Harmony Gold Mining Co. Ltd. · JSE:HAR
Harmony Gold Mining — FY2025 Earnings Presentation
50 slides from Harmony Gold Mining's earnings presentation, Aug 28, 2025
Slide 1: FY25 Annual Results
#MiningWithPurpose #MiningWithPurpose FY25 ANNUAL RESULTS © Harmony #MiningWithPurpose Beyers Nel, CEO 28 August 2025 JSE ticker code HAR / NYSE ticker code HMY
Slide 2: Safe harbour statement
FY25 Annual Results Safe harbour statement 2 Disclaimer – Forward Looking Statements This presentation 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
Slide 3: A decade of consistency
FY25 Annual Results A decade of consistency 3 Record cash flows and a future powered by quality orebodies, copper and collaboration Guidance met for Record cash flows, Higher-quality Copper catalysts De-risking 10th consecutive strong balance sheet orebodies drive through MAC business through year a
Slide 4: Stellar operating and financial results
FY25 Annual Results Stellar operating and financial results 4 Creating long-term value through operational excellence and effective capital allocation LTIFR13 continues Underground Group gold production All-in sustaining trending lower recovered grade at upper end of cost in line with exceeds guidan
Slide 5: Record-breaking cash flows
FY25 Annual Results Record-breaking cash flows 5 Restructured portfolio drives unmatched performance with 54% growth in adjusted free cash flow at a 16% margin Impressive margin expansion Total adjusted free cash flow and margin (Rm17) Total adjusted free cash flow and margin (US$m18) 16% 16% 12% 12
Slide 6: Taking safety personally
FY25 Annual Results Taking safety personally Slide 6 Proactive safety culture delivers all-time low LTIFR13 Safety performance • FY25 Group LTIFR13 continues trending lower, now at all-time low • Fall-of-ground LTIFR13 decreased by 25% over past five years • More work to be done to achieve ultimate
Slide 7: Focused on leading indicators and accountability
FY25 Annual Results Critical control verification delivers measurable results 7 Leading indicators strengthen safety culture and safety performance Focused on leading indicators and accountability Personal ownership Embedding our Risk response protocol: Accountability model Thibakotsi* underpins our
Slide 8: Solid, disciplined mining
FY25 Annual Results Solid, disciplined mining 8 Contributes to excellent grade control and consistent production in line with plans Increasing underground recovered grade (g/t8) Stable group gold production (kg10) 6.27 6.11 48 578 46 236 45 651 (1 561 815oz16) 46 023 (1 486 517oz16) (1 467 715oz16)
Slide 9: All-in sustaining costs
FY25 Annual Results All-in sustaining costs 9 Controlled increase in line with guidance Total all-in sustaining cost (R/kg10) Upper guidance: Total all-in sustaining cost (US$/oz16) R1 100 000/kg 1 054 346 1 806 1 558 1 500 889 766 901 550 Lower guidance: R1 020 000/kg FY23 FY24 FY25 FY23 FY24 FY25
Slide 10: Predictable cash operating costs: FY25 vs FY24
FY25 Annual Results Predictable cash operating costs: FY25 vs FY24 10 Total labour (incl. contractors) and electricity costs make up 72% of group costs FY25 FY24 Royalties; 4% Royalties; 3% Electricity and Labour, 41% Electricity and Labour, 40% water; 19% water; 20% R874 901/kg10 R758 736/kg10 US$1
Slide 11: A transformed company with higher margins
FY25 Annual Results A transformed company with higher margins 11 Effective capital allocation drives resilience and sustainability 48% 46% 36% 35% 36% 36% 22% 20% 17% 11% 12% © Harmony 9% International (Hidden Valley) SA high-grade underground SA surface operations SA optimised underground % of tota
Slide 12: Continued improvement in ESG ratings
FY25 Annual Results Mining with purpose core to what we do 12 Embedded sustainability recognised by third parties Continued improvement in Upgraded to 4.2 out of 5.0, Upgraded to BB Overall performance better than industry ESG5 ratings placing Harmony in 93rd percentile in ICB9 average Supersector a
