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 May 5, 2025 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 20 F 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 ☒
• Group LTIFR# at 5.76 from 5.55 with safety our priority as we strive to realise our goal of zero harm • Challenging operational third quarter (Q3FY25) due to safety incidents and inclement weather exacerbating what is seasonally our lowest production quarter due to January start up • On track to meet FY25 production and cost guidance, revised grade guidance upwards to 6.00g/t on the back of strong performances from Mponeng and Moab Khotsong • 2% increase in underground recovered grades to 6.28g/t from 6.16g/t • 25% increase in average rand gold price received to R1 454 291/kg (US$2 497/oz) from R1 162 048/kg (US$1 928/oz) • 20% increase in gold revenue to R50 915 million (US$2 811 million) from R42 397 million (US$2 262 million) • Robust balance sheet with net cash increasing by 49% to R10 831 million (US$592 million) from R7 283 million (US$386 million) as at 31 December 2024 (H1FY25) • Group production down by 6% to 34 587kg (1 111 996oz) from 36 777kg (1 182 405oz) impacted by severe rainfall across South Africa • 7% increase in gold production from South African underground high-grade mines to 12 176kg (391 467oz) from 11 364kg (365 360oz) despite weather impacts • Total cash operating costs increased by 8%, in-line with plan, to R29 811 million (US$1 646 million) from R27 497 million (US$1 467 million) • Rand cost base remains predictable and largely unaffected by global tariffs • 17% increase in group all-in sustaining costs (AISC) to R1 027 912/kg (US$1 765/oz) from R877 965/kg (US$1 457/oz) • Execution of key projects at Moab Khotsong, Mponeng and Mine Waste Solutions continue INTRODUCTION Johannesburg, South Africa. Monday, 5 May 2025. Harmony Gold Mining Company Limited (Harmony or the Company) is pleased to report its operational performance for the nine months ended 31 March 2025. We remain on track to meet our full-year production, grade and cost guidance, demonstrating our resilience in a dynamic global environment. While the gold price is near an all-time high, we remain focused on maintaining the good mining discipline underpinning our consistent operating performance and strong free cash flows. By maintaining a balanced and disciplined approach to capital allocation and managing those factors in our control, we will continue rewarding our shareholders and other stakeholders with meaningful returns and long-term value creation. One of the main factors in our control is safety. Our vision remains to create a workplace where everyone feels secure and empowered, knowing their well-being is our top concern. Various interventions exist throughout the company to equip each of our employees to be a safety leader – they include training, regular awareness campaigns, leadership development programmes and introducing a formal accountability model. Safety is not merely a matter of intensity; it is fundamentally about consistency. The practice of doing the right thing every day is what truly cultivates a robust safety culture. By diligently focusing on leading indicators and consistently implementing best practices, we ensure a safer environment for all. While some of our operations continue to achieve significant safety milestones, we have not yet reached or goal of zero harm. We pay our respects and extend our heartfelt condolences to the families, friends and colleagues of our two colleagues who tragically lost their lives after this reporting period: • Mr. Joaquim Alfredo Chihobomo Cossa, a locomotive operator at Moab Khotsong and, • Mr. Lebamang Emmanuel Setenane, a general worker at the Saaiplaas Reclamation Dam Our LTIFR for this reporting period regressed to 5.76 per million hours worked from 5.55 per million hours worked in the previous nine-month period ended 31 March 2024 (9MFY24). KEY FEATURES (9MFY25 vs 9MFY24) 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”) # LTIFR – lost-time injury frequency rate per million hours worked Unless otherwise indicated, all currency conversions for this reporting period are at the average exchange rate of R/US$18.11 (9MFY24: R/US$18.75) Please note that financial information has not been reviewed or audited by the Company's external auditors OPERATIONAL UPDATE for the nine months ended 31 March 2025 (9MFY25) HARMONY ON TRACK TO MEET FULL YEAR GUIDANCE WITH UNDERGROUND RECOVERED GRADE GUIDANCE INCREASED TO OVER 6G/T. MPONENG AND HIDDEN VALLEY CONTINUE TO EXCEL WHILE STRONG GOLD PRICE RECEIVED DRIVES NET CASH TO RECORD R10.8 BILLION. Johannesburg, South Africa. Monday, 5 May 2025. Harmony Gold Mining Company Limited (Harmony or the Company) is pleased to report its operational update for the nine months ended 31 March 2025 (9MFY25). MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
