Wrap Text
OPERATIONAL UPDATE for the three months ended 30 September 2026 ("Q1FY27") vs 30 September 2025 ("Q1FY26")
Harmony Gold Mining Company Limited
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
JSE share code: HAR
NYSE share code: HMY
ISIN: ZAE000015228
("Harmony" or "the Company")
OPERATIONAL UPDATE
for the three months ended
30 September 2026 ("Q1FY27") vs
30 September 2025 ("Q1FY26")
ENHANCING VALUE THROUGH
CONSISTENT OPERATIONAL DELIVERY,
STRONG CASH FLOWS AND QUALITY
COPPER GROWTH
Johannesburg, South Africa. Monday, 9 November 2026.
Harmony Gold Mining Company Limited (Harmony or the
Company) is pleased to report its operational update for the three
months ended 30 September 2026.
Salient features
for the three months ended 30 September 2026 (Q1 FY27) vs 30 September 2025 (Q1 FY26)
Safety and responsible stewardship
- Safety remains our first priority, with strengthened critical controls, hazard identification, workplace
examinations and increased frontline leadership accountability, reinforcing disciplined execution on
every shift as we work towards Zero Harm
- We pay our respects to our three employees who tragically lost their lives during the quarter
- Group achieved a lost-time injury frequency rate (LTIFR) of 5.04
- Masimong and Kusasalethu achieved 5 million and 3 million loss of life free shifts respectively,
evidence that our safety strategy is working
- Water recycling rate of 79% against the FY27 target of 50%
Operational excellence
Gold
- On-track to meet full-year production, cost and grade guidance for the financial year
- Gold revenue increased by 3% to R22.3 billion (US$1.4 billion) from R21.7 billion (US$1.2 billion)
- Group gold production of 10 661kg (342 758oz), down 12%, in line with guidance and mainly due
to ore gap at Moab Khotsong and Hidden Valley regulatory stoppage
- All-in sustaining cost (AISC) increased by 17% to R1 300 073/kg (US$2 484/oz), towards lower end
of guidance
- Delivered underground recovered grade of 5.53g/t, lower year-on-year as high-grade
Moab Khotsong enters anticipated ore gap
- Recovered grades at Mponeng increased by 10% to 11.55g/t
- Production at Tshepong North increased by 23% to 1 020kg (32 794oz) driven by higher tonnes
milled and higher grades
- Average gold price received up 17% to R2 123 588/kg (US$4 057/oz)
Copper
- CSA remains on-track to meet full-year production, cost and grade guidance for the financial year
- Copper revenue of R1 280 million (US$79 million). Comparable reporting period did not include
CSA mine
- Average copper price received of US$6.44/lb
- Achieved production of 7 077 tonnes for the quarter supported by improved mining flexibility
- Recovered grade of 3.15%, as disciplined adherence to the mining sequence delayed access to
one of the higher-grade stopes
- C1 cash cost of US$2.72/lb, above full-year guidance but aligned to plan. We remain confident of
meeting full-year guidance as mining grades improve
Balance sheet and capital allocation
- Net cash position of R4.2 billion (US$243 million)1
- Liquidity of R30.2 billion (US$1.8 billion) in cash and undrawn facilities
- Successfully executed US$500 million convertible bond offering, enhancing financial flexibility,
optimising cost of capital while supporting the Group's long-term growth ambitions
Strategic growth
- Eva Copper construction advanced following Final Investment Decision
- Critical path construction continued unimpeded with overall construction now 15% complete
and long-lead equipment arriving on site
- Stage 1 federal government approval received allowing clearing and construction to
recommence in defined areas on site, Stage 2 approval in progress
- Original project capital guidance range unchanged and project remains on-track to deliver first
production towards end of calendar year 2028, pending Referral 2 outcome
- CSA capital ventilation project is progressing to plan, supporting the mine's long-term success and
pathway to 40 000 tonnes per annum
- Underground extension projects at Moab Khotsong, Mponeng, Tshepong North, Doornkop continue
to advance
For Q1FY27 royalties accounted for R59 448/kg (US$114/oz) or 5% of AISC. In Q1FY26, it was R60 062/kg (US$106/oz) or 4%
Unless otherwise indicated, all currency conversions for this reporting period are at the average exchange rate of R16.28/US$1
(Q1FY26: R17.63/US$1)
1. Conservatively assuming the convertible bond is accounted for as 100% debt. Accounting treatment is currently being reviewed.
Please note that financial information has not been reviewed or audited by the Company's external auditors. Any pro-forma financial
information is the responsibility of the Board of Directors and is presented for illustration purposes only, and because of its nature, it may not
fairly present the Company's financial position
Message from the chief executive officer
Overview
Harmony delivered a steady operational performance from both its gold portfolio and the CSA copper mine
in the first quarter of the 2027 financial year (Q1FY27). Gold all-in sustaining costs (AISC) were at the lower
end of guidance, the business continued to generate strong cash flows and we remain confident of meeting
our FY27 Group production, cost and grade guidance.
At Harmony, everything begins with safety. It is with deep sadness that we report the loss of three colleagues
during the quarter. We extend our heartfelt condolences to their families, friends and colleagues. To further
improve our safety, our investigations translate directly into action. We are strengthening hazard identification
and workplace examinations, verification of critical controls, engineering and ground-support standards,
supervisory accountability and assurance, while accelerating the sharing of lessons across our operations.
Importantly, safety is not simply about having the right systems and controls; it is about executing them
effectively, every shift, in every workplace, without exception. No ounce, tonne or project is worth a life, and
we remain resolute in our commitment to Zero Harm.
Five years ago, Harmony was predominantly a South African gold producer. Today, we are a higher-quality
gold and copper producer operating in South Africa, Papua New Guinea and Australia, with a clear growth
trajectory. That shift was deliberate. We set out to build a business that produces safer, higher-quality
ounces, has a longer life and depends less on any single commodity, mine or country.
This quarter shows that strategy at work. Margins at our gold operations remain robust. CSA is now an
established part of the Group, contributing copper revenue alongside our gold as Moab Khotsong moves
through its planned gold ore gap, as we previously guided. The Eva Copper Project remains on track and
has passed another key approval milestone on its path to production.
Our substantial, high-quality mineral endowment further supports this. As disclosed in our Mineral Resources
and Mineral Reserves statement at 30 June 2026, we had attributable gold Mineral Reserves of 27.4Moz
and gold Mineral Resources of 106.8Moz, along with attributable copper Mineral Reserves of 4.0Mt and
copper Mineral Resources of 7.4Mt. This gives us long-life optionality through low-cost Mineral Reserve
conversion across both commodities and positions Harmony to continue creating value for shareholders
across commodity cycles.
Gold: the cornerstone of our success
Gold remains the foundation of our business. Gold revenue increased by 3% to R22.3 billion (US$1.4 billion)
from R21.7 billion (US$1.2 billion) in the comparative period. This was mainly due to a 17% increase in the
average gold price received, to R2 123 588/kg (US$4 057/oz) from R1 818 510/kg (US$3 209/oz).
Gold production was 10 661kg (342 758oz), 12% lower year on year, as expected, and within our full-year
guidance. This mainly reflects planned lower output at Moab Khotsong which has entered the anticipated ore
gap. Hidden Valley was affected by a regulatory stoppage, which has since been resolved, and the operation
has returned to normal production.
