Tshepong North (Tshepong) - S-K 1300 TRS 2026

Effective Date: 30 June 2026

Final Report Date: 30 October 2026

HARMONY GOLD MINING COMPANY LIMITED

Technical Report Summary of the

Mineral Resources and Mineral Reserves

for

Tshepong North

Free State Province, South Africa

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

IMPORTANT NOTICE

This Technical Report Summary (“TRS”) has been prepared for Harmony Gold Mining Company Limited in support of disclosure and

filing requirements with the United States Securities and Exchange Commission (“SEC”) under Subpart 1300 of Regulation S-K and

Section 229.601(b)(96) of Regulation S-K. The quality of information, estimates, and conclusions contained in this Technical Report

Summary apply as of the effective date of this report. Subsequent events that may have occurred since that date may have

resulted in material changes to such information, estimates and conclusions in this summary.

Effective Date: 30 June 2026

iii

Technical Report Summary for

Tshepong North, Free State Province, South Africa

Qualified Person Consent and Sign-off

I have read and understood the requirements of:

•the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the

“SAMREC Code, 2016 edition”)

•the Harmony Guidelines on the Reporting of Exploration Results, Mineral Resources and Mineral Reserves

•Subpart 1300 (17 CFR 229.1300) of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations

(“Regulation S-K 1300”)

I am a Competent Person as defined by the SAMREC Code, 2016 edition and the Qualified Person (“QP”) under

Regulation S-K 1300, having more than five years` experience that is relevant to the style of mineralization and type of

deposit described in the Report, and to the all the activities for which I am accepting responsibility and have been

appointed as QP for Tshepong North Mineral Resources and Mineral Reserves.

I am a Member of SACNASP and my registration is as follows:

Mineral Resource

Andrew Louw

SACNASP (South African Council for Natural Scientific Professions)

Nr 136445

Years’ Experience: 30

I have reviewed the tables and graphs included for Tshepong North Mineral Resource and Mineral Reserve which will be

used in the 2026 Harmony Gold Mining Company Limited Mineral Resource and Mineral Reserve Report to which this

Consent Statement applies.

I acknowledge responsibility for all the Sections of the TRS report and as the QP and author I relied on information

provided by various subject experts.

At the effective date of the Report, to the best of my knowledge, information and belief, the Report contains all

scientific and technical information that is required to be disclosed to make the Report not misleading.

/s/ Andrew Louw

___________________________________

Mr Andrew Louw

B.Sc (Hons) Geo Hydrology, CEE Diploma

SACNASP (No. 136445)

Ore Reserve Manager, Tshepong North

Harmony Gold Mining Company Limited

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

List of Contents


1Executive Summary ......................................................................................................................................	1
2Introduction ...................................................................................................................................................	8
3Property Description and Location ...............................................................................................................	9
3.1Mineral Tenure ...............................................................................................................................	9
3.2Property Permitting Requirements ................................................................................................	9
4Accessibility, Climate, Local Resources, Infrastructure and Physiography ...................................................	12
4.1Accessibility ....................................................................................................................................	12
4.2Physiography and Climate ..............................................................................................................	12
4.3Local Resources and Infrastructure ................................................................................................	12
5History ...........................................................................................................................................................	13
5.1Historical Ownership and Development ........................................................................................	13
5.2Historical Exploration .....................................................................................................................	13
5.3Previous Mineral Resource and Mineral Reserve Estimates ..........................................................	13
5.4Past Production ..............................................................................................................................	14
6Geological Setting, Mineralization and Deposit ............................................................................................	16
6.1Regional Geology ............................................................................................................................	16
6.2Local Geology ..................................................................................................................................	16
6.3Property Geology ............................................................................................................................	19
6.3.1Basal Reef Lithology .........................................................................................................	19
6.3.2B Reef Lithology ...............................................................................................................	19
6.3.3Structure ..........................................................................................................................	22
6.4Mineralization .................................................................................................................................	22
6.4.1Basal Reef ........................................................................................................................	22
6.4.2B Reef ...............................................................................................................................	23
6.4.3Alteration .........................................................................................................................	23
6.5Deposit Type ...................................................................................................................................	23
6.6Commentary on Geological Setting, Mineralization and Deposit ..................................................	23
7Exploration ....................................................................................................................................................	24
7.1Geophysical Surveys .......................................................................................................................	24
7.2Topographic Surveys ......................................................................................................................	24
7.3Underground Mapping ...................................................................................................................	24
7.4Channel Sampling Methods and Sample Quality ...........................................................................	24
7.5Surface Drilling Campaigns, Procedures, Sampling, Recoveries and Results .................................	25
7.5.1Drilling Methods ..............................................................................................................	27
7.5.2Collar and Downhole Surveys ..........................................................................................	28
7.5.3Logging Procedures ..........................................................................................................	28
7.5.4Drilling Results .................................................................................................................	28
7.5.5Core Recovery ..................................................................................................................	31
7.5.6Sample Length and True Thickness .................................................................................	31
7.6Underground Drilling Campaigns, Procedures and Sampling ........................................................	31
7.6.1Drilling Methods ..............................................................................................................	31
7.6.2Collar and Downhole Surveys ..........................................................................................	32
7.6.3Logging Procedures ..........................................................................................................	32
7.6.4Drilling Results .................................................................................................................	32
7.6.5Core Recovery ..................................................................................................................	32
7.6.6Sample Length and True Thickness .................................................................................	33
7.7Hydrogeology ..................................................................................................................................	33
7.8Geotechnical Data ..........................................................................................................................	34
7.9Commentary on Exploration ..........................................................................................................	35
8Sample Preparation, Analyses and Security ..................................................................................................	36

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa


8.1Sampling Method and Approach ....................................................................................................	36
8.1.1Channel Samples ..............................................................................................................	36
8.1.2Core Samples ...................................................................................................................	36
8.2Density Determination ...................................................................................................................	37
8.3Sample Security ..............................................................................................................................	37
8.4Sample Storage ...............................................................................................................................	37
8.5Laboratories Used ...........................................................................................................................	37
8.6Laboratory Sample Preparation .....................................................................................................	37
8.7Assaying Methods and Analytical Procedures................................................................................	38
8.8Sampling and Assay Quality Control (“QC”) Procedures and Quality Assurance (“QA”) ...............	38
8.8.1Certified Reference Material ...........................................................................................	38
8.8.2Blanks ..............................................................................................................................	39
8.8.3Duplicates ........................................................................................................................	39
8.9Comment on Sample Preparation, Analyses and Security .............................................................	40
9Data verification ............................................................................................................................................	41
9.1Databases .......................................................................................................................................	41
9.2Data Verification Procedures ..........................................................................................................	41
9.3Limitations to the Data Verification ...............................................................................................	42
9.4Comment on Data Verification .......................................................................................................	42
10Mineral Processing and Metallurgical Testing ..............................................................................................	43
10.1Introduction ....................................................................................................................................	43
10.2Sampling and Testing Methodologies ............................................................................................	43
10.2.1Systematic and Continuous Sampling ..............................................................................	43
10.2.2Composite Sampling ........................................................................................................	43
10.2.3Calibration and Verification of Equipment ......................................................................	43
10.2.4Specific Testing Procedures .............................................................................................	44
10.2.5Analytical Laboratories ....................................................................................................	44
10.3Data Validation and Quality Control ..............................................................................................	44
10.3.1Statistical Analysis ............................................................................................................	44
10.3.2Continuous Improvement ................................................................................................	44
10.4Recovery Estimates and Processing Factors ...................................................................................	44
10.4.1Detailed Calculation of Recovery Estimates ....................................................................	44
10.4.2Head Grade and Residue Grade ......................................................................................	44
10.4.3Adjustments for Solution and Carbon Adsorption ..........................................................	45
10.4.4Integration of Bottle Roll Tests for Baseline Recovery Rates ..........................................	45
10.4.5Processing Factors Affecting Recovery ............................................................................	45
10.4.6Gold Inventory Management and Accountability ...........................................................	46
10.5Conclusion ......................................................................................................................................	46
11Mineral Resource Estimate ...........................................................................................................................	47
11.1Geological Database .......................................................................................................................	47
11.2Global Statistics ..............................................................................................................................	47
11.3Geological Interpretation ...............................................................................................................	48
11.4Structural Wireframe Model ..........................................................................................................	48
11.5Compositing ....................................................................................................................................	49
11.6Capping ...........................................................................................................................................	50
11.7Variography ....................................................................................................................................	50
11.8Mineral Resource Estimation Methods and Parameters ...............................................................	52
11.9Density Assignment ........................................................................................................................	55
11.10Model Validation ............................................................................................................................	55
11.11Mineral Resource Evaluation ..........................................................................................................	55
11.12Mineral Resource Classification and Uncertainties ........................................................................	55

Effective Date: 30 June 2026

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Tshepong North, Free State Province, South Africa


11.13Mineral Resource Estimate ............................................................................................................	56
11.14Mineral Resource Reconciliation ....................................................................................................	59
11.15Comment on Mineral Resource Estimates .....................................................................................	59
12Mineral Reserve Estimate .............................................................................................................................	60
12.1Tshepong North ..............................................................................................................................	60
12.1.1Key Assumptions, Parameters, and Methods Used to Estimate the Mineral Reserve ...	60
12.1.2Modifying Factors ............................................................................................................	60
12.1.3Mineral Reserve Estimate ................................................................................................	61
12.1.4Mineral Reserve Reconciliation ......................................................................................	61
12.2Commentary on Mineral Reserve Estimate ...................................................................................	62
13Mining Methods ............................................................................................................................................	63
13.1Mining Operations ..........................................................................................................................	63
13.1.1Tshepong North ...............................................................................................................	63
13.1.2Sequential Grid Mining (“SGM”) ......................................................................................	63
13.1.3Open Stoping ...................................................................................................................	65
13.1.4Breast Mining ...................................................................................................................	65
13.1.5Integrated Approach ........................................................................................................	65
13.2Mine Design ....................................................................................................................................	65
13.2.1Mine Design Parameters .................................................................................................	67
13.3Geotechnical Considerations and Seismic Monitoring ...................................................................	68
13.4Geohydrological Considerations .....................................................................................................	68
13.5Mine Plan Development and Schedule ..........................................................................................	69
13.6Mining Rates ...................................................................................................................................	73
13.7Grade and Dilution Control ............................................................................................................	73
13.8Mining Equipment and Machinery .................................................................................................	73
13.9Ore transport ..................................................................................................................................	74
13.10Mining Personnel ............................................................................................................................	74
13.11Commentary on Mining Methods ..................................................................................................	76
14Processing and Recovery Methods ...............................................................................................................	77
14.1Mineral Processing Description ......................................................................................................	77
14.2Plant Throughput, Design, Equipment Characteristics and Specifications ....................................	79
14.3Energy, Water, Process Material and Personnel Requirements ....................................................	79
14.3.1Energy ..............................................................................................................................	79
14.3.2Water ...............................................................................................................................	79
14.3.3Process Material ..............................................................................................................	79
14.3.4Personnel .........................................................................................................................	79
14.4Commentary on the Processing and Recovery Methods ...............................................................	79
15Infrastructure ................................................................................................................................................	81
15.1Surface Infrastructure .....................................................................................................................	81
15.1.1Ore and Waste Rock Storage Facilities ............................................................................	81
15.1.2Tailings Storage Facilities .................................................................................................	81
15.1.3Rail ...................................................................................................................................	81
15.2Underground Infrastructure and Shafts .........................................................................................	85
15.3Power and Electrical .......................................................................................................................	85
15.4Water Usage ...................................................................................................................................	85
15.5Logistics and Supply ........................................................................................................................	85
15.6Commentary on Infrastructure ......................................................................................................	85
16Market Studies ..............................................................................................................................................	86
16.1Market Overview ............................................................................................................................	86
16.2Global Production and Supply ........................................................................................................	86
16.2.1New Mine Production ......................................................................................................	87

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Technical Report Summary for

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16.2.2Recycling ..........................................................................................................................	87
16.3Global Consumption and Demand .................................................................................................	87
16.3.1Jewellery ..........................................................................................................................	88
16.3.2Investment .......................................................................................................................	88
16.3.3The USD Currency and Gold.............................................................................................	89
16.4Gold Price ........................................................................................................................................	89
16.4.1Historical Gold Price .........................................................................................................	89
16.4.2Forecast Gold Price ..........................................................................................................	90
16.4.3Harmony Group Gold Hedging Policy ..............................................................................	90
16.5Commentary on Market Studies ....................................................................................................	91
16.6Material Contracts ..........................................................................................................................	91
17Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups ...........................................................................................................................................................	92
17.1Results of Environmental Studies ...................................................................................................	92
17.2Waste and Tailings Disposal, Monitoring & Water Management ..................................................	92
17.3Permitting and Licenses ..................................................................................................................	93
17.4Local Stakeholder Plans and Agreements ......................................................................................	94
17.5Mine Closure Plans .........................................................................................................................	94
17.6Status of Issues Related to Environmental Compliance, Permitting, and Local Individuals or Groups ............................................................................................................................................	95
17.7Local Procurement and Hiring ........................................................................................................	95
17.8Commentary on Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups ....................................................................................................	95
18Capital and Operating Costs ..........................................................................................................................	97
18.1Capital Costs ...................................................................................................................................	97
18.2Operating Costs ..............................................................................................................................	97
18.3Comment on Capital and Operating Costs .....................................................................................	97
19Economic Analysis ........................................................................................................................................	99
19.1Key Economic Assumptions and Parameters .................................................................................	99
19.1.1Gold Price .........................................................................................................................	99
19.1.2Exchange Rate ..................................................................................................................	99
19.1.3Royalties ...........................................................................................................................	101
19.1.4Taxes ................................................................................................................................	101
19.1.5Summary ..........................................................................................................................	101
19.2Economic Analysis ..........................................................................................................................	102
19.3Sensitivity Analysis ..........................................................................................................................	105
20Adjacent properties .......................................................................................................................................	106
21Other Relevant Data and Information ..........................................................................................................	107
22Interpretation and Conclusions .....................................................................................................................	107
23Recommendations .......................................................................................................................................	110
24References .....................................................................................................................................................	111
25Reliance on Information Provided by the Registrant ....................................................................................	112

Effective Date: 30 June 2026

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

List of Figures


Figure 3-1: Location of Tshepong North in the Free State Goldfield	10
Figure 3-2: Mineral Tenure for Tshepong North	11
Figure 5-1: Graph of Past Production – Tonnes and Grade	15
Figure 5-2: Graph of Past Metal Production	15
Figure 6-1: Regional Geology of the Witwatersrand Basin	17
Figure 6-2: Simplified stratigraphy of the Free State Goldfield	18
Figure 6-3: Structural Geology of the Free State Goldfields	20
Figure 6-4: Tshepong North Cross Section	21
Figure 7-1: Location of Channel Samples Collected from the Basal Reef	26
Figure 7-2: Location of Channel Samples Collected from the B Reef	27
Figure 7-3: Location of Surface and Underground Drill Holes on the Basal Reef	29
Figure 7-4: Location of Surface and Underground Drill Holes on the B Reef	30
Figure 11-1: Tshepong North Basal and B Reef Geozones	51
Figure 11-2: Tshepong operations Basal Reef and B Reef Estimation Results	54
Figure 11-3: Location and Classification of Tshepong North Mineral Resources and Mineral Reserves for the Basal Reef	57
Figure 11-4: Location and Classification of Tshepong North Mineral Resources and Mineral Reserves for the B Reef	58
Figure 13-1: Schematic Representation of the SGM Sequence	66
Figure 13-2: Tshepong North Plan Basal	70
Figure 13-3: Tshepong North Plan B Reef	71
Figure 13-4: Graph of Tshepong North Mineral Reserve Plan – Tonnes and Grade	72
Figure 13-5: Graph of Tshepong North Mineral Reserve Plan – Gold Produced (kg)	72
Figure 13-6: Tshepong North Shaft and Underground Infrastructure	75
Figure 14-1: Schematic Flow Diagram of the Metallurgical Process	78
Figure 14-2: Graph of Historical Recovery Factor (18 month actual)	80
Figure 15-1: Tshepong North Surface Layout and Infrastructure	82
Figure 15-2: Tshepong North Detailed Surface Infrastructure	83
Figure 15-3: Harmony One Plant Detailed Surface Infrastructure	84
Figure 16-1 World Gold Council: Mine Production - Major producing Gold Countries ranked by 2025	87
Figure 16-2 World Gold Council: Total Gold Supply & Demand	89
Figure 16-3: World Gold Council: Daily Gold Price (ZAR/oz & USD/oz)	90
Figure 19-1: Annual Calendar Year Exchange Rates and ETSA Forecast	100

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

List of Tables


Table 1-1: Summary of Tshepong North Mineral Resources as at 30 June 2026 (Exclusive of Mineral Reserves)	3
Table 1-2: Summary of Tshepong North Mineral Reserves as at 30 June 2026	4
Table 1-3: Summary of Capital Cost Estimate for Tshepong North	5
Table 1-4: Summary of Operating Cost Estimate for Tshepong North	5
Table 1-5: Status of Environmental Permits and Licenses	6
Table 2-1: QP Qualification, Section Responsibilities and Personal Inspections	8
Table 3-1: Summary of Mining Rights for Tshepong North	9
Table 5-1: Summary of Historical Ownership Changes and Activities of Tshepong North	13
Table 5-2: Summary of the Previous Tshepong North Mineral Resources as at 30 June 2025 (Exclusive of Mineral Reserves)	14
Table 5-3: Summary of the Previous Tshepong North Mineral Reserves as at 30 June 2025	14
Table 7-1: Summary of Surface and Underground Drilling for Tshepong North	31
Table 7-2: Drill hole Acceptance Criteria	31
Table 7-3: Summary of Recent Tshepong North Underground Drill Holes Intersecting the Basal Reef	34
Table 7-4: Summary of Recent Tshepong North Underground Drill Holes Intersecting the B Reef	35
Table 8-1: Summary of Harmony Assay Laboratory CRM Performance for Tshepong North	39
Table 8-2: Summary of Type of CRM used	39
Table 11-1: Global Statistics for Basal and B Reef	48
Table 11-2: Capping Values by Reef and Geozone	52
Table 11-3: Harmony Economic Assumptions (30 June 2026)	55
Table 11-4: Summary of Tshepong North Mineral Resources as at 30 June 2026 (Exclusive of Mineral Reserves)	59
Table 12-1: Tshepong North Modifying Factors Used for Mineral Reserve Determination	61
Table 12-2: Summary of Tshepong North Mineral Reserves as at 30 June 2026	61
Table 13-1: Tshepong North Mine Design Parameters	67
Table 13-2: Tshepong North Mine Mining Personnel	74
Table 14-1: Key Design Parameters and Equipment Specifications	79
Table 14-3: Harmony One Plant Personnel	79
Table 16-1 Consensus View of Forecast Gold Price US$/Oz	90
Table 16-2: Material Contracts	91
Table 17-1: Status of Environmental Permits and Licenses	94
Table 17-2: Mine Closure Liability	95
Table 17-3: Rehabilitation Assurance	95
Table 18-1: Summary of Capital Cost Estimate for Tshepong North	97
Table 18-2: Summary of Operating Cost Estimate for Tshepong North	98
Table 19-1: Conversions Used in Gold Price Calculations	99
Table 19-2: Consensus View of Forecast Exchange Rate (ZAR:USD)	100
Table 19-3: ZAR:USD Exchange Rate Performance (June 2023 – June 2026)	100
Table 19-4: Key Economic Assumptions and Parameters for Tshepong North Cash Flow	101
Table 19-5: Tshepong North Cash Flow	103
Table 19-6: Gold Price Sensitivity Analysis (Mineral Reserves)	105
Table 19-7: Total Operating Cost Sensitivity Analysis (Mineral Reserves)	105
Table 19-8: Total Production Sensitivity Analysis (Mineral Reserves)	105
Table 25-1: Specialists	112

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

Units of Measure and Abbreviations


Unit / Abbreviation	Description or Definition
°C	degrees Celsius
µm	Micrometers
2D	Two-dimensional
3D	Three-dimensional
AE	Abnormal expenditure
Ag	Silver
AngloGold Ashanti	AngloGold Ashanti Limited
ARM	African Rainbow Minerals Limited
ARMGold	ARM Gold Division
Au	Gold
AuBIS	Harmony electronic database
Ave.	Average
BLR	Black Reef
BMD	Below mine datum
Bn	Billion
c.	Approximately
CIP	Carbon-In-Pulp
CLR	Carbon Leader Reef
cm	Centimetre
cmg/t	Centimetre-grams per tonne
CODM	Chief Operating Decision-Maker
Company	Harmony Gold Mining Company Limited
COP	Code of Practice
CRG	Central Rand Group
CRM	Certified Reference Material
CV	Coefficient of Variation
DBH	Dewatering borehole
DMPR	Department of Mineral Resources and Energy
DWS	Department of Water and Sanitation
EIA	Environmental Impact Assessment
EMPR	Environmental Management Program
EMS	Environmental Management System
EMTS	Electric Monorail Transport System
ESG	Environmental Social and Governance
ETF	Exchange traded fund
FAG	Fully autogenous
FX	Foreign Exchange rate
g	Gram
g/t	Grams per metric tonne
GBH	Groundwater boreholes
GDARD	Gauteng Department of Agriculture and Rural Development
GHG	Greenhouse gas
GISTM	Global Industry Standard on Tailings Management
ha	Hectare
Harmony	Harmony Gold Mining Company Limited
HLS	Heavy liquid separation
HPE	Hydro-powered
kg	Kilogram
km	Kilometre

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa


Unit / Abbreviation	Description or Definition
km2	Square kilometre
kWh	Kilowatt-hour
LBMA	London Bullion Market Association
LIB	Long Inclined Borehole
LOM	Life of Mine
LOI	Loss on ignition
Ltd	Limited
m	Meter
M	Million
m3/hr	Cubic meters per hour
MCC	Mining Charter Compliance
MCF	Mine Call Factor
Moz	Million troy ounces
MPRDA	Mineral and Petroleum Resources Development Act, 28 of 2002
Mst	Million short tons
Mt	Million tonnes
Mtpa	Million tonnes per annum
Mtpm	Million tonnes per month
NEMA	National Environmental Management Act, 107 of 1998
No.	Number
NPV	Net present value
oz	Troy ounce
OTC	Over the counter
Phakisa	Phakisa Mine, also known as Tshepong South
Pty	Proprietary
QA/QC	Quality Assurance/Quality Control
QEMSCAN	Scanning electron microscope
QP	Qualified Person
ROM	Run-of-Mine
SACNASP	South African Council for Natural Scientific Professions
SAMREC	The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves
SD	Standard Deviation
SEC	Securities and Exchange Commission
SGM	Sequential Grid Mining
SLP	Social Labour Plan
st	Short ton
t	Metric tonne
t/m3	Tonne per cubic meter
Target	Target Mine
TCFD	Task Force on Climate-Related Financial Disclosure
TMS	Trace mineral search
TRS	Technical Report Summary
TSF	Tailings Storage Facility
Tshepong	Tshepong Mine, also known as Tshepong North
USD	United States Dollars
USD/oz	United States Dollar per troy ounce
WRG	West Rand Group
WULA(s)	Water Use Licence Application(s)
XRD	X-ray diffraction

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Unit / Abbreviation	Description or Definition
ZAR	South African Rand
ZAR/kg	South African Rand per kilogram

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Glossary of Terms


Term	Definition
Co-kriging	A method that is used to predict the value of the point at unobserved locations by sample points that are known to be spatially interconnected by adding other variables that have a correlation with the main variable or can also be used to predict 2 or more variables simultaneously.
Cut-off grade	Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing “prospects of economic extraction,” the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio.
Dilution	Unmineralized rock that is by necessity, removed along with ore during the mining process that effectively lowers the overall grade of the ore.
Head grade	The average grade of ore fed into the mill.
Economically viable	Economically viable, when used in the context of Mineral Reserve determination, means that the qualified person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions.
Indicated Mineral Resource	Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a probable Mineral Reserve.
Inferred Mineral Resource	Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project and may not be converted to a Mineral Reserve.
Kriging	A method of interpolation based on Gaussian process governed by prior covariances. It uses a limited set of sampled data points to estimate the value of a variable over a continuous spatial field
Mine Call Factor	The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing with the amount estimated in the ore based on sampling.
Measured Mineral Resource	Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.
Mineral Reserve	Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.
Mineral Resource	Mineral Resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for eventual economic extraction. A Mineral Resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut- off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

Effective Date: 30 June 2026

xiv

Technical Report Summary for

Tshepong North, Free State Province, South Africa


Term	Definition
Modifying Factors	Modifying factors are the factors that a qualified person must apply to Indicated and Measured Mineral Resources and then evaluate in order to establish the economic viability of Mineral Reserves. A qualified person must apply and evaluate modifying factors to convert Measured and Indicated Mineral Resources to Proven and Probable Mineral Reserves. These factors include but are not restricted to; mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.
Pre-Feasibility Study	A pre-feasibility study (or preliminary feasibility study) is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. (1) A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a qualified person to determine if all or part of the Indicated and Measured Mineral Resources may be converted to Mineral Reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable. (2) A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A pre-feasibility study is more comprehensive and results in a higher confidence level than an initial assessment.


Probable Mineral Reserve	Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource.
Proven Mineral Reserve	Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and can only result from conversion of a Measured Mineral Resource.
Qualified Person	A qualified person is: (1) A mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and (2) An eligible member or licensee in good standing of a recognized professional organization at the time the technical report is prepared. For an organization to be a recognized professional organization, it must: (i) Be either: (A) An organization recognized within the mining industry as a reputable professional association; or (B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining, geoscience or related field; (ii) Admit eligible members primarily on the basis of their academic qualifications and experience; (iii) Establish and require compliance with professional standards of competence and ethics; (iv) Require or encourage continuing professional development; (v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and (vi) Provide a public list of members in good standing.










Tailings	Finely ground rock of low residual value from which valuable minerals have been extracted is discarded and stored in a designed dam facility.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

1Executive Summary

Section 229.601(b)(96)(iii)(B)(1)

The QP of Harmony Gold Mining Company Limited (“Harmony” or the “Company”) has prepared this

Technical Report Summary (“TRS”) to disclose the Mineral Resource and Mineral Reserve estimates for the

Company’s Tshepong North. The TRS has been prepared in accordance with the U.S. Securities and Exchange

Commission’s (“SEC”) Regulation S-K 1300, with an effective date as at 30 June 2026. No material changes

have occurred between the effective date and the date of signature of this TRS.

This TRS updates the TRS filed by Harmony on Tshepong North on October 31, 2024, named Exhibit 96.12

Technical Report Summary of the Mineral Resources and Mineral Reserves for Tshepong North, Free State

Province, South Africa, which was effective on June 30, 2024 . This TRS is being filed to satisfy the

requirement of Item 1302(b)(2)(i) of Regulation S-K. An economic assessment was included, using a detailed

discounted cashflow analysis for the Mineral Reserves, excluding all scheduled Inferred Mineral Resources

which are not reported under Mineral Reserves.

Property Description

Tshepong North comprise the underground and surface assets, situated between the towns of Welkom and

Odendaalsrus in the Free State Province of South Africa. The mine is a moderate to deep-level gold mine,

operating at depths of between 1.6km and 2.4km below mine datum (“BMD”). The primary reef mined is the

Basal Reef, with additional gold mineralization being found in the B Reef and A Reef.

Mining at Tshepong North is carried out under the following mining right, covering both Tshepong North and

Tshepong South:

•FS30/5/1/84MR, which is valid from December 11, 2007 to December 10, 2029 and covers an area of

10,798.74 hectares (“ha”).