2 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2025 MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued We have a comprehensive approach to planning that prioritises safety, and we must remain agile in our ability to adapt and improve. Our robust planning processes bolster our confidence in delivering consistently and ensure that we will, once again, meet our full-year guidance. The March quarter is always our lowest production quarter due to the January start-up when our employees return to work after the December holiday period. Our operations do not produce over this period, and this is factored into our annual plans. Group production for 9MFY25 reporting period decreased by 6% to 34 587kg (1 111 996oz) from 36 777kg (1 182 405oz), mainly due to a number of events resulting in a slower than planned third quarter (Q3FY25), namely: 1. The devastating safety incidents which demanded pre-emptive stoppages at Joel, Doornkop and Mponeng 2. The unprecedented rainfall in South Africa which resulted in interruptions in the electricity supply to our West Wits operations. This was a result of lightning strikes and other rain damage to Eskom infrastructure which impacted production at Mponeng, Doornkop and Kusasalethu 3. In the Vaal River Region, the excessive rainfall negatively impacted Mine Waste Solutions, our large surface retreatment operation, as we were unable to access the planned higher-grade, low-lying areas due to flooding. This resulted in lower volumes and lower recovered grades Recovered underground grades remain well above guidance, increasing by 2% to 6.28g/t from 6.16g/t in 9MFY24. Mponeng has been the primary driver behind these higher grades. The quality of the high-grade Mponeng and Moab Khotsong ore bodies supports our investment in these assets, ensuring sustained high-margin production and long-term value creation for our stakeholders. Margins remain strong at our South African high-grade underground and surface operations, and at the Hidden Valley mine in Papua New Guinea. This demonstrates the transformative impact of investing in quality ounces for the Company. Gold revenue for this reporting period increased by 20% to R50 915 million (US$2 811 million) compared to R42 397 million (US$2 262 million) in 9MFY24. The main driver behind this was the higher average gold price received, which increased by 25% to R1 454 291/kg (US$2 497/oz) from R1 162 048/kg (US$1 928/oz) in the comparable reporting period. As a result, our balance sheet remains in an exceptionally strong position with net cash increasing in the third quarter by R3 548 million, or 49%, to R10 831 million (US$592 million) from R7 283 million (US$386 million) at 31 December 2024 (H1FY25). We have a clear strategy to enhance our global competitiveness and establish Harmony as an international gold and copper producer. The Eva Copper Project (the Project) in Queensland, Australia, is progressing well with the feasibility study update nearing completion and preparatory works at the Project site underway. Most of the technical work has been completed. The Queensland Government's planned CopperString grid-power transmission project remains the preferred power solution for the Project, subject to timing and cost. Alternative renewable solutions are being explored as we remain focused on pursuing the optimal power solution for the Project. COSTS Cost control remains of critical importance, especially as the gold price rises to record levels. We are pleased that total cash operating costs for the year remain in line with our planned inflationary increases, increasing by 8% to R29 811 million (US$1 646 million) from R27 497 million (US$1 467 million). Royalties increased by 52% to R1 116 million (US$62 million) from R732 million (US$39 million) and represent about 4% of our cash operating costs. Our rand cost base remains predictable and largely unaffected by the recently announced global tariffs. Our cost metrics per unit have increased in-line with guidance. However, they were negatively impacted by the lower production in the third quarter of financial year 2025. We remain confident of meeting our full-year cost guidance of between R1 020 000/kg to R1 100 000/kg. • Cash operating costs increased by 15% to R861 916/kg (US$1 480/oz) from R747 669/kg (US$1 241/oz) • All-in sustaining costs increased by 17% to R1 027 912/kg (US$1 765/oz) from R877 965/kg (US$1 457/oz) • All-in costs (AIC) increased by 19% to R1 121 938/kg (US$1 927/oz) from R942 150/kg (US$1 563/oz) CAPITAL EXPENDITURE Total capital expenditure for the reporting period increased by 31% to R7 625 million (US$421 million) from R5 827 million (US$311 million). This is mainly due to the ongoing extension projects at Moab Khotsong and Mponeng. FY25 GRADE, PRODUCTION AND COST GUIDANCE With one quarter’s production remaining for FY25, we have increased our underground recovered grade guidance while keeping everything else unchanged. We are confident we will achieve our full year guidance of: • underground recovered grades increased to be above 6.00g/t (previously 5.80g/t) • 1 400 000 to 1 500 000oz in total production • overall AISC guidance of between R1 020 000/kg to R1 100 000/kg HEDGING The record gold prices have provided an excellent opportunity to replace maturing hedges with new ones as they expire, locking in excellent margins in-line with our hedging policy. During the quarter, 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 346 000 oz stood at R1 660 000/kg and R1 890 000/kg respectively.