Ore reserve management indicators remained broadly encouraging during the quarter. Underground mining
grades were above plan at most operations, and geological drilling exceeded plan. Significant intersections
were returned across several key orebodies (see 'Exploration'), particularly at Mponeng, Tshepong North,
Doornkop and Masimong, adding geological confidence around existing and prospective mining areas.
Although underground belt grades were above plan, slightly lower plant recoveries during the quarter
weighed on recovered grades.
Underground recovered grade decreased by 6% to 5.53g/t from 5.91g/t in the comparable period, mainly
reflecting Moab Khotsong where recovered grade was 5.77g/t. Mponeng partly offset the decline, delivering
11.55g/t, a 10% increase year-on-year. Underground recovered grades remain consistent with FY27
guidance of about 5.6g/t.
AISC was R1 300 073/kg (US$2 484/oz), at the lower end of our FY27 guidance of R1 300 000/kg to
R1 395 000/kg. The year-on-year increase mainly reflects annual inflationary increases in labour and
electricity, high gold price-linked royalties, increased development capital and lower volumes from
Moab Khotsong. Cash operating costs remain well controlled, increasing by only 7% for our gold portfolio,
well below our planned mining inflation of 10%.
With the conflict in the Middle East ongoing, it is worth noting that diesel is a small part of our cost base, at
around 50 litres per gold-equivalent ounce. This leaves Harmony relatively well insulated from higher global
energy costs.
Copper: delivering growth and protecting cash flows
Copper is now a meaningful and growing part of Harmony. CSA generated copper revenue of R1.3 billion
(US$78.6 million) in Q1FY27, at an average copper price received of US$6.44/lb. Harmony completed the
acquisition of CSA on 24 October 2025, as a result, there is no comparable figure for Q1FY26. This revenue
is additional to our gold business. It gives shareholders growing exposure to strong copper fundamentals
as we progress towards about 100 000 tonnes of high-margin copper per annum, once Eva Copper is in
production and CSA reaches the targeted 40 000 tonnes per annum.
CSA produced 7 077 tonnes of copper at a C1 cash cost of US$2.72/lb. While the recovered grade of
3.15% was below guidance, it reflects the mining sequence rather than orebody quality. We are improving
stope availability and maintaining development rates to restore production flexibility and lift grades in the
coming quarters. We expect C1 cash costs to move back towards guidance as grades and production
flexibility improve over the financial year.
The Eva Copper Project is the next catalyst in our copper journey and continues to progress towards first
production in the second half of calendar year 2028. Construction is now 15% complete and advancing
with 700 construction workers mobilised to site. The permanent village has been completed and
approximately 19% of total concrete has been poured including the commencement of the primary crusher,
coarse ore stockpile, ball and SAG mills and thickeners flotation foundations. Long-lead equipment has
started arriving on site ahead of installation in 2027.
We welcome the recent approval under the Environment Protection and Biodiversity Conservation Act 1999
which allows clearing and bulk earthworks including related construction and pre-stripping, to recommence.
This is an important step in our staged approval process. A second referral has been submitted, and we will
provide the market with material updates. The total project capital range of US$1.55 billion to US$1.75 billion
remains unchanged.
Resilience: robust balance sheet and consistent hedging
Our balance sheet is robust, flexible and actively managed to fund our capital programme, pursue our
strategic priorities and sustain shareholder returns. Strong cash generation returned the Group to a net cash
position of R4.2 billion (US$243 million), from net debt of R852 million (US$52 million) at 30 June 2026.
Our successful US$500 million convertible bond was multiple times oversubscribed enabling us to achieve
a low coupon of 1.5% per annum. We took this proactive step from a position of strength. The proceeds
refinanced part of the drawn US$ revolving credit facility, lowering our funding costs and better aligning our
debt maturities with the long-dated Group capital expenditure profile.
At 30 September 2026, gross cash was R20.7 billion (US$1.3 billion). Total liquidity, including cash and
undrawn facilities, was about R30.2 billion (US$1.8 billion). Our capital programme remains fully funded.
Hedging remains an important risk-management tool. It gives us greater certainty over part of our future
revenue while keeping meaningful exposure to commodity prices. Strong gold prices allowed us to replace
maturing hedges at materially higher levels, which improved the quality of the hedge book. At the end of the
quarter, Harmony had hedged 600 000 ounces (18 662kg) using rand gold zero cost collars at an average
floor of R2 207 000/kg and cap of R2 477 000/kg.
FY27 Production, grade and cost guidance: unchanged
Our guidance is underpinned by detailed mine plans built on an excellent understanding of our orebodies,
supported by rigorous geological modelling, operational planning and disciplined execution.
Having completed the first quarter of this financial year, we have maintained the FY27 group production
guidance of 1 400 000 to 1 500 000 ounces of gold and gold equivalents*, with increased copper production
expected to offset the planned reduction in gold output due to the Moab Khotsong ore gap. The respective
gold and copper production guidance ranges are set out below.
Gold
- 1 300 000oz to 1 400 000oz in total production
- underground recovered grade of approximately 5.60g/t
- overall AISC guidance between R1 300 000/kg and R1 395 000/kg
Copper
- 28 000 tonnes to 30 000 tonnes in production
- yield of approximately 3.50%
- C1 cash cost of between US$2.55/lb to US$2.65/lb
* Gold equivalent ounces are calculated assuming US$2 915/oz Au, US$4.78/lb Cu, US$38.90/oz Ag, assuming a
100% recovery for all metals.
Conclusion
Excellence underpins all we do and our priorities for the rest of FY27 remain clear. At Harmony, safety always
comes first. We remain committed to embedding critical controls and accountability on every shift as we work
towards Zero Harm.
Operationally, our focus remains on delivering our unchanged guidance for the financial year, while carefully
managing the planned ore gap at Moab Khotsong.
We will continue to execute our growth strategy with a clear focus on delivery and value creation. Our key
projects remain on track and are actively managed, while our exploration programme unlocks value from our
substantial mineral endowment through low-cost Mineral Reserve conversion.
Harmony is building on a solid foundation. With sound fundamentals, a net cash balance sheet and
a fully-funded capital programme, we are well positioned to deliver on our priorities and go from strength
to strength in the months and years ahead. I thank every Harmony employee and our stakeholders for their
continued commitment and contribution.
Beyers Nel
Chief executive officer
Additional operational and financial information
Safety
The health and safety of our people remain our highest priority. Each loss of life is a profound reminder that
mining is about people, families and lives and that zero harm demands unwavering attention, discipline and
accountability every day.
Our lost-time injury frequency rate (LTIFR) for Q1FY27 was 5.04, compared with 5.80 in Q4FY26 and 4.29 in
Q1FY26. While below the comparable level at the end of FY26, more needs to be done to improve our safety
performance and we are responding decisively.
Alongside the interventions discussed in the overview, we continue to invest in technology that can identify
risk earlier and progressively remove people from harm's way, including artificial intelligence-enabled
monitoring, geotechnical and environmental monitoring, remote sensing, tele-remote operation and greater
mechanisation. Safety is also embedded in management accountability, with 20% of management's
performance scorecard linked to safety, encompassing both leading indicators and LTIFR performance.
Our objective remains zero harm. Every person returning home safely, every day. We know what needs to be
done and our focus is clear: stronger leadership across all our operations, rigorous application and verification
of critical controls, continuous learning and the disciplined execution required to make every workplace safer.
