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© Harmony JSE ticker code HAR NYSE ticker code HMY H1FY25 RESULTS Beyers Nel, CEO 4 March 2025
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© Harmony PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOUR STATEMENT AND 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”), with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive positions, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters. These forward- looking statements, including, among others, those relating to our future business prospects, revenues, and the potential benefit of acquisitions (including statements regarding growth and cost savings) wherever they may occur in this presentation, are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in our integrated annual report. All statements other than statements of historical facts included in this presentation may be forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation: overall economic and business conditions in South Africa, Papua New Guinea, Australia and elsewhere; the impact from, and measures taken to address, Covid-19 and other contagious diseases, such as HIV and tuberculosis; high and rising inflation, supply chain issues, volatile commodity costs and other inflationary pressures exacerbated by the geopolitical risks; estimates of future earnings, and the sensitivity of earnings to gold and other metals prices; estimates of future gold and other metals production and sales; estimates of future cash costs; estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; estimates of provision for silicosis settlement; increasing regulation of environmental and sustainability matters such as greenhouse gas emission and climate change, and the impact of climate change on our operations; estimates of future tax liabilities under the Carbon Tax Act (South Africa); statements regarding future debt repayments; estimates of future capital expenditures; the success of our business strategy, exploration and development activities and other initiatives; future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings and financing plans; estimates of reserves statements regarding future exploration results and the replacement of reserves; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operations; fluctuations in the market price of gold and other metals; the occurrence of hazards associated with underground and surface gold mining; the occurrence of labour disruptions related to industrial action or health and safety incidents; power cost increases as well as power stoppages, fluctuations and usage constraints; ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial accidents ; supply chain shortages and increases in the prices of production imports and the availability, terms and deployment of capital; our ability to hire and retain senior management, sufficiently technically-skilled employees, as well as our ability to achieve sufficient representation of historically disadvantaged persons in management positions or sufficient gender diversity in management positions or at Board level; our ability to comply with requirements that we operate in a sustainable manner and provide benefits to affected communities; potential liabilities related to occupational health diseases; changes in government regulation and the political environment, particularly tax and royalties, mining rights, health, safety, environmental regulation and business ownership including any interpretation thereof; court decisions affecting the mining industry, including, without limitation, regarding the interpretation of mining rights; our ability to protect our information technology and communication systems and the personal data we retain; risks related to the failure of internal controls; the outcome of pending or future litigation or regulatory proceedings; fluctuations in exchange rates and currency devaluations and other macroeconomic monetary policies, as well as the impact of South African exchange control regulations; the adequacy of the Group’s insurance coverage; any further downgrade of South Africa’s credit rating and socio-economic or political instability in South Africa, Papua New Guinea, Australia and other countries in which we operate; changes in technical and economic assumptions underlying our mineral reserves estimates; geotechnical challenges due to the ageing of certain mines and a trend toward mining deeper pits and more complex, often deeper underground, deposits; and actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at our operations that leads to censure, penalties or negative reputational