Harmony Gold Mining Co Ltd 6-K, filed Mar 11, 2026
Harmony Gold Mining Co Ltd (HMY)
6-K
2026-03-11
For: 2025-12-31
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April 12, 2026
About this 6-K
Harmony Gold Mining Co Ltd filed this 6-K on March 11, 2026.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a16 OR 15d16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For March 11, 2026 Harmony Gold Mining Company Limited Randfontein Office Park Corner Main Reef Road and Ward Avenue Randfontein, 1759 South Africa (Address of principal executive offices) *- (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20F or Form 40F.) Form 20F ☒ Form 40F ☐ (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g32(b) under the Securities Exchange Act of 1934.) Yes ☐ No ☒
INTERIM RESULTS for the six-month period ended 31 December 2025 (H1FY26)* 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) HARMONY'S INTERIM DIVIDEND DOUBLES ON NEW POLICY ALONGSIDE COPPER GROWTH Johannesburg, South Africa. Wednesday, 11 March 2026. Harmony Gold Mining Company Limited (Harmony or the Company) is pleased to report our financial and operational results for H1FY26. ›
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 1 MESSAGE FROM THE CHIEF EXECUTIVE OFFICER OVERVIEW During the period under review, we further reinforced Harmony’s position as a higher‑quality, lower‑risk global producer of gold and copper. Our strategy remains anchored in safe, predictable and profitable production that delivers resilient cash flows and supports disciplined, long‑term growth. Safety remains our first value. We are encouraged by the continued improvement in our lost‑time injury frequency rate, which has remained below 5.00 per million hours worked, for three consecutive quarters. This reflects strengthened ownership across the business. Our commitment to achieving zero harm remains non-negotiable. Gold remains core to Harmony. Expanding into copper is an intentional step to enhance portfolio quality and long‑term durability. Our capital allocation framework is measured, disciplined and value‑focused, to enhance operational consistency, strengthen margins and support predictable cash flows. Even in an elevated commodity price environment, capital discipline remains paramount. We deploy capital prudently on a risk‑adjusted basis across safety, sustaining our orebodies, greenfield projects, brownfield expansions and shareholder returns – ensuring we create long-term value through commodity price cycles. Our strengthened cash generation has enabled us to revise our dividend policy to ensure that up to 50% of our net free cash is returned to investors, reflecting our commitment to delivering tangible, consistent and attractive cash returns. Our approach ensures that investors benefit today through sustainable and enhanced dividends, while also participating in the long‑term value we are creating across our portfolio. Maintaining a balance sheet well below our 1x net debt/EBITDA threshold, positions us to both fund future growth and continue rewarding shareholders. Operationally, we remain on track to meet our full‑year production, cost and grade guidance and the exceptional gold price environment has further supported another strong financial performance. This combination of operational discipline and favourable market conditions has translated into robust cash generation. Based on current projects, we expect to produce approximately 100 000 tonnes of copper per annum within the next three years, once the Eva Copper Project is completed. This will establish Harmony as a world‑class gold producer with a meaningful copper footprint. Against this backdrop, I am pleased to report that Harmony has once again delivered solid operational and financial results for H1FY26, demonstrating the strength of our strategy and the quality of our people. Safety • Safety strategy continues to progress, lowest ever LTIFR1 of 4.23 per million hours worked (H1FY25: 5.52) Operational excellence • Over a decade of production consistency as we remain on track to meet full-year production, grade and cost guidance • CSA copper guidance of 17 500 to 18 500 tonnes at a C1 cash cost of US$2.65/lb to US$2.80/lb and grade of above 3.50% for the financial year • Group gold production of 22 522kg (724 099oz), down 9% due to temporary challenges in second quarter of FY26 • Underground recovered grade decreased by 11% to 5.72g/t due to lower metallurgical recoveries; face grades remain in line with plans • All-in sustaining cost (AISC) increased by 21% to R1 180 367/kg (US$2 115/oz), in line with guidance and mainly due to lower production Financial returns • Operating profit increased by 61% to R16 107 million (US$930 million) from R10 003 million (US$559 million) • Average gold price received (including hedge) up 36% to R1 909 849/kg (US$3 421/oz) from R1 405 020/kg (US$2 437/oz) • Group revenue up 20% to R44 400 million (US$2 557 million) from R37 141 million (US$2 071 million) • Basic earnings per share up 24% to 1 563 SA cents (90 US cents) Capital allocation • Revised dividend policy paying up to 50% of net free cash5 out to shareholders • Interim dividend2, 3 declared of 530 SA cents (32 US cents), and record payout of record R3 383 million (US$204 million) • Robust balance sheet with net debt/EBITDA4 of 0.18 times • Liquidity of R14 819 million (US$895 million) in cash and undrawn facilities Gold and copper growth • Maiden copper production from newly acquired CSA mine with integration underway • Eva Copper final investment decision approved by board on 24 November 2025, construction underway • Brownfield extension projects continue to advance SALIENT FEATURES for the six-month period ended 31 December 2025 (H1FY26) vs six-month period ended 31 December 2024 (H1FY25) SALIENT FEATURES for the six-month period ended 31 December 2025 (H1FY26) vs six-month period ended 31 December 2024 (H1FY25) * The condensed consolidated financial statements for the six-months ended 31 December 2025 on pages 22 to 53 have been reviewed by our external auditors, Ernst & Young Inc. Adjusted free cash flow, cash operating costs, total all-in sustaining costs, total all-in costs, reconciliation of non-GAAP measures and the convenience translation are considered to be pro forma financial information in terms of the JSE Listings Requirements and have been extracted, without adjustment. 1 LTIFR – lost time injury frequency rate per million hours worked 2 See dividend notice on page 11 for the details 3 Illustrative equivalent based on the closing exchange rate of R16.55/US$1 as at 6 March 2026 4 EBITDA – Earnings before interest, tax, depreciation and amortisation as defined, also excludes unusual items such as impairment and restructuring cost: rolling 12-month historical 5 Net free cash is defined as operating free cash flow after capital, interest, tax, corporate and other expenses. ›‹
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 2 RESPONSIBLE STEWARDSHIP Safety: Proactive strategy continues to deliver improvements Nothing matters more than ensuring every person returns home safely, every day. Our people are our most important assets and we remain unwavering in our commitment to zero loss of life. Tragically we lost one colleague in the second quarter of the financial year. We remember and honour the life of Mr Markus Bekker, electrician at Mponeng, 26 October 2025 (Q2FY26). Through our Thibakotsi’s humanistic culture transformation we are embedding personal ownership across the organisation. This is supported by our Accountability Model, Risk Response Protocol and disciplined learning from incidents. Our proactive focus on leading indicators, continues to drive quarter‑on‑quarter progress across our key safety measures. Performance and scorecard remuneration has been amended and is now linked to both leading and lagging indicators. Leading indicators include Workplace Hazard Ratings and Loss-of-life Critical Control Checks while lagging indicators include LTIFR. This year we made progress, delivering a loss-of-life free first quarter and all major indicators improving year on year – evidence of the discipline, consistency and accountability across the organisation. Our safety non‑negotiables are clear and constant: golden control compliance, effective management and supervisory routines, and life‑saving behaviours – everywhere, every shift. This is how we deliver safe, predictable production and live our pillar of Responsible Stewardship until zero harm is a reality for every person at Harmony. Indicator per million hours worked H1FY26 H1FY25 LTIFR1 4.23 5.52 RIFR2 2.82 3.38 LLIFR3 0.02 0.02 1. Lost time injury frequency rate 2. Reportable injury frequency rate 3. Loss of life injury frequency rate Embedded sustainability Sustainability is embedded in how we run the business and is integral to holistic risk management. We are advancing our science‑based pathway to net‑zero by 2045, with the 100 MW Moab Khotsong PV plant scheduled to begin phased commissioning in April 2026. This progress is supported by a growing pipeline of renewable‑energy initiatives that strengthen operational resilience by reducing emissions exposure and mitigating power‑price volatility. Harmony’s 2025 CDP results highlight our leadership in water stewardship, earning a Leadership score of A- in Water Security and a Management score of B in Climate Change, both improved from prior years. The 2025 CDP scores further reflect a mature, well-governed and transparent approach to environmental management, further demonstrating our commitment to sustainability, while also positioning the company as a benchmark for responsible mining within the gold sector. Our community programmes will continue to grow alongside our rehabilitation and environmental stewardship work. This integrated approach of combining climate action, operational discipline and meaningful social investment, ensures we remain responsible custodians of the assets and communities entrusted to us, while building a more resilient, competitive and future‑focused Harmony. CAPITAL ALLOCATION ANCHORED IN DISCIPLINED, LONG‑TERM VALUE CREATION Revised dividend policy returns more of our net free cash* to shareholders After careful consideration of our capital requirements, capital structure, through-the-cycle macroeconomic conditions and current strong cash flow generation, we are pleased to announce that we have revised our dividend policy to provide shareholders with enhanced upside participation. Harmony has amended its dividend policy to allow for up to 50% of net free cash* to be returned to shareholders, subject to the discretion of the board and net debt to EBITDA (leverage) levels. The revised policy now includes an improved base dividend, which has been increased from 20% to 30% of net free cash*. In addition, an upside dividend may be paid, based on leverage levels. When leverage is equal to or above 0.5x and below 1x, only a base dividend of 30% of net free cash* is payable. As leverage improves, the board may at its sole discretion consider an upside dividend of up to 20% of net free cash*. In-line with our new dividend policy, we are pleased to announce an interim dividend of 530 SA cents (32 US cents**) per share for this reporting period, resulting in a rolling 12-month dividend yield of 2.2% based off the closing JSE share price of R318.11 on 6 March 2026. It also represents a total payout of 43% of net cash*. The total dividend payout for this reporting period is a record R3 383 million (US$204 million). * Net free cash is defined as operating free cash flow after capital, interest, tax, corporate and other expenses. ** The dividend was converted using a closing exchange rate of R16.55/US$1 at 6 March 2026. Balance sheet strength and flexibility maintained We have maintained a healthy balance sheet which is in a net debt position of R5 544 million (US$335 million) after the acquisition of MAC Copper. EBITDA for the reporting period increased by 39% to R18 004 million (US$1 037 million) in H1FY26 from R12 924 million (US$721 million) in H1FY25. Our annualised net debt/EBITDA was 0.18 times as at 31 December 2025 and comfortably below the 1 times internal threshold. At current levels we expect to be back in a net cash position by the end of the financial year. We had R14 819 million (US$895 million) available in cash and undrawn facilities as at 31 December 2025. We are therefore well-positioned to continue funding all our operational needs alongside our various growth projects while paying a consistent and enhanced dividend. We are actively assessing our capital structure to maintain an efficient balance sheet that is appropriately matched to both our funding needs and the strength of our cash‑flow generation. ›‹
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 3 Investing in our future: allocating capital towards quality orebodies Group capital expenditure (excluding Eva Copper) for H1FY26 increased by 35% to R6 391 million (US$369 million) from R4 725 million (US$263 million) in H1FY25. In addition to higher sustaining capital, much of this was allocated to advancing our major projects currently in execution. Our planned capital expenditure is accelerating the shift in Harmony’s portfolio towards a more profitable company with improved valuations. This is transformational capital designed to lower risk, lift margins and increase exposure to higher‑quality, gold and copper production – and not simply sustain the status quo. By investing now in quality, longer‑life orebodies, we materially strengthen future cash flow potential and position Harmony to deliver structurally higher returns as we move down the global cost curve. Within three to five years, these investments will reshape the company’s fundamentals and unlock a far more competitive, resilient and value‑accretive portfolio. Project execution excellence is therefore a non‑negotiable component of our operating model. Further information on our expansion projects and acquisition can be found under the International section below. Our Moab Khotsong and Mponeng extension projects are progressing well while the Kareerand extension project at Mine Waste Solutions and decline project at Target 1 are both complete. Other brownfield projects underway include the Doornkop extension and the life-of mine extension at Hidden Valley in Papua New Guinea. Studies are underway to convert additional Resources to Reserves through the Free State and West Wits Reclamation projects. Revenue, earnings growth and shareholder returns The higher gold price continued to translate directly into improved group revenue and operating profit. For the period, operating profit increased by 61% to R16 107 million (US$930 million) from R10 003 million (US$559 million) in H1FY25. Operating profit was partially impacted by derivative losses of R1 039 million (US$60 million), mainly relating to the silver derivative loss at Hidden Valley. Group revenue increased by 20% to R44 400 million (US$2 557 million) from R37 141 million (US$2 071 million). This increase was mainly due to the higher average gold price received, which increased by 36% to R1 909 849/kg (US$3 421/oz) from R1 405 020/kg (US$2 437/oz) in H1FY25. Strong gold revenue for the reporting period was partially offset by a realised hedge loss of R4 483 million (US$258 million). Silver revenue decreased by 27% to R740 million (US$43 million) from R1 008 million (US$56 million), due to a 52% reduction in Hidden Valley silver production. This was partially offset by a 46% increase in the average silver price received to R25 282/kg (US$45.12/oz). Uranium revenue decreased by 47% to R240 million (US$14 million) from R449 million (US$25 million), mainly due to a 44% decrease in uranium sold as a result of shipping delays. Uranium production at Moab Khotsong declined by 13% to 235 414lb, while prices remained broadly flat at US$82.08/lb. Copper revenue from the CSA mine totalled R417 million (US$24 million) in the first two months since acquisition. This marks Harmony’s maiden entry into copper production as we delivered 3 913 tonnes, establishing a new chapter in our history and positioning Harmony to benefit from long‑term demand for future‑facing metals. The variance between operating profit and earnings for the period was mostly driven by transitionary, non‑cash or acquisition‑related items, as well as higher current taxation. These are associated with growth, profitability and the investment in long‑life, value‑accretive assets. Harmony’s underlying fundamentals remain strong, and the increase in operating profit reflects the health of the core business. The key items impacting earnings for the period were: • acquisition‑related costs: R1 379 million (US$79 million) from the MAC Copper transaction, mainly stamp duty • non‑cash fair‑value adjustments: R861 million (US$50 million) on CSA’s copper and silver streaming arrangements. These do not affect operating performance (refer to note 15 in the financial statements) • increased financing costs: R708 million (US$41 million), including R188 million (US$11 million) related to the bridge facility used for the acquisition • higher current tax expense: up by 86% to R3 585 million (US$206 million) from R1 928 million (US$107 million), mainly due to higher mining taxes driven by significantly improved profitability. As result of the above, basic earnings per share increased by 24% to 1 563 SA cents (90 US cents) from 1 265 SA cents (71 US cents). Headline earnings per share rose by 13% to 1 431 SA cents (82 US cents) from 1 270 SA cents (71 US cents). The Harmony share price performed well over the 12-month period ending 31 December 2025. On the JSE, the share price increased by 124%, closing at R337.08. On the NYSE, the share price rose by 142%, closing at $19.90. Derivatives and hedging We continue to apply our hedging strategy with discipline because we believe it is a prudent risk management tool given our project pipeline and higher capital expenditure planned over the next three years. We do not speculate on the gold price and hedging allows us to lock in margins, protect cash flows and reduce the impact of potential adverse commodity and currency movements. This in part allows us to meet our capital and growth commitments through the cycle. Hedging helps safeguard the business, protect returns and maintain financial flexibility, so that we can continue delivering sustainable value across commodity cycles. The record gold prices continue providing an excellent opportunity to replace maturing hedges with new ones as they expire, locking in higher margins in line with our hedging policy. The gold hedge book was maintained at between 10% and 30% of production over a rolling 36-month period. The average floor and ceiling price on our rand gold zero cost collar book of 552 000oz stood at R1 922 834/kg and R2 169 635/kg respectively. The longer dated maturities reflect higher protection levels being locked in off the recently higher spot gold price. The increase in derivative losses is mainly driven by the significant rise in the silver spot price during the period, which moved further above the average locked‑in cap prices of the outstanding silver collar contracts. This resulted in a loss of R1.1 billion (US$63 million), partially offset by the realised foreign exchange derivative gain of R236 million (US$14 million). Refer to notes 2 and 9 in the financial statements for details on the derivative programme. ›‹
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 4 Cash flow and margins Group adjusted free cash flows (cash generated from operating activities adjusted for capital expenditure) increased by 4%, to R5 965 million (US$344 million) from the previous half-year record of R5 729 million (US$320 million) set in H1FY25. Group adjusted free cash flow margins decreased to 14% from 16% in the previous reporting period. OPERATIONAL EXCELLENCE: OVER A DECADE OF CONSISTENCY THROUGH SAFE, PREDICTABLE PRODUCTION Safety, operational predictability and mining discipline remains central to delivering on our plans. Consistent control of key quality metrics including maintaining optimal stoping widths, driving sweeping compliance and reducing off‑reef mining ensures that every face contributes quality tonnes at the right grade. At the same time, strengthening mining flexibility through well‑sequenced development, improving productivity across crews and enhancing critical infrastructure all help reduce variability and create the resilience needed to meet plan. A safe mine is a productive mine and having embedded these disciplines shift after shift, we are delivering the tonnes to ensure we protect margins and support the sustainable delivery of long‑term value. Production and grade Group gold production for the period decreased by 9% to 22 522kg (724 099oz) from 24 816kg (797 854oz) in H1FY25. As previously disclosed in the 3 February 2026 operational update, this was marginally below plan due to lower metallurgical recoveries, tectonic-related mill motor failure at Hidden Valley and a deferment of the final Hidden Valley shipment to January 2026. Production was further impacted by the industry‑wide cyanide shortage in South Africa following Sasol’s force majeure. Despite these temporary headwinds, we remain on track to meet full‑year guidance and deliver as planned. Underground recovered grades decreased by 11% to 5.72g/t from 6.40g/t in the previous reporting period. Underground face grades remain in line with plan while recoveries have normalised. Disciplined cost control Harmony is a predominantly rand-cost producer and currency volatility remains part of our reality. What matters is controlling what we can and how we respond to external factors beyond our control. Cost discipline has always been at the heart of Harmony’s success, and in H1FY26 we again kept our unit cost increases predictable and within guidance despite inflation, higher royalties and a volatile macro backdrop. The rand strengthened by 3% to an average of R17.36/US$1 in H1FY26 from R17.94/US$1 in the comparable reporting period, which negatively affected the translation of our costs into US dollars. We do not lower cut‑off grades simply because the gold price is strong as this drives costs up in the long term. Meticulous planning, stringent cost controls and quality mining is crucial to protect margins. In line with plan, total cash operating costs net of by-product credits in H1FY26 increased by 12% to R22 552 million (US$1 299 million) from R20 195 million (US$1 126 million) in H1FY25. This was mainly due to the above-inflation tariff electricity increases in South Africa which resulted in a 14% increase in total electricity costs. Royalties increased by 60% or R490 million (US$30 million) due to higher revenue and profitability. Total labour costs, which makes up over half of our cash operating costs, remain predictable and controlled due to the five-year wage agreement that is in place in South Africa until June 2029. Labour costs increased by 6%, below our planned mining inflation. The newly acquired CSA copper mine contributed R378 million (US$22 million) to our costs. Excluding CSA, total cash operating costs increased by 10% to R22 174 million (US$1 277 million). On a per unit basis (gold operations only): • Cash operating costs increased by 21% to R984 549/kg (US$1 764/oz) from R813 791/kg (US$1 411/oz) • AISC increased by 21% to R1 180 367/kg (US$2 115/oz) from R972 261/kg (US$1 686/oz), well within guidance • AIC increased by 26% to R1 313 869/kg (US$2 354/oz) from R1 043 918/kg (US$1 810/oz). Performance by operational groupings South African underground high-grade operations Adjusted free cash flows from Mponeng and Moab Khotsong increased by 6% to R5 473 million (US$315 million) from R5 164 million (US$288 million) in H1FY25. Mponeng delivered another strong operational performance with adjusted free cash flows increasing by 30% to R4 877 million (US$281 million) from R3 761 million (US$210 million) in the comparable six months. Mponeng continues to deliver and recovered grades remained steady at 10.85g/t, well above reserve grade. This mine continues to perform exceptionally well. At Moab Khotsong, recovered grades declined by 24% as a result of planned adjustments to the mining sequence at the Great Noligwa shaft pillar, together with variability in mining mix. This was implemented to address structural seismic considerations and ensure long-term operational integrity as we continue to mine out the middle mine. South African underground high-grade Unit H1FY26 H1FY25 Y-on-y (%) Production kg 7 765 8 985 (14) Recovered grade g/t 8.86 10.20 (13) Cash operating costs R/kg 917 595 679 024 (35) All-in sustaining costs R/kg 1 030 072 798 045 (29) All-in costs R/kg 1 247 276 893 256 (40) Adjusted free cash flow Rm 5 473 5 164 6 Adjusted free cash flow margins % 37 40 (8) Sustaining capital Rm 709 846 16 Major capital Rm 1 656 851 (95) ›‹