Consistent and predictable delivery
Production comes from a diverse portfolio. This lowers our operational risk and our reliance on any single
asset. Our assets are grouped as follows:
- our two high reserve grade, long-life underground gold mines, Mponeng and Moab Khotsong
- seven highly operationally levered, lower reserve grade underground gold mines in the Free State and
West Wits regions of South Africa
- our high-margin, low-risk surface operations, including our substantial South African surface retreatment
operations and our two open pit mines, Kalgold in South Africa and Hidden Valley in Papua New Guinea
- high-grade copper from the underground CSA mine in Cobar, Australia
Each group of assets has its own plan, risk profile and strategy. This lets us deliver as guided and get the best
from every asset as we improve the quality of our portfolio and deliver strong cash flows.
For detailed figures for each operation, please refer to the operating tables on pages 10 to 18.
Gold
South African underground high-grade operations (reserve grade >7g/t)
Mponeng delivered another strong quarter. Recovered grade increased by 10% to 11.55g/t from 10.54g/t,
and production was steady at 2 725kg (87 611oz). Production from this group declined by 15% to 3 596kg
(115 614oz). This was mainly due to lower volumes and recovered grades at Moab Khotsong, which has
entered the planned ore gap. Moab Khotsong produced 871kg (28 003oz) at 5.77g/t. This dip is already built
into our FY27 guidance.
South African underground optimised operations (reserve grade <7g/t)
Our optimised portfolio (Tshepong North, Tshepong South, Doornkop, Kusasalethu, Joel, Target 1 and
Masimong) produced 4 113kg (132 235oz), or 39% of Group gold production. These mines remain highly
levered to the gold price. Tshepong North had a solid quarter, producing 1 020kg (32 794oz) at 4.88g/t. Target
1 continued its turnaround, with production increasing by 4% year on year, and 53% quarter on quarter.
South African surface and retreatment operations
Mine Waste Solutions, Savuka Tailings, Central Plant Reclamation, Phoenix, Kalgold and the rock dumps
produced 1 808kg (58 129oz) in total and continue to deliver excellent margins. Volumes processed were
11.8Mt, a 6% increase year on year. Mine Waste Solutions, Central Plant Reclamation, Savuka Tailings and
Phoenix remain low-risk and high-margin contributors.
Hidden Valley
Hidden Valley produced 1 144kg (36 780oz) at a recovered grade of 1.49g/t, on lower volumes milled due to
the regulatory stoppage which has been resolved and necessary repair work to the SAG mill.
Silver production increased by 5% to 530 076oz from 505 888oz in the comparative quarter. The silver price
received increased by 56% to US$62.91/oz from US$40.37/oz. As a result, silver revenue at Hidden Valley
increased by 41% to R539 million (US$33 million) from R381 million (US$22 million).
This operation remains one of our lowest-cost operations, with an all-in sustaining cost (AISC) of R936 298/kg
(US$1 789/oz) including the silver by-product credits.
Copper
CSA copper mine
CSA produced 7 077t of copper, in-line with guidance, at a recovered grade of 3.15% and a C1 cash cost
of US$2.72/lb. Grades were lower as we establish the mining sequence. Optimisation work, together with
the ventilation project, will support improved performance and our pathway to about 40ktpa. CSA generated
R1.3 billion in copper revenue for the quarter.
Well-controlled costs and margin protection
Costs remain well controlled. Gold cash operating costs were in line with plan and increased below mining
inflation, reflecting our proactive approach to cost management.
Total cash operating costs, net of by-product credits, increased by 14% to R12 799 million (US$786 million)
from R11 260 million (US$639 million) in Q1FY26. Most of this increase is a base effect: CSA contributed
R718 million (US$44 million) in the quarter and was not part of the Group in the comparative period. Excluding
CSA, cash operating costs for our gold operations increased by 7% to R12 081 million (US$742 million).
The increase mainly reflects annual wage increases and higher bonuses, together with annual electricity tariff
increases and winter tariffs.
Royalty payments in South Africa are calculated on a sliding scale based on both revenue and profitability.
Gold royalties remain significant at R562 million (US$35 million), representing roughly 5% of gold cash
operating costs. This compares with R647 million (US$37 million), or 6%, in Q1FY26.
Gold cash operating cost per kilogram increased by 22% to R1 133 210/kg (US$2 165/oz) from R928 439/kg
(US$1 638/oz), mainly due to planned lower production alongside the increases mentioned above.
Gold AISC rose by 17% to R1 300 073/kg (US$2 484/oz) from R1 107 486/kg (US$1 954/oz) in Q1FY26.
This is at the lower end of FY27 guidance. The increase reflects lower gold sold and increased ongoing
development capital, as previously guided. Because CSA is reported as a separate copper segment,
its revenue is not deducted as a by-product credit. Gold AISC therefore shows the true cost of our gold
business, without being lowered by copper revenue. Quarter on quarter, AISC increased by only 3%
compared with Q4FY26.
Gold All-in costs (AIC) increased by 16% to R1 407 019/kg (US$2 688/oz) from R1 218 721/kg (US$2 150/
oz), reflecting our continued investment in major projects.
CSA's cash operating costs, net of by-product credits, were R718 million (US$44 million). That was 5%
below plan, mainly due to lower labour and consumables costs. C1 cash costs were US$2.72/lb, above
our FY27 guidance of US$2.55/lb to US$2.65/lb. This mainly reflects lower recovered grades as the mining
sequence is established. Costs are well controlled. We expect unit costs to move back towards guidance as
grades and production flexibility improve over the year.
Capital expenditure and projects
Alongside our ongoing investment in sustaining our orebodies and operations, disciplined project execution
remains central to long-term value creation. Our Central Projects team actively oversees the portfolio, with a
strong focus on schedule, cost, quality and the achievement of key project milestones. Across our brownfield
and greenfield portfolio, projects continue to progress, with execution priorities actively managed to support
the Group's long-term objectives.
Group operational capital expenditure for the quarter was R3 022 million (US$186 million) compared to
R2 873 million (US$163 million) in the comparative reporting period. This includes sustaining and growth
capital at our gold operations and CSA mine.
At the Eva Copper Project, capital expenditure for the quarter amounted to R1 850 million (US$114 million).
R million US$ million
Gold capital expenditure Q1FY27 Q1FY27
Sustaining capital 1 745 107
Growth capital* (brownfields) 1 038 64
Total gold capital expenditure 2 783 171
* Includes capital related to renewables
Copper capital expenditure
CSA mine
Sustaining capital 238 15
Growth capital (brownfields) ? ?
Total CSA mine capital expenditure 238 15
Total gold and CSA capital expenditure 3 022 186
Eva Copper Project
Project capital (greenfields) 1 850 114
The Moab Khotsong extension (Zaaiplaats) is a key life-extension project, providing access to approximately
3.8Moz in high-grade gold resource below existing infrastructure. Development was impacted by safety-
related stoppages and geotechnical challenges during the quarter. Enhanced ground-control measures,
additional geological drilling and operational interventions have been introduced to support improved
development performance.
Mponeng's life-extension programme continues to advance access to the Ventersdorp Contact Reef (VCR)
and Carbon Leader Reef (CLR) below existing infrastructure alongside the Tau Tona pillar extraction project.