The mining right is held in a joint venture between African Rainbow Minerals Limited (“ARM”) Gold Division

(“ARMGold”) and Harmony.

All relevant underground mining and surface right permits, and any other permit related to the work

conducted on the property have been obtained and are valid. There are no known legal proceedings

(including violations or fines) against Harmony, which threaten its mineral rights, tenure, or operations.

Ownership

Tshepong North is wholly owned by Harmony, including the associated mineral rights. Harmony commenced

acquiring the assets through the acquisition of AngloGold Ashanti Limited’s (“AngloGold Ashanti”) Free State

operations in 2001, together with ARMGold. ARMGold was subsequently incorporated into Harmony in 2003,

giving Harmony 100% ownership and control of Tshepong North.

Geology and Mineralization

Tshepong North is situated in the Free State Goldfield, on the southwestern margin of the Witwatersrand

Basin of South Africa, one of the most prominent gold provinces in the world. The major gold bearing

conglomerate reefs are mostly confined to the Central Rand Group (“CRG”) of the Witwatersrand

Supergroup.

The general orientation of the Witwatersrand Supergroup succession in this goldfield is interpreted as north-

trending, within a syncline that is plunging to the north. The syncline has been divided by faults into the

Odendaalsrus, Central Horst and Virginia sections. The Tshepong North mining right area is also affected by

the Ophir and Dagbreek faults.

Tshepong North primarily exploits the Basal Reef, which occurs within the Harmony Formation of the

Johannesburg Subgroup of the CRG and during recent years the B Reef has been extensively exploited and

explored.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

Mineralization also occurs within the stratigraphically higher A and B Reefs respectively of the Aandenk and

Spes Bona Formations, within the Turffontein subgroup of the CRG. However, only the B Reef can be

economically extracted.

Mineralization is associated with the presence of medium to coarse, clast-supported oligomictic pebble

horizons. The presence of allogenic pyrite and detrital carbon is also common.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

Status of Exploration, Development and Operation

The Basal Reef at Tshepong North has been continuously and extensively explored. For the past 18 years B

Reef has also drawn attention for its economic viability and erratic nature of mineralized depositional zones

with the main focus on improving confidence in the geological model, as well as adding and upgrading

Mineral Resources to replace the mining depletion. Geological data has been obtained through underground

chip sampling in stope faces as well as on reef development raises and from underground geological mapping

of stope faces, haulages, cross cuts and on reef development raises. Initial exploration included a historical

geophysical seismic survey and surface diamond core drilling. This was followed by more closely spaced

underground data gathering exercises.

Mineral Resource Estimate

The Mineral Resources for the Basal Reef and B Reef were estimated by the Harmony QP in Datamine™

Studio software. The QP created block models based on a verified electronic database containing surface drill

hole data, as well as underground drilling, mapping, and sampling data obtained up until December 2025.

Gold values were estimated using ordinary and simple macro kriging interpolation methods.

The Mineral Resources for Tshepong North were originally prepared, classified and reported according to the

South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves

(“SAMREC, 2016”). For the purposes of this TRS, the Mineral Resources have been classified in accordance

with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K) which is similar to the SAMREC 2016

classification, by the QP.

The QP compiling the Mineral Resource estimate for Tshepong North is Mr Andrew Louw, Ore Reserve

Manager at Tshepong North and an employee of Harmony.

The Mineral Resource estimate for Tshepong North, as at 30 June 2026 exclusive of the reported Mineral

Reserves is summarized in Table 1-1.

Table 1-1: Summary of Tshepong North Mineral Resources as at 30 June 2026 (Exclusive of Mineral Reserves) 1-8


METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	11.385	11.87	135,110
Indicated	4.956	12.31	60,986
Total / Ave. Measured + Indicated	16.341	12.00	196,096
Inferred	7.578	10.20	77,309
IMPERIAL
Mineral Resource Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Measured	12.550	0.346	4.344
Indicated	5.463	0.359	1.961
Total / Ave. Measured + Indicated	18.013	0.350	6.305
Inferred	8.354	0.298	2.486

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2026 and were originally prepared, classified and reported according

to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A)

(Item 1302(d)(1)(iii)(A) of Regulation S-K). The QP responsible for the estimate is Mr A Louw, who is Ore Reserve Manager at Tshepong

North, and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for eventual economic extraction.

3. The Mineral Resources are reported using a cut-off value of 661cmg/t determined at a gold price of USD3,061/oz.

4. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

5. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

7. The Mineral Resource estimate is for Harmony’s 100% interest.

Mineral Reserve Estimate

Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine

planning processes. Mine planning utilises and takes into consideration historical technical parameters

achieved. In addition, Mineral Resource conversion to Mineral Reserves considers Modifying Factors,

dilution, ore losses, minimum mining widths, planned mine call.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

The Mineral Reserves for Tshepong North were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with

§ 229.1302(e)(2) (Item 1302(e)(2) of Regulation S-K). The Mineral Reserve estimate for Tshepong North, as at

30 June 2026, is summarized in Table 1-2.

Table 1-2: Summary of Tshepong North Mineral Reserves as at 30 June 2026 1-5


METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proved	4.143	5.26	21,772
Probable	6.423	4.96	31,828
Total (Proved + Probable)	10.566	5.07	53,601
IMPERIAL
Mineral Reserve Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Proved	4.566	0.153	0.700
Probable	7.080	0.145	1.023
Total (Proved + Probable)	11.647	0.148	1.723

Notes:

1. The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the

Mineral Reserves have been classified in accordance with § 229.1302(e)(2) (Item 1302(e)(2) of Regulation S-K). The QP responsible for

the estimate is Mr A Louw, who is Ore Reserve Manager at Tshepong North, and a Harmony employee.

2. Tonnes, grade, and gold content are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the reserve figures

5. Mineral Reserves are reported using a cut-off grade of 717cmg/t determined using a gold price of USD2,915/oz gold

6. Rounding as required by reporting guidelines may result in apparent summation differences.

In the opinion of the QP, given that Tshepong North is an established operation, the modifying factors

informing the Mineral Reserve estimates would at a minimum, satisfy the confidence levels of a

Feasibility Study.

The declared Mineral Reserves are planned for depletion to generate Tshepong North cash flow. The

economic analysis of the cash flows displays positive discounted NPV results and is deemed both technically

and economically achievable.

Capital and Operating Cost Estimates

The capital cost estimates for Tshepong North are determined at a corporate level, using the business plan as

the basis with an accuracy of 15% and a contingency of 10%. The level of accuracy meets that of a Feasibility

study. The capital costs are associated with major equipment outside the main operating sections which is

termed abnormal expenditure (“AE”), infrastructure development, as well as ongoing capital development

(“OCD”). Costs associated with the Mining Charter Compliance (“MCC”), as per South Africa’s Social Labour

Plan (“SLP”) requirements are also included in the capital estimates.

The capital costs are presented in Table 1-3 for the Mineral Reserves.

The operating cost estimates for Tshepong North are categorised into direct and total costs. The operating

cost estimates are shown in Table 1-4 for the Mineral Reserves.

The capital and operating costs is reported in ZAR terms and on a real basis. The economic analysis, including

the capital and operating costs are reported for the period comprising financial year (“FY27”) July – June.

Both, the capital and operating estimates are accounted for in the economic analysis of Tshepong North. The

results of the economic analysis demonstrate positive returns for the Mineral Reserves when applying

discounts.

The LOM Extension project is currently in progress and entails the deepening from the current twin decline

system with an additional level from 75 level down to 77 level. Development of the decline is completed up

to 77 level with the station being complete. First gold is planned to be mined in June 2028. The Extension

Project also includes the B Reef horizon in the East South Upper area between 66 level 63 Level. With the

additional reserves, Tshepong North’s life of mine will be extended by 10 years relative to the current

schedule.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

Table 1-3: Summary of Capital Cost Estimate for Tshepong North


Capital Cost Element (ZAR'000)	Mineral Reserves (FY2027- FY2041)
AE	1,101,191
Shaft Projects	1,125,856
Major Projects	2,342,188
OCD	5,203,977
Total (excluding MCC)	9,773,212
MCC (LEDs/housing etc)	375,561
Total (including MCC)	10,148,773

Table 1-4: Summary of Operating Cost Estimate for Tshepong North


Operating Cost Element (ZAR'000)	Mineral Reserves (FY2027 - FY2041)
Wages - Payroll 1	9,316,444
Wages - Payroll 2	14,859,316
Stores and Materials	8,431,663
Electric Power and Water	10,638,300
Outside Contractors	3,478,335
Other	3,013,543
Direct Costs	49,737,602
Pumping allocation	1,053,308
Refining charge allocation	89,380
Assay cost allocation	174,906
Hostel cost allocation	(395,895)
Treatment cost allocation	2,226,636
Rail transport allocation	131,098
Working Cost Transfer To Capital	(174,997)
Re-allocated Costs	3,104,436
Mine Overheads Re-allocated	2,950,133
Total Cash Costs	55,792,171

Permitting Requirements

Tshepong North has the necessary valid permits, administered and managed by various departments, and

does not require any additional permits to continue with their mining operations.

The current mining right for Tshepong North encompasses an area of 10,798.74ha. Harmony holds several

mining rights in the Free State Goldfields which have been successfully converted and executed as new order

mining rights, some of which are still to be registered at the MPRTO.

Tshepong North is wholly owned by Harmony, including the associated mineral rights. Harmony commenced

acquiring the assets through the acquisition of AngloGold Ashanti's Free State operations in 2001.

Mining at Tshepong North is carried out under the following mining rights, covering both Tshepong North

and Tshepong South:

•FS30/5/1/84MR, which is valid from 11 December 2007, to 10 December 2029, and covers an area of

10,798.74ha.

A summary of the status of environmental permits and licenses issued as at 30 June 2026, related to both

Tshepong North and Tshepong South is presented in Table 1-5.

There is no material litigation (including violations or fines) against the Company as at the date of this report

which threatens its mineral rights, tenure, or operations.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

Table 1-5: Status of Environmental Permits and Licenses


Permit / License	Reference No.	Issued By	Date Granted	Validity
Environmental Management Programme	FS 30/5/1/2/3/2/1(84)E M	DMPR	December 11, 2007	December 10, 2029
Water Permit 936B. Harmony. Free State Geduld Mines. Discharge of untreated effluents	B33/2/340/31	DWS	April 2, 1981	LOM
Water Permit 870B. Harmony. Discharge of untreated effluents.	B33/2/340/25	DWS	May 27, 1991	LOM
Water Permit 1214N. Free State Consolidated Gold Mine. Tshepong, Freddie’s and Phakisa shafts.	B33/2/340/12	DWS	Not indicated.	LOM
Water Permit 1214N. Free State Consolidated Gold Mine. Tshepong, Freddie’s and Phakisa shafts.	B33/2/340/12	DWS	Not indicated.	LOM

Notes: DWS - Department of Water and Sanitation Affairs.

Conclusions

In the QP’s opinion, Tshepong North, a 100% owned Harmony asset, is located in a well-established mining

district and has been operating successfully for the past 35 years. The mine is accessible via national and

provincial roads, with well-established infrastructure. Management has a sound understanding of legal and

environmental matters with respect to operating within the South African mining law, as regulated by the

MPRDA, and supporting legislation.

Tshepong North hosts a significant gold-bearing Mineral Resource. The interpretation of the regional

geological setting, mineralization and ore body deposit is well understood and provides valuable insight to

the gold mining operations. The mining methods used to extract the Mineral Reserves is of sound design and

has evolved over the history of the operations.

The economics for Tshepong North display positive discounted cash flows, based on detailed operating and

capital costs. The valuation of the asset is proven to be most sensitive to the gold price. The assumptions and

conclusions in this TRS contain the views of the QP and does not identify any known material risks at the time

of compilation.

Tshepong North did not incur any fines or penalties for non-compliance during the year ended June 30, 2026

and no significant encumbrances exist.

Recommendations

It is recommended that the development and implementation of the Life-of-Mine (LOM) Extension Project,

comprising the 77 Level Basal Reef and East South Upper (ESU) B Reef blocks, be prioritised to support the

long-term sustainability of Tshepong North Mine. The project extends the current LOM by approximately ten

years while maintaining existing gold production levels.

The project should focus on the timely development of the Basal Reef reserves on 77 Level and the B Reef

reserves on 63 and 66 Levels between 82 Line and 95 Line. In addition, further exploration drilling from the

77 Level Basal Reef footwall development should be undertaken to evaluate and confirm the westward

extension of the high-grade B Reef payshoot beyond the current mine design, thereby supporting future

reserve growth opportunities.

To maximise value from the existing Mineral Reserve base, continued emphasis should be placed on

improving mining quality and achieving the planned shaft call factor. This should be driven through the

ongoing Business Improvement Programme, with specific focus on strengthening in-stope water

management controls, improving blast fragmentation, reducing dilution, and enhancing overall gold

recovery.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

The successful delivery of these initiatives will contribute to improved operational performance, increased

reserve confidence, and the long-term sustainability of Tshepong North Mine.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

2Introduction

Section 229.601(b)(96)(iii)(B)(2) (i-v)

This TRS on Tshepong North has been prepared for the registrant, Harmony. The TRS has been prepared in

accordance with Regulation S-K 1300. It has been prepared to meet the requirements of Section

229.601(b)(96) - Technical Report Summary.

The purpose of this TRS is to provide open and transparent disclosure of all material, exploration activities,

Mineral Resource and Mineral Reserve information to enable the investor to understand Tshepong North,

which forms part of Harmony’s activities.

An economic assessment was included, using a detailed discounted cashflow analysis for the Mineral

Reserves, excluding all scheduled Inferred Mineral Resource which is not reported under Mineral Reserve.

The Mineral Reserve increased by 36% year on year. The increase in Mineral Reserves was due to the

upgrade and conversion of Mineral Resources to Mineral Reserves.

This TRS has been prepared from the following sources of information:

•Harmony Operational Report 2026

•Geological Model

•Valuation Model

•File 18 (Competency Report) Tshepong North Mineral Resource and Reserve Statement FY2026

•Technical Session Report

•Tshepong North Gold Mine 2026 SAMREC Table 1

•2026 Report to Shareholders; and

•Harmony Mineral Resources and Mineral Reserves Report at 30 June 2026 (“HAR-RR26”).

The TRS was prepared by a QP employed on a full-time basis by the registrant. The QP’s qualifications, areas

of responsibility and personal inspection of the property are summarized in Table 2-1.

Table 2-1: QP Qualification, Section Responsibilities and Personal Inspections


Qualified Person	Professional Organization	Qualification	TRS Section Responsibility	Personal Insp.
Mr. A. Louw	SACNASP-136445	BSc. Hons. (Geohydro)	All Sections (Tshepong North)	Full Time

The QP states that this TRS updates the TRS filed by Harmony on Tshepong North on October 31, 2024,

named Exhibit 96.12 Technical Report Summary of the Mineral Resources and Mineral Reserves for Tshepong

North, Free State Province, South Africa, which was effective on June 30, 2024. This updated TRS has an

effective date as at June 30, 2026.

The declared Mineral Reserve increased year on year by 263% from 0.654Moz as at 30 June 2025 to

1.723Moz as at 30 June 2026. The increase in the Mineral Reserve is mainly due to the inclusion of the ESU B

Reef block and the Sub 75 Basal Reef reserve blocks following the approval of the Tshepong North Life of

Mine Extension Project. This increase was partially offset by normal depletion and a technical refinement in

the design and scheduling methodology.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

3Property Description and Location

Section 229.601(b)(96)(iii)(B)(3) (i-vii)

Tshepong North is a mature, moderate to deep-level underground operation that uses conventional undercut

mining, to depths of 2,400m BMD.

The mine is located in the Free State Province of South Africa, approximately 250km southwest of

Johannesburg and 15km to the north of the town of Welkom (Figure 3-1). Tshepong North is situated at a

latitude of 27°51’56.45”S and longitude of 26°42’45.15”E. Tshepong South (Phakisa) is situated adjacent to

the south of Tshepong North, and is located at a latitude of 27°54’1.27”S and longitude of 26°43’30.05”E.

3.1Mineral Tenure

South African Mining Law is regulated by the MPRDA which is the predominant piece of legislation dealing

with acquisitions or rights to conduct reconnaissance, prospecting and mining. There are several other pieces

of legislation which deal with such ancillary issues such as royalties (the Mineral and Petroleum Resources

Royalty Act, 2008), title registration (the Mining Titles Registration Act, 1967), and health and safety (the

Mine Health and Safety Act, 1996).

The current mining right for Tshepong North encompasses an area of 10,798.74ha (Figure 3-2). Harmony holds

several mining rights in the Free State goldfields which have been successfully converted and executed as

new order mining rights, some of which are still to be registered at the Mineral and Petroleum Resources

Titles Office (“MPRTO”). The mining right for Tshepong North is presented in Table 3-1.

Tshepong North is wholly owned by Harmony, including the associated mineral rights. Harmony commenced

acquiring the assets through the acquisition of AngloGold Ashanti Limited’s (“AngloGold Ashanti”) Free State

operations in 2001, together with ARMGold. ARMGold was subsequently incorporated into Harmony in 2003,

giving Harmony 100% ownership and control of Tshepong North.

Table 3-1: Summary of Mining Rights for Tshepong North


License Holder	License Type	Reference No.	Effective Date	Expiry Date	Area (ha)
Freegold(Harmony) Pty Ltd	Mining Right	FS30/5/1/84MR	December 11, 2007	December 10, 2029	10,799

There are no known legal proceedings (including violations or fines) against the Company which threatens its

mineral rights, tenure, or operations.

3.2Property Permitting Requirements

All relevant underground mining and surface permits, and any other permit related to the work conducted on

the property have been obtained and are valid.

Harmony has access to all the properties it requires to conduct its current mining activities. The surface lease

and surface right areas are sufficient in size and nature to accommodate the required surface infrastructure

to facilitate current and planned mining and processing operations.

Harmony monitors complaints and litigation against the Company as part of its risk management systems,

policies and procedures. There is no material litigation (including violations or fines) against the Company and

the QP as at the date of this report which threatens its mineral rights, tenure or operations.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

Figure 3-1: Location of Tshepong North in the Free State Goldfield

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

Figure 3-2: Mineral Tenure for Tshepong North

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

4Accessibility, Climate, Local Resources, Infrastructure and Physiography

Section 229.601(b)(96)(iii)(B)(4) (i-iv)

4.1Accessibility

Access to Tshepong North is accessible via the local R70 road between Welkom and Odendaalsrus (Figure

3-1). The area has well-established rail links and an airfield within close proximity.

Entry into the mining area is restricted by security fencing, security guards, booms and lockable gates at the

main entrance. In addition, a communication system and access control system monitors personnel entering

and leaving the mine property.

4.2Physiography and Climate

The mine lease area is flat with an average height of around 1,344m above mean sea level (“amsl”). There are

no prominent topographical landmarks in the area. The topography has been affected by the presence of

slimes dams, waste rock dumps and solid waste disposal sites.

Tshepong North is situated in the Free State Goldfield, a semi-arid region with an annual rainfall of between

400mm and 600mm. Local thunderstorms and showers are responsible for most of the precipitation during

summer, from October to March, peaking in January. Hail is sometimes associated with thunderstorms.

The seasonal fluctuations in mean temperatures between the warmest and the coldest months vary between

an average minimum of 7.7°C in winter to a maximum of 37°C in summer. The month of July is generally the

coldest month with the hottest month typically being February.

Tshepong North is not restricted by climatic or seasonal variability.

4.3Local Resources and Infrastructure

The surrounding areas of Welkom and Odendaalsrus are well developed in terms of access and mining-

related infrastructure, which supports the numerous operational gold mines in the area. The regional

infrastructure includes national and provincial paved road networks, power transmission and distribution

networks, water supply networks and communication infrastructure.

The local community is in situated in close proximity of the mine which enable the work force with transport

to and from the mine. Most suppliers are locally or on site to ensure continuous operations as planned

without operational disruptions.

Tshepong North has a twin shaft system with ore and waste being hoisted to surface through the main

vertical shaft (Figure 3-2). Tshepong North ore is transported, by rail, from their respective shafts to the

Harmony One Plant in Welkom for processing (Figure 3-2). Operations are powered by electricity from Eskom

Holdings State Owned Company (“SOC”) Limited.

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Tshepong North, Free State Province, South Africa

5History

Section 229.601(b)(96)(iii)(B)(5) (i-ii)

5.1Historical Ownership and Development

The Feasibility Study for the initial development of Tshepong North was concluded in 1984. Work to establish

the site started in September 1984 and, by 1986, shaft sinking was underway. Sinking and equipping of the

shaft were completed in 1991, with the mine being commissioned in November 1991.

The historical ownership and associated activities related to Tshepong North are summarized in Table 5-1.

Table 5-1: Summary of Historical Ownership Changes and Activities of Tshepong North


Year	Asset History Highlights
1984	Feasibility Study for Tshepong development section concluded. Site establishment started.
1986	Shaft sinking began.
1991	Tshepong project was commissioned.
2001	AngloGold announced sale of its assets in the Free State to African Rainbow Metals and Harmony Gold Mining. African Rainbow and Harmony would hold equal joint venture interests, effective January 1, 2002.
2003	Harmony and ARMGold merged.
2004	Tshepong Sub 55 Decline Project (an extension at depth of the mine from the current shaft bottom to a depth of some 2,200m) was on schedule for completion in July 2006.
2005	Harmony completed 62% of the decline, including 1,500m of rail construction and 700m of the conveyor system.
2006	The mine operated at full capacity and the Tshepong Decline Project had been completed.
2007	Conversion of Harmony's old order mining rights into new order mining rights in terms of the MPRDA, including that for the Tshepong North operation.
2008	The Tshepong Sub 66 decline project in a build-up phase, and the Sub 71 Decline project was under development.
2017	Tshepong and Phakisa merged into Tshepong Operations and Mineral Resource and Mineral Reserve reporting was combined.
2022	Tshepong Operations Mineral Resource and Mineral Reserve Reporting was separated whereby the individual operations were reported under Tshepong North and Tshepong South
2026	Tshepong LOM Extension Project approved extending the current LOM from 2031 to 2041 (ten years)

5.2Historical Exploration

Strong linear B Reef value trends extending from Tshepong North Mine into Tshepong South Mine were

identified, with an expected value for the area averaging 1,291 cmg/t. A capital exploration drilling

programme was approved in August 2016 to evaluate the continuity of the B Reef mineralisation into the

Tshepong South area. Eight underground drill holes, totalling 5,180m, were completed by October 2020 at a

cost of approximately ZAR5.5 million and successfully confirmed the extension of the Tshepong North B Reef

payshoot into Tshepong South. Subsequent underground drilling further improved geological confidence in

the continuity and extent of the mineralised channel.

Exploration drilling remains ongoing. Capital funding has been approved for FY27 to execute a dedicated

underground B Reef exploration programme within the East South Upper (ESU) block. The programme

comprises five underground drilling sites, eight primary boreholes and six wedges, for a total planned drilling

campaign of 2,062m, targeting the B Reef horizons on 60, 63 and 66 Levels. The programme is designed to

improve geological confidence, define the lateral and vertical extent of the B Reef mineralisation, support the

recently approved Tshepong North Life of Mine Extension Project and identify opportunities for future

Mineral Resource growth and Mineral Reserve conversion

5.3Previous Mineral Resource and Mineral Reserve Estimates

The previous in-situ Mineral Resource estimates for Tshepong North were declared as at 30 June 2025 by

Harmony, according to the 1300 SK, 2016. The previous Mineral Resource estimates, exclusive of Mineral

Reserves, are summarized in Table 5-2 for Tshepong North. These have been superseded by the current

estimate prepared by Harmony in Section 11 of this TRS.

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Table 5-2: Summary of the Previous Tshepong North Mineral Resources as at 30 June 2025 (Exclusive of Mineral

Reserves)


METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	12.125	12.40	150,403
Indicated	6.567	11.43	75,096
Total / Ave. Measured + Indicated	18.692	12.06	225,499
Inferred	8.272	9.30	76,917
IMPERIAL
Mineral Resource Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Measured	13.365	0.362	4.836
Indicated	7.239	0.334	2.414
Total / Ave. Measured + Indicated	20.605	0.352	7.250
Inferred	9.118	0.271	2.473

The previous Mineral Reserve estimate for Tshepong North was declared by Harmony as at 30 June 2025 in

accordance with SAMREC, 2016. Modifying Factors were applied to the in situ Mineral Resources to arrive at

the Mineral Reserve estimate. The Mineral Reserve estimate represents the ore delivered to the mill. The

recovered gold content considers the plant recovery factor. Dilution and modifying factors are based on

historic performance.

The previous Mineral Reserve estimate is summarized in Table 5-3. These have been superseded by the

current estimate prepared by Harmony as detailed in this TRS.

Table 5-3: Summary of the Previous Tshepong North Mineral Reserves as at 30 June 2025


METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proven	2.403	4.55	10,936
Probable	1.606	5.85	9,391
Total / Ave. Proven + Probable	4.009	5.07	20,327
IMPERIAL
Mineral Reserve Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Proven	2.649	0.133	0.352
Probable	1.771	0.170	0.302
Total / Ave. Proven + Probable	4.420	0.148	0.654

5.4Past Production

The annual tonnage, grade and gold production for Tshepong North is presented in Figure 5-1 and Figure 5-2.

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Figure 5-1: Graph of Past Production – Tonnes and Grade

Figure 5-2: Graph of Past Metal Production

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Tshepong North, Free State Province, South Africa

6Geological Setting, Mineralization and Deposit

Section 229.601(b)(96)(iii)(B)(6) (i-iii)

6.1Regional Geology

Tshepong North is located on the southwestern margin of the Archean Witwatersrand Basin, one of the

prominent gold provinces in the world. The Witwatersrand Basin is an approximately 7,000m thick

terrigenous sequence comprising mainly arenaceous and argillaceous, together with minor rudaceous,

lithologies deposited in a fluvio-deltaic environment in the centre of the Archaean Kaapvaal Craton of South

Africa (Robb and Meyer, 1995). The regional geology of the Witwatersrand Basin is shown in Figure 6-1.

The Witwatersrand Basin hosts the Witwatersrand Supergroup, which either conformably or unconformably

overlies the metamorphosed volcanic and minor clastic sediments of the Dominion Group (Tucker et al.,

2016). The Dominion Group overlies the older granite-greenstone basement.

The majority of the Witwatersrand Supergroup is capped by the volcano-sedimentary sequence of the

Ventersdorp Supergroup through an angular unconformity. The Ventersdorp Supergroup is in turn overlain

by the dolomitic and quarzitic sequence of the Transvaal Supergroup, and sediments of the Karoo

Supergroup (Tucker et al., 2016). Several suites of dykes and sills cut across the Archaean basement and the

Witwatersrand, Ventersdorp, Transvaal and Karoo supergroups, and form important geological time-markers.

The Witwatersrand Supergroup is sub-divided into the basal West Rand Group (“WRG”) and overlying CRG

(Robb and Robb, 1998). The WRG extends over an area of 43,000km2 and is up to 5,150m thick. It is sub-

divided in three subgroups, namely, from bottom upwards, the Hospital Hill Subgroup; Government

Subgroup and Jeppestown Subgroup. The stratigraphic succession of the WRG mainly consists of shale

sediments, with occasional units of banded iron formation and conglomerate.

The CRG is up to 2,880m thick and covers an area of up to 9,750km2, with a basal extent of c.290km x 150km.

It is sub-divided into the lower Johannesburg Subgroup and upper Turffontein Subgroup as shown in Figure

6-2. These subgroups are separated by the Booysens Shale Formation. The stratigraphic succession of the

CRG comprises coarse-grained fluvio-deltaic sedimentary rocks.

