (US$1 500/oz), in line with
guidance
• 27% increase in average gold price received to R1 529 358/kg (US$2 620/oz)
from R1 201 653/kg (US$1 999/oz)
• 20% increase in group revenue to R73 896 million (US$4 071 million) from R61
379 million (US$3 282 million)
• Balance sheet remains healthy and flexible with a 285% increase in net cash
to R11 148 million (US$628 million) from R2 899 million
(US$159 million)
• Liquidity of R20 925 million (US$1 179 million) in cash and undrawn
facilities
• Eva Copper Mineral Resource increased 31% to 1.93Mt of contained copper, gold
up 12% to 492koz
• Globally significant declared Mineral Resources: 135.5Moz; declared Mineral
Reserves: 36.8Moz in gold and gold equivalents
• MAC Copper acquisition expected to conclude in October 2025
• A final dividend declared of 155 SA cents (approximately 8.9 US cents) per
ordinary share declared (June 2024: 94 SA cents (5.2 US cents)), bringing
total FY25 payout to a record R2.4 billion (US$133 million)
OPERATING RESULTS
Year Year
ended ended
30 June 30 June
2025 2024 %
(Reviewed) (Audited) Change
Underground recovered
grade g/t 6.27 6.11 3
R/kg 1 529 358 1 201 653 27
Gold price received
US$/oz 2 620 1 999 31
kg 46 023 48 578 (5)
Gold produced total
oz 1 479 671 1 561 815 (5)
R/kg 874 901 758 736 (15)
Group cash operating costs
US$/oz 1 499 1 262 (19)
Group all-in sustaining R/kg 1 054 346 901 550 (17)
costs (AISC) US$/oz 1 806 1 500 (20)
R/kg 1 162 011 969 085 (20)
Group all-in cost (AIC)
US$/oz 1 991 1 612 (24)
Group adjusted free cash R million 11 142 7 252 54
flow US$ million 614 388 58
Average exchange rate R:US$ 18.15 18.70 (3)
FINANCIAL RESULTS
Year Year
ended ended
30 June 30 June
2025 2024 %
(Reviewed) (Audited) Change
Basic earnings per share SA cents 2 313 1 386 67
US cents 127 73 72
Headline earnings R million 14 531 11 474 27
US$ million 800 613 31
Headline earnings per share SA cents 2 337 1 852 26
(HEPS) US cents 129 99 30
FY26 group production and cost guidance
Year-on-year production guidance for the group is between 1 400 000 ounces and
1 500 000 ounces at an AISC of between R1 150 000/kg and R1 220 000/kg. Underground
recovered grade for FY26 is guided at above 5.8g/t.
Notice of Final Gross Cash Dividend
Our dividend declaration for the 12 months ended 30 June 2025 is as follows:
Declaration of final gross cash ordinary dividend no. 97
The Board has approved, and notice is hereby given, that a final gross cash
dividend of 155 SA cents (8.88252 US cents*) per ordinary share in respect of the
12 months ended 30 June 2025, has been declared payable to the registered
shareholders of Harmony on Monday, 13 October 2025.
In accordance with paragraphs 11.17(a)(i) to (x) and 11.17(c) of the JSE Listings
Requirements the following additional information is disclosed:
• The dividend has been declared out of income reserves;
• The local Dividend Withholding Tax rate is 20%;
• The gross local dividend amount is 155.00000 SA cents
(8.88252 US cents*) per ordinary share for shareholders exempt from the
Dividend Withholding Tax;
• The net local dividend amount is 124.00000 SA cents per ordinary
share for shareholders liable to pay the Dividend Withholding Tax;
• Harmony currently has 634 767 724 ordinary shares in issue (which
includes 12 215 564 treasury shares); and
• Harmony's income tax reference number is 9240/012/60/0.
A dividend No. 97 of 155.00000 SA cents (8.88252 US cents*) per ordinary share,
being the dividend for the 12 months ended 30 June 2025, has been declared payable
on Monday, 13 October 2025 to those shareholders recorded in the share register of
the company at the close of business on Friday, 10 October 2025. The dividend is
declared in the currency of the Republic of South Africa. Any change in address or
dividend instruction to apply to this dividend must be received by the company's
transfer secretaries or registrar not later than Friday, 3 October 2025.
Dividends received by non-resident shareholders will be exempt from income tax in
terms of section 10(1)(k)(i) of the Income Tax Act. The dividends withholding tax
rate is 20%, accordingly, any dividend will be subject to dividend withholding tax
levied at a rate of 20%, unless the rate is reduced in terms of any applicable
agreement for the avoidance of double taxation (DTA) between South Africa and the
country of residence of the shareholder.
Should dividend withholding tax be withheld at a rate of 20%, the net dividend
amount due to non-resident shareholders is 124.00000 SA cents per share. A reduced
dividend withholding rate in terms of the applicable DTA may only be relied on if
the non-resident shareholder has provided the following forms to their Central
Securities Depository Participant (CSDP) or broker, as the case may be in respect
of uncertificated shares or the company, in respect of certificated shares:
(a) a declaration that the dividend is subject to a reduced rate as a result of
the application of a DTA; and
(b) a written undertaking to inform the CSDP or broker, as the case may be,
should the circumstances affecting the reduced rate change or the beneficial
owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue
Service. Non-resident shareholders are advised to contact their CSDP or broker, as
the case may be, to arrange for the abovementioned documents to be submitted prior
to the payment of the distribution if such documents have not already been
submitted.
In compliance with the requirements of Strate Proprietary Limited (Strate) and
the JSE Listings Requirements, the salient dates for payment of the dividend are
as follows:
Last date to trade ordinary shares cum-
dividend is Tuesday, 7 October 2025
Ordinary shares trade ex-dividend Wednesday, 8 October 2025
Record date Friday, 10 October 2025
Payment date Monday, 13 October 2025
No dematerialisation or rematerialisation of share certificates may occur between
Wednesday, 8 October 2025 and Friday, 10 October 2025 both dates inclusive, nor
may any transfers between registers take place during this period.
On payment date, dividends due to holders of certificated securities on the SA
share register will either be electronically transferred to such shareholders'
bank accounts or, in the absence of suitable mandates, dividends will be held in
escrow by Harmony until suitable mandates are received to electronically transfer
dividends to such shareholders.
Dividends in respect of dematerialised shareholdings will be credited to such
shareholders' accounts with the relevant CSDP or broker.
The holders of American Depositary Receipts (ADRs) should confirm dividend details
with the depository bank. Assuming an exchange rate of R17.45/US$1* the dividend
payable on an ADR is equivalent to 8.88252 US cents for ADR holders before dividend
tax. However, the actual rate of payment will depend on the exchange rate on the
date for currency conversion.
* Based on an exchange rate of R17.45/US$1 at 22 August 2025. However, the actual
rate of payment will depend on the exchange rate on the date for currency
conversion.
Short-form announcement
This short-form announcement is the responsibility of the board of directors of
the Company.
Shareholders are advised that this short-form announcement represents a summary
of the information contained in the full financial results (results booklet)
incorporating the FY25 condensed consolidated financial statements and does not
contain full or complete details published on the Stock Exchange News Service,
via the JSE cloudlink at
https://senspdf.jse.co.za/documents/2025/jse/isse/HARE/FY25result.pdf and on
Harmony's website (www.harmony.co.za) on 28 August 2025.
The condensed consolidated financial statements for the financial year ended 30
June 2025, from which this short-form announcement has been correctly extracted,
have been reviewed by Ernst & Young Inc., who expressed an unmodified review
conclusion thereon.
Any investment decisions by investors and/or shareholders should be based on a
consideration of the results booklet as a whole and shareholders are encouraged to
review the results booklet, which is available for viewing on the Company's website
and the JSE cloudlink, referred to above.
Ends.
For more details, contact:
Jared Coetzer
Head: Investor Relations
+27 (0)82 746 4120
Johannesburg, South Africa
28 August 2025
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
FORWARD-LOOKING STATEMENTS
This market release 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, business strategies, operating
efficiencies, competitive positions, growth opportunities for existing services,
plans and objectives of management, markets for stock and other matters.