Together, these will access approximately 3.6Moz in Reserves. Development performance improved in key
areas during the quarter, although overall development remains behind plan following the transition between
mining contractors and equipment availability constraints.
Tshepong's life-extension project had a positive first quarter, with development ahead of plan, costs aligned
with the overall estimate and initial construction milestones on track. The project accesses 1.1Moz in
Reserves and extends the life of the mine to 15 years while leveraging existing infrastructure.
Doornkop's 207/212 life-extension project continued to progress, with quarterly development ahead of plan
and key ventilation and electrical infrastructure milestones completed. The 207/212 project is designed to
replace production tonnes from existing levels and accesses approximately 1.3Moz in Mineral Reserves. This
project includes additional exploration drilling to increase the resources available for mining.
At Mine Waste Solutions, the Mispah 1 pump station was successfully commissioned during the quarter,
enabling reclamation of the 71Mt Mispah 1 tailings facility. The pump station was commissioned on
8 July 2026.
Harmony continues to advance its renewable-energy strategy, with Sungazer 2 progressing through
phased energisation and further solar and battery-storage projects advancing through development and
procurement. The programme is aimed at increasing renewable-energy usage and reducing reliance on grid
electricity across the South African portfolio.
Our disciplined capital deployment strategy focuses on projects that deliver solid returns and sustainable
long-term value, positioning Harmony to fund its growth initiatives while maintaining financial strength.
In Australasia, we continue to advance a portfolio of projects aimed at unlocking the significant potential of
our existing assets.
The Stage 9 life-of-mine extension at Hidden Valley is progressing through feasibility study and early works,
with the potential to extend mine life by six years.
At CSA, the Capital Ventilation Project continues to advance, with good progress made on access
development and the project delivery approach refined to support efficient execution. Key development
required for the project has largely been completed, while earlier ventilation design challenges have been
resolved. The revised contracting and execution approach is progressing through the appropriate approval
process, providing a clearer pathway for the next phase of development.
In parallel with the Eva Copper Project construction, asset optimisation studies and related test work are
underway to maximise future copper recoveries and enhance long-term project value. Importantly, we are
progressing long-term power supply initiatives, including potential onsite wind generation and a potential
connection to the regional North West Power System electricity grid.
At Wafi Golpu, discussions between Harmony, our joint venture partner Newmont Corporation and the
Papua New Guinea Government to secure the special mining lease are continuing.
Exploration
Harmony's exploration focuses on growing and upgrading the mineral endowment it already owns, close to
existing or planned infrastructure. This is a lower-cost, lower-risk path to Mineral Reserve growth and longer
mine lives. This quarter, drilling returned high-quality results across both regions.
South Africa
Exploration drilling across our South African operations continued to deliver encouraging results, increasing
geological confidence and supporting Mineral Reserve conversion and mine-life extension. Strong drilling
outcomes at Mponeng and encouraging results across several other operations reinforce the value
embedded within our existing mineral endowment. With much of this exploration located close to established
mining infrastructure, the programme provides a capital-efficient pathway to bring additional ounces into our
mine plans, supporting the long-term sustainability and quality of our South African portfolio.
Australasia
Over 23 500 m of drilling was completed across Harmony's Australasian copper and gold portfolio
during the quarter, focused on increasing confidence in existing resources, testing extensions to known
mineralisation and advancing new growth opportunities.
At CSA, underground drilling continued to confirm the very high-grade nature of QTS South Uppers copper
system and extend QTS North mineralisation beyond the current resource limit. Surface drilling at CSA
ramped up to three rigs to advance the QTS Extension program, aimed at testing the main high-grade
mineralised zones at depth below the mine. Regional exploration also progressed, including completion of a
7 499 line-km airborne magnetic and radiometric survey to support ongoing target generation.
Resource-conversion drilling at Eva Copper continued along the Blackard-Legend trend, while first-pass
drilling at Ivy Ann North identified a potential new zone of copper mineralisation approximately 1 km north of
the existing deposit, with laboratory assays pending.
At Wafi-Golpu, drilling recommenced during the quarter, targeting a potential continuation of the
high-grade gold mineralisation of the Wafi Link Zone below the Reid Thrust. Encouraging zones of
sulphide mineralisation were intersected, with results from the principal target zone pending.
Ends.
Comparative operational metrics for Q1FY27 vs Q4FY26 and Q1FY26
Gold operating results
Q-on-q Y-on-y
Unit Q1FY27 Q4FY26 (%) Q1FY26 (%)
Average gold price received R/kg 2 123 588 2 209 814 (4) 1 818 510 17
$/oz 4 057 4 172 (3) 3 209 26
Underground yield g/t 5.53 5.76 (4) 5.91 (6)
Gold produced total kg 10 661 11 071 (4) 12 128 (12)
oz 342 758 355 941 (4) 389 923 (12)
South African underground optimised(1) kg 4 113 4 134 (1) 4 466 (8)
oz 132 235 132 911 (1) 143 585 (8)
South African underground high grade(2) kg 3 596 3 585 - 4 211 (15)
oz 115 614 115 260 - 135 386 (15)
South African surface(3) kg 1 808 1 652 9 1 952 (7)
oz 58 129 53 114 9 62 758 (7)
International (Hidden Valley) kg 1 144 1 700 (33) 1 499 (24)
oz 36 780 54 656 (33) 48 194 (24)
Total cash costs R/kg 1 133 210 1 033 918 (10) 928 439 (22)
$/oz 2 165 1 952 (11) 1 638 (32)
Group AISC R/kg 1 300 073 1 260 531 (3) 1 107 486 (17)
US$/oz 2 484 2 380 (4) 1 954 (27)
Group AIC R/kg 1 407 019 1 369 265 (3) 1 218 721 (16)
US$/oz 2 688 2 585 (4) 2 150 (25)
Average exchange rate R/US$ 16.28 16.47 (1) 17.63 (8)
(1) Tshepong South, Tshepong North, Target 1, Joel, Masimong, Doornkop and Kusasalethu
(2) Mponeng and Moab Khotsong
(3) Mine Waste Solutions, Phoenix, Central Plant, Savuka Tailings, Dumps and Kalgold
Copper operating results
Q-on-q Y-on-y*
Unit Q1FY27 Q4FY26 (%) Q1FY26* (%)
Copper price received US$/lb 6.44 6.06 6 n/a n/a
US$/t 14 188 13 366 6 n/a n/a
Copper produced total t 7 077 8 611 (18) n/a n/a
lbs'000 15 602 18 984 (18) n/a n/a
Yield % 3.15 4.10 (23) n/a n/a
C1 costs US$/lb 2.72 2.41 (13) n/a n/a
US$/t 5 995 5 317 (13) n/a n/a
Total costs and capital US$/lb 3.76 3.58 (5) n/a n/a
US$/t 8 300 7 902 (5) n/a n/a
Production profit R million 702 985 (29) n/a n/a
US$ million 43 60 (28) n/a n/a
Exchange rate R/US$ 16.28 16.47 (1) 17.63 (8)
* No comparative figures as CSA was only acquired on 24 October 2025.
