UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a16 OR 15d16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For April 30, 2024 Harmony Gold Mining Company Limited Randfontein Office Park Corner Main Reef Road and Ward Avenue Randfontein, 1759 South Africa (Address of principal executive offices) *- (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20 F or Form 40F.) Form 20F ☒ Form 40F ☐ (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g32(b) under the Securities Exchange Act of 1934.) Yes ☐ No ☒
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”) Johannesburg, South Africa. Tuesday, 30 April 2024. Harmony Gold Mining Company Limited (Harmony or the Company) is pleased to report its operational update for the nine months ended 31 March 2024 (9MFY24). For this reporting period, Harmony continued delivering an excellent operating performance across its operations, underpinned by higher recovered grades at Mponeng, Moab Khotsong, Hidden Valley and Mine Waste Solutions. The higher recovered grades ensured improved production and lower all-in sustaining costs (AISC) compared to the previous nine-month period ended 31 March 2023 (9MFY23). The higher rand gold price continues to provide Harmony with significant tailwinds, boosting margins and free cash flow generation. Harmony continues to demonstrate operational consistency as a result of its structural advantage and position as a leader in South African gold mining. While the third quarter is traditionally slower due to the January start up and public holidays in March, this is in the plans and we remain on track to comfortably beat our original production, cost and grade guidance for the financial year 2024 (FY24). On the back of this and the strong year-to-date performance, guidance for FY24 has been revised as follows: • Total production guidance increased to approximately 1 550 000 ounces from 1 380 000 to 1 480 000 ounces • All-in sustaining cost guidance reduced to approximately R920 000/kg, from below R975 000/kg • Grade guidance increased to approximately 6g/t, from 5.6 to 5.75g/t • Capital guidance for FY24 is adjusted lower to R8 600 million (US$459 million) from R9 500 million (US$507 million), mainly as a result of lower plant and services capital. A full comparison of quarter-on-quarter and year-on-year production metrics is provided in the summary table below and in the operating tables which are available in the booklet and on the website at www.harmony.co.za. Average recovered grades at the South African underground operations increased by 8% to 6.16g/t from 5.68g/t in the previous reporting period. Our high-grade underground operations, Mponeng and Moab Khotsong, continue to be the primary drivers behind the improvement in underground recovered grades year to date. Underground recovered grades at these mines increased by 18% to 8.90g/t from 7.53g/t year-on-year and we expect the good grades at Mponeng to be sustained as we mine through the high-grade areas on the 123 and 126 levels. We are encouraged that development grades at Mponeng also continue to trend higher. At our South African optimised underground portfolio, recovered grades increased by 2% to 4.96g/t from 4.87g/t, driven by improved performances at Tshepong North, Tshepong South, Kusasalethu and Target 1. Recovered grades at Hidden Valley remained high into the third quarter of the 2024 financial year, increasing by 65% to 1.65g/t from 1.00g/t in the previous nine-month reporting period as we mined through the high-grade 'Big Red' part of the ore body. Going forward, recovered grades at Hidden Valley will be lower as we are now mining through lower-grade areas, as planned. At our South African surface operations, recovered grades increased by 29% to 0.22g/t from 0.17g/t. This was mainly due to a 41% increase in recovered grades at Mine Waste Solutions to 0.168g/t from 0.119g/t. Group gold production in 9MFY24 increased by 10% to 36 777kg (1 182 405oz) from 33 349kg (1 072 195oz) in the previous reporting period. Most of our operations continue to deliver an improved operating performance year-on-year and we have good momentum and flexibility heading into the final quarter of FY24. The rand gold price remains high and increased by 17% to R1 162 048/kg (US$1 928/oz) from R992 566/kg (US$1 768/oz) year-on-year. This has allowed us to further strengthen the balance sheet which remains robust as a result of the strong free cash flow generation. Net cash increased to R1 544 million (US$82 million) from R74 million (US$4 million) at the end of the first six months of this financial year (H1FY24). We currently have R11 591 million (US$612 million1) in headroom available through cash and undrawn facilities. 