Slide 13: Operational excellence
FY25 Annual Results #MiningWithPurpose Operational © Harmony excellence Beyers Nel, CEO
Slide 14: A quality portfolio
FY25 Annual Results A quality portfolio 14 Resilient and designed for consistency SA high-grade SA optimised operations operations Mining for Harmony’s operations Long-life, quality ounces cash International operations SA surface source operations deliver yet © Harmony again Exceptional Low-risk, ma
Slide 15: Phenomenal Mponeng delivers yield of 11.27g/t
FY25 Annual Results SA high-grade operations* 15 Phenomenal Mponeng SA high-grade SA optimised delivers yield of 11.27g/t8 operations operations FY25 performance: • Production up 8% to 16 554kg10; 36% of total production • Average recovered grade improved by 10% to 9.89g/t8 Long-life, Mining • All-i
Slide 16: Hidden Valley delivers another stellar performance
FY25 Annual Results International operations* 16 Hidden Valley delivers SA high-grade operations SA optimised operations another stellar performance FY25 performance: • Production flat; in line with plan at 5 107kg10; 11% of total production Long-life, Mining • Average recovered grade almost steady
Slide 17: Consistent, high-margin cash generation
FY25 Annual Results SA surface source operations* 17 Consistent, high-margin SA high-grade SA optimised operations operations cash generation FY25 performance: • Production down by 13% to 7 875kg10 due to heavy rainfall; Long-life, Mining 17% of total group production quality ounces for cash • Avera
Slide 18: Meaningful contribution to production
FY25 Annual Results SA optimised operations* 18 SA high-grade SA optimised Meaningful contribution operations operations to production FY25 performance: • Production down 14% to 16 487kg10; 36% of total production Long-life, Mining • Lower production mainly due to Target 1 and Doornkop quality ounce
Slide 19: FY26 guidance
FY25 Annual Results FY26 guidance* 19 Demonstrates consistency and confidence in our planning Production Underground All-in sustaining Capital 1.4Moz14 grade cost expenditure © Harmony to 1.5Moz14 Above 5.8g/t8 R1 150 000/kg10 R12.95 billion to R1 220 000/kg10 US$699 million *Guidance excludes MAC C
Slide 20: Planned growth
FY25 Annual Results #MiningWithPurpose Planned © Harmony growth Beyers Nel, CEO
Slide 21: Gold remains core. Copper provides growth
FY25 Annual Results Gold remains core. Copper provides growth 21 A long-life producer focused on value through investment in quality Animated to build layer by layer, starting with the red Positioned for long-term profitability Life-of-mine ounce profile 1 800 1 600 1 400 100kt11 of copper = over 40
Slide 22: De-risking the portfolio
FY25 Annual Results De-risking the portfolio 22 Investing in quality gold and copper assets Hidden Valley; CSA Copper*; SA Underground 11% 11% optimised; 8% Wafi-Golpu* SA Underground copper-gold optimised; 36% growth; 12% SA surface high margin; 17% SA Underground FY25 Copper; 40% FY35E high grade;
Slide 23: Investing in quality significantly improve margins
FY25 Annual Results Investing in quality significantly improve margins 23 High-grade and surface assets: globally competitive with AISC below $1 500/oz FY25 AISC (R/kg) 1 600 000 R1 403 963/kg (US$2 405/oz) 1 400 000 1 200 000 R1 054 346/kg (US$1 806/oz) 1 000 000 R859 321/kg R852 764/kg R868 228/kg
Slide 24: Investing in our future – CSA Copper mine
FY25 Annual Results Investing in our future – CSA Copper mine 24 Immediate cash flows from high-grade operating copper asset in a Tier 1 jurisdiction • Acquisition of 100% of ASX and NYSE Newcastle Sydney • 100% acquisition – announced in May 2025 High Reserve grade Pathway to 2026 production of © H
Slide 25: Investing in our future – Eva Copper growth project
FY25 Annual Results Investing in our future – Eva Copper growth project 25 Aligned with our strategic objectives Geography Embedded ✓ ✓ sustainability Australia, a Tier 1 Improving safety mining jurisdiction and lowering risk Commodity ✓ Near-term copper ✓ mix Estimate first Copper, a green metal pr