Hedge position as at 30 September 2026
FY2027 FY2028 FY2029 FY2030
H1 H2 H1 H2 H1 H2 H1 Total
Rand gold koz 76 160 120 112 74 52 6 600
Collars Floor R'000/kg 1 895 2 024 2 082 2 339 2 596 2 619 2 682 2 207
Cap R'000/kg 2 139 2 287 2 345 2 621 2 875 2 926 2 971 2 477
Dollar gold koz 12 22 19 18 9 4 - 84
Collars Floor US$/oz 3 340 3 560 3 323 3 992 4 449 4 810 - 3 722
Cap US$/oz 3 714 3 979 3 681 4 453 4 899 5 360 - 4 140
Rand gold
Forward contracts koz 14 20 10 - - - - 44
R'000/kg 1 693 1 735 1 792 - - - - 1 734
Dollar gold
Forward contracts koz 3 6 1 - - - - 10
$/oz 2 644 2 765 2 760 - - - - 2 728
Total gold koz 105 208 150 130 83 56 6 738
Currency hedges
Rand dollar
Zero cost collars $m 18 22 12 - - - - 52
Floor R/$ 18.27 16.68 15.86 - - - - 17.04
Cap R/$ 20.27 18.68 17.86 - - - - 19.04
Total rand dollar $m 18 22 12 - - - - -
Dollar silver
Zero cost collars koz 330 620 540 450 20 - - 1 960
Floor $/oz 32.18 36.23 59.98 70.20 65.58 - - 50.19
Cap $/oz 36.68 41.02 67.33 80.31 74.58 - - 56.90
Operating results - Quarter on quarter (Rand/Metric)
SOUTH AFRICA
UNDERGROUND PRODUCTION
Three TOTAL
months Moab High-grade Tshepong Tshepong Optimised UNDER-
ended Khotsong Mponeng operations North South Doornkop Joel Target 1 Kusasalethu Masimong operations GROUND
Ore milled/tailings t'000 Sep-26 151 236 387 209 114 212 113 127 133 98 1 006 1 393
processed Jun-26 184 218 402 186 107 222 95 100 128 99 937 1 339
Yield g/tonne Sep-26 5.77 11.55 9.29 4.88 4.55 3.17 3.19 3.35 5.50 3.92 4.09 5.53
Jun-26 6.16 11.24 8.92 5.78 5.35 3.28 3.66 2.79 5.65 4.13 4.41 5.76
Gold produced kg Sep-26 871 2 725 3 596 1 020 519 672 361 426 731 384 4 113 7 709
Jun-26 1 134 2 451 3 585 1 075 572 728 348 279 723 409 4 134 7 719
Gold sold kg Sep-26 859 2 743 3 602 967 492 657 342 402 736 363 3 959 7 561
Jun-26 1 351 2 487 3 838 1 140 607 714 369 277 733 434 4 274 8 112
Gold price received R/kg Sep-26 2 132 241 2 130 284 2 130 750 2 125 551 2 123 467 2 127 362 2 122 760 2 119 172 2 129 147 2 127 678 2 125 567 2 128 037
Jun-26 2 258 945 2 211 923 2 228 475 2 204 912 2 200 689 2 194 080 2 198 645 2 187 877 2 211 734 2 197 124 2 201 237 2 214 124
Gold revenue R'000 Sep-26 1 831 595 5 843 368 7 674 963 2 055 408 1 044 746 1 397 677 725 984 851 907 1 567 052 772 347 8 415 121 16 090 084
Jun-26 3 051 835 5 501 052 8 552 887 2 513 600 1 335 818 1 566 573 811 300 606 042 1 621 201 953 552 9 408 086 17 960 973
Cash operating cost R'000 Sep-26 1 556 205 2 304 221 3 860 426 1 038 061 878 565 927 351 604 407 768 121 1 206 924 582 669 6 006 098 9 866 524
(net of by-product) Jun-26 1 593 386 2 150 320 3 743 706 1 008 814 861 921 894 773 556 837 712 698 1 133 958 607 757 5 776 758 9 520 464
credits
Inventory movement R'000 Sep-26 (8 097) 42 400 34 303 (94 421) (45 009) (31 122) (37 297) (77 031) 18 652 (34 844) (301 072) (266 769)
Jun-26 137 003 19 170 156 173 89 002 40 935 (19 465) 12 671 (3 969) 38 323 19 589 177 086 333 259
Operating costs R'000 Sep-26 1 548 108 2 346 621 3 894 729 943 640 833 556 896 229 567 110 691 090 1 225 576 547 825 5 705 026 9 599 755
Jun-26 1 730 389 2 169 490 3 899 879 1 097 816 902 856 875 308 569 508 708 729 1 172 281 627 346 5 953 844 9 853 723
Production profit/(loss) R'000 Sep-26 283 487 3 496 747 3 780 234 1 111 768 211 190 501 448 158 874 160 817 341 476 224 522 2 710 095 6 490 329
Jun-26 1 321 446 3 331 562 4 653 008 1 415 784 432 962 691 265 241 792 (102 687) 448 920 326 206 3 454 242 8 107 250
Sustaining capital R'000 Sep-26 74 642 198 575 273 217 150 624 114 134 157 644 65 434 105 370 99 632 60 048 752 886 1 026 103
expenditure Jun-26 169 449 233 034 402 483 233 681 160 030 200 586 115 709 140 184 122 155 27 998 1 000 343 1 402 826
Major capital) R'000 Sep-26 370 321 428 456 798 777 93 355 14 241 89 794 - - 3 428 - 200 818 999 595
expenditure Jun-26 435 483 317 594 753 077 48 433 39 280 146 503 - (295) - - 233 921 986 998
(incl. renewables
Capital expenditure R'000 Sep-26 444 963 627 031 1 071 994 243 979 128 375 247 438 65 434 105 370 103 060 60 048 953 704 2 025 698
Jun-26 604 932 550 628 1 155 560 282 114 199 310 347 089 115 709 139 889 122 155 27 998 1 234 264 2 389 824
Cash operating costs R/kg Sep-26 1 786 688 845 586 1 073 533 1 017 707 1 692 803 1 379 987 1 674 258 1 803 101 1 651 059 1 517 367 1 460 272 1 279 871
Jun-26 1 405 102 877 324 1 044 269 938 432 1 506 855 1 229 084 1 600 106 2 554 473 1 568 407 1 485 958 1 397 377 1 233 380
Cash operating costs R/tonne Sep-26 10 306 9 764 9 975 4 967 7 707 4 374 5 349 6 048 9 075 5 946 5 970 7 083
Jun-26 8 660 9 864 9 313 5 424 8 055 4 031 5 861 7 127 8 859 6 139 6 165 7 110
Cash operating cost R/kg Sep-26 2 297 552 1 075 689 1 371 641 1 256 902 1 940 154 1 748 198 1 855 515 2 050 448 1 792 044 1 673 742 1 692 147 1 542 641
and Capital Jun-26 1 938 552 1 101 978 1 366 601 1 200 863 1 855 299 1 705 854 1 932 603 3 055 867 1 737 362 1 554 413 1 695 941 1 542 983
All-in sustaining cost R/kg Sep-26 1 872 057 929 707 1 154 437 1 136 623 1 929 925 1 605 502 1 855 691 1 972 301 1 818 855 1 694 756 1 637 999 1 407 634
Jun-26 1 452 994 1 007 601 1 164 382 1 200 458 1 854 035 1 569 340 1 923 859 3 123 696 1 833 284 1 401 297 1 670 931 1 431 269
SOUTH AFRICA
SURFACE PRODUCTION TOTAL
Three Mine Central TOTAL HARMONY
months Waste Plant Savuka TOTAL SOUTH Hidden GOLD
ended Solutions Phoenix Reclamation Tailings Dumps Kalgold SURFACE AFRICA Valley ASSETS
Ore milled/tailings t'000 Sep-26 7 109 1 665 947 915 783 376 11 795 13 188 770 13 958