3 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2025 MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued COMPARATIVE OPERATIONAL METRICS FOR Q3FY25 VS Q3FY24 AND 9MFY25 VS 9MFY24 Unit Q3FY25 Q3FY24 Q-on-q (%) 9MFY25 9MFY24 Y-on-Y (%) Average gold price received R/kg 1 581 029 1 213 350 30 1 454 291 1 162 048 25 $/oz 2 661 2 000 33 2 497 1 928 30 Underground yield g/t 5.98 5.86 2 6.28 6.16 2 Gold produced total kg 9 771 10 888 (10) 34 587 36 777 (6) oz 314 142 350 056 (10) 1 111 996 1 182 405 (6) South African optimised underground1 kg 3 486 4 269 (18) 12 571 14 576 (14) oz 112 077 137 251 (18) 404 167 468 629 (14) South African high-grade underground2 kg 3 191 3 319 (4) 12 176 11 364 7 oz 102 592 106 708 (4) 391 467 365 360 7 South African surface3 kg 1 784 2 260 (21) 6 040 6 786 (11) oz 57 356 72 660 (21) 194 190 218 174 (11) International (Hidden Valley) kg 1 310 1 040 26 3 800 4 051 (6) oz 42 117 33 437 26 122 172 130 242 (6) Total cash costs R/kg 984 143 823 880 (19) 861 916 747 669 (15) $/oz 1 657 1 358 (22) 1 480 1 241 (19) Group AISC R/kg 1 171 062 964 834 (21) 1 027 912 877 965 (17) US$/oz 1 971 1 590 (24) 1 765 1 457 (21) Group AIC R/kg 1 322 628 1 037 998 (27) 1 121 938 942 150 (19) US$/oz 2 226 1 711 (30) 1 927 1 563 (23) Average exchange rate R/US$ 18.48 18.87 (2) 18.11 18.75 (3) 1 Tshepong South, Tshepong North, Target 1, Joel, Masimong, Doornkop and Kusasalethu 2 Mponeng and Moab Khotsong 3 Mine Waste Solutions, Phoenix, Central Plant, Savuka Tailings, Dumps and Kalgold LOOKING AHEAD Harmony remains unwavering in our dedication to safety and excellence, and steadfast in our commitment to achieving our strategic vision. With over 75 years of mining expertise, we have long understood the importance of planning and responding consistently without losing sight of our end goal. This has helped build resilience and adaptability throughout the organisation. We are a company fortified by sound fundamentals, an exceptional team, and a focused execution of our promises. Supported by a robust gold price and a strong balance sheet, we are strategically positioned to advance our ambition of becoming a global gold and copper producer. To our partners and shareholders: thank you for your trust and confidence. Your support remains at the heart of our shared success and epitomises our belief in Mining with Purpose. Beyers Nel Chief executive officer
4 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2025 Three 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 Mar-25 178 178 145 95 168 63 74 131 85 1 117 Mar-24 186 213 163 96 201 86 107 138 105 1 295 Yield g/tonne Mar-25 8.07 9.86 4.23 6.48 3.48 4.03 3.80 6.54 3.28 5.98 Mar-24 7.95 8.64 4.42 6.65 4.37 4.09 4.39 6.01 3.61 5.86 Gold produced kg Mar-25 1 436 1 755 614 616 585 254 281 857 279 6 677 Mar-24 1 478 1 841 721 638 879 352 470 830 379 7 588 Gold sold kg Mar-25 1 424 