1 Converted at an exchange rate of R/US$18.94 Gold revenue increased by 26% to R42 397 million (US$2 262 million) in 9MFY24 from R33 539 million (US$1 921 million) for 9MFY23. KEY HIGHLIGHTS (9MFY24 vs 9MFY23) • Group LTIFR# at 5.60 from 5.50; long-term safety performance trending in the right direction but more needs to be done • We have revised our FY24 production and grade guidance upwards and reduced our cost and capital guidance • 8% increase in average underground recovered grades to 6.16g/t from 5.68g/t • 10% increase in total gold production to 36 777kg (1 182 405oz) from 33 349kg (1 072 195oz) • 2% decrease in group all-in sustaining costs (AISC) to R877 965/kg (US$1 457/oz) from R893 985/kg (US$1 592/oz) • Conclusion of landmark five-year wage agreement on 4 April 2024 ensures stability and predictability of our labour costs • 17% increase in average rand gold price received to R1 162 048/kg (US$1 928/oz) from R992 566/kg (US$1 768/oz) • 26% increase in gold revenue to R42 397 million (US$2 262 million) from R33 539 million (US$1 921 million) • 171% increase in group operating free cash flow to R8 774 million (US$468 million) from R3 237 million (US$186 million) driven by higher recovered grades at Mponeng, Moab Khotsong, Hidden Valley and Mine Waste Solutions • Robust balance sheet with net cash increasing to R1 544 million (US$82 million) from R74 million (US$4 million) in H1FY24 • Rolling gold hedge book expanded in anticipation of higher capital expenditure programme • Execution of key projects namely Moab Khotsong extension and Mine Waste Solution on track, preparatory work started at Mponeng and early works to begin at Eva Copper Project # LTIFR – lost-time injury frequency rate per million hours worked Unless otherwise indicated, all currency conversions for this reporting period are at the average exchange rate of R/US$18.75 (9MFY23: R/US$17.46) Please note that financial information has not been reviewed or audited by the Company's external auditors OPERATIONAL UPDATE for the nine months ended 31 March 2024 (9MFY24) OPERATIONAL EXCELLENCE AND HIGH RECOVERED GRADES ENSURE STRONG PRODUCTION AND FREE CASH FLOW GENERATION. ANNUAL GUIDANCE ADJUSTED ON THE BACK OF OUTSTANDING PERFORMANCE
2 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2024 Silver production from Hidden Valley increased by 61% to 85 371kg (2 744 728oz) from 53 003kg (1 704 070oz) in 9MFY23. The average silver price received also increased by 21% to R14 147/kg (US$23.47/oz) from R11 723/kg (US$19.45/oz) in 9MFY23. As a result, we generated R1 197 million (US$64 million) in silver revenue at Hidden Valley for this reporting period. Uranium is a by-product from the gold extraction process at Moab Khotsong. Uranium production increased by 28% to 203 334kg (448 274lb) in 9MFY24 from 159 122kg (350 804lb) in 9MFY23. Uranium sold increased by 21% to 160 118kg (353 000lb) from 132 449kg (292 000lb). The average uranium price received has increased by 43% to US$65.74/lb from US$45.97/lb in 9MFY23, resulting in uranium revenue of R435 million (US$23 million) for the nine-month period. Uranium sales of 73 049kg (161 000lb) was not realised within the quarter due to export challenges. This will be realised during the fourth quarter. Cost control remains of critical importance, especially as gold prices continue rising to record levels. While our cost metrics per unit have remained steady in rand terms, we have seen a meaningful improvement in US dollar terms as a result of the weaker rand. Over 90% of our input costs are in rand, with electricity and labour comprising roughly 70% of our operating costs. Further cost improvement has been on the back of sustained higher by-product credits from silver and uranium. • Cash operating costs increased by only 1% to R747 669/kg (US$1 241/oz) from R742 145/kg (US$1 322/oz) • All-in sustaining costs decreased by 2% to R877 965/kg (US$1 457/oz) from R893 985/kg (US$1 592/oz) • All-in costs (AIC) were flat in rand at R942 150/kg (US$1 563/oz) from R939 547/kg (US$1 674/oz) Group operating free cash flows increased by 171% in the 9MFY24 to R8 774 million (US$468 million) from R3 237 million (US$186 million) in 9MFY23. Group operating free cash flow margins increased to 21% in this reporting period from 10% in the previous nine-month reporting period, driven mainly by operating free cash flows at our South African high-grade underground mines, Hidden Valley and South African surface operations. Operating free cash flow margins from our South African optimised portfolio, or legacy assets, improved to 8% from 5%. Harmony has significantly improved the quality of its portfolio and will continue allocating capital in a manner that drives further margin expansion and higher returns. We have a comprehensive project pipeline and remain on track with our key projects that are in execution. These include the tailings storage facility expansion at Mine Waste Solutions, which is on track for completion in FY25, and the life of mine extension project at Moab Khotsong. At Mponeng, we have commenced preparatory work to ensure the timeous start of the life of mine extension project in July 2024. This project extends the life