processed Jun-26 6 507 1 470 921 963 712 359 10 932 12 271 1 002 13 273
Yield g/tonne Sep-26 0.113 0.127 0.166 0.150 0.291 0.73 0.15 0.72 1.49 0.76
Jun-26 0.112 0.139 0.179 0.148 0.323 0.51 0.15 0.76 1.70 0.83
Gold produced kg Sep-26 800 211 157 137 228 275 1 808 9 517 1 144 10 661
Jun-26 726 204 165 143 230 184 1 652 9 371 1 700 11 071
Gold sold kg Sep-26 775 212 156 130 244 273 1 790 9 351 1 154 10 505
Jun-26 747 218 162 147 235 192 1 701 9 813 1 677 11 490
Gold price received R/kg Sep-26 2 132 339 2 225 420 2 132 013 2 126 708 2 143 086 2 129 249 2 143 920 2 131 077 2 062 901 2 123 588
Jun-26 2 216 458 2 377 839 2 197 759 2 198 367 2 215 511 2 234 370 2 235 687 2 217 862 2 162 725 2 209 814
Gold revenue R'000 Sep-26 1 652 563 471 789 332 594 276 472 522 913 581 285 3 837 616 19 927 700 2 380 588 22 308 288
Jun-26 1 655 694 518 369 356 037 323 160 520 645 428 999 3 802 904 21 763 877 3 626 889 25 390 766
Cash operating cost R'000 Sep-26 745 329 190 810 111 999 114 136 351 490 349 442 1 863 206 11 729 730 351 426 12 081 156
(net of by-product) Jun-26 651 548 179 778 77 260 101 533 334 831 264 908 1 609 858 11 130 322 316 179 11 446 501
credits
Inventory movement R'000 Sep-26 (27 816) (811) (2 215) (7 449) - (6 202) (44 493) (311 262) (46 441) (357 703)
Jun-26 21 830 11 741 (2 277) 2 897 - 8 109 42 300 375 559 (32 728) 342 831
Operating costs R'000 Sep-26 717 513 189 999 109 784 106 687 351 490 343 240 1 818 713 11 418 468 304 985 11 723 453
Jun-26 673 378 191 519 74 983 104 430 334 831 273 017 1 652 158 11 505 881 283 451 11 789 332
Production profit/(loss) R'000 Sep-26 935 050 281 790 222 810 169 785 171 423 238 045 2 018 903 8 509 232 2 075 603 10 584 835
Jun-26 982 316 326 850 281 054 218 730 185 814 155 982 2 150 746 10 257 996 3 343 438 13 601 434
Sustaining capital R'000 Sep-26 25 302 2 597 - 3 017 8 830 48 020 87 766 1 113 869 631 640 1 745 509
expenditure Jun-26 64 351 29 294 2 254 35 506 15 272 117 620 264 297 1 667 123 522 714 2 189 837
Major capital R'000 Sep-26 22 303 - 8 785 6 840 - - 37 928 1 037 523 - 1 037 523
expenditure Jun-26 41 020 - 18 886 3 384 - - 63 290 1 050 288 92 637 1 142 925
(incl. renewables)
Capital expenditure R'000 Sep-26 47 605 2 597 8 785 9 857 8 830 48 020 125 694 2 151 392 631 640 2 783 032
Jun-26 105 371 29 294 21 140 38 890 15 272 117 620 327 587 2 717 411 615 351 3 332 762
Cash operating costs R/kg Sep-26 931 661 904 313 713 369 833 109 1 541 623 1 270 698 1 030 534 1 232 503 307 191 1 133 210
Jun-26 897 449 881 265 468 242 710 021 1 455 787 1 439 717 974 490 1 187 741 185 988 1 033 918
Cash operating costs R/tonne Sep-26 105 115 118 125 449 929 158 889 456 866
Jun-26 100 122 84 105 470 738 147 907 316 862
Cash operating cost R/kg Sep-26 991 168 916 621 769 325 905 058 1 580 351 1 445 316 1 100 055 1 458 561 859 323 1 394 258
and Capital Jun-26 1 042 588 1 024 863 596 364 981 979 1 522 187 2 078 957 1 172 788 1 477 722 547 959 1 334 953
All-in sustaining cost R/kg Sep-26 973 374 909 757 705 173 852 800 1 476 721 1 477 598 1 079 223 1 344 968 936 298 1 300 073
Jun-26 1 034 839 1 014 153 478 148 951 946 1 489 800 2 164 154 1 162 332 1 384 651 534 150 1 260 531
Operating results - Year on year (Rand/Metric)
SOUTH AFRICA
UNDERGROUND PRODUCTION
Three TOTAL
months Moab High-grade Tshepong Tshepong Optimised UNDER-
ended Khotsong Mponeng operations North South Doornkop Joel Target 1 Kusasalethu Masimong operations GROUND
Ore milled/tailings t'000 Sep-26 151 236 387 209 114 212 113 127 133 98 1 006 1 393
processed Sep-25 207 257 464 201 121 211 108 118 130 116 1 005 1 469
Yield g/tonne Sep-26 5.77 11.55 9.29 4.88 4.55 3.17 3.19 3.35 5.50 3.92 4.09 5.53
Sep-25 7.25 10.54 9.08 4.13 6.15 3.27 3.48 3.48 7.89 3.34 4.44 5.91
Gold produced kg Sep-26 871 2 725 3 596 1 020 519 672 361 426 731 384 4 113 7 709
Sep-25 1 501 2 710 4 211 830 744 691 376 411 1 026 388 4 466 8 677
Gold sold kg Sep-26 859 2 743 3 602 967 492 657 342 402 736 363 3 959 7 561
Sep-25 1 460 2 705 4 165 798 715 662 362 349 1 024 373 4 283 8 448
Gold price received R/kg Sep-26 2 132 241 2 130 284 2 130 750 2 125 551 2 123 467 2 127 362 2 122 760 2 119 172 2 129 147 2 127 678 2 125 567 2 128 037
Sep-25 1 806 903 1 821 311 1 816 260 1 816 378 1 809 269 1 816 068 1 814 923 1 796 418 1 821 238 1 817 040 1 814 614 1 815 425
Gold revenue R'000 Sep-26 1 831 595 5 843 368 7 674 963 2 055 408 1 044 746 1 397 677 725 984 851 907 1 567 052 772 347 8 415 121 16 090 084
Sep-25 2 638 078 4 926 646 7 564 724 1 449 470 1 293 627 1 202 237 657 002 626 950 1 864 948 677 756 7 771 990 15 336 714
Cash operating cost R'000 Sep-26 1 556 205 2 304 221 3 860 426 1 038 061 878 565 927 351 604 407 768 121 1 206 924 582 669 6 006 098 9 866 524
(net of by-product Sep-25 1 582 728 2 101 792 3 684 520 918 142 845 265 854 346 520 496 693 378 1 145 302 569 738 5 546 667 9 231 187
credits)
Inventory movement R'000 Sep-26 (8 097) 42 400 34 303 (94 421) (45 009) (31 122) (37 297) (77 031) 18 652 (34 844) (301 072) (266 769)
Sep-25 (109 050) (12 857) (121 907) (63 386) (40 040) (37 584) (22 042) (115 495) (16 661) (32 156) (327 364) (449 271)
Operating costs R'000 Sep-26 1 548 108 2 346 621 3 894 729 943 640 833 556 896 229 567 110 691 090 1 225 576 547 825 5 705 026 9 599 755
Sep-25 1 473 678 2 088 935 3 562 613 854 756 805 225 816 762 498 454 577 883 1 128 641 537 582 5 219 303 8 781 916
Production profit/(loss) R'000 Sep-26 283 487 3 496 747 3 780 234 1 111 768 211 190 501 448 158 874 160 817 341 476 224 522 2 710 095 6 490 329