1 749 627 628 559 259 308 854 284 6 692 Mar-24 1 372 1 647 688 609 809 336 455 743 362 7 021 Gold price received R/kg Mar-25 1 569 866 1 587 941 1 576 396 1 576 932 1 574 041 1 579 429 1 588 597 1 567 737 1 575 620 1 577 418 Mar-24 1 241 065 1 235 812 1 229 208 1 229 966 1 223 902 1 234 554 1 229 549 1 227 721 1 227 182 1 232 545 Gold revenue¹ R'000 Mar-25 2 235 489 2 777 309 988 400 990 313 879 889 409 072 489 288 1 338 847 447 476 10 556 083 Mar-24 1 702 741 2 035 382 845 695 749 049 990 137 414 810 559 445 912 197 444 240 8 653 696 Cash operating cost (net of by-product credits) R'000 Mar-25 1 319 023 1 482 945 738 549 697 787 777 261 424 477 595 930 958 419 454 645 7 449 036 Mar-24 1 288 712 1 337 990 680 937 606 239 733 755 392 645 575 423 892 802 461 087 6 969 590 Inventory movement R'000 Mar-25 (87 942) (17 810) 12 434 2 006 (38 089) 13 686 29 239 (20 924) 10 849 (96 551) Mar-24 (153 664) (179 998) (34 853) (24 846) (56 065) (15 134) (11 061) (81 392) (17 130) (574 143) Operating costs R'000 Mar-25 1 231 081 1 465 135 750 983 699 793 739 172 438 163 625 169 937 495 465 494 7 352 485 Mar-24 1 135 048 1 157 992 646 084 581 393 677 690 377 511 564 362 811 410 443 957 6 395 447 Production profit R'000 Mar-25 1 004 408 1 312 174 237 417 290 520 140 717 (29 091) (135 881) 401 352 (18 018) 3 203 598 Mar-24 567 693 877 390 199 611 167 656 312 447 37 299 (4 917) 100 787 283 2 258 249 Capital expenditure R'000 Mar-25 910 341 459 140 148 683 131 337 223 038 63 120 85 249 97 063 27 764 2 145 735 Mar-24 356 661 212 881 130 998 130 454 151 432 39 455 109 675 48 006 7 093 1 186 655 Cash operating costs R/kg Mar-25 918 540 844 983 1 202 849 1 132 771 1 328 651 1 671 169 2 120 747 1 118 342 1 629 552 1 115 626 Mar-24 871 930 726 773 944 434 950 218 834 761 1 115 469 1 224 304 1 075 665 1 216 588 918 502 Cash operating costs R/tonne Mar-25 7 410 8 331 5 093 7 345 4 627 6 738 8 053 7 316 5 349 6 669 Mar-24 6 929 6 282 4 178 6 315 3 651 4 566 5 378 6 470 4 391 5 382 Cash operating cost and Capital R/kg Mar-25 1 552 482 1 106 601 1 445 003 1 345 981 1 709 913 1 919 673 2 424 125 1 231 601 1 729 065 1 436 988 Mar-24 1 113 243 842 407 1 126 123 1 154 691 1 007 039 1 227 557 1 457 655 1 133 504 1 235 303 1 074 887 All-in sustaining cost R/kg Mar-25 963 364 984 679 1 443 287 1 302 176 1 611 437 1 976 122 2 367 914 1 241 798 1 834 042 1 276 155 Mar-24 952 470 840 030 1 150 055 1 156 166 988 550 1 279 119 1 510 555 1 190 000 1 312 797 1 062 795 OPERATING RESULTS – QUARTER ON QUARTER (RAND/METRIC)