of mine at Mponeng to 20 years, adding approximately 2.3Moz to Mineral Reserves. Major capital for the extension of Mponeng is planned at R7.9 billion over the life of the project. As previously guided, this project will result in an approximately R1 billion (US$53 million) in additional capital expenditure both in FY25 and FY26. The Company does not provide capital guidance beyond two years. Our projects are well-sequenced to ensure capital expenditure remains affordable, with all existing project capital internally funded. Our robust balance sheet and effective hedge programme provide further support should there be an adverse movement in the gold price. Safety, effective cost management and delivering operational excellence across all our operations go hand-in hand. A proactive safety culture and operational excellence have resulted in the continued improvement in our safety performance. HEALTH AND SAFETY Long-term safety indicators continue to trend in the right direction and we remain encouraged by the remarkable improvement in safety over the past few years. We continue working tirelessly to improve safety as we embed a proactive safety culture throughout Harmony. There has been a slight regression in the group LTIFR for 9MFY24 to 5.60 per million hours worked, from 5.50 in 9MFY23. This was a result of an increase in the less severe agencies such as slip-and-fall. Accidents from traditional high-energy agencies such as fall-of-ground and rail-bound equipment continue trending lower. We extend our heartfelt condolences to the family of Mr Santos Ernesto Uenzane, Mine Overseer at Mponeng, who tragically lost his life from a heat-related incident on 4 January 2024 during the pre-start up inspection after the December 2023 break. Each life lost reminds us that we can never be complacent and more needs to done as we continue our relentless pursuit of achieving zero loss of life. We continue to deliver pro-active and holistic healthcare to all our employees ensuring their health and well-being. STABLE LABOUR RELATIONS: FIVE-YEAR WAGE AGREEMENT CONCLUDED On 4 April 2024, Harmony concluded a landmark five-year wage agreement in respect of increases to wages and other conditions of service at its South African operations with its five labour unions, being the Coalition (comprising the NUM, UASA and Solidarity), AMCU and NUMSA. The agreement is for the period 1 July 2024 to 30 June 2029, and will take effect on 1 July 2024. This is testimony to the strength of our labour relations and ensures stability and continued certainty on our fixed labour costs for the next five years. The wage negotiations were carried out in good faith and Harmony commends all parties for demonstrating good leadership by engaging constructively. This agreement will result in an increase in South African operations labour costs of approximately 6% per annum over the five-year period which is within Harmony's planning parameters. As part of our endeavours to create long-term value for all our stakeholders, including our employees and host communities, on 11 December 2023, the Company proposed two broad-based black economic empowerment (B-BBEE) transactions involving: • the specific issue of no par value convertible preference shares by Harmony to the trustees for the time being, of the Harmony Gold Community Trust; and • the specific issue of no par value ordinary shares by Harmony to the trustees for the time being, of the Harmony Employee Share Ownership Plan Trust for the benefit of Eligible Employees. These transactions create shared value and strengthen partnerships as we grow our business and develop thriving communities where we operate. EVA COPPER PROJECT: INTERIM UPDATE ON FEASIBILITY STUDY AIMED AT DE-RISKING THE PROJECT The Eva Copper Project (the Project), located in the tier 1 mining jurisdiction of north-west Queensland, Australia, was acquired by Harmony in December 2022. It brings the potential for near-term, low-cost copper production into the Harmony production profile, providing the Company with counter-cyclical diversification in what has historically been a pure gold portfolio. Since acquisition, Harmony has been conducting a robust, risk-based and rigorous feasibility study assessment of Eva Copper. Our focus has been on increasing confidence in the resource and completing further technical and economic trade-off analysis to identify, inform and confirm the preferred option for project development. These studies underpin achieving a high-quality, and sustainable mining operation. An extensive resource drilling programme was initiated in March 2023 and is ongoing, with over 70 000 metres drilled to date. The drilling has: a. added to the Project’s resource base and increased confidence in, and understanding of the project area’s geology, geohydrology, metallurgy and geotechnical composition b. demonstrated good prospectivity including potential for life of mine extension Drilling continues