impacts. The foregoing factors and others described under “Risk Factors” in our Integrated Annual Report (www.har.co.za) and our Form 20-F should not be construed as exhaustive. We undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as required by law. All subsequent written or oral forward-looking statements attributable to Harmony or any person acting on its behalf are qualified by the cautionary statements herein. Any forward-looking statements contained in these financial results have not been reviewed or reported on by Harmony's external auditors. Competent Person’s statement The information in this presentation that relates to Mineral Resources or Ore Reserves has been extracted from our Reserves and Resources statement published on 30 June 2024. Harmony confirms that it is not aware of any new information or data that materially affects the information included in the statement, in the case of Mineral Resources or Mineral Reserves, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. Harmony confirms that the form and context in which the competent person’s findings are presented have not been materially modified from the original release. Eva Copper - The information in this announcement that relates to Mineral Resources or Ore Reserves has been extracted from the Copper Mountain Mining Corporation Mineral Reserve and Resource Estimate (as at 1 August 2022). 2Interim Results for the six-month period ended 31 December 2024
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© Harmony STELLAR INTERIM RESULTS OPERATIONAL EXCELLENCE TRANSLATES INTO STRONG FREE CASH FLOWS Interim Results for the six-month period ended 31 December 2024 1 AISC: All-in sustaining cost 2 AIC: All-in cost 3 OFCF: Operating free cash flow = revenue - cash operating cost - capital expenditure ± impact of run-of-mine costs as per operating results 4Illustrative equivalent based on the closing exchange rate of R18.46/US$1 as at 27 February 2025 Underground recovered grades continue to increase to 6.40g/t well ahead of guidance Group production 24 816kg (797 854oz) at upper end of guidance 3 AISC1 well controlled at R972 261/kg (US$1 686/oz) on track to beat guidance AIC2 R1 043 918/kg (US$1 810/oz) low capital intensity drives strong free cash flows Record interim OFCF3 R10.4 billion (US$579 million) boosts balance sheet OFCF3 margin expands to 29% due to investment in quality ounces and leveraging high gold prices Excellent headline earnings per share growth • +33% to 1 270 SA cents • +39% to 71 US cents Record interim dividend payout R1.4 billion (US$78 million)4
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© Harmony SAFE, PROFITABLE OUNCES AND IMPROVING MARGINS… Interim Results for the six-month period ended 31 December 2024 • SA underground optimised: Doornkop, Kusasalethu, Joel, Target 1, Tshepong North, Tshepong South and Masimong • SA underground high-grade: Moab Khotsong and Mponeng • SA surface high-margin: Mine Waste Solutions and other tailings retreatment operations, rock dumps and Kalgold • International: Hidden Valley, Eva copper project and Wafi-Golpu copper-gold project … by delivering on 4 strategic objectives SA surface high - margin SA underground optimised SA underground high - grade International copper - gold growth Embedded responsible stewardship Operational excellence Cash certainty Effective capital allocation 4
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© Harmony PROACTIVE SAFETY CULTURE FOCUSED ON LEADING INDICATORS AND ACCOUNTABILITY Interim Results for the six-month period ended 31 December 2024 6,18 5,65 5,49 5,53 5,52 FY21 FY22 FY23 FY24 H1FY25 Lost-time injury frequency rate (LTIFR) – Group * Thibakotsi, our humanistic culture transformation journey 0,11 0,13 0,06 0,07 0,02 FY21 FY22 FY23 FY24 H1FY25 Loss-of-life injury frequency rate (LLIFR) – Group Ensuring risk-reduction through personal ownership of safety Active learnings from internal and industry incidents Safety leadership promoted through visible-felt-leadership Embedding our Harmony proactive safety culture Thibakotsi* programme on track – 80% complete 5
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© Harmony SOLID MINING DISCIPLINE RESULTS IN EXCELLENT GRADE CONTROL AND CONSISTENT PRODUCTION 46 236 kg 45 651 kg 48 578 kg 24 816 kg 21 839 kg FY22 FY23 FY24 H1FY25 Total gold production To achieve guidance: (1 487 517oz) 5,37 5,78 6,11 6,40 FY22 FY23 FY24 H1FY25 South African Operations: Underground recovered grade (g/t) H1FY25 vs H1FY24 • Underground recovered grade increased by 2% to 6.40g/t • Exceeded guidance of 5.80g/t • Primarily driven by Mponeng and Moab Khotsong H1FY25 vs H1FY24 • Production decreased by 4% mainly due to planned lower production from SA underground optimised portfolio and Hidden Valley • Expect to meet upper end of FY25 production guidance Interim Results for the six-month period ended 31 December 2024 6 (1 561 815oz) (797 854oz) (1 467 715oz) (702 146oz)