The major gold bearing conglomerates are mostly confined to the CRG, and these conglomerate horizons are

known as reefs. The most important reefs within the CRG are at six stratigraphic positions, three within the

Johannesburg Sub-group and three within the Turffontein Sub-group. The reefs are mined in seven major

goldfields, and a few smaller occurrences, which extend for over 400km in what has been called “The Golden

Arc”. This arc is centered on the prominent Vredefort Dome, as shown in Figure 6-1, which is thought to be a

major meteorite impact site in the centre of the Witwatersrand Basin (Therriault et al., 1997). The goldfields,

as shown in Figure 6-1, include: East Rand, South Rand, Central Rand, West Rand, West Wits, Klerksdorp, Free

State (Welkom), and Evander.

6.2Local Geology

Tshepong North is located within the Free State Goldfield (Figure 6-1). The stratigraphic column of the Free

State Goldfield is presented in Figure 6-2. The Johannesburg Subgroup comprises the Virginia, St Helena,

Welkom, Harmony and Dagbreek formations.

The Free State Goldfield forms a triangle between the towns of Allanridge, Welkom and Virginia. The area is

host to several gold mines, all of which produce gold from auriferous bearing reefs situated within sediments

of the Central Rand Group of the Witwatersrand Sequence (Figure 6-2). Most of the presently exploitable

reefs are situated within five stratigraphically separate placers including the Basal/Steyn, Saaiplaas Leader, B,

Kimberley and Eldorado, with the majority of tonnage derived from the Basal/ Steyn and Saaiplaas Leader.

The Witwatersrand and overlying Ventersdorp lavas were deposited in a basin with significant and continual

down warping to accommodate the sediments and lavas. During Platberg times, the basin underwent a

significant rifting and tilting event, resulting in the region being split by significant faults. These faults are

generally westerly dipping, with downthrows to the west, and strata dipping generally to the east.

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Figure 6-1: Regional Geology of the Witwatersrand Basin

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Figure 6-2: Simplified stratigraphy of the Free State Goldfield

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The general orientation of the Witwatersrand Supergroup succession in the Free State Goldfield is

interpreted as north-trending within a syncline that is plunging to the north (Figure 6-3). The syncline is cut

by two major faults resulting in the formation of three major fault bounded blocks:

•Odendaalsrus Section to the west of the De Bron fault;

•the Central Horst between the De Bron and Homestead faults; and

•the Virginia Section to the east of the Homestead Fault.

The Central Horst was uplifted, and the Central Rand Group rocks eroded away prior to deposition of the

Ventersdorp Supergroup and therefore comprises West Rand quartzites. The western margin of the

Tshepong North Lease is also marked by structures including the Ophir Fault that is bisected into eastern and

western portions by a second, the Dagbreek Fault.

A cross section through the fault bounded blocks is presented in Figure 6-4.

6.3Property Geology

The principal gold-bearing orebodies at Tshepong North Mine are the stratiform and strata-bound Basal Reef

(or Basal Reef Zone (“BRZ”)) (Figure 6-2) and the B Reef. The B Reef, located approximately 150m to 170m

stratigraphically above the Basal Reef, has become the dominant production horizon and currently accounts

for approximately 60% of the mine’s production volume.

6.3.1Basal Reef Lithology

The Basal Reef comprises a thin conglomerate, overlain by clean ‘placer’ quartzites. The Basal Reef is

underlain by a thick series of siliceous and argillaceous quartzites comprising the Welkom Formation and

overlain by shales and quartzites of the Harmony Formation, both of the Johannesburg Sub-group of the CRG.

The Basal Reef sits unconformably on the Welkom Formation (Figure 6-2).

The Upper Cycle Black Chert facies Basal Reef prevails in the south of the Tshepong North area and consists

of a slightly polymictic (yellow shale specks present), matrix-supported medium-pebble conglomerate with a

more gradational contact absent of carbon, where mineralization is associated with fine disseminated and

buck-shot pyrite. The conglomerate is slightly thicker compared to the Lower Cycle, but is also overlain by

barren reef quartzite, the entire package being characteristically up to only 40cm thick. The lower Khaki Shale

is up to 1m thicker.

6.3.2B Reef Lithology

The B Reef at Tshepong North occurs approximately 150m stratigraphically (or approximately two production

working levels) above the Basal Reef. Consequently, the B Reef is not normally intersected in either Basal

Reef development or routine diamond drilling.

The lowest unit is a basal lag (B1), overlying Doornkop Quartzite Formation. Where this unit is developed (or

preserved), it may be highly mineralized oligomictic or polymictic conglomerate, with visible gold, buckshot

pyrite and carbon mineralization. This unit may carry gold values of many thousands of cmg/t and represents

a potentially rewarding area for further exploration.

The unit overlying the B1 may be either B2, which comprises a mildly erosive pebbly quartzite formation,

and/or the stratigraphically younger Zone B3, which is a polymictic conglomerate with low values and is

erosional into the underlying A and B zones.

The B Reef at Tshepong South is located about 140m stratigraphically above the Basal Reef and varies in

thickness from 10cm to 170cm. The conglomerate varies in character depending on the facies, with B1 being

a small to medium pebble conglomerate and usually no more than 30cm thick with abundant carbon. The B2

facies is a small pebble lag in an argillaceous quartzite, with little to no mineralization. B3 facies is a 20 to

150cm thick conglomerate, mature, well packed, with pebble sizes varying from small to cobble size, very

polymictic, normally with abundant pyrite and some carbon. This is the most common facies.

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Figure 6-3: Structural Geology of the Free State Goldfields

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Figure 6-4: Tshepong North Cross Section

Source: Modified after Tucker et al. (2016)

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6.3.3Structure

At Tshepong North, the Dagbreek Fault that strikes north-south bisects the mine into western and eastern

domains. The shaft infrastructure itself is situated largely within the zone of fault loss associated with the

Dagbreek Fault (Figure 6-3 and Figure 6-4).

The fault has a variable down throw to the west of approximately 350m, with no significant lateral

displacement. It is interpreted as an early compressional structure that has experienced later Platberg age

relaxation and subsequent extension. Reef in the eastern domain dips to the east at an average of 23° and

extends from 55 Level (1,674m depth) to 66 Level (2,010m depth), which is the lowest working level of the

Main shaft. Tshepong North has completed the Sub 71 Decline Capital Project, which extends access down

dip to 77 Level (2,350m depth), the lowest planned working level of the Sub 71 Decline Project.

Relative to the eastern domain, the western domain at Tshepong North is more structurally deformed. This is

prevalent to the north where major block rotation has occurred resulting in the reef dipping to the west. The

structural complexity of this western domain necessitates an intensive, ongoing drilling programme to locate

fault bounded reef blocks.

A second structural family of faults and dykes occurs on a NW-SE trend and are thought to be conjugate to

and thus of a similar age to the Dagbreek Fault system, but this direction of faults tends to be associated with

lateral shifts.

Many faults shown signs of lateral displacement, but the amount of this displacement is often difficult to

determine. These faults are typically oriented between N-S and NNW-SSE. Maximum displacement identified

thus far is approximately 200m on the Thelma Fault.

Yellow porphyry, acicular and quartz diorite dykes are found in the Ventersdorp suite of intrusives, while

Karoo dolerites and lamprophyres occur in the post-Ventersdorp suite of intrusives. These intrusives tend to

utilise any plane of weakness in their passage. It is therefore not unusual to find an intrusive infill along the

various fault planes and other faults within the mine area. Accompanying gouge material, showing slicken-

siding along the contacts of the intrusions, indicates that movement has taken place after these rocks were

intruded.

6.4Mineralization

The gold mineralization in the Witwatersrand deposits is believed to have followed an episode of deep burial,

fracturing and alteration. The mineralization model is that Archean gold bearing hydrothermal fluid was

introduced into the conglomerates and circulated throughout in hydrothermal cells. The fluids precipitated

gold and other elements through reactions that took place at elevated temperatures along the reef horizons,

which was the more favourable fluid conduit.

The generic mineralization model for Tshepong North Basal Reef is based on structurally controlled fluid flow

within a conglomerate hosted lithology. Fluid flow is dependent on the permeability of the host rock mass

during mineralization. Fluid flow, permeability and subsequent gold mineralization are believed to be

controlled by four key factors, including:

•Stratigraphy;

•the presence or absence of mineralization age thrust faulting;

•sedimentology; and

•precipitation agent

It is the QP's view, the sedimentological parameters are more influential and predictive for gold distribution

on a regional scale.

6.4.1Basal Reef

Within the Lower Cycle Black Chert facies, mineralization is characterized by a fine disseminated interstitial

pyrite, together with a carbon contact. Mineralization is associated with the carbon contact and

conglomerate, although some concentration is also found just below the upper reef contact. At the top of the

reef is a granular textured often gritty quartzite with fine pyrite stringers about 10cm thick.

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In the Upper Cycle Black Chert Facies, mineralization is associated with the carbon contact and conglomerate,

although some concentration is also found just below the upper reef contact. It does not have such a well-

developed carbon contact as the Lower Cycle facies and is often of lower grade.

6.4.2B Reef

The B1 facies has abundant carbon and gold as associated with the carbon. The B2 facies has little to no gold

mineralization, while the B3 facies normally has abundant pyrite and some carbon. Free gold is found in

association with the flyspeck carbon.

6.4.3Alteration

Alteration is evident in the Basal Reef and B Reef at Tshepong North and is a result of the hydrothermal fluids

that infiltrated the reef and have overprinted on the original mineral assemblage. The reefs contain

authigenic sulphides such as pyrite, and other minerals associated with alteration such as chlorite. Gold

associations with these mineral assemblages indicate a strong correlation of gold mobilisation and

redistribution at the time of the hydrothermal fluid influx.

While alteration is an important part of the mineralization, alteration is not used for the identification,

modelling or mining of the reefs.

6.5Deposit Type

Tshepong North deposit is classed a meta-sedimentary gold deposit. Folding and basin edge faulting have

been important controls for sediment deposition and gold distribution patterns within the Witwatersrand

Basin and fold trends have been employed in the economic evaluation of various reef horizons.

6.6Commentary on Geological Setting, Mineralization and Deposit

The regional geological setting, local and property geology, mineralization and deposit-type for Tshepong

North is well established, through many decades of exploration and mining. Reliable geological models, maps

and cross sections are available that support the interpretations and inform the Mineral Resource estimates.

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7Exploration

Section 229.601(b)(96)(iii)(B)(7) (i-vi)

Geological data has been obtained through initial surface drilling, followed by underground drilling, mapping

and channel (chip) sampling.

Exploration from underground platforms is currently continuing for Tshepong North sub-75 development and

B Reef ESU block, to improve geological confidence.

Tshepong North and South operations are continuously undergoing B Reef exploration drilling to identify any

potential continuation of the current pay shoots connecting these mines.

7.1Geophysical Surveys

Initial exploration included a historical geophysical seismic survey to obtain information of subsurface rock

formations and geological structures using shock wave reflections and surface diamond core drilling. The

current Mineral Resource model is no longer informed by the geophysical seismic survey and the model relies

only on borehole information and underground mapping information.

7.2Topographic Surveys

As an underground operation, topographic surveys are not material to the Mineral Resource estimates.

7.3Underground Mapping

Face and reef development mapping is undertaken by a team comprising a Sampler or Geologist, and an

assistant. Face tapes are setup along gullies and the stope face and secured with reference to the latest

survey pegs installed in the workplaces. Reef position and other lithological and stratigraphic information is

collected and measured relative to the reference tapes. The information is captured in a notebook.

Once at surface, the person responsible transfers the information from the notebook into DeswikTM, where a

mapping report is produced for each mapped workplace. The mapping reports depict the geological

information graphically relative to the survey measurement points. Data from the mapping is also

incorporated into the geological models.

Approximately 80-90% of all workplaces are inspected by member of the Geosciences team monthly to

ensure that suitable mapping information coverage is achieved.

7.4Channel Sampling Methods and Sample Quality

Channel sampling of underground panels are carried out on monthly basis. Sampling is conducted

perpendicular to the channel contact across the exposed channels. The section lines demarcating the width

of the sample are drawn parallel to the reef waste contact while those demarcating the length of the sample

are drawn at right angles to the reef waste contact and are marked 10cm apart. The samples are chipped out

between these section lines.

The sampler ensures that the face is clean and free of any contamination during chipping and avoids spillage

while bagging the underground chip samples to ensure integrity.

Sampling of the Basal Reef and B Reef stoping channels are undertaken at the advancing face on a grid

spacing of 5m x 5m. The sampling process is audited monthly and annually by the Geoscience Manager.

Development sampling is on 2m intervals for Basal reef and B Reef. The results are captured into the

information system and plotted on a development sampling sheet.

Sample integrity is maintained through a controlled chain-of-custody process. Upon arrival on surface,

samples are deposited into a secure steel chute feeding directly into a locked sample bin within the shaft

area, preventing unauthorized removal. The Sample Crew Supervisor unlocks the bin, performs a physical

sample count, and reconciles the total against the Assay Analysis Forms.

Following verification, a waybill is prepared and the samples are transported to the assay laboratory in a

locked sample box under the supervision of the Sample Crew Supervisor. Upon receipt at the laboratory, the

sample box is opened in the presence of authorized laboratory personnel, the samples are counted and

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reconciled against the dispatch records, and the Laboratory Supervisor signs the Assay Analysis Form to

confirm receipt. This process ensures sample security, traceability, and accountability from collection through

to laboratory submission.

The location of sample sections collected from the Basal and B Reef, to date, are shown in Figure 7-1 and

Figure 7-2. A total of 863 gold sample sections on average are taken monthly, 432 Basal Reef and 431 B Reef.

7.5Surface Drilling Campaigns, Procedures, Sampling, Recoveries and Results

Most surface drill holes used in the estimation of the current Mineral Resources were drilled by AngloGold

Ashanti, or its forebears, before Harmony acquired Tshepong North.

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Figure 7-1: Location of Channel Samples Collected from the Basal Reef

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Figure 7-2: Location of Channel Samples Collected from the B Reef

7.5.1Drilling Methods

The surface diamond core drilling has been undertaken using a thin-walled core barrel (AXT size core barrel)

that delivers 35.51mm core. A single mother hole is drilled, typically with deflection holes drilled from it.

The drill grid spacing of the surface drill hole intersections is up to 100m and is often required to be

complemented by underground drill hole intersections. The accuracy of the surface drilling intersection

positions from drill holes that are from 2,000m to 3,000m in depth is the major limiting factor of achieving

the planned grid. Long surface drill holes often deflect and controlling direction over that depth has always

been challenging in the South African gold mining context.

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7.5.2Collar and Downhole Surveys

The drill holes are surveyed to confirm both collar position and trajectory. Drill hole collar and downhole

surveys are conducted on all surface drill holes.

Surface drill hole collars are surveyed by internal Land Survey Department. Underground drill hole collars are

checked against layouts issued to diamond drilling.

Downhole surveying is conducted using non-magnetic north seeking Gyro tools as supplied by a certified and

specialised downhole survey company, Digital Surveying (Pty) Limited. The instrument is a magnetic based

tool and as such all readings are relevant to magnetic north. The survey data is collected with an in-run and

out-run per borehole. The dip and azimuth difference must be within 0.5° and 1.5° on the in-run and out-run

respectively.

7.5.3Logging Procedures

Upon arrival at the core yard located on-site, drill core is marked at every meter interval. The core is then

orientated so that the low point of bedding is coincident with the edge of the angle iron. The cut line is

defined by the low point of the bedding at the base of the reef zone, when viewed as per convention, from

left to right in the direction of increasing depth, is drawn parallel to the core. The core is then rotated

through 90° and a yellow line was then drawn parallel to the core, to define the retention half core.

All drill cores are photographed prior to logging and sampling. The geologist conducts the core logging.

Drill core logging is quantitative and qualitative. The following information is recorded:

•lithology;

•packing density;

•roundness;

•sorting;

•contact type, grain/pebble size;

•sediment maturity; and

•mineralization; and alteration.

The geologist responsible for logging the core stores the original paper record. Core logging is also stored

electronically using Datamine Fusion software. Internal peer reviewing is undertaken on the interpretation of

the stratigraphy and spatial correlation of drill holes.

Observations are captured on the diamond drilling database by geologists. The logs are checked by the Senior

Geologist prior to sampling. Logging procedures are conducted as per the Harmony company standards,

which are used on all underground mines and are best practice and have been in place since 2001.

7.5.4Drilling Results

The location of the surface and underground drill holes intersecting the Basal and B Reefs are presented in

Figure 7-3 and Figure 7-4. There are no recent surface drilling results (Table 7-1), all surface drilling dates

back to previous project owners and is pre-2017. All acceptable and representative reef intersection assay

results have been included into the geological modelling and Mineral Resource estimation process. These

drill holes were drilled to a depth of 2,373m below the surface.

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Figure 7-3: Location of Surface and Underground Drill Holes on the Basal Reef

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Figure 7-4: Location of Surface and Underground Drill Holes on the B Reef

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Table 7-1: Summary of Surface and Underground Drilling for Tshepong North


Year	Company	No. Drill Holes	Surface (m)	Underground (m)
2018	Harmony	150	—	17,794
2019	Harmony	141	—	16,745
2020	Harmony	149	—	17,656
2021	Harmony	158	—	18,669
2022	Harmony	198	—	21,978
2023	Harmony	230	—	12,633
2024	Harmony	194	—	11,478
2025	Harmony	96	—	11,060
Total		1,316	—	128,013

7.5.5Core Recovery

Upon delivery to the core yard, and prior to logging and sampling, the drill core is checked to ensure 100%

core recovery. Core recovery is determined by dividing the measured length of the recovered core by the

total length of the core run.

An intersection is complete and representative if core recovery is greater than 99%. Drill holes with poor

recovery are not sampled. Extra caution is taken during the drilling process to ensure maximum core recovery

on reef intersections, to prevent sample bias.

Reef intersection “acceptability” is categorised as per the criteria summarized in Table 7-2 and is determined

by geologists based on, amongst others, drill core condition and faulting. The acceptability is verified for each

reef intersection before the assay results are used for Mineral Resource estimation.

All surface boreholes incorporated into the Mineral Resource model had 95% recovery over the coring

portion. Only acceptable reef intersections were used for Mineral Resource estimates.

Table 7-2: Drill hole Acceptance Criteria


Category	Comment
Acceptable	100% core recovery in the reef zone, or very minor loss due to reef chipping. No evidence of faulting within the reef horizon or at either contact with hanging wall or footwall lithologies.
Minimum value	Light to moderate disking of core in the core barrel due to drilling and/or ground conditions. Visual observations indicate that the conglomerate portion of the reef is usually more prone to disking, resulting in possible gold loss.
Faulted minimum value	If the fault loss is considered to be minor, this term may be used if the geologist is certain that only low-value internal quartzite is missing from the intersection.
Not acceptable	Heavy disking of core which may indicate core loss, partial known core loss due to grinding. Also faulting of any description within the reef zone.

7.5.6Sample Length and True Thickness

Mineralization of the reefs is perpendicular to or at an angle to the drill holes. As such, all drill hole reef

intersection widths are corrected to true thickness for gold value calculation.

7.6Underground Drilling Campaigns, Procedures and Sampling

Underground exploration drilling has been ongoing throughout the operational life of Tshepong North as the

mine deepens. Most of the underground drill holes used in the estimation of the current Mineral Resources

were drilled by AngloGold Ashanti before Harmony acquired the mine.

7.6.1Drilling Methods

Underground diamond core drilling is conducted using hydraulically driven and pneumatic reverse circulation

drill rigs, which typically delivers an AXT size core (35.51mm). These are short drill holes rarely exceeding

200m in length.

Fans of drill holes are drilled from diamond drilling bays, which are developed at 50m intervals along footwall

development cross cuts and 100m intervals along haulages and return airways. The drilling fans consist of up

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

to ten individual drill holes at inclinations ranging from -15° to +30° of vertical, or as dictated by local

geological structures.

7.6.2Collar and Downhole Surveys

The drill holes used for reef delineation at Tshepong North are surveyed on recommendation of the

geologist. In general drill holes at depth >120m and at an angle less than 20 degrees are surveyed with a

98%accuracy (these drill holes are drilled very seldom). Surveys are done to confirm both collar position and

trajectory. Drill hole collar and downhole surveys are conducted on long inclined borehole (“LIBs”) or long

vertical boreholes (“LVBs”), as well as on most of the groundwater boreholes (“GBH”) and dewatering

boreholes (“DBH”) drilled on the mine.

Surveying of exploration drill holes at Tshepong North is outsourced to Digital Surveying (Pty) Limited.

Downhole surveys are conducted on all LIB/LVB drill holes using non-magnetic north-seeking Gyro tools to

verify drill hole trajectories. Survey data are quality checked, captured in Fusion Datamine™ and transferred

to the Datamine™ database. Gyro surveys are referenced to true north and are collected using both an in-run

and out-run for each borehole. The dip and azimuth differences between the in-run and out-run surveys are

required to be within 0.5° and 1.5°, respectively.

All records received from the survey company are checked for quality and then captured and stored in the

electronic databases.

7.6.3Logging Procedures

Upon arrival at the core yard located on-site, drill core is marked at every meter interval. The core is then

orientated so that the low point of bedding is coincident with the edge of the angle iron. The cut line is

defined by the low point of the bedding at the base of the reef zone, when viewed as per convention, from

left to right in the direction of increasing depth, is drawn parallel to the core. The core is then rotated

through 90° and a yellow line was then drawn parallel to the core, to define the retention half core.

All drill cores are photographed prior to logging and sampling. The geologist conducts the core logging.

Drill core logging is quantitative and qualitative. The following information is recorded:

•lithology;

•packing density;

•roundness;

•sorting;

•contact type, grain/pebble size;

•sediment maturity; and

•mineralization; and alteration.

The geologist responsible for logging the core stores the original paper record. Core logging is also stored

electronically using both DeswikTM and Fusion DatamineTM software. Internal peer reviewing is undertaken

on the interpretation of the stratigraphy and spatial correlation of drill holes.

Observations are captured on the diamond drilling database by geologists. The logs are checked by the Senior

Geologist prior to sampling. Logging procedures are conducted as per the Harmony company standards,

which are used on all underground mines and are best practice and have been in place since 2001.

7.6.4Drilling Results

In 2025, ending December, a total of 81 underground boreholes were drilled. Of these, 19 were on the Basal

Reef, with an average channel width of 22 cm and an average grade of 742 cmg/t. Additionally, 62 boreholes

were drilled on the B Reef, with an average channel width of 174 cm and an average grade of 891 cmg/t.

Tables 7-3 and 7-4 present a summary of the 2025 underground drilling results for the Basal Reef and B Reef

at Tshepong North, which were used in the Life of Mine estimation model.

7.6.5Core Recovery

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Tshepong North, Free State Province, South Africa

Upon delivery to the core yard, and prior to logging and sampling, the drill core is checked to ensure 100%

core recovery. Core recovery is determined by dividing the measured length of the recovered core by the

total length of the core run.

A reef intersection is complete and representative if core recovery is greater than 99%. Drill holes with poor

recovery are not sampled. Extra caution is taken during the drilling process to ensure maximum core recovery

on reef intersections, to prevent sample bias.

Reef intersection “acceptability” is categorised as per the criteria summarized in Table 7-2 and is determined

by geologists based on, amongst others, drill core condition and faulting. The acceptability is verified for each

reef intersection before the assay results are used for Mineral Resource estimation.

All surface boreholes incorporated into the Mineral Resource model had 95% recovery over the coring

portion. Only acceptable reef intersections were used for Mineral Resource estimates.

7.6.6Sample Length and True Thickness

In areas where drill holes intersect the orebodies at obtuse angles, the sampled width is corrected for true

thickness using the angle of intersection and the drilled width. The true thickness is used to determine the

value the gold content of the reef.

7.7Hydrogeology

Tshepong North has a good understanding of the local geology and geohydrology through numerous

geohydrological and mass transport models done over the years.

Tshepong North mine is characterized by two aquifers:

•A Shallow Weathered and Fractured Karoo Aquifer (Karoo Formations): A shallow, weathered aquifer

exists in the weathered shale and sandstone at an average depth of 10m – 20m below ground level.

The most consistent water strike is located at the fresh bedrock / weathering interface.

◦The primary porosity of the Vryheid Formation is very low. Any water bearing capacity is therefore

associated with secondary joints, bedding planes and faults. The contact zones of dolerite intrusions

are considered the primary source of groundwater flow within the deeper formations.

◦The two aquifers may or may not be hydraulically connected, dependent on the local geology.

•A Deep Witwatersrand/Ventersdorp Aquifer: The deep brine Witwatersrand aquifer is situated

approximately 300m below surface. This aquifer is thought to be connate (i.e. original formation

water) or extremely old (fossil) water and is usually concentrated on geological structures such as fault

zones or igneous intrusions (e.g. dykes).

The major fractures that formed during the Ventersdorp tectonic events were filled with water to a depth of

several kilometres. The impermeable nature of the overlying Karoo sediments, particularly the Dwyka

Formation at the base of the Karoo, effectively sealed off the aquifer (Van Biljon, 1995). Post-Karoo

movement and intrusions provided conduits for leakage from the Karoo aquifers to the deep Witwatersrand

aquifer. However, the deep aquifer recharge from surface is regarded as negligible and at best localized (Van

Biljon, 1995).

This is concluded based on the dewatering of this aquifer over the past 40 years during which the water

levels in the Witwatersrand aquifer dropped significantly. Underground dewatering boreholes have dried up

in some instances (Van Biljon, 1995).

Previous studies concluded the following:

•There is no or very limited hydraulic connectivity between the Karoo aquifers and the deeper

Witwatersrand aquifer.

•Recharge to the Witwatersrand aquifer is negligible.

•Once the Witwatersrand aquifer is dewatered (or the water level lowered) it will not recover. The

estimated post-mining water level in the Witwatersrand aquifer will therefore be deeper than the pre-

mining water level of ~200m below surface.

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

7.8Geotechnical Data

Geological exploration drilling is generally not designed to obtain geotechnical information. Geotechnical

data are collected independently by the Geotechnical Engineer using appropriate geotechnical investigation

methods. Geotechnical issues related to underground workings are discussed in more detail in the Mining

and Mine Design sections (Section 13).

Numerical modelling is done using rock mass characteristics from geological core samples, to determine the

rock wall condition factor and average pillar stress. A point load test machine is used to conduct point load

tests of random rock samples, correlating it with core testing results. Applying the geotechnical properties

obtained improves back analysis of seismic events and building a more comprehensive geotechnical model of

the mine. Quality assurance is enhanced by using expert external service providers where applicable.

A seismic network is utilized at Tshepong North to monitor seismicity which consist out of 25 component

geophones which are installed across the mine and 2 regional seismic sites is also installed. The digital seismic data is

transmitted from the seismic underground stations to the surface seismic server (RTS) via the mines Hirschman

switches and through ADSL, the Ethernet (LAN) based infrastructure available on the mine. Automatic as well

as Manual processing of the recorded seismic data is done by the Institute of Mine Seismology. On Harmony

the objective of seismic monitoring is to prevent seismicity. The seismic network is planned to a horizontal

accuracy within 25 to 50m with a network sensitivity of (Mmin) – 0.0 to 0.5. The seismic monitoring system is

designed to provide information to the rock engineering practitioner and production officials on a daily and

monthly basis. Daily, seismic plots are produced to indicate the existence of “high seismic deformation”

areas.