in parallel with Project definition to expand the existing resource base and to convert other deposits in Harmony’s tenement area. Harmony has significantly increased the copper and gold Mineral Resource since acquisition. Our current declared Mineral Resource for Eva Copper sits at 354Mt @ 0.42% Cu for 1 492Kt of copper and 184Mt @ 0.07g/t Au for 431Koz of gold. This is a significant increase over the previous owners Resource of 307Mt @ 0.42% Cu for 1 289Kt of copper and 148Mt @ 0.08g/t Au for 379Koz of gold. Please refer to our Mineral Resources and Mineral Reserves statement as at 30 June 2023 (FY23). Life-of-mine all-in-sustaining cost is anticipated to be in the second quartile of the industry cost curve, ensuring Harmony as a group continues to reduce its overall costs. Detailed technical and commercial work to inform the preferred power solution for the Project continues. To help Harmony achieve its ambition of being net carbon zero by 2045, renewables have been included in the proposed energy mix in anticipation of future grid connection as part of the Queensland Government’s CopperString project. CopperString is the largest ever economic development project in North Queensland and aims to connect the State’s north-west minerals province to the national electricity grid by 2029. Determining a sustainable primary water supply for the Project has required an extensive programme of drilling, pump test work, and modelling that is due
3 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2024 for completion by the end of the 2024 calendar year. The Study has indicated a potential water source on the Mining Lease that may support a proposed increased processing rate and production profile at Eva Copper. Eva Copper will be a conventional open-cut mine comprising multiple pits with a low strip ratio, mined in a select sequence, feeding a copper concentrator based on a proven processing flow sheet and technology selection. The ore bodies at Eva Copper are wide and predictable while a modern plant design and conventional technology will ensure low production ramp-up risk. Based on the extensive work done to date, it is anticipated that the processing facility will have greater capacity than indicated by the Project's previous owner. Along with the effect of scope change and inflationary impacts since acquisition, the Project will require a higher capital investment than what was anticipated in the previous owner’s feasibility study. Capital cost estimates and funding models for the Project will be prepared as part of the Feasibility Study which will be used to inform a reserve declaration. The Project provides an excellent platform for growth, encompassing a tenement package in excess of 2 400 square kilometres in a highly prospective, world-class mining jurisdiction with supporting infrastructure. Pending a positive feasibility study outcome, permitting and board approval, Harmony is confident it will be in a strong position to fund the construction of this mine in a manner that continues to create long-term value and is in the best interest of all shareholders and stakeholders. Development is likely to be funded through a combination of strong operating free cash flows, corporate debt, leveraging our strong balance sheet and supported by our effective hedge strategy. Permitting Sustainability is embedded in our operating model, and Harmony has proven itself as the partner of choice wherever we operate. The Project has a current Environmental Authority in place in support of development. However, based on work done to date and noted above, the Environmental Authority will require permit amendments in terms of the proposed power and water solution and project configuration based on the anticipated feasibility study outcomes. The Queensland Government’s recent declaration of Eva Copper as a ‘Prescribed Project’, designating the Project as one of economic and social significance to the State, will streamline the permit amendment process and assist in expediting outcomes specifically as it relates to amendments to the current Environmental Authority in place for the Project, which are required to accommodate the optimised design outlined above. It is anticipated that this process could take up to 18 months. A Final Investment Decision on the project will therefore only be considered once all approvals have been obtained – likely towards the end of the calendar year 2025. In addition to ongoing feasibility study work, some initial site preparatory works have been commissioned and will continue in the coming months to improve and de-risk access to the site, support and de-risk current drilling efforts on site, and prepare the site for the construction phase. The proposed works include site access roads, temporary accommodation facilities and associated services and infrastructure, fencing and lay down areas. Capital for this is expected to be not material and will be easily funded through