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© Harmony CASH OPERATING COSTS WELL MANAGED, LARGELY FIXED AND PREDICTABLE 7Interim Results for the six-month period ended 31 December 2024 600 592 701 024 735 634 758 736 813 791 FY21 FY22 FY23 FY24 H1FY25 Cash operating cost (R/kg) 1 213 1 434 1 288 1 262 1 411 FY21 FY22 FY23 FY24 H1FY25 Cash operating cost (US$/oz) H1FY25 vs H1FY24 • Cash operating unit cost up 14% to R813 791/kg (H1FY24: R715 617/kg) • Affected by lower planned production, inflationary increases and higher government royalties Main drivers behind cost increases (rand): • Total labour costs up 7% due to annual increases • Electricity and water 16% higher, mainly due to 15% increase in electricity costs in South Africa • Total royalties increased by 46% due to higher gold prices, improved revenue and profitability
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© Harmony ALL-IN SUSTAINING COSTS (AISC1) MOVING DOWN THE COST CURVE 889 766 901 550 843 043 972 261 FY23 FY24 H1FY24 H1FY25 Total all-in sustaining cost (R/kg) 1 558 1 500 1 403 1 686 FY23 FY24 H1FY24 H1FY25 Total all-in sustaining cost (US$/oz) H1FY25 vs H1FY24 • On track to beat full-year guidance • AISC up 15% to R972 261/kg (H1FY24: R843 043/kg) • Lower than FY25 guidance of between R1 020 000/kg and R1 100 000/kg • Affected by lower planned production, inflationary increases and higher sustaining capital H1FY25 vs H1FY24 • AISC in US$ increased 20% to US$1 686/oz (H1FY24: US$1 403/oz) • Exchange rate strengthened 4% to R17.94/US$ (H1FY24: R18.68/US$) Interim Results for the six-month period ended 31 December 2024 8 1 AISC : All-in sustaining cost
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© Harmony A TRANSFORMED COMPANY: HIGHER MARGINS AS A RESULT OF DISCIPLINED CAPITAL ALLOCATION AND SOUND COST CONTROL 9Interim Results for the six-month period ended 31 December 2024 1. OFCF: Operating free cash flow 10% 36% 17% 37% 17% 50% 19% 14% 50% 40% 34% 11% International (Hidden Valley) SA high-grade underground SA surface operations SA optimised underground % of total production in H1FY25 % of total operating free cash flow H1FY25 OFCF margin 1
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© Harmony MAPPING OUR GROWTH TRAJECTORY Beyers Nel, CEO
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© Harmony MAINTAIN DISCIPLINED AND RESPONSIBLE APPROACH TO CAPITAL ALLOCATION TO CREATE LONG-TERM VALUE 11 Interim Results for the six-month period ended 31 December 2024 1. EBITDA: Earnings before interest, tax, depreciation and amortisation as defined, also excludes unusual items such as impairment and restructuring cost: rolling 12-month historical CREATING LONG-TERM VALUE Safety and production optimisation: Aiming for ZERO loss-of-life Organic growth and investment: Focus on increasing grades and improve margins Inorganic growth: Value-accretive mergers and acquisitions Debt repayment: Significant net cash position; aim for <1x net debt/EBITDA1 Returning capital to shareholders: Paying a dividend consistent with policy and overall growth strategy
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© Harmony LONG-LIFE PRODUCER FOCUSING ON MARGIN EXPANSION THROUGH HIGHER-QUALITY GOLD OUNCES AND NEAR-TERM COPPER * Potential projects, not yet approved A: Actual E: Estimate Illustrative purposes only and subject to safe harbour statement. Assumes Papua New Guinea Government exercises 30% participation right on Wafi-Golpu, and theoretical start date post permitting, subject to granting of special mining lease. Other outcomes are dependent on feasibility studies, permitting and approvals for Eva Copper and SA surface projects Interim Results for the six-month period ended 31 December 2024 12 Eva Copper* - 200 400 600 800 1 000 1 200 1 400 1 600 1 800 FY24A FY25E FY26E FY27E FY28E FY29E FY30E FY31E FY32E FY33E FY34E FY35E FY36E FY37E FY38E Oz'000 Total Harmony - Life of mine ounce profile SA underground optimised Wafi-Golpu* SA underground high grade SA surface high margin Hidden Valley
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© Harmony A DE-RISKED AND DIVERSIFIED PRODUCTION MIX * Potential projects, not yet approved ¹ Includes estimates for Eva Copper and Wafi-Golpu Illustrative purposes only and subject to safe harbour statement. Assumes Papua New Guinea Government exercises 30% participation right on Wafi-Golpu, and theoretical start date post permitting, subject to granting of special mining lease. Other outcomes are dependent on feasibility studies, permitting and approvals for Eva Copper and SA surface projects Optimised operations 9% High grade operations 35% SA surface operations 23% Copper-gold projects 33% FY34E * 1 Optimised operations 39% High grade operations 32% SA surface operations 19% Hidden Valley 10% FY24A Production based on FY25 life of mine plans Interim Results for the six-month period ended 31 December 2024 13
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© Harmony MAJOR CAPITAL ALLOCATION DIRECTED TO QUALITY OUNCES DRIVES MARGIN EXPANSION AND GROWTH 2 065 1 198 591 554 - 500 1 000 1 500 2 000 2 500 SA underground high grade SA surface International (Hidden Valley) SA underground optimised operations Rm FY25 Major capital guidance per quadrant (Rm) Interim Results for the six-month period ended 31 December 2024 14
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© Harmony INVESTING IN OUR TRANSFORMATIVE ASSETS: EXTENSION PROJECTS 15 Interim Results for the six-month period ended 31 December 2024 Extension projects Mine Waste Solutions Moab Khotsong extension Mponeng extension Key numbers • Life-of-mine extended to 14 years • Phase 2 of Kareerand Tailing Storage Facility expansion will be completed before end of calendar year 2025 • Annual production of >100 000oz maintained over life-of-mine • Life-of-mine extended to at least 20 years • Adds 2.70Moz to Mineral Reserves • Grade sustained at ~9g/t • Annual steady state production: >200 000oz • Life-of-mine extended to at least 20 years • Adds 2.34Moz to Mineral Reserves • Grade sustained at ~9g/t • Annual steady state production: >250 000oz
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© Harmony Growth projects Eva Copper* (Queensland, Australia) Wafi-Golpu (Papua New Guinea) Key numbers • Technical component of Feasibility Study Update mostly complete • 55-60kt of copper and ~14koz of gold annually • Competitively placed on global industry cost curve • Mineral Resource of 366 million tonnes (Mt) @ 0.4% copper (Cu) for 1 472 000 tonnes of copper and 196Mt @ 0.07g/t gold (Au) for 440 000oz of gold • Estimate first copper in calendar year 2029 • Negotiating terms of Mining Development Contract, a prerequisite for Special Mining Lease (SML) • Feasibility study update to commence post SML • Average annual production: 180kt** copper and 250koz** gold • Gold: 0.86g/t • Copper: 1.2% INVESTING IN TRANSFORMATIVE ASSETS: GROWTH PROJECTS16 Interim Results for the six-month period ended 31 December 2024 * Figures subject to feasibility study update, permit amendments being progressed and final investment decision by the board ** 100% attributable
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© Harmony PROJECTS REMAIN WELL-SEQUENCED AND MANAGEABLE 1.Based on FY25 planning and recent board approvals and subject to the safe harbour statement 17 Interim Results for the six-month period ended 31 December 2024 Estimated timeline of project delivery1 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32+ Expansion projects MWS Kareerand Phase 2 completed Hidden Valley Complete Stage 8 stripping Moab Khotsong First gold due from Zaaiplaats Mponeng extension and TauTona VCR pillar First gold due Growth projects Eva Copper First copper due subject to feasibility study update, permit amendments being progressed and final investment decision by the board Wafi-Golpu First production subject to granting of Special Mining Lease
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© Harmony FINANCIAL RESULTS Boipelo Lekubo, FD Select US$ figures in annexures where applicable
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© Harmony OUTSTANDING EARNINGS GROWTH ON BACK OF OPERATIONAL CONSISTENCY AND HIGHER GOLD PRICE (RAND) 19 Interim Results for the six-month period ended 31 December 2024 1 Rm: Rand millions 2 Includes hedge gains and losses 3 EBITDA: earnings before interest, taxes, depreciation and amortisation as defined also excludes unusual items such as impairments and restructuring costs; rolling 12-month historical Note: * Operating free cash flow = revenue - cash operating cost - capital expenditure ± impact of run-of-mine costs as per operating results Metrics Change H1FY25 (Rm)1 H1FY24 (Rm)1 Group revenue2 18% 37 141 31 415 Net profit 33% 7 929 5 960 EBITDA3 28% 22 244 17 432 Headline earnings 33% 7 892 5 919 Headline earnings per share (SA cents) 33% 1 270 956 Cash flow Operating free cash flow 46% 10 392 7 112 Net (cash)/debt >100% (7 303) (88) Net debt to EBITDA3 N/A N/A Group revenue up 18% to R37bn Headline earnings per share up 33% to 1 270 SA cents
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© Harmony RECORD INTERIM OPERATING FREE CASH FLOWS WITH IMPRESSIVE MARGIN EXPANSION 20 H1FY25 vs H1FY24 • Operating free cash flows: 46% increase to R10 392 million from R7 112 million in H1FY24 • Operating free cash flow margin: improved to 29% H1FY25 vs H1FY24 • Operating free cash flows: up 52% to US$579 million from US$381 million in H1FY24 Interim Results for the six-month period ended 31 December 2024 2 272 1 949 7 112 10 392 633 4 082 5 631 7% 13% 22% 29% FY22 FY23 FY24 H1FY25 Total operating free cash flow and margin (Rm) Operating free cash flow H1 Operating free cash flow H2 Margin 2 905 6 031 12 743 151 113 381 579 41 224 301 7% 13% 22% 29% FY22 FY23 FY24 H1FY25 Total operating free cash flow and margin (US$m) Operating free cash flow H1 Operating free cash flow H2 Margin 681 339 191
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© Harmony HIGH OPERATING MARGINS BOOST BALANCE SHEET21 Interim Results for the six-month period ended 31 December 2024 Protecting margins through: • Effective hedging programme: • Robust balance sheet R1 043 918 /kg R972 261kg R813 791/kg Average gold price received in H1FY25: R1 405 020/kg (US$2 437/oz) 0 200 000 400 000 600 000 800 000 1 000 000 1 200 000 1 400 000 1 600 000 1 800 000 All-in costs All-in sustaining costs Cash operating costs H1FY25 cash operating cost margin: 42% H1FY25 AISC margin: 31% H1FY25 AIC margin: 26% (US$1 810/oz) (US$1 686/oz) (US$1 411/oz) FY25 CAPITAL INTENSITY OF ~R225 000/KG OR ~US$400/OZ* *Based on FY25 production guidance ** Converted at H1FY25 average exchange rate of R17.94/US$1 # Closing price on 26 February 2025 Spot gold R1 723 160/kg (US$2 901/oz)# FY25 AISC Guidance: R1 020 000/kg – R1 100 000/kg US$1 768/oz – US$1 907/oz**
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© Harmony EXCELLENT EBITDA* GROWTH WITH BALANCE SHEET IN NET CASH POSITION22 Interim Results for the six-month period ended 31 December 2024 2 726 -2 899 -7 283 12 296 18 942 22 244 -0,5 -0,2 0,1 0,4 0,7 1,0 -11 000 -6 000 -1 000 4 000 9 000 14 000 19 000 24 000 Jun-23 Jun-24 Dec-24 Net debt to EBITDA Rand million NET DEBT TO EBITDA (RAND) Net debt EBITDA Ratio (RHS) *EBITDA: Earnings before interest, taxes, depreciation and amortisation (EBITDA) as defined in the agreement also excludes unusual items such as impairment and restructuring cost
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© Harmony AGILE WITH A STRONG BALANCE SHEET AND SIGNIFICANT HEADROOM23 Interim Results for the six-month period ended 31 December 2024 6 405 8 155 3 436 9 396 December 2023 December 2024 Headroom (ZAR million) Undrawn facilities Cash and cash equivalents 350 498 188 433 December 2023 December 2024 Headroom (US$ million) Undrawn facilities Cash and cash equivalents 538 931 9 841 17 551
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© Harmony RETURNING CASH TO SHAREHOLDERS ALONGSIDE INVESTMENT IN OUR FUTURE SA cents per share US cents per share FY24 dividend 241 13 H1FY25 dividend 227 12* *Illustrative equivalent based on exchange rate of R18.46/US$1 at 27 February 2025 RECORD INTERIM DIVIDEND PAYOUT 136 1 394 1 441 FY23 FY24 H1FY25 Total dividend payout (Rm) 24 Interim Results for the six-month period ended 31 December 2024 Confidence in our plans and ability to pay a dividend alongside our growth aspirations Delivering positive total shareholder returns Solid cash flows and strong balance sheet allow for a geared dividend increase Half-year
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© Harmony JSE ticker code HAR NYSE ticker code HMY CONCLUSION Beyers Nel, CEO
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© Harmony Surface sources operations Underground operations International copper-gold growth projects DE-RISKED AND DIVERSIFIED ASSET PORTFOLIO WITH NEAR-TERM COPPER26 Interim Results for the six-month period ended 31 December 2024 Hidden Valley mine (open pit) Wafi-Golpu (block cave mining project) Eva Copper project (proposed open pit) Moab Khotsong Kalgold (open-pit) Mine Waste Solutions Doornkop Kusasalethu Mponeng Savuka Phoenix Central Plant Reclamation Tshepong North Tshepong South Target 1 Joel Masimong
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© Harmony FY25 GUIDANCE REITERATED 1. Moz: million ounces 2. g/t: grams per tonne 3. AISC: all-in sustaining costs 4. kg: kilogram Production 1.4Moz to 1.5Moz 1 Underground grade Above 5.8g/t 2 Group AISC3 Between R1 020 000/kg 4 and R1 100 000/kg 4 27 Interim Results for the six-month period ended 30 December 2024
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© Harmony A SPECIALIST MINING COMPANY WITH A COMPELLING GOLD AND COPPER STORY28 Interim Results for the six-month period ended 31 December 2024 DISCIPLINED AND RESPONSIBLE CAPITAL ALLOCATION FRAMEWORK creates real long-term value for shareholders and other stakeholders EMBEDDED SUSTAINABILITY with safety our priority HIGHER-GRADE ASSETS WITH LONG LIFE and near-term copper OPERATIONAL EXCELLENCE drives improved overall operational metrics STELLAR CASH FLOW GENERATION, excellent financial metrics and robust, flexible balance sheet
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© Harmony JSE ticker code: HAR NYSE ticker code: HMY THANK YOU Contact us harmonyir@harmony.co.za
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© Harmony ANNEXURES
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© Harmony FY25 COST AND GRADE GUIDANCE (PER OPERATION) • Plan to produce ~1.4Moz to 1.5Moz in FY25, at • an average underground recovered grade of >5.80g/t, • an all-in sustaining cost of R1 020 000/kg to R1 100 000/kg for total Harmony 31 Interim Results for the six-month period ended 31 December 2024 Operation Reserve grade June 2024 (g/t) Adjusted reserve grade June 2024 (-5%) FY24 grade (g/t) FY25 grade guidance (g/t) Mponeng 8.91 8.46 9.94 8.48 Moab Khotsong 8.17 7.76 8.03 8.01 Kusasalethu 6.06 5.76 6.58 6.84 Tshepong South 7.40 7.03 6.73 6.65 Joel 4.36 4.14 4.32 4.47 Tshepong North 4.85 4.61 4.48 4.40 Masimong 4.18 3.97 3.76 4.30 Target 1 4.18 3.97 4.03 3.73 Doornkop 4.18 3.97 4.26 3.50 Underground operations 6.50 6.18 6.11 >5.80
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© Harmony FY25 PRODUCTION GUIDANCE (PER OPERATION) 32 Interim Results for the six-month period ended 31 December 2024 FY24 production (oz) FY25 guidance (oz) Life of mine (years)Operation Mponeng 281 350 255 700 – 264 100 20 Moab Khotsong 212 162 188 900 – 203 300 20 Kusasalethu 123 523 117 300 – 130 300 3 Tshepong North 104 426 92 100 – 99 100 7 Tshepong South 100 599 87 100 – 93 700 6 Doornkop 111 562 81 000 – 88 100 18 Target 1 59 769 63 700 – 73 200 5 Joel 55 718 56 400 – 64 100 6 Masimong 57 229 53 500 – 58 800 2 Underground operations 1 106 338 995 700 – 1 074 700 South African surface (tailings and waste rock dumps) 245 662 222 200 – 227 200 12+ Kalgold 45 815 40 500 – 44 100 12 Hidden Valley 164 000 141 600 – 154 000 5 Total 1 561 815 ~1.4 – 1.5Moz
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© Harmony HEDGE POSITION AS AT 31 DECEMBER 2024 FY2025 FY2026 FY2027 FY2028 H2 H1 H2 H1 H2 H1 Total Rand Gold Forward Contracts koz 188 156 92 36 20 10 502 R'000/kg 1 365 1 396 1 561 1 669 1 735 1 792 1 455 Dollar Gold Forward Contracts koz 23 19 13 6 6 1 68 US$/oz 2 229 2 264 2 531 2 631 2 765 2 760 2 387 Total gold koz 211 175 105 42 26 11 570 Rand Gold koz 24 24 48 70 52 30 248 Collars Floor R'000/kg 1 419 1 504 1 546 1 595 1 629 1 753 1 586 Cap R'000/kg 1 605 1 732 1 754 1 815 1 842 1 998 1 803 Dollar Gold koz 5 7 8 12 8 4 44 Collars Floor US$/oz 2 395 2 395 2 473 2 572 2 560 2 752 2 520 Cap US$/oz 2 675 2 667 2 749 2 865 2 845 3 052 2 804 Total Gold koz 240 206 161 124 86 45 862 Currency Hedges Rand Dollar Zero Cost Collars $m 160 96 50 4 310 Floor R/$ 19.18 18.53 18.63 18.35 18.88 Cap R/$ 21.19 20.53 20.63 20.35 20.88 Forward Contracts $m 73 42 11 126 R/$ 19.93 19.94 20.15 19.95 Total Rand Dollar $m 233 138 61 4 436 Dollar Silver Zero Cost Collars koz 660 660 660 440 2 420 Floor $/oz 27.05 28.28 30.15 32.45 29.21 Cap $/oz 29.91 31.38 33.52 36.63 32.52 33 Interim Results for the six-month period ended 31 December 2024
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© Harmony 5 111 5 117 4 652 3 871 3 817 3 535 3 236 3 945 1 099 1 133 1 045 429 754 657 1 365 1 128 10 814 10 461 10 333 9 410 FY25 Guidance FY25 FC FY26 FC FY27 FC Capital guidance¹ (Rand million) Sustaining capital (SA)² Growth capital (SA) Hidden Valley capital Deferred stripping On track with our capital spend CAPITAL EXPENDITURE DRIVEN BY OUNCE REPLACEMENT AND GROWTH34 ¹ Excludes renewables, Eva Copper and Wafi-Golpu but includes other international capital which is too small to include on the chart ² Includes: on-going development, shaft capital and plant capital 3 FC: forecast 3 3 3 Interim Results for the six-month period ended 31 December 2024
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© Harmony 280 282 255 212 209 195 177 216 60 62 57 23 41 36 75 62 ̴590 576 ̴570 520 FY25 Guidance FY25 FC FY26 FC FY27 FC Capital guidance¹ (US$) Sustaining capital (SA)² Growth capital (SA) Hidden Valley capital Deferred stripping CAPITAL EXPENDITURE DRIVEN BY OUNCE REPLACEMENT AND GROWTH35 ¹ Excludes renewables, Eva Copper and Wafi-Golpu but includes other international capital which is too small to include on the chart ² Includes: on-going development, shaft capital and plant capital * Forecast (FC) for FY25 converted at an exchange rate of R18.16/US$ ** Forecast (FC) for FY25 onward converted at an exchange rate of R18.26/US$ *** ** Interim Results for the six-month period ended 31 December 2024
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© Harmony FY25 CAPITAL GUIDANCE PER OPERATION (RAND)# 36 Interim Results for the six-month period ended 31 December 2024 454 135 226 386 348 190 289 186 158 - 563 373 308 154 203 250 404 179 199 150 149 114 100 61 42 3 1 131 934 1 198 328 126 97 754 - 500 1 000 1 500 2 000 2 500 Mponeng Hidden Valley Moab operations MWS Doornkop Tshepong North Target 1 Tshepong South Kusasalethu Joel Free State tailings Masimong Central plant reclamation Kalgold Savuka tailings Waste rock dumps Rm Ore reserve development Other sustaining capital Major/growth capital* Deferred stripping 591 * Excluded from All-in sustaining cost # Excluding renewables, Eva Copper and Wafi-Golpu DRIVERS OF HIGHER SUSTAINING CAPITAL • Development metres to maintain flexibility • Inflation • IT1 expenditure • TSF2 management 1. IT: Information Technology 2. TSF: Tailings Storage Facility
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© Harmony FY25 CAPITAL GUIDANCE PER OPERATION (US$) # 37 Interim Results for the six-month period ended 31 December 2024 25 7 12 - 21 19 10 16 10 9 - - 31 20 17 8 11 14 22 10 11 8 8 6 5 3 2 62 32 51 66 18 7 5 41 - 20 40 60 80 100 120 140 Mponeng Hidden Valley Moab operations MWS Doornkop Tshepong North Target 1 Tshepong South Kusasalethu Joel Free State tailings Masimong Central plant reclamation Kalgold Savuka tailings Waste rock dumps US$m Ore reserve development Other sustaining capital Major/growth capital* Deferred stripping * Excluded from All-in sustaining cost # Excluding renewables, Eva Copper and Wafi-Golpu The exchange rate used for the US$ conversion for FY25 is R18.26/US$ DRIVERS OF HIGHER SUSTAINING CAPITAL • Development metres to maintain flexibility • Inflation • IT1 expenditure • TSF2 management 1. IT: Information Technology 2. TSF: Tailings Storage Facility
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© Harmony SUSTAINING CAPITAL NECESSARY TO MAINTAIN FLEXIBILITY FOR FUTURE CASH FLOW GENERATION 38 Interim Results for the six-month period ended 31 December 2024 * Includes: on-going development, shaft capital and plant capital ** Excludes renewables, Eva Copper and Wafi-Golpu but includes other international capital which is too small to include on the chart 1 551 3 052 508 508 2 065 554 1 198 591 754 3 616 3 606 1 706 1 853 - 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 SA high grade SA optimised operations SA surface Hidden Valley Rm FY25 Capital guidance per quadrant (Rm) Sustaining capital* Major/growth capital** Deferred stripping
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© Harmony SUSTAINING CAPITAL NECESSARY TO MAINTAIN FLEXIBILITY 39 Interim Results for the six-month period ended 31 December 2024 85 167 27 28 113 30 66 32 41 198 197 93 101 0 50 100 150 200 250 SA high grade SA optimised operations SA surface Hidden Valley US$m FY25 Capital guidance per quadrant (US$m) Sustaining capital* Major/growth capital** Deferred stripping * Includes: on-going development, shaft capital and plant capital ** Excludes renewables, Eva Copper and Wafi-Golpu but includes other international capital which is too small to include on the chart
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© Harmony SA underground gold 32% SA surface gold 24% Papua New Guinea copper 29% Papua New Guinea gold 15% Mineral Reserves gold and copper2 40.3Moz* GLOBALLY SIGNIFICANT RESOURCE BASE OFFERS EXCEPTIONAL RESERVE CONVERSION POTENTIAL AND QUALITY OUNCES Interim Results for the six-month period ended 31 December 2024 1. Mineral Resources as at 30 June 2024, includes Eva Copper. See Harmony’s Mineral Resources and Mineral Reserves statement as at 30 June 2024 on the company’s website: www.harmony.co.za. 2.Mineral Reserves as at 30 June 2024, include Wafi-Golpu, but do not include Eva Copper. Mineral Reserves for Eva Copper will only be declared once the feasibility study has been completed. * Moz: million ounces SA underground gold 56% SA surface gold 10% Papua New Guinea copper 16% Papua New Guinea gold 12% Australia copper & gold 6% Mineral Resources gold and copper1 136.5Moz* Eva Copper2 study expected to underpin further resource conversion 40