Table 7-3: Summary of Recent Tshepong North Underground Drill Holes Intersecting the Basal Reef


Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)
2025	GBH 9183	737	23
2025	GBH 9196	180	17
2025	GBH 9199	174	21
2025	GBH 9201	559	16
2025	GBH 9202	342	17
2025	GBH 9225	629	25
2025	GBH 9231	486	25
2025	GBH 9236	216	15
2025	GBH 9247	1,976	23
2025	GBH 9249	766	25
2025	GBH 9250	535	21
2025	GBH 9253	689	16
2025	GBH 9256	81	25
2025	PBH 49	3,496	19
2025	PBH 53	1,079	18
2025	PBH 57	1,117	25
2025	PBH 58	223	24
2025	PBH 59	343	48
2025	PBH 60	461	23

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

Table 7-4: Summary of Recent Tshepong North Underground Drill Holes Intersecting the B Reef


Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)	Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)
2025	GBH 9126	1723	174	2025	GBH 9277	1405.9	195.1
2025	GBH 9128	953	285	2025	GBH 9278	1619.5	169
2025	GBH 9131	403	116	2025	GBH 9279	759.3	312.4
2025	GBH 9137	243	64	2025	GBH 9284	30.4	45.1
2025	GBH 9176	117	58	2025	GBH 9286	1487.4	596.7
2025	GBH 9184	187	113	2025	GBH 9287	427.2	171
2025	GBH 9191	40	67	2025	GBH 9288	482.7	209.9
2025	GBH 9192	45	100	2025	GBH 9289	1039.3	460.4
2025	GBH 9194	439	217	2025	GBH 9291	832.1	136.1
2025	GBH 9195	505	249	2025	GBH 9293	517.8	283.8
2025	GBH 9197	331	139	2025	GBH 9294	1710.5	410.6
2025	GBH 9198	34	68	2025	GBH 9294	1710.5	410.6
2025	GBH 9203	1047	110	2025	GBH 9295	2353.7	165.4
2025	GBH 9204	84	177	2025	GBH 9296	2180.1	251.7
2025	GBH 9211	182	38	2025	GBH 9297	257.6	126
2025	GBH 9215	203	227	2025	GBH 9299	163.4	134.8
2025	GBH 9216	380	162	2025	GBH 9300	722.7	87.3
2025	GBH 9217	52	72	2025	GBH 9301	434.4	284
2025	GBH 9218	116	83	2025	GBH 9304	420.8	69.4
2025	GBH 9223	8472	77	2025	GBH 9305	376.3	365.5
2025	GBH 9227	2194	136	2025	GBH 9307	41.9	65.1
2025	GBH 9229	146	108	2025	GBH 9308	454.5	294.6
2025	GBH 9237	1451	159
2025	GBH 9240	2618	95
2025	GBH 9241	882	130
2025	GBH 9244	426	117
2025	GBH 9245	1105	97
2025	GBH 9248	2949	91
2025	GBH 9251	1219	147
2025	GBH 9255	192	168
2025	GBH 9258	40	67
2025	GBH 9259	814	123
2025	GBH 9265	571.8	212.1
2025	GBH 9266	398.4	290.5
2025	GBH 9267	915.1	163.1
2025	GBH 9271	670.2	155
2025	GBH 9272	1057.5	189.1
2025	GBH 9273	469.7	215.7
2025	GBH 9274	33.1	118.2
2025	GBH 9276	2091.4	195.5

7.9Commentary on Exploration

Surface drilling was used as the initial exploration drilling, and this was later infilled to provide sufficient

detail for geological modelling and Mineral Resource estimation. The underground infill drilling system is in

place to improve data density in specific areas and are drilled from the underground development access

drives.

Logging procedures are conducted as per the Harmony company standards, which are used on all surface and

underground mines and are best practice and have been in place consistently since 2001. Previously

extensive drilling together with 3D seismic surveys was done and the Tshepong North geology and

depositional environment is relatively well understood. All information is safely stored at the Harmony Steyn

offices.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is

sufficient to support the estimation of Mineral Resources and Mineral Reserves.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

8Sample Preparation, Analyses and Security

Section 229.601(b)(96)(iii)(B)(8) (i-v)

This section summarizes information relating to the sample preparation on site through to the laboratory

preparation and analysis.

8.1Sampling Method and Approach

Sample types used to support both production and geological exploration include diamond drill core samples

and channel (chip) samples.

8.1.1Channel Samples

Channel sampling is (and was by Anglo previously) undertaken according to industry best practice, and

presently now according to Harmony’s Underground Sampling Procedure which incorporates QA/QC

principles. Tshepong North sampling grid on the Basal Reef and B Reef stoping is a 5m by 5m interval grid.

For development, Basal Reef and B Reef are sampled at 2 m intervals; the full extent of the on-reef

development must be sampled on one sidewall.

Samples are chipped from the advancing face from within clearly measured and marked channel sections,

including the 2cm hanging wall and footwall width. Sample widths are measured at right angles to the dip of

the reef. Individual sample widths are measured from bottom to top along the two parallel lines. Two clino-

rules are used for measuring the sample widths. One ruler is held horizontally with the spirit level on strike,

and another held at right angles to the dip. The two rulers must cross each other at right angles. The face

measured must agree with the totals of all individual widths. All measurements are made to the nearest

centimetre.

The channel and sample lines are chipped out using a standard chisel and mallet, bagged, labelled with a

unique sampling number, and sealed. An adequate mass of each sample is collected to allow sufficient sized

aliquots to be analysed at the designated laboratory. The minimum sample weight sent for assay is

approximately 300g.

Samples are weighed and submitted to the designated laboratory for analyses. All inter-person transfers are

recorded. This process continues until the samples have been submitted to the laboratory.

From 2003, a total of 313 466 samples from the Basal Reef and B Reef were taken. The results indicated various

geological information regarding facies, depositional environment and grades which is useful in identifying

and delineating areas of economic interest. The results have, however, been included into the geological

modelling and Mineral Resource estimation process.

8.1.2Core Samples

Diamond drill core is transported to the on-site storage facility under the supervision of a Senior Geologist.

Upon arrival, the core is logged and sampled according to the internal Harmony Drill hole Sampling

Procedure.

Where possible the entire channel width intersected in each drill hole is split using a diamond drill core cutter

and one half of the sample is bagged, tagged and sent to the designated laboratory for assay. The remaining

half is retained for future reference. If the core condition or size is such that a successful cut cannot be

achieved, then the whole core is submitted for assay.

Pertinent data captured during sampling includes sample width (cm), mass, core lithological intersection

angles and a detailed visual description of the reef. The data is recorded in the drill hole database together

with the unique sample number, collection date and spatial location.

All samples are assessed and signed-off by the Senior Geologist for completeness and auditability, prior to

laboratory dispatch.

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

8.2Density Determination

The relative density of samples was determined through the work conducted by the Harmony Free State

central office regarding relative densities on the various shafts since August 2009.

More recently (2020), a total of 40 samples were taken from underground workings including hanging wall,

reef and footwall samples. The dry mass and the submerged mass of the samples in water were measured

and the density was calculated.

Tests have occasionally been conducted thereafter on samples collected from the working places. The QP will

request further density testing if required due to changes in Rock type being mined which is different from

the historical and current rock types being mined.

A single relative density of 2.72g/cm³ is used for Mineral Resource estimates.

8.3Sample Security

Chip samples are bagged, sealed and delivered by the samplers to the secured onsite sample collector bin on

the same day as they are collected. The sample bin is secured with two locks, one accessible by the sampling

team leader and the other by the security personnel. Both individuals must be present simultaneously to

unlock the bin and retrieve the samples. Samples are delivered to the laboratory by the transport

department.

Cores are delivered to the core yard at the end of each day’s drilling for secure storage. Sampling only takes

place at the core yard. The samples are bagged and sealed and stored until they are delivered to the

laboratory.

Samples are stored in a secure facility and can only be transported by a permit holder for transporting gold

bearing material. Waybills and registers are checked and signed off by security. The samples are received

from the mine in locked containers with seals.

The sample labels are scanned at the designated laboratory and the batches compared to the submitted

assay request sheets. The scanned bar codes are kept at the laboratory and compared to the work sheets

that are automatically created on the system.

8.4Sample Storage

All pulp samples of exploration drill hole intersections and underground chip sample are kept for a few

months at the laboratory and later discarded.

8.5Laboratories Used

Both the underground and surface exploration samples were historically sent to the SGS South Africa (Pty)

Limited (“SGS”) independent laboratory, with Anglo American Laboratories used as a secondary independent

laboratory. All historical data, underground chip sampling, both underground and surface borehole results

from previous “Owners”(Anglo Gold Ashanti) are included in the current valuation model.

All samples are currently sent to the Harmony Assay Laboratory located in Welkom for preparation and

assay. The laboratory is ISO/IEC 17025:2017 certified for chemical analysis by the South African National

Accreditation System (Accreditation No. T0520). Harmony Assay Laboratory is however not an independent

laboratory.

8.6Laboratory Sample Preparation

Upon receipt, the samples are dried, crushed, and milled to the appropriate size. Routine screen tests on

pulps by the assay laboratory are used to check comminution of samples to contract specification. The

contract specification is that the comminution should be 80% passing 75µm for Tshepong North.

The total percentage mass loss on each sample should not exceed 2%.

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

8.7Assaying Methods and Analytical Procedures

For the period September 2024 to August 2025 a total of 58,959 samples were submitted for analysis of gold.

Gold is analysed by fire assay with a gravimetric finish and uranium is analysed by XRF. For a period ranging

from 2010 up to March 2020, the development and drill hole reef samples were also assayed for uranium. As

uranium is not reported as a Mineral Resource or Mineral Reserve, assaying for uranium was discontinued.

After the preparation stage the samples are packed into trays and transported to the fluxing-room. A catch

weight aliquot of ±30g and a flux aliquot of ±100g is placed into a fire assay crucible and thoroughly mixed.

The samples are then transferred to the ovens for the fusion process. The cupellation process is where the

precious metals are collected in a lead button and then separated from the lead by means of oxidation

fusion. The gold prill is then added to a nitric acid solution to dissolve the silver and thereafter the remaining

gold prill is weighed to determine its mass relative to the original sample mass.

To ensure that a high standard of analysis is maintained, each step of the analytical process and procedure,

including the adherence to safety standards, is checked by a supervisor.

8.8Sampling and Assay Quality Control (“QC”) Procedures and Quality Assurance (“QA”)

The assessment of assaying accuracy and precision is carried out using Certified Reference Materials (“CRM”),

blanks and duplicates. CRMs and blank samples are added with the underground chip sample and drill hole

core sample streams prior to being sent to the assay laboratory.

In addition, quarterly audits of the laboratory processes and facilities are conducted by mine evaluators and

regional experts to monitor compliance and quality controls.

8.8.1Certified Reference Material

A range of CRMs were sourced from African Minerals Standards (“AMIS”) and inserted into the sample

sequence by the logging geologist.

For analysis of surface and underground drill holes, a minimum of one gold CRM and one blank sample is

required for every 20 drill hole samples assayed. This means that a minimum of 10% of the samples should be

composed of QA/QC material, however in batches composed of less than 20 samples the percentage QA/QC

to sample will be higher. This is to ensure that the correct QA/QC controls are available for every batch of

samples assayed.

Laboratory statistical control is deemed acceptable should CRMs be within three standard deviations of the

recommended value. Investigative action is taken when reference materials returned exceed the standard

deviation limit.

If the CRM or blank sample has been deemed to have failed, the entire batch of samples assayed with the

failed QA/QC sample will be identified. A request must then be sent to the laboratory requesting the

laboratory to repeat the assay procedure on all samples neighbouring the failed sample within the batch.

A second CRM or blank sample is provided to the laboratory to include with the batch of samples. Should the

batch of samples fail the QA/QC standards again, entire batch of samples are discarded and excluded from

the sampling database (not captured in the sampling system), and the panel/drill hole will have to be

resampled if necessary.

A total of 1,144 CRMs were submitted to Harmony Assay Laboratory for Tshepong North between September

2024 and August 2025. The results are summarized in Table 8-1. 75 out of 1,144 samples (6.5%) failed on the

initial assay. Samples that failed the second assay were subsequently deleted from the system and do not

form part of the model.

CRM failures were investigated through re-assay of the failed QA/QC sample and surrounding samples within

the affected batch. Where re-assay results were acceptable, the re-assay values were used. Where failures

persisted following re-assay, the affected samples of the batch were excluded from the sampling database

and was not used for Mineral Resource estimation. As a result, only compliant assay data were retained for

modelling. The initial CRM failure rate was appropriately addressed through the QA/QC protocol and did not

materially affect the Mineral Resource estimate as non-compliant data were either replaced with acceptable

re-assay results or excluded from the database. Subsequent precision monitoring using repeat assay data

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

demonstrated acceptable correlation, providing confidence that assay quality is adequate for Mineral

Resource estimation.

Table 8-1: Summary of Harmony Assay Laboratory CRM Performance for Tshepong North


Quality Control Material Type	No. of Samples Submitted	No. of Failed Samples	Action Taken
AMIS0455	246	12	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
AMIS0466	279	22	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
AMIS0785	256	21	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
AMIS0786	33	6	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
AMIS0866	27	—	No failures
AMIS0875	247	11	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
AMIS0898	56	3	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
Total	1,144	75

Table 8-2: Summary of Type of CRM used


Quality Control Material Type	Certified Value (Au g/t)	2 Std Deviations		Harmony Assay Lab
Quality Control Material Type	Certified Value (Au g/t)	UL	LL	Analysis	Outliers / Failures
AMIS0455	52.24	56.980	47.500	246	12
AMIS0466	42.40	45.100	39.700	279	22
AMIS0785	5.53	6.325	4.735	256	21
AMIS0786	4.44	5.025	3.855	33	6
AMIS0866	21.03	22.83	19.23	27	0
AMIS0875	30.98	33.38	28.58	247	11
AMIS0898	7.57	8.935	6.205	56	3

Quality Control Material Type	Expected Value (Au g/t)	2x Detection Limit		Harmony Assay Lab
Quality Control Material Type	Expected Value (Au g/t)	UL	LL	Analysis	Outliers / Failures
Course Blanks	<0.189	0.189	0	535	13
Crushed Blanks	<0.189	0.189	0	690	8
Pulverized Blanks	<0.189	0.189	0	267	8

8.8.2Blanks

A total of 1,492 blank samples were submitted to Harmony Assay Laboratory from September 2024 to

August 2025 for Tshepong North. The lowest detection limit at the laboratory is 0.063g/t. Twenty nine

samples plotted outside the 3x detection limit.

Failed samples were queried from the lab and re-assays were requested. If the re-assays failed the sample

sheet was deleted from the system.

8.8.3Duplicates

Analytical precision testing uses repeat assay results generated during CRM failure investigations.

Comparison of the original and repeat assay results demonstrated acceptable correlation and no evidence of

a material or systematic analytical bias. Based on this review, the laboratory analytical precision was

considered acceptable for Mineral Resource estimation purposes.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

For the samples analysed at Harmony Assay Laboratory from September 2024 to August 2025, results of

duplicate analysis indicated acceptable correlation at low, medium and higher grades. A total of 471

duplicate samples were analysed for Tshepong North and, out of the analysis, a total of 37 samples (7.8%)

were outside the average required mean value.

Failures were queried during the central QA/QC meetings held every six months.

8.9Comment on Sample Preparation, Analyses and Security

In the opinion of the QP that:

•the drill core sampling method is appropriate for the mineralization styles encountered at Tshepong

North;

•all underground chip sampling is representative of the channel sampled;

•the sample preparation, security and analytical procedures followed for gold grade determination are

adequate; and

•the results of the QA/QC assessment have been appropriately addressed to ensure that the assay

results of the primary samples are adequate for Mineral Resource estimation.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

9Data verification

Section 229.601(b)(96)(iii)(B)(9) (i-iii)

9.1Databases

Tshepong North drill hole and underground channel sampling data was previously captured and stored in

AuBIS electronic database. Upon acquisition of the mine, Harmony has migrated to data capture in the

GMSITM system. Since June 2025, all underground channel sampling data has been captured in the MineWare

Syncromine Sampling system, which serves as the current platform for sampling data management and

storage.

Geological core logging is stored using DatamineTM Fusion (“Datamine”). This database is protected through

administration rights allocated to an authorized administrator.

9.2Data Verification Procedures

The QP reviewed the annual Harmony Geostatistical Checklist process for the June 2026 Mineral Resource

estimate. This review was completed between October 2025 and January 2026 and included verification of

geological interpretations, geozone and structural models, drilling and sampling datasets, QA/QC

performance reports, resource estimation inputs and outputs and confidence classifications.

As part of this process, the QP reviewed the completed checklist documentation and supporting records,

including geological interpretation sign-off sheets, assay and laboratory QA/QC reports, database validation

reports, estimation parameter documentation, model-validation outputs, and reconciliation analyses. The QP

also reviewed material changes from the previous Mineral Resource estimate, including any modifications to

geological interpretations, estimation domains, compositing strategies, variography, search parameters,

classification criteria, and reporting assumptions.

The QP verified that the geological, sampling, analytical, database management, and estimation workflows

had been independently reviewed and approved by the responsible geologists, Ore Reserve Manager, and

Geostatistician in accordance with Harmony's governance procedures.

The QP verified that the data verification procedures included the following:

•the drill hole database was checked against the original logs;

•the database was integrated with DeswikTM and DatamineTM software to check for missing collar

coordinates, collar position and elevation errors, downhole survey errors, interval errors and duplicate

sample records;

•when assay results were returned from the laboratory, they were captured into the electronic

database by the Senior Evaluator and Geologist. The QC sample results were assessed for performance

before the primary sample results could be used for Mineral Resource estimation;

•the primary assay results captured in the database were validated by spot checking a selection of drill

holes used in the current Mineral Resource estimate; and

•the assays captured in the electronic database were checked against the original laboratory

certificates.

No material discrepancies or issues were identified that would materially affect the reliability of the Mineral

Resource estimate. The QP concluded that the underlying data, estimation procedures, and Mineral Resource

models were reasonable, internally consistent, and suitable for Mineral Resource reporting.

The QP's verification was based on review of the available documentation, databases, QA/QC reports,

estimation records, and reconciliation information. The QP did not independently re-sample drill core, re-

assay samples, or re-estimate the Mineral Resource model. These limitations were not considered material

because the review confirmed that appropriate controls, validation procedures, and technical sign-off

processes had been applied.

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Based on this review, the QP has not identified any material or systematic errors that would be expected to

have a material impact on the Mineral Resource estimate.

9.3Limitations to the Data Verification

Previous data has been verified through various methodologies i.e. a “post plot” of all sample points relative

to the mine workings are made in order to locate any co-ordination errors. When “manual” capturing (re-

digitising old assay tracings) of data occurs, there is a risk that entire sample sheets may be plotted

incorrectly due to the use of incorrect projections and or scales/constants. All co-ordination errors are

identified and corrected.

9.4Comment on Data Verification

The QP is of the opinion that the Tshepong North drill hole and sample databases are reliable and adequate

for the purposes Mineral Resource estimation.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

10Mineral Processing and Metallurgical Testing

Section 229.601(b)(96)(iii)(B)(10) (i-v)

10.1Introduction

Over the decades, Harmony has continuously refined and optimised these processes, ensuring consistent

gold recovery and efficient mineral extraction from diverse ore bodies. The company's well-established

metallurgical practices are crucial in understanding production dynamics, enabling precise forecasting, and

supporting informed management and operational decisions.

The standards and methodologies outlined in this document are meticulously designed to:

•Ensure Consistency and Accuracy: Harmony maintains rigorous gold allocation and metallurgical

accounting practices across all operations, ensuring that every ounce of gold is precisely accounted

for.

•Facilitate Data Integrity and Accessibility: All relevant data are systematically recorded and easily

accessible, allowing for transparent and informed decision-making based on reliable information.

•Support Continuous Optimisation: By reflecting ongoing optimisation efforts and established

processes, Harmony ensures that recovery estimates and test results are grounded in robust and

credible data.

Adhering to strict principles, Harmony's metallurgical accounting system guarantees the highest accuracy in

all tonnage and gold splits. This system provides a technically precise reflection of production per source and

ensures that data outputs undergo rigorous verification for accuracy and credibility.

Through this overview, Harmony is committed to maintaining the highest efficiency and technical excellence

standards in mineral processing and metallurgical testing practices.

10.2Sampling and Testing Methodologies

Harmony Gold Mining Company Limited employs a comprehensive range of mineral processing and

metallurgical testing procedures to ensure optimal recovery rates and efficient mineral extraction. These

methodologies are integral to maintaining high operational standards and achieving consistent gold recovery.

10.2.1Systematic and Continuous Sampling

Harmony utilises a systematic and continuous sampling approach, where ore samples are collected at various

stages of the mining and processing operations. This process is automated using mechanical samplers

strategically placed at critical points along the process flow, such as conveyor belts, feed points, and tailings

streams. These samplers operate without human intervention, thereby minimizing potential biases and

ensuring the samples accurately represent the processed material.

The sampling process is tightly integrated with the operations’ SCADA system, which controls the timing and

frequency of sampling. This integration ensures that samples are taken consistently, reflecting temporal and

spatial variations in the ore.

10.2.2Composite Sampling

Composite samples are created by aggregating individual samples taken over a specific period. This approach

is used to obtain a more representative sample that reflects the processed ore's average grade and

mineralogical characteristics. Composite sampling reduces the variability in smaller, discrete samples,

providing a more accurate reflection of the ore body as a whole.

10.2.3Calibration and Verification of Equipment

The accuracy and reliability of the sampling process are maintained through regular calibration and

verification of the equipment used. The mass flow systems, essential for calculating the dry mass of the ore,

are calibrated monthly by the Original Equipment Manufacturer (OEM). Additionally, slurry density

measurements, crucial for ensuring accurate mass calculations, are verified weekly by operational teams.

This regular calibration and verification are critical to ensuring the sampling system produces accurate and

representative results.

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10.2.4Specific Testing Procedures

Harmony conducts a variety of specific tests to address different aspects of the mineral processing workflow,

ensuring the representativeness of the samples:

•Comminution Testing: Involves crushing and grinding ore to liberate valuable minerals. Tests such as

the Bond Work Index and SMC are conducted to determine the hardness and grindability of the ore.

•Leaching Tests: Bottle roll and column leach tests are conducted to determine the ore's amenability to

cyanidation and other leaching methods. A typical bottle roll test involves transferring a weighed

sample into a leaching bottle, adding water to prepare slurries at 50% solids, and adjusting the pH

with hydrated lime to about 10.5. Sodium cyanide is added (concentration based on plant conditions),

and the bottles are rolled for 40 hours, with periodic pH checks and adjustments. After the leaching

period, the slurries are filtered, and the residues are analysed for gold content.

•Diagnostic Leaching is a laboratory technique used to identify the mineral phases associated with gold

and understand the causes of gold losses in the leaching process. This method involves sequentially

solubilizing the least stable minerals and extracting the associated gold, providing insights into the

disposition of gold within the ore.

10.2.5Analytical Laboratories

SGS South Africa conducts most of the Harmony's metallurgical testing. These laboratories are equipped with

advanced analytical instruments and follow rigorous testing methodologies. Essential procedures include fire

assay for gold analysis, with samples pulverized and analysed in triplicate using atomic absorption

spectroscopy (AAS) finish. SGS Laboratories ensure high accuracy and reliability in their testing processes,

adhering to strict quality control standards.

10.3Data Validation and Quality Control

Harmony employs a rigorous data validation and quality control process to ensure that the metallurgical test

samples are representative and that their data are accurate and reliable.

10.3.1Statistical Analysis

Harmony employs statistical analysis based on standard deviations to ensure the representativeness of

samples. Samples are monitored to determine if their values fall within a predefined range. Specifically, if a

sample’s value falls outside two standard deviations from the mean, it is identified as a "special cause." These

special cause samples are investigated further to understand the underlying reasons for the deviation,

ensuring any anomalies are identified and addressed promptly. This statistical approach helps maintain the

reliability and accuracy of the sampling process.

10.3.2Continuous Improvement

Harmony is committed to continuously improving its sampling and testing methodologies. The company

regularly reviews and updates its protocols to incorporate the latest advancements in sampling technology

and analytical techniques. This commitment ensures that the samples remain representative of the ore

bodies despite changes in mining practices, ore characteristics, or processing technologies.

10.4Recovery Estimates and Processing Factors

Recovery estimates form the backbone of metallurgical accounting at Harmony, providing a clear metric of

the efficiency with which gold is extracted from the ore. These estimates are derived from a combination of

historical data, ongoing testing, and sophisticated modelling to accurately reflect the processing plants'

performance and the characteristics of the treated ores.

10.4.1Detailed Calculation of Recovery Estimates

The calculation of gold recovery involves multiple stages, each tailored to the specific ore types and the

complex processing techniques employed. The basic theoretical formula for recovery estimation is:


Recovery	=	(Head Grade – Residual Grade)	×	100%
		Head Grade

10.4.2Head Grade and Residue Grade

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The Head Grade refers to the gold content in the ore as it enters the processing plant. It is typically measured

using automated belt samplers that provide a continuous stream of data on the gold content of the material.

The Residue Grade represents the gold content in the tailings after the ore has undergone the complete

processing cycle. By comparing these two metrics, the recovery percentage is calculated, indicating how

much of the gold has been successfully extracted.

10.4.3Adjustments for Solution and Carbon Adsorption

In addition to the gold recovered from the solid ore, a significant portion remains in solution or adsorbed

onto activated carbon during the cyanidation process. Harmony’s metallurgical accounting system ensures

that these forms of gold are accounted for by integrating measurements of gold in solution (measured in mg/

L) and on carbon (measured in g/t). This approach ensures that the total gold recovered is comprehensively

calculated, considering all forms of gold within the processing circuit.

Taking the Harmony accounting standard into account, the actual total plant recovery is calculated by:


Recovery	=	Gold Produced
Recovery	=	GAF

10.4.4Integration of Bottle Roll Tests for Baseline Recovery Rates

Bottle Roll Tests are a cornerstone of Harmony’s approach to establishing baseline recovery rates. Conducted

monthly, these tests simulate the leaching process on a small scale, using representative samples of ore from

various sources. The procedure involves placing a weighed sample in a sealed bottle with a cyanide solution

and then rolling the bottle to ensure thorough mixing. Over a defined period, typically 24 to 48 hours, the

solution is periodically sampled to measure the amount of gold that has leached into the solution.

The data obtained from these tests are critical for calibrating the recovery models used in the processing

plants. They provide a baseline recovery rate for each ore type, which is then applied to the blended ore feed

processed at the plants. This method ensures that the recovery estimates reflect the actual performance of

the plant and the variability in ore characteristics.

10.4.5Processing Factors Affecting Recovery

Several factors directly influence the recovery of gold during processing. Understanding and managing these

factors is essential to maintaining high recovery rates and ensuring the processing plants operate efficiently.

Ore Characteristics

The mineralogical composition of the ore profoundly impacts the recovery process. For example, refractory

ores contain gold particles locked within sulphide minerals, making them more challenging to process.

Harmony employs specific pre-treatment methods, such as ultra-fine grinding or roasting, to liberate the gold

from these complex ores, thus enhancing recovery rates.

Leaching Conditions

The effectiveness of the cyanidation process, which is the primary method for gold recovery at Harmony,

depends heavily on the leaching conditions. Key parameters include the concentration of cyanide in the leach

solution, the pH levels, and the presence of oxygen. These conditions are meticulously controlled and

monitored through the SCADA system, which provides real-time feedback and allows for immediate

adjustments to optimize recovery.