Sep-25 1 164 400 2 837 711 4 002 111 594 714 488 402 385 475 158 548 49 067 736 307 140 174 2 552 687 6 554 798
Sustaining capital R'000 Sep-26 74 642 198 575 273 217 150 624 114 134 157 644 65 434 105 370 99 632 60 048 752 886 1 026 103
expenditure Sep-25 85 405 213 345 298 750 137 166 94 136 130 779 59 623 80 845 75 196 20 385 598 130 896 880
Major capital R'000 Sep-26 370 321 428 456 798 777 93 355 14 241 89 794 - - 3 428 - 200 818 999 595
expenditure Sep-25 408 383 354 382 762 765 26 577 36 872 92 862 - 6 - - 156 317 919 082
(incl. renewables)
Capital expenditure R'000 Sep-26 444 963 627 031 1 071 994 243 979 128 375 247 438 65 434 105 370 103 060 60 048 953 704 2 025 698
Sep-25 493 788 567 727 1 061 515 163 743 131 008 223 641 59 623 80 851 75 196 20 385 754 447 1 815 962
Cash operating costs R/kg Sep-26 1 786 688 845 586 1 073 533 1 017 707 1 692 803 1 379 987 1 674 258 1 803 101 1 651 059 1 517 367 1 460 272 1 279 871
Sep-25 1 054 449 775 569 874 975 1 106 195 1 136 109 1 236 391 1 384 298 1 687 051 1 116 279 1 468 397 1 241 976 1 063 869
Cash operating costs R/tonne Sep-26 10 306 9 764 9 975 4 967 7 707 4 374 5 349 6 048 9 075 5 946 5 970 7 083
Sep-25 7 646 8 178 7 941 4 568 6 986 4 049 4 819 5 876 8 810 4 912 5 519 6 284
Cash operating cost R/kg Sep-26 2 297 552 1 075 689 1 371 641 1 256 902 1 940 154 1 748 198 1 855 515 2 050 448 1 792 044 1 673 742 1 692 147 1 542 641
and Capital Sep-25 1 383 422 985 062 1 127 057 1 303 476 1 312 195 1 560 039 1 542 870 1 883 769 1 189 569 1 520 936 1 410 908 1 273 153
All-in sustaining cost R/kg Sep-26 1 872 057 929 707 1 154 437 1 136 623 1 929 925 1 605 502 1 855 691 1 972 301 1 818 855 1 694 756 1 637 999 1 407 634
Sep-25 1 115 635 891 329 969 958 1 291 699 1 316 848 1 481 974 1 603 067 1 962 385 1 217 684 1 544 711 1 410 613 1 193 363
SOUTH AFRICA
SURFACE PRODUCTION TOTAL
Three Mine Central TOTAL HARMONY
months Waste Plant Savuka TOTAL SOUTH Hidden GOLD
ended Solutions Phoenix Reclamation Tailings Dumps Kalgold SURFACE AFRICA Valley ASSETS
Ore milled/tailings t'000 Sep-26 7 109 1 665 947 915 783 376 11 795 13 188 770 13 958
processed Sep-25 6 787 1 268 988 977 761 397 11 178 12 647 918 13 565
Yield g/tonne Sep-26 0.113 0.127 0.166 0.150 0.291 0.73 0.15 0.72 1.49 0.76
Sep-25 0.117 0.169 0.177 0.153 0.363 0.87 0.17 0.84 1.63 0.89
Gold produced kg Sep-26 800 211 157 137 228 275 1 808 9 517 1 144 10 661
Sep-25 793 214 175 149 276 345 1 952 10 629 1 499 12 128
Gold sold kg Sep-26 775 212 156 130 244 273 1 790 9 351 1 154 10 505
Sep-25 738 217 169 139 285 378 1 926 10 374 1 553 11 927
Gold price received R/kg Sep-26 2 132 339 2 225 420 2 132 013 2 126 708 2 143 086 2 129 249 2 143 920 2 131 077 2 062 901 2 123 588
Sep-25 1 798 079 1 966 742 1 820 101 1 793 727 1 840 319 1 827 167 1 830 659 1 818 254 1 820 220 1 818 510
Gold revenue R'000 Sep-26 1 652 563 471 789 332 594 276 472 522 913 581 285 3 837 616 19 927 700 2 380 588 22 308 288
Sep-25 1 326 982 426 783 307 597 249 328 524 491 690 669 3 525 850 18 862 564 2 826 801 21 689 365
Cash operating cost R'000 Sep-26 745 329 190 810 111 999 114 136 351 490 349 442 1 863 206 11 729 730 351 426 12 081 156
(net of by-product Sep-25 677 539 154 595 101 819 115 615 323 937 328 376 1 701 881 10 933 068 327 043 11 260 111
credits)
Inventory movement R'000 Sep-26 (27 816) (811) (2 215) (7 449) - (6 202) (44 493) (311 262) (46 441) (357 703)
Sep-25 (62 283) 653 (4 174) (8 336) 2 417 33 792 (37 931) (487 202) 146 035 (341 167)
Operating costs R'000 Sep-26 717 513 189 999 109 784 106 687 351 490 343 240 1 818 713 11 418 468 304 985 11 723 453
Sep-25 615 256 155 248 97 645 107 279 326 354 362 168 1 663 950 10 445 866 473 078 10 918 944
Production profit/(loss) R'000 Sep-26 935 050 281 790 222 810 169 785 171 423 238 045 2 018 903 8 509 232 2 075 603 10 584 835
Sep-25 711 726 271 535 209 952 142 049 198 137 328 501 1 861 900 8 416 698 2 353 723 10 770 421
Sustaining capital R'000 Sep-26 25 302 2 597 - 3 017 8 830 48 020 87 766 1 113 869 631 640 1 745 509
expenditure Sep-25 6 857 35 255 15 810 17 269 426 137 308 212 925 1 109 805 518 841 1 628 646
Major capital R'000 Sep-26 22 303 - 8 785 6 840 - - 37 928 1 037 523 - 1 037 523
expenditure Sep-25 213 891 - - - - - 213 891 1 132 973 111 522 1 244 495
(incl. renewables)
Capital expenditure R'000 Sep-26 47 605 2 597 8 785 9 857 8 830 48 020 125 694 2 151 392 631 640 2 783 032
Sep-25 220 748 35 255 15 810 17 269 426 137 308 426 816 2 242 778 630 363 2 873 141
Cash operating costs R/kg Sep-26 931 661 904 313 713 369 833 109 1 541 623 1 270 698 1 030 534 1 232 503 307 191 1 133 210
Sep-25 854 400 722 407 581 823 775 940 1 173 685 951 814 871 865 1 028 607 218 174 928 439
Cash operating costs R/tonne Sep-26 105 115 118 125 449 929 158 889 456 866
Sep-25 100 122 103 118 426 827 152 864 356 830
Cash operating cost R/kg Sep-26 991 168 916 621 769 325 905 058 1 580 351 1 445 316 1 100 055 1 458 561 859 323 1 394 258
and Capital Sep-25 1 132 770 887 150 672 166 891 839 1 175 228 1 349 809 1 090 521 1 239 613 638 696 1 165 341
All-in sustaining cost R/kg Sep-26 973 374 909 757 705 173 852 800 1 476 721 1 477 598 1 079 223 1 344 968 936 298 1 300 073
Sep-25 895 229 882 497 672 651 896 029 1 146 596 1 358 917 1 002 522 1 157 482 773 566 1 107 486
(1) Excludes run of mine costs for Kalgold (Sep-26: -R25.815m, Sep-25: R18.687m) and Hidden Valley (Sep-26: R18.855m, Sep-25: -R208.138m).