Slide 26: Financial results
FY25 Annual Results #MiningWithPurpose © Harmony Financial results Boipelo Lekubo, Financial Director
Slide 27: Outstanding earnings growth
FY25 Annual Results Outstanding earnings growth 27 Significant margins ensure flexibility and optionality Financials needed Operational consistency and higher gold price boost rand earnings FY25 FY24 Net cash on balance Metrics Change (Rm17) (Rm17) sheet up Group revenue* 20% 73 896 61 379 285% Net
Slide 28: Supported by a healthy balance sheet
FY25 Annual Results Supported by a healthy balance sheet 28 Provides significant headroom Headroom (R million) Headroom (US$ million*) 13 101 738 4 693 20 925 258 1 179 12 694 695 © Harmony 7 956 7 824 437 441 01 June 2024 January 2024 01June 20252025 January June 2024 Jan-24 June 2025 Jan-25 Undraw
Slide 29: MAC Copper acquisition funding
FY25 Annual Results MAC Copper acquisition funding 29 Well positioned to fund both projects through cash and available facilities Kobus – do we have a post MAC scenario 30 000 1,50 25 000 1,25 • Balance sheet under-leveraged 20 000 1,00 • Post MAC Copper acquisition, net 15 000 0,75 Net debt to EBIT
Slide 30: Funding growth and delivering shareholder returns
FY25 Annual Results Funding growth and delivering shareholder returns 30 Disciplined capital allocation focused on value FY25 FY25 (Rand) (US$) Cash R13bn US$738m Robust, flexible balance Debt R2bn US$110m sheet Headroom R20.9bn US$1 179m Sustaining capital R6.3bn US$347m Investing in our future Maj
Slide 31: Record dividend payout
FY25 Annual Results Returning cash to shareholders 31 Rewarding investors alongside our growth aspirations Record dividend Confidence Delivering Solid cash flows Dividend policy payout in ability positive total and strong is to pay 20% of to pay dividend shareholder returns balance sheet net free ca
Slide 32: Conclusion
FY25 Annual Results #MiningWithPurpose © Harmony Conclusion Beyers Nel, CEO
Slide 33: Harmony, a gold mining specialist with a growing international copper footprint
FY25 Annual Results Unearthing tomorrow 33 Global leaders in gold mining and adding meaningful copper Harmony, a gold mining specialist with a growing international copper footprint • Celebrating 75 years of operational excellence • Globally significant Mineral Resource base of 135.5Moz14 and Minera
Slide 34: We mine with purpose
FY25 Annual Results Discovering, developing and delivering metals that sustain the world 34 Our value proposition: Gold mining specialists with a growing international copper footprint South Africa Australia Papua New Guinea Pending MAC Copper shareholder vote SA underground SA underground high-grad
Slide 35: Thank you
#MiningWithPurpose 1.4 - 1.5Moz G -TERM VALUE LO N N TIO 1. STE SA SA RE WA CA SP LO underground underground ONS SHIP 4. CAPITAL AL high-grade optimised RD IBLE International SA copper-gold surface growth high-margin © Harmony 3. CE L N NA CA H TI O S CE Thank you R A E RT AIN O P E E LL TY 2. C EX
Slide 36: Annexures
#MiningWithPurpose © Harmony Annexures
Slide 37: FY26 cost and grade guidance (per operation)
FY25 Annual Results FY26 cost and grade guidance (per operation) 37 • Plan to produce ~1.4Moz14 to 1.5Moz14 in FY26, at • an average underground recovered grade of >5.80g/t8, • an all-in sustaining cost of R1 150 000/kg10 to R1 220 000/kg10 for total Harmony Adjusted Reserve grade reserve grade June
Slide 38: Production guidance (per operation)
FY25 Annual Results FY25 production guidance (per operation) 38 FY25 production FY26 guidance Life of mine Operation (oz16) (oz16) (years) Mponeng 333 402 279 600 – 310 600 19 Moab Khotsong 198 820 175 000 – 178 500 19 Kusasalethu 116 675 103 700 – 110 200 3 Tshepong North 93 237 98 300 – 100 200 6
Slide 39: Capital guidance FY26
FY25 Annual Results Capital guidance FY26 (Rand million)¹ 39 14 000 12 953 12 000 1 590 11 422 10 814 10 012 1 011 10 539 754 not utilised 1 846 - 307 10 000 673 1 099 730 1 004 8 000 4 128 4 801 5 718 Rm 3 817 3 421 6 000 4 000 © Harmony 5 111 5 362 52% 4 829 47% 4 910 4 487 2 000 57% 54% - FY25 gu
