Investment idea: Harmony Gold - 28 August 2025

In this report, we review Harmony Gold’s most recent released statement on production, grade, and cost guidance for FY25. The information includes:

• Harmony Gold expects to meet FY25 guidance on production, grade, and costs.
• FY25 production expected between 1 400 000 and 1 500 000 ounces (in line with guidance).
• All-in-sustaining costs (AISC) to fall within R1 020 000/kg to R1 100 000/kg guidance range.
• Underground recovered grades will surpass guided 6g/t.
• Total capital expenditure will be slightly below the R10.8 billion guidance.
• Highlights for FY25 include:

• Achieving or beating all guidance metrics for the 10th consecutive year.
• Record interim dividend of R1.4 billion.
• Potential acquisition of MAC Copper in Australia, which would add over 40 000 tonnes of annual copper production (pending conclusion in H2 2025).
• On-time and on-budget completion of Mine Waste Solutions extension project (Phase 1).
• MSCI ESG rating upgraded to BB (from B) in June 2025 due to sustainable mining practices.