Particle Size Distribution

The comminution process, which involves crushing and grinding the ore to liberate the gold, is critical for

maximizing recovery. The particle size distribution directly affects the surface area available for leaching. Too

coarse a grind may leave gold particles locked within the ore, while too fine a grind can lead to excessive

reagent consumption or poor settling in thickeners. Harmony employs the Bond Work Index and SMC tests to

determine the optimal grind size for different ore types.

Preg-Robbing

Some ores contain naturally occurring carbonaceous material that can adsorb dissolved gold from the leach

solution, a phenomenon known as preg-robbing. This effect can significantly reduce the amount of gold

recovered. Harmony mitigates this issue by pre-treating the ore to deactivate the preg-robbing materials or

using additives in the leach solution that preferentially adsorb to the carbonaceous material, leaving more

gold in the recovery solution.

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Blending Strategies

Given the variability in ore characteristics, Harmony employs sophisticated blending strategies to ensure that

the feed to the processing plant is consistent regarding grade and mineralogy. This approach helps stabilize

recovery rates and ensure that the plant operates efficiently. The baseline recovery rates obtained from

bottle roll tests for individual sources are used to predict the overall recovery from the blended feed,

allowing for accurate forecasting and operational planning.

Process Control and Monitoring

Continuous monitoring of the processing conditions is essential for maintaining high recovery rates. Harmony

uses a SCADA system to track critical variables such as slurry density, reagent addition rates, and leach tank

conditions. Real-time data analytics allow for immediate adjustments, ensuring that the plant operates within

the optimal parameters for gold recovery.

10.4.6Gold Inventory Management and Accountability

Gold inventory management is a critical component of Harmony’s metallurgical accounting, ensuring that all

gold within the process is accurately tracked and accounted for. Several vital metrics and calculations are

used to manage and verify the accuracy of gold inventories:

Gold Accounted For (GAF)


GAF	=	Gold Produced + Residue Gold

This metric represents the total gold recovered, including the gold produced and remaining in the residue. It

serves as a critical reference point for the overall gold balance.

Gold Called For (GCF)


GCF	=	Gold Delivered + ΔTotal Plant Inventory

GCF represents the expected amount of gold based on the ore feed and its calculated head grade, adjusted

for any inventory changes.

Plant Call Factor (PCF)


PCF	=	GAF	×	100%
		GCF

This is the ratio of GAF to GCF, expressed as a percentage, indicating the efficiency in accounting for the

amount of gold.

Pulp Call


Pulp Call	=	Pulp Head Gold + ΔTreatment Inventory – Residue Gold

A daily estimate of gold production, based on pulp gold, adjusted for inventory changes and residue losses.

These formulas ensure that gold recovery and inventory are accurately managed and accounted for. They

provide a structured approach to monitoring and optimizing the metallurgical processes, ensuring that

Harmony maintains high operational efficiency and accountability standards.

10.5Conclusion

Extensive and detailed practices underpin Harmony Mining Company Limited's mineral processing and

metallurgical operations. The methodologies described herein reflect the company’s commitment to

operational precision, consistency in gold recovery, and rigorous adherence to industry standards.

Advanced testing procedures, robust data validation, and comprehensive recovery calculations are integrated

to ensure that the company’s operations are efficient, transparent, and accountable. Continuous process

improvement and meticulous gold inventory management position Harmony as a responsible and effective

resource extraction leader.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

11Mineral Resource Estimate

Section 229.601(b)(96)(iii)(B)(11) (i-vii)

The current Mineral Resources for Tshepong North have been estimated using DatamineTM Studio RM

(“Datamine”) modelling software, which is linked to a customized scripting menu. This scripting menu allows

for professional and easy managing of the data and building of geostatistical models.

The narrow-tabular nature of the reefs lends themselves to the estimation of grade and thickness in two-

dimensional (“2D”) block models, without the requirements for geological wireframes. An independent

process of building a set of three-dimensional (“3D”) wireframes of the structural interpretation to inform

mine planning and the Mineral Reserve estimates is also undertaken.

The estimation method used for Measured Mineral Resource estimates at Tshepong North is ordinary kriging

(“OK”), while simple macro kriging (“SMK”) is used for Indicated and Inferred Mineral Resource estimates.

11.1Geological Database

Tshepong North’s Mineral Resource estimate is based on the surface and underground exploration data

obtained up to 31 December 2025. The database was exported from the electronic database to DatamineTM

modelling software.

The Basal Reef validated database contains a total of 4,796 surface and underground drill holes and 537,147

underground channel (chip) samples. The B Reef validated database contains a total of 678 surface and

underground drill holes, and 67,452 underground channel (chip) samples.

11.2Global Statistics

Histograms and statistics of the raw data are calculated for each geological domain for comparison purposes.

The Coefficient of Variation ("COV"), calculated by dividing the standard deviation with the mean, gives a

measure of the variability of the data. A high COV (>1) represents highly variable or highly skewed data,

which may require some form of capping of extreme values to lower the COV to a more reasonable value

(c.1).

The global statistics for the Basal and B Reefs, reported according to geozones, are provided in Table 11-1.

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Table 11-1: Global Statistics for Basal and B Reef


Reef / Geozone	No. Samples	Minimum (cmg/t Au)	Maximum (cmg/t Au)	Mean (cmg/t Au)	Variance	SD (cmg/t Au)	COV
Basal Reef
1	3,167	0.700	7,377	643	360,753	600	0.934
2	59,700	1.000	32,511	982	1,166,133	1,080	1.100
3	128,341	0.140	62,313	1,598	2,684,434	1,638	1.025
4	13,850	1.000	13,066	694	490,522	700	1.010
5	137,444	0.430	65,195	1,218	1,350,853	1,162	0.954
6	44,836	0.280	32,215	867	803,918	897	1.035
7	29	18.000	1,528	252	88,330	297	1.178
8	34,757	1.000	5,140	1,939	2,400,199	1,549	0.799
9	22,028	1.000	33,943	943	947,616	973	1.032
10	47,368	1.000	263,632	2,292	5,351,445	2,313	1.009
11	3,862	4.000	3,956	1,303	853,670	924	0.709
12	46,557	0.500	11,386	1,028	1,075,541	1,037	1.009
13	4	525.000	1,218	967	70,256	265	0.274
B Reef
1	761	1.000	26,112	900	3,830,141	1,957	2.173
2	1,594	1.000	10,437	1,091	1,364,556	1,168	1.070
3	7,189	0.400	61,987	848	4,397,611	2,097	2.472
4	43,692	0.440	188,462	1,784	18,638,538	4,317	2.420
5	5,923	0.800	132,958	1,485	22,357,658	4,728	3.182
6	4,835	0.320	367,721	2,125	21,385,991	14,623	6.881
7	4,136	0.910	127,457	4,828	57,162,731	7,560	1.566
Total	610,073

11.3Geological Interpretation

The imported data has been attributed to specific geological domains, referred to as geozones. These

geozones are selected based on the continuity of facies type, gold grade, and channel width distribution.

Additionally, geozones may be constrained by geological structures. Both the Basal and B Reefs have been

identified with distinct geozones.

The Basal Reef exhibits continuity across both Tshepong North and South, leading to the creation of a single

model encompassing both mines. This area is divided into 13 geozones. In contrast, the B Reef at Tshepong

North and South is segmented into seven geozones. The geozones for both reefs are illustrated in Figure

11-1.

Geozones are subject to continuous updates based on new geological information, sampling, and drilling

results. Any proposed modifications to the geozones are submitted to the geostatistical team for review and

approval.

11.4Structural Wireframe Model

The geological structure is interpreted by means of series of 1:1,000 structural plan overlays. These plans are

vertical projections of the reef plane showing base-of-reef strike lines at 10m intervals based on elevations

below datum. Interruptions in the continuity of the reef are marked by fault-reef cut-offs illustrating the loss

or gain of ground and with displacement measured as vertical stratigraphic throws. Known or suspected

lateral shifts are also illustrated.

A set of 3D structural wireframes is generated, representing the geological interpretation for each reef. This

is informed by the geological drilling, chip sampling and underground geological mapping and is created in

Datamine™ to allow subsequent mine design and planning to take cognizance of the latest geological

information. These wireframes are not required for the Mineral Resource estimates.

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11.5Compositing

The drill hole and chip samples are composited over the full length of the reef intersection.

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11.6Capping

Outlying values (both for cmg/t and channel width) are calculated per domain at an optimal percentile using

the “QUANTILE” process. The capping allows for meaningful Semi-Variogram modelling and avoids potential

over-estimation due to extreme sample values. The capping values applied are shown in Table 11-2.

11.7Variography

The experimental semi-variogram is a descriptive statistical diagnostic tool for spatially characterizing

regionalized variables. The semi-variogram is a mathematical function that describes how the spatial

continuity of the sampled attribute changes as a function of distance and orientation.

Either an isotropic or an anisotropic model can be defined, comprising a nugget variance and up to nine

individual structures, although it is rarely necessary to include more than three structures. Each structure

may be either spherical, power, exponential, Gaussian or De Wijsian, although spherical models are deemed

adequate for Tshepong North and South. Point-support semi-variograms were modelled for closely sampled

areas eventually classified as Measured Mineral Resources; For Basal Reef 60m x 60m declustered-support

semi-variograms are modelled for the Indicated Mineral Resources and 120m x 120m declustered-support

semi-variograms are modelled for the Inferred Mineral Resources. For B Reef 30m x 30m declustered-support

semi-variograms are modelled for the Indicated Mineral Resources and 60m x 60m declustered-support

semi-variograms are modelled for the Inferred Mineral Resources.

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Figure 11-1: Tshepong North Basal and B Reef Geozones

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Table 11-2: Capping Values by Reef and Geozone


Geozone	Gold Cut (cmg/t) (Max)	CW Cut (cm) (Max)	Geozone	Gold Cut (cmg/t) (Max)	CW Cut (cm) (Max)
Basal Reef			B Reef
1	2,272	20	1	8,002	170
2	4,023	123	2	4,474	218
3	6,194	137	3	5,201	217
4	2,511	20	4	11,378	210
5	4,427	37	5	10,510	199
6	3,279	27	6	15,433	171
7	1,528	33	7	26,112	227
8	5,073	77
9	3,408	98
10	7,762	65
11	3,956	58
12	4,893	40
13	1,218	46

11.8Mineral Resource Estimation Methods and Parameters

Grade and thickness estimates are undertaken within each geozone and informed by statistical and

geostatistical analysis. Two variables are estimated namely; gold accumulation (cmg/t) (which factors in both

the thickness of the reef thickness and grade) and channel width. No change of support corrections is

considered necessary as it is assumed that the differing support sizes for chip samples and drill hole samples

are negligible.

The orientations and ranges of each geozone’s semi-variogram are used to determine the optimized set of

kriging estimation parameters. The search ellipse is aligned with respect to its range and direction, to the

direction of the associated semi-variogram, as well as the range distances.

The Basal reef Measured Mineral Resource estimates are undertaken using OK. Estimates are generally

kriged into 30m x 30m blocks for the Measured Mineral Resource from the point support data.

Indicated and Inferred Mineral Resource estimates are undertaken using SMK. The Indicated Mineral

Resource is kriged into 60m x 60m block sizes. The Inferred Mineral Resource is estimated using the

associated regularized variograms and kriging into 120m x 120m blocks. Any un-kriged areas in the Inferred

Mineral Resource areas are then covered by global mean estimates.

The B Reef Measured Mineral Resource estimates are undertaken using OK. Estimates are generally kriged

into 15m x 15m blocks for the Measured Mineral Resource from the point support data. Indicated and

Inferred Mineral Resource estimates are undertaken using SMK. The Indicated Mineral Resource is kriged

into 30m x 30m block sizes. The Inferred Mineral Resource is estimated using the associated regularized

variograms and kriging into 60m x 60m blocks. Any un-kriged areas in the Inferred Mineral Resource areas

are then covered by global mean estimates. B Reef is estimated into smaller blocks due to high variability

which is common to the grade distribution

The results of the Basal and B Reef estimation are shown in Figure 11-2, for Tshepong North and South.

The current minimum and maximum sample points for the Basal Reef is:

•12 and 25 for the Basal Reef Measured Mineral Resource estimation;

•8 and 20 for Indicated Mineral Resource estimation; and

•3 and 10 for the Inferred Mineral Resource estimation.

The current minimum and maximum sample points for the B Reef is:

•11 and 30 for Measured Mineral Resource estimation;

•8 and 20 for Indicated Mineral Resource estimation; and

•3 and 10 for the Inferred Mineral Resource estimation.

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

Any un-kriged areas in the Inferred Mineral Resource category regions are then estimated using a global

mean.

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Figure 11-2: Tshepong operations Basal Reef and B Reef Estimation Results

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The Measured Mineral Resource model is constrained using the Slope of Regression Estimation Confidence

and merged with the Indicated Mineral Resource and Mineral Resource models to produce a combined

kriged block model.

The channel width is estimated for all block sizes and ranges between 8cm and 34cm, averaging 18cm for

Basal Reef. For B Reef, the channel width ranges between 10cm and 120cm and averages 80cm.

11.9Density Assignment

The relative density currently used for tonnage calculations at Tshepong North is 2.72t/m³. Reef volume is

determined by block area multiplied by the thickness estimate. The tonnage of each reef horizon is

determined by multiplying the volume by the relative density.

11.10Model Validation

The QP validated the Tshepong North Mineral Resource model using the following:

•visual comparisons with the raw drill hole data;

•comparisons of the raw drill hole data statistics with the model statistics;

•model volume; and

•visual assessment of the block model with drill hole intersections to ensure that the grades are locally

honoured by the model.

The QP did not identify any critical errors in the block model.

11.11Mineral Resource Evaluation

The Mineral Resource estimate for Tshepong North done by the QP is considered to have reasonable

prospects for eventual economic extraction. The cut-off value for the Mineral Resources is determined at

661cmg/t, for the gold based on the economic assumptions presented in Table 11-3 at the effective date

30 June 2026. This cut-off value represents typical costs for the mining method and preliminary mining and

metallurgical recovery assumptions.

Table 11-3: Harmony Economic Assumptions (30 June 2026)


Tshepong North
Description	Unit	Value
Gold price	USD/oz	3,061
FX rate	ZAR:USD	17.60
Gold price	ZAR/kg	1,730,000
Plant recovery factor	%	95.60
Unit cost	ZAR/t	5,268

Notes: Unit cost includes cash operating cost, royalty and ongoing development capital

The gold price was derived by the Harmony Executive Committee at Head Office. Based on a market study

findings the QP agrees on pricing and considers the price to be appropriate for Mineral Resource estimation

and is slightly higher than that used for estimating Mineral Reserves (USD2,915/oz). The operating costs

(both mining and processing) are based on historical performance and budget.

11.12Mineral Resource Classification and Uncertainties

The Tshepong North Mineral Resources have been classified into Measured, Indicated and Inferred

categories, according to the S-K 1300 definitions. The classification is based on geological and geostatistical

confidence.

For the geostatistical confidence, the Measured Mineral Resource model is constrained by the Slope of

Regression Estimation Confidence, and the Indicated and Inferred Mineral Resource models are constrained

by their kriging estimation parameters.

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The QP then considers if the geostatistical confidence boundaries require modification based on the

geological confidence in an area. The geological confidence could include confidence in the sedimentary

facies and mineralization model, or confidence in the structural model.

Mineral Resources are discounted by a geological loss to account for unknown but anticipated fault loss. The

discounts used for the Basal Reef are between:

•1% and 3% for Measured Mineral Resources;

•3% and 11% for Indicated Mineral Resources; and

•7% and 60% for Inferred Mineral Resources.

Similar information applies to the for B Reef.

Factors that may affect the Mineral Resource estimates include the following:

•gold price assumptions;

•exchange rate assumptions;

•operating and capital cost assumptions;

•gold recovery assumptions;

•geology-related risks; and

•operational risks.

11.13Mineral Resource Estimate

The Mineral Resources for Tshepong North were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with

§ 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K).

The location of the Basal Reef Mineral Resources across Tshepong North are presented in Figure 11-3. The

location of the B Reef Mineral Resources is shown in Figure 11-4.

The QP compiling the Mineral Resource estimate for Tshepong North is Mr A Louw, Ore Reserve Manager at

Tshepong North and employee of Harmony. The Mineral Resource estimate for Tshepong North, as at June

30, 2026 , exclusive of Mineral Reserves, is summarized in Table 11-4.

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Figure 11-3: Location and Classification of Tshepong North Mineral Resources and Mineral Reserves for the Basal Reef

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Figure 11-4: Location and Classification of Tshepong North Mineral Resources and Mineral Reserves for the B Reef

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Table 11-4: Summary of Tshepong North Mineral Resources as at 30 June 2026 (Exclusive of Mineral Reserves) 1-8


METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	11.385	11.87	135,110
Indicated	4.956	12.31	60,986
Total / Ave. Measured + Indicated	16.341	12.00	196,096
Inferred	7.578	10.20	77,309
IMPERIAL
Mineral Resource Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Measured	12.550	0.346	4.344
Indicated	5.463	0.359	1.961
Total / Ave. Measured + Indicated	18.013	0.350	6.305
Inferred	8.354	0.298	2.486

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2026 and were originally prepared, classified and reported according

to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A)

(Item 1302(d)(1)(iii)(A) of Regulation S-K). The QP responsible for the estimate is Mr A Louw, who is Ore Reserve Manager at Tshepong

North, and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for eventual economic extraction.

3. The Mineral Resources are reported using a cut-off value of 661cmg/t determined at a gold price of USD3,061/oz

4. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

5. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

7. The Mineral Resource estimate is for Harmony’s 100% interest.

11.14Mineral Resource Reconciliation

Tshepong North Measured and Indicated Mineral Resource gold content estimate, exclusive of Mineral

Reserves, decreased by 0.945Moz from 7.250Moz gold as at June 2025 to 6.305Moz gold as at June 2026. The

decrease is primarily attributable to mining depletion and the conversion of Mineral Resources to Mineral

Reserves, with the impact partially offset by classification improvements and updated geological modelling.

11.15Comment on Mineral Resource Estimates

The QP is of the opinion that Mineral Resources were estimated using industry accepted practices and

conform to SAMREC, 2016. The Mineral Resources have also been reported in accordance with the S-K 1300

guidelines.

There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant

factors known to the QP that would materially affect the estimation of Mineral Resources that are not

discussed in this TRS.

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Tshepong North, Free State Province, South Africa

12Mineral Reserve Estimate

Section 229.601(b)(96)(iii)(B)(12) (i-vi)

The reported Mineral Reserves are derived through a business planning process and consideration by the

Chief Operating Decision-Maker (“CODM”) and the QP. The business planning process comprises multi-

functional reviews inclusive of all mining, support and service departments that are involved in the

verification of the inputs and the Modifying Factors. The CODM consists of various executive roles and

responsibilities. These executives assess the profitability, the revenue and production costs. The CODM also

considers capital expenditure, gold production and tonnes milled when assessing the overall economic

sustainability.

12.1Tshepong North

12.1.1Key Assumptions, Parameters, and Methods Used to Estimate the Mineral Reserve

The results and assumptions derived from the business planning process extends over an 18-month period.

The planning process carefully considers strategic plan directives; analysis of historical performance; realistic

productivity, and cost parameters; Modifying Factors; and technical and economic studies that have

demonstrated justified extraction, as applicable to specific portions of the Mineral Reserves.

All reported Mineral Reserves originate from the Basal Reef and the B Reefs. The Mineral Reserves are

considered based on several factors, including:

•the latest geological structure and associated Mineral Resource estimation models that constrain the

layout for the mine design and LOM planning;

•the need for regional rock engineering stability pillars;

•the extent of pillar mining, mining of remnant areas, reclamation of broken ore out of old areas,

tailings, or any other source;

•the SGM method in use,

•the sources of dilution and other dilution and other Modifying Factors; and

•only Measured and Indicated Mineral Resources are used to derive Mineral Reserves.

A combination of modelling exercises forms an integrated model informing the Mineral Reserve plan and the

Tshepong North Mineral Reserves estimates, and includes the:

•geological block model;

•structural model depicting prominent geological features;

•isopach model highlighting the mine’s sedimentology and shale formations; and

•geotechnical model including interpreted data, modelled in the form of support pillars.

12.1.2Modifying Factors

The Modifying Factors used to convert the Mineral Resource to a Mineral Reserve for Tshepong North are

presented in Table 12-1. The Modifying Factors are consistent with the modelling, planning and computing

estimates used in determining the Mineral Reserves, which are also consistent with historical performance.

The plant recovery as shown in Table 12-1, is also consistent with the processing and recovery methods.

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Table 12-1: Tshepong North Modifying Factors Used for Mineral Reserve Determination


Modifying Factor	Unit	Value
Relative Density	t/m3	2.72
Stoping Width	cm	125
Gully	%	8.09
Off Reef	%	4.81
Waste to Reef	%	3.71
Flushing tonnes	%	2.53
Discrepancy	%	8.41
Mine Call Factor	%	68.00
Plant Recover Factor	%	95.60
Mine Recover Factor	%	65.01
Plant Call Factor	%	100.00
Mineral Reserve cut-off	cmg/t	717

Notes: Development waste to reef, including the decline development.

12.1.3Mineral Reserve Estimate

The Mineral Reserves for Tshepong North were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with §

229.1302(e)(2) (Item 1302(e)(2) of Regulation S-K). No significant differences were observed.

The location of the Basal and B Reef Mineral Reserves are presented in Figure 11-3 and Figure 11-4.

The QP compiling the Mineral Reserve estimate for Tshepong North is Mr A Louw, Ore Reserve Manager at

Tshepong North and employee of Harmony. The Mineral Reserve estimate for Tshepong North, as at

30 June 2026 is summarized in Table 12-2.

Table 12-2: Summary of Tshepong North Mineral Reserves as at 30 June 2026 1-5


METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proved	4.143	5.26	21,772
Probable	6.423	4.96	31,828
Total (Proved + Probable)	10.566	5.07	53,601
IMPERIAL
Mineral Reserve Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Proved	4.566	0.153	0.700
Probable	7.080	0.145	1.023
Total (Proved + Probable)	11.647	0.148	1.723

Notes:

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the

Mineral Reserves have been classified in accordance with § 229.1302(e)(2) (Item 1302(e)(2) of Regulation S-K). The QP responsible for

the estimate is Mr A Louw, who is Ore Reserve Manager at Tshepong North, and a Harmony employee.

2. Tonnes, grade, and gold content are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the reserve figures

5. Mineral Reserves are reported using a cut-off grade of 717cmg/t determined using a gold price of USD2,915/oz.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

In the opinion of the QP, given that Tshepong North is an established operation, the modifying factors

informing the Mineral Reserve estimates would at a minimum, satisfy the confidence levels of a

Feasibility Study.

The declared Mineral Reserves are planned for depletion to generate Tshepong North cash flow. The

economic analysis of the cash flows displays positive discounted NPV results and is deemed both technically

and economically achievable.

12.1.4Mineral Reserve Reconciliation

The declared Mineral Reserve increased from 0.654Moz as at 30 June 2025 to 1.723Moz as at 30 June 2026.

The increase in the Mineral Reserve is mainly due to the inclusion of the ESU B Reef block and the Sub 75

Basal Reef reserve blocks following the approval of the Tshepong North Life of Mine Extension Project. This

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increase was partially offset by normal depletion and a technical refinement in the design and scheduling

methodology.

12.2Commentary on Mineral Reserve Estimate

The Mineral Reserve is estimated at 10.566Mt of milled ore containing 1.723Moz as at 30 June 2026.

The declared Mineral Reserves take into consideration all modifying factors applicable to the mining area.

The declared Mineral Reserves are depleted to generate the Tshepong North cash flow. The discounted cash-

flow analysis produces positive results, and the Mineral Reserves are considered both technically and

economically achievable.

Any by-products that are recovered as part of the refining process, make up an immaterial component of the

total metal inventory, and is thus not reported as part of the Mineral Reserve estimate.

There are no obvious material risks that could have significant effect on the Mineral Reserves.

In the opinion of the QP, given that Tshepong North mine is an established operation, the modifying factors

informing the Mineral Reserve estimates would at a minimum, satisfy the confidence levels of a Feasibility

Study.

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Tshepong North, Free State Province, South Africa

13Mining Methods

Section 229.601(b)(96)(iii)(B)(13) (i-v)

Tshepong North may be classified as moderate to deep level underground gold mine currently operating at

depths of up to 2,500m below surface.

13.1Mining Operations

Tshepong North operates using a single main shaft (see Figure 3-2). This shaft functions independently in

terms of ventilation requirements but relies entirely on Tshepong South for secondary escape routes. In the

upper mine, Tshepong North and South are interconnected at the 55 and 66 levels, while in the lower mine,

all levels from 69 to 75 are interconnected. Further details regarding shaft operations, interdependencies,

and railway systems are provided in Section 15.

13.1.1Tshepong North

The Tshepong North Mine is a mature underground section and is made up of two mineable reefs namely the

Basal Reef and B Reef. The reefs at Tshepong North are accessed via a single underground vertical shaft and a

twin decline system.

Currently eleven working levels are being mined from the Tshepong North Shaft. Seven in the upper mine

and four working levels are being mined in the lower mine , also known as the decline. The decline system

was constructed as a 1,700m extension to access the Basal Reef and recently the B Reef.

The characteristics of the Basal Reef at the Tshepong North Mine are synonymous to the characteristics of

the reef at the Tshepong South Mine. Tshepong North Mine extracts the Basal Reef via undercut mining

methods, leaving a quartzite beam in the hanging wall to ensure the stability of the overlaying Khaki shale.

The B Reef is stratigraphically located approximately two production levels (145m) above the Basal Reef. The

reef occurs in three facies, with channel widths ranging from 30cm to 170cm, and is characterised by variable

but often high-grade mineralisation. Historically, B Reef mining contributed a relatively small proportion of

the production profile due to limited geological confidence and the erratic distribution of mineralised zones.

Continued exploration drilling, improved geological understanding and successful delineation of the

mineralised channels have significantly increased confidence in the B Reef orebody. As a result, the B Reef

has become the primary production horizon at Tshepong North and currently contributes approximately 60%

of the operation’s production volume. The B Reef is mined using open stoping methods and is supported by

dedicated footwall infrastructure development aligned to its stratigraphic position.

Structurally, the Dagbreek Fault is the most prominent feature at the Tshepong North Mine, and largely hosts

the shaft infrastructure. Since the Tshepong North Shaft is in a fault loss zone, there is no associated shaft

pillar.

13.1.2Sequential Grid Mining (“SGM”)

SGM is the preferred mining method used at Tshepong North. This method makes use of dip pillars and

reduced mining spans with pre-developed tunnels, aimed at further control of stresses experienced in rock

movement.

The SGM sequence is a V-shaped configuration, colloquially referred to as the “inverted Christmas tree”. A

schematic representation of the SGM sequence used at Tshepong North is shown in Figure 13-1.

The SGM mining methods are suitable for underground, narrow reef mining. A common feature of the SGM

method is the layout of the primary and secondary development. Primary development is done off-reef (in

waste rock), while secondary development is done on-reef (in the mineralized zone). In primary

development, horizontal haulages are developed from the vertical shaft, extending to the extremities of the

mining level. Inter-level spacing is the perpendicular distance between two consecutive level stations

underground. Further development is done at set intervals along the haulages towards the mineralized zones

in the form of crosscuts. For secondary development, an inclined excavation that connects two levels is

established, referred to a raise or winze, depending on the upwards or downwards direction of the

development.

The SGM is employed for a deeper mining approach and offers various advantages, the critical one being

increased safety. A noticeable characteristic of the SGM method is that mining from the raises is advanced in

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only one direction at a time, which is directed towards the stabilizing or regional pillars. This SGM mining

sequence eliminates the creation of remnant pillars reducing the risk of seismicity.

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13.1.3Open Stoping

While Tshepong North business plan is based primarily on the SGM methodology and sequencing, there are

sections of the mine that are operating using the breast, undercut and open stoping mining methods.

B Reef mining currently contributes approximately 60% of Tshepong North's production volume and has

become the primary production horizon at the operation. The increase in B Reef contribution is a result of

improved geological confidence gained through extensive exploration drilling, underground development

exposure and a better understanding of the mineralised channel distribution. Due to the variable channel

width and support requirements associated with B Reef mining, the reef is extracted using open stoping

methods. The mining areas are supported by dedicated footwall infrastructure developed specifically for the

B Reef horizon. In addition, the location of the B Reef mining areas results in a relatively low geotechnical risk

compared to other mining sections of the operation

13.1.4Breast Mining

A key feature of breast mining is that the mine design includes pillars in the stoping areas that are designed

to cave in a planned and controlled manner. These pillars are referred to as crush pillars and the dimensions

of the pillars are determined by the geotechnical properties of the host rock. The use of crush pillars

minimizes the risk of unpredicted collapse of stoping areas. These collapses can compromise the safety of

mining operations and may lead to permanent closure of stoping panels or sterilization of ore.

The breast mining method has consequently evolved into the SGM.

13.1.5Integrated Approach

The differences of the reef formations and mining conditions at the respective shafts have led to the

application of an integrated mining method approach. The objective of the adopted mining methods is aimed

at the safe and profitable extraction of the Mineral Reserves, while reducing the occurrence of large seismic

events.

13.2Mine Design

The mine design strategy at Tshepong North Mine is focused on maximizing the safe extraction of ore while

minimizing the risk of geotechnical failures, which can lead to operational disruptions and hazardous working

conditions. The Basal Reef is meticulously modelled and designed across Tshepong North, with the B Reef

also being considered for design and planning purposes.

Both the Basal and B Reef horizons have experienced faulting and intrusions by igneous dykes and sills that

intersect the reefs. To mitigate the risks of rockfalls and rockbursts, Tshepong North employs systematic

modelling and design processes. An integrated support system is implemented, which includes dip stabilizing,

bracket, and strike pillars. The central raise line is maintained for stability during stoping operations through

the use of support packs. Additionally, in-stope net support is provided for both the Basal Reef and B Reef,

consisting of steel nets installed on the stope face and advance strike gullies. All footwall development is

similarly supported with steel nets on the face and side walls to prevent falls of ground.

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Figure 13-1: Schematic Representation of the SGM Sequence

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The occurrence of geological faults is also a source of groundwater intersections during mining operations

which may lead to production delays, geotechnical risks, and the potential of flooding. Depending on the

geology of the dyke or sill, a change in the mining direction may be required, or as in the case of low-risk

scenarios the Rock Engineering department may suggest a safety and support strategy to mitigate the

associated geotechnical risk. A change in mining direction may result in Mineral Resource losses, or an

increase in dilution.

Based on the latest geological structure model and the SGM method the geotechnical team design a suitable

pillar layout based on modelling results. A detailed mine design and schedule is done based on the pillar

design taking cognizance of uneconomical areas which are excluded on macro scale. This design and schedule

are the basis of the mine plan and the declared Mineral Reserves.

A mine design that is sufficiently informed, with geological data, is progressed to the mine planning phase.

Mine planning is done on a macro scale as well as on a micro scale. On a macro scale, the material below cut-

off is excluded from the mining model. On a micro scale, the mining model is then subject to constraints that

are applied because of the geotechnical design and other limitations.

The geotechnical modelling is driven by the most recent information from mining operations, which ensures

that the model is an accurate representation of the current operational conditions.

Development is done by either mechanized, mechanical or conventional method depending on the most

suitable method for the specific requirements. The Tshepong North Mine is essentially a conventional mine

design with trackless mining in the twin decline.

Mining production is accessed through underground excavations, developed as haulages and cross cuts.

Crosscuts are primary development, in the direction of the mine workings. Inclined secondary development is

used to access the reef contact, and advanced from the position of respective crosscuts. Ore is extracted

from stoping panels established from the inclined development.

13.2.1Mine Design Parameters

Mine design is conducted internally, with separate designs prepared for the Basal Reef and B Reef horizons

using Deswik™ software. The geological models and geotechnical parameters—such as seismicity, rock

formation, rock strength, and depth—formulated by the Rock Engineers, serve as the foundation for the

mine planning process. The geotechnical team develops suitable mining and support methods based on these

modelling results. This includes strategies for ledging and the implementation of bracket and strike pillars in

areas with seismic activity. A detailed mine design and schedule are then created, incorporating the modelled

fire and seismic pillars, as well as the leads, lags, and specific areas of interest. The mine design parameters

used for Tshepong North Mine, are shown in Table 13-1 (Section 7).

Table 13-1: Tshepong North Mine Design Parameters


Parameter	Unit	Value
Regional Stability
Dip stabilizing pillar dimensions
Strike span	m	v
Dip span	m	180
Strike stability pillar spacing¹	m	N/A
Access haulages middling to reef	m	90
Primary Development
Advance	m/month	30
Crosscut spacing	m	200
Secondary Development
Advance	m/month	N/A
Stoping Parameters
Stoping Width (channel width < 80cm)	m	1.05
Stoping Width (channel width > 80cm)	m	1.3
Economic Parameters
Cut-off grade (planning)	cmg/t	717
RD		2.72

Notes: 1. Pillar spacing is measured skin to skin.

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13.3Geotechnical Considerations and Seismic Monitoring

Tshepong North maintains working geotechnical and Isopach models, to manage and control seismicity risk.

The geotechnical and Isopach models for Tshepong North take the latest geological structural model and the

SGM method into account to design a suitable pillar layout.

The purpose of the pillar designs, regardless of the pillar type, is to customize them to the prevailing mining

conditions, with the objective of making the mine design safe, practical, easy to implement, and profitable.

These pillars include dip stabilizing, bracket and strike pillars. The details of the pillar design can be found in

Table 13-1 Tshepong North Mine. The dimensions depicted for the pillars are standard and are adjusted

depending on planned bracketing of geological structures or if patches of low value reef are encountered.

The Rock Engineers follow the following geotechnical modelling and approach:

•evaluate the principal stress directions using seismic source mechanisms and update the input

parameters for numerical modelling;

•using seismic source mechanisms, delineate planar features to confirm and/or detect the position and

orientation of geological structures;

•confirm the expected ground motion produced by large, potentially damaging seismic events, and

calibrate the Ground Motion Prediction Equation; and

•monitor mine-wide seismic activity and test each geotechnical region for deviation from the expected

co-seismic rockmass response, which tests the release of seismic energy.

The geotechnical stress model is also used to manage and monitor the occurrence of seismic hazards. Seismic

hazards are categorically measured as per mine planning cycles of short, medium and long term. Events for

the last 100 - 200 days definitively estimated, to accurately determine the intermediate probabilities of

occurrence. The behaviour of identified medium term events are then monitored daily. Alarms are raised,

and people are evacuated in the event of a predicted or anomalous seismic pattern is identified and people

are removed from the specific danger areas.

Tshepong North Mine uses an Integrated Seismic System supplied by Institute of Mine Seismology to record

seismic events on the property.

The seismic systems consist of 24 three-component geophones. The digital seismic data is transmitted from

the underground seismic stations through to the surface monitoring stations via manual and automated

recording systems, based on available infrastructure at the mine. The data is recorded continuously and

reported on an annual basis.

13.4Geohydrological Considerations

Apart from the geotechnical risks that can be caused by the existence of geological structures, the presence

of water and gas also pose risks to Tshepong North. The geohydrological models are used as a basis to

manage and monitor the occurrence of ground water and gas intersections. Cover holes are drilled in all flat

development ends to identify water or gas. Water or gas intersections are plotted in a 1:200 survey sheet

plan and section view, with a detailed 1:100 profile description. These intersections are plotted against a

stope plan indicating the geology, structural features, reef contours, pillar layout, faults with associated

losses or gains, reef elevation, grade and channel width. These geospatial referenced plots significantly

enhance the mining team’s ability to execute the mine plan in accordance with the operation’s geotechnical

requirements. They also facilitate the early detection of water or gas presence.

Daily management of influx water is handled through a series of diversion strategies aimed at re-directing

and controlling the flow, temperature regulation, and re-circulation of water. The water strategies at

Tshepong North are supported by the Integrated Waste and Water Management Plan (“IWWMP”). Both

Tshepong North and South maintain graphical and numerical databases of the operations geohydrological

conditions.

Water reticulation around the mine has been designed to maximize water re-use minimize the amount of

water pumped to surface. The 76-level pump station is used to transfer water from various levels into small

inter-level dams and eventually into the mine’s respective main settling dams.

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13.5Mine Plan Development and Schedule

Tshepong North Mine has significant Mineral Reserves to maintain a long-term mine life, however, extraction

of ore from isolated blocks of ground will become more important as the life of mine progresses, but

volumetrically these Mineral Reserves are not significant.

The preferred SGM mining method is dependent on development staying ahead of the mining front, so that

accurate geological information is gathered and included in final designs before mining commences. This also

enables, planning and scheduling activities to be accurately sequenced, which leads to better planning, safer

working conditions, and improved profitability.

At Tshepong North Mine, the Mineral Reserve plan and scheduling originates within the use of the Life of

Plan. The 10.566 Mt of Mineral Reserves are included in the plan and are fully accessible through the existing

infrastructure at the Tshepong North Mine. The mining rates used in determining the Mineral Reserve plan

are based on the current and expected operational performance, notwithstanding any unforeseen

underground mining constraints. The Mineral Reserve for the operation is planned for fifteen years, with a

planned mining rate averaging at approximately 0.776 Mtpa over the period. The milled ore and gold

recovered for Tshepong North Mine Mineral Reserves are presented in Figure 13-4 and Figure 13-5,

respectively.

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Figure 13-2: Tshepong North Plan Basal

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Figure 13-3: Tshepong North Plan B Reef

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Figure 13-4: Graph of Tshepong North Mineral Reserve Plan – Tonnes and Grade

Figure 13-5: Graph of Tshepong North Mineral Reserve Plan – Gold Produced (kg)

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Tshepong North, Free State Province, South Africa

13.6Mining Rates

Mining rates are based on current and expected performance depending on underground conditions and

constraints. Dilution is included in the production plan mainly from external waste sources from the stoping

operations, but allowances are also made for dilution occurred in the ore flow process. The Mineral Reserve

plan considers the planned and available working areas, inclusive of the mine’s current infrastructure

capacity.

13.7Grade and Dilution Control

The selected SGM mining method is planned and designed to better support recovered grade because of the

improved selectivity, flexibility, and reduced off-reef mining. Mine grades are currently decreasing as mining

moves away from the central pay-shoot and the planned Life of Mine Extension Project ( Sub75 Basal Reef

and ESU B Reef blocks) is aimed at alleviating this risk.

Ore grade and dilution control is done using a Quality Index monitoring tool. This Quality Index considers key

parameters including Mine Call Factor, stoping width, proportion of ore lock-up, and an on-reef index

(percentage of On-Reef vs Off-Reef mining due to geological features such as faults and dykes, etc.). During

the mine design and planning process, external dilution control is implemented by applying an adapted mine

recovery factor.

Operationally, grade and dilution control are mostly achieved through improved drilling (marking sticks used

on undercut mining) and blasting practices and compliance to blasting barricades on stopes <35°. Drilling

accuracy is achieved by holes that are drilled parallel, aimed at being correctly burdened and that are within

the stoping limits. This ensures consistent and economic rock breaking, without dilution.

Tshepong North Mine introduced electronic blasting technology during FY24 which is a integrated electronic

system, which allows for precision timing and improved control of rock breaking. This technique controls

stoping width and protects the integrity of the footwall and hanging wall, aimed at minimizing dilution as well

as reducing seismic risk.

13.8Mining Equipment and Machinery

There are various machinery and equipment used at Tshepong North, depending on the type of mining or

development activity. The following equipment can be found at the frontline of mining production:

•haulages and associated development: he drilling process involves several steps, with handheld

drilling machines playing a crucial role in development production. These machines are manually

operated to drill blast holes in the rock face, allowing for precise control in confined spaces. In this

process, compressed air and water are essential components.

•production drilling in stopes: Two types of drilled holes are used in a stoping panel, namely production

drilling and pre-conditioned drilling. Pre-conditioning is a methodology aimed at transferring the

stresses away from the stope face, therefore reducing the potential for face burst damage. Pre-

conditioned holes are drilled longer than production holes and are blasted with the production round.

Equipment used for this type of drilling is compressed air hand-held drills;

•raise boring: Is a drilling technique used for ventilation development purposes and ore passes. Raise

boring and control mechanisms are currently operated via control modules connected through the

mine’s underground and shaft communication networks, conducted on surface by a contractor. The

benefits of this allow personnel to be removed from dangerous underground workings and have the

upside of productivity achieved through automation;

•rock movement: Ore from the stoping ore passes is loaded directly into hoppers from the box-front

chutes and then trammed to the shaft to the inter-level tips, then transferred to the main loading bins

for hoisting to the surface. Waste rock from development operations is loaded into similar hoppers

and trammed and hoisted in the same manner as the ore movement but is done using in a dedicated

waste system to prevent diluting the ore grade;

•material movement: Tshepong North uses the Battery charged monotrains and to a lesser extent

diesel monotrains. The monotrain was partially adopted at Tshepong North, decline operations due to

their consistent maintenance of speed in steep and changing gradients, while allowing for varying

weight bearing capacities, works as efficiently in undulating floor conditions, and is almost impossible

to de-rail due to the L-shaped sliding beam design.

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Tshepong North, Free State Province, South Africa

•Small articulated dump trucks, graders, and crawler mounted bulldozers for dump, waste and

marginal ore movement also support the Tshepong North Mine operations.

13.9Ore transport

The blasted ore from the stoping panels is moved with winch-operated scrapers along gullies to ore passes

where it gravitates down to the loading boxes in the footwall crosscuts below the stopes. The ore is

discharged into rail hoppers and transported, via front-driven locomotives, to dedicated inter-level transfer

systems that gravity feed to the main silos with a capacity of 4,722t. Once hoisted up the main vertical shaft

to surface, the ore is transported to the Harmony One Plant via conveyor belt. Tshepong North shaft hoisting

capacity is designed at 220,000t per month.

13.10Mining Personnel

Tshepong North is labour intensive, with the mine being supported by approximately 4,165 employees, with

89% being permanent staff and the remainder contractors.

The underground mining operations uses an 11 day fortnight shift system, operating a 3-shift cycle per day.

The underground work force is essentially split into two categories that are either involved in production

activities or they provide supporting services required underground. Production activities are directly related

to the mining of ore and non-production personnel provide supporting services such as safety, engineering

functions, maintenance, decline conveyor management and underground store controls. The mining

personnel for Tshepong North is presented in Table 13-2.

Table 13-2: Tshepong North Mine Mining Personnel


Labour Requirement	No. of Employees
Services	386
Engineering	851
Mining	2,574
Contractors	354
Total Employees	4,165

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Tshepong North, Free State Province, South Africa

Figure 13-6: Tshepong North Shaft and Underground Infrastructure

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Tshepong North, Free State Province, South Africa

13.11Commentary on Mining Methods

The SGM mining method is the main mining method utilized at Tshepong North and is appropriate for the

reef characteristics and the mine depth. The mine design, planning and scheduling for the mine is developed

using the DatamineTM and DeswikTM geological software, respectively, considering the geotechnical model

and related parameters.

The main geotechnical and geohydrological risks at Tshepong North include the presence of gas, ground

water and seismicity, which are managed through the integrated monitoring systems, and incorporated into

working mining models that inform daily mine planning decision-making.

The mining rates, machinery and equipment, ore transport, grade and dilution control, and labour resourcing

and optimization are driven by the mine schedule and improvement initiatives.

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

14Processing and Recovery Methods

Section 229.601(b)(96)(iii)(B)(14) (i-iv)

All ore mined at Tshepong North is processed at Harmony One Plant located west of Welkom (Figure 3-1).

Harmony One Plant is Harmony’s largest gold processing plant and processes underground ore from multiple

shafts, as well as surface ore from nearby mine waste facilities. The plant was commissioned in 1986 and

comprises three independent modules, each consisting of four feed silos, two ROM mills, two conventional

thickeners, cyanide leach, carbon in pulp (“CIP”) adsorption, elution, zinc precipitation and smelting. The

plant CIP process reflects the technology which was current at the time of construction and has been

operating with no significant challenges and target metallurgical recoveries have been achieved.

14.1Mineral Processing Description

The processing flow sheet is presented in Figure 14-1.

Ore delivered to the plant is fed from the concrete silos via two mill feed conveyors through vibrating feeders

directly into the ROM mills. Fully autogenous (“FAG”) milling is a milling process in which the entire ROM ore

stream is fed directly into the mills and where the grinding media is generated within the mill from suitably

sized pieces of ROM ore itself. The average feed rate to the mills is 65tph. The milling circuit consists of two

single stage ROM mills that are controlled on maximum power for optimum milling. Each ROM mill is 4.27m

in diameter and 10m in length and grinds the ore to 75% - 90% passing minus 75 microns.

Milling is followed by a conventional gold leach process (cyanidation).The cyanidation process is one of the

most utilized methods for the recovery of gold from auriferous ores. The use of cyanide leaching for gold

recovery is based on gold’s properties, mainly its solubility (ability to dissolve) in cyanide solutions. Once the

gold is dissolved into the cyanide solution it has a higher ability to adsorb (attach) onto activated carbon

through the application of carbon in pulp (“CIP”) technology.

The loaded carbon then enters the elution columns, which are high pressure vessels that circulate the loaded

carbon extracting the gold. The gold will “de-absorb” from the activated carbon and attach onto stainless-

steel wool by means of electrowinning. The CIP circuit makes use of gravity flow of slime between the

consecutive counter-flow stages to recover recirculate the activated carbon back into the system.

Following this process, the cathode steel wool is smelted (induction furnaces) after drying in the calcining

ovens. The doré bars are then dispatched to Rand Refinery Limited, located near Johannesburg in Gauteng

Province.

The current TSF sites have a combined deposition rate of 350,000tpm, comprising 50,000tpm to FSS2 and

300, 000tpm to St. Helena 4. Based on the stated deposition rates and remaining storage capacity, FSS2 and

St. Helena 4 are expected to reach capacity in April 2029 and October 2030, respectively.

Both TSFs are conventional day wall paddock facilities with a fixed penstock tower arrangement that would

be the primary means of draining excess water from the facility which is pumped back to the plant to be used

in the process again.

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

Figure 14-1: Schematic Flow Diagram of the Metallurgical Process

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

14.2Plant Throughput, Design, Equipment Characteristics and Specifications

The Harmony One Plant has a steady state design capacity of 390ktpm with its conventional CIP flowsheet.

The design parameters and equipment specifications are presented in Table 14 1. The Harmony One plant is

in good working condition and the equipment is also in good order with audits done on regular bases to

check the operating performance of the plant.

Table 14-1: Key Design Parameters and Equipment Specifications


Process	Parameter	Unit	Value
Overall Plant	Recovery	%	94
Overall Plant	Availability	%	100
Milling	Throughput ROM	t/hr	90 -100
Densification	Desired pH	pH	>10.5
Densification	Desired Density	g/cm3	1.45 - 1.50
Leaching	Residence Time	hr	27
Acid wash and elution	Elution Temperature	°C	130 (Ambient)

14.3Energy, Water, Process Material and Personnel Requirements

14.3.1Energy

The average monthly power consumption is 12,064,464KWh. (Available all the time although load

curtailment)

14.3.2Water

The average monthly water consumption is 20,655kL. (Available all the time)

14.3.3Process Material

The reagents and their consumption rates are presented in Table 14-2. All reagents above are currently being

utilized in the plant and are sourced in South Africa. Carbon is supplied from international suppliers to local

authorized vendors who manage in country stock levels according to commercial agreements.

Table 14-2: Harmony One Plant Consumables


Equipment	Unit	Value
Lime	tpm	882.00
Flocculant	tpm	43.00
Cyanide	tpm	9.89
Carbon	tpm	789.00

14.3.4Personnel

The personnel is provided in Table 14-3.

Table 14-3: Harmony One Plant Personnel


Personnel	No.
Services	57
Engineering	77
Metallurgy	138
Contractors	245
Total	517

14.4Commentary on the Processing and Recovery Methods

The metallurgical process is a well-tested CIP technology which has been in operation at the Harmony One

plant since 1986. Recoveries used in the business plan were based on historic performance. The methodology

applied considered the historical metallurgical recovery (18-month period) (Figure 14-2) for the relevant ore

sources at the plant.

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

It should be noted that since the Harmony One plant processes ore from multiple sources a metal accounting

operating procedure is required to manage the input feed delivered to the plant and gold output produced. A

basic overview of the procedure is as follows:

•each operation delivers ore to the plant and is booked against each source;

•a delivery sheet reflects each shaft/operations figures; and

•from total ore processed, each shaft/operations equivalent proportion of gold is determined out of

the monthly full gold produced.

Figure 14-2: Graph of Historical Recovery Factor (18 month actual)

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

15Infrastructure

Section 229.601(b)(96)(iii)(B)(15)

The proximity of Tshepong North and South allows for the integration of infrastructural requirements by

using the excess hoisting capacity and underused infrastructure available at Tshepong North. This has also

enabled the debottlenecking of Tshepong South’s infrastructure. Tshepong North have adequate access to

the infrastructure required to meet the planned production schedules.

15.1Surface Infrastructure

The surface infrastructure associated with Tshepong North is presented in Figure 15-1, whilst Google Earth

images for each of the shafts and Harmony One Plant are presented in Figure 15-2, and Figure 15-3.

The Tshepong North’s mining area is well developed in terms of access and mining-related infrastructure.

Access to the shafts is via well-maintained roads. Adequately maintained gravel roads is used to access other

areas of the mine such as the explosives magazines, sewage works, slimes dam and the evaporation ponds.

The infrastructural layout includes hoisting facilities; logistical support for core handling, sampling, and

transporting; ore and waste facilities; tailings and leaching infrastructure; roads; water and power supply;

ventilation and refrigeration systems; stores and workshop support; electrical supply; offices; housing and

security.

15.1.1Ore and Waste Rock Storage Facilities

Ore mined at Tshepong North is stored in two surface silos each with a capacity of a 1000t on surface before

being transported by rail to the Harmony One Plant for processing (Figure 15-1 and Figure 15-3). Ore is stored

in silos located at the plant prior to processing.

Waste at the Tshepong North Mine is hoisted separately via the skips and stored at the waste rock dump

(577m x 320m) on the Northern side of the shaft. Sufficient storage is available for the current Life of Mine

profile, calculated at 95% of capacity to be used 2031 at planned production rate and design. Currently rock

from Tshepong North waste rock dump is being transported to Harmony One processing plant as grind

material at a rate of approximately 70kt /month.

15.1.2Tailings Storage Facilities

The current Mineral Reserve plans for Tshepong North require a tailings placement of approximately 0.77Mt/

annum. Harmony One Plant pumps tailings as slurry to two TSFs, namely FSS2 and St Helena No.4, located to

the south of the plant. Both TSFs are currently owned by Harmony and operated by Intasol Tailings.

The current TSF sites have the capacity to store 350,000tpm, with a split of 50,000tpm to FSS2 and 300,

000tpm to St. Helena 4.The current heights of the facilities are 44.83m for FSS2 and 38.17m for St Helena 4.

FSS2 and St Helena have sufficient available capacity for Harmony One Plant tailings deposition until

approximately 2029 and October 2030, respectively, based on projected maximum rates of rise of 0.674m/

year and 3.2m/year, which allow adequate time for consolidation. A project is currently underway to

determine the optimal long-term tailings deposition strategy for the Free State Operations, including the Free

State surface reclamation projects. It is the opinion of the QP that deposition capacity does not pose a risk to

the Tshepong North Mineral Reserves.

The TSFs are classified in accordance with the SANS 10286 classification system and are monitored by

internal engineers, with support from external engineering specialists, appointed as the Engineer of Record

(EoR) for the facilities. Annual slope stability assessments are conducted by Geotheta, in their capacity as

EoR, using available geotechnical parameters, piezometer measurements, and results of the annual CPTu

investigations. The latest results from the 2025 annual report show that the facility is considered stable in

normal operating conditions. An analysis of the downstream impact on communities, ecosystems, and critical

infrastructure in the event of catastrophic failure has been assessed as part of the SANS 10286 classification

system. There is also a long-term monitoring and closure plan in progress.

15.1.3Rail

A railway line which traverses the Tshepong North Mining Right area is used to transport hoisted ore to the

Harmony One Plant (Figure 15-1).

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

Figure 15-1: Tshepong North Surface Layout and Infrastructure

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

Figure 15-2: Tshepong North Detailed Surface Infrastructure

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

Figure 15-3: Harmony One Plant Detailed Surface Infrastructure

Source: Google Earth Image Date: September 202

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

15.2Underground Infrastructure and Shafts

The Tshepong North shaft complex and underground infrastructure are schematically depicted in Figure 13-6.

The underground workings are accessed via two vertical shafts and a decline shaft system. The Main Shaft is

utilised for the transport of personnel, materials and ore, while the Ventilation Shaft provides primary

ventilation services to the mine. The decline shaft provides supplementary access to the underground mining

areas.

At Tshepong North, the main vertical shaft system extends from surface to 71 level, at 2,161m below surface.

The ventilation shaft system extends to 2,148m below surface and the sub 66 decline shaft system extends

from 66 level to 77 level.

There are four refrigeration plants on surface, serving the Tshepong North Mine. Bulk air is supplied via the

Tshepong North shaft to an inter-level refrigeration system on 63 level, assisted by cooling cars and coils. Two

underground booster fans are installed and commissioned November 2023 on 66 Level, to increase the

return air capacity to the decline section.

15.3Power and Electrical

Power is supplied by Eskom. Tshepong North power supply is designed to satisfy the planned Mineral

Reserve production and service requirements. Main power supply is managed and distributed via electrical

sub-stations located adjacent to the respective shafts (Figure 15-2).

Power lines traverse the mine property to connect the shafts, reduction works and hostel complexes.

In addition, Tshepong North have a 10MW grid tied solar installation to reduce the energy usage. The

operation has sufficient electricity supply, with 80MW available from Eskom. Currently no ore processing is

undertaken at the shaft.

15.4Water Usage

Tshepong North has a closed loop water reticulation and cooling system where the water is re-used for

cooling, drilling, dust suppression, footwall and sidewall treatment. The local municipality supply potable

water to the mine for the use of surface equipment cooling make up water, drinking water and domestic

consumption on surface. A water storage dam, with capacity of +- 1 ML, is available on surface.

The storage facilities have sufficient water to supply water to the operation for up to 48 hours if the bulk

water supply was interrupted.

15.5Logistics and Supply

The procurement of supplies and equipment are handled centrally, via Harmony, and then delivered to

Tshepong North.

Harmony operates its own rail system which connects the shafts, reduction works, shaft stores, explosives

magazine and the mine workshops. This system is used to transport ore between shafts and to transport

consumables between the surface stores to the respective locations, as required. It is also connected to the

regional Transnet railway system, which transports ore to the Harmony One Plant. All capacities for the shaft

requirement to ensure optimum production as planned is provided for.

15.6Commentary on Infrastructure

The operational infrastructure including road, rail, offices, security services, refrigeration, compressors, pump

stations, chairlift, water and power supply is adequate to satisfy the Tshepong North Mineral Reserve plan.