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 5 International gold and copper growth Hidden Valley open pit mine Gold production at Hidden Valley increased by 6% year on year while recovered grades increased by 17% to 1.54g/t from 1.32g/t in the comparable reporting period. Adjusted free cash flows at Hidden Valley increased by 22% to R2 212 million (US$127 million) from R1 812 million (US$101 million) in H1FY25 while adjusted free cash flow margins remained steady at 48%. Production was however impacted by a tectonic-related mill motor failure. During the shutdown to repair the mill, necessary flotation conditioning tank repairs were also conducted. Approximately two weeks' production was lost to conduct the necessary repair work. We also replaced over 7km of the overland conveyor belt with a more durable product as part of scheduled maintenance. International (Hidden Valley) Unit H1FY26 H1FY25 Y-on-y (%) Production kg 2 638 2 490 6 Recovered grade g/t 1.54 1.32 17 Cash operating costs R/kg 319 529 449 416 29 All-in sustaining costs R/kg 878 389 831 260 (6) All-in costs R/kg 976 673 889 029 (10) Adjusted free cash flow Rm 2 212 1 812 22 Adjusted free cash flow margins % 48 50 (4) Sustaining capital Rm 1 129 563 (101) Major capital Rm 183 123 (49) CSA copper mine (CSA): positioning for long-term success Harmony assumed effective management control of CSA on 24 October 2025. Integration is progressing well, guided by a dedicated Project Management Office focused on embedding Harmony’s governance framework, operating standards, and disciplined capital and risk management processes. A central priority has been welcoming and integrating the CSA workforce into the broader Harmony group, with strong emphasis on skills and leadership retention and aligning remuneration with group standards. As is throughout Harmony, safety has been our starting point. Harmony’s non‑negotiable focus on safety has already delivered meaningful improvement. The mine achieved 64 consecutive days without a lost‑time injury toward the end of the reporting period. As part of our proactive approach to safety, we undertook a planned seven‑day stoppage to upgrade a secondary egress system. Further upgrades to shaft steelwork will continue through the remainder of the financial year, and these essential safety interventions have been factored into production expectations. Safety always comes before production across all Harmony operations. Since the acquisition, CSA has produced 3 913 tonnes of high-quality copper concentrate. Production was temporarily impacted by the planned safety stoppage and by work undertaken to re-establish the correct geotechnical mining sequence at the high‑grade, high‑tonnage QTSN area, including prioritised decline development and capital ventilation projects. As part of the integration process, the mine’s cost base has already been reduced by approximately AUD26 million (R296 million; US$17 million), with further efficiencies identified by our procurement teams through strategic sourcing and tendering initiatives. Harmony is systematically addressing near‑term challenges, including ventilation constraints and underground infrastructure reliability. A dedicated project team is advancing the key capital projects that will de‑risk and de‑bottleneck the mine, ensuring a more efficient and sustainable operating platform. We anticipate the optimisation to take approximately 24 months. CSA’s underlying orebody quality remains exceptional. In line with our disciplined capital approach, development at Upper Merrin has been paused pending additional drilling to improve geological confidence. Harmony is developing an extensive integrated underground and surface drilling programme over the next 24 months. This programme, will enhance geological, geotechnical and metallurgical understanding to inform mine design, long‑term planning and potential expansion. Drilling will test the eastern margin for additional lenses across the lateral extent of the QTSN and QTSC systems – areas that remain undrilled but have already delivered significant intersections outside the current resource, highlighting strong growth potential. A deeper drilling programme, targeting extensions below the current resource, is scheduled to begin early in H1FY27. The acquisition of CSA was a deliberate long‑term strategic move to increase Harmony’s copper exposure in a Tier‑1 jurisdiction. The fundamentals of the orebody continue to validate this decision. Harmony is positioning CSA for safe, predictable production over the long term and unlocking potential regional synergies as our footprint in Australia grows. We will provide a longer-term update for the CSA copper mine with our FY26 results, including any updates to Mineral Reserves and Mineral Resources, mine plans and capital requirements. Eva Copper Project: a platform for growth Construction is underway at the Eva Copper Mine Project (Eva Copper), located in the Cloncurry shire on the traditional lands of the Kalkadoon People in North West Queensland, Australia. Since the final investment decision (FID) made by the board of directors was announced on 24 November 2025, the project scope and related site activities are progressing safely and to plan. Engineering and design, and long lead and major equipment procurement continues on schedule. Major construction contracts have been awarded, including the Engineering, Procurement and Construction contract for the process plant and non-process infrastructure awarded to Bechtel Corporation on 5 December 2025. Bechtel is expected to mobilise to site during the March quarter. Construction of the permanent accommodation village on site is progressing well and is scheduled to be completed by mid-2026. Construction of roads, bulk earthworks and civils via the alliance with Thiess Pty Ltd is on schedule. The project is on track to award a contract to an independent power provider during the March quarter for the initial start up power supply option of diesel, solar and batteries. The AUD2.3 billion (US$1.55 billion) to AUD2.6 billion (US$1.75 billion) capital estimate approved under the FID remains unchanged. The capital is spread over three years in an estimated 20/40/40 split. The capital forecast for H2 for this project is expected to be in the range of AUD235 million (US$154 million) to AUD340 million (US$222 million), subject to permitting outcomes. ›‹
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 6 Exploration activities on the project’s mining leases continue to underline the high potential to increase mining inventory. Over 170 000 metres of drilling has been completed on the project to date, of which 21 100 metres has been completed this financial year so far. Resource and Reserve evaluation work has commenced, incorporating results from the ongoing drilling program. Sustainability is embedded in the project’s design and development. The project’s long-term social investment framework is under development in consultation with key local and regional stakeholders, including local councils, community groups and traditional owners. An application to amend the current Environmental Authority to ensure optimal operational performance against robust environmental standards is advancing through normal regulatory processes, including public consultations. We expect to be able to further update the market in the June quarter on progress. Harmony continues to collaborate with the Queensland Government on longer-term power supply options aligned with the state’s energy roadmap. Wafi-Golpu Project: a transformational asset Negotiations continue between Harmony, our joint venture partner Newmont Corporation and the Papua New Guinea Government regarding the Special Mining Lease. Harmony remains committed to permitting this Tier 1 copper-gold asset. South African surface source operations Mine Waste Solutions, Savuka Tailings, Central Plant Reclamation, Phoenix, Kalgold and rock dumps continue to generate strong adjusted free cash flows at excellent margins. Despite the industry-wide cyanide shortage which disrupted production for 12 days, adjusted free cash flows from our surface operations increased by 48% to R2 850 million (US$164 million) from R1 928 million (US$107 million) in H1FY25. Adjusted free cash flow margins increased to 42% from 34% year on year. South African surface source Unit H1FY26 H1FY25 Y-on-y (%) Production kg 3 549 4 256 (17) Recovered grade g/t 0.17 0.20 (15) Cash operating costs R/kg 907 342 722 972 (26) All-in sustaining costs R/kg 1 037 525 778 399 (33) All-in costs R/kg 1 159 890 892 558 (30) Adjusted free cash flow Rm 2 850 1 928 48 Adjusted free cash flow margins % 42 34 24 Sustaining capital Rm 381 178 (114) Major capital Rm 428 481 11 South African underground optimised operations Our South African optimised portfolio (Tshepong North, Tshepong South, Doornkop, Kusasalethu, Joel, Target 1 and Masimong) contributed 38% towards group production and remains highly levered to the gold price. Adjusted free cash flows increased by 144% to R3 630 million (US$209 million) from R1 487 million (US$83 million) in the comparable reporting period, while adjusted free cash flow margins doubled to 22% from 11% in H1FY25. Notwithstanding the increase in tonnes milled, production, grade and costs were all negatively impacted by the lower metallurgical recoveries in the second quarter. South African underground optimised Unit H1FY26 H1FY25 Y-on-y (%) Production kg 8 570 9 085 (6) Recovered grade g/t 4.33 4.67 (7) Cash operating costs R/kg 1 281 890 1 089 486 (18) All-in sustaining costs R/kg 1 467 337 1 274 057 (15) All-in costs R/kg 1 510 905 1 303 814 (16) Adjusted free cash flow Rm 3 630 1 487 144 Adjusted free cash flow margins % 22 11 100 Sustaining capital Rm 1 296 1 443 10 Major capital Rm 329 240 (37) FY26 GROUP GUIDANCE – GOLD AND COPPER PRODUCTION, COSTS, GRADE AND CAPITAL Gold FY26 gold production guidance for the group remains unchanged at between 1 400 000 ounces and 1 500 000 ounces. FY26 AISC guidance also remains unchanged at between R1 150 00/kg and R1 220 000/kg. Underground grade guidance remains unchanged at above 5.80g/t. Copper Guidance for CSA has been incorporated into the second half of the FY26 financial year. We expect production of 17 500 to 18 500 tonnes for the eight-month period ending 30 June 2026. Production at the CSA mine will be temporarily halted for approximately one month to allow for essential steel replacement on two levels of the shaft. This is a necessary intervention to ensure long‑term safety, reliability, and production stability and has been factored into the revised guidance. C1 cash costs for the remainder of this financial year are expected to be between US$2.65/lb and US$2.80/lb at a recovered grade of above 3.50%. ›‹
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 7 Capital We have incorporated the capital for the Eva Copper Project and CSA copper mine into our revised annual capital guidance. The following changes have been made to the capital guidance: Unit FY26FC Previous guidance (FY26) Rm 12 953 US$m 699 Updated guidance (excluding CSA copper mine and Eva Copper) Rm 11 812 US$m 680 – CSA copper mine2 Rm 1 136 US$m 65 – Eva Copper Rm 5 596 US$m 322 Updated guidance (includes CSA copper mine and Eva Copper)1 Rm 18 545 US$m 1 068 1 Guidance excludes capital expenditure related to Wafi-Golpu and renewables) * Forecast for FY26 onward converted at the H1 rate of R17.36/US$ LOOKING AHEAD Harmony today is a safer, stronger and more predictable business with real momentum. We are disciplined in how we allocate capital, focused on fundamentals and committed to consistently upgrading our portfolio to deliver higher‑quality ounces, stronger cash flows and structurally higher margins. By investing in our people, strengthening our culture and deepening partnerships built on trust, we are positioning Harmony to thrive through cycles. Anchored in our strategic pillars and a capital allocation framework designed for durable returns, we remain unwavering in our pursuit of zero harm, operational excellence and long‑term value creation. Thank you for your confidence and support as we continue building a more resilient, more sustainable Harmony. Beyers Nel Chief executive officer ›‹
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 8 Six months ended 31 December 2025 Six months ended 31 December 2024 % Change Underground recovered grade g/t 5.72 6.40 (11) Gold price received R/kg 1 909 849 1 405 020 36 US$/oz 3 421 2 437 40 Gold produced total kg 22 522 24 816 (9) oz 724 099 797 854 (9) SA high-grade underground kg 7 765 8 985 (14) oz 249 650 288 875 (14) SA optimised underground kg 8 570 9 085 (6) oz 275 532 292 090 (6) SA surface operations kg 3 549 4 256 (17) oz 114 103 136 834 (17) International (Hidden Valley) kg 2 638 2 490 6 oz 84 814 80 055 6 Group cash operating costs R/kg 984 549 813 791 (21) US$/oz 1 764 1 411 (25) Group all-in sustaining costs (AISC) R/kg 1 180 367 972 261 (21) US$/oz 2 115 1 686 (25) Group all-in cost (AIC) R/kg 1 313 869 1 043 918 (26) US$/oz 2 354 1 810 (30) Group adjusted free cash flow R million 5 965 5 729 4 US$ million 344 320 8 Average exchange rate R:US$ 17.36 17.94 (3) * Figures excludes the newly acquired CSA copper mine and represents gold assets only. OPERATING RESULTS* ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 9 MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued 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; 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 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 2025. 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. The Mineral Resource estimate for Eva Copper remains current as at 30 June 2025, and Harmony is not aware of any new information that materially affects the estimate. Harmony is declaring a Mineral Reserve for the first time, prepared in accordance with SAMREC and Regulation S-K 1300, based on updated technical studies and modifying factors. FORWARD-LOOKING STATEMENTS FINANCIAL RESULTS Six months ended 31 December 2025 Six months ended 31 December 2024 % Change Basic earnings per share SA cents 1 563 1 265 24 US cents 90 71 27 Headline earnings R million 8 927 7 892 13 US$ million 514 440 17 Headline earnings per share SA cents 1 431 1 270 13 US cents 82 71 15 Please refer to our website for the full results presentation: https://www.harmony.co.za/investors/presentations-briefs/2025/ Certain information presented in these interim results FY26 constitutes pro forma financial information, which has been presented for illustrative purposes only, and has not been audited or reviewed or otherwise reported on by the Company’s external auditors. The responsibility for preparing and presenting the pro forma financial information is that of the directors of Harmony. Because of its nature, the pro forma financial information may not fairly present Harmony’s financial position, changes in equity, and results of operations or cash flows. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 10 PAGE 1 Message from the chief executive officer 9 Forward-looking statements 10 Shareholder information 11 Notice of interim gross cash ordinary dividend no 98 12 Operating results – six monthly (Rand/Metric) 14 Non-GAAP measures (Rand/Metric) 16 Operating results – six monthly (US$/Imperial) 18 Non-GAAP measures (US$/Imperial) 20 Independent auditor's review report 22 Condensed consolidated income statement (Rand) 23 Condensed consolidated statement of comprehensive income (Rand) 23 Condensed consolidated statement of changes in equity (Rand) 24 Condensed consolidated balance sheet (Rand) 25 Condensed consolidated cash flow statement (Rand) 26 Notes to the condensed consolidated financial statements 52 Segment report (Rand/Metric) 54 Condensed consolidated income statement (US$) 55 Condensed consolidated statement of comprehensive income (US$) 55 Condensed consolidated statement of changes in equity (US$) 56 Condensed consolidated balance sheet (US$) 57 Condensed consolidated cash flow statement (US$) 58 Segment report (US$/Imperial) 60 Development results – Metric and Imperial 62 Competent person's declaration 62 Directorate and administration ISSUED SHARES Issued ordinary share capital 31 December 2025 636 798 966 Issued ordinary share capital 30 June 2025 634 767 724 MARKET CAPITALISATION As at 31 December 2025 (ZARm) 214 652 As at 31 December 2025 (US$m) 12 954 As at 30 June 2025 (ZARm) 155 397 As at 30 June 2025 (US$m) 8 744 HARMONY ORDINARY SHARES AND ADR PRICES 12-month high (1 January 2025 – 31 December 2025) for ordinary shares (ZAR) 383.99 12-month low (1 January 2025 – 31 December 2025) for ordinary shares (ZAR) 157.65 12-month high (1 January 2025 – 31 December 2025) for ADRs (US$) 21.90 12-month low (1 January 2025 – 31 December 2025) for ADRs (US$) 8.25 Free float 100% American Depositary Receipt ("ADR") Ratio 1:1 JSE LIMITED HAR Average daily volume for the year (1 January 2025 – 31 December 2025) 2 733 306 Average daily volume for the previous year (1 January 2024 – 31 December 2024) 2 390 470 NEW YORK STOCK EXCHANGE HMY Average daily volume for the year (1 January 2025 – 31 December 2025) 5 644 320 Average daily volume for the previous year (1 January 2024 – 31 December 2024) 4 820 147 INVESTORS' CALENDAR H1FY26 results presentation 11 March 2026 CONTENTS SHAREHOLDER INFORMATION ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 11 Our dividend declaration for the six months ended 31 December 2025 is as follows: Declaration of interim gross cash ordinary dividend no. 98 The Board has approved, and notice is hereby given, that an interim gross cash dividend of 530 SA cents (32.02417 US cents*) per ordinary share in respect of the six months ended 31 December 2025, has been declared payable to the registered shareholders of Harmony on Tuesday, 28 April 2026. In accordance with paragraph 7.23(a)-(k) 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 530.00000 SA cents (32.02417 US cents*) per ordinary share for shareholders exempt from the Dividend Withholding Tax; • The net local dividend amount is 424.00000 SA cents per ordinary share for shareholders liable to pay the Dividend Withholding Tax; • Harmony currently has 636 798 966 ordinary shares in issue (which includes 11 963 973 treasury shares); and • Harmony’s income tax reference number is 9240/012/60/0. A dividend No. 98 of 530.00000 SA cents (32.02417 US cents*) per ordinary share, being the dividend for the six months ended 31 December 2025, has been declared payable on Tuesday, 28 April 2026 to those shareholders recorded in the share register of the company at the close of business on Friday, 24 April 2026. 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, 24 April 2026. 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 424.00000 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 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, 21 April 2026 Ordinary shares trade ex-dividend Wednesday, 22 April 2026 Record date Friday, 24 April 2026 Payment date Tuesday, 28 April 2026 No dematerialisation or rematerialisation of share certificates may occur between Wednesday, 22 April 2026 and Friday, 24 April 2026 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 Central Securities Depository Participant (CSDP) or broker. The holders of American Depositary Receipts (ADRs) should confirm dividend details with the depository bank. Assuming an exchange rate of R16.55/US$1* the dividend payable on an ADR is equivalent to 32.02417 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 R16.55/US$1 at 6 March 2026. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion. NOTICE OF INTERIM GROSS CASH ORDINARY DIVIDEND NO 98 ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 12 Six months ended SOUTH AFRICA UNDERGROUND PRODUCTION Moab Khotsong Mponeng Tshepong North Tshepong South Doornkop Joel Target 1 Kusasalethu Masimong TOTAL UNDER- GROUND Ore milled t'000 Dec-25 401 475 401 235 434 203 217 269 222 2 857 Dec-24 380 501 354 223 388 219 231 297 232 2 825 Yield g/tonne Dec-25 6.52 10.85 4.33 5.89 3.29 3.74 3.69 6.24 3.54 5.72 Dec-24 8.56 11.44 4.48 6.02 3.97 4.57 3.45 6.47 3.86 6.40 Gold produced kg Dec-25 2 613 5 152 1 737 1 383 1 427 759 800 1 679 785 16 335 Dec-24 3 253 5 732 1 586 1 342 1 542 1 001 797 1 922 895 18 070 Gold sold kg Dec-25 2 597 5 223 1 693 1 346 1 452 740 784 1 697 765 16 297 Dec-24 3 271 5 889 1 603 1 356 1 577 1 015 794 1 973 906 18 384 Gold price received R/kg Dec-25 1 900 068 1 920 029 1 916 001 1 900 531 1 940 404 1 912 324 1 932 460 1 902 575 1 912 498 1 914 712 Dec-24 1 409 560 1 418 317 1 420 691 1 419 393 1 414 099 1 414 805 1 409 918 1 416 672 1 417 935 1 415 931 Gold revenue¹ R'000 Dec-25 4 934 477 10 028 314 3 243 789 2 558 115 2 817 466 1 415 120 1 515 049 3 228 670 1 463 061 31 204 061 Dec-24 4 610 670 8 352 466 2 277 367 1 924 697 2 230 034 1 436 027 1 119 475 2 795 093 1 284 649 26 030 478 Cash operating cost (net of by-product credits) R'000 Dec-25 3 077 520 4 047 607 1 831 882 1 655 646 1 715 921 1 037 287 1 358 687 2 257 721 1 128 656 18 110 927 Dec-24 2 543 470 3 557 565 1 579 662 1 458 301 1 568 658 976 092 1 297 962 2 001 558 1 015 745 15 999 013 Inventory movement R'000 Dec-25 (62 425) 23 657 (91 954) (33 304) 22 105 (29 742) (34 388) 10 313 (40 493) (236 231) Dec-24 17 292 110 765 3 695 11 609 (25 945) 4 777 (10 927) 57 528 6 764 175 558 Operating costs R'000 Dec-25 3 015 095 4 071 264 1 739 928 1 622 342 1 738 026 1 007 545 1 324 299 2 268 034 1 088 163 17 874 696 Dec-24 2 560 762 3 668 330 1 583 357 1 469 910 1 542 713 980 869 1 287 035 2 059 086 1 022 509 16 174 571 Production profit/(loss) R'000 Dec-25 1 919 382 5 957 050 1 503 861 935 773 1 079 440 407 575 190 750 960 636 374 898 13 329 365 Dec-24 2 049 908 4 684 136 694 010 454 787 687 321 455 158 (167 560) 736 007 262 140 9 855 907 Capital expenditure R'000 Dec-25 1 260 121 1 104 102 355 889 271 319 475 388 144 154 170 091 170 227 38 561 3 989 852 Dec-24 662 738 1 034 058 314 068 268 342 414 014 133 932 271 247 240 622 40 458 3 379 479 Cash operating costs R/kg Dec-25 1 177 773 785 638 1 054 624 1 197 141 1 202 467 1 366 650 1 698 359 1 344 682 1 437 778 1 108 719 Dec-24 781 884 620 650 996 004 1 086 662 1 017 288 975 117 1 628 560 1 041 393 1 134 911 885 391 Cash operating costs R/tonne Dec-25 7 675 8 521 4 568 7 045 3 954 5 110 6 261 8 393 5 084 6 339 Dec-24 6 693 7 101 4 462 6 539 4 043 4 457 5 619 6 739 4 378 5 663 Cash operating cost and Capital R/kg Dec-25 1 660 023 999 944 1 259 511 1 393 322 1 535 605 1 556 576 1 910 973 1 446 068 1 486 901 1 352 971 Dec-24 985 616 801 051 1 194 029 1 286 619 1 285 780 1 108 915 1 968 895 1 166 587 1 180 115 1 072 412 All-in sustaining cost R/kg Dec-25 1 282 902 904 358 1 229 879 1 399 482 1 428 332 1 602 502 1 953 491 1 475 297 1 539 632 1 257 518 Dec-24 877 918 753 680 1 184 495 1 271 038 1 187 414 1 138 640 2 025 530 1 202 014 1 237 872 1 036 880 Adjusted free cash flow margin 2 % Dec-25 12% 49% 33% 25% 22% 17% (1)% 25% 20% 29% Dec-24 30% 45% 17% 10% 11% 23% (40)% 20% 18% 26% OPERATING RESULTS – SIX MONTHLY (RAND/METRIC) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 13 OPERATING RESULTS – SIX MONTHLY (RAND/METRIC) continued Six months ended SOUTH AFRICA Hidden Valley TOTAL HARMONY GOLD ASSETS SURFACE PRODUCTION TOTAL SOUTH AFRICA Mine Waste Solutions Phoenix Central plant reclamation Savuka Tailings Dumps Kalgold TOTAL SURFACE Ore milled/tailings processed t'000 Dec-25 12 466 2 417 1 856 1 837 1 627 747 20 950 23 807 1 718 25 525 Dec-24 11 363 3 196 2 018 1 900 1 996 762 21 235 24 060 1 885 25 945 Yield g/tonne Dec-25 0.108 0.159 0.186 0.159 0.339 0.84 0.17 0.84 1.54 0.88 Dec-24 0.145 0.156 0.156 0.163 0.407 0.87 0.20 0.93 1.32 0.96 Gold produced kg Dec-25 1 349 384 346 292 551 627 3 549 19 884 2 638 22 522 Dec-24 1 653 500 315 310 813 665 4 256 22 326 2 490 24 816 Gold sold kg Dec-25 1 327 382 342 287 560 661 3 559 19 856 2 480 22 336 Dec-24 1 644 501 314 292 816 662 4 229 22 613 2 554 25 167 Gold price received R/kg Dec-25 1 896 439 2 099 254 1 917 117 1 914 840 1 926 071 1 908 644 1 928 608 1 917 203 1 850 972 1 909 849 Dec-24 1 216 909 1 482 457 1 415 048 1 410 442 1 418 877 1 416 938 1 346 725 1 402 989 1 423 004 1 405 020 Gold revenue¹ R'000 Dec-25 2 516 575 801 915 655 654 549 559 1 078 600 1 261 614 6 863 917 38 067 978 4 590 410 42 658 388 Dec-24 2 086 996 742 711 444 325 411 849 1 157 804 938 013 5 781 698 31 812 176 3 634 351 35 446 527 Cash operating cost (net of by-product credits) R'000 Dec-25 1 243 913 291 049 192 991 196 280 639 814 656 110 3 220 157 21 331 084 842 918 22 174 002 Dec-24 1 076 115 295 958 187 633 198 033 724 461 594 767 3 076 967 19 075 980 1 119 047 20 195 027 Inventory movement R'000 Dec-25 (24 147) (5 254) (2 372) (4 127) 2 417 33 101 (382) (236 613) (117 295) (353 908) Dec-24 (43 495) 73 (492) (11 606) 3 247 (6 710) (58 983) 116 575 98 512 215 087 Operating costs R'000 Dec-25 1 219 766 285 795 190 619 192 153 642 231 689 211 3 219 775 21 094 471 725 623 21 820 094 Dec-24 1 032 620 296 031 187 141 186 427 727 708 588 057 3 017 984 19 192 555 1 217 559 20 410 114 Production profit R'000 Dec-25 1 296 809 516 120 465 035 357 406 436 369 572 403 3 644 142 16 973 507 3 864 787 20 838 294 Dec-24 1 054 376 446 680 257 184 225 422 430 096 349 956 2 763 714 12 619 621 2 416 792 15 036 413 Capital expenditure R'000 Dec-25 427 769 51 244 31 159 61 853 14 106 223 635 809 766 4 799 618 1 312 668 6 112 286 Dec-24 522 527 51 064 6 094 15 278 81 63 963 659 007 4 038 486 686 414 4 724 900 Cash operating costs R/kg Dec-25 922 100 757 940 557 777 672 192 1 161 187 1 046 427 907 342 1 072 776 319 529 984 549 Dec-24 651 007 591 916 595 660 638 816 891 096 894 386 722 972 854 429 449 416 813 791 Cash operating costs R/tonne Dec-25 100 120 104 107 393 878 154 896 491 869 Dec-24 95 93 93 104 363 781 145 793 594 778 Cash operating cost and Capital R/kg Dec-25 1 239 201 891 388 647 832 884 017 1 186 788 1 403 102 1 135 509 1 314 157 817 129 1 255 940 Dec-24 967 116 694 044 615 006 688 100 891 196 990 571 877 813 1 035 316 725 085 1 004 188 All-in sustaining cost R/kg Dec-25 981 223 885 629 579 647 885 038 1 172 030 1 427 496 1 037 525 1 218 086 878 389 1 180 367 Dec-24 696 311 700 948 618 114 690 771 891 898 1 015 648 778 399 988 189 831 260 972 261 Adjusted free cash flow margin2 % Dec-25 34% 57% 66% 53% 39% 32% 42% 31% 48% 13% Dec-24 20% 53% 56% 48% 37% 26% 34% 27% 50% 16% ¹ Includes a non-cash consideration to Franco-Nevada (Dec-25: R.m, Dec-24: R86.397m) under Mine Waste Solutions, excluded from the gold price calculation. 2 Excludes run of mine costs for Kalgold (Dec-25: R15.925m, Dec-24: -R31.329m) and Hidden Valley (Dec-25: -R222.828m, Dec-24: -R16.741m). ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 14 The information presented in this report contains non-GAAP measures. The company presents the following non-GAAP measures: All-in sustaining cost, all-in sustaining costs per kilogram, all-in cost, cash operating costs, adjusted free cash flow. These measures should not be considered by investors in isolation or as an alternative to production costs, cost of sales, or any other measure of financial performance calculated in accordance with IFRS. Rounding differences may occur in the below reconciliations provided. The calculations of these non-GAAP measures may vary significantly among gold mining companies and, by themselves, do not necessarily provide a basis for comparison with other gold mining companies. Nevertheless, Harmony believes that these measures are useful indicators to investors and management as they provide an indication of profitability, efficiency and cash flows, the trend in costs as the mining operations mature over time on a consistent basis and an internal benchmark of performance to allow for comparison against other mines, both within the group and at other gold mining companies. The following is a reconciliation of total all-in sustaining costs, as a non-GAAP measure, to the nearest comparable GAAP measure, cost of sales: Six months ended Year ended Figures in million 31 December 2025 (Unaudited) 31 December 2024 (Unaudited) 30 June 2025 (Unaudited) Cost of sales 26 091 25 111 49 635 Amortisation and depreciation (3 241) (2 428) (4 842) Rehabilitation expenditure (79) (47) (142) Care and maintenance costs of restructured shafts (153) (194) (380) Employment termination and restructuring costs (105) (122) (200) Share-based payments (299) (285) (573) Toll treatment costs (266) (167) (368) By-products credits (980) (1 457) (2 631) Copper assets (cash costs) (219) — — Stripping activities 718 371 730 Local economic development expenditure 57 68 139 Corporate, administration and other expenditure costs 782 695 1 238 Capital expenditure (OCD) 1 473 1 409 2 741 Capital expenditure (exploration, abnormal expenditure and shaft capital) 1 324 1 247 2 821 Reversal of impairment of assets 1 074 — — Other 188 268 536 Total all-in sustaining costs 26 365 24 469 48 704 Per kilogram calculation: Kilograms sold 22 336 25 167 46 193 Total all-in sustaining costs per kilogram 1 180 367 972 261 1 054 346 NON-GAAP MEASURES (RAND/METRIC) The following is a reconciliation of total all-in costs, as a non-GAAP measure, to the all-in sustaining costs, which has been reconciled above to the nearest comparable GAAP measure, cost of sales: Six months ended Year ended Figures in million 31 December 2025 (Unaudited) 31 December 2024 (Unaudited) 30 June 2025 (Unaudited) Total all-in sustaining costs 26 365 24 469 48 704 Social expenditure (non-sustaining) 18 15 52 Exploration (non-sustaining) 162 91 216 Other (non-sustaining) 205 — — Capital expenditure (exploration, abnormal expenditure and shaft capital) (non-sustaining) 2 597 1 697 4 705 Total all-in costs 29 347 26 272 53 677 Per kilogram calculation: Kilograms sold 22 336 25 167 46 193 Total all-in costs per kilogram 1 313 869 1 043 918 1 162 011 ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 15 The following is a reconciliation of total cash operating costs, as a non-GAAP measure, to the nearest comparable GAAP measure, cost of sales under IFRS: Six months ended Year ended Figures in million 31 December 2025 (Unaudited) 31 December 2024 (Unaudited) 30 June 2025 (Unaudited) Cost of sales 26 091 25 111 49 635 Amortisation and depreciation (3 241) (2 428) (4 842) Rehabilitation expenditure (79) (47) (142) Care and maintenance costs of restructured shafts (153) (194) (380) Employment termination and restructuring costs (105) (122) (200) Share-based payments (299) (285) (573) By-products credits (980) (1 457) (2 631) Copper assets (cash costs & Inventory movement) (378) — — Gold and uranium inventory movement 354 (215) (258) Reversal of impairment of assets 1 074 — — Other (110) (168) (343) Total cash operating costs 22 174 20 195 40 266 Per kilogram calculation: Kilogram produced 22 522 24 816 46 023 Total cash operating costs per kilogram 984 549 813 791 874 901 The following is a reconciliation of total adjusted free cash flows, as a non-GAAP measure, to the nearest comparable GAAP measure, cash generated from operating activities: Six months ended Year ended Figures in million 31 December 2025 (Unaudited) 31 December 2024 (Unaudited) 30 June 2025 (Unaudited) Cash generated from operating activities 13 850 10 185 22 647 Additions to property, plant and equipment (8 117) (4 806) (11 855) Acquisition-related costs 232 — — Post retirement obligation settlement — 350 350 Total adjusted free cash flows 5 965 5 729 11 142 The following is a reconciliation of copper C1 cash costs, as a non-GAAP measure, to the nearest comparable GAAP measure, cost of sales: Six months ended Year ended Figures in million 31 December 2025 (Unaudited) 31 December 2024 (Unaudited) 30 June 2025 (Unaudited) Cost of sales 26 091 — — Amortisation and depreciation (3 241) — — Rehabilitation expenditure (79) — — Care and maintenance costs of restructured shafts (153) — — Employment termination and restructuring costs (105) — — Share-based payments (299) — — By-products credits (980) — — Gold assets (cash costs & Inventory movement) (21 820) — — Reversal of impairment of assets 1 074 — — Other (91) — — Total C1 cash cost 397 — — Per unit calculation: Copper produced (t) 3 913 — — Total C1 cash costs per tonne 101 404 — — NON-GAAP MEASURES (RAND/METRIC) continued ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 16 Six months ended SOUTH AFRICA UNDERGROUND PRODUCTION Moab Khotsong Mponeng Tshepong North Tshepong South Doornkop Joel Target 1 Kusasalethu Masimong TOTAL UNDER- GROUND Ore milled t'000 Dec-25 442 523 443 259 479 224 239 296 245 3 150 Dec-24 419 553 391 246 428 242 255 327 256 3 117 Yield oz/ton Dec-25 0.190 0.317 0.126 0.172 0.096 0.109 0.108 0.182 0.103 0.167 Dec-24 0.250 0.333 0.130 0.175 0.116 0.133 0.100 0.189 0.112 0.186 Gold produced oz Dec-25 84 010 165 640 55 846 44 464 45 879 24 403 25 721 53 981 25 238 525 182 Dec-24 104 587 184 288 50 991 43 146 49 577 32 183 25 624 61 794 28 775 580 965 Gold sold oz Dec-25 83 495 167 923 54 431 43 275 46 683 23 792 25 207 54 559 24 595 523 960 Dec-24 105 165 189 336 51 537 43 597 50 702 32 633 25 527 63 433 29 128 591 058 Gold price received $/oz Dec-25 3 404 3 440 3 432 3 405 3 476 3 426 3 462 3 408 3 426 3 430 Dec-24 2 444 2 460 2 464 2 461 2 452 2 453 2 445 2 457 2 459 2 455 Gold revenue¹ $'000 Dec-25 284 205 577 588 186 828 147 336 162 274 81 505 87 260 185 958 84 266 1 797 220 Dec-24 257 067 465 689 126 974 107 311 124 335 80 065 62 416 155 840 71 625 1 451 322 Cash operating cost (net of by-product credits) $'000 Dec-25 177 252 233 124 105 508 95 358 98 830 59 744 78 254 130 035 65 006 1 043 111 Dec-24 141 810 198 351 88 074 81 307 87 460 54 421 72 367 111 597 56 633 892 020 Inventory movement $'000 Dec-25 (3 595) 1 363 (5 296) (1 918) 1 273 (1 713) (1 981) 594 (2 332) (13 605) Dec-24 964 6 176 206 647 (1 447) 266 (609) 3 207 377 9 787 Operating costs $'000 Dec-25 173 657 234 487 100 212 93 440 100 103 58 031 76 273 130 629 62 674 1 029 506 Dec-24 142 774 204 527 88 280 81 954 86 013 54 687 71 758 114 804 57 010 901 807 Production profit/(loss) $'000 Dec-25 110 548 343 101 86 616 53 896 62 171 23 474 10 987 55 329 21 592 767 714 Dec-24 114 293 261 162 38 694 25 357 38 322 25 378 (9 342) 41 036 14 615 549 515 Capital expenditure $'000 Dec-25 72 578 63 591 20 498 15 626 27 380 8 303 9 795 9 804 2 221 229 796 Dec-24 36 951 57 653 17 510 14 961 23 083 7 467 15 124 13 415 2 256 188 420 Cash operating costs $/oz Dec-25 2 110 1 407 1 889 2 145 2 154 2 448 3 042 2 409 2 576 1 986 Dec-24 1 356 1 076 1 727 1 884 1 764 1 691 2 824 1 806 1 968 1 535 Cash operating costs $/t Dec-25 401 446 238 368 206 267 327 439 265 331 Dec-24 338 359 225 331 204 225 284 341 221 286 Cash operating cost and Capital $/oz Dec-25 2 974 1 791 2 256 2 496 2 751 2 788 3 423 2 591 2 664 2 424 Dec-24 1 709 1 389 2 071 2 231 2 230 1 923 3 414 2 023 2 047 1 860 All-in sustaining cost $/oz Dec-25 2 298 1 620 2 203 2 507 2 559 2 871 3 500 2 643 2 758 2 253 Dec-24 1 522 1 307 2 054 2 204 2 059 1 975 3 513 2 084 2 147 1 798 Adjusted free cash flow margin 2 % Dec-25 12% 49% 33% 25% 22% 17% (1)% 25% 20% 29% Dec-24 30% 45% 17% 10% 11% 23% (40)% 20% 18% 26% OPERATING RESULTS – SIX MONTHLY (US$/IMPERIAL) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 17 Six months ended SOUTH AFRICA Hidden Valley TOTAL HARMONY GOLD ASSETS SURFACE PRODUCTION TOTAL SOUTH AFRICA Mine Waste Solutions Phoenix Central plant reclamation Savuka Tailings Dumps Kalgold TOTAL SURFACE Ore milled/tailings processed t'000 Dec-25 13 746 2 665 2 046 2 025 1 794 824 23 100 26 250 1 894 28 144 Dec-24 12 531 3 525 2 225 2 095 2 201 840 23 417 26 534 2 079 28 613 Yield oz/ton Dec-25 0.003 0.005 0.005 0.005 0.010 0.024 0.005 0.024 0.045 0.026 Dec-24 0.004 0.005 0.005 0.005 0.012 0.025 0.006 0.027 0.039 0.028 Gold produced oz Dec-25 43 372 12 346 11 124 9 388 17 715 20 158 114 103 639 285 84 814 724 099 Dec-24 53 145 16 076 10 128 9 967 26 138 21 380 136 834 717 799 80 055 797 854 Gold sold oz Dec-25 42 664 12 282 10 995 9 227 18 004 21 252 114 424 638 384 79 734 718 118 Dec-24 52 856 16 107 10 095 9 388 26 235 21 284 135 965 727 023 82 113 809 136 Gold price received $/oz Dec-25 3 397 3 761 3 435 3 430 3 451 3 419 3 455 3 435 3 316 3 421 Dec-24 2 110 2 571 2 454 2 446 2 461 2 457 2 335 2 433 2 468 2 437 Gold revenue¹ $'000 Dec-25 144 944 46 187 37 763 31 652 62 123 72 664 395 333 2 192 553 264 388 2 456 941 Dec-24 116 360 41 410 24 773 22 963 64 553 52 299 322 358 1 773 680 202 632 1 976 312 Cash operating cost (net of by-product credits) $'000 Dec-25 71 644 16 764 11 115 11 305 36 851 37 788 185 467 1 228 578 48 549 1 277 127 Dec-24 59 999 16 501 10 461 11 042 40 392 33 161 171 556 1 063 576 62 392 1 125 968 Inventory movement $'000 Dec-25 (1 391) (303) (137) (238) 139 1 906 (24) (13 629) (6 756) (20 385) Dec-24 (2 425) 4 (27) (647) 181 (374) (3 288) 6 499 5 493 11 992 Operating costs $'000 Dec-25 70 253 16 461 10 978 11 067 36 990 39 694 185 443 1 214 949 41 793 1 256 742 Dec-24 57 574 16 505 10 434 10 395 40 573 32 787 168 268 1 070 075 67 885 1 137 960 Production profit $'000 Dec-25 74 691 29 726 26 785 20 585 25 133 32 970 209 890 977 604 222 595 1 200 199 Dec-24 58 786 24 905 14 339 12 568 23 980 19 512 154 090 703 605 134 747 838 352 Capital expenditure $'000 Dec-25 24 638 2 951 1 795 3 562 812 12 880 46 638 276 434 75 604 352 038 Dec-24 29 134 2 847 340 852 5 3 566 36 744 225 164 38 272 263 436 Cash operating costs $/oz Dec-25 1 652 1 358 999 1 204 2 080 1 875 1 625 1 922 572 1 764 Dec-24 1 129 1 026 1 033 1 108 1 545 1 551 1 254 1 482 779 1 411 Cash operating costs $/t Dec-25 5 6 5 6 21 46 8 47 26 45 Dec-24 5 5 5 5 18 39 7 40 30 39 Cash operating cost and Capital $/oz Dec-25 2 220 1 597 1 161 1 584 2 126 2 514 2 034 2 354 1 464 2 250 Dec-24 1 677 1 204 1 066 1 193 1 546 1 718 1 522 1 795 1 257 1 741 All-in sustaining cost $/oz Dec-25 1 758 1 586 1 038 1 586 2 100 2 557 1 859 2 182 1 569 2 115 Dec-24 1 208 1 216 1 072 1 198 1 547 1 761 1 350 1 714 1 442 1 686 Adjusted free cash flow margin2 % Dec-25 34% 57% 66% 53% 39% 32% 42% 31% 48% 13% Dec-24 20% 53% 56% 48% 37% 26% 34% 27% 50% 16% OPERATING RESULTS – SIX MONTHLY (US$/IMPERIAL) ¹ Includes a non-cash consideration to Franco-Nevada (Dec-25: US$.m, Dec-24: US$4.817m), under Mine Waste Solutions excluded from the gold price calculation. ² Excludes run of mine costs for Kalgold (Dec-25: US$0.917m, Dec-24: -US$1.747m) and Hidden Valley (Dec-25: -US$12.834m, Dec-24: -US$0.933m). ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 18 For details of the financial information provided in US$, please refer to pages 54 to 59. The following is a reconciliation of total all-in sustaining costs, as a non-GAAP measure, to the nearest comparable GAAP measure, cost of sales: Six months ended Year ended Figures in million 31 December 2025 (Unaudited) 31 December 2024 (Unaudited) 30 June 2025 (Unaudited) Cost of sales 1 500 1 399 2 735 Amortisation and depreciation (187) (135) (267) Rehabilitation expenditure (5) (3) (8) Care and maintenance costs of restructured shafts (9) (11) (21) Employment termination and restructuring costs (6) (7) (11) Share-based payments (17) (16) (32) Toll treatment costs (15) (9) (20) By-products credits (56) (81) (145) Copper assets (cash costs) (13) — — Stripping activities 41 21 40 Local economic development expenditure 3 4 8 Corporate, administration and other expenditure costs 45 39 68 Capital expenditure (OCD) 85 79 151 Capital expenditure (exploration, abnormal expenditure and shaft capital) 76 70 155 Reversal of impairment of assets 65 — — Other 12 14 30 Total all-in sustaining costs 1 519 1 364 2 683 Per ounce calculation: Ounces sold 718 118 809 136 1 485 136 Total all-in sustaining costs per ounce 2 115 1 686 1 806 The following is a reconciliation of total all-in costs, as a non-GAAP measure, to the all-in sustaining costs, which has been reconciled above to the nearest comparable GAAP measure, cost of sales: Six months ended Year ended Figures in million 31 December 2025 (Unaudited) 31 December 2024 (Unaudited) 30 June 2025 (Unaudited) Total all-in sustaining costs 1 519 1 364 2 683 Social expenditure (non-sustaining) 1 1 3 Exploration (non-sustaining) 9 5 12 Other (non-sustaining) 11 — — Capital expenditure (exploration, abnormal expenditure and shaft capital) (non-sustaining) 150 95 259 Total all-in costs 1 690 1 465 2 957 Per ounce calculation: Ounces sold 718 118 809 136 1 485 136 Total all-in costs per ounce 2 354 1 810 1 991 NON-GAAP MEASURES (US$/IMPERIAL) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 19 The following is a reconciliation of total cash operating costs, as a non-GAAP measure, to the nearest comparable GAAP measure, cost of sales under IFRS: Six months ended Year ended Figures in million 31 December 2025 (Unaudited) 31 December 2024 (Unaudited) 30 June 2025 (Unaudited) Cost of sales 1 500 1 399 2 735 Amortisation and depreciation (187) (135) (267) Rehabilitation expenditure (5) (3) (8) Care and maintenance costs of restructured shafts (9) (11) (21) Employment termination and restructuring costs (6) (7) (11) Share-based payments (17) (16) (32) By-products credits (56) (81) (145) Copper assets (cash costs & Inventory movement) (22) — — Gold and uranium inventory movement 20 (12) (14) Reversal of impairment of assets 65 — — Other (6) (8) (19) Total cash operating costs 1 277 1 126 2 219 Per ounce calculation: Ounces produced 724 099 797 854 1 479 671 Total cash operating costs per ounce 1 764 1 411 1 499 The following is a reconciliation of total adjusted free cash flows, as a non-GAAP measure, to the nearest comparable GAAP measure, cash generated from operating activities: Six months ended Year ended Figures in million 31 December 2025 (Unaudited) 31 December 2024 (Unaudited) 30 June 2025 (Unaudited) Cash generated by operating activities 798 569 1 248 Additions to property, plant and equipment (467) (268) (653) Acquisition-related costs 13 — — Post retirement obligation settlement — 19 19 Total adjusted free cash flows 344 320 614 The following is a reconciliation of copper C1 cash costs, as a non-GAAP measure, to the nearest comparable GAAP measure, cost of sales: Six months ended Year ended Figures in million 31 December 2025 (Unaudited) 31 December 2024 (Unaudited) 30 June 2025 (Unaudited) Cost of sales 1 500 — — Amortisation and depreciation (187) — — Rehabilitation expenditure (5) — — Care and maintenance costs of restructured shafts (9) — — Employment termination and restructuring costs (6) — — Share-based payments (17) — — By-products credits (56) — — Gold assets (cash costs & Inventory movement) (1 257) — — Reversal of impairment of assets 65 — — Other (5) — — Total C1 cash cost 23 — — Per pound calculation: Pounds produced (lbs'000) 8 627 — — Total C1 cash costs per pound 2.70 — — NON-GAAP MEASURES (RAND/METRIC) continued ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 20 A member firm of Ernst & Young Global Limited. A full list of Directors is available at http://www.ey.com/za/en/home/contact-us_sa-directors Chief Executive: Ajen Sita EY 102 Rivonia Road Sandton Private Bag X14 Sandton 2146 Ernst & Young Incorporated Co. Reg. No. 2005/002308/21 Tel: +27 (0) 11 772 3000 Docex 123 Randburg ey.com INDEPENDENT AUDITOR’S REVIEW REPORT ON THE CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 TO THE SHAREHOLDERS OF HARMONY GOLD MINING COMPANY LIMITED We have reviewed the condensed consolidated interim financial statements of Harmony Gold Mining Company Limited (the Company) in the accompanying interim results report as at 31 December 2025 on pages 22 to 53, which comprise the condensed consolidated income statement and condensed consolidated statement of comprehensive income and the condensed consolidated statement of changes in equity for the six month period ending 31 December 2025, the condensed consolidated balance sheet and the condensed consolidated cash flow statement for the period ending 31 December 2025, and selected explanatory notes. Directors’ Responsibility for the Condensed Consolidated Interim Financial Statements The directors are responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with International Financial Reporting Standard (IAS) 34, Interim Financial Reporting, the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides, as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa and for such internal control as the directors determine is necessary to enable the preparation of condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express a conclusion on these condensed consolidated interim financial statements. We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the condensed consolidated interim financial statements are not prepared in all material respects in accordance with the applicable financial reporting framework. This standard also requires us to comply with relevant ethical requirements. A review of condensed consolidated interim financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, and applying analytical and other review procedures, and evaluate the evidence obtained. The procedures performed in a review are substantially less than and differ in nature from those performed in an audit conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these condensed consolidated interim financial statements. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 21 A member firm of Ernst & Young Global Limited. A full list of Directors is available at http://www.ey.com/za/en/home/contact-us_sa-directors Chief Executive: Ajen Sita EY 102 Rivonia Road Sandton Private Bag X14 Sandton 2146 Ernst & Young Incorporated Co. Reg. No. 2005/002308/21 Tel: +27 (0) 11 772 3000 Docex 123 Randburg ey.com Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial statements of Harmony Gold Mining Company Limited, in the accompanying interim results report for the six months ended 31 December 2025 are not prepared, in all material respects, in accordance with the International Financial Reporting Standards, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by Financial Reporting Standards Council and the requirements of the Companies Act of South Africa. Ernst & Young Incorporated Director – Michiel (Mike) Christoffel Herbst Registered Auditor Chartered Accountant (SA) 102 Rivonia Road, Sandton Johannesburg, South Africa 10 March 2026 ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 22 Six months ended Year ended Figures in million Notes 31 December 2025 (Reviewed) 31 December 2024 (Reviewed)1 30 June 2025 (Audited) Revenue 2 44 400 37 141 73 896 Cost of sales 3 (26 091) (25 111) (49 635) Production costs (23 019) (21 867) (43 155) Amortisation and depreciation (3 241) (2 428) (4 842) Reversal of impairment of assets 1 074 — — Other items (905) (816) (1 638) Gross profit 18 309 12 030 24 261 Corporate, administration and other expenditure (1 078) (866) (1 647) Exploration expenditure (276) (530) (915) Losses on derivatives 4 (1 039) (124) (59) Foreign exchange translation gain/(loss) 13 692 (109) (107) Contingent consideration remeasurement1 12 (357) (302) (830) Other operating income/(expenses)1 (144) (96) (346) Operating profit 16 107 10 003 20 357 Acquisition-related costs 16 (1 379) — (40) Share of profits from associates 59 50 106 Impairment of investments in associate — (23) (23) Fair value movements on streaming arrangements 15 (861) — — Investment income 952 642 1 504 Finance costs 4 (708) (323) (698) Profit before taxation 14 170 10 349 21 206 Taxation 5 (4 337) (2 420) (6 658) Current taxation (3 585) (1 928) (4 172) Deferred taxation (752) (492) (2 486) Net profit for the period 9 833 7 929 14 548 Attributable to: Non-controlling interest 84 72 164 Owners of the parent 9 749 7 857 14 384 Earnings per ordinary share (cents) 6 Basic earnings 1 563 1 265 2 313 Diluted earnings 1 542 1 257 2 288 1 The contingent consideration remeasurement has been presented separately on the condensed consolidated income statement in order to align to the presentation of the group income statement for the year ended June 2025. In the prior comparative period, the contingent consideration remeasurement was included as part of other operating income/(expenses). The reclassification had no impact on any reported totals or sub‑totals in the condensed consolidated income statement, headline earnings, or on any amounts presented in the condensed consolidated balance sheet. The accompanying notes are an integral part of these condensed consolidated financial statements. The condensed consolidated interim financial statements (condensed consolidated financial statements) for the six months ended 31 December 2025 have been prepared by Harmony Gold Mining Company Limited’s corporate reporting team headed by Michelle Kriel CA(SA). This process was supervised by the financial director, Boipelo Lekubo CA(SA) and approved by the board of Harmony Gold Mining Company Limited on 10 March 2026. These condensed consolidated financial statements have been reviewed by the group's external auditors, Ernst & Young Inc. CONDENSED CONSOLIDATED INCOME STATEMENT (RAND) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 23 Six months ended Year ended Figures in million Notes 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Net profit for the period 9 833 7 929 14 548 Other comprehensive income for the period, net of income tax (5 477) (2 562) (5 597) Items that may be reclassified subsequently to profit or loss: (5 521) (2 582) (5 661) Foreign exchange translation loss 18 (2 342) (232) (819) Remeasurement of gold hedging contracts 9 (3 179) (2 350) (4 842) Items that will not be reclassified to profit or loss 44 20 64 Total comprehensive income for the period 4 356 5 367 8 951 Attributable to: Non-controlling interest 84 72 164 Owners of the parent 4 272 5 295 8 787 The accompanying notes are an integral part of these condensed consolidated financial statements. Figures in million Share capital and premium Retained earnings Other reserves2 Non- controlling interest Total Balance – 1 July 2025 32 934 14 584 717 277 48 512 Share-based payments — — 365 — 365 Net profit for the period — 9 749 — 84 9 833 Other comprehensive income for the period — — (5 477) — (5 477) Dividends paid1 — (988) — (41) (1 029) Balance – 31 December 2025 32 934 23 345 (4 395) 320 52 204 Balance – 1 July 2024 32 934 2 238 5 602 175 40 949 Share-based payments — — 354 — 354 Net profit for the period — 7 857 — 72 7 929 Other comprehensive income for the period — — (2 562) — (2 562) Dividends paid — (597) — (29) (626) Balance – 31 December 2024 32 934 9 498 3 394 218 46 044 1 On 13 October 2025, Harmony paid an ordinary dividend of 155 cents per share. 2 Significant changes during the six months ended 31 December 2025 related to the hedging reserve (refer to note 9) and the foreign exchange translation reserve. The translation reserve balance was R116 million at 31 December 2025 (30 June 2025: R2 458 million) (31 December 2024: R3 047 million) (30 June 2024: R3 277 million). The accompanying notes are an integral part of these condensed consolidated financial statements. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (RAND) CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (RAND) FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (REVIEWED) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 24 At Figures in million Notes 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) ASSETS Non-current assets Property, plant and equipment 7 89 776 48 269 44 003 Intangible assets — 6 12 Restricted cash and investments 8 7 496 7 015 6 976 Investments in associates 256 197 140 Deferred tax assets 5 153 114 165 Other non-current assets 449 360 323 Derivative financial assets 9 200 236 159 Total non-current assets 98 330 56 197 51 778 Current assets Inventories 10 4 856 3 825 3 521 Restricted cash and investments 8 46 46 43 Trade and other receivables 3 760 4 002 3 903 Derivative financial assets 9 286 332 255 Cash and cash equivalents 17 7 350 13 101 9 396 Total current assets 16 298 21 306 17 118 Total assets 114 628 77 503 68 896 EQUITY AND LIABILITIES Share capital and reserves Attributable to equity holders of the parent company 51 884 48 235 45 826 Share capital and premium 32 934 32 934 32 934 Other reserves (4 395) 717 3 394 Retained earnings 23 345 14 584 9 498 Non-controlling interest 320 277 218 Total equity 52 204 48 512 46 044 Non-current liabilities Deferred tax liabilities 5 11 891 4 475 3 169 Provision for environmental rehabilitation 11 6 775 6 098 5 645 Other provisions 201 196 246 Borrowings 13 1 633 1 894 2 027 Contingent consideration liabilities 12 1 882 976 929 Other non-current liabilities 402 276 306 Derivative financial liabilities 9 4 644 2 688 1 222 Streaming contract liabilities 15 4 923 — — Total non-current liabilities 32 351 16 603 13 544 Current liabilities Other provisions 60 65 10 Borrowings 13 11 261 59 86 Trade and other payables 14 8 535 6 724 5 692 Contingent consideration liabilities 12 1 613 481 338 Derivative financial liabilities 9 8 082 5 059 3 182 Streaming contract liabilities 15 522 — — Total current liabilities 30 073 12 388 9 308 Total equity and liabilities 114 628 77 503 68 896 The accompanying notes are an integral part of these condensed consolidated financial statements. CONDENSED CONSOLIDATED BALANCE SHEET (RAND) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 25 Six months ended Year ended Figures in million Notes 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) CASH FLOW FROM OPERATING ACTIVITIES Cash generated by operations 17 17 078 11 640 26 322 Dividends received — 52 52 Interest received 526 354 820 Interest paid (562) (134) (258) Income and mining taxes paid (2 977) (1 727) (4 289) Payment of contingent consideration liability in excess of acquisition date fair value 17 (215) — — Cash generated from operating activities 13 850 10 185 22 647 CASH FLOW FROM INVESTING ACTIVITIES Increase in restricted cash and investments (15) (185) (372) Amounts refunded from restricted cash and investments — — 557 Payments of contingent consideration liability relating to acquisition date fair value 17 (1 334) — (338) ARM BBEE Trust loan repayment 12 18 28 Acquisition of MAC Copper operations and related assets 16 (17 060) — — Proceeds from disposal of property, plant and equipment 64 3 25 Additions to property, plant and equipment 17 (8 117) (4 806) (11 855) Cash utilised by investing activities (26 450) (4 970) (11 955) CASH FLOW FROM FINANCING ACTIVITIES Borrowings raised 13 15 221 226 226 Borrowings repaid 13 (7 166) — (50) Lease payments (144) (152) (291) Dividends paid (1 029) (626) (2 100) Cash generated/(utilised) by financing activities 6 882 (552) (2 215) Foreign currency translation adjustments (33) 40 (69) Net increase/(decrease) in cash and cash equivalents (5 751) 4 703 8 408 Cash and cash equivalents – beginning of period 13 101 4 693 4 693 Cash and cash equivalents – end of period 7 350 9 396 13 101 The accompanying notes are an integral part of these condensed consolidated financial statements. CONDENSED CONSOLIDATED CASH FLOW STATEMENT (RAND) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 26 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 1. ACCOUNTING POLICIES Basis of accounting The condensed consolidated financial statements for the interim reporting period ended 31 December 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting, the JSE Limited Listings Requirements and the requirements of the Companies Act no. 71 of 2008 of South Africa. The JSE Listings Requirements require condensed financial statements to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB), the information required by Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and SAICA Financial Reporting Guides as issued by the Accounting Practices Committee. The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual financial statements for the year ended 30 June 2025. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, with the exception of the new accounting policies for copper revenue, financial assets (refer to note 2) and streaming contract liabilities (refer to note 15). There were no new standards, amendments to standards or interpretations that became effective that had a material impact on the group's results or financial position. The condensed consolidated financial statements have been prepared to the nearest million and rounding may cause differences. The condensed consolidated financial statements have been prepared on the going concern basis. Further information on liquidity and refinancing of short‑term borrowings is provided in note 18. 2. REVENUE Accounting policy – Commodities Revenue from metal sales is recognised when the group satisfies its performance obligations under its contract with the customer, by transferring such metals to the customer's control. The group sells gold, copper concentrate (including contained silver), uranium and refined silver from multiple operations with varying contract terms. Revenue is recognised at the following points of transfer of control: Gold and silver: South Africa (excluding streaming contract) Metal is delivered and certificate of sale is issued. Gold and silver: Hidden Valley Metal is collected from Hidden Valley and a confirmation of collection is sent to and accepted by the customer. Copper and silver: CSA (MAC Copper) Copper concentrate is delivered to the destination specified by the customer, which is typically the vessel on which it is shipped, the destination port or the customer’s premises and the customer has gained control. Uranium (Moab Khotsong) Confirmation of transfer is issued. The transaction price is measured based on the consideration specified in the contract with the customer and is driven by quoted market prices of the metals at the respective control transfer points. Copper and silver concentrate sales from the Cornish, Scottish and Australian (CSA) operation are provisionally priced, with the selling price subject to final adjustments based on the London Metal Exchange (LME) prices for the quotational period specified in the offtake agreement. Revenue is initially recognised when control transfers using the forward LME price to the estimated quotational period end date, net of treatment and refining charges. This forward price represents management's best estimate of the transaction price at the date control transfers. The period between initial provisional pricing and final pricing is typically between 30 and 90 days. Subsequent to initial recognition, the provisionally priced receivable is measured at fair value through profit or loss, with changes in fair value recognised as provisional pricing adjustments within revenue. Fair value is estimated by reference to forward market prices on the LME for copper and silver. Revenue arising from these price adjustments is disclosed separately from revenue from contracts with customers. For CSA copper concentrate containing both copper and silver, the transaction price is allocated to copper and silver based on their relative fair values at the date control transfers, determined by reference to forward market prices for the respective quotational periods on the LME. Both metals are provisionally priced and the receivables for both copper and silver are measured at fair value through profit or loss under IFRS 9. The group is responsible for providing certain shipping and insurance services to the customer, which is generally before the date at which the group has transferred control of the goods. These services are not distinct within the context of the contract, and they are not separately identifiable from other promises within the contract. Accordingly, shipping and insurance services are not considered separate performance obligations and are treated as costs to fulfill the promise to transfer the related products. Any customer payments of shipping and handling costs are recorded within revenue. While the group’s customer has an option to take deliveries of the goods on Cost and Freight (CFR) and Cost, Insurance and Freight (CIF) basis, the customer generally opts for Free on Board (FOB) based delivery where the group is responsible for loading the purchased goods onto the ship, and all costs associated up to that point. Accounting policy – financial assets Trade receivables resulting from the provisional copper and silver concentrate sales include actual invoiced sales of concentrate, as well as sales not yet invoiced for which deliveries have been made and the control has transferred. The copper and silver concentrate receivables are financial assets measured at fair value through profit or loss, as the solely payments of principle and interest criteria is not met. The receivable amount calculated for the concentrate delivered but not yet invoiced is recorded at the fair value of the consideration receivable at the date of delivery. At each subsequent reporting date the receivable is remeasured to reflect the fair value movements in the pricing mechanism which are recognised in revenue. Foreign exchange movements on foreign currency denominated receivables are recognised as a foreign exchange gain or loss in profit or loss subsequent to the recognition of a sale. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 27 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 2. REVENUE continued Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Commodities Gold (a) 47 142 36 862 75 240 Copper (b) 369 — — Silver (c) 703 1 008 1 810 Uranium (d) 240 449 822 48 454 38 319 77 872 Toll treatment services (e) 344 238 532 Revenue from contracts with customers 48 798 38 557 78 404 Consideration from streaming contract — 86 86 Hedging loss (f) (4 483) (1 502) (4 594) Adjustments relating to CSA operation copper provisional pricing (g) 48 — — Adjustments relating to CSA operation silver provisional pricing (g) 37 — — Total revenue (h) 44 400 37 141 73 896 (a) The increase in gold revenue is mainly due to the significant rise in the average spot gold price, which increased by 44.1% from R1 464 697/kg in December 2024 to R2 110 593/kg in December 2025. This was partially offset by a 11.2% decrease in gold sold from 25 167kg to 22 336kg in December 2025. (b) Copper concentrate is derived from the CSA operation in Australia acquired as part of the MAC Copper acquisition. This relates to the revenue initially recognised when control transfers using the forward LME price to the estimated quotational period end date. (c) Substantially all of the group's silver is derived from the Hidden Valley mine in Papua New Guinea. The decrease in silver revenue in December 2025 is mainly due to a 52.0% decrease in silver sold from 58 184kg to 27 947kg, as a result of a 47.6% decrease in silver produced. The decrease was offset by silver concentrate revenue of R26 million derived from the CSA operation in Australia acquired as part of the MAC Copper acquisition. This relates to the revenue initially recognised when control transfers using the forward LME price to the estimated quotational period end date. (d) Uranium is derived from the Moab Khotsong operation. The decrease is mainly due to a 43.5% decrease in uranium sold from 136 531kg to 77 111kg. (e) Relates to services rendered for the treatment of third-party gold-bearing material at the Doornkop and Moab Khotsong operations. (f) The realised effective portion of the hedge-accounted gold derivatives was impacted by the average gold market spot price of R2 122 350/kg (December 2024: R1 480 736/kg) compared to the average forward price of matured contracts of R1 389 496/kg (December 2024: R1 253 218/kg). Refer to note 9 for further information. (g) These adjustments relate to provisional pricing arrangements resulting in subsequent changes to the amount of revenue recognised. (h) A geographical analysis of revenue is provided in the segment report. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 28 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 3. COST OF SALES Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Production costs – excluding royalty (a) 21 580 20 961 41 245 Royalty expense (b) 1 439 906 1 910 Amortisation and depreciation (c) 3 241 2 428 4 842 Rehabilitation expenditure 79 47 142 Care and maintenance cost of restructured shafts 153 194 380 Employment termination and restructuring costs 105 122 200 Share-based payments 299 285 573 Reversal of impairment of assets (d) (1 074) — — Toll treatment costs 266 167 368 Other 3 1 (25) Total cost of sales 26 091 25 111 49 635 (a) The increase in production costs for the December 2025 period was due to above-inflation increases on costs such as labour and electricity. Offsetting the increase in costs partially is a R720 million inventory adjustment resulting from higher gold and copper stock on hand at period end. (b) The royalty tax increased due to a higher rate being applied as a result of higher profits, as well as the increased revenue base to which it is applied. (c) A significant portion of the increase is due to additions to property, plant and equipment following the acquisition of MAC Copper Limited (MAC Copper). Refer to notes 7 and 16 for details. (d) A reversal of previously recognised impairments in respect of property, plant and equipment of the Tshepong North CGU was recognised during the period. Refer to note 7 for details. 4. OTHER INCOME STATEMENT ITEMS Losses on derivatives The increase in derivative losses is mainly driven by the significant rise in the silver spot price during the period, which moved further above the average locked‑in floor and cap prices of the outstanding silver collar contracts. This resulted in a loss of R1.1 billion, partially offset by the realised foreign exchange derivative gain of R236 million. Finance cost R315 million of the overall increase is attributable to the bridge facility for the MAC Copper acquisition (refer to notes 13 and 16), including the amortisation of the commitment fees. Refer to note 13 for details on the facility. Also contributing to the increase for the period is the finance cost element of the streaming arrangements assumed as part of the MAC Copper acquisition, which totalled R103 million. Refer to note 15 for details. 5. TAXATION Current taxation The increased current tax expense is mainly attributable to mining taxes recognised for majority of the group's operations. The increased gold price realised resulted in a significant increase in the profitability of the group's operations for the six months ended 31 December 2025. The following legal entities contributed significantly to the current tax expense: Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Harmony Gold Mining Company Limited (Harmony Company) 547 205 426 Golden Core Trade and Invest (Proprietary) Limited (Mponeng) 1 391 952 1 990 Freegold (Harmony) (Proprietary) Limited (Freegold) 575 155 365 Harmony Moab Khotsong Operations (Proprietary) Limited (Moab) 278 302 688 Randfontein Estates Limited (Randfontein) 297 118 216 ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 29 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 5. TAXATION continued Deferred taxation The movement in the net deferred tax liabilities is mainly attributable to an increase in net taxable temporary differences for majority of the group's South African mining companies as well as the deferred tax liability acquired as part of the MAC Copper acquisition (refer to note 16). The amount recognised at 31 December 2025 is as follows: At Figures in million 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) Balance at beginning of period 4 361 2 811 2 811 Expense per condensed consolidated income statement 752 2 486 492 Tax expense/(credit) directly charged to other comprehensive income (a) (543) (936) (299) Net deferred tax liability of acquired operations (b) 7 478 — — Foreign exchange translation (310) — — Balance at end of period 11 738 4 361 3 004 Deferred tax asset per condensed consolidated balance sheet (c) (153) (114) (165) Deferred tax liability per condensed consolidated balance sheet 11 891 4 475 3 169 (a) Relates to the movement in the net derivative liability position. Refer to note 9 for detail. (b) As part of the acquisition of MAC Copper, a net deferred tax liability was recognised on acquisition date. Refer to note 16 for more detail. (c) As at 31 December 2025, a deferred tax asset was recognised in Harmony Company. A deferred tax asset continues to be recognised as it is probable that sufficient future taxable profits will be available against which the remaining deductible temporary differences existing at the reporting date can be utilised. 