5 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2025 OPERATING RESULTS – QUARTER ON QUARTER (RAND/METRIC) continued Three months ended SOUTH AFRICA Hidden Valley TOTAL HARMONY SURFACE PRODUCTION TOTAL SOUTH AFRICA Mine Waste Solutions Phoenix Central Plant Reclamation Savuka Tailings Dumps Kalgold TOTAL SURFACE Ore milled/tailings processed t'000 Mar-25 5 503 1 560 937 905 1 037 352 10 294 11 411 982 12 393 Mar-24 5 385 1 525 955 1 006 1 105 353 10 329 11 624 754 12 378 Yield g/tonne Mar-25 0.110 0.161 0.164 0.143 0.369 0.74 0.17 0.74 1.33 0.79 Mar-24 0.170 0.145 0.158 0.154 0.444 0.92 0.22 0.85 1.38 0.88 Gold produced kg Mar-25 606 251 154 129 383 261 1 784 8 461 1 310 9 771 Mar-24 918 221 151 155 491 324 2 260 9 848 1 040 10 888 Gold sold kg Mar-25 640 249 164 140 380 267 1 840 8 532 1 252 9 784 Mar-24 939 204 156 156 492 335 2 282 9 303 1 097 10 400 Gold price received R/kg Mar-25 1 567 042 1 692 008 1 572 457 1 595 071 1 560 605 1 569 865 1 585 649 1 579 193 1 593 542 1 581 029 Mar-24 1 002 645 1 258 525 1 232 878 1 231 667 1 225 390 1 226 069 1 137 738 1 209 289 1 247 789 1 213 350 Gold revenue¹ R'000 Mar-25 1 002 907 421 310 257 883 223 310 593 030 419 154 2 917 594 13 473 677 1 995 115 15 468 792 Mar-24 1 014 675 256 739 192 329 192 140 602 892 410 733 2 669 508 11 323 204 1 368 824 12 692 028 Cash operating cost (net of by-product credits) R'000 Mar-25 527 714 139 353 86 921 92 385 380 699 309 222 1 536 294 8 985 330 630 730 9 616 060 Mar-24 501 486 137 418 87 042 83 767 352 921 247 933 1 410 567 8 380 157 590 248 8 970 405 Inventory movement R'000 Mar-25 34 632 (492) 5 915 6 110 (6 370) 5 558 45 353 (51 198) (5 337) (56 535) Mar-24 4 089 (11 451) 2 546 1 205 3 688 2 076 2 153 (571 990) (76 888) (648 878) Operating costs R'000 Mar-25 562 346 138 861 92 836 98 495 374 329 314 780 1 581 647 8 934 132 625 393 9 559 525 Mar-24 505 575 125 967 89 588 84 972 356 609 250 009 1 412 720 7 808 167 513 360 8 321 527 Production profit R'000 Mar-25 440 561 282 449 165 047 124 815 218 701 104 374 1 335 947 4 539 545 1 369 722 5 909 267 Mar-24 509 100 130 772 102 741 107 168 246 283 160 724 1 256 788 3 515 037 855 464 4 370 501 Capital expenditure R'000 Mar-25 185 525 35 554 8 127 10 924 271 27 271 267 672 2 413 407 486 244 2 899 651 Mar-24 256 143 3 758 2 391 6 060 375 47 874 316 601 1 503 256 497 961 2 001 217 Cash operating costs R/kg Mar-25 870 815 555 191 564 422 716 163 993 992 1 184 759 861 151 1 061 970 481 473 984 143 Mar-24 546 281 621 801 576 437 540 432 718 780 765 225 624 145 850 950 567 546 823 880 Cash operating costs R/tonne Mar-25 96 89 93 102 367 878 149 787 642 776 Mar-24 93 90 91 83 319 702 137 721 783 725 Cash operating cost and Capital R/kg Mar-25 1 176 962 696 841 617 195 800 845 994 700 1 289 245 1 011 192 1 347 209 852 652 1 280 904 Mar-24 825 304 638 805 592 272 579 529 719 544 912 985 764 234 1 003 596 1 046 355 1 007 680 All-in sustaining cost R/kg Mar-25 944 024 701 556 616 988 781 564 985 789 1 306 533 930 931 1 201 705 962 244 1 171 062 Mar-24 578 518 645 545 594 174 583 538 725 577 909 102 666 159 962 439 985 141 964 834 ¹Includes a non-cash consideration to Franco-Nevada (Mar-25:R0m, Mar-24:R73.191m) under Mine Waste Solutions, excluded from the gold price calculation.