existing cash flows. HEDGING UPDATE During the quarter, the gold hedge book was maintained at 20% of two years' expected gold production. The average forward rand gold price on the hedge book is at R1 299 000/kg on a net position of 570 000oz at the end of the third quarter. Harmony will only hedge when it is certain that it can achieve a minimum margin of 25% above AISC and inflation. The previous policy was to hedge up to 20% of our production over a rolling two-year period. However, due to the pipeline of projects and anticipated higher capital expenditure, we have received board approval to increase the size and the term of the hedge book. The rolling gold hedge book programme has been increased as follows: • Year 1: percentage hedge cover increased by 10% to 30% of production • Year 2: hedge cover unchanged at 20% • Year 3: percentage hedge cover of 10% from zero We remain fully exposed to spot gold prices for the unhedged production. CONCLUSION The excellent operating results in this reporting period have been a function of our ongoing investment in safety, quality ounces and operational excellence. This ensures consistent delivery throughout the gold cycle. Harmony remains well-positioned to take advantage of the current high gold prices and we are prudent with our allocation of capital to ensure long-term value creation. Our costs remain under control, and being a predominantly South African gold miner is proving advantageous due to our stable and predictable rand cost structure. The improvement in safety and operational flexibility alongside effective capital allocation assures the consistent delivery of the tonnes alongside higher-quality ounces, thereby generating positive free cash flows. With our substantial Mineral Resource base of almost 140 million ounces, Harmony offers an abundance of opportunity to grow our Mineral Reserves while diversifying into copper. We continue to invest in our ore bodies, converting resources into quality reserves and production through our organic project pipeline. Value accretive acquisitions form part of our strategy and we continue to look at growth opportunities in Africa, South East Asia and Australia. Holistic sustainability requires fundamental changes at all levels of social, economic, political and cultural structures. Sustainable mining ensures we always meet the needs and aspirations of both present and future generations in a clear socio-economic, historic and environmental context by delivering on our four strategic pillars namely, Responsible Stewardship, Operational Excellence, Cash Certainty and Effective Capital Allocation. By embedding sustainability in our operating model, Harmony contributes positively towards the eradication of poverty, social injustice and inequalities wherever we operate. This is Mining with Purpose. Peter Steenkamp Chief executive officer
4 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2024 COMPARATIVE OPERATIONAL METRICS FOR Q3FY24 VS Q3FY23 AND 9MFY24 VS 9MFY23 Unit Q3FY24 Q3FY23 Q-on-q (%) 9MFY24 9MFY23 Y-on-Y (%) Average gold price received R/kg 1 213 350 1 057 870 15 1 162 048 992 566 17 $/oz 2 000 1 854 8 1 928 1 768 9 Underground yield g/t 5.86 5.68 3 6.16 5.68 8 Gold produced total kg 10 888 10 540 3 36 777 33 349 10 oz 350 056 338 870 3 1 182 405 1 072 195 10 South African optimised underground1 kg 4 269 4 291 (1) 14 576 14 839 (2) oz 137 251 137 960 (1) 468 629 477 085 (2) South African high-grade underground2 kg 3 319 3 381 (2) 11 364 10 012 14 oz 106 708 108 701 (2) 365 360 321 892 14 South African surface3 kg 2 260 1 917 18 6 786 5 564 22 oz 72 660 61 634 18 218 174 178 888 22 International (Hidden Valley) kg 1 040 951 9 4 051 2 934 38 oz 33 437 30 575 9 130 242 94 330 38 Total cash costs R/kg 823 880 749 411 (10) 747 669 742 145 (1) $/oz 1 358 1 313 (3) 1 241 1 322 6 Group AISC R/kg 964 834 902 819 (7) 877 965 893 985 2 US$/oz 1 590 1 582 (1) 1 457 1 592 8 Group AIC R/kg 1 037 998 957 077 (9) 942 150 939 547 — US$/oz 1 711 1 677 (2) 1 563 1 674 7 Average exchange rate R/US$ 18.87 17.75 6 18.75 17.46 7 1 Tshepong South, Tshepong North, Target 1, Joel, Masimong, Doornkop and Kusasalethu 2 Mponeng and Moab Khotsong 3 Mine Waste Solutions, Phoenix, Central Plant, Savuka Tailings, Dumps and Kalgold
