Harmony Gold Mining Company Limited is set to meet its production, grade, and cost guidance for the 2025 financial year (FY25), reinforcing its reputation as a consistent performer in the gold and copper sector.

In a pre-year-end update, CEO Beyers Nel described FY25 as “another landmark year”, marked by robust operational delivery, improved recovered grades, and strong cash flow generation — all while advancing the company’s copper-gold growth strategy.

“As we close in on the end of FY25, Harmony remains on course to deliver on all our key performance metrics,” said Nel. “Total group production is expected to fall within the guided range of 1.4 to 1.5 million ounces, with underground recovered grades exceeding the 6g/t target. All-in-sustaining costs will remain comfortably within the guided range of R1 020 000/kg to R1 100 000/kg, and capital expenditure will come in slightly below the expected R10.8 billion.”

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Nel also reiterated Harmony’s deep commitment to safety, which he emphasised remains the foundation of the company’s four strategic pillars.

“At Harmony, everything begins with safety, and I must re-emphasise our unwavering commitment to improving safety across all our operations,” he said.

He highlighted the company’s comprehensive safety strategy, Thibakotsi, designed to achieve zero harm and embed a proactive safety culture. “Our aim remains to stop significant unwanted events and prevent any loss of life. This strategy is supported by various initiatives, including Personal Ownership, our Risk Response Protocol, Learning from Incidents, and a clear Accountability Model. Zero harm is possible.”

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Over the past three years, Harmony has evolved into a geographically diversified gold- and copper-focused mining company. This transformation has been underpinned by disciplined capital allocation, operational excellence, and a strong cost management approach — supported by a favourable rand-per-kilogram gold price and sound planning.

FY25 highlights:

• Achieved or exceeded all guidance metrics for the 10th consecutive year
• Reached a record share price on the JSE in April 2025
• Paid a record interim dividend of R1.4 billion
• Announced the potential acquisition of MAC Copper in Australia, expected to add 40,000 tonnes of annual copper production (pending finalisation in H2 2025)
• Delivered Phase 1 of the Mine Waste Solutions extension project on time and on budget
• Received an ESG rating upgrade from MSCI (from B to BB) in June 2025, recognising Harmony’s embedded sustainable mining practices

FY26 outlook:

“These accomplishments reflect the collaborative dedication and expertise of the entire Harmony team,” said Nel. “We extend our sincere gratitude to all our stakeholders for their continued trust and support.”

Nel confirmed that Harmony will continue prioritising investment in higher-grade, higher-quality, and lower-risk assets. This includes the extension projects at Hidden Valley, Moab Khotsong, and Mponeng. The company is also in the final stages of the Eva Copper Project’s feasibility study, with results expected to be shared in the year-end results presentation in August 2025.

Meanwhile, permitting for the Wafi-Golpu copper-gold project remains a strategic priority as Harmony looks to the future with a strong growth outlook.

“The Wafi-Golpu project is a Tier 1 asset and remains core to our long-term strategy,” Nel concluded.