6. EARNINGS PER ORDINARY SHARE Six months ended Year ended 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Weighted average number of shares (million) 624 621 622 Weighted average number of diluted shares (million) 632 625 629 Total earnings per share (cents): Basic earnings 1 563 1 265 2 313 Diluted earnings 1 542 1 257 2 288 Headline earnings 1 431 1 270 2 337 Diluted headline earnings 1 412 1 263 2 311 Reconciliation of headline earnings: Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Net profit for the period attributable to owners of the parent 9 749 7 857 14 384 Adjusted for: (Profit)/loss on sale of property, plant and equipment 47 (8) (8) Taxation effect on profit/(loss) on sale of property, plant and equipment (16) 1 — Loss on scrapping of property, plant and equipment 46 28 164 Taxation effect on loss on scrapping of property, plant and equipment (12) (9) (32) Impairment of investment in associate — 23 23 Reversal of impairment of assets (1 074) — — Taxation effect on the reversal of impairment of assets 187 — — Headline earnings 8 927 7 892 14 531 ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 30 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 7. PROPERTY, PLANT AND EQUIPMENT Acquisitions and business combinations One of the major contributors to the increase in property, plant and equipment is the acquisition of MAC Copper which includes the CSA Mine. Refer to note 16 for further information on the acquisition. Additions to property, plant and equipment Refer to note 17 for capital expenditure related to property, plant and equipment and additions resulting from stripping activities during the six months ended 31 December 2025. Change in estimate of environmental rehabilitation An adjustment related to the change in estimate of R336 million for the provision for environmental rehabilitation contributed to an increase in property, plant and equipment for the six months ended 31 December 2025. Refer to note 11 for further information. Foreign exchange impact The foreign exchange translation movement on property, plant and equipment from the consolidation of the group's foreign operations resulted in a decrease of R2.8 billion for the six-month period ended 31 December 2025. Depreciation of property, plant and equipment Depreciation recognised on property, plant and equipment amounted to R3.2 billion for the six-month period ended 31 December 2025. Refer to note 3 for detail. Impairment/reversal of impairment of property, plant and equipment At 31 December 2025, management performed an assessment for potential indicators of impairment of assets as well as potential indications for reversal of previously recorded impairment losses in terms of IAS 36 Impairment of Assets. Specific circumstances surrounding each of the individual cash generating units (CGUs) were considered in this assessment in order to identify significant changes in the six months since the last impairment assessment was performed. The Moab Khotsong, Tshepong North, Tshepong South, Joel, Target 1 and Masimong CGUs experienced operational issues during the six months ended 31 December 2025. These operational issues were considered to be indications of potential impairment and therefore an impairment assessment was performed for these CGUs. Additionally, on 24 November 2025 the final investment decision for Eva Copper was approved, thereby resulting in its technical and commercial viability being demonstrable. On this date, Eva Copper was reclassified from undeveloped properties to mining assets under construction. In accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources, an impairment assessment was performed for Eva Copper prior to its reclassification to mining assets under construction. For CGUs that had previously been impaired, management first determined the carrying amounts that would have existed (net of depreciation) had no impairment losses been recognised in prior periods. Where this depreciation had not eliminated the depreciable amount available for reversal, management then assessed whether the impairment loss may no longer exist or may have decreased, including whether the estimated service potential of each CGU had increased in a sustained manner since the impairment was recognised. Indicators that a previously recognised impairment loss may no longer exist or may have decreased were identified for the Tshepong North operation. Management also performed assessments for the Tshepong South and Target 1 operations and concluded that no reversal of previously recognised impairments of these CGUs was required as at 31 December 2025. Critical estimates and judgements The recoverable amount of mining assets is determined utilising real discounted future cash flows. The real post-tax discount rate used for CGUs tested for impairment and reversal of impairments ranged between 8.1% and 13.5% as at 31 December 2025 (December 2024: 10.6% and 11.9%). No material difference in recoverable amounts is expected should future cash flows be discounted on a pre-tax basis. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 31 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 7. PROPERTY, PLANT AND EQUIPMENT continued Impairment of property, plant and equipment continued Critical estimates and judgements continued The commodity price and exchange rate assumptions applied in the impairment assessments are as follows: Six months ended Year ended 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) US$ gold price per ounce – Year 1 4 109 2 661 3 105 – Year 2 3 905 2 549 2 892 – Year 3 3 508 2 382 2 604 – Long term (Year 4 onwards) 2 915 1 941 2 237 Exchange rate (R/US$) – Year 1 17.20 17.76 17.95 – Year 2 17.11 17.32 17.63 – Year 3 17.56 17.00 18.01 – Long term (Year 4 onwards) 17.60 18.54 18.54 Rand gold price (R/kg) – Year 1 2 272 000 1 520 000 1 792 000 – Year 2 2 149 000 1 420 000 1 639 000 – Year 3 1 981 000 1 302 000 1 508 000 – Long term (Year 4 onwards) 1 649 000 1 157 000 1 334 000 Copper price (US$/lb) – Year 1 4.94 n/a n/a – Year 2 4.81 n/a n/a – Year 3 4.72 n/a n/a – Long term (Year 4 onwards) 4.75 n/a n/a The recoverable amounts of the CGUs were determined on a fair value less cost to sell basis. This is a fair value measurement classified as level 3 within the fair value hierarchy. All key assumptions disclosed remained the same as at 30 June 2025 with the exception of the commodity prices, exchange rates and discount rates as disclosed above. Results of impairment and reversal assessment Based on the impairment tests performed, no impairments were recorded for the six-month period ended 31 December 2025. During the year ended 30 June 2022, an impairment of R2.3 billion was recognised in respect of property, plant and equipment relating to the Tshepong North CGU. At 31 December 2025, a reversal of impairment of R1.1 billion in respect of property, plant and equipment relating to the Tshepong North CGU was recognised. This reversal reflects an increase in the recoverable amount of the CGU (fair value less costs of disposal, Level 3 in the fair value hierarchy), as a result of significantly higher gold price assumptions applied in the valuation at 31 December 2025. The recoverable amount of the Tshepong North CGU at 31 December 2025 was determined as R3.6 billion. A reasonable possible change in assumptions would not change the conclusion to reverse the impairment or the quantum of the reversal. The reversal of impairment is presented as part of cost of sales on the condensed consolidated income statement. 8. RESTRICTED CASH AND INVESTMENTS The balance at 31 December 2025 increased by R481 million as a result of interest received as well as the mark-to-market valuation of these funds. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 32 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 9. DERIVATIVE FINANCIAL INSTRUMENTS Hedging contracts Figures in million Rand gold forwards US$ gold forwards Rand gold collars US$ gold collars US$ copper swaps1 US$ silver contracts Foreign exchange contracts Total At 31 December 2025 (Reviewed) Derivative financial assets 12 3 196 25 — — 250 486 Non-current 5 1 161 22 — — 11 200 Current 7 2 35 3 — — 239 286 Derivative financial liabilities (3 519) (741) (5 661) (1 374) (358) (1 073) — (12 726) Non-current (605) (185) (2 850) (667) — (337) — (4 644) Current (2 914) (556) (2 811) (707) (358) (736) — (8 082) Net derivative financial instruments (3 507) (738) (5 465) (1 349) (358) (1 073) 250 (12 240) Unrealised losses included in other reserves, net of tax (2 821) (737) (4 333) (1 382) — — — (9 273) Movements for the period ended 31 December 2025 Realised losses included in revenue (3 489) (438) (388) (168) — — — (4 483) Unrealised losses on gold contracts recognised in other comprehensive income (2 772) (517) (3 930) (1 098) — — — (8 317) Gains/(losses) on derivatives — — — — (9) (1 147) 199 (957) Day one loss amortisation (18) (3) (52) (9) — — — (82) Total gains/(losses) on derivatives (18) (3) (52) (9) (9) (1 147) 199 (1 039) Hedge effectiveness Changes in the fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness (2 772) (517) (4 028) (1 127) — — — (8 444) Changes in the fair value of the hedged item used as the basis for recognising hedge ineffectiveness 2 772 517 4 028 1 127 — — — 8 444 1 Refer to note 16 for further detail on the acquisition of MAC Copper. As hedge accounting is not applied to these contracts, the resulting gains and losses have been recorded in the condensed consolidated income statement. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 33 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 9. DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED Hedging contracts Figures in million Rand gold forwards US$ gold forwards Rand gold collars US$ gold collars US$ silver contracts Foreign exchange contracts Total At 31 December 2024 (Reviewed) Derivative financial assets 62 14 51 18 42 227 414 Non-current 34 9 49 16 34 17 159 Current 28 5 2 2 8 210 255 Derivative financial liabilities (3 349) (406) (519) (75) (17) (38) (4 404) Non-current (634) (78) (442) (52) (1) (15) (1 222) Current (2 715) (328) (77) (23) (16) (23) (3 182) Net derivative financial instruments (3 287) (392) (468) (57) 25 189 (3 990) Unrealised losses included in other reserves, net of tax (2 750) (416) (388) (48) — — (3 602) Movements for the period ended 31 December 2024 Realised losses included in revenue (1 348) (141) (10) (3) — — (1 502) Unrealised losses on gold contracts recognised in other comprehensive income (3 118) (302) (608) (65) — — (4 093) Gains/(losses) on derivatives — — — — 57 (109) (52) Day one loss amortisation (51) (6) (12) (3) — — (72) Total gains/(losses) on derivatives (51) (6) (12) (3) 57 (109) (124) Hedge effectiveness Changes in the fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness (3 118) (302) (608) (65) — — (4 093) Changes in the fair value of the hedged item used as the basis for recognising hedge ineffectiveness 3 118 302 608 65 — — 4 093 ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 34 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 9. DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED Hedging contracts Figures in million Rand gold forwards US$ gold forwards Rand gold collars US$ gold collars US$ silver contracts Foreign exchange contracts Total At 30 June 2025 (Audited) Derivative financial assets 30 5 207 35 3 288 568 Non-current 14 3 164 28 3 24 236 Current 16 2 43 7 — 264 332 Derivative financial liabilities (4 279) (716) (2 082) (522) (148) — (7 747) Non-current (675) (166) (1 492) (316) (39) — (2 688) Current (3 604) (550) (590) (206) (109) — (5 059) Net derivative financial instruments (4 249) (711) (1 875) (487) (145) 288 (7 179) Unrealised gains losses included in other reserves, net of tax (3 405) (731) (1 468) (490) — — (6 094) Movements for the year ended 30 June 2025 Realised losses included in revenue (3 910) (459) (178) (47) — — (4 594) Unrealised losses on gold contracts recognised in other comprehensive income (6 674) (970) (2 155) (551) — — (10 350) Gains/(losses) on derivatives — — — — (150) 235 85 Day one loss amortisation (83) (11) (40) (10) — — (144) Total gains/(losses) on derivatives (83) (11) (40) (10) (150) 235 (59) Hedge effectiveness Changes in the fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness (6 674) (970) (1 596) (511) — — (9 751) Changes in the fair value of the hedged item used as the basis for recognising hedge ineffectiveness 6 674 970 1 596 511 — — 9 751 Reconciliation of the hedge reserve: At Figures in million 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) Balance at beginning of the period (6 094) (1 252) (1 252) Remeasurement of gold hedging contracts (3 179) (4 842) (2 350) Unrealised loss on gold hedging contracts (8 317) (10 350) (4 093) Released to revenue 4 483 4 594 1 502 Foreign exchange translation 112 (22) (58) Deferred taxation thereon 543 936 299 Balance at end of the period (9 273) (6 094) (3 602) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 35 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 9. DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED The following table shows the open position at the reporting date: FY26 FY27 FY28 FY29 TotalHY2 HY1 HY2 HY1 HY2 HY1 Foreign exchange contracts Zero cost collars US$m 82 40 10 — — — 132 Average floor – R/US$ 18.39 18.19 17.95 — — — 18.30 Average cap – R/US$ 20.39 20.19 19.95 — — — 20.30 Forward contracts US$m 11 — — — — — 11 Average forward rate – R/US$ 20.15 — — — — — 20.15 Commodity contracts Rand gold forward contracts 000 oz – cash flow hedge 92 36 20 10 — — 158 Average R'000/kg 1 561 1 669 1 735 1 792 — — 1 622 US$ gold forward contracts 000 oz – cash flow hedge 13 6 6 1 — — 26 Average US$/oz 2 531 2 631 2 765 2 760 — — 2 617 Rand gold zero-cost collar contracts 000 oz – cash flow hedge 100 140 100 104 68 40 552 Average floor – R'000/kg 1 706 1 828 1 770 2 027 2 172 2 487 1 923 Average cap – R'000/kg 1 940 2 071 2 005 2 286 2 436 2 747 2 170 US$ gold zero-cost collar contracts 000 oz – cash flow hedge 18 20 12 17 9 4 80 Average floor – US$/oz 2 817 3 035 2 778 3 199 3 384 4 148 3 077 Average cap – US$/oz 3 145 3 363 3 093 3 540 3 761 4 536 3 415 Total gold contracts 000 oz – cash flow hedge 223 202 138 132 77 44 816 US$ copper swap contracts tonne 5 175 — — — — — 5 175 Average US$/tonne 8 177 — — — — — 8 177 US$ silver contracts 000 oz 660 660 620 370 — — 2 310 Average floor – US$/oz 30.15 32.16 36.23 50.46 — — 35.61 Average cap – US$/oz 33.52 36.45 41.02 56.43 — — 40.04 1 July – December 2 January – June Refer to note 18 for details on the fair value measurements. 10. INVENTORIES Inventories increased by R1.0 billion during the period. The increase was due to a R273 million increase in commodity inventories at Hidden Valley, which was driven primarily by a delayed December shipment. In addition, there was a R198 million increase in the South African operations' commodity inventories as a result of higher average valuation rates. Copper inventories of R306 million were included as a result of the MAC Copper acquisition. Furthermore, consumables increased by R231 million in anticipation of supplier closures during December. 11. PROVISION FOR ENVIRONMENTAL REHABILITATION The increase in the provision of R677 million is mainly due to the change in estimate of R425 million as a result of a decrease in discount rates. In addition to this change, an additional R222 million was assumed as part of the acquisition of MAC Copper. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 36 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 12. CONTINGENT CONSIDERATION The contingent consideration liability is attributable to: At Figures in million 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) Mponeng 711 676 843 Eva Copper (a) 511 781 424 CSA (b) 2 273 — — Copper price-linked contingent consideration 1 244 — — NSR royalty contingent consideration 1 029 — — Total contingent consideration liabilities 3 495 1 457 1 267 Reconciliation of the contingent consideration liabilities: At Figures in million 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) Balance at beginning of the period 1 457 965 965 CSA acquired through MAC Copper acquisition 3 371 — — Foreign exchange translation (141) — — Payment of contingent considerations1 (1 549) (338) — Remeasurement of contingent considerations 357 830 302 Balance at end of the period 3 495 1 457 1 267 Current portion of contingent consideration 1 613 481 338 Non-current portion of contingent consideration 1 882 976 929 1 The payment relates to the settlement of the Eva Copper declaration of additional mineral resources of R256 million, as well as the first contingent copper consideration of R1.3 billion following the fulfilment of the required conditions in October 2025. (a) The decrease is mainly due to the settlement of the additional mineral resources declaration of R256 million. (b) The increase in the contingent consideration liability is mainly as a result of the MAC acquisition. The contingent consideration arrangements existed prior to Harmony's acquisition of MAC Copper and originated with MAC Copper's acquisition of CSA from Glencore on 15 June 2023. These obligations include: • copper price‑linked contingent consideration; and • a net smelter return (NSR) royalty contingent consideration. Copper price-linked contingent consideration The copper contingent consideration totals US$150 million, structured as two unsecured and fully subordinated contingent payments of US$75 million each (the first contingent copper payment and the second contingent copper payment). These amounts become payable only if the following price‑based conditions are met over the life of the mine: • First contingent copper payment: The average daily LME closing copper price exceeds US$4.25/lb (US$9 370/mt) for any rolling 18‑month period from 15 June 2023 and • Second contingent copper payment: The average daily LME closing copper price exceeds US$4.50/lb (US$9 920/mt) for any rolling 24‑month period from 15 June 2023. The copper contingent consideration is measured at fair value through profit or loss. Refer to note 18 for the details of the valuation. NSR royalty contingent consideration Under the NSR agreement, Cobar Management Proprietary Limited (CMPL) is required to pay Glencore a 1.5% NSR royalty on all marketable, metal‑bearing copper material produced from the mining tenure held by CMPL at 15 June 2023. The NSR royalty contingent consideration is measured at fair value through profit or loss. Refer to note 18 for the details of the valuation. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 37 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 13. BORROWINGS Summary of facilities' terms Figures in million Existing Extinguished US$ term loan US dollar US$ RCF US dollar US$ bridge facility (a) US dollar Rand RCF SA Rand Green loan (b) SA Rand Senior syndicated facility (c) US$ term loan US dollar US$ RCF US dollar Borrowings summary at 31 December 2025 Original facility 100 300 1 250 2 500 1 500 205 125 Drawn down/loan balance 100 — 675 — 149 — — Undrawn committed borrowing facilities n/a 300 n/a 2 500 n/a n/a n/a Maturity May May May May November March March 2027 2027 2026 2027 2028 2028 2028 Repayment terms On maturity On maturity On maturity On maturity Bi-annual Quarterly On maturity Interest rate SOFR + 2.85% SOFR + 2.70% SOFR + 2.80% JIBAR(d) + 2.40% JIBAR(d) + 2.65% SOFR + 2.5% to 3% SOFR + 2.5% to 3% (a) On 26 June 2025, a bridge facility agreement between Harmony, Harmony Australia and a syndicate of lenders was concluded. The purpose of the agreement is to secure funding to finance the acquisition of MAC Copper and related costs (refer to note 16 for further information). Under the agreement, a US$250 million facility (Facility A) and a US$1 billion facility (Facility B) were made available to Harmony Australia and Harmony, respectively. The tenure of the loan is 364 days with a six-month extension option. The period of the draw down has lapsed therefore, the balance of the facility is no longer available. Origination fees of R253 million were incurred for the facility. These fees are regarded as an integral part of the effective interest rate of the facility and are treated as transaction costs. The interest rate terms vary as follows: • SOFR + 2% for the first six months starting 26 May 2025 • SOFR + 2.80% for the next six months • SOFR + 4% for the last six months. (b) This facility can only be drawn for qualifying projects. (c) On 24 October 2025, Harmony took over the senior syndicated facility from MAC Copper. On 28 October 2025 the outstanding balance was fully repaid and the facility was extinguished. (d) On 3 December 2025, the South African Reserve Bank (SARB) announced the cessation of the JIBAR as of 31 December 2026. South Africa's financial market is moving away from the JIBAR benchmark to the South African Rand Overnight Index Average (ZARONIA). As these facilities’ agreements makes provision for the use of replacement benchmarks for determining interest rates, the impact of the South African IBOR reform is expected to be immaterial. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 38 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 13. BORROWINGS continued Interest bearing borrowings At Figures in million 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) Non-current borrowings R1.5 billion facility – green loan 100 124 149 US$400 million facility – sustainability linked 1 533 1 770 1 878 Total non-current borrowings 1 633 1 894 2 027 Current borrowings R1.5 billion facility – green loan 52 52 77 US$400 million facility – sustainability linked 22 7 9 US$1.25 billion facility – bridge facility 11 187 — — Total current borrowings 11 261 59 86 The following draw downs and repayments were made during the December 2025 period: • R1.5 billion facility – green loan: R25 million repayment. • US$1.25 billion facility – bridge facility: Draw down of US$175 million (R3.0 billion) from facility A and US$700 million (R12.2 billion) from facility B. Subsequently a US$200 million (R3.3 billion) repayment was made on facility B. • Senior syndicated facility – On 24 October 2025, Harmony took over the senior syndicated facility from MAC Copper amounting to US$223 million (R3.9 billion), which included both principal and accrued interest. On 28 October 2025, a payment of US$223 million (R3.8 billion) was made to Citicorp International Limited in full as final settlement of the MAC Copper senior debt. The debt covenant tests for both the Rand and the US$ facilities are as follows: • The group's interest cover ratio shall be more than five times (EBITDA1/Total Interest paid) • Leverage2 shall not be more than 2.5 times. 1 Earnings before interest, taxes, depreciation and amortisation (EBITDA) as defined in the agreement also excludes unusual items such as impairment and restructuring cost. 2 Leverage is defined as total net debt to EBITDA. Loan covenants tests were performed for the loans for the period ended 31 December 2025 and no breaches were noted. For the December 2025 period, the group's interest cover ratio was 57.4 times (December 2024: 64.8 times) (June 2025: 97.3 times), while the group's leverage was 0.2 (December 2024: negative 0.3) (June 2025: negative 0.4). Management believes that it is very likely that the covenant requirements will be met in the foreseeable future given the current earnings and interest levels. 