Operations are powered by electricity from Eskom. Overall, Tshepong North is well-established with

sufficient logistical and infrastructure support for the existing and planned mining operations.

The “Property, Plant, and Equipment” as of June 30, 2026 including buildings and mine infrastructure, mining

assets, rehabilitation and assets under construction, had a carrying value of R4,008 million.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

16Market Studies

Section 229.601(b)(96)(iii)(B)(16) (i-ii)

Gold is traded in a variety of markets/exchanges both in physical form through over the counter (“OTC”)

markets, bullion banks and metal exchanges etc., and through passive investments such as exchange traded

funds (“ETFs”), which are based on gold prices and units representing physical gold which may be in paper or

dematerialised form. Demand is driven by the jewellery market, bar and coin, use in technology, ETF’s and

other financial products, and by central banks. An overview of the gold market is given in the following

sections based mainly on data from the World Gold Council and GoldHub websites.

16.1Market Overview

Annual global gold demand (excl. over-the-counter demand (OTC) and other) experienced an increase of

8.0% on an annual basis, totalling to 4,999.4 tonnes in 2025 when compared to the 4,630.6 tonnes recorded

in 2024. The fourth quarter of 2025 recorded an average gold demand (excl. OTC and other) of 1,330.6

tonnes, supported by a combination of record bullion prices, which recorded 53 new all-time highs during

2025, and record high fourth quarter demand, with exchange-traded funds (ETF) inflows recording the

second strongest year, while bar and coin buying reached a 12-year high. Furthermore, moving into the first

quarter of 2026, global gold demand (excl. OTC and other) was recorded at 1,195.9 tonnes, significantly lower

when compared to the 1,330.6 tonnes recorded in the fourth quarter of 2025. However, when compared to

the first quarter of 2025, gold demand decreased by a substantial -9.0%. The main contributing factors to the

lower gold demand during the first quarter of 2026 include:

•Jewellery consumption decreased by a significant -31.0% when compared to the fourth quarter of

2025, whilst jewellery inventory recorded an annual decrease of -19.0% in the first quarter of 2026.

Furthermore, jewellery fabrication in the first quarter of 2026 was -24.0% lower when compared to

the previous quarter.

•Bar and coin demand in the first quarter of 2026 was 42.0% higher on an annual basis at 473.6 tonnes,

marking the second highest quarter on record; primarily driven by robust investment demand for gold

products from Asian investors. However, metals imitation coins decreased by a notable -34.0% on a

quarter-on-quarter basis when compared to the fourth quarter of 2025, while on an annual basis,

metals imitation coins increased by 23.0% in the first quarter of 2026 when compared to the same

quarter a year ago.

•ETFs and similar products demand decreased by a notable -65.0% when compared to the fourth

quarter of 2025. Furthermore, on an annual basis, a substantial decrease of -73.0% was recorded in

the first quarter of 2026.

•Central Banks and other institutions bought 243.7 tonnes of gold in the first quarter of 2026, recording

a significant increase of 17.0% when compared the fourth quarter of 2025. Furthermore, an annual

increase of 3.0% was recorded when compared to the 237.0 tonnes recorded a year ago.

In addition, the recent increases in total bullion demand and record high prices in the first quarter of 2026

were further supported by a slight increase in OTC demand.

16.2Global Production and Supply

Total gold supply was 1.0% higher in 2025 when compared to 2024, while the annual supply growth was 2.0%

higher in the first quarter of 2026 when compared to the first quarter of 2025. Gold production and supply

are sourced from existing mining operations, new mines and recycling.

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

16.2.1New Mine Production

Gold supply from mine production amounted to 3,671.6 tonnes in 2025, marginally higher when compared to

the 3,650.4 tonnes recorded in 2024. In the fourth quarter of 2025, mine production of gold decreased to

968.4 tonnes when compared to the 1,032.8 tonnes recorded in the previous quarter. However, moving into

the first quarter of 2026, mine production increased by 2.0% on a year-on-year basis to reach 884.7 tonnes,

while on a quarterly basis, mine production decreased by a notable -9.0%, primarily due to normal seasonal

fluctuations in the mining industry.

According to the WGC, preliminary data indicated notable increases in gold mine production in the first

quarter of 2026 for Mali (30.0% y-o-y); Indonesia (19.0% y-o-y); Canada (15.0% y-o-y); and Peru (3.0% y-o-y).

Based on data released by the United States Geological Survey (USGS), China remained the largest gold

producer in the world in 2025 (380.0t), followed by Russia (310.0t); Australia (280.0t); Canada (200.0t);

United States (160.0t); Ghana (150.0t); Mexico (140.0t); Kazakhstan (130.0t); Uzbekistan (130.0t); Peru

(110.0t); Indonesia (90.0t); and Brazil (80.0t). South Africa produced 90.0t in 2025; unchanged when

compared to the production levels recorded in 2024

Figure 16-1 World Gold Council: Mine Production - Major producing Gold Countries ranked by 2025

Source: ETSA & World Gold Council, 2026

16.2.2Recycling

The global annual supply of recycled gold increased by 3.0% in 2025 to reach 1,404.3 tonnes when compared

to 2024. The increase in supply was encouraged by higher bullion prices, resulting in a 2.0% increase in

recycled gold during the fourth quarter of 2025 when compared to the same quarter in 2024. This marked

the strongest quarterly performance in recycled gold supply since the third quarter of 2020. Notably, East

Asia recorded the most significant increase among all regions, primarily driven by volume increases in China.

Furthermore, global supply of recycled gold increased by 5.0% to reach 366.0 tonnes during the first quarter

of 2026, when compared to the 348.5 tonnes recorded during the same period in 2025, supported by

multiple record high bullion prices. However, on a quarterly basis, supply of recycled gold remained relatively

unchanged when compared to the previous quarter.

16.3Global Consumption and Demand

During the first quarter of 2026, gold demand (excl. OTC and other) reached 1,195.9 tonnes, reflecting a

decrease of -9.0% when compared to the same quarter the previous year. However, when including OTC and

other, total demand increased by 2.0% on an annual basis in the first quarter of 2026 to reach 1 230.9

tonnes; resulting in a record quarterly demand value of US$193.0 billion, amid gold’s outstanding price

increase.

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

16.3.1Jewellery

A total annual jewellery consumption of 1,542.3 tonnes was recorded by the World Gold Council (WGC) for

2025, reflecting a significant decrease of -18.0% and marking a five-year low when compared to the 1,886.9

tonnes recorded in 2024. The decline in global jewellery demand can mainly be ascribed to multiple record

high bullion prices recorded during 2025. Consequently, the value of jewellery demand increased to a record

high of US$172.0 billion. Furthermore, in the first quarter of 2026, total global jewellery fabrication demand

experienced a significant quarter-on-quarter decline of -24.0%, decreasing from 438.0 tonnes in the fourth

quarter of 2025 to 335.0 tonnes in the first quarter of 2026 and marking the lowest quarterly level since the

second quarter of 2020, during Covid. However, the value of total global jewellery demand increased to

reach a record high first quarter value of US$47.0 billion.

In China, demand for gold jewellery decreased by a notable -32.0% to reach 85.2 tonnes in the first quarter of

2026 when compared to the same quarter a year ago. Chinese demand was pressured amid record high gold

prices; weak income growth and consumer confidence; and the introduction of changes in the Value Added

Tax (VAT) treatment of gold jewellery in the fourth quarter of 2025. However, Chinese spending on gold

jewellery increased by 16.0% on a year-on-year basis to reach US$13.0 billion. In addition, demand from India

was pressured amid record high bullion prices; however, demand remained resilient and reached a record

high first quarter value of US$10.0 billion.

16.3.2Investment

Total annual gold investment increased by a significant 84.0% to reach 2,175.3 tonnes in 2025, higher when

compared to the 1,185.4 tonnes recorded in 2024 and exceeding the previous annual record held since 2020.

In addition, gold physically-backed exchange-traded funds (ETF) investments increased to reach a record high

of 4,025.0 tonnes in 2025, while bar and coin investment increased to a 12-year high value of US$154.0

billion during the same period. The increased investment in the safe-haven asset was primarily driven by

escalating geopolitical risks; a weaker US Dollar; expectations of lower interest rates; and extended stock

valuations.

However, in the first quarter of 2026, investment in gold (excluding OTC) recorded a decrease of -5.0% on a

year-on-year basis to reach 535.6 tonnes, down from the 563.6 tonnes recorded in the first quarter of 2025

and also lower when compared to the 602.9 tonnes recorded in the fourth quarter of 2025. ETF holdings

decreased significantly to 62.0 tonnes in the first quarter of 2026 from 229.9 tonnes recorded in the first

quarter of 2025, marking a notable decrease of -73.0%. ETF holdings were pressured as outflows during

March 2026 offset most of the inflows recorded during January 2026 and February 2026. However, ETF

holdings still recorded a seventh consecutive quarter of positive demand. Additionally, investment in gold

was pressured by profit-taking, deleveraging and liquidity-driven demand for gold amid broader risk-off

market conditions.

According to the WGC, global bar and coin investment increased by a notable 42.0% when compared to the

first quarter of 2025, to reach an average of 473.6 tonnes in the first three months of 2026.

The average London Bullion Market Association (LBMA) price of gold reached a record high quarterly average

to trade 70.0% higher in the first quarter of 2026 at US$4,872.90 an ounce, when compared to the same

period a year ago, which also represented an 18.0% quarter-on-quarter increase when compared to the

US$4,135.20 an ounce recorded during the fourth quarter of 2025.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

Figure 16-2 World Gold Council: Total Gold Supply & Demand

Source: ETSA & World Gold Council, 2026.

16.3.3The USD Currency and Gold

The inverse relationship between the value of the US Dollar (USD) and that of gold is one of the most

discussed relationships in currency markets. The USD is the internationally accepted currency and most of the

international transactions take place in USD equivalent. The major reason behind the relationship of gold and

the USD, is that gold is used as a hedge against the adverse exchange value of the USD. As the US Dollar’s

exchange value decreases, it requires more USD to buy gold, which increases the value of gold. Two other

factors linked to the strength of the USD are inflation and interest rates.

In 2026, leading central banks kept interest rates unchanged at their latest policy meetings, including the U.S.

Federal Reserve Bank; the Bank of England (BoE); the European Central Bank (ECB); and the South African

Reserve Bank (SARB), with the SARB maintaining the repurchase rate at 6.75%. The decision to maintain

interest rates can mainly be attributed to heightened uncertainty over global economic conditions and

inflation risks amid the Middle East conflict. However, several major central banks warned of possible future

interest rate hikes to prevent surging energy prices from leading to higher inflation, which could cause non-

yielding bullion to become less attractive and place downward pressure on gold prices.

The US Dollar is anticipated to remain steady over the next few months. Furthermore, movements in the US

Dollar are expected to remain dependent on developments in the Middle East war, with the currency

appreciating during times of escalated tensions and depreciating during periods of eased tensions. However,

over the long term, the US Dollar is expected to weaken as more investors seek diversification into European

currencies, particularly the Euro and British Pound.

16.4Gold Price

16.4.1Historical Gold Price

The LBMA gold price reached 53 new record highs during 2025 and recorded an annual average price of

US$3,431.50 an ounce in 2025, 44.0% higher when compared to an average of US$2,386.20 an ounce

recorded in 2024. The upward trajectory continued into the first quarter of 2026 where gold prices averaged

18.0% higher at US$4,872.90 an ounce on a quarter-on-quarter basis, reaching a new quarterly high. When

compared to the same quarter a year ago, gold prices increased by a considerable 70.0% in the first quarter

of 2026.

Moving into the second quarter of 2026, gold prices remained elevated in April 2026, recording a notable

5.6% year-to-date increase to trade at US$4,611.00 an ounce. Gold prices were supported by a weaker US

Dollar and strong ETF inflows; however, these gains were partly offset by improved risk appetite and lower

market volatility.

The geopolitical risk premium is expected to continue its upward trend and support gold prices, which could

in turn support stronger demand for gold ETFs and OTC, as well as bar and coin demand. However, higher

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

bullion prices are expected to weigh on jewellery demand, while mine production is expected to increase

modestly in 2026. The latest market expectations point to U.S. interest rates remaining within the 3.50% to

3.75% range until the end of 2026, with expectations of a first interest rate cut in December 2026, amid

higher inflation concerns driven by elevated energy prices due to the Iran war.

Figure 16-3: World Gold Council: Daily Gold Price (ZAR/oz & USD/oz)

Source: World Gold Council, 2026.

16.4.2Forecast Gold Price

Consensus gold price range for the year 2026 to year 2028 is presented in Table 16.1. The long-term gold

prices are considered from year 2027 onwards by the QP. Forecasts as advised from various financial

institutions show that gold is expected to trade in a range of US$3,300/oz – US$5,000/oz, for the period 2026

to 2028 with a long-term outlook of US$2,915/oz.

Table 16-1 Consensus View of Forecast Gold Price US$/Oz


Institutions	2026	2027	2028
World Bank: Development	4,700	4,300	—
BMO Capital Markets	5,000	4,700	—
Scotiabank	4,500	4,050	—
Nedbank	4,646	4,540	4,490
Fitch Solutions	4,500	3,800	3,300
S&P Global	4,747	4,752	4,427
Australian Government	4,049	3,788	—
Average	4,592	4,276	4,073

16.4.3Harmony Group Gold Hedging Policy

Harmony has a hedging policy which is managed and executed at Group treasury level on-behalf of its

operating entities. The key features of the hedging program are as follows:

•the policy provides for hedging (or forward selling) up to maximum percentages of expected

production for different future periods, on a rolling basis, as set out below:

◦Year 1, 30%

◦Year 2, 20%

◦Year 3, 10%

•the policy has no minimum quantity that should be hedged, and if an attractive margin above cost

cannot be achieved (i.e., in a low gold price environment) then no hedges are entered into;

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Technical Report Summary for

Tshepong North, Free State Province, South Africa

•Harmony enters into ZAR-denominated gold hedges for its South African operations and USD-

denominated hedges for Hidden Valley mine in Papua New Guinea);

•Individual mines do not enter into hedges in their own name but delivers bullion to Rand Refinery for

refining on behalf of Harmony. Rand Refinery is one of the world’s largest single-site precious metals

refining and smelting complex in the world. Rand Refinery refine all of Harmony’s South African gold

production to at least 99.5% purity, and acting as agent, sells the gold on the daily spot London fixing

price and make payment to Harmony two days later;

•gains and losses realised from the hedging program are accounted for at Group level and the financial

benefit (or downside) is distributed amongst the operations proportional to their levels of gold sales;

•Harmony does its mine planning and financial forecasts based on the estimated future gold price

provided by an external source (ETSA), but its year-end actual financial results reflect the received

gold price inclusive of the impact of the hedging programme. Therefore individual mines receive a

combined hedged gold price for the hedged portion of its gold sales with the balance attracting the

spot price

16.5Commentary on Market Studies

The factors which affect the global gold market are well-documented as are the elements which influence the

daily gold price.The average London Bullion Market Association (LBMA) price of gold reached a record high

quarterly average to trade 70.0% higher in the first quarter of 2026 at US$4,872.90 an ounce, when

compared to the same period a year ago, which also represented an 18.0% quarter-on-quarter increase when

compared to the US$4,135.20 an ounce recorded during the fourth quarter of 2025.

16.6Material Contracts

As with all major businesses, Harmony and Tshepong North enters into a multitude of vendor agreements for

the provisions of supplies and services. These agreements are entered into on a competitive basis and

typically are of a medium-term duration all with clauses providing for periodic updating of pricing, annual (or

other) renewal or termination.

Harmony has contractual vendor agreements with various service providers and suppliers. The most

significant of these contracts currently in place to support Tshepong North are listed in Table 16-2.

All of the listed contracts are currently valid and in good standing. Terms, rates and charges of contracts are

considered consistent with industry norms. Contract management processes are in place and resourced so

that contracts re-tendered and/or renewed as they approach expiry.

Table 16-2: Material Contracts


Vendor Name	Nature of Service / Supply
Axis Mining & Construction cc	Underground Support services
Transnet Limited (t/a Spoornet)	Rail transportation of ore and waste
Genflo Mine Vacuum Systems SA (Pty) Ltd	Shaft Bottom Cleaning at Nyala Shaft
Bidvest Protea Coin (Pty) Ltd	Security services
Lesedi Drilling & Mining Company (Pty) Limited	Underground diamond drilling at Tshepong North
Timrite (Pty) Ltd	Underground support
AECI (Pty) Limited	Explosives supply
Accutrack	Ore Tracking System

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

17Environmental Studies, Permitting and Plans, Negotiations, or Agreements

with Local Individuals or Groups

Section 229.601(b)(96)(iii)(B)(17) (i-vii)

The South African Government has an extensive legal framework within which mining, environmental and

social aspects of the industry are managed. Harmony and its Tshepong North Mine is primarily regulated and

managed by certain principal Acts (as listed in Section 17.3) as well as corporate policies, management

systems and certain industry-wide guidelines, including:

•Energy Efficiency and Climate Change Policy;

•Environmental Policy;

•Harmony Water Management Strategy;

•Biodiversity and Rehabilitation Position Statement;

•Socio-Economic Transformation Policy; and

•Corporate Social Responsibility Policy.

The latest sustainability policies and public environmental social and governance (“ESG”) performance and

disclosure report(s) are available on the corporate website. Harmony has identified the environmental risks

for the business and has strategies in place to manage the risks.

17.1Results of Environmental Studies

Tshepong North have prepared multiple environmental impact assessments (“EIA”) for regulatory approval,

which under the current legal framework, require stakeholder engagement. The results of the studies have

been incorporated into the Harmony business planning process. The results of all the studies are too

voluminous to include in this TRS and therefore the reader is directed to EMP PAR (Environmental

Management Program Performance Assessment) Harmony Tshepong North, Matjhabeng and

ARM(Reference Number FS 30/5/1/2/2/84MR).

Harmony is committed to maintaining good relationships with regulatory authorities, industries,

communities, business partners and surrounding stakeholders.

17.2Waste and Tailings Disposal, Monitoring & Water Management

The process of mining and beneficiation produce significant waste, typically consisting of 1) solid waste in the

form of waste rock and overburden, 2) liquid wastes in the form of wastewater and tailings slurry and 3)

gaseous emissions such as liquefied petroleum gas.

Measures have been put in place for the handling and disposal of all hazardous chemicals (e.g., cyanide),

hydrocarbons (i.e., hydraulic oils and diesel) and other chemicals to ensure the protection of human health

and its potential impact on the environment.

Harmony recognizes that responsible and effective waste management can positively reduce its

environmental impacts and mitigate associated environmental liabilities. Waste management is thus a

priority focus area. Internally, guidelines on mineral, non-mineral and hazardous waste materials are included

in the environmental management systems (“EMS”) implemented at Tshepong North.

Tailings comprises of crushed rock and process water emitted from the gold elution process in the form of

slurry once gold has been extracted. As tailings contain impurities and pollutants, they are placed in TSF

engineered to contain them, in line with Harmony's tailings management program and the Global Industry

Standard on Tailings Management (“GISTM”).

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Harmony's overall tailings management strategy is to ensure robust, meticulous engineering and dam design,

along with a continual focus on management of risks through layered assurance and oversight. The focus

areas include, but are not limited to:

•freeboard control;

•water management;

•maintaining stability and the safety factor as advised by the engineer of record;

•erosion controls; and

•monitoring and control measures implemented to ensure continued compliance (including regular

inspections, audits, and meetings on varying intervals with subsequent actions, minutes and reports).

As part of its mining, environmental and water approvals and licenses, Harmony is required to implement

monitoring programs and plans to establish the operations impact on the environment. The compliance limits

for the monitoring variable are included in the applicable EMPR(s), WULA(s) and environmental

authorizations. The environmental monitoring implemented at Tshepong North includes:

•ground and surface water monitoring

•biodiversity monitoring;

•waste classification and quantification;

•integrated waste and water management plan (“IWWMP”) updates;

•water balance reviews;

•license and authorization compliance reviews; and

•air quality (i.e., noise and dust) and greenhouse gas emissions ("GHG") monitoring.

Harmony One Plant pumps tailings as slurry to two TSFs, namely FSS2 and St Helena No.4, located to the

south of the plant. All TSFs are currently owned and operated by Harmony.

The current TSF sites have the capacity to store 350,000tpm, with a split of 50,000tpm to FSS2 and 300,

000tpm to St. Helena 4.

17.3Permitting and Licenses

In respect of environment, the following national Acts and the regulations promulgated thereunder provide

the regulatory framework for mine permitting and licensing in South Africa:

•Mineral and Petroleum Resources Development Act, 2002 (“MPRDA”);

•National Environmental Management Act, 1998 (“NEMA”);

•National Environmental Management: Waste Act, 2008 (“NEM:WA”);

•National Environmental Management: Air Quality Act, 2004 (“NEM:AQA”); and

•National Water Act, 1998 (“NWA”).

A summary of the status of environmental permits and licenses issued at the effective date related to

Tshepong North is presented in Table 17-1.

All relevant mining, environmental and water-use permits are in place that cover the environmental,

archaeological, and hydrological components of the Tshepong North Operation. All permits are audited

regularly for compliance and no material risks to the operations have been identified.

Effective Date: 30 June 2026

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Table 17-1: Status of Environmental Permits and Licenses


Permit / License	Reference No.	Issued By	Date Granted	Validity
Environmental Management Programme	FS 30/5/1/2/3/2/1(84)EM	DMPR	December 11, 2007	December 10, 2029
Water Permit 936B. Harmony. Free State Geduld Mines. Discharge of untreated effluents	B33/2/340/31	DWS	April 2, 1981	LOM
Water Permit 870B. Harmony. Discharge of untreated effluents.	B33/2/340/25	DWS	May 27, 1991	LOM
Water Permit 1214N. Free State Consolidated Gold Mine. Tshepong, Freddie’s and Phakisa shafts.	B33/2/340/12	DWS	Not indicated.	LOM
Water Permit 1214N. Free State Consolidated Gold Mine. Tshepong, Freddie’s and Phakisa shafts.	B33/2/340/12	DWS	Not indicated.	LOM

Notes:DWS - Department of Water and Sanitation Affairs.

17.4Local Stakeholder Plans and Agreements

Harmony strives to create sustainable shared value within the communities it operates. Local stakeholder

plans and agreements are based on the results from socio-economic information, government development

strategies and EIAs undertaken. The socio-economic development program commits to:

•contribute to areas that will have the most meaningful socioeconomic impact on communities, namely

infrastructure, education and skills development, job creation and entrepreneurial development;

•enhance broad-based local and community economic empowerment and enterprise development

initiatives;

•facilitate socio-economic development in local communities by means of social and labour plan(s)

(“SLP”) and corporate social responsibility programs;

•support arts, culture, and sports and recreation; and

•build relationships based on trust within host communities.

In South Africa, mining companies are required to have a SLP, which forms an important component of

Harmony's community investment plan. It sets out the Company’s obligation to develop and implement

comprehensive human resource development programs, community development plans, housing and living

condition plans and employment equity plans. The aim of the SLP is to ensure the uplift of the social and

economic circumstances of local communities surrounding the mine. The SLP is a prerequisite to securing and

maintaining a mining right, with progress required to be reported annually.

17.5Mine Closure Plans

Harmony makes provision for closure and rehabilitation both for accounting purposes and as required under

the MPRDA. The statutory obligation for all environmental rehabilitation at Tshepong North is administered

by the DMPR and requires the preparation of a closure plan, the development of a cost estimate, and

financial assurance. The Company makes an annual submission to the DMPR setting out the cost of closure in

accordance with the MPRDA and the regulations issued thereunder.

Harmony appointed Digby Wells and Associates (South Africa) (Pty) Ltd, independent environmental

consultants, to review and update the Closure Cost Assessment for unscheduled closure associated with the

Tshepong North and Matjhabeng Mining Operations. The Matjhabeng Mining Operations is a Harmony

operation, located north of the town of Welkom in the Free State Province. The mine closure assessment was

done in terms of regulation 53 and 54 of the MPRDA and in accordance with the requirements of NEMA. The

closure cost as at 30 June 2026 was calculated to be approximately ZAR550.9m.

Harmony has made funding available in an amount equal to the cost of closure as determined under the

MPRDA in the form of a trust fund and/or bank guarantees.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

Table 17-2: Mine Closure Liability


Area	Total Closure Cost (ZAR)
Western Holdings 5 Shaft	R11,192,698
Eland Shaft and Freddies 6	R19,459,481
Nyala Shaft	R88,394,451
Tailings Dams - North	R332,265,102
Tshepong South (Phakisa)	R22,625,202
Tshepong North	R46,969,482
Sable Shaft	R6,364,800
Kudu Shaft	R9,641,039
Sewage Treatment Plant	R5,699,864
Floatation Plant	R8,263,062
Grand Total	R550,875,181

Table 17-3: Rehabilitation Assurance


Area	Trust Fund (ZAR)	Bank Guarantee (ZAR)	Total (ZAR)
Tshepong North and Matjhabeng Operation	1,569,773,993	—	1,569,773,993
Tshepong South (Phakisa)	Included in above
Total	1,569,773,993	—	1,569,773,993

17.6Status of Issues Related to Environmental Compliance, Permitting, and Local Individuals or

Groups

All material mineral rights, mining rights, surface rights, environmental authorizations, permits, licenses, and

other governmental approvals required for current operations and the LOM Extension Project have been

obtained and are in good standing, or are expected to be renewed or maintained in the ordinary course of

business. Harmony has valid title to, or the right to acquire title to, the mineral and surface rights necessary

to conduct its operations. To the best of the Qualified Person's knowledge, there are no pending or

threatened legal, administrative, or regulatory proceedings that could materially impair Tshepong North’s

mineral tenure, mineral rights, surface rights, or mining operations. Furthermore, there are no known

conditions, obligations, timing constraints, or consequences related to permitting, tenure, regulatory

compliance, or third-party agreements that are reasonably likely to have a material adverse effect on

continued operations, the declaration of Mineral Reserves, or the implementation of the LOM Extension

Project.

17.7Local Procurement and Hiring

Harmony is committed to investing in the future of local communities beyond the mine closure and not to

only empower them, but also to mitigate the impacts its activities to ensure a positive legacy. The 2014

Mining Charter serves to guide the south African mining industry in socio-economic transformation. Local

procurement (goods and services) and human resource management are key measures set under the Mining

Charter and are reported on annually.

Portable skills are developed internally as well as through expanded learning programs, learnerships and

other programs opened only to operating communities. Local procurement is being supported where there is

a skills shortage. Some of the portable skills training offered to its employees include but not limited to basic

plumbing, electrical appliance repair, welding, catering and baking, sewing and clothing manufacturing.

17.8Commentary on Environmental Studies, Permitting and Plans, Negotiations, or Agreements

with Local Individuals or Groups

Periodic inspections are conducted by the DMPR to verify compliance with applicable environmental laws,

regulations, permits and standards. In addition, Tshepong North has implemented an EMS in line with the ISO

Effective Date: 30 June 2026

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Tshepong North, Free State Province, South Africa

14001 standard. The EMS is audited on an annual basis by a third party and includes the needs and

expectations of interested parties.

As part of Harmony, Tshepong North conducts its operation based on policies and systems that are aligned to

its corporate sustainable development framework. Although Harmony is not a signatory to the International

Council on Mining and Metals or the UN Global Compact, these form the guiding principles of the framework.

