Page 1

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 " ) THARMON HARMONY ™ OPERATIONAL UPDATE for the nine months ended 31 March 2021 SIGNIFICANT JUMP IN EBITDA MARGIN TRANSLATES INTO STRONG CASH GENERATION Johannesburg , South Africa . Tuesday , 11 May 2021. Harmony Gold Mining Company Limited ( " Harmony " or " the Company " ) is pleased to report its operational performance for the nine months ended 31 March 2021 . Harmony has delivered another strong set of operational results year - on - year on the back of the successful integration of Mponeng and related assets into its portfolio , and a stronger Rand per kilogram gold price . The combination of a higher gold price received and improved EBITDA margin has resulted in strong cash generation and further strengthening of the Company's balance sheet . Growing the Company's ounces and margins in a safe and capital - responsible manner will guide each of its decisions as it continues to invest in both its people and its assets . With a sturdy balance sheet and astute capital decisions , Harmony is well positioned for the next phase of its growth strategy . The Company has a pipeline of cash - enhancing projects which will boost its cash flow margins and sustain its production for many years to come . In addition , the tier 1 Wafi - Golpu project offers both commodity and geographic diversification , further transforming Harmony's portfolio as it focuses on becoming a lower risk and higher margin business . Harmony has a proven track record in sustaining communities , creating jobs and unlocking significant value from assets well beyond their initial life of mine . Environmental , Social and Governance ( " ESG " ) practices are embedded in how the Company operates and makes decisions to ensure sustainable mining . Through its successful track record , Harmony has become not only the South African gold mining champion , but also an established player in Papua New Guinea . Harmony has an exciting story to tell and a wealth of emerging market experience . The combination of its existing asset portfolio , Wafi - Golpu and other brownfield projects will allow the Company to build on its copper - gold story while it continues to create value for all shareholders and stakeholders . NINE MONTHS OF THE FINANCIAL YEAR 2021 ( " FY21 " ) – KEY OPERATIONAL METRICS * Nine Unit Y - on - Y move Y - on - Y % months Nine months FY21 Gold price R / kg 23.3 868 964 704 965 FY20 Comments Higher US $ gold price and weaker Rand contributed to a higher Rand gold price received Underground yield g / t 2.6 5.54 5.40 Improved grade at Kusasalethu , as well as the introduction of higher grades from Mponeng Adjusted EBITDA # Rm 360 9 439 Increased due to an improved Rand gold price received 2050 and higher average grade and production post acquisition of Mponeng and related assets Increased on the back of improved Rand gold price 9 received and higher margins received at Mponeng and surface source operations Successful integration of Mponeng and related assets and improved production year - on - year 27 154 Successful integration of Mponeng and related assets As a result of lower labour productivity due to COVID - 19 working roster and travel restrictions Higher royalties , unplanned COVID - 19 related expenses and increased labour costs due to overtime . Other expenses which contributed to higher costs were consumables and contractors while Target 1 also contributed to an overall higher AISC Adjusted EBITDA margin % 241 31 kg 13.5 34 969 Gold produced total OZ 13.5 1 124 274 30 814 990 691 Production - South Africa kg 15.9 31 470 Production - Hidden Valley kg ( 4.4 ) 3 499 3 660 R / kg ( 15.8 ) 720 572 622 458 All - in sustaining cost ( " AISC " ) US $ / oz ( 9.1 ) 1416 1 298 * The financial information has not been reviewed by the Company's Auditors # The Company reports adjusted earnings before interest , taxes , depreciation and amortisation ( EBITDA ) and non - recurring events . For the reporting period , the non - recurring events include the gain on bargain purchase and acquisition - related costs . Adjusted EBITDA may not be comparable to similarly titled measures of other companies . Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity