Slides
Page 1
© Harmony JSE ticker code HAR / NYSE ticker code HMY #MiningWithPurpose DISCIPLINED DELIVERY PORTFOLIO PROGRESSION ENDURING VALUE 27 August 2026 Beyers Nel, CEO FY26 ANNUAL RESULTS
Page 2
© Harmony Safe harbour statement Disclaimer – Forward-looking statements FY26 annual results 2 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, and the ability to successfully integrate, past and future acquisitions, as well as at existing operations; our ability to complete ongoing and future acquisitions; 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; actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at our operations that leads to ce nsure, penalties or negative reputational impacts; and the risk that additional errors or adjustments are identified. The foregoing factors and others described under “Risk Factors” in our Integrated Annual Report (www.har.co.za) and our Annual Report on 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 presentation 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. Restatement Review During the financial year ended 30 June 2026 (FY26), Harmony identified prior-period errors relating to the configuration of its mine planning software and the accounting for management bonuses/payroll provisions and accruals. Harmony has corrected the errors by revising the affected prior-period comparative information presented in the FY26 condensed consolidated financial stat ements. Refer to Note 25 for further information Competent Person’s statement The Mineral Resource and Mineral Reserve figures published in this presentation are updated as at 30 June 2026, and the estim ates for Doornkop, Tshepong South and Tshepong North reflect the correction of the misalignment of algorithm parameters in the mine planning and scheduling programme described in Note 25. Except for this correction, Harmony confirms that it is not aware of any new information or data that materially affects the information included in the statement and, 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.
Page 3
© Harmony #MiningWithPurpose DISCIPLINED DELIVERY
Page 4
© Harmony A decade of disciplined investment Track record of transformative acquisitions 4 2016 2018 2020 2020 2022 2025 Hidden Valley Open-pit gold (Papua New Guinea) Moab Khotsong Underground gold (South Africa) Mponeng Underground gold (South Africa) Mine Waste Solutions Surface retreatment gold (South Africa) Eva Copper Open-pit project (Australia) CSA High-grade copper (Australia) A stronger, higher-quality, globally diversified portfolio Disciplined capital allocation and shareholder returns 2016 – 2025 2026 – 2030 2030+ Acquisition and portfolio improvement Portfolio established, ensuring scale, quality and diversification Execution Delivering on our enhanced portfolio and value drivers Cash inflection Stronger margins, lower real unit costs and growing free cash flow FY26 annual results
Page 5
© Harmony FY26 numbers at a glance Consistent delivery and higher-quality gold translate into stronger cash flow and improved shareholder returns FY26 annual results 5 Setting the stage for the next phase of our growth journey SAFETY • Lowest ever LTIFR 1 • Loss of life: 6 (FY25:11) 5.05 lost-time injuries per million hours worked PRODUCTION Gold: met guidance for over a decade Copper: upper end of guidance achieved Gold 44 464kg 2 (1.43Moz3) | Copper 18 207t 4 UNDERGROUND RECOVERED GRADE/YIELD Met guidance Gold 5.83g/t5 | Copper 3.75% COSTS Within guidance and well-controlled Gold AISC6 R1 191 698/kg2 (US$2 195/oz3) | Copper C1 US$2.47/lb7 HEADLINE EARNINGS PER SHARE + 87% to 4 363 SA cents (258 US cents) RECORD SHAREHOLDER RETURNS • Final dividend: 750 SA cents per share (47 US cents*) • Full year dividend payout: R8.2bn (US$503m) # Illustrative equivalent based on the closing exchange rate of R15.96/US$1 on 21 August 2026
Page 6
© Harmony Safety is our foremost priority. Zero harm is possible Clear standards. Ownership culture. Learning and continuous improvement 6 FY26 annual results Group LTIFR 1 per million hours worked 7,21 6,26 6,16 6,33 6,18 5,65 5,49 5,53 5,39 5,05 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 A safe mine is a productive mine Clear priorities: • Zero Harm remains our highest priority • Critical control verification in workplace • Visible leadership and accountability • Focused action on repeat and high-potential incidents • Embed technology and learning into operating routines
Page 7
© Harmony South African gold: cash generation from a resilient base Strong margin expansion results in exceptional free cash flows 7 FY26 annual results Underground high-grade* Production 14 743kg2 (473 997oz3) AFCF 8 margin 38% AFCF8 R11 649m9 (US$690m10) Grade 8.97g/t5 AISC6 R1 079 777/kg2 (US$1 988/oz3) S o u t h A f r i c a n g o l d * Mponeng and Moab Khotsong; reserve grade >7g/t5 ** Doornkop, Tshepong North, Tshepong South, Kusasalethu. Target 1, Joel, Masimong; reserve grade <7g/t 5 # Mine Waste Solutions, Savuka Tailings, Phoenix, Central Plant Reclamation, Dumps, Kalgold Underground optimised** Production 16 937kg2 (544 537oz3) AFCF 8 margin 25% AFCF8 R8 805m9 (US$521m10) Grade 4.47g/t5 AISC6 R1 526 923/kg2 (US$2 812/oz3) Surface and reclamation# Production 6 880kg2 (221 199oz3) AFCF 8 margin 46% AFCF8 R6 588m9 (US$390m10) Grade 0.16g/t5 AISC6 R1 072 451/kg2 (US$1 975/oz3) • Mponeng high-grades exceed Reserve grade • Moab Khotsong now in gold gap • Tshepong North improved grades and volumes • Doornkop, Masimong performed well • Production impacted by cyanide challenges in first half and heavy rainfall
Page 8
© Harmony International gold and copper: higher margins and diversification Hidden Valley exceptional. CSA fully integrated 8 FY26 annual results * CSA mine 8 months’ production from 24 October 2025 I n t e r n a t i o n a l g o l d a n d c o p p e r Hidden Valley Production 5 904kg2 (189 818oz3) AFCF 8 margin 68% AFCF8 R8 403m9 (US$497m10) Grade 1.59g/t5 AISC6 R658 503/kg2 (US$1 208/oz3) CSA mine* Production 18 207t4 AFCF 8 margin 22% AFCF8 R781m9 (US$46m10) Yield 3.75% C1 cost US$2.47/lb7 • Improved grades and volumes • Silver by-product credits drive costs down • Integration complete • Optimisation underway
Page 9
© Harmony Margins continue to increase Strict cost discipline and higher-quality ounces ensure we benefit meaningfully from a higher gold price 9 FY26 annual results 894 218 1 032 646 1 201 653 1 529 358 835 891 889 766 901 550 1 053 189 1 191 698 7% 14% 25% 31% 42% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% - 500 000 1 000 000 1 500 000 2 000 000 FY22 FY23 FY24 FY25 FY26 AISC margin R/kg Gold price received vs AISC 6 (R/kg 2 ) Gold price received (R/kg) AISC (R/kg) AISC margin (%) 2 069 710 15% 16% 27% 35% 13% 1% 17% 6%
Page 10
© Harmony #MiningWithPurpose FINANCIAL PERFORMANCE Earnings quality, cash conversion and balance-sheet strength Boipelo Lekubo, Financial Director 10 #MiningWithPurpose
Page 11
© Harmony FY26 financial performance Record revenue. Higher earnings. Strong cash flows FY26 annual results GROUP REVENUE +34% R99.2bn9 | FY25: R73.9bn9 NET DEBT TO EBITDA 11 0.02 times FY25: n/a GROUP OPERATING CASH FLOW +48% R33.6bn9 | FY25: R22.6bn9 NET PROFIT +102% R29.5bn9 | FY25: R14.5bn9 NET DEBT R852m 9 FY25: net cash R11 148m9 GROUP ADJUSTED FCF 13 +54% R17.1bn9 | FY25: R11.1bn9 HEPS12 +87% 4 363 SA cents from 2 337 SA cents LIQUIDITY R17.1bn 9 FY25: R20.9bn9 CASH AND CASH EQUIVALENTS R8.6bn 9 FY25: R13.1bn9 11
Page 12
© Harmony Reported earnings reflect sound operations and specific non-operating impacts (FY26 vs FY25) Structural improvement in quality of earnings, adjusting for once-off items 12 FY26 annual results SELECTED ITEMS’ IMPACT ON EARNINGS Gold hedge loss (included in revenue) Impairment reversal Foreign exchange translation gain Loss on derivatives (mainly Hidden Valley silver) R9.6bn 9 (US$571m10) R2.8bn 9 (US$165m10) R0.7bn (US$41m10) R1.0bn 9 (US$59m10) Acquisition related costs (mainly stamp duty) Fair value on streaming arrangements (CSA mine) Finance costs (mainly borrowings) Taxation R1.4bn 9 (US$82m10) R0.9bn 9 (US$51m10) R1.6bn (US$98m10) R8.9bn 9 (US$527m10) Net impact on earnings before taxation R17/share
Page 13
© Harmony R 40 260m R 43 248m R 45 764m R 1 342m 8.1% R 477m 6.1% R 1 290m 15.5% R 503m 10.8% R 211m R 1 225m R 1 671m R 30m -6.7% R 106m R 699m R 381m 29 000 31 000 33 000 35 000 37 000 39 000 41 000 43 000 45 000 47 000 FY25 actual Labour (SA) Consumables (SA) Electricity (SA) Water (SA) Contractors (SA) Other cost (SA) By-products (SA) Hidden Valley FY26 normalised Royalties (SA) Silver sales HV CSA mine FY26 actual Rm Cost variance Rm9 (Year on Year) Cash operating cost increases in line with plan Excluding CSA and royalties, costs increased by only 7% 13 +7% +14% FY26 annual results
Page 14
© Harmony Gold: AISC6 comfortably within guidance, driven by planned factors largely within our control FY26 reconciliation to FY25 and guidance 14 FY26 annual results 1053 189 42 144 30 203 (3 809) 59 665 (13 581) 12 576 10 153 1191 698 1220 000 FY25 actual Gold sold Royalties By-product credits Operating cost Inventory movement Sustaining capex Other FY26 actual Guidance FY26 Rm9 600 000 700 000 800 000 900 000 1000 000 1100 000 1200 000 1300 000 1400 000 1500 000 All-in sustaining cost breakdown (R/kg 2) Lower planned production Royalties up 77%, on the back of stronger profitability Silver and uranium by-products In line with inflationary increases Higher valuation rate of SA inventory and overall inventory levels In line with revised sustaining capital expenditure Higher capitalised stripping at Hidden Valley and Kalgold
Page 15
© Harmony Cash generation supports record dividend payout Performance-driven dividend policy. Strong free cash flow generation. Robust balance sheet FY26 annual results 15 - 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 FY23 FY24 FY25 FY26 R m Principles ✓ Supports investment in long-life gold and copper assets ✓ Sustainable through commodity cycles ✓ Linked directly to free cash flow generation ✓ Preserves balance sheet flexibility # Illustrative equivalent based on the closing exchange rate of R15.96/US$1 on 25 August 2026 * Illustrative yield based on a closing JSE share price of R362.66 and an NYSE share price of US$22.94 on 25 August 2026 SA cents per share US cents per share Yield Interim dividend (H1FY26) 530 32 1.6% Final dividend (FY26) 750 47# 2.0% * Full year dividend 1 280 79 3.5% * Total dividend (Rand) Interim Final Full year R3 375 million R4 776 million R8 151 million US$204 million US$299 million# US$503 million
Page 16
© Harmony . Building a funding platform for next phase of growth Supporting gold and copper growth, extending funding flexibility and preserving balance sheet strength FY26 annual results 16 Facility RCF* RCF Term RCF Term Currency US$ AU$ AU$ ZAR ZAR Amount (millions) 500 250 250 4 000 3 000 Base rate SOFR** BBSY*** BBSY ZARONIA# ZARONIA Initial margin 220 220 250 200 220 Term 3 years + 2 one-year extension options 6.5 years Sustainability Sustainability-linked loan Green loan Strategic benefits ✓ Refinances existing facilities ✓ Repaid MAC Copper bridge ✓ Introduces AU$ funding ✓ Enhances liquidity ✓ Supports growth pipeline ✓ Oversubscribed ~3x ✓ Reduces funding cost * Revolving credit facility ** Secured Overnight Financing Rate *** Bank Bill Swap Bid Rate # South African Rand Overnight Index Average Facility aligns Harmony's capital structure with its evolving gold and copper portfolio while preserving balance sheet flexibility, enabling funding of project pipeline
Page 17
© Harmony Well-positioned to fund growth alongside meaningful shareholder returns Good liquidity and flexibility through available cash and undrawn facilities 17 FY26 annual results 441 517 738 526 0 200 400 600 800 1 000 1 200 1 400 FY25 FY26 Undrawn facilities Cash 7 824 8 477 13 101 8 624 0 5 000 10 000 15 000 20 000 25 000 FY25 FY26 Undrawn facilities Cash R20 925m R17 101m US$1 043m Headroom (R million) Headroom (US$ million*) US$1 179m * US$ amounts calculated at R16.39/US$ for FY26 and R17.75/US$ for FY25
Page 18
© Harmony #MiningWithPurpose PORTFOLIO PROGRESSION Gold remains our foundation Copper strengthens our resilience Beyers Nel, CEO
Page 19
© Harmony Disciplined capital allocation protects today’s cash flows and builds tomorrow’s value Safety and asset integrity are non-negotiable. Every rand competes for risk-adjusted per-share returns 19 BALANCE-SHEET STRENGTH Liquidity Maintain sufficient cash and undrawn facilities Leverage Protect covenant and maintain net debt/EBITDA 11 <1 times Downside resilience Remain fundable through commodity cycles 1 Protect the base Safety, asset integrity, mining flexibility and sustaining capital protect reliable production. 2 Improve the quality and duration of the portfolio Reserve conversion, grade and margin enhancement and life of mine extension. 3 Fund disciplined growth Approved organic projects first; inorganic growth only when demonstrably value accretive. CASH GENERATION Operating cash flow and available liquidity Allocated within a clear framework Risk adjusted Non-negotiable Value enhancing Applies to every decision Return proportion of remaining free cash to shareholders Base dividend plus performance dividend FY26 annual results
Page 20
© Harmony Sustaining today. Improving quality. Growing with discipline. ~80% invested in growth and portfolio quality, ~20% sustaining the base FY26 annual results 20 Fully funded from cash and facilities while maintaining net debt/EBITDA11 below 1x 40% growth ~40% Brownfield growth capital expenditure: Improving the quality of the portfolio through margin enhancement and life-of-mine extensions ~20% Protecting the base: Safety and sustaining capital expenditure ~40% Funding disciplined growth, greenfield capital expenditure Eva Copper Project SA underground (20%) Australasia (20%) SA underground
Page 21
© Harmony Low-cost gold reserve conversion creates significant value with IRRs of 30% to 65%* Converting ~9.8Moz to Mineral Reserves at a cost of only R3 000/oz3 / US$180/oz3 FY26 annual results 21 Mponeng Moab Khotsong Tshepong North Doornkop 20 years 18 years 15 years 15 years • Reserves: 3.6Moz3 • IRR14: >30% • NPV15: ~R26bn9 (US$1.5bn10) • Approved total project capex: ~R12.5bn9 (US$740m10) • Spent to date: ~16% • Cost per reserve: ~R3 600/oz3 (US$205/oz3) • Reserves: 3.8Moz3 • IRR14: >65% • NPV15: ~R41bn9 (US$2.4bn10) • Approved total project capex: ~R11.5bn9 (US$680m10) • Spent to date: ~25% • Cost per reserve: ~R3 000/oz3 (US$179/oz3) • Reserves: 1.1Moz3 • IRR14: >40% • NPV15: ~R7bn9 (US$400m10) • Approved total project capex: ~R2.5bn9 (US$148m10) • Spent to date: nil • Cost per reserve: ~R2 200/oz3 (US$135/oz3) • Reserves: 1.3Moz3 • IRR14: >40% • NPV15: ~R9bn9 (US$500m10) • Approved total project capex: ~R3.0bn9 (US$178m10) • Spent to date: ~53% • Cost per reserve: ~R2 300/oz3 (US$137/oz3) *Based on a gold price of R1 850 000/kg2; FY27 plans and subject to Safe Harbour Statement; US$ conversions done at average FY26 exchange rate of R16.89/US$1
Page 22
© Harmony Scaling the high-grade CSA copper portfolio: positioning the mine for long-term success Clear pathway to 40 000 tonnes of annual production FY26 annual results 22 Key focus areas: ✓ Safety performance strengthened, LTIFR at lowest since acquisition ✓ Capital Ventilation Project (CVP) on track, first vent raise completed ✓ Record development of over 560m achieved in June, expediting CVP access works and decline development securing future production ✓ Embedding the correct geotechnical sequencing ✓ Advancing the drilling programme ✓ On schedule to complete optimisation within 24 months 10 982 - - - 18 207 30 000 34 000 40 000 - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 FY26 FY27E FY28E FY29E Harmony owned production/forecast Pre-acquisition production 29 189 Estimated three-year production profile forecast (tonnes)* *subject to Safe Harbour Statement
Page 23
© Harmony Copper growth: Exceptional CSA orebody Significant high-grade intercepts outside of existing Mineral Resource 23 FY26 annual results UDD25042 UDD25047 UDD26042 UDD25051 Resource open below limit of drilling 0m 500m QTSN Target +500m extension to the current resource CSA mine (looking west) Development / mined stopes Recent drill hole showing significant intercept(s) Existing Resource outline Recent results highlight resource / reserve growth potential ✓ Surface and underground exploration programs continue, almost 12 000m drilled in fourth quarter ✓ Surface drilling commenced, targeting further extension of the main high-grade QTS ore zones for longer term growth ✓ Underground drilling continues to extend and improve orebody, low-cost reserve conversion and margin enhancement ✓ Solid track record of Mineral Resource to Reserve conversion Significant high-grade intercepts UDD25042 UDD25047 UDD25051 UDD26042 18.5m @ 4.9%Cu 10.9m @ 8.7%Cu 11.0m @ 7.8%Cu 7.0m @ 7.4%Cu 7.4m @ 8.3%Cu 13.3m @ 12.4%Cu 10.4m @ 5.3%Cu 8.3m @ 5.0%Cu 8.9m @ 5.4%Cu
Page 24
© Harmony Eva Copper path to production: controlled execution of our copper growth engine Original capital guidance and first production target maintained* 24 FY26 annual results Project capital guidance* US$1.55bn to US$1.75bn FY26 capital expenditure US$275m (R4.6bn) FY27 estimated capital expenditure* US$650m to US$680m Minimum life of mine: 15 years Forecast average annual production: ~60kt4 (Cu) and ~19koz3 (Au) *Subject to securing required environmental approvals Site development Construction First production • Access road, major construction pads complete • Permanent village substantially complete • Mining begun in approved Little Eva area • Process plant construction ramping up towards peak activity in CY2027 • End of CY2028*
Page 25
© Harmony Mineral Resources at 30 June 2026 7.4Mt4 Up 18.5% on CSA Mineral Reserves at 30 June 2026 4.0Mt4 Up 71% on additions from Eva Copper and CSA CSA Reserve grade: 3.26% Mineral Resources at 30 June 2026 106.8Moz3 Stable, decreasing by 1.8%, largely due to mining depletion Mineral Reserves at 30 June 2026 27.4Moz3 Up 1.7% on additions from Tshepong North, Mponeng, Kusasalethu and Eva Copper Underground Reserve grade: 6.54g/t5 Higher-quality Mineral Resource and Mineral Reserve base Gold Reserve grade remains above 6g/t5 and copper (CSA) around 3.3% FY26 annual results 25 Gold Copper
Page 26
© Harmony SA Underground optimised SA Underground high grade SA surface high margin Copper-gold growth projects CSA* FY36E Diversification reduces risk and improves durability Approximately 70/30 production split in next decade FY26 annual results 26 Hidden Valley and CSA mine contributed 16% of production Australasia expected to contribute 30% of production by FY36 Production split* * Notes: 1. Based on Harmony’s internal production forecasts; 2. FY36E production based on Harmony’s internal production forecasts; Gold equivalent ounces are calculated assuming US$2 915/oz Au, US$4.78/lb Cu, US$38.90/oz Ag, assuming a 100% recovery for all metals; 3. Excludes Hidden Valley Extension and Wafi-Golpu (potential projects, not yet approved). 16% Australasia ~30% Australasia ~70% South Africa SA Underground optimised SA Underground high grade SA surface high margin Hidden Valley CSA* 84% South Africa FY26A
Page 27
© Harmony Higher quality production Value enhancement and growth potential through gold and gold equivalents FY26 annual results 27 Conceptual studies*: • Hidden Valley extension: ~150koz3 • West Wits (WWR) and Free State Reclamation (FSR): ~100koz • Further SA optimised extensions: ~100koz3 *Gold equivalent ounces are calculated assuming US$2 915/oz Au, US$4.78/lb Cu, US$38.90/oz Ag, assuming a 100% recovery for all metals. 10-year illustrative time frame excludes Wafi-Golpu Subject to Safe Harbour Statement - 200 400 600 800 1 000 1 200 1 400 1 600 1 800 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 Oz'000 Total Harmony - Life-of-mine ounce profile SA optimised operations SA high-grade operations SA surface operations Hidden Valley CSA copper equivalents* Eva Copper incl. equivalents* Hidden Valley extension Surface FSR and WWR SA underground extensions
Page 28
© Harmony #MiningWithPurpose ENDURING VALUE In conclusion FY26 annual results
Page 29
© Harmony Gold remains core. Copper for durability Sustaining today. Improving quality. Resilience through the cycle FY26 annual results 29 Delivering long-term value Gold and copper growth Strategic copper Gold foundation Exploration M&AWafi-Golpu Long life, high grade (CSA mine ~40kt 4 pa) Near-term growth (Eva Copper ~60kt 4 pa) Underground High reserve grade* (>7g/t 5 ) Underground Lower reserve grade** (<7g/t 5 ) Surface and retreatment*** Mining with Purpose Responsible stewardship Operational excellence Effective capital allocation Cash certainty * Mponeng, Moab Khotsong ** Tshepong North, Tshepong South, Kusasalethu, Doornkop, Target, Masimong, Joel *** Surface retreatment, Hidden Valley, Kalgold
Page 30
© Harmony Production Grade Cost guidance* Capital expenditure Gold 1.3Moz3 to 1.4Moz3 Underground grade: ~5.6g/t5 AISC6: R1 300 000/kg2 to R1 395 000/kg2 R14.4bn9 (US$821m10) Copper 28 000t4 to 30 000t4 Recovered grade: >3.5% C1 cost: US$2.55/lb7 to US$2.65/lb7 CSA: R2.1bn9 (US$120m10) Eva Copper Project**: US$650m to US$680m FY27 guidance: safe, profitable, sustainable production – remaining a 1.4 to 1.5Moz producer* Comprehensive planning ensures consistent delivery FY26 annual results 30 * Predominantly rand-cost producer, therefore gold cost guidance in South African rand; US$ conversions for capital expenditure at FY27 planned rate of R17.60/US$1 ** Guidance subject to securing required environmental approvals
Page 31
© Harmony Long-life, gold producer. Copper-driven growth and optionality Investing in our future FY26 annual results 31 Harmony, the only South African gold producer with meaningful copper exposure Leave a lasting, positive legacy for future generations Stable gold cash engine Copper as a growth lever Safe, predictable and consistent delivery Disciplined capital allocation
Page 32
© Harmony #MiningWithPurpose THANK YOU Contact us at harmonyir@harmony.co.za 32 FY26 annual results Upgraded to 4.3 out of 5.0, placing Harmony in 91st percentile in ICB Supersector Upgraded to ‘A’ Overall performance better than industry average Harmony ranked in Top 50 in gold sub-industry category Scored ‘A-’ for our water management strategy Harmony conforms with the SBTi criteria
Page 33
© Harmony #MiningWithPurpose Annexures
Page 34
© Harmony Glossary of acronyms and definitions 34 FY26 annual results Acronym and related footnote references 1 LTIFR Lost-time injury frequency rate per million hours worked 2 kg Kilogram 3 oz/koz/Moz Ounces / thousand ounces/million ounces 4 t/kt/Mt Tonnes / thousand tonnes/million tonnes 5 g/t Grams per tonne 6 AISC All-in sustaining cost 7 lb/Mlb Pounds/million pounds (weight) 8 AFCF Adjusted free cash flow = cash generated from operating activities less additions to property, plant and equipment 9 Rm/Rbn South African rand millions / billions 10 US$m/US$bn United States dollar millions / billions Acronym and related footnote references 11 EBITDA Earnings before interest, tax, depreciation and amortisation as defined, also excludes unusual items such as impairment and restructuring cost: rolling 6 or 12-month historical based on context 12 HEPS Headline earnings per share 13 FCF Free cash flow 14 IRR Internal rate of return 15 NPV Net present value 16 LOM Life of mine 17 Au Gold 18 Cu Copper 19 MW Megawatt 20 GWh Gigawatt hours 21 CO2e Carbon dioxide equivalent
Page 35
© Harmony Moving the portfolio up the value curve From exploration optionality to funded reserves FY26 annual results 35 Kerimenge Project Free State Reclamation West Wits Reclamation Tau Tona Pillar Kusasalethu Extension Kalgold CSA mine Eva Copper Tshepong North Mponeng Moab Khotsong Doornkop Hidden Valley Wafi-Golpu Copper-Gold Project CSA mine Eva Copper Exploration Feasibility Permitting Gold life extension Copper growth Execution Long-term value creation and margin expansion Hidden Valley Extension
Page 36
© Harmony Margins continue to increase Strict cost discipline and higher-quality ounces ensure we benefit meaningfully from a higher gold price 36 FY26 annual results 1 829 1 808 1 999 2 620 3 811 1 709 1 558 1 500 1 804 2 195 7% 14% 25% 31% 42% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 1 000 2 000 3 000 4 000 FY22 FY23 FY24 FY25 FY26 AISC margin US$/oz Gold price received vs AISC 6 (US$/oz 3 ) Gold price received (US$/oz)) AISC (US$/oz) Margin (%)
Page 37
© Harmony Well-positioned to absorb adverse movements in gold price (gold assets only) Significant margins ensure resilience, flexibility and optionality 37 FY26 annual results * Based on FY27 production guidance; excludes CSA, Eva Copper, renewables ** Converted at FY26 average exchange rate of R16.89/US$1 High operating margins boost balance sheet How we protect margins: • Operational excellence • Investing in quality assets • Clear hedging programme FY27 capital intensity of only ~R345 000/kg* or ~US$650/oz** Average gold price received (FY26): R2 069 710/kg2 (US$3 811/oz3) 0 500 000 1 000 000 1 500 000 2 000 000 2 500 000 All-in costs All-in sustaining costs Cash operating costs R/kg Margin: 52%Margin: 42% Margin: 36% R1 314 254/kg2) (US$2 420/oz3) R1 191 698/ kg2) (US$2 195/ oz3) R991 654/ kg2) (US$1 826 oz3) Spot gold R2 377 335/kg2 (US$4 633/oz3) as at 25 August 2026 Cost and margin comparison FY26
Page 38
© Harmony FY26 financial performance Record revenue. Higher earnings. Strong cash flows FY26 annual results GROUP REVENUE +44% US$5 876m10 | FY25: US$4 071m10 NET DEBT TO EBITDA11 0.02 times FY25: n/a CASH GENERATED FROM OPERATING ACTIVITIES +59% US$1 990m10 | FY25: US$1 248m10 NET PROFIT +117% US$1 743m10 | FY25: US$804m10 NET DEBT US$52m10 FY25: net cash US$628m10 GROUP ADJUSTED FCF 13 +65% US$1 015m10 | FY25: US$614m10 HEPS12 +100% 258 US cents from 129 US cents LIQUIDITY US$1 043m10 FY25: US$ 1 179m10 CASH AND CASH EQUIVALENTS US$526m10 FY25: US$738m10 38
Page 39
© Harmony \ FY25 FY26* Total labour 40% Contractors 12% Consumables 24% Electricity and water 20% Royalties 4% Total labour 39% Contractors 12% Consumables 22% Electricity and water 20% Royalties 7% R40 260m9 R45 764m9 Group cash operating cost increases remain predictable and controlled Labour and electricity largest contributors; royalties have increased significantly FY26 annual results *includes CSA 39
Page 40
© Harmony FY27 cost and grade guidance (per operation) • Gold: Plan to produce ~1.3Moz3 to 1.4Moz3 in FY27 at: • an average underground recovered grade of ~5.60g/t5 • an all-in sustaining cost of R1 300 000/kg2 to R1 395 000/kg2 for total Harmony • Copper: Plan to produce ~28 000t4 to 30 000t4 at the CSA mine in FY27 at: • an average recovered grade of >3.5% • a C1 cost of US$2.55/lb7 to US$2.65/lb7 40 FY26 annual results Operation Reserve grade June 2026 (g/t5) Adjusted reserve grade June 2026 (-5%) FY26 grade (g/t5) FY27 grade guidance (g/t5) Mponeng 8.96 8.51 10.67 10.10 Moab Khotsong 8.01 7.61 6.93 6.23 Kusasalethu 5.63 5.35 6.15 5.59 Tshepong South 4.89 4.65 5.72 5.47 Tshepong North 4.85 4.61 5.13 4.84 Joel 4.69 4.46 3.72 4.28 Masimong 3.64 3.46 3.76 3.94 Doornkop 3.80 3.61 3.33 3.50 Target 1 4.35 4.13 3.47 3.39 Underground operations 6.32 6.00 5.83 5.60
Page 41
© Harmony FY27 gold production guidance (per operation) 41 FY26 annual results FY26 production (oz3) FY27 guidance (oz3) Life of mine (years)Operation Mponeng 307 392 265 600 – 295 100 20 Moab Khotsong 166 605 117 400 – 125 500 18 Kusasalethu 102 818 107 300 – 114 000 4 Tshepong North 127 864 100 100 – 106 100 15 Doornkop 91 662 74 600 – 82 400 15 Tshepong South 81 694 74 600 – 78 500 4 Target 1 45 301 52 500 – 55 900 5 Joel 44 979 50 200 – 52 900 5 Masimong 50 219 49 400 – 52 000 3 Underground operations 1 018 534 891 700 – 962 400 South African surface (tailings and waste rock dumps) 185 544 188 400 – 191 700 12+ Kalgold 35 655 37 500 – 40 000 12 Hidden Valley 189 818 167 800 – 174 200 4 Total 1 429 551 ~1.3 – 1.4Moz3
Page 42
© Harmony Gold assets – Capital guidance FY27 (Rand) 42 FY26 annual results 4 884 4 851 5 513 5 776 4 821 3 853 3 785 5 390 6 695 8 042 1 811 1 594 1 917 620 359 1 258 1 171 1 555 11 813 11 418 14 445 13 128 13 241 - 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 FY26 guidance FY26 Act FY27 FC FY28 FC FY29 FC Rm Gold assets (Rand) Sustaining capital (SA)² Growth capital (SA) Hidden Valley capital³ Deferred stripping Other international Not utilised
Page 43
© Harmony Gold assets – Capital guidance FY27 (US$) 43 FY26 annual results 281 287 313 328 274 222 224 306 380 457 104 94 109 35 20 72 69 88 680 676 821 746 752 - 100 200 300 400 500 600 700 800 900 FY26 guidance FY26 Act FY27 FC FY28 FC FY29 FC US$m Gold assets (US$) Sustaining capital (SA)² Growth capital (SA) Hidden Valley capital³ Deferred stripping Other international Not utilised
Page 44
© Harmony Copper assets - brownfields capital guidance FY27 (Rand) 44 FY26 annual results 1 136 1 049 1 904 1 727 1 784 205 387 3 2 109 2 114 1 787 - 500 1 000 1 500 2 000 2 500 FY26 guidance* FY26 Act* FY27 FC FY28 FC FY29 FC Rm Copper assets Brownfields (Rand) CSA Mine Sustaining capital CSA Mine Growth capital Not utilised
Page 45
© Harmony Copper assets - brownfields capital guidance FY27 (US$) 45 FY26 annual results 108 98 101 12 22 65 62 120 120 102 - 20 40 60 80 100 120 140 FY26 guidance* FY26 Act* FY27 FC FY28 FC FY29 FC US$, Copper assets Brownfields (US$) CSA Mine Sustaining capital CSA Mine Growth capital Not utilised
Page 46
© Harmony FY27 capital guidance per operation (Rm9) 46 FY26 annual results 699 471 899 202 511 427 282 370 207 188 193 542 458 1 005 346 277 247 200 174 251 155 129 37 139 90 75 64 20 676 2 193 205 1 449 625 521 144 41 214 76 92 35 1 555 - 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 Hidden Valley Mponeng CSA Mine Moab Khotsong Doornkop Tshepong North Kusasalethu Tshepong South Target 1 Joel Masimong Savuka tailings MWS Waste rock dumps Kalgold Phoenix Central plant reclamation Rm Ore reserve development Other sustaining capital Major/growth capital Deferred stripping
Page 47
© Harmony FY27 capital guidance per operation (US$m10) 47 FY26 annual results 40 27 51 11 29 24 16 21 12 11 11 - - - 31 26 57 20 16 14 11 10 14 9 7 2 8 5 4 4 38 125 12 82 36 30 8 2 12 4 5 2 88 - 50 100 150 200 250 Hidden Valley Mponeng CSA Mine Moab Khotsong Doornkop Tshepong North Kusasalethu Tshepong South Target 1 Joel Masimong Savuka tailings MWS Waste rock dumps Kalgold Phoenix Central plant reclamation US$m Ore reserve development Other sustaining capital Major/growth capital* Deferred stripping
Page 48
© Harmony Hedging table as at 30 June 2026 48 FY27 FY28 FY29 H1 H2 H1 H2 H1 H2 Total Rand Gold koz 144 156 110 110 64 34 618 Collars Floor R'000/kg 1 845 2 019 2 059 2 339 2 609 2 644 2 138 Cap R'000/kg 2 089 2 282 2 320 2 621 2 886 2 960 2 404 Dollar Gold koz 24 19 17 15 6 3 84 Collars Floor US$/oz 3 308 3 476 3 199 3 951 4 423 4 890 3 575 Cap US$/oz 3 673 3 878 3 540 4 398 4 848 5 456 3 969 Rand Gold Forward Contracts koz 36 20 10 - - - 66 R'000/kg 1 669 1 735 1 792 - - - 1 707 Dollar Gold Forward Contracts koz 6 6 1 - - - 13 US$/oz 2 631 2 765 2 760 - - - 2 703 Total Gold koz 210 201 138 125 70 37 781 Currency Hedges Rand Dollar Zero Cost Collars $m 40 10 - - - - 50 Floor R/$ 18.19 17.95 - - - - 18.14 Cap R/$ 20.19 19.95 - - - - 20.14 Dollar Silver Zero Cost Collars koz 660 620 540 290 - - 2 110 Floor $/oz 32.16 36.23 59.98 74.44 - - 46.29 Cap $/oz 36.45 41.02 67.33 84.85 - - 52.35 FY26 annual results
Page 49
© Harmony Hedge policy ensures we protect margins while retaining exposure Consistency locks in excellent levels FY26 annual results Spot vs floor and cap 49
Page 50
© Harmony Renewable energy programme driving decarbonisation Energy generating capacity increased to support asset life extension 50 Benefits of energy programme • R3.64 billion cumulative savings from energy efficiency programme • 2.95Mt 4 CO2e 21 associated GHG emissions reduction (Scope 2 + Scope 3) • R470 million estimated annual savings from Sungazer 1 and 2 once operational FY27 Energy generated annually: 230GWh 20 FY24 Energy generated annually: 70GWh 20 FY30 Energy generated annually: 230GWh 20 FY29 & FY30 Energy generated annually: 253GWh 20 *FY29 Energy generated annually: 900GWh 20 Copper is a critical metal supporting the energy transition JOURNEY TO NET ZERO 2036 2045 NET ZERO AMBITION CO2e 21 reduction targets 63% Planned emissions reduction 1.8Mt CO2e 21 *Timing refers to the expected delivery of first electrons, with wheeled wind to be contracted on a phased approach Battery Energy Storage System – 660MWh 19 storage capacity for “arbitrage” (time-of-use tariff management) • Sungazer 3 & 4 dependent on Eskom permitting approvals • Short-term PPA potential addition of 55MW 19 SUNGAZER 1 30MW 19 SUNGAZER 2 100MW 19 SHORT- TERM PPA 200MW 19 SUNGAZER 3 & 3-Ext 108MW 19 SUNGAZER 4 100MW 19 WHEELED WIND 260MW 19 FY27 to FY32 Energy generated: 530GWh 20