6 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2025 Three 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 Mar-25 196 196 160 105 185 69 82 144 94 1 231 Mar-24 205 235 180 106 222 95 118 152 116 1 429 Yield oz/ton Mar-25 0.236 0.288 0.123 0.189 0.102 0.118 0.110 0.191 0.095 0.174 Mar-24 0.232 0.252 0.129 0.194 0.127 0.119 0.128 0.176 0.105 0.171 Gold produced oz Mar-25 46 168 56 424 19 741 19 805 18 808 8 166 9 034 27 553 8 970 214 669 Mar-24 47 519 59 189 23 181 20 512 28 260 11 317 15 111 26 685 12 185 243 959 Gold sold oz Mar-25 45 783 56 232 20 158 20 191 17 972 8 327 9 902 27 457 9 131 215 153 Mar-24 44 111 52 952 22 120 19 580 26 010 10 803 14 629 23 888 11 639 225 732 Gold price received $/oz Mar-25 2 643 2 673 2 654 2 655 2 650 2 659 2 674 2 639 2 652 2 655 Mar-24 2 046 2 037 2 026 2 027 2 017 2 035 2 027 2 024 2 023 2 032 Gold revenue¹ $'000 Mar-25 120 989 150 313 53 494 53 598 47 621 22 140 26 481 72 461 24 218 571 315 Mar-24 90 235 107 863 44 817 39 695 52 471 21 983 29 647 48 341 23 542 458 594 Cash operating cost (net of by-product credits) $'000 Mar-25 71 389 80 260 39 972 37 765 42 067 22 973 32 253 51 872 24 606 403 157 Mar-24 68 294 70 906 36 086 32 127 38 885 20 808 30 494 47 313 24 434 369 347 Inventory movement $'000 Mar-25 (4 760) (964) 673 109 (2 061) 741 1 582 (1 132) 587 (5 225) Mar-24 (8 143) (9 539) (1 847) (1 317) (2 971) (802) (586) (4 313) (908) (30 426) Operating costs $'000 Mar-25 66 629 79 296 40 645 37 874 40 006 23 714 33 835 50 740 25 193 397 932 Mar-24 60 151 61 367 34 239 30 810 35 914 20 006 29 908 43 000 23 526 338 921 Production profit $'000 Mar-25 54 360 71 017 12 849 15 724 7 615 (1 574) (7 354) 21 721 (975) 173 383 Mar-24 30 084 46 496 10 578 8 885 16 557 1 977 (261) 5 341 16 119 673 Capital expenditure $'000 Mar-25 49 269 24 849 8 047 7 109 12 071 3 416 4 613 5 253 1 502 116 129 Mar-24 18 901 11 283 6 943 6 913 8 025 2 092 5 812 2 543 376 62 888 Cash operating costs $/oz Mar-25 1 546 1 422 2 025 1 907 2 237 2 813 3 570 1 883 2 743 1 878 Mar-24 1 437 1 198 1 557 1 566 1 376 1 839 2 018 1 773 2 005 1 514 Cash operating costs $/t Mar-25 364 409 250 360 227 333 393 360 262 328 Mar-24 333 302 200 303 175 219 258 311 211 258 Cash operating cost and Capital $/oz Mar-25 2 613 1 863 2 432 2 266 2 878 3 232 4 081 2 073 2 911 2 419 Mar-24 1 835 1 389 1 856 1 903 1 660 2 024 2 403 1 868 2 036 1 772 All-in sustaining cost $/oz Mar-25 1 622 1 658 2 430 2 192 2 713 3 327 3 986 2 090 3 087 2 148 Mar-24 1 570 1 385 1 896 1 906 1 629 2 108 2 490 1 961 2 164 1 752 OPERATING RESULTS – QUARTER ON QUARTER (US$/IMPERIAL)