14. TRADE AND OTHER PAYABLES The balance at 31 December 2025 increased by R1.8 billion. The increase is primarily attributable to R1.1 billion for stamp duties payable on the MAC Copper acquisition (refer to note 16). Further, an increase in income tax payable of R776 million as at 31 December 2025 (refer to note 5). Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Translation gain/(loss) on US$ facilities1 763 (67) 46 Rand/US$ exchange rate: Closing/spot 16.56 18.85 17.75 Average 17.36 17.94 18.15 1 The remainder of the foreign exchange translation gain or loss included in profit or loss mainly relates to the translation of cash from a foreign currency to the functional currencies of the operating entities. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 39 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 15 STREAMING ARRANGEMENTS Accounting policy Streaming arrangements with OR Royalties The group has copper and silver streaming arrangements with OR Royalties Inc. (OR Royalties), which have been accounted for as financial liabilities containing embedded derivatives in accordance with IFRS 9, Financial Instruments. The embedded derivatives relate to the applicable commodity price exposure within the contractual delivery obligations. The copper streaming arrangement also includes an embedded derivative relating to a buy-down option. The embedded derivatives have been separated from the host contracts and are measured at fair value through profit or loss. On initial recognition in accordance with IFRS 3, Business Combinations, the copper and silver host contract financial liabilities were recognised at fair values of R2.3 billion and R2.6 billion, respectively, while the embedded derivatives were recognised at fair values of R199 million asset (copper compound derivative) and Rnil (silver derivative). Subsequent to initial recognition (i) Host contracts (financial liabilities) The host contracts are measured at amortised cost using the effective interest method. Interest expense is calculated by applying the effective interest rates of 13.22% (copper) and 13.53% (silver) to the respective amortised cost carrying amounts and is recognised in finance costs. When expected future physical deliveries of the applicable commodity are revised due to changes in mine production or reserve estimates, the carrying amount of the financial liability is recalculated as the present value of revised estimated future cash flows discounted at the original effective interest rate (in accordance with IFRS 9 paragraph B5.4.6). The resulting catch-up adjustment is recognised immediately in finance costs. (ii) Embedded derivatives The embedded derivatives measured at fair value through profit or loss at each reporting period, with changes in fair value recognised in fair value movements on streaming arrangements. Fair value is determined using Level 3 inputs within the fair value hierarchy (see note 18 for details on the fair value measurement). The streaming arrangement liabilities are presented separately on the condensed consolidated balance sheet as streaming contract liabilities, split between current and non-current portions based on expected delivery schedules. Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Copper stream (a) 2 300 — — – Copper host debt 2 274 — — – Copper compound derivative 26 — — Silver stream (b) 3 145 — — – Silver host debt 2 525 — — – Silver derivative 620 — — Total streaming contract liabilities 5 445 — — Current portion of streaming contract liabilities 522 — — Non-current portion of streaming contracts liabilities 4 923 — — (a) Effective 16 June 2023, MAC Copper, a subsidiary of Harmony as of 24 October 2025, entered into a copper purchase agreement (copper stream) with OR Royalties. Under the terms of the copper stream, in exchange for an upfront cash deposit of up to US$75 million (available copper deposit), the group is required to deliver an amount of refined copper to OR Royalties in the form of purchased copper warrants. The deliveries to OR Royalties are equal to the copper stream percentage (as defined below) of payable copper (being 96.2% of produced copper) produced by the CSA Mine during the life of the mine. On 16 June 2023, the full amount of the available copper deposit was drawn to finance, in part, the initial acquisition of the CSA Mine by MAC Copper. As of 31 December 2025, 1 748 tonnes of copper has been delivered towards the copper stream with OR Royalties. As part of the acquisition of MAC Copper, Harmony has assumed the obligations enforced by the copper stream. The copper stream percentages are the following: Time period Copper stream percentage 24 October 2025 to 16 June 2028 3.00% (First stream percentage) 17 June 2028 until 33 000 metric tons of refined copper delivered to OR Royalties (Threshold quantity) 4.875% (Second-threshold stream percentage) Thereafter from the date that the threshold quantity has been met 2.25% (Tail stream percentage) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 40 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 15 STREAMING ARRANGEMENTS CONTINUED (a) Copper stream continued Harmony may elect to reduce the copper stream percentage and the threshold quantity on 16 June 2028 to the amounts and percentages in the table below upon making a one-time payment of US$40 million or US$20 million (buy-down option). The buy-down option is an embedded derivative measured at fair value through profit or loss, taking into account the likelihood of the group exercising the option. Buy-down: Option 1 Buy-down: Option 2 Buy-down amount US$40 million US$20 million Second-threshold stream percentage 3.25% 4.0625% Tail stream percentage 1.50% 1.8750% Threshold quantity 23 900 tonnes 28 450 tonnes In addition to the copper deposit, the group will receive ongoing cash payments for refined copper delivered equal to 4% (copper cash price) of the cash settlement price for one tonne of refined copper quoted by the LME on the date prior to the date of delivery (copper market price). Until the copper deposit is reduced to US$nil, the difference between the copper market price and the copper cash price will be credited against the outstanding copper deposit. After the copper deposit is reduced to US$nil, the group will continue to receive the copper cash price for each tonne of refined copper delivered. As at 31 December 2025, the outstanding copper deposit was US$58.6 million. Reconciliation of the copper host debt: Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Balance at beginning of period — — — Acquired through MAC Copper acquisition 2 349 — — Finance cost 57 — — Copper warrants delivered (29) — — Foreign exchange translation (103) — — Balance at end of period 2 274 — — – Current 159 — — – Non-current 2 115 — — Reconciliation of copper compound derivative: Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Balance at beginning of period — — — Acquired through MAC Copper acquisition (199) — — Fair value movement 223 — — Foreign exchange translation 2 — — Balance at end of period 26 — — – Current 13 — — – Non-current 13 — — (b) Effective 16 June 2023, MAC Copper, a subsidiary of Harmony as of 24 October 2025, entered into a silver purchase agreement (silver stream) with OR Royalties. Under the terms of the silver stream, in exchange for an upfront cash deposit of US$75 million (silver deposit), the group is required to deliver to OR Royalties an amount of refined silver, in the form of purchased silver credits. The deliveries to OR Royalties are equal to 100% of payable silver (calculated as 90% of produced silver) produced by the CSA Mine during the life of mine. On 16 June 2023, the full amount of the silver deposit was drawn to finance, in part, the initial acquisition of the CSA Mine by MAC Copper. As of 31 December 2025, 1 162 234 ounces of silver has been delivered towards the silver stream with OR Royalties. As part of the acquisition of MAC Copper, Harmony has assumed the obligations enforced by the silver stream. In addition to the silver deposit, the group will receive ongoing cash payments for refined silver delivered equal to 4% (silver cash price) of the silver price quoted by the London Bullion Market Association (LBMA) for one ounce of refined silver on the day prior to the date of delivery (silver market price). Until the silver deposit is reduced to US$nil, the difference between the silver market price and the silver cash price will be credited against the outstanding silver deposit. After the silver deposit is reduced to US$nil, the group will continue to receive the silver cash price for each ounce of refined silver delivered. As at 31 December 2025, the outstanding silver deposit was US$40.4 million. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 41 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 15 STREAMING ARRANGEMENTS CONTINUED (a) Silver stream continued Reconciliation of silver host debt: Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Balance at beginning of period — — — Acquired through MAC Copper acquisition 2 615 — — Finance cost 65 — — Gains on remeasurement of host debt (included in finance costs) (19) — — Silver credits delivered (30) — — Foreign exchange translation (106) — — Balance at end of period 2 525 — — – Current 279 — — – Non-current 2 246 — — Reconciliation of silver derivative: Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Balance at beginning of period — — — Fair value movement 638 — — Foreign exchange translation (18) — — Balance at end of period 620 — — – Current 71 — — – Non-current 549 — — 16 ACQUISITIONS AND BUSINESS COMBINATIONS Acquisition of MAC Copper On 27 May 2025, Harmony announced that it has entered into a binding agreement to acquire, through its wholly owned Australian subsidiary Harmony Gold (Australia) Pty Limited, 100% of the securities in MAC Copper Limited (MAC Copper). MAC Copper has a 100% interest in the CSA copper mine, its sole asset, which is located in the Cobar Region of New South Wales, Australia. The acquisition supports Harmony’s strategic objective of transitioning into a low-cost, global gold and copper mining company. Based on management's assessment the transaction meets the definition of a business combination as defined by IFRS 3 Business Combinations. Upon completion of the transaction, the following obligations of MAC Copper have been assumed by Harmony: • The silver purchase agreement (silver stream) with OR Royalties pursuant to which OR Royalties receives refined silver equal to 100% of the payable silver production from CSA and makes ongoing payments equal to 4% of the spot silver price per ounce at the time of delivery (refer to note 15) • The copper purchase agreement (copper stream) with OR Royalties pursuant to which OR Royalties receives refined copper equal to 2.25% to 4.875% of the payable copper production from CSA, which amounts may be reduced through the exercise of a buy-down option, with OR Royalties making ongoing payments equal to 4% of the spot copper price per tonne at the time of delivery (refer to note 15) • The royalty deed with Glencore Operations Australia (Pty) Limited (Glencore) pursuant to which Glencore is entitled to a 1.5% net smelter return royalty over the life of the CSA mine (refer to note 12) and • The sale and purchase agreement between MAC and Glencore relating to US$150 million of contingent payments, where a once-off payment of US$75 million is due in the event that the copper price averages more than US$4.25/lb for 18 continuous months at any stage during the life of the CSA mine and a further once-off payment of US$75 million in the event that the copper price averages more than US$4.50/lb for 24 continuous months during the life of the CSA mine (refer to note 12). ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 42 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 16 ACQUISITIONS AND BUSINESS COMBINATIONS continued Acquisition of MAC Copper CONTINUED Effective date The last condition precedent for the transaction was fulfilled during October 2025, resulting in an acquisition date of 24 October 2025. Cash generating units identified CSA, with its associated assets and liabilities, was identified as the only CGU. Consideration transferred The consideration for the transaction is a cash payment of US$12.25 per MAC Copper share, amounting to US$1.0 billion (R17.5 billion) paid on 23 October 2025. The amount disclosed in the condensed consolidated cash flow statement for cash paid for the acquisition of MAC Copper is determined as follows: At Figures in million 24 October 2025 (Reviewed) Cash consideration paid 17 480 Cash acquired (420) Net cash paid on 24 October 2025 17 060 Acquisition-related costs The total of R1.4 billion for acquisition costs for the six months ended 31 December 2025 relates to various costs directly attributable to the acquisition process. These costs include stamp duty, attorney and advisory fees. There have also been costs incurred for the integration of the acquired assets into Harmony's existing structures and systems. These costs include project management and consultancy fees. These costs amounted to R16 million for the period ended 31 December 2025 and have been included in Corporate, administration and other expenditure. Identifiable assets acquired and liabilities assumed The fair value exercise was prepared on a provisional basis in accordance with IFRS 3. The values measured on a provisional basis included, inter alia, property, plant and equipment, streaming contract liabilities, contingent consideration liabilities, provision for environmental rehabilitation and the resultant deferred tax associated with these balances. Management is still in the process of gathering and assessing certain information on key estimations and the impact thereof on the provisional fair values. No measurement period adjustments have been recognised for the six-month period ended 31 December 2025. The measurement period ends on 23 October 2026. Any information that materially impacts on amounts previously recorded will be considered when finalising the fair value exercise. Critical estimates and assumptions of business valuations performed The provisional fair value of the identifiable net assets acquired was determined based on the fair value of the consideration transferred for the transaction. This was further supported by the expected discounted cash flows based on the life of mine plan of CSA. Key assumptions for the level 3 fair value measurement of CSA includes real copper prices ranging from US$4.75/lb to US$5.35/lb, real silver prices ranging from US$32.31/oz to US$51.02/oz, real zinc prices ranging from US$1.27/lb to US$1.33/lb, a marketable post-tax real discount rate of 7.75%, US$/A$ exchange rates ranging from US$0.66/A$1 to US$0.69/A$1 and the CSA life-of-mine plan. Mineral resources acquired which were not included in the discounted cash flows were valued using a zinc resource multiple price of US$0.04/lb. The valuation was performed as at 24 October 2025. The tax rates used to calculate deferred tax is based on Australian tax rates and tax laws that have been enacted at acquisition date. The deferred tax rate used as at 24 October 2025 was 30%. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 43 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 16 ACQUISITIONS AND BUSINESS COMBINATIONS CONTINUED Acquisition of MAC Copper CONTINUED Provisional fair value determination of acquired operations The provisional fair values as at the acquisition date are as follows: At Figures in million 24 October 2025 (Reviewed) Non-current assets Property, plant and equipment 37 623 Other non-current assets 76 Streaming contract assets1 199 Current assets Inventories 432 Trade and other receivables2 303 Cash and cash equivalents 420 Non-current liabilities Deferred tax liabilities 7 478 Provision for environmental rehabilitation 222 Contingent consideration liabilities 860 Other non-current liabilities 107 Streaming contract liabilities 4 617 Current liabilities Borrowings 3 858 Trade and other payables 1 070 Contingent consideration liabilities 2 511 Derivative financial liabilities 503 Streaming contract liabilities 347 Fair value of net identifiable assets acquired at 24 October 2025 (provisional) 17 480 1 This relates to the copper compound derivative, refer to note 15 for further information 2 The gross contractual amounts receivable is equal to the fair value of the receivables as at acquisition date Since the provisional fair value of net identifiable assets acquired is within a reasonable range of the fair value of the consideration transferred, no gain on bargain purchase or goodwill is recognised for the transaction. Performance of acquired operations For the six months ended 31 December 2025, the acquired operation contributed revenue of R480 million and a net loss of R1.2 billion since acquisition date. Should the acquisition have occurred on 1 July 2025, the group’s pro forma consolidated revenue would have been R47.1 billion and pro forma consolidated profit would have been R11.2 billion. The following information was used to determine the revenue and net loss for the acquired operation for the period 1 July 2025 to 31 December 2025: • 1 July 2025 to 24 October 2025: The revenue and net profit per the CSA trial balance for the period 1 July 2025 to 24 October 2025. • 25 October 2025 to 31 December 2025: The revenue and net loss for MAC Copper as included as part of the condensed consolidated income statement for the six months ended 31 December 2025. • The revenue and net loss in A$ terms for the periods 1 July 2025 to 24 October 2025 and 25 October 2025 to 31 December 2025 as determined above, were translated using the average Rand/A$ exchange rate of R11.49/A$1 and R11.21/A$1, respectively. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 44 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 17. ADDITIONAL CASH FLOW INFORMATION Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Reconciliation of profit before taxation to cash generated by operations Profit before taxation 14 170 10 349 21 206 Adjustments for: Amortisation and depreciation 3 241 2 428 4 842 Acquisition-related costs 1 147 — — Reversal of impairment of assets (1 074) — — Share-based payments 377 341 699 Net decrease in provision for post-retirement benefits — (3) (3) Payment for the transfer of post-retirement medical benefit liability — (350) (350) Net increase/(decrease) in provision for environmental rehabilitation 79 (1) 140 (Profit)/loss on sale of property, plant and equipment 47 (8) (8) Loss on scrapping of property, plant and equipment 46 28 164 Profit from associates (59) (50) (106) Impairment of investments in associate — 23 23 Investment income (952) (642) (1 504) Finance costs 708 323 698 Inventory-related adjustments (681) 68 (141) Foreign exchange translation differences (1 438) 65 (11) Non-cash portion of losses on derivatives 1 178 319 463 Net day one gain included in revenue (55) (52) (116) Fair value movements on streaming arrangements 861 — — Streaming contract revenue — (86) (86) Silicosis settlement provision – net (15) (11) (14) Contingent consideration remeasurement 357 302 830 Copper warrants delivered (29) — — Silver credits delivered (30) — — Other non-cash adjustments 9 45 33 Effect of changes in operating working capital items (Increase)/decrease in Receivables 462 (1 246) (1 242) Increase in Inventories (128) (12) (273) Increase/(decrease) in Payables (1 143) (190) 1 078 Cash generated by operations 17 078 11 640 26 322 (a) The increase in cash generated by operations is primarily due to higher revenue earned. The increase was offset by increased hedging losses and an increase in production costs. Refer to note 2 and note 3 respectively for further detail. (b) Additions to property, plant and equipment: Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Capital expenditure – operations 5 673 4 353 10 268 Capital and capitalised exploration and evaluation expenditure 1 726 82 857 Additions resulting from stripping activities 718 371 730 Total additions to property, plant and equipment 8 117 4 806 11 855 (c) Cash and cash equivalents comprises cash on hand and demand deposits. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 45 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 17. ADDITIONAL CASH FLOW INFORMATION CONTINUED (d) Contingent consideration payments made: Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Mponeng — — (338) Eva Copper (256) — — CSA copper-linked contingent consideration (1 293) — — Total cash payments made (1 549) — (338) Payments in excess of the initial fair value (operating cash flows) (215) — — Payments relating to initial fair value (investing cash flows) (1 334) — (338) Cash payments to settle contingent consideration arrangements that form part of the consideration transferred in a business combination are classified as investing cash flows, to the extent of the amount recognised at the acquisition date (including any measurement-period adjustments). The acquisition date fair value of contingent consideration arrangements relating to business combinations is part of the aggregate consideration for obtaining control of the underlying net assets. Therefore, unless the obligations are clearly part of the borrowing structure of the group, repayments of the acquisition date fair value are classified as investing activities. Any cash payments in excess of the amount recognised at the acquisition date, i.e. amounts arising from subsequent remeasurement or changes in estimates after the measurement period, are classified as operating cash flows by nature. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 46 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 18. FINANCIAL RISK MANAGEMENT ACTIVITIES Foreign exchange risk Harmony's revenues are sensitive to the R/US$ exchange rate as majority of revenues are denominated in US$. A weakening of the Rand will increase the reported revenue total; conversely a strengthening will decrease it. Harmony maintains a foreign currency derivative programme to manage foreign exchange risk. The limit currently set by the Board is 25% of the group's foreign exchange risk exposure for a period of 24 months. The audit and risk committee reviews the details of the programme quarterly. Refer to note 9 and the fair value determination section below for further detail on these contracts. The Rand strengthened during the six months ended 31 December 2025 from a closing rate of R17.75/US$1 on 30 June 2025 to R16.56/US$1 on 31 December 2025 (31 December 2024: R18.85/US$1). The strengthening of the Rand resulted in the average locked-in rates being higher than the spot exchange rate at 31 December 2025, which had a positive impact on the contracts that matured during the period as well as those that were outstanding as at 31 December 2025. The appreciation of the Rand and Australian dollar also had a positive impact on the translation of the US$ debt facilities at 31 December 2025. Translation of the international net assets was impacted by the acquisition of MAC Copper and the strengthening of the Rand against the Australian dollar from R11.68/A$1 at 30 June 2025 to R11.06/A$1 on 31 December 2025 (31 December 2024: R11.70/A$1). This impact was partially offset by the Kina weakening against the Australian dollar from a closing rate of PGK2.72/A$1 on 30 June 2025 to PGK2.84/A$1 on 31 December 2025 (31 December 2024: PGK2.51/A$1). The translation from Kina to Australian dollar and Australian dollar to Rand combined with the average rate at which income statement items were translated at, resulted in a foreign exchange translation loss of R2.3 billion for the period ended 31 December 2025. The relevant exchange rates traded in the following ranges: Six months ended 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) R/US$ foreign exchange rate range for the period 16.56 – 18.20 17.10 – 18.85 R/A$ foreign exchange rate range for the period 11.06 – 11.81 11.29 – 12.41 A$/PGK foreign exchange rate range for the period 2.67 – 2.90 2.49 – 2.75 Commodity price sensitivity The profitability of the group’s operations, and the cash flows generated by those operations, are mainly affected by changes in the market price of gold, silver (in the case of Hidden Valley), uranium (in the case of Moab Khotsong) and copper following the acquisition of MAC Copper. Harmony enters into derivative contracts to manage the variability in cash flows from the group’s production, in order to create cash certainty and protect the group against lower commodity prices. During the period under review, the group's cash inflows from uranium were managed by way of a forward contract entered into, whereby uranium prices are predetermined for a limited amount of uranium production. The limit for gold hedging as set by the Board is 30%, 20% and 10% of production in a 12-, 24- and 36-month period, respectively, for contracts going forward. The limit set by the Board is 50% of silver exposure over a 24-month period and 50% for uranium exposure over a 60-month period. As part of the MAC Copper acquisition, Harmony took over the copper derivative contracts related to production at the CSA copper mine. Refer to note 16. The audit and risk committee reviews the details of the programme quarterly. Refer to note 9 and the fair value determination section below for further detail on these contracts. An increase in the price of gold in US$ terms resulted in the average locked-in gold forward prices being lower than the gold spot price which had a negative impact on the gold forward hedging contracts that matured during the period as well as those that were outstanding as at 31 December 2025. The average cap prices were also lower than the gold spot price of the remaining gold zero cost collar contracts, resulting in a negative valuation as at 31 December 2025. The average cap prices of the remaining silver zero cost collar contracts were lower than the silver spot price resulting in a negative valuation at 31 December 2025 and moving the asset position at 31 December 2024 to a liability position. Gold, copper and silver traded in the following ranges: Six months ended 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) Gold price range in US$/oz for the period 3 275 – 4 532 2 329 – 2 786 Copper price range in US$/tonne for the period 9 607 – 12 674 n/a Silver price range in US$/oz for the period 36.06 – 79.15 26.60 – 34.83 Interest rate risk With inflation rates easing and economies recovering, central banks continued to reduce interest rates during the six months ended 31 December 2025. The group has therefore not entered into interest rate swap agreements as the interest rate risk continues to be assessed as low. Further to this, the decreased interest rates have lowered bond yields and this has resulted in a decrease in discount rates. This impact can be seen in the change in the environmental rehabilitation provision. Refer to note 11 for further information. The audit and risk committee reviews the group's risk exposure quarterly. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 47 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 18. FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED Credit risk Credit risk is the risk that a counterparty may default or not meet its obligations in a timely manner. Financial instruments which are subject to credit risk are restricted cash and investments, derivative financial instruments and cash and cash equivalents, all of which are invested with financial institutions that meet the group's policy requirements for credit quality, as well as trade and other receivables (excluding non-financial instruments). In assessing the creditworthiness of local institutions, management uses the national scale long-term ratings. At 31 December 2025, the national scale investment grade rating of the major South African banks remained unchanged at AA+, which is in line with the group's credit risk policy. An assessment of the expected credit losses (ECLs) for the financial assets measured at amortised cost at 31 December 2025 resulted in an immaterial amount for each instrument. The credit rating of the group's Australian counterparts remained at AA- at 31 December 2025. The assessed ECL remained immaterial. Management will continue to review the underlying strength of the economies we operate in as well as the creditworthiness of the financial institutions and make any changes deemed necessary to safeguard the assets and reduce the credit risk. Liquidity risk At 31 December 2025, current liabilities exceeded current assets, primarily due to short‑term interest‑bearing borrowings and derivative financial liabilities. These borrowings are expected to be refinanced in the ordinary course of business and the group has access to sufficient committed facilities to meet its obligations as they fall due. The group remains in compliance with all financing covenants, and the directors are satisfied that the group has adequate resources to continue in operational existence for the foreseeable future. Undrawn committed facilities at 31 December 2025 amounted to R7.5 billion (refer to note 13), providing additional headroom for the group’s funding requirements. Capital risk management The acquisition of MAC Copper was funded through cash reserves and a bridge loan of US$1.25 billion. The company drew down US$875 million (R15.2 billion) for the acquisition and related costs resulting in an increase in borrowings at 31 December 2025. The group made repayments of R7.2 billion during the six months ended 31 December 2025 (31 December 2024: nil) (30 June 2025: R50 million), decreasing the cash and cash equivalents at 31 December 2025. Refer to note 13 for further details. It remains the group's objective to adhere to a conservative approach to debt and maintain low levels of gearing in order to be well positioned for upcoming capital expenditure on the various growth projects. Net (debt)/cash is as follows: At Figures in million 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) Cash and cash equivalents 7 350 13 101 9 396 Borrowings (12 894) (1 953) (2 113) Net (debt)/cash (5 544) 11 148 7 283 ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 48 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 18. FINANCIAL RISK MANAGEMENT ACTIVITIES continued Fair value determination The fair value levels of hierarchy are as follows: Level 1: Quoted prices (unadjusted) in active markets Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from other prices) Level 3: Inputs for the asset that are not based on observable market data (that is, unobservable inputs). The following table sets out the group's assets and liabilities measured at fair value by level within the fair value hierarchy: At Figures in million Fair value hierarchy level 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) Fair value through other comprehensive income Other non-current assets (a) Level 1 76 — — Other non-current assets (a) Level 3 105 107 89 Restricted cash and investments (b) Level 1 447 384 355 Fair value through profit or loss Restricted cash and investments (b) Level 2 2 022 1 828 1 652 Derivative financial assets (c) Level 2 486 568 414 Derivative financial liabilities (c) Level 2 (12 726) (7 747) (4 404) Trade and other receivables (d) Level 2 358 86 — Loan to ARM BBEE Trust (e) Level 3 36 45 53 Contingent consideration liabilities (f) Level 3 (3 495) (1 457) (1 267) Streaming contract liabilities (g) Level 3 646 — — (a) The level 1 valued assets comprise of listed equity securities held by MAC Copper and are designated at fair value through other comprehensive income. The level 3 valued instruments comprise mainly of the equity investment in Rand Mutual. The fair value of the investment in Rand Mutual was estimated with reference to an independent valuation. A combination of the "Embedded Valuation" and "Net Asset Value" techniques were applied to revalue the investment at 30 June 2025. In evaluating the group's share of the business, common practice marketability and minority discounts as well as additional specific risk discounts were applied. There are no inputs to the valuation that a reasonably possible change would result in a material change in the fair value of the investment. At 31 December 2025 an updated valuation was not performed as no material changes had occurred. (b) The level 1 valued assets comprise of listed equity securities designated as fair value through other comprehensive income instruments. The majority of the level 2 valued assets are directly derived from the Top 40 index on the JSE and are discounted at market interest rates. This relates to equity-linked deposits in the group's environmental rehabilitation trust funds. The remaining balance of the environmental trust funds is carried at amortised cost and therefore not disclosed here. (c) The mark-to-market remeasurement of the derivative contracts (refer to note 9 for further details) was determined as follows: • Foreign exchange contracts comprise of zero cost collars and forward exchange contracts (FECs): The zero cost collars were valued using a Black-Scholes valuation technique derived from spot Rand/US$ exchange rate inputs, implied volatilities on the Rand/US$ exchange rate, Rand/US$ inter-bank interest rates and discounted at a market interest rate (zero-coupon interest rate curve). The value of the FECs is derived from the forward Rand/US$ exchange rate and discounted at a market interest rate (zero-coupon interest rate curve) • Rand gold forward sale contracts: spot Rand/US$ exchange rate, Rand and dollar interest rates (forward points), spot US$ gold price, differential between the US interest rate and gold lease interest rate which is discounted at a market interest rate • US$ gold forward sale contracts: spot US$ gold price, differential between the US interest rate and gold lease interest rate and discounted at a market interest rate • US$ copper swap contracts: spot US$ copper price, differential between the US interest rate and copper lease interest rate and discounted at a market interest rate • Silver contracts (zero cost collars): a Black-Scholes valuation technique, derived from spot US$ silver price, strike price, implied volatilities, time to maturity and interest rates and discounted at a market interest rate • Rand gold zero cost collar contracts: a Black-Scholes valuation technique, derived from spot Rand/US$ exchange rate, spot US$ gold price, Rand and dollar interest rates (forward points) with discounting at the market interest rate (zero-coupon interest rate curve), US$ gold forward rates, time to maturity and implied volatilities • US$ gold zero cost collar contracts: a Black-Scholes valuation technique, derived from spot US$ gold price, US$ gold forward rates, US$ interest rates with discounting at the market interest rate (zero-coupon interest rate curve), time to maturity and implied volatilities. (d) The fair value of receivables arising from copper and silver concentrate sales contracts at 31 December 2025 which contain provisional pricing mechanisms are determined using the appropriate quoted forward price from the exchange that is the principal active market for the particular metal. As such, these receivables, which have the characteristics of a commodity derivative, are classified within Level 2 of the fair value hierarchy. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 49 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 18. FINANCIAL RISK MANAGEMENT ACTIVITIES continued Fair value determination continued (e) At 31 December 2025, the fair value movement was calculated using a discounted cash flow model, taking into account forecast dividend payments over the estimated repayment period of the loan at a rate of 11.0% (31 December 2024: 12.0%) (30 June 2025: 11.5%). A 55 basis points (31 December 2024: 60 basis points) (30 June 2025: 28 basis points) change in the discount rate, which would represent a reasonably possible change based on expected movements in lending rates, would not cause a material change in the fair value of the loan. The loan balance forms part of other non-current assets in the condensed consolidated balance sheet. During the six-month period ended 31 December 2025, repayments to the value of R12 million (31 December 2024: R18 million) (30 June 2025: R28 million) were received. (f) Contingent consideration liabilities consist of the following: • Mponeng operation The contingent consideration liability related to the Mponeng operation was determined using the expected gold production profile for Mponeng. At 31 December 2025, the liability was valued at R711 million (31 December 2024: R843 million) (30 June 2025: R676 million), using a discounted cash flow valuation method at a post-tax real rate of 11.8% (31 December 2024: 10.2%) (30 June 2025: 10.8%). Should the expected gold production profile increase by 11.9% or decrease by 11.9%, the contingent consideration liability would increase by R341 million (31 December 2024: R631 million at 15.7%) (30 June 2025: R319 million at 11.5%) or decrease by R341 million (31 December 2024: R500 million at 15.7%) (30 June 2025: R319 million at 11.5%) respectively. This represents reasonably expected changes which were determined based on the average variance between the planned production and the actual production achieved over a number of years. No other reasonably expected changes in key unobservable inputs would have caused a material change in the fair value of the liability. • Eva Copper The consideration for Eva Copper includes contingent consideration valued at R511 million (31 December 2024: R424 million) (30 June 2025: R781 million), using a probability weighted method for the new resource payment and a discounted cash flow valuation for the excess payment, both discounted at a post-tax nominal rate of 11.2% (31 December 2024: 10.8%) (30 June 2025: 11.4%). A long-term copper price of US$4.75/lbs (31 December 2024: US$4.25/lbs) (30 June 2025: US$4.25/lbs) was applied in the valuation. A 10.8% change in the long-term copper price, which would represent a reasonably possible change based on the standard deviation of market analysts long-term forecasts of the copper price, would not cause a material change in the fair value of the contingent consideration. • Copper price‑linked contingent consideration The second contingent copper payment of the copper price‑linked contingent consideration was valued at R1.2 billion, using a probability weighted method. Owing to the elevated copper price environment currently experienced, it is estimated that the second contingent copper payment of US$75 million is highly likely to be triggered within the next 12 months, therefore the contingent consideration has been valued at 31 December 2025 at its expected settlement amount. A 5% change in the short-term copper price, which would represent a reasonably possible change based on the standard deviation of market analysts short-term forecasts of the copper price, would not cause a material change in the fair value of this contingent consideration. The remeasurement of the liability is presented as a separate line item in the condensed consolidated income statement. • NSR royalty The NSR royalty was valued at R1.0 billion, using a discounted cash flow valuation, discounted at a post-tax real discount rate of 7%. The valuation is determined using the present value of the expected discounted cash flows over the expected life-of-mine of CSA. Expected cash flows are determined by making use of market analyst forecasts of the copper price and after deducting for the estimated treatment and refining charges in terms of the existing offtake agreement with Glencore. A 10.8% change in the long-term copper price, which would represent a reasonably possible change based on the standard deviation of market analysts long-term forecasts of the copper price, would not cause a material change in the fair value of the NSR royalty. The remeasurement of the liability is presented as a separate line item in the condensed consolidated income statement. (g) The streaming contract liabilities balance includes a copper compound and silver embedded derivative valued at R26 million and R620 million, respectively. These liabilities were assumed by the group on acquisition of MAC Copper and are measured at fair value through profit or loss. Refer to note 15. • The copper compound derivative relates to the embedded copper price within the copper stream and the buy-down option. The copper compound derivative is valued using a copper future curve simulation valuation model and a Monte-Carlo valuation for the buy-down option at each reporting date. The following key assumptions were used in the valuation of the copper compound derivative: Copper spot price (per tonne) of US$12 504 per tonne, LME Copper implied volatility of 23.0% and own credit spread 8.2%. In isolation, at 31 December 2025, a 5% increase/decrease in copper spot price, which would represent a reasonably possible change based on the standard deviation of market analysts' short-term forecasts of the copper price, would not cause a material change in the fair value of the copper stream embedded derivative liability. • The silver derivative relates to the embedded silver price within the silver stream. The silver derivative is valued using a silver future curve simulation valuation model at each reporting date. The following key assumptions were used in the valuation of the silver derivative: Silver spot price of US$70.13/oz and own credit spread of 7.5%. In isolation, at 31 December 2025, a 10% increase/decrease in silver spot price, which would represent a reasonably possible change based on the standard deviation of market analysts' short-term forecasts of the silver price, would not cause a material change in the fair value of the silver derivative liability. The carrying values (less any impairment allowance) of short-term financial instruments are assumed to approximate their fair values. This includes restricted cash and investments carried at amortised cost. The carrying values of borrowings fairly approximates their fair values, as these values do not differ materially due to the interest payable on the borrowings being set at market-related floating interest rates. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 50 20. RELATED PARTIES The following directors and prescribed officers owned shares in Harmony. The balance of shares held is attributable to shares held privately and in terms of the minimum shareholding requirement as set out in our remuneration policy: Number of shares 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) Name of director/prescribed officer Executive directors Beyers Nel1 146 501 111 869 n/a Boipelo Lekubo 127 152 86 985 86 985 Dr Harry Mashego 98 936 85 164 86 164 Peter Steenkamp2 n/a n/a 623 866 Prescribed officers Beyers Nel1 n/a n/a 111 869 Anton Buthelezi 48 700 27 934 27 934 Marian van der Walt 93 626 68 107 68 107 Johannes van Heerden 114 017 112 436 112 436 Urishanie Govender — — — Floyd Masemula3 — — n/a Jaco Boshoff3 — — n/a 1 Previously classified as prescribed officer until appointment as executive director effective 1 January 2025. 2 Resigned as executive director effective 31 December 2024. 3 Classified as prescribed officer effective 1 January 2025. 21. SEGMENT REPORT Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). Following the acquisition of the CSA copper mine, our segment reporting has been updated to include copper as an additional commodity, alongside gold. The segment report follows on page 52. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 19. COMMITMENTS AND CONTINGENCIES At Figures in million 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) Capital expenditure commitments Contracts for capital expenditure (a) 15 518 4 329 3 599 Authorised by the directors but not contracted for (b) 15 488 18 462 11 646 Total capital commitments 31 006 22 791 15 245 (a) The increase relates mainly to capital commitments of approximately R12 billion for the Eva Copper mine following the final investment decision on 24 November 2025. (b) The increase from December 2024 relates mainly to reclamation and deposition projects, the Mponeng extension project and the Nooitgedacht TSF construction project, increasing approximately R2.1 billion, R1.4 billion and R1.2 billion respectively. Further to this, approximately R961 million of the increase relates to solar phase 4 implementation projects. This was partially offset by a R1.7 billion decrease in the phase 2 solar project and a R589 million decrease in the Kareerand extension project as these projects near completion. Contingent liabilities There were no significant changes during the six-month period ended 31 December 2025. For detailed disclosure on contingent liabilities refer to Harmony's annual financial statements for the financial year ended 30 June 2025. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 51 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (RAND) 22. RECONCILIATION OF SEGMENT INFORMATION Six months ended Year ended Figures in million 31 December 2025 (Reviewed) 31 December 2024 (Reviewed) 30 June 2025 (Audited) Reconciliation of production profit to gross profit Revenue per segment report 43 076 35 446 70 732 – Revenue per condensed consolidated income statement 44 400 37 141 73 896 – Other metal sales treated as by-product credits in the segment report (980) (1 457) (2 632) – Toll treatment services1 (344) (238) (532) Production costs per segment report (22 039) (20 410) (40 523) – Production costs per condensed consolidated income statement (23 019) (21 867) (43 155) – Other metal sales treated as by-product credits in the segment report 980 1 457 2 632 Production profit per segment report 21 037 15 036 30 209 Revenue not included in segments 344 238 532 Amortisation and depreciation (3 241) (2 428) (4 842) Toll treatment costs1 (266) (167) (368) Reversal of impairment of assets2 1 074 — — Other cost of sales items (639) (649) (1 270) Gross profit as per condensed consolidated income statement3 18 309 12 030 24 261 1 Refer to note 2 for more detail. 2 Refer to note 7 for more detail. 