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HARMO HARMONY ™ 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 " ) DE - RISKED PORTFOLIO DRIVES QUARTER - ON- QUARTER PRODUCTION GROWTH Johannesburg , South Africa . Thursday , 11 November 2021 . Harmony Gold Mining Company Limited ( " Harmony " or " the Company " ) is pleased to report our operational performance for the three months ended 30 September 2021 ( " Q1FY22 " ) . OVERVIEW The operational results for the first quarter of the financial year 2022 were underpinned by a diversified and de - risked portfolio . Newly acquired assets and assets that we have reinvested in , now represent 62 % of operating free cash flow , while our surface source operations accounted for 34 % of operating free cash flow this quarter . Assets which have been in Harmony's portfolio for many years accounted for only 4 % of the operating free cash flow this quarter , which illustrates how we have transformed our portfolio through the acquisition of quality ounces . Harmony's re - engineered portfolio has shown a 27 % increase in underground tonnes milled for the September 2021 quarter when compared to the September 2020 quarter and a 26 % increase in gold production from our underground mines . Total gold production was 32 % higher this quarter when compared to Q1FY21 . Some of the key highlights in Q1FY22 include a 3 % increase in production by the surface source operations and a 4 % increase in tonnes milled by the underground operations . The quarter - on - quarter increase in underground production was on the back of improved grades and tonnes milled at our Moab Khotsong , Kusasalethu , Target 1 and Doornkop operations . Overall production was more or less steady quarter - on- quarter with 12 868kg ( 413 714oz ) of gold produced in Q1FY22 compared to 12 786kg ( 411 078oz ) produced in Q4FY21 . Encouragingly , total production excluding Mponeng and related assets and Unisel mine ( which was closed in October 2020 ) - delivered an additional 6 % of gold production compared with the September 2020 quarter as a result of higher tonnes milled as production normalised post the Covid - 19 disruptions and improved efficiencies on the back of various optimisation projects . OPERATIONAL UPDATE for the three months ended 30 September 2021 ( " Q1FY22 " ) Harmony's balance sheet remains strong , with net debt to EBITDA now at 0.05 times at the end of the quarter ( 0.1 times in the previous quarter ) as we further reduced our net debt by R139 million ( US $ 9 million ) to R454 million ( US $ 30 million ) . The Company's strategy remains unchanged - delivering on safe profitable ounces and increasing margins , while focusing on our four strategic pillars namely : responsible stewardship , operational excellence , cash certainty and effective capital allocation . A quality portfolio , deleveraged balance sheet , commitment to best environment , social and governance ( ESG ) practices and an exciting pipeline of projects will ensure Harmony continues to create value for all shareholders and stakeholders . THREE MONTHS OF THE FINANCIAL YEAR 2022 ( " Q1FY22 " ) - KEY OPERATIONAL METRICS * ( % ) Comments ( Q - on - Q ) Unit Gold price R / kg Q1FY22 832 756 Q4FY21 803 207 Q - on - Q ( % ) Y - on - Y 4 Q1FY21 922 398 ( 10 ) Higher gold price received was mainly due to a weaker rand Underground yield g / t 5.27 5.44 ( 3 ) 5.31 ( 1 ) Lower grade as a result of safety - related stoppages at high - grade panels at Mponeng , Moab Khotsong and Tshepong South and reduced recoveries at Harmony One plant Adjusted EBITDA # Rm 1 786 1 544 16 2 457 Adjusted EBITDA margin % 16 14 14 27 ( 27 ) ( 41 ) Gold produced total kg 12 868 12 786 1 9 758 OZ 413 714 411 078 1 313 725 Production South Africa kg 11 730 11 596 1 8 775 Production Hidden Valley kg 1 138 1 190.00 ( 4 ) 983 All - in sustaining cost ( " AISC " ) R / kg US $ / oz 795 086 1 691 729 680 ( 9 ) 728 465 1 607.00 ( 5 ) 1 341 * The financial information has not been reviewed by the Company's Auditors Driven predominantly by a higher gold price received 32 Stable gold production as a result of improved 32 production at Moab Khotsong , Kusasalethu , Doornkop and surface source business 34 Stable gold production as a result of improved production at Moab Khotsong , Kusasalethu , Target 1 , Doornkop and surface source operations 16 Lower production due to reduction in grade as a result of predominantly stockpile material being fed to the mill , with ore delivery from Stage 6 impacted by geotechnical and dewatering constraints ( 9 ) Higher winter electricity tariffs and decrease in ( 26 ) grade as a result of safety incidents and lower plant recoveries # 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