7 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2025 OPERATING RESULTS – QUARTER ON QUARTER (US$/IMPERIAL) continued Three months ended SOUTH AFRICA Hidden Valley TOTAL HARMONY SURFACE PRODUCTION TOTAL SOUTH AFRICA Mine Waste Solutions Phoenix Central Plant Reclamation Savuka Tailings Dumps Kalgold TOTAL SURFACE Ore milled/tailings processed t'000 Mar-25 6 068 1 720 1 033 998 1 144 388 11 351 12 582 1 083 13 665 Mar-24 5 938 1 682 1 053 1 109 1 219 389 11 390 12 819 831 13 650 Yield oz/ton Mar-25 0.003 0.005 0.005 0.004 0.011 0.022 0.005 0.022 0.039 0.023 Mar-24 0.005 0.004 0.005 0.004 0.013 0.027 0.006 0.025 0.040 0.026 Gold produced oz Mar-25 19 483 8 070 4 951 4 147 12 314 8 391 57 356 272 025 42 117 314 142 Mar-24 29 514 7 105 4 855 4 983 15 786 10 417 72 660 316 619 33 437 350 056 Gold sold oz Mar-25 20 576 8 006 5 273 4 501 12 217 8 584 59 157 274 310 40 253 314 563 Mar-24 30 190 6 559 5 016 5 016 15 818 10 770 73 369 299 101 35 269 334 370 Gold price received $/oz Mar-25 2 638 2 848 2 647 2 685 2 627 2 643 2 669 2 658 2 683 2 661 Mar-24 1 653 2 074 2 032 2 030 2 020 2 021 1 875 1 993 2 057 2 000 Gold revenue¹ $'000 Mar-25 54 279 22 802 13 957 12 086 32 096 22 685 157 905 729 220 107 979 837 199 Mar-24 53 772 13 606 10 192 10 182 31 950 21 766 141 468 600 062 72 540 672 602 Cash operating cost (net of by-product credits) $'000 Mar-25 28 561 7 542 4 704 5 000 20 604 16 735 83 146 486 303 34 137 520 440 Mar-24 26 576 7 282 4 613 4 439 18 703 13 139 74 752 444 099 31 279 475 378 Inventory movement $'000 Mar-25 1 874 (27) 320 331 (345) 301 2 454 (2 771) (289) (3 060) Mar-24 217 (607) 135 64 195 110 114 (30 312) (4 075) (34 387) Operating costs $'000 Mar-25 30 435 7 515 5 024 5 331 20 259 17 036 85 600 483 532 33 848 517 380 Mar-24 26 793 6 675 4 748 4 503 18 898 13 249 74 866 413 787 27 204 440 991 Production profit $'000 Mar-25 23 844 15 287 8 933 6 755 11 837 5 649 72 305 245 688 74 131 319 819 Mar-24 26 979 6 931 5 444 5 679 13 052 8 517 66 602 186 275 45 336 231 611 Capital expenditure $'000 Mar-25 10 041 1 924 439 591 15 1 477 14 487 130 616 26 317 156 933 Mar-24 13 574 199 127 321 20 2 537 16 778 79 666 26 389 106 055 Cash operating costs $/oz Mar-25 1 466 935 950 1 206 1 673 1 994 1 450 1 788 811 1 657 Mar-24 900 1 025 950 891 1 185 1 261 1 029 1 403 935 1 358 Cash operating costs $/t Mar-25 5 4 5 5 18 43 7 39 32 38 Mar-24 4 4 4 4 15 34 7 35 38 35 Cash operating cost and Capital $/oz Mar-25 1 981 1 173 1 039 1 348 1 674 2 170 1 702 2 268 1 435 2 156 Mar-24 1 360 1 053 976 955 1 186 1 505 1 260 1 654 1 725 1 661 All-in sustaining cost $/oz Mar-25 1 589 1 181 1 038 1 316 1 659 2 199 1 567 2 023 1 623 1 971 Mar-24 954 1 064 979 962 1 196 1 499 1 098 1 586 1 621 1 590 ¹Includes a non-cash consideration to Franco-Nevada (Mar-25: US$0m, Mar-24: US$3.879m) under Mine Waste Solutions, excluded from the gold price calculation.