3 The reconciliation was done up to the first recognisable line item on the condensed consolidated income statement. The reconciliation will follow the condensed consolidated income statement after that. At Figures in million 31 December 2025 (Reviewed) 30 June 2025 (Audited) 31 December 2024 (Reviewed) Reconciliation of total segment assets to consolidated property, plant and equipment Property, plant and equipment not allocated to a segment Mining assets (a) 1 286 1 259 1 062 Undeveloped property (b) 1 206 4 341 4 345 Other non-mining assets 631 776 643 Assets under construction (c) 6 931 2 510 1 981 Total 10 054 8 886 8 031 (a) These balances relate to Wafi-Golpu assets and assets that provide services to several segments, such as Harmony One Plant. (b) Undeveloped properties comprise of the Target North and Wafi-Golpu’s undeveloped properties. Eva Copper’s undeveloped properties were transferred to assets under construction. Refer to (c) below. (c) Assets under construction consist of the Wafi-Golpu and Eva Copper assets. On 24 November 2025, R2.9 billion undeveloped properties of Eva Copper were transferred to assets under construction following the approval of the final investment decision. 23. SUBSEQUENT EVENTS (a) On 9 March 2026, a payment of US$75 million was made to Glencore as settlement of the second contingent consideration previously agreed to between MAC Copper Limited and Glencore. This obligation was assumed by Harmony as part of the acquisition. The trigger event was defined as when the average daily London Metal Exchange closing price of copper is greater than US$9 920/t (US$4.50/lb) for any rolling 24-month period. This trigger was met on 3 March 2026. (b) On 10 March 2026, an interim dividend of 530 SA cents was declared, payable on 28 April 2026. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 52 Revenue1 Production cost Production profit/(loss) Segment assets Capital expenditure# Production* Tonnes milled* 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 R million R million R million R million R million Au kg / Cu t t'000 Gold South Africa Underground Moab Khotsong 4 934 4 611 3 015 2 561 1 919 2 050 9 117 6 458 1 260 663 2 613 3 253 401 380 Mponeng 10 028 8 352 4 071 3 668 5 957 4 684 6 892 5 286 1 104 1 034 5 152 5 732 475 501 Tshepong North 3 244 2 277 1 740 1 583 1 504 694 3 690 2 430 356 314 1 737 1 586 401 354 Tshepong South 2 558 1 925 1 622 1 470 936 455 2 627 2 454 271 268 1 383 1 342 235 223 Doornkop 2 817 2 230 1 738 1 543 1 079 687 4 930 4 199 475 414 1 427 1 542 434 388 Joel 1 416 1 436 1 008 981 408 455 1 414 1 386 144 134 759 1 001 203 219 Target 1 1 515 1 119 1 324 1 287 191 (168) 2 025 2 058 170 271 800 797 217 231 Kusasalethu 3 229 2 795 2 268 2 059 961 736 724 658 170 241 1 679 1 922 269 297 Masimong 1 463 1 285 1 088 1 023 375 262 63 16 39 40 785 895 222 232 Surface Mine Waste Solutions 2 517 2 087 1 220 1 033 1 297 1 055 4 949 4 045 428 523 1 349 1 653 12 466 11 363 All other surface operations 4 348 3 695 2 000 1 985 2 348 1 709 2 021 1 364 383 137 2 200 2 603 8 484 9 872 Total South Africa 38 069 31 812 21 094 19 193 16 975 12 619 38 452 30 354 4 800 4 039 19 884 22 326 23 807 24 060 International Hidden Valley 4 590 3 634 726 1 217 3 864 2 417 5 273 5 618 1 312 686 2 638 2 490 1 718 1 885 Total international 4 590 3 634 726 1 217 3 864 2 417 5 273 5 618 1 312 686 2 638 2 490 1 718 1 885 Total gold 42 659 35 446 21 820 20 410 20 839 15 036 43 725 35 972 6 112 4 725 22 522 24 816 25 525 25 945 Copper International CSA Mine 417 — 219 — 198 — 35 997 — 279 — 3 913 — 120 — Total international 417 — 219 — 198 — 35 997 — 279 — 3 913 — 120 — Total copper 417 — 219 — 198 — 35 997 — 279 — 3 913 — 120 — Total operations 43 076 35 446 22 039 20 410 21 037 15 036 79 722 35 972 6 391 4 725 Reconciliation of the segment information to the consolidated income statement and balance sheet 1 324 1 695 980 1 457 344 238 10 054 8 031 — — 44 400 37 141 23 019 21 867 21 381 15 274 89 776 44 003 6 391 4 725 # Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu and Eva Copper of R1.7 billion (2024: R81 million). * Production statistics are unaudited. 1 Segment revenue consists of revenue from the sale of gold, copper, realised gains or losses of the hedge-accounted gold derivatives and, for Mine Waste Solutions, the non-cash consideration of the streaming arrangement. SEGMENT REPORT (RAND/METRIC) FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (REVIEWED) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 53 Revenue1 Production cost Production profit/(loss) Segment assets Capital expenditure# Kilograms produced* Tonnes milled* 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2025 2025 2025 2025 2025 2025 2025 R million R million R million R million R million kg t'000 Gold South Africa Underground Moab Khotsong 9 455 5 229 4 226 8 023 2 427 6 184 753 Mponeng 16 079 7 037 9 042 6 051 2 043 10 370 920 Tshepong North 4 447 3 107 1 340 2 553 695 2 900 673 Tshepong South 4 233 2 917 1 316 2 584 570 2 739 448 Doornkop 4 158 3 243 915 4 519 914 2 720 742 Joel 2 484 1 876 608 1 437 270 1 634 374 Target 1 2 161 2 534 (373) 2 067 491 1 387 391 Kusasalethu 5 594 4 003 1 591 690 461 3 629 544 Masimong 2 245 1 980 265 62 111 1 478 424 Surface Mine Waste Solutions 4 458 2 220 2 238 4 563 1 061 2 996 23 054 All other surface operations 7 495 3 921 3 574 1 479 334 4 879 18 787 Total South Africa 62 809 38 067 24 742 34 028 9 377 40 916 47 110 International Hidden Valley 7 923 2 456 5 467 5 355 1 620 5 107 3 787 Total international 7 923 2 456 5 467 5 355 1 620 5 107 3 787 Total operations 70 732 40 523 30 209 39 383 10 998 46 023 50 897 Reconciliation of the segment information to the consolidated income statement and balance sheet (refer to note 22) 3 164 2 632 532 38 120 — — — 73 896 43 155 30 741 77 503 10 998 46 023 50 897 # Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu and Eva Copper of R857 million. * Production statistics are unaudited. 1 Segment revenue consists of revenue from the sale of gold, realised gains or losses of the hedge-accounted gold derivatives and, for Mine Waste Solutions, the non-cash consideration of the streaming arrangement. SEGMENT REPORT (RAND/METRIC) continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (REVIEWED) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 54 Six months ended Year ended Figures in million 31 December 2025 31 December 2024 30 June 2025 Revenue 2 557 2 071 4 071 Cost of sales (1 500) (1 399) (2 735) Production costs (1 326) (1 219) (2 378) Amortisation and depreciation (187) (135) (267) Reversal of impairment of assets 65 — — Other items (52) (45) (90) Gross profit 1 057 672 1 336 Corporate, administration and other expenditure (62) (48) (91) Exploration expenditure (16) (30) (50) Losses on derivatives (60) (7) (3) Foreign exchange translation gain/(loss) 40 (6) (6) Contingent consideration remeasurement (21) (17) (46) Other operating income/(expenses) (8) (5) (19) Operating profit 930 559 1 121 Acquisition-related costs (79) — (2) Share of profits from associates 3 3 6 Impairment of investments in associate — (1) (1) Fair value movements on streaming arrangements (50) — — Investment income 55 36 83 Finance costs (41) (18) (38) Profit before taxation 818 579 1 169 Taxation (249) (134) (367) Current taxation (206) (107) (230) Deferred taxation (43) (27) (137) Net profit for the period 569 445 802 Attributable to: Non-controlling interest 5 4 9 Owners of the parent 564 441 793 Earnings per ordinary share (cents) Basic earnings 90 71 127 Diluted earnings 89 70 126 The currency conversion average rates for the six months ended 31 December 2025: US$1 = R17.36 (31 December 2024: US$1 = R17.94) (30 June 2025 US$1 = R18.15). The reversal of impairment of assets for the six months ended 31 December 2025 was converted at a conversion rate of US$1 = R16.56. Note on convenience translations The requirements of IAS 21 The Effects of the Changes in Foreign Exchange Rates have not necessarily been applied in the translation of the US Dollar financial statements presented on page 54 to 59. CONDENSED CONSOLIDATED INCOME STATEMENT (US$) (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 55 Six months ended Year ended Figures in million 31 December 2025 31 December 2024 30 June 2025 Net profit for the period 569 445 802 Other comprehensive income for the period, net of income tax (315) (143) (308) Items that may be reclassified subsequently to profit or loss: (318) (144) (312) Foreign exchange translation loss (135) (13) (45) Remeasurement of gold hedging contracts (183) (131) (267) Items that will not be reclassified to profit or loss 3 1 4 Total comprehensive income for the period 254 302 494 Attributable to: Non-controlling interest 5 4 9 Owners of the parent 249 298 485 The currency conversion average rates for the six months ended 31 December 2025: US$1 = R17.36 (31 December 2024: US$1 = R17.94) (30 June 2025 US$1 = R18.15). Figures in million Share capital Retained earnings/ (Accumulated loss) Other reserves Non- controlling interest Total Balance – 1 July 2025 1 988 881 44 16 2 929 Share-based payments — — 22 — 22 Net profit for the period — 589 — 5 594 Other comprehensive income for the period — — (331) — (331) Dividend paid — (60) — (2) (62) Balance – 31 December 2025 1 988 1 410 (265) 19 3 152 Balance – 1 July 2024 1 747 119 297 10 2 173 Share-based payments — — 19 — 19 Net profit for the period — 417 — 4 421 Other comprehensive income for the period — — (136) — (136) Dividend paid — (32) — (2) (34) Balance – 31 December 2024 1 747 504 180 12 2 443 The currency conversion closing rates for the six months ended 31 December 2025: US$1 = R16.56 (31 December 2024: US$1 = R18.85). CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (US$) (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED) CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (US$) FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 56 At Figures in million 31 December 2025 30 June 2025 31 December 2024 ASSETS Non-current assets Property, plant and equipment 5 421 2 719 2 334 Intangible assets — — 1 Restricted cash and investments 453 395 370 Investments in associates 15 11 7 Deferred tax assets 9 6 9 Other non-current assets 27 20 17 Derivative financial assets 12 13 8 Total non-current assets 5 937 3 164 2 746 Current assets Inventories 293 215 187 Restricted cash and investments 3 3 2 Trade and other receivables 227 225 207 Derivative financial assets 17 19 14 Cash and cash equivalents 444 738 498 Total current assets 984 1 200 908 Total assets 6 921 4 364 3 654 EQUITY AND LIABILITIES Share capital and reserves Attributable to equity holders of the parent company 3 133 2 717 2 431 Share capital and premium 1 988 1 855 1 747 Other reserves (265) 40 180 Retained earnings 1 410 822 504 Non-controlling interest 19 16 12 Total equity 3 152 2 733 2 443 Non-current liabilities Deferred tax liabilities 718 252 168 Provision for environmental rehabilitation 409 344 299 Other provisions 12 11 13 Borrowings 99 107 108 Contingent consideration liabilities 114 55 49 Other non-current liabilities 24 16 16 Derivative financial liabilities 280 151 65 Streaming contract liabilities 297 — — Total non-current liabilities 1 953 936 718 Current liabilities Other provisions 4 4 1 Borrowings 680 3 5 Trade and other payables 515 376 300 Contingent consideration liabilities 97 27 18 Derivative financial liabilities 488 285 169 Streaming contract liabilities 32 — — Total current liabilities 1 816 695 494 Total equity and liabilities 6 921 4 364 3 654 The condensed consolidated balance sheet for 31 December 2025 converted at a conversion rate of US$1 = R16.56 (30 June 2025: US$1 = R17.75) (31 December 2024: US$1 = R18.85). CONDENSED CONSOLIDATED BALANCE SHEET (US$) (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 57 Six months ended Year ended Figures in million 31 December 2025 31 December 2024 30 June 2025 CASH FLOW FROM OPERATING ACTIVITIES Cash generated by operations 984 649 1450 Dividends received — 3 3 Interest received 30 20 45 Interest paid (32) (7) (14) Income and mining taxes paid (171) (96) (236) Payment of contingent consideration liability in excess of acquisition date fair value (12) — — Cash generated from operating activities 799 569 1248 CASH FLOW FROM INVESTING ACTIVITIES Increase in restricted cash and investments (1) (10) (20) Amounts refunded from restricted cash and investments — — 31 Payments of contingent consideration liability relating to acquisition date fair value (77) — (19) ARM BBEE Trust loan repayment 1 1 2 Acquisition of MAC Copper operations and related assets (983) — — Proceeds from disposal of property, plant and equipment 4 — 1 Additions to property, plant and equipment (468) (268) (653) Cash utilised by investing activities (1 524) (277) (658) CASH FLOW FROM FINANCING ACTIVITIES Borrowings raised 877 13 12 Borrowings repaid (413) — (3) Lease payments (8) (8) (116) Dividends paid (59) (35) (16) Cash generated/(utilised) by financing activities 397 (30) (123) Foreign currency translation adjustments 34 (22) 13 Net increase/(decrease) in cash and cash equivalents (294) 240 480 Cash and cash equivalents – beginning of period 738 258 258 Cash and cash equivalents – end of period 444 498 738 The currency conversion average rates for the six months ended 31 December 2025: US$1 = R17.36 (31 December 2024: US$1 = R17.94) (30 June 2025: US$1 = R18.15). The closing balance translated at closing rate of 31 December 2025: US$1 = R16.56 (30 June 2025: US$1 = R17.75) (31 December 2024: US$1: = R18.85). CONDENSED CONSOLIDATED CASH FLOW STATEMENT (US$) (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 58 Revenue1 Production cost Production profit/ (loss) Segment assets Capital expenditure# Production* Tons milled* 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 US$ million US$ million US$ million US$ million US$ million Au oz / Cu lbs'000 t'000 Gold South Africa Underground Moab Khotsong 284 257 174 143 110 114 550 343 73 37 84 010 104 587 442 419 Mponeng 578 466 234 205 344 261 416 280 64 58 165 640 184 288 523 553 Tshepong North 187 127 100 88 87 39 223 129 20 18 55 846 50 991 443 391 Tshepong South 147 107 93 82 54 25 159 130 16 15 44 464 43 146 259 246 Doornkop 162 124 100 86 62 38 298 223 27 23 45 879 49 577 479 428 Joel 82 80 58 55 24 25 85 74 8 7 24 403 32 183 224 242 Target 1 87 62 76 72 11 (9) 122 109 10 15 25 721 25 624 239 255 Kusasalethu 186 156 131 115 55 41 44 35 10 13 53 981 61 794 296 327 Masimong 84 72 63 57 21 15 4 1 2 2 25 238 28 775 245 256 Surface Mine Waste Solutions 145 116 70 58 75 59 299 215 25 29 43 372 53 145 13 746 12 531 All other surface operations 251 207 116 110 135 96 122 72 22 8 70 731 83 689 9 354 10 886 Total South Africa 2 193 1 773 1 215 1 071 978 704 2 322 1 611 277 225 639 285 717 799 26 250 26 534 International Hidden Valley 264 203 42 67 222 134 318 298 76 38 84 814 80 055 1 894 2 079 Total international 264 203 42 67 222 134 318 298 76 38 84 814 80 055 1 894 2 079 Total gold 2 457 1 976 1 257 1 138 1 200 838 2 640 1 909 353 263 724 099 797 854 28 144 28 613 Copper International CSA Mine 24 — 13 — 11 — 2 173 — 16 — 8 627 — 132 — Total international 24 — 13 — 11 — 2 173 — 16 — 8 627 — 132 — Total copper 24 — 13 — 11 — 2 173 — 16 — 8 627 — 132 — Total operations 2 481 1 976 1 270 1 138 1 211 838 4 813 1 909 369 263 # Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu and Eva Copper of US$99 million (2024: US$5 million). * Production statistics are unaudited and not reviewed. 1 Segment revenue consists of revenue from the sale of gold, realised gains or losses of the hedge-accounted gold derivatives and, for Mine Waste Solutions, the non-cash consideration of the streaming arrangement. SEGMENT REPORT (US$/IMPERIAL) FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED) ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 59 Revenue1 Production cost Production profit/(loss) Segment assets Capital expenditure# Ounces produced* Tons milled* 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2025 2025 2025 2025 2025 2025 2025 US$ million US$ million US$ million US$ million US$ million oz t'000 South Africa Underground Moab Khotsong 521 288 233 452 134 198 820 830 Mponeng 886 388 498 341 113 333 402 1 015 Tshepong North 245 171 74 144 38 93 237 743 Tshepong South 233 161 72 146 31 88 061 494 Doornkop 229 179 50 255 50 87 450 818 Joel 137 103 34 81 15 52 534 412 Target 1 119 140 (21) 116 27 44 593 432 Kusasalethu 308 221 88 39 25 116 675 599 Masimong 124 109 15 4 6 47 519 468 Surface Mine Waste Solutions 246 122 123 257 58 96 323 25 423 All other surface operations 412 215 197 83 20 156 864 20 717 Total South Africa 3 460 2 097 1 363 1 918 517 1 315 478 51 951 International Hidden Valley 436 135 301 302 89 164 193 4 177 Total international 436 135 301 302 89 164 193 4 177 Total operations 3 896 2 232 1 664 2 220 606 1 479 671 56 128 # Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu and Eva Copper of US$47 million. * Production statistics are unaudited and not reviewed. 1 Segment revenue consists of revenue from the sale of gold, realised gains or losses of the hedge-accounted gold derivatives and, for Mine Waste Solutions, the non-cash consideration of the streaming arrangement. SEGMENT REPORT (US$/IMPERIAL) continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED) continued ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 60 METRIC CHANNEL Reef Sampled Width Value Gold meters meters (cm's) (g/t) (cmg/t) Tshepong North Basal 319 258 7.57 202.40 1533 B Reef 81 70 126.77 11.14 1 412 All Reefs 399 328 33.01 45.65 1 507 Tshepong South Basal 272 296 53.58 37.98 2035 B Reef 269 272 65.49 11.91 780 All Reefs 541 568 59.29 24.19 1 434 Doornkop South Reef 999 804 60.92 12.37 754 All Reefs 999 804 60.92 12.37 754 Kusasalethu VCR Reef 163 146 16.85 89.61 1 510 All Reefs 163 146 16.85 89.61 1 510 Target 1 Elsburg/Dryerskuil 114 130 263.43 3.19 841 All Reefs 114 130 263.43 3.19 841 Masimong 5 Basal 309 252 114.01 7.77 886 B Reef* 587 558 122.76 26.42 3 243 All Reefs 896 810 120.04 20.91 2 510 Joel Beatrix 528 456 111.34 8.60 958 All Reefs 528 456 111.34 8.60 958 Moab Khotsong Vaal Reef 158 132 146.85 17.98 2 640 C Reef — — — — — All Reefs 158 132 146.85 17.98 2 640 Mponeng VCR 323 238 74.71 23.42 1 750 Carbon Leader 200 210 81.94 32.12 2 632 All Reefs 523 448 78.10 27.70 2 163 DEVELOPMENT RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 CHANNEL Reef Sampled Width Value Gold meters meters (cm's) (g/t) (cmg/t) Total Harmony Basal 899 806 57.75 26.24 1 515 Beatrix 528 456 111.34 8.60 958 B Reef 937 900 105.77 22.28 2 356 Elsburg/Dryerskuil 114 130 263.43 3.19 841 Vaal Reef 158 132 146.85 17.98 2 640 South Reef 999 804 60.92 12.37 754 VCR 486 384 52.71 31.46 1 658 Carbon Leader 200 210 81.94 32.12 2 632 C Reef — — — — — All Reefs 4 320 3 822 87.01 18.14 1 578 Rounding of numbers may result in slight computational discrepancies. * B Reef drive metres not included in linear reef metres. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 61 IMPERIAL CHANNEL Reef Sampled Width Value Gold feet feet (inch) (oz/t) (in.oz/t) Tshepong North Basal 1 045 847 3.00 5.87 18 B Reef 265 230 50.00 0.32 16 All Reefs 1 310 1 076 13.00 1.33 17 Tshepong South Basal 891 971 21.00 1.11 23 B Reef 883 892 26.00 0.34 9 All Reefs 1 773 1 864 23.00 0.72 16 Doornkop South Reef 3 278 2 638 24.00 0.36 9 All Reefs 3 278 2 638 24.00 0.36 9 Kusasalethu VCR Reef 534 479 7.00 2.48 17 All Reefs 534 479 7.00 2.48 17 Target 1 Elsburg/Dryerskuil 374 427 104.00 0.09 10 All Reefs 374 427 104.00 0.09 10 Masimong 5 Basal 1 012 827 45.00 0.23 10 B Reef* 1 926 1 831 48.00 0.78 37 All Reefs 2 938 2 658 47.00 0.61 29 Joel Beatrix 1 734 1 496 44.00 0.25 11 All Reefs 1 734 1 496 44.00 0.25 11 Moab Khotsong Vaal Reef 518 433 58.00 0.52 30 C Reef — — — — — All Reefs 518 433 58.00 0.52 30 Mponeng VCR 1 059 781 29.00 0.69 20 Carbon Leader 655 689 32.00 0.94 30 All Reefs 1 715 1 470 31.00 0.80 25 DEVELOPMENT RESULTS continued FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 CHANNEL Reef Sampled Width Value Gold feet feet (inch) (oz/t) (in.oz/t) Total Harmony Basal 2 948 2 644 23.00 0.76 17 Beatrix 1 734 1 496 44.00 0.25 11 B Reef 3 074 2 953 42.00 0.64 27 Elsburg/Dryerskuil 374 427 104.00 0.09 10 Vaal Reef 518 433 58.00 0.52 30 South Reef 3 278 2 638 24.00 0.36 9 VCR 1 594 1 260 21.00 0.91 19 Carbon Leader 655 689 32.00 0.94 30 C Reef — — — — — All Reefs 14 174 12 540 34.00 0.53 18 Rounding of numbers may result in slight computational discrepancies. * B Reef drive metres not included in linear reef metres. ›‹
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 62 Harmony Gold Mining Company Limited’s statement of Mineral Resources and Mineral Reserves as at 30 June 2025 is produced in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC). It should be noted that the Mineral Resources are reported inclusive of the Mineral Reserves. No material change to Mineral Resources and Mineral Reserves has taken place since the disclosure made as at 30 June 2025. In South Africa, Harmony employs an ore reserve manager at each of its operations who takes responsibility as competent person for the compilation and reporting of Mineral Resources and Mineral Reserves at their operations. In Papua New Guinea and Australia, competent persons are appointed for the Mineral Resources and Mineral Reserves for specific projects and operations. The Mineral Resources and Mineral Reserves in this report are based on information compiled by the following competent persons: Mineral Resources and Mineral Reserves of South Africa: Theo van Dyk, BSc (Hons), Pr.Sci.Nat, MGSSA, has 27 years relevant experience and is registered with the South African Council for Natural Scientific Professions (SACNASP) and a member of the Geological Society of South Africa (GSSA). Theo van Dyk Physical address: Postal address: Randfontein Office Park Corner of Main Reef Road and Ward Avenue Randfontein South Africa PO Box 2 Randfontein 1760 South Africa Mineral Resources and Mineral Reserves of Papua New Guinea and Australia: Gregory Job, BSc (Geo), MSc (Min Econ), F AusIMM, has 37 years relevant experience and is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) South East Asia. Greg Job Physical address: Postal address: Level 2, 189 Coronation Drive Milton, Queensland 4064 Australia PO Box 1562 Milton, Queensland 4064 Australia Both these competent persons, who are full-time employees of Harmony, consent to the inclusion in the report of the matters based on the information in the form and context in which it appears. COMPETENT PERSON'S DECLARATION 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: www.harmony.co.za DIRECTORS Dr PT Motsepe* (chairman), KT Nondumo*^ (deputy chairman), Dr M Msimang*^ (lead independent director), BB Nel (chief executive officer), BP Lekubo (financial director), Dr HE Mashego (executive director) M Gule*^, FJ Lombard*^, Z Matlala*^, M Moshe*^, B Nqwababa*^, VP Pillay*^, MJ Prinsloo*^, GR Sibiya*^, PL Turner*^ * 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 DIRECTORATE AND ADMINISTRATION TRANSFER SECRETARIES JSE Investor Services (Proprietary) Limited (Registration number 2000/007239/07) 19 Ameshoff Street, 13th Floor, Hollard House, Braamfontein 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 American Depositary Receipts 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 Private Bag X9936, Sandton, 2146 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 2025, are available on our website (www.harmony.co.za/invest). ›‹
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Harmony Gold Mining Company Limited Date: March 11, 2026 By: /s/ Boipelo Lekubo Name: Boipelo Lekubo Title: Financial Director