5 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2024 Three months ended SOUTH AFRICA UNDERGROUND PRODUCTION Moab Khotsong Mponeng Tshepong North Tshepong South Doornkop Joel Target 1 Kusasalethu Masimong TOTAL UNDER- GROUND Ore milled/tailings processed t'000 Mar-24 186 213 163 96 201 86 107 138 105 1 295 Mar-23 213 209 189 117 214 93 71 122 122 1 350 Yield g/tonne Mar-24 7.95 8.64 4.42 6.65 4.37 4.09 4.39 6.01 3.61 5.86 Mar-23 7.23 8.81 3.81 6.68 4.18 4.54 3.58 6.48 3.52 5.68 Gold produced kg Mar-24 1 478 1 841 721 638 879 352 470 830 379 7 588 Mar-23 1 540 1 841 720 781 894 422 254 790 430 7 672 Gold sold kg Mar-24 1 372 1 647 688 609 809 336 455 743 362 7 021 Mar-23 1 488 1 775 719 779 870 421 241 761 429 7 483 Gold price received R/kg Mar-24 1 241 065 1 235 812 1 229 208 1 229 966 1 223 902 1 234 554 1 229 549 1 227 721 1 227 182 1 232 545 Mar-23 1 071 331 1 076 278 1 072 042 1 074 167 1 069 554 1 069 964 1 070 602 1 071 378 1 073 268 1 072 677 Gold revenue¹ R'000 Mar-24 1 702 741 2 035 382 845 695 749 049 990 137 414 810 559 445 912 197 444 240 8 653 696 Mar-23 1 594 140 1 910 394 770 798 836 776 930 512 450 455 258 015 815 319 460 432 8 026 841 Cash operating cost (net of by-product credits) R'000 Mar-24 1 288 712 1 337 990 680 937 606 239 733 755 392 645 575 423 892 802 461 087 6 969 590 Mar-23 991 628 1 132 512 638 589 570 908 733 545 381 549 492 279 769 345 411 601 6 121 956 Inventory movement R'000 Mar-24 (153 664) (179 998) (34 853) (24 846) (56 065) (15 134) (11 061) (81 392) (17 130) (574 143) Mar-23 (15 349) (53 397) (3 348) (6 140) (31 954) (1 313) (16 626) (19 101) 303 (146 925) Operating costs R'000 Mar-24 1 135 048 1 157 992 646 084 581 393 677 690 377 511 564 362 811 410 443 957 6 395 447 Mar-23 976 279 1 079 115 635 241 564 768 701 591 380 236 475 653 750 244 411 904 5 975 031 Production profit R'000 Mar-24 567 693 877 390 199 611 167 656 312 447 37 299 (4 917) 100 787 283 2 258 249 Mar-23 617 861 831 279 135 557 272 008 228 921 70 219 (217 638) 65 075 48 528 2 051 810 Capital expenditure R'000 Mar-24 356 661 212 881 130 998 130 454 151 432 39 455 109 675 48 006 7 093 1 186 655 Mar-23 295 494 142 118 122 168 128 067 162 668 46 121 88 212 69 294 13 283 1 067 425 Cash operating costs R/kg Mar-24 871 930 726 773 944 434 950 218 834 761 1 115 469 1 224 304 1 075 665 1 216 588 918 502 Mar-23 643 914 615 161 886 929 730 996 820 520 904 145 1 938 106 973 854 957 212 797 961 Cash operating costs R/tonne Mar-24 6 929 6 282 4 178 6 315 3 651 4 566 5 378 6 470 4 391 5 382 Mar-23 4 656 5 419 3 379 4 880 3 428 4 103 6 934 6 306 3 374 4 535 Cash operating cost and Capital R/kg Mar-24 1 113 243 842 407 1 126 123 1 154 691 1 007 039 1 227 557 1 457 655 1 133 504 1 235 303 1 074 887 Mar-23 835 794 692 357 1 056 607 894 974 1 002 475 1 013 436 2 285 398 1 061 568 988 102 937 093 All-in sustaining cost R/kg Mar-24 952 470 840 030 1 150 055 1 156 166 988 550 1 279 119 1 510 555 1 190 000 1 312 797 1 062 795 Mar-23 779 997 708 473 1 063 724 883 905 933 088 1 037 403 2 353 259 1 105 986 1 039 411 932 084 Operating free cash flow margin² % Mar-24 3% 24% 4% 2% 11% (4)% (22)% (3)% (5)% 6% Mar-23 19% 33% 1% 16% 4% 5% (125)% (3)% 8% 10% OPERATING RESULTS – QUARTER ON QUARTER (RAND/METRIC)
6 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2024 Three months ended SOUTH AFRICA Hidden Valley TOTAL HARMONY SURFACE PRODUCTION TOTAL SOUTH AFRICA Mine Waste Solutions Phoenix Central Plant Reclamation Savuka Tailings Dumps Kalgold TOTAL SURFACE Ore milled/tailings processed t'000 Mar-24 5 385 1 525 955 1 006 1 105 353 10 329 11 624 754 12 378 Mar-23 5 432 1 518 971 960 939 348 10 168 11 518 944 12 462 Yield g/tonne Mar-24 0.170 0.145 0.158 0.154 0.444 0.92 0.22 0.85 1.38 0.88 Mar-23 0.124 0.138 0.148 0.163 0.469 0.84 0.19 0.83 1.01 0.85 Gold produced kg Mar-24 918 221 151 155 491 324 2 260 9 848 1 040 10 888 Mar-23 675 210 144 156 440 292 1 917 9 589 951 10 540 Gold sold kg Mar-24 939 204 156 156 492 335 2 282 9 303 1 097 10 400 Mar-23 683 209 147 152 427 296 1 914 9 397 938 10 335 Gold price received R/kg Mar-24 1 002 645 1 258 525 1 232 878 1 231 667 1 225 390 1 226 069 1 137 738 1 209 289 1 247 789 1 213 350 Mar-23 867 694 1 080 167 1 066 878 1 068 829 1 064 012 1 066 277 996 674 1 057 196 1 064 616 1 057 870 Gold revenue¹ R'000 Mar-24 1 014 675 256 739 192 329 192 140 602 892 410 733 2 669 508 11 323 204 1 368 824 12 692 028 Mar-23 666 231 225 755 156 831 162 462 454 333 315 618 1 981 230 10 008 071 998 610 11 006 681 Cash operating cost (net of by-product credits) R'000 Mar-24 501 486 137 418 87 042 83 767 352 921 247 933 1 410 567 8 380 157 590 248 8 970 405 Mar-23 430 483 124 088 80 999 79 406 310 533 231 697 1 257 206 7 379 162 519 628 7 898 790 Inventory movement R'000 Mar-24 4 089 (11 451) 2 546 1 205 3 688 2 076 2 153 (571 990) (76 888) (648 878) Mar-23 6 481 16 1 273 (1 271) (22 836) 1 057 (15 280) (162 205) (22 125) (184 330) Operating costs R'000 Mar-24 505 575 125 967 89 588 84 972 356 609 250 009 1 412 720 7 808 167 513 360 8 321 527 Mar-23 436 964 124 104 82 272 78 135 287 697 232 754 1 241 926 7 216 957 497 503 7 714 460 Production profit R'000 Mar-24 509 100 130 772 102 741 107 168 246 283 160 724 1 256 788 3 515 037 855 464 4 370 501 Mar-23 229 267 101 651 74 559 84 327 166 636 82 864 739 304 2 791 114 501 107 3 292 221 Capital expenditure R'000 Mar-24 256 143 3 758 2 391 6 060 375 47 874 316 601 1 503 256 497 961 2 001 217 Mar-23 239 717 4 172 13 463 1 107 3 845 36 481 298 785 1 366 210 413 701 1 779 911 Cash operating costs R/kg Mar-24 546 281 621 801 576 437 540 432 718 780 765 225 624 145 850 950 567 546 823 880 Mar-23 637 753 590 895 562 493 509 013 705 757 793 483 655 820 769 544 546 402 749 411 Cash operating costs R/tonne Mar-24 93 90 91 83 319 702 137 721 783 725 Mar-23 79 82 83 83 331 666 124 641 550 634 Cash operating cost and Capital R/kg Mar-24 825 304 638 805 592 272 579 529 719 544 912 985 764 234 1 003 596 1 046 355 1 007 680 Mar-23 992 889 610 762 655 986 516 109 714 495 918 418 811 680 912 021 981 419 918 283 All-in sustaining cost R/kg Mar-24 578 518 645 545 594 174 583 538 725 577 909 102 666 159 962 439 985 141 964 834 Mar-23 686 025 620 366 664 468 521 329 682 768 930 707 701 234 883 876 1 092 642 902 819 Operating free cash flow margin² % Mar-24 20% 45% 53% 53% 41% 25% 33% 12% 22% 13% Mar-23 (13)% 43% 40% 50% 31% 16% 19% 12% 10% 12% ¹Includes a non-cash consideration to Franco-Nevada (Mar-24:R73.191m, Mar-23:R73.596m) under Mine Waste Solutions, excluded from the gold price calculation. ²Excludes run of mine costs for Kalgold (Mar-24:-R10.586m, Mar-23:R3.017m) and Hidden Valley (Mar-24:R24.876m, Mar-23:R30.246m). OPERATING RESULTS – QUARTER ON QUARTER (RAND/METRIC) continued
7 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2024 Three months ended SOUTH AFRICA UNDERGROUND PRODUCTION Moab Khotsong Mponeng Tshepong North Tshepong South Doornkop Joel Target 1 Kusasalethu Masimong TOTAL UNDER- GROUND Ore milled/tailings processed t'000 Mar-24 205 235 180 106 222 95 118 152 116 1 429 Mar-23 235 230 208 129 236 103 78 135 135 1 489 Yield oz/ton Mar-24 0.232 0.252 0.129 0.194 0.127 0.119 0.128 0.176 0.105 0.171 Mar-23 0.211 0.257 0.111 0.195 0.122 0.132 0.105 0.188 0.102 0.166 Gold produced oz Mar-24 47 519 59 189 23 181 20 512 28 260 11 317 15 111 26 685 12 185 243 959 Mar-23 49 512 59 189 23 149 25 110 28 743 13 568 8 166 25 399 13 825 246 661 Gold sold oz Mar-24 44 111 52 952 22 120 19 580 26 010 10 803 14 629 23 888 11 639 225 732 Mar-23 47 840 57 067 23 116 25 045 27 971 13 535 7 748 24 467 13 793 240 582 Gold price received $/oz Mar-24 2 046 2 037 2 026 2 027 2 017 2 035 2 027 2 024 2 023 2 032 Mar-23 1 877 1 886 1 879 1 882 1 874 1 875 1 876 1 877 1 881 1 880 Gold revenue¹ $'000 Mar-24 90 235 107 863 44 817 39 695 52 471 21 983 29 647 48 341 23 542 458 594 Mar-23 89 811 107 628 43 425 47 142 52 423 25 378 14 536 45 933 25 940 452 216 Cash operating cost (net of by-product credits) $'000 Mar-24 68 294 70 906 36 086 32 127 38 885 20 808 30 494 47 313 24 434 369 347 Mar-23 55 866 63 804 35 977 32 164 41 327 21 496 27 734 43 343 23 189 344 900 Inventory movement $'000 Mar-24 (8 143) (9 539) (1 847) (1 317) (2 971) (802) (586) (4 313) (908) (30 426) Mar-23 (865) (3 008) (189) (346) (1 800) (74) (937) (1 076) 17 (8 278) Operating costs $'000 Mar-24 60 151 61 367 34 239 30 810 35 914 20 006 29 908 43 000 23 526 338 921 Mar-23 55 001 60 796 35 788 31 818 39 527 21 422 26 797 42 267 23 206 336 622 Production profit $'000 Mar-24 30 084 46 496 10 578 8 885 16 557 1 977 (261) 5 341 16 119 673 Mar-23 34 810 46 832 7 637 15 324 12 896 3 956 (12 261) 3 666 2 734 115 594 Capital expenditure $'000 Mar-24 18 901 11 283 6 943 6 913 8 025 2 092 5 812 2 543 376 62 888 Mar-23 16 648 8 006 6 882 7 213 9 164 2 600 4 969 3 903 748 60 133 Cash operating costs $/oz Mar-24 1 437 1 198 1 557 1 566 1 376 1 839 2 018 1 773 2 005 1 514 Mar-23 1 128 1 078 1 554 1 281 1 438 1 584 3 396 1 706 1 677 1 398 Cash operating costs $/t Mar-24 333 302 200 303 175 219 258 311 211 258 Mar-23 238 277 173 249 175 209 356 321 172 232 Cash operating cost and Capital $/oz Mar-24 1 835 1 389 1 856 1 903 1 660 2 024 2 403 1 868 2 036 1 772 Mar-23 1 465 1 213 1 851 1 568 1 757 1 776 4 005 1 860 1 731 1 642 All-in sustaining cost $/oz Mar-24 1 570 1 385 1 896 1 906 1 629 2 108 2 490 1 961 2 164 1 752 Mar-23 1 367 1 241 1 864 1 549 1 635 1 818 4 124 1 938 1 821 1 633 Operating free cash flow margin² % Mar-24 3% 24% 4% 2% 11% (4)% (22)% (3)% (5)% 6% Mar-23 19% 33% 1% 16% 4% 5% (125)% (3)% 8% 10% OPERATING RESULTS – QUARTER ON QUARTER (US$/IMPERIAL)
8 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2024 Three months ended SOUTH AFRICA Hidden Valley TOTAL HARMONY SURFACE PRODUCTION TOTAL SOUTH AFRICA Mine Waste Solutions Phoenix Central Plant Reclamation Savuka Tailings Dumps Kalgold TOTAL SURFACE Ore milled/tailings processed t'000 Mar-24 5 938 1 682 1 053 1 109 1 219 389 11 390 12 819 831 13 650 Mar-23 5 990 1 674 1 071 1 059 1 035 384 11 213 12 702 1 041 13 743 Yield oz/ton Mar-24 0.005 0.004 0.005 0.004 0.013 0.027 0.006 0.025 0.040 0.026 Mar-23 0.004 0.004 0.004 0.005 0.014 0.024 0.005 0.024 0.029 0.025 Gold produced oz Mar-24 29 514 7 105 4 855 4 983 15 786 10 417 72 660 316 619 33 437 350 056 Mar-23 21 702 6 752 4 630 5 016 14 146 9 388 61 634 308 295 30 575 338 870 Gold sold oz Mar-24 30 190 6 559 5 016 5 016 15 818 10 770 73 369 299 101 35 269 334 370 Mar-23 21 959 6 719 4 726 4 887 13 728 9 517 61 536 302 118 30 157 332 275 Gold price received $/oz Mar-24 1 653 2 074 2 032 2 030 2 020 2 021 1 875 1 993 2 057 2 000 Mar-23 1 520 1 893 1 870 1 