8 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2025 FORWARD-LOOKING STATEMENTS This booklet contains forward-looking statements within the meaning of the safe harbour provided by Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive positions, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters. These forward-looking statements, including, among others, those relating to our future business prospects, revenues, and the potential benefit of acquisitions (including statements regarding growth and cost savings) wherever they may occur in this booklet, are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in our integrated annual report. All statements other than statements of historical facts included in this booklet may be forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation: overall economic and business conditions in South Africa, Papua New Guinea, Australia and elsewhere; the impact from, and measures taken to address, Covid-19 and other contagious diseases, such as HIV and tuberculosis; high and rising inflation, supply chain issues, volatile commodity costs and other inflationary pressures exacerbated by the geopolitical risks; estimates of future earnings, and the sensitivity of earnings to gold and other metals prices; estimates of future gold and other metals production and sales; estimates of future cash costs; estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; estimates of provision for silicosis settlement; increasing regulation of environmental and sustainability matters such as greenhouse gas emission and climate change, and the impact of climate change on our operations; estimates of future tax liabilities under the Carbon Tax Act (South Africa); statements regarding future debt repayments; estimates of future capital expenditures; the success of our business strategy, exploration and development activities and other initiatives; future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings and financing plans; estimates of reserves statements regarding future exploration results and the replacement of reserves; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operations; fluctuations in the market price of gold and other metals; the occurrence of hazards associated with underground and surface gold mining; the occurrence of labour disruptions related to industrial action or health and safety incidents; power cost increases as well as power stoppages, fluctuations and usage constraints; ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial accidents; supply chain shortages and increases in the prices of production imports and the availability, terms and deployment of capital; our ability to hire and retain senior management, sufficiently technically-skilled employees, as well as our ability to achieve sufficient representation of historically disadvantaged persons in management positions or sufficient gender diversity in management positions or at Board level; our ability to comply with requirements that we operate in a sustainable manner and provide benefits to affected communities; potential liabilities related to occupational health diseases; changes in government regulation and the political environment, particularly tax and royalties, mining rights, health, safety, environmental regulation and business ownership including any interpretation thereof; court decisions affecting the mining industry, including, without limitation, regarding the interpretation of mining rights; our ability to protect our information technology and communication systems and the personal data we retain; risks related to the failure of internal controls; the outcome of pending or future litigation or regulatory proceedings; fluctuations in exchange rates and currency devaluations and other macroeconomic monetary policies, as well as the impact of South African exchange control regulations; the adequacy of the Group’s insurance coverage; any further downgrade of South Africa’s credit rating and socio-economic or political instability in South Africa, Papua New Guinea, Australia and other countries in which we operate; changes in technical and economic assumptions underlying our mineral reserves estimates; geotechnical challenges due to the ageing of certain mines and a trend toward mining deeper pits and more complex, often deeper underground, deposits; and actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at our operations that leads to censure, penalties or negative reputational impacts. The foregoing factors and others described under “Risk Factors” in our Integrated Annual Report (www.har.co.za) and our Form 20-F should not be construed as exhaustive. We undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as required by law. All subsequent written or oral forward-looking statements attributable to Harmony or any person acting on its behalf are qualified by the cautionary statements herein. Any forward-looking statements contained in these financial results have not been reviewed or reported on by Harmony's external auditors. Competent Person’s statement The information in this booklet that relates to Mineral Resources or Ore Reserves has been extracted from our Reserves and Resources statement published on 30 June 2024. 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. 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) B Nqwababa*^, VP Pillay*^, MJ Prinsloo*^, GR Sibiya*^, PL Turner*^, JL Wetton*^, M Gule*^, Z Matlala*^, M Moshe*^ * Non-executive ^ Independent COMPANY SECRETARY SS Mohatla E-mail queries: [email protected] Telephone: +27 11 411 2359 INVESTOR RELATIONS E-mail: [email protected] 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: [email protected] 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: [email protected] 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 2024, 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: May 5, 2025 By: /s/ Boipelo Lekubo Name: Boipelo Lekubo Title: Financial Director