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© Harmony OUTSTANDING EARNINGS GROWTH ON BACK OF OPERATIONAL EXCELLENCE AND HIGHER GOLD PRICES (US$) Interim Results for the six-month period ended 31 December 2024 Metrics Change H1FY25 ($m)1 H1FY24 ($m)1 Group revenue2 23% 2 071 1 681 Net profit 39% 445 320 EBITDA3 27% 1 180 954 Headline earnings 39% 440 317 Headline earnings per share (US cents) 39% 71 51 Cash flow Operating free cash flow 52% 579 381 Net (cash)/debt >100% (386) (4) Net debt to EBITDA3 N/A 0.0x Group revenue up 23% to US$2.1bn Headline earnings per share up 39% to 71 US cents 1 US$m: United States dollar millions 2 Includes hedge gains and losses 3 EBITDA: earnings before interest, taxes, depreciation and amortisation as defined also excludes unusual items such as impairments and restructuring costs; rolling 12-month historical Note: * Operating free cash flow = revenue - cash operating cost - capital expenditure ± impact of run-of-mine costs as per operating results 41
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© Harmony Labour, 38% Contractors; 11%Consumables; 23% Electricity and water; 18% Royalties; 3% Other; -2% Sustaining capital; 10% H1FY24 (US$1 403/oz) Labour, 36% Contractors; 10%Consumables; 21% Electricity and water; 19% Royalties; 4% Other; -1% Sustaining capital; 11% H1FY25 (US$1 686/oz) STABLE RAND-BASED COST STRUCTURE ALL-IN SUSTAINING COSTS BREAKDOWN (H1FY25 VS H1FY24) 42 R972 261/kg R843 043/kg Interim Results for the six-month period ended 31 December 2024
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© Harmony SILVER AND URANIUM BY-PRODUCT CREDITS REDUCE UNIT COSTS H1FY25 vs H1FY24 • Silver mainly mined at Hidden Valley • Production decreased by 16% to 1 799 748oz • Silver revenue increased 8% to R1 008 million (US$56 million) H1FY25 vs H1FY24 • Uranium by-product from gold extraction at Moab Khotsong • Production decreased by 12% to 271 450lb • Uranium revenue of R449 million (US$25 million) 1 oz: ounces 2 lb: pounds 2,639 3,673 1,800 FY23 FY24 H1FY25 Silver (000oz)1 523,461 590,104 271,450 FY23 FY24 H1FY25 Uranium (lb)2 Interim Results for the six-month period ended 31 December 2024 43
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© Harmony EXCELLENT EBITDA* GROWTH WITH BALANCE SHEET IN NET CASH POSITION44 Interim Results for the six-month period ended 31 December 2024 145 - 159 -386 653 1 042 1 180 -0,5 -0,2 0,1 0,4 0,7 1,0 - 500 - 250 - 250 500 750 1 000 1 250 1 500 Jun-23 Jun-24 Dec-24 Net debt to EBITDA USD million NET DEBT TO EBITDA (US$) Net debt EBITDA Ratio (RHS) *EBITDA: Earnings before interest, taxes, depreciation and amortisation (EBITDA) as defined in the agreement also excludes unusual items such as impairment and restructuring cost
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© Harmony SUSTAINABILITY: IT IS EMBEDDED IN ALL WE DO Interim Results for the six-month period ended 31 December 2024 45 **The Industry Classification Benchmark (ICB) is a definitive system categorizing over 70,000 companies and 75,000 securities worldwide, enabling the comparison of companies across four levels of classification and national boundaries. ESG RATINGS AND RECOGNITION ESG rating upgraded to 4.1 out of 5.0 placing Harmony in 95th percentile in ICB** Supersector Harmony remained on a B Overall performance better than industry average Harmony ranks in the Top 50 under the gold sub-industry Score of 71.71% and disclosure score of 100% Included for five consecutive years Score of ‘A-’ / Leadership for our water management strategy Harmony conforms with the SBTi criteria
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© Harmony REVISED RENEWABLE ENERGY PLAN DRIVING DECARBONISATION SIGNIFICANTLY INCREASING CAPACITY 46 Benefits of energy efficiency programme to date (FY24) R2.24 billion in cumulative savings 2.1Mt CO2e in reduced carbon (GHG) emissions R425 million in estimated savings annually for Phases 1 and 2 FY26 – FY27 Energy generated annually: 320GWh FY23 Energy generated annually: 64GWh FY28 Energy generated annually: 230GWh FY27 Energy generated annually: 130GWh FY28 Energy generated annually: 800GWh Energy generating capacity increased from 363MW to 583MW to support asset life extension * Excludes short-term PPA capacity of 200MW generating 460GWh of energy annually C o p p e r p r o j e c t s w i l l f u r t h e r r e d u c e o u r c a r b o n f o o t p r i n t JOURNEY TO NET ZERO 2026 2031 2036 2045 First interim target: Second interim target: Third interim target: CARBON NET ZEROCO2e reduction targets 20% 40% 60% Planned emissions reduction 3.9Mt CO2e 2.8Mt CO2e 1.8Mt CO2e PHASE 2* 137MW PHASE 3 56MW PHASE 1 30MW PHASE 4 100MW WHEELED WIND 260MW Interim Results for the six-month period ended 31 December 2024