Operating results: Copper assets - Quarter on quarter
AUSTRALIA AUSTRALIA
Quarter Rand/Metric Quarter US$/Imperial
ended CSA Mine ended CSA Mine
Ore milled t'000 Sep-26 225 Ore milled t'000 Sep-26 248
Jun-26 210 Jun-26 232
Yield % Sep-26 3.15 Yield % Sep-26 3.15
Jun-26 4.10 Jun-26 4.10
Copper produced t Sep-26 7 077 Copper produced lb'000 Sep-26 15 602
Jun-26 8 611 Jun-26 18 984
Copper sold t Sep-26 5 238 Copper sold lb'000 Sep-26 11 548
Jun-26 7 531 Jun-26 16 603
Copper price received(1) US$/t Sep-26 14 188 Copper price received(1) US$/lb Sep-26 6.44
Jun-26 13 366 Jun-26 6.06
Copper revenue R'000 Sep-26 1 280 312 Copper revenue US$'000 Sep-26 78 640
Jun-26 1 658 215 Jun-26 100 656
Cash operating cost (net of by-product credits) R'000 Sep-26 717 883 Cash operating cost (net of by-product credits) US$'000 Sep-26 44 094
Jun-26 721 689 Jun-26 43 808
Inventory movement R'000 Sep-26 (139 991) Inventory movement US$'000 Sep-26 (8 599)
Jun-26 (48 711) Jun-26 (2 957)
Production cost (net of by-product credits) R'000 Sep-26 577 892 Production cost (net of by-product credits) US$'000 Sep-26 35 495
Jun-26 672 978 Jun-26 40 851
Production profit R'000 Sep-26 702 420 Production profit/(loss) US$'000 Sep-26 43 145
Jun-26 985 237 Jun-26 59 805
Sustaining capital expenditure R'000 Sep-26 238 405 Sustaining capital expenditure US$'000 Sep-26 14 643
Jun-26 399 202 Jun-26 24 232
Major capital expenditure R'000 Sep-26 - Major capital expenditure (incl. renewables) US$'000 Sep-26 -
Jun-26 - Jun-26 -
Capital expenditure R'000 Sep-26 238 405 Capital expenditure US$'000 Sep-26 14 643
Jun-26 399 202 Jun-26 24 232
Cash operating costs R/tonne Sep-26 3 191 Cash operating costs US$/tonne Sep-26 178
Jun-26 3 437 Jun-26 189
Cash operating cost and Capital US$/t Sep-26 8 300 Cash operating cost and Capital US$/lb Sep-26 3.76
Jun-26 7 902 Jun-26 3.58
C1 cost US$/t Sep-26 5 995 C1 cost US$/lb Sep-26 2.72
Jun-26 5 317 Jun-26 2.41
(1) Excludes adjustments related to copper provisional pricing (Sep-26: R70.360m, US$4.321m)
Directorate and administration
Harmony Gold Mining Company Limited
Harmony Gold Mining Company Limited was
incorporated and registered as a public company in
South Africa on 25 August 1950
Registration number: 1950/038232/06
Corporate office
Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road and Ward Avenue
Randfontein, 1759, South Africa
Telephone: +27 11 411 2000
Website: http://www.harmony.co.za
Directors
Dr PT Motsepe* (chairman)
KT Nondumo*^ (deputy chairman)
FJ Lombard*^ (lead independent director)
BB Nel (chief executive officer)
BP Lekubo (financial director)
Dr HE Mashego (executive director)
M Gule*^
Z Matlala*^
M Moshe*^
Dr M Msimang*^
B Nqwababa*^
VP Pillay*^
MJ Prinsloo*^
GR Sibiya*^
PL Turner*^
J Boardman*^
A Pretorius*^
* Non-executive
^ Independent
Company secretary
SS Mohatla
E-mail queries: companysecretariat@harmony.co.za
Telephone: +27 11 411 2359
Investor relations
E-mail: HarmonyIR@harmony.co.za
Telephone: +27 11 411 6073 or
+27 82 746 4120
Transfer secretaries
JSE Investor Services (Proprietary) Limited
(Registration number 2000/007239/07)
19 Ameshoff Street, 13th Floor, Hollard House,
Braamfontein, Johannesburg, South Africa
PO Box 4844, Johannesburg, 2000, South Africa
E-mail: info@jseinvestorservices.co.za
Telephone: +27 86 154 6572
Fax: +27 86 674 4381
American Depositary Receipts (ADRs)
Deutsche Bank Trust Company Americas
c/o Equiniti Trust Company LLC, Peck Slip Station
PO Box 2050, New York
NY10271-2050
Email: db@astfinancial.com
Toll free (within US): (886) 249 2593
Int: +1 718 921 8137
Fax: +1 718 921 8334
Sponsor
J.P. Morgan Equities South Africa Proprietary
Limited
1 Fricker Road, corner Hurlingham Road, Illovo,
Johannesburg, 2196, South Africa
Private Bag X9936, Sandton, 2146, South Africa
Telephone: +27 11 507 0300
Fax: +27 11 507 0503
Trading symbols
ISIN: ZAE000015228
Harmony's annual reports
Harmony's Integrated Report, and its report suite filed on a Form 20F with the United States'
Securities and Exchange Commission for the financial year ended 30 June 2026, are available on
our website (http://www.harmony.co.za/invest).
Forward-looking statements
This booklet 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 booklet, 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 booklet 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; 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; and the risk that additional errors or
adjustments are identified.
The foregoing factors and others described under ?Risk Factors? in our Integrated Annual Report (http://www.har.co.za) and our
Annual Report on 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 booklet 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
statements contained in these financial results have not been reviewed or reported on by Harmony's external auditors.
Competent Person's statement
The Mineral Resource and Mineral Reserve figures published in this booklet are updated as at 30 June 2026. Harmony confirms
that it is not aware of any new information or data that materially affects the information included in the statement, in the case
of Mineral Resources or Mineral Reserves, that all material assumptions and technical parameters underpinning the estimates
in the original release continue to apply and have not materially changed. Harmony confirms that the form and context in which
the competent person's findings are presented have not been materially modified from the original release. Exploration results
are presented in summary form and should not be construed as Mineral Resources or Mineral Reserves, nor relied upon as an
estimate of economic mineralisation.
Johannesburg
9 November 2026
Date: 09/11/2026 04:36:00
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