These forward-looking statements, including, among others, those relating to our
future business prospects, revenues, and the potential benefit of acquisitions
(including statements regarding growth and cost savings) wherever they may occur
in this market release, are necessarily estimates reflecting the best judgment of
our senior management and involve a number of risks and uncertainties that could
cause actual results to differ materially from those suggested by the forward-
looking statements. As a consequence, these forward-looking statements should be
considered in light of various important factors, including those set forth in our
integrated annual report. All statements other than statements of historical facts
included in this market release may be forward-looking statements.
By their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances and should be considered in light
of various important factors, including those set forth in this disclaimer. Readers
are cautioned not to place undue reliance on such statements. Important factors
that could cause actual results to differ materially from estimates or projections
contained in the forward-looking statements include, without limitation: overall
economic and business conditions in South Africa, Papua New Guinea, Australia and
elsewhere; the impact from, and measures taken to address, Covid-19 and other
contagious diseases, such as HIV and tuberculosis; high and rising inflation,
supply chain issues, volatile commodity costs and other inflationary pressures
exacerbated by the geopolitical risks; estimates of future earnings, and the
sensitivity of earnings to gold and other metals prices; estimates of future gold
and other metals production and sales; estimates of future cash costs; estimates
of future cash flows, and the sensitivity of cash flows to gold and other metals
prices; estimates of provision for silicosis settlement; increasing regulation of
environmental and sustainability matters such as greenhouse gas emission and
climate change, and the impact of climate change on our operations; estimates of
future tax liabilities under the Carbon Tax Act (South Africa); statements
regarding future debt repayments; estimates of future capital expenditures; the
success of our business strategy, exploration and development activities and other
initiatives; future financial position, plans, strategies, objectives, capital
expenditures, projected costs and anticipated cost savings and financing plans;
estimates of reserves statements regarding future exploration results and the
replacement of reserves; the ability to achieve anticipated efficiencies and other
cost savings in connection with, and the ability to successfully integrate, past
and future acquisitions, as well as at existing operations; our ability to complete
ongoing and future acquisitions; fluctuations in the market price of gold and other
metals; the occurrence of hazards associated with underground and surface gold
mining; the occurrence of labour disruptions related to industrial action or health
and safety incidents; power cost increases as well as power stoppages, fluctuations
and usage constraints; ageing infrastructure, unplanned breakdowns and stoppages
that may delay production, increase costs and industrial accidents; supply chain
shortages and increases in the prices of production imports and the availability,
terms and deployment of capital; our ability to hire and retain senior management,
sufficiently technically-skilled employees, as well as our ability to achieve
sufficient representation of historically disadvantaged persons in management
positions or sufficient gender diversity in management positions or at Board level;
our ability to comply with requirements that we operate in a sustainable manner
and provide benefits to affected communities; potential liabilities related to
occupational health diseases; changes in government regulation and the political
environment, particularly tax and royalties, mining rights, health, safety,
environmental regulation and business ownership including any interpretation
thereof; court decisions affecting the mining industry, including, without
limitation, regarding the interpretation of mining rights; our ability to protect
our information technology and communication systems and the personal data we
retain; risks related to the failure of internal controls; the outcome of pending
or future litigation or regulatory proceedings; fluctuations in exchange rates and
currency devaluations and other macroeconomic monetary policies, as well as the
impact of South African exchange control regulations; the adequacy of the Group's
insurance coverage; any further downgrade of South Africa's credit rating and
socio-economic or political instability in South Africa, Papua New Guinea,
Australia and other countries in which we operate; changes in technical and
economic assumptions underlying our mineral reserves estimates; geotechnical
challenges due to the ageing of certain mines and a trend toward mining deeper
pits and more complex, often deeper underground, deposits; and actual or alleged
breach or breaches in governance processes, fraud, bribery or corruption at our
operations that leads to censure, penalties or negative reputational impacts.
The foregoing factors and others described under "Risk Factors" in our Integrated
Annual Report (www.har.co.za) and our Form 20-F should not be construed as
exhaustive. We undertake no obligation to update publicly or release any revisions
to these forward-looking statements to reflect events or circumstances after the
date of this annual report or to reflect the occurrence of unanticipated events,
except as required by law. All subsequent written or oral forward-looking
statements attributable to Harmony or any person acting on its behalf are qualified
by the cautionary statements herein.
Any forward-looking statement contained in this market release has not been
reviewed or reported on by Harmony's external auditors.
Date: 28-08-2025 07:05:00
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