873 1 865 1 868 1 747 1 853 1 866 1 854 Gold revenue¹ $'000 Mar-24 53 772 13 606 10 192 10 182 31 950 21 766 141 468 600 062 72 540 672 602 Mar-23 37 534 12 719 8 836 9 153 25 596 17 781 111 619 563 835 56 260 620 095 Cash operating cost (net of by-product credits) $'000 Mar-24 26 576 7 282 4 613 4 439 18 703 13 139 74 752 444 099 31 279 475 378 Mar-23 24 252 6 991 4 564 4 473 17 494 13 054 70 828 415 728 29 275 445 003 Inventory movement $'000 Mar-24 217 (607) 135 64 195 110 114 (30 312) (4 075) (34 387) Mar-23 365 1 72 (72) (1 287) 60 (861) (9 139) (1 246) (10 385) Operating costs $'000 Mar-24 26 793 6 675 4 748 4 503 18 898 13 249 74 866 413 787 27 204 440 991 Mar-23 24 617 6 992 4 636 4 401 16 207 13 114 69 967 406 589 28 029 434 618 Production profit $'000 Mar-24 26 979 6 931 5 444 5 679 13 052 8 517 66 602 186 275 45 336 231 611 Mar-23 12 917 5 727 4 200 4 752 9 389 4 667 41 652 157 246 28 231 185 477 Capital expenditure $'000 Mar-24 13 574 199 127 321 20 2 537 16 778 79 666 26 389 106 055 Mar-23 13 505 235 759 62 216 2 055 16 832 76 965 23 308 100 273 Cash operating costs $/oz Mar-24 900 1 025 950 891 1 185 1 261 1 029 1 403 935 1 358 Mar-23 1 118 1 035 986 892 1 237 1 390 1 149 1 348 957 1 313 Cash operating costs $/t Mar-24 4 4 4 4 15 34 7 35 38 35 Mar-23 4 4 4 4 17 34 6 33 28 32 Cash operating cost and Capital $/oz Mar-24 1 360 1 053 976 955 1 186 1 505 1 260 1 654 1 725 1 661 Mar-23 1 740 1 070 1 150 904 1 252 1 609 1 422 1 598 1 720 1 609 All-in sustaining cost $/oz Mar-24 954 1 064 979 962 1 196 1 499 1 098 1 586 1 621 1 590 Mar-23 1 202 1 087 1 164 913 1 196 1 631 1 229 1 549 1 915 1 582 Operating free cash flow margin² % Mar-24 20% 45% 53% 53% 41% 25% 33% 12% 22% 13% Mar-23 (13)% 43% 40% 50% 31% 16% 19% 12% 10% 12% ¹Includes a non-cash consideration to Franco-Nevada (Mar-24: US$3.879m, Mar-23: US$4.146m) under Mine Waste Solutions, excluded from the gold price calculation. ²Excludes run of mine costs for Kalgold (Mar-24:-US$0.561m, Mar-23:US$0.170m) and Hidden Valley (Mar-24:US$1.318m, Mar-23:US$1.704m). OPERATING RESULTS – QUARTER ON QUARTER (US$/IMPERIAL) continued
9 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2024 FORWARD-LOOKING STATEMENTS This booklet 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 booklet, 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. 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 Russian invasion of Ukraine and subsequent sanctions; 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; our ability to meet our environmental, social and corporate governance targets; 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. The forward-looking financial information has not been reviewed and reported on by the company’s auditors. HARMONY GOLD MINING COMPANY LIMITED Harmony Gold Mining Company Limited was incorporated and registered as a public company in South Africa on 25 August 1950 Registration number: 1950/038232/06 CORPORATE OFFICE Randfontein Office Park PO Box 2, Randfontein, 1760, South Africa Corner Main Reef Road and Ward Avenue Randfontein, 1759, South Africa Telephone: +27 11 411 2000 Website: www.harmony.co.za DIRECTORS Dr PT Motsepe* (chairman), KT Nondumo*^ (deputy chairman), Dr M Msimang*^ (lead independent director), PW Steenkamp (chief executive officer), BP Lekubo (financial director), Dr HE Mashego (executive director) B Nqwababa*^, VP Pillay*^, MJ Prinsloo*^, GR Sibiya*^, PL Turner*^, JL Wetton*^ * Non-executive ^ Independent COMPANY SECRETARY SS Mohatla E-mail queries: companysecretariat@harmony.co.za Telephone: +27 11 411 2359 INVESTOR RELATIONS E-mail: HarmonyIR@harmony.co.za Telephone: +27 11 411 6073 or +27 82 746 4120 DIRECTORATE AND ADMINISTRATION TRANSFER SECRETARIES JSE Investor Services (Proprietary) Limited (Registration number 2000/007239/07) 19 Ameshoff Street, 13th Floor, Hollard House, Braamfontein PO Box 4844, Johannesburg, 2000, South Africa E-mail: info@jseinvestorservices.co.za Telephone: +27 86 154 6572 Fax: +27 86 674 4381 AMERICAN DEPOSITARY RECEIPTS American Depositary Receipts Deutsche Bank Trust Company Americas c/o Equiniti Trust Company LLC, Peck Slip Station, PO Box 2050, New York, NY10271-2050 Email: db@astfinancial.com Toll free (within US): (886) 249 2593 Int: +1 718 921 8137 Fax: +1 718 921 8334 SPONSOR JP Morgan Equities South Africa Proprietary Limited 1 Fricker Road, corner Hurlingham Road, Illovo, Johannesburg, 2196 Private Bag X9936, Sandton, 2146 Telephone: +27 11 507 0300 Fax: +27 11 507 0503 TRADING SYMBOLS ISIN: ZAE000015228 HARMONY’S ANNUAL REPORTS Harmony’s Integrated Annual Report, and its annual report filed on a Form 20F with the United States’ Securities and Exchange Commission for the financial year ended 30 June 2023, are available on our website (www.harmony.co.za/invest).
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Harmony Gold Mining Company Limited Date: April 30, 2024 By: /s/ Boipelo Lekubo Name: Boipelo Lekubo Title: Financial Director