Harmony Gold Mining Company (HAR) Investor Presentation summary

Strategic overview and growth focus

• Nearly 75 years of gold mining experience, with operations in South Africa, Papua New Guinea, and Australia, and a growing international copper footprint.

• Operates 11 mines (9 underground, 2 open-pit) and the world’s largest gold tailings retreatment business.

• Strategy centers on safe, profitable ounces, operational excellence, and value-accretive acquisitions, with diversification into copper.

• Portfolio includes significant copper-gold growth projects: Wafi-Golpu (Papua New Guinea) and Eva Copper (Australia).

• Strict investment criteria prioritize ESG, safety, high-margin assets, and projects with long mine lives and manageable capital intensity.

Resource base and production profile

• Holds 136.5Moz in Mineral Resources and 40.3Moz in Mineral Reserves as of June 2024, ranking among the global top 10.

• Resource base is diversified: 56% SA underground gold, 16% PNG copper, 12% PNG gold, 10% SA surface gold, 6% Australia copper & gold.

• Life-of-mine production profile targets 1.4Moz in gold equivalents annually, supported by stable SA operations and international projects.

• Ongoing projects and feasibility studies (Eva Copper, Wafi-Golpu) expected to further enhance resource conversion and production.

Operational and financial performance

• Q1FY25 gold production was 13,131kg (422koz), with underground recovered grade steady at 6.32g/t.

• All-in sustaining cost (AISC) for Q1FY25 was R963,310/kg (US$1,667/oz), tracking below FY25 guidance.

• Operating free cash flow rose 66% year-on-year to US$174m in Q1FY25.

• High-grade operations generated 53% of total operating free cash in Q1FY25, with strong margins across all business quadrants.

• FY25 production guidance is 1.4–1.5Moz at an average underground grade >5.80g/t and AISC of R1,020,000–R1,100,000/kg.