Slide 40: Capital guidance FY26
FY25 Annual Results Capital guidance FY26 (US$ million)¹ 40 800 699 700 86 620 590 551 600 55 570 41 not utilised - 100 17 40 36 60 500 55 US$m 400 223 259 308 209 188 300 200 © Harmony 289 52% 280 267 47% 265 242 100 57% 54% - FY25 guidance FY25 FY26 FC FY27 FC FY28 FC Sustaining capital (SA)² Gr
Slide 41: Capital guidance FY26
FY25 Annual Results Capital guidance FY26 41 FY26 Capital guidance per operation (Rm17) 4 000 3 500 3 000 1 590 2 500 Rm 2 000 187 1 353 1 500 1 061 1 150 1 000 559 551 129 © Harmony 500 272 666 282 143 52% 418 210 47% 599 57% 257 200 480 363 374 136 137 115 89 86 79 190 192 268 207 219 39 164 146 5
Slide 42: Capital guidance FY26
FY25 Annual Results Capital guidance FY26 42 FY26 Capital guidance per operation (US$m18) 200 180 160 140 86 120 US$m 100 10 73 80 57 62 60 30 40 30 7 15 36 15 8 23 © Harmony 20 11 14 11 52% 32 26 20 20 14 12 47% 7 5 - 4 2 10 10 11 9 8 7 - - 57% - - 6 1 -5 - Hidden Mponeng Moab Doornkop MWS Tshepong
Slide 43: Investing in our South African assets
FY25 Annual Results Investing in our South African assets 43 Extension projects Mine Waste Solutions Moab Khotsong extension Mponeng extension • Project largely complete with most major capital • Life of mine extended to at least 20 years • Life of mine extended to at least 20 years expenditure depl
Slide 44: Allocating major capital towards quality ounces
FY25 Annual Results Allocating major capital towards quality ounces 44 Strategic capital deployment to elevate production, expand margins, and accelerate growth FY25: Major capital expenditure by operational grouping (Rm17) ► Enhancing quality 3 500 ► Improving production 3 000 2 890 ► Widening marg
Slide 45: Outstanding earnings growth
FY25 Annual Results Outstanding earnings growth 45 Significant margins ensure flexibility and optionality Operational consistency and higher gold price boosts US dollar earnings FY25 FY24 Net cash on balance Metrics Change (US$m18) (US$m18) sheet up Group revenue* 20% 4 071 3 282 295% Net profit EBI
Slide 46: Hedging table as at June 2025
FY25 Annual Results Hedging table as at 30 June 2025 46 FY26 FY27 FY28 H1 H2 H1 H2 H1 H2 Total Rand Gold Forward Contracts koz11 156 92 36 20 10 314 R000/kg10 1 396 1 561 1 669 1 735 1 792 1 510 Dollar Gold Forward Contracts koz11 19 13 6 6 1 45 US$/oz16 2 264 2 531 2 631 2 765 2 760 2 468 Rand Gold
Slide 47: Revised renewable energy plan driving decarbonisation
FY25 Annual Results Revised renewable energy plan driving decarbonisation 47 Energy generating capacity increased to support asset life extension SUNGAZER 1 SUNGAZER 2 SUNGAZER 3 & 3B SUNGAZER 4 WHEELED WIND 30MW19 100MW19 108MW19 100MW19 260MW19 FY24 FY27 FY28/9 FY28 FY28 Energy generated Energy ge
Slide 48: Mineral Reserve reconciliation
FY25 Annual Results Mineral Reserve reconciliation 48 June 2024 vs June 2025 (Moz14) 40.3 0.8 40 36.8 1.7 0.6 Gold equivalents 1.9 Gold equivalents 11.8 30 9.9 20 Gold Gold © Harmony 28.5 26.9 10 0 JuneJune 2024- 2024 gold & gold Minedduring Mined duringFY2025 FY25 Other losses Reserve additions fro
Slide 49: Mineral Resource reconciliation
FY25 Annual Results Mineral Resource reconciliation 49 June 2024 vs June 2025 (Moz14) 3.8 140 136.5 135.5 Gold equivalents 2.2 2.7 Gold equivalents 120 29.3 26.7 100 80 60 Gold Gold 107.2 108.8 © Harmony 40 20 0 June 2024-June gold & 2024 gold equivalents Mined Mined duringduring FY25FY2025 Mponeng
Slide 50: Glossary of acronyms and definitions
FY25 Annual Results Glossary of acronyms and definitions 50 Acronym and related footnote references 1 AFCF Adjusted free cash flow = cash generated from operating activities less additions to property, plant and equipment plus CAWMS post retirement obligation settlement 2 AISC All-in sustaining cost
Harmony Gold Mining Company — FY2025 Earnings Presentation on 6ix