Harmony discloses its sustainable development voluntarily in accordance with the guidelines issued by the

Global Reporting Initiative (“GRI”). Further to this, Harmony discloses environmental information on the

Carbon Disclosure Project (“CDP”) for both climate change and water. The CDP runs the global environmental

disclosure system that supports companies to measure and manage their risks and opportunities on climate

change, water security and deforestation.

Harmony has a good understanding of the environmental and social aspects of the operations through

baseline and specialist studies previously conducted. Risk management and mitigation measures were

adequately addressed in the environmental management plans and will be effective to mitigate risks and

impacts to acceptable levels should the measures be implemented according to the specialists’

recommendations.

The QP is of the opinion that most of the required environmental authorizations are in place and only require

amendments to be made to reflect the current infrastructure. Based on current industry norms, a realistic

timeframe to obtain relevant authorizations is estimated between 12 and 18 months.

Effective Date: 30 June 2026

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Tshepong North, Free State Province, South Africa

18Capital and Operating Costs

Section 229.601(b)(96)(iii)(B)(18) (i-ii)

Economic parameters for the Harmony Group, including capital and operating costs, are determined, and

signed off by the CODM, before distribution to the business units, including Tshepong North. The capital and

operating costs are reported in ZAR terms and on a real basis. Rounding of figures may result in minor

computational discrepancies.

18.1Capital Costs

The estimated capital costs for the on-going Reserve plan at Tshepong North (including the LOM Extension

Project) are reported according to costs associated with major equipment outside the main operating

sections (“AE”), shaft projects and major projects as presented in Table 18-1. The estimated capital costs

presented in Table 18-1 are carried forward and modelled in the Tshepong North cash flow.

The estimated capital costs for the LOM Extension Project are broken down into project capital and MCC and

are provided in Table 18-1. The capital costs have been derived from the LOM Extension Project Feasibility

Study. The Harmony project capital cost estimate was compiled at an industry standard for Feasibility Studies

at a ±10%, level accuracy. A contingency of 5% has been applied to these capital costs.

18.2Operating Costs

A summary of the direct and indirect operating costs for Tshepong North for the 2026 Mineral Reserves are

presented in Table 18-2. The operating costs are based on historic performance while applying any changes

expected within the new financial year (such as electricity requirements, increased/decreased labour) and

are used as an input into the Tshepong North cash flow model. Costs are calculated at current prices with a

6% inflationary increase applied only in Year 1 to an accuracy level of ±5%. Contingencies are applied solely to

capital costs and not to working costs. Operating costs may be impacted by production overachievement,

potentially resulting in higher incentive payments and increased material cost due to usage.

18.3Comment on Capital and Operating Costs

The capital and operating cost estimates for Tshepong North are based on actual historical data, as well as

budget forecasts with a 5% contingency for the LOM Extension Project capital. Therefore, the forecasted

costs are reliable, and at minimum meet the confidence levels of a Feasibility Study. This approach of

estimating capital and operating costs is consistent with industry practice. A record of the forecast and

budget costs is maintained by the operation, allowing for an assessment of the alignment of the forecast and

actual costs.

The capital and operating costs for the LOM Extension Project are derived from a Feasibility Study and are

considered to have levels of accuracy in line with Feasibility Study requirements. Further, these estimates are

informed by the extensive operating history of Tshepong North which is, in most cases, directly applicable to

the LOM Extension Project.

Table 18-1: Summary of Capital Cost Estimate for Tshepong North


Capital Cost Element (ZAR'000)	Mineral Reserves (FY2027- FY2041)
AE	1,101,191
Shaft Projects	1,125,856
Major Projects	2,342,188
OCD	5,203,977
Total (excluding MCC)	9,773,212
MCC (LEDs/housing etc)	375,561
Total (including MCC)	10,148,773

Effective Date: 30 June 2026

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Table 18-2: Summary of Operating Cost Estimate for Tshepong North


Operating Cost Element (ZAR'000)	Mineral Reserves (FY2027 - FY2041)
Wages - Payroll 1	9,316,444
Wages - Payroll 2	14,859,316
Stores and Materials	8,431,663
Electric Power and Water	10,638,300
Outside Contractors	3,478,335
Other	3,013,543
Direct Costs	49,737,602
Pumping allocation	1,053,308
Refining charge allocation	89,380
Assay cost allocation	174,906
Hostel cost allocation	-395,895
Treatment cost allocation	2,226,636
Rail transport allocation	131,098
Working Cost Transfer To Capital	-174,997
Sampling Cost Allocation	-174,996,655
Re-allocated Costs	3,104,436
Mine Overheads Re-allocated	2,950,133
Total Cash Costs	55,792,171

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong North, Free State Province, South Africa

19Economic Analysis

Section 229.601(b)(96)(iii)(B)(19) (i-iv)

19.1Key Economic Assumptions and Parameters

The CODM formulate, review, signs-off and distributes economic assumptions to the various business units.

On an annual basis, during the period October to November, long-term commodity prices and exchange rate

forecasts are received from various financial institutions. In addition, a specialist in economics from a

reputable economics company based in South Africa provides expert views on the global markets, forward-

looking commodity prices, exchange rates, consumer price index, production price index, electricity cost and

consumable cost increases. All relevant factors are evaluated, taking cognisance of the requirements of the

NYSE and JSE markets, and a proposal is presented to the CODM for review and approval. Once approved,

these assumptions are communicated to the Company's business units and applied in conjunction with

operation-specific considerations. The QP reviewed and assessed the assumptions developed and approved

through the Company's governance process and concluded that they are reasonable and appropriate for use

in the Mineral Resource and Mineral Reserve estimates.

19.1.1Gold Price

The forecast gold price (US$2,915/oz) is the price that is used by Harmony for the annual planning cycle and

forms the basis for the spot gold price assumptions used in the cashflow. The reader is referred to Table 16-1

for the consensus forecast gold price. The conversions used in the calculation of the various gold prices are

presented in Table 19-1.

Table 19-1: Conversions Used in Gold Price Calculations


Economic Factors	Gold Price (US$/oz)	Conversion Factor (oz/kg)	Exchange Rate (ZAR:USD)	Gold Price (ZAR/kg)
2026 Mineral Resource	3,061	32.15	17.60	1,730,000
2026 Mineral Reserve	2,915	32.15	17.60	1,650,000

19.1.2Exchange Rate

The South African Rand (ZAR) appreciated to average at R16.34/US$ during the first quarter of 2026, 4.6%

stronger when compared to an average of R17.12/US$ recorded during the last quarter of 2025. Moving onto

April 2026, the ZAR appreciated by 1.2% on a month-on-month basis, and by a notable 12.6% compared to

April 2025 to average at R16.54/US$, following an 8.4% annual appreciation recorded in March 2026.

More recently, the South African Rand appreciated against the US Dollar, driven by market anticipation

regarding an upcoming meeting in Beijing between U.S. President Donald Trump and China’s President, Xi

Jinping. On the 13th of May 2026, the commodity-backed currency strengthened by 0.4% to trade at R16.45/

US$, supported by expectations that China could help pressure Iran to reopen the Strait of Hormuz, which

could ease oil prices and inflation concerns.

However, the South African Rand depreciated to trade at R16.76/US$ on the 19th of May 2026, as investors

remained cautious over developments in the Middle East war after U.S. President Donald Trump paused a

planned attack on Iran to allow time for negotiations in order to end the war.

Effective Date: 30 June 2026

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Figure 19-1: Annual Calendar Year Exchange Rates and ETSA Forecast

Source: SARB & ETSA Calculations, 2026

Table 19-2: Consensus View of Forecast Exchange Rate (ZAR:USD)


Institutions	2026	2027	2028
Nedbank	16.60	16.40	16.40
Investec	16.29	15.81	15.85
FNB	16.90	17.90	18.80
IDC	16.64	16.87	17.01
AVERAGE	16.61	16.75	17.02

Note: Figures reflect the latest available forecasts from institutions as at May 2026

The exchange rate of 17.60 ZAR:USD is the exchange rate that is used by Harmony for the annual planning

cycle and forms the basis for the ZAR:USD exchange rate in the company LOM and Mineral Reserve cashflow.

Table 19-3: ZAR:USD Exchange Rate Performance (June 2023 – June 2026)


Period	Average Exchange Rate (ZAR:USD)
July 2023 to June 2024	18.70
July 2024 to June 2025	18.15
July 2025 to June 2026	16.89
3-Year Ave. (not weighted)	17.91

Effective Date: 30 June 2026

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19.1.3Royalties

Royalty is an expense paid to the government of South Africa and is accounted for in the cash flow models. In

terms of the mining ring-fencing application, each ring-fenced mine is treated separately, and deductions can

normally only be utilised against mining income generated from the relevant ring-fenced mine.

19.1.4Taxes

Mining tax on gold mining taxable income in South Africa is determined according to a formula, based on the

taxable income from mining operations. Of that, 5% of total revenue is exempt from taxation while the

remainder is taxable at a higher rate (33%) than non-mining income (27%). Accounting depreciation is

eliminated when calculating the South African mining tax income. Excess capital expenditure is carried

forward as unredeemed capital to be claimed against future mining taxable income.

19.1.5Summary

The key assumptions used in the cash flow are summarized for Tshepong North in Table 19-3.

Table 19-4: Key Economic Assumptions and Parameters for Tshepong North Cash Flow


Parameter	Unit	Value
Production Rate	tpm	58,698
Gold Recovery	%	95.60
Royalty	%	Formula
Tax Rate	%	Formula
Gold Price	ZAR/kg	1,650,000
Exchange Rate	USD:ZAR	17.60
Discount Rate	%	9.00

Effective Date: 30 June 2026

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19.2Economic Analysis

Harmony's respective business units and its associated operating sites consider the economic assumptions

discussed in Section 19.1 during their respective planning and analysis processes. The past year’s average

gold price is used for testing purposes. A gold price of ZAR1,650,000/kg is used for forecasting the revenue of

the Tshepong North Mineral Reserve cash flow (Table 19-4).

The discounted cash flow model is used to calculate the Net Present Value (“NPV”) of the Mineral Reserve.

The NPV for the spot metal price, for Tshepong North LOM is approximately ZAR6,356 million cash positive, at a

discount rate of 9% (Table 19-5).

The NPV is calculated on a cash flow that accounts for factors such as:

•mining and ore processing working costs;

•royalty payments;

•capital costs, including costs allocated to ongoing development;

•any significant project work considered as major projects; and

•costs deemed as abnormal expenditure.

An IRR and payback period have not been calculated for Tshepong North because the LOM cash flow model

does not include any negative cash flows. Therefore, these measures are not meaningful for Tshepong North

economic analysis.

Effective Date: 30 June 2026

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Table 19-5: Tshepong North Cash Flow


Item	Units	Total Reserve Plan	FY2027	FY2028	FY2029	FY2030	FY2031	FY2032	FY2033
Milled Tonnes	t '000	10,566	704	748	774	734	788	812	811
Yield	g/t	4.85	4.74	4.54	4.60	4.71	4.65	4.23	4.19
Gold Recovered	kg	51,242	3,341	3,393	3,558	3,456	3,665	3,431	3,402
Gold Price	R/kg	1,650,000	1,650,000	1,650,000	1,650,000	1,650,000	1,650,000	1,650,000	1,650,000
Revenue	ZAR'000	84,549,514	5,512,867	5,598,290	5,871,086	5,701,838	6,047,195	5,661,167	5,612,619
Total Operating cost	ZAR'000	57,238,035	3,764,556	3,818,793	3,846,742	3,777,047	3,877,388	3,960,532	3,993,521
Total Capital including MCC	ZAR'000	10,148,773	1,115,115	1,227,553	1,098,089	1,095,983	856,303	904,276	686,105
Royalty	ZAR'000	422,748	27,564	27,991	29,355	28,509	30,236	28,306	28,063
Total Cost	ZAR'000	67,809,556	4,907,235	5,074,338	4,974,186	4,901,539	4,763,926	4,893,114	4,707,690
Cash flow before tax	ZAR'000	16,739,958	605,631	523,952	896,900	800,299	1,283,269	768,053	904,930
Taxation Payable	ZAR'000	(4,129,119)	(108,896)	(80,532)	(199,104)	(170,018)	(323,700)	(160,048)	(206,019)
Net cash flow after tax	ZAR'000	12,610,839	496,735	443,419	697,796	630,281	959,569	608,005	698,911

Effective Date: 30 June 2026

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Item	Units	FY2034	FY2035	FY2036	FY2037	FY2038	FY2039	FY2040	FY2041
Milled Tonnes	t '000	775	784	766	730	665	552	468	455
Yield	g/t	4.66	4.98	5.09	5.53	5.50	4.99	5.68	5.45
Gold Recovered	kg	3,608	3,905	3,897	4,041	3,656	2,755	2,655	2,480
Gold Price	R/kg	1,650,000	1,650,000	1,650,000	1,650,000	1,650,000	1,650,000	1,650,000	1,650,000
Revenue	ZAR'000	5,953,027	6,443,659	6,430,386	6,668,182	6,032,399	4,545,219	4,380,352	4,091,229
Total Operating cost	ZAR'000	3,999,997	4,058,280	4,067,397	4,078,283	3,886,842	3,555,942	3,287,805	3,264,910
Total Capital including MCC	ZAR'000	684,225	658,425	531,623	433,773	370,482	286,123	184,193	16,505
Royalty	ZAR'000	29,765	32,218	32,152	33,341	30,162	22,726	21,902	20,456
Total Cost	ZAR'000	4,713,988	4,748,923	4,631,172	4,545,397	4,287,486	3,864,791	3,493,900	3,301,871
Cash flow before tax	ZAR'000	1,239,039	1,694,737	1,799,214	2,122,785	1,744,913	680,428	886,452	789,358
Taxation Payable	ZAR'000	(310,658)	(452,943)	(487,639)	(590,494)	(476,287)	(149,545)	(220,253)	(192,983)
Net cash flow after tax	ZAR'000	928,381	1,241,794	1,311,575	1,532,291	1,268,626	530,883	666,198	596,375

Discounted cash flow (ZAR'000)	Rate	After tax NPV
NPV - Harmony preferred)	@9%	6,355,591
NPV - (medium discount rate)	@12%	5,241,020
NPV - (high discount rate)	@15%	4,389,973

Effective Date: 30 June 2026

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19.3Sensitivity Analysis

The economic assumptions, cash flow breakdown and economic analysis contribute to the basis for the

sensitivity analysis. The sensitivities are calculated and analysed, as shown in the accompanying Table 19-6,

Table 19-7 and Table 19-8.

Harmony has reviewed its exposure in terms of South Africa’s political instability, the COVID-19 pandemic,

the currency exchange rate, and the gold price, on its financial assets and financial liabilities, and has

determined the sensitivities for a ±10% variance. Management considers this range to be a reasonable

change given the volatility in the market.

The sensitivity analysis (Tables 19-6 to 19-8) is based on a change in a single assumption while holding all

other assumptions constant. In practice, this is unlikely to occur, as risks and/or opportunities will have an

impact on the cash flows, and changes in some of these assumptions may be correlated. The sensitivity

analysis indicates that Tshepong North is almost equally sensitive to the gold price (ZAR/kg), as to changes in

total operating costs (ZAR).

The impact of one or a combination of risks and opportunities occurring at the same time cannot be

specifically quantified so an analysis considering multi-parameters is not considered.

Table 19-6: Gold Price Sensitivity Analysis (Mineral Reserves)


Sensitivity (%)	Production (kg)	Gold Price (ZAR/kg)	Revenue (ZAR’000)	Total cost including tax (ZAR'000)	Net cash flow after tax (ZAR'000)	After tax NPV 9% (ZAR'000)
10%	51,242	1,815,000	93,004,465	71,938,675	21,065,790	9,515,880
5%	51,242	1,732,500	88,776,989	71,938,675	16,838,314	7,935,735
Reserves	51,242	1,650,000	84,549,514	71,938,675	12,610,839	6,355,591
-5%	51,242	1,567,500	80,322,038	71,938,675	8,383,363	4,769,369
-10%	51,242	1,485,000	76,094,562	71,938,675	4,155,887	3,049,273

Table 19-7: Total Operating Cost Sensitivity Analysis (Mineral Reserves)


Sensitivity (%)	Production (kg)	Gold Price (ZAR/kg)	Revenue (ZAR’000)	Total cost including tax (ZAR'000)	Net cash flow after tax (ZAR'000)	After tax NPV 9% (ZAR'000)
10%	51,242	1,650,000	84,549,514	76,623,303	7,926,211	3,708,189
5%	51,242	1,650,000	84,549,514	74,213,489	10,336,024	5,090,537
Reserves	51,242	1,650,000	84,549,514	71,938,675	12,610,839	6,355,591
-5%	51,242	1,650,000	84,549,514	69,667,055	14,882,459	7,617,956
-10%	51,242	1,650,000	84,549,514	67,395,435	17,154,079	8,880,321

Table 19-8: Total Production Sensitivity Analysis (Mineral Reserves)


Sensitivity (%)	Production (kg)	Gold Price (ZAR/kg)	Revenue (ZAR’000)	Total cost including tax (ZAR'000)	Net cash flow after tax (ZAR'000)	After tax NPV 9% (ZAR'000)
10%	56,366	1,650,000	93,004,465	71,938,675	21,065,790	9,515,880
5%	53,804	1,650,000	88,776,989	71,938,675	16,838,314	7,935,735
Reserves	51,242	1,650,000	84,549,514	71,938,675	12,610,839	6,355,591
-5%	48,680	1,650,000	80,322,038	71,938,675	8,383,363	4,769,369
-10%	46,118	1,650,000	76,094,562	71,938,675	4,155,887	3,049,273

Effective Date: 30 June 2026

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20Adjacent properties

Section 229.601(b)(96)(iii)(B)(20) (i-iv)

Tshepong North and South are 100% owned by Harmony. Tshepong North is bounded to the north by the

dormant Jeanette Mine and the present-day Target Mine. The Tshepong South Mine lies to the south-east of

the Tshepong North Mine. The Eland Mine is located south-east of Tshepong South, while the Welkom 4

Shaft is further south from the Tshepong South Mine.

Effective Date: 30 June 2026

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21Other Relevant Data and Information

Section 229.601(b)(96)(iii)(B)(21)

The approved Tshepong Life of Mine (LOM) Extension Project remains a significant component of the long-

term strategy for Tshepong North. The project comprises the development and extraction of the Sub 75 Basal

Reef block, together with the East South Upper (ESU) B Reef block, and is designed to mine below the current

infrastructure horizon and provide access to economically viable Mineral Reserves at depth. The project was

approved during 2026 and extends the current Life of Mine from 2031 to 2041. The inclusion of the Sub 75

Basal Reef and ESU B Reef blocks contributed significantly to the increase in declared Mineral Reserves during

FY26. The project is expected to sustain production, support grade management, optimise existing

infrastructure utilisation, and enhance long-term cash flow generation for Tshepong North.

Other relevant information includes the public disclosure reports on Tshepong North’s operational, financial

and environmental performance, which are available on the Company’s corporate website. The following

reports are relevant to this TRS:

•Integrated report 2026;

•Sustainability report 2026;

•Financial report 2026; and

•Operational report 2026.

22Interpretation and Conclusions

Section 229.601(b)(96)(iii)(B)(22)

Tshepong operations are well-established with Tshepong North having been in operation since 1986, and

Tshepong South since 1994. Harmony acquired the operations in 2001.Tshepong South and Tshepong North

mines were merged into a single operation in 2017 and were collectively called the Tshepong operations. In

June 2022, reporting was separated and Tshepong North resumed reporting as an individual operation.

The QP is not aware of any material legal, title, permitting, environmental or land access risks that could

reasonably be expected to affect the ability to conduct mining activities within the permitted mining right

areas incorporated as Tshepong North. In addition, no known material risks have been identified in respect of

surface access or surface-related activities required to support current and planned mining operations.

Tshepong North's regional geological setting, mineralisation and deposit characteristics are well understood.

The geological model is supported by historical geophysical surveys, surface diamond core drilling,

underground channel sampling, chip sampling and geological mapping. Economic mineralisation occurs

primarily in the Basal Reef and B Reef horizons.

The sampling approach and management, density assumptions, laboratory procedures, assaying and

analytical methods applied at Tshepong North are considered appropriate for the style of mineralisation and

are in keeping with industry standards and accepted practice. The holistic understanding of the regional

geology, lithological controls and structural controls of mineralisation at Tshepong North is sufficient to

support the estimation and classification of Mineral Resources.

Gold-bearing ore mined at Tshepong North is processed at the Harmony One Plant, which has been in

operation since 1986. The processing method is therefore considered well established for the mineralisation

at Tshepong North. Plant recovery assumptions are informed by historical trends and operating data for Basal

Reef and B Reef ore sources.

The data relating to the mineralisation, regional and local geological setting, exploration findings, sample

collection, sample preparation, analytical testing, data verification and metallurgical information supports the

Mineral Resource estimate for Tshepong North.

The combined Measured and Indicated Mineral Resource, exclusive of Mineral Reserves, for Tshepong North

Mine, as at 30 June 2026 is 16.341Mt at a grade of 12.00g/t, containing 6.305Moz of gold, and the Inferred

Mineral Resource contains 7.578Mt at a gold grade of 10.2g/t, containing 2.486Moz of gold.

Effective Date: 30 June 2026

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Mineral Reserves are derived from the Mineral Resources, a detailed business plan and operational mine

planning processes. Mine planning utilises and takes into consideration actual historical technical

parameters. In addition, conversion of the Mineral Resources to Mineral Reserves considers Modifying

Factors, dilution, ore losses, minimum mining widths, planned mine call and plant recovery factors.

The Mineral Reserves are extracted via the SGM method, with minor undercut and open stoping methods

used at the Tshepong North Mine. Mining methods take into consideration the mining and rock engineering

design guidelines. The integrated selection of the mining method increases flexibility, safety and minimizes

seismic events.

Extracted minerals from Tshepong North are recovered at the Harmony One Plant. The metallurgical process

is well-tested technology, based on sound historic operating parameters.

The mine’s regional and local infrastructure is capable of fully supporting the mining and surface related

activities. Tshepong North is accessed via national and provincial road networks, has key power transmission

and distribution networks provided by the National electricity regulator, water supply networks and

communication infrastructure. Overall, Tshepong North is well-established with sufficient logistics and

infrastructure support for the existing and planned mining operations.

Harmony and Tshepong North are exposed to market risks such as exchange rate and gold price fluctuations

which are partially offset by the Harmony Group hedging policy. The hedging program considers factors

effecting the global gold market and these, along with macro-economic conditions, are used to determine

planning and forecasting inputs at group level for all of Harmony’s operating business units. Other non-gold

related risks are addressed to some extent by Tshepong North entering into vendor agreements for the

provisions of supplies and services which are done on a competitive basis with customary price adjustment,

renewal and termination clauses.

Effective Date: 30 June 2026

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To successfully operate a mining operation in South Africa the state requires compliance with applicable

environmental laws, regulations, permits and standards. Tshepong North adheres to said compliance and

regulatory standards and has, in addition, implemented an Environmental Management System in line with

the ISO 14001:2015.

As part of Harmony, Tshepong North conducts its operations based on policies and systems that are aligned

to its corporate sustainable development framework. This is guided by the principles of the framework from

the International Council on Mining and Metals or the UN Global Compact. Harmony discloses its sustainable

development voluntarily in accordance with the guidelines issued by the Global Reporting Initiative. Further

to this, Harmony discloses environmental information on the Carbon Disclosure Project for both climate

change and water.

In the opinion of the QP, Harmony has a good understanding of the environmental and social aspects of

Tshepong North Mine, based on baseline and specialist studies conducted to date. Environmental and social

risks, together with appropriate mitigation measures, have been adequately addressed in the environmental

management plans. The QP is of the opinion that most of the required environmental authorizations are in

place and only require amendments to be made to reflect the current infrastructure. Based on current

industry norms, a realistic timeframe to obtain relevant authorizations is estimated between 12 and 18

months.

One of the ways Harmony creates sustainable value for all stakeholders is through economic regeneration,

which contributes to the growth and development of its people, assets, and host communities.

The contribution for Reserves is ZAR12,611 million cash positive at a gold price of ZAR1,650,000/kg and the

NPV at a 9% discount rate is ZAR6,356 million cash positive. Sensitivities were done on commodity price,

costs and production. Considering a 10% upside in the commodity price sensitivity on the forward looking

long term gold price this results in a ZAR9,516 million positive cash flow at a gold price of ZAR1,815,000/kg.

The NPV is calculated based on cash flow considering factors such as capital and operating costs; and

royalties. The capital and operating cost estimates for Tshepong North are based on historical data, as well as

budget forecasts. This estimation technique allows for the forecast and actual costs to be aligned.

Royalties and taxes are paid to the South African government and accounted for in the Tshepong North cash

flow and NPV analysis. There are also specific tax relief benefits that apply to gold mining companies, where

5% of total revenue is exempt from taxation, amongst other benefits.

The economics of Tshepong North are tested for its sensitivity to commodity price (ZAR/kg), and operating

costs (ZAR). The insights provided by the sensitivity analysis is that Tshepong North is almost equally sensitive

to changes in the gold price (ZAR/kg), as to changes in total operating costs (ZAR).

This TRS was prepared by a team of experienced professionals. The TRS provides a summary of the material

scientific and technical information concerning the mineral exploration, Mineral Resources, Mineral Reserves,

and associated production activities of the mineral asset, including references to the valuation for Tshepong

North. The QP was responsible for specific sections of this TRS which he had personally supervised and

reviewed. This TRS contains the expression of the QP’s opinions, based on the information available at the

time of preparation.

Effective Date: 30 June 2026

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23Recommendations

Section 229.601(b)(96)(iii)(B)(23)

The successful development and delivery of the approved Tshepong North LOM Extension Project in

accordance with the approved schedule is critical to sustaining the long-term viability of the operation. The

project extends the LOM to 2041. Development will provide access to additional Mineral Reserves on both

the Basal Reef and B Reef horizons, thereby supporting continued gold production, optimising the utilisation

of existing infrastructure, and enhancing the economic sustainability of the operation.

The project includes the development of the Sub 75 mining area, which is designed to access Basal Reef

Mineral Reserves and establish a platform for the future exploration and potential exploitation of eastward

extensions of the high-grade B Reef pay shoots beyond the current project footprint. Timely completion of

this development is important to maintain the planned extraction sequence and realise the full value of the

project.

In addition, the incorporation of the East South Upper (ESU) Block on the 60 Level, 63 Level and 66 Level B

Reef horizons is an important contributor to the overall project business case. The ESU Block provides access

to additional B Reef Mineral Reserves and enhances production profile flexibility while leveraging existing

mine infrastructure. The required re-support, re-equipping and new development through shale intersections

should be completed in accordance with the approved project schedule to ensure the anticipated Mineral

Reserve conversion, sustained production profile and long-term viability of Tshepong North Mine are

achieved.

Effective Date: 30 June 2026

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24References

Section 229.601(b)(96)(iii)(B)(24)

Dankert, B.T., and Hein, K.A.A., 2010. Evaluating the structural character and tectonic history of the

Witwatersrand Basin. Precambrian Research 177, 1–22.

https://www.gold.org/goldhub/data/gold-prices. Accessed 22 July 2022.

Robb, L.J., and Meyer, F., 1995. The Witwatersrand Basin, South Africa: Geological framework and

mineralisation processes. Ore Geology Reviews, 10(2), 67-94.

Robb, L.J., Robb, V.M., 1998. Gold in the Witwatersrand Basin. In: Wilson, M.G.C., Anhaeusser, C.R. (Eds.),

The Mineral Resources of South Africa. Handbook. Council for Geoscience, 294–349.

South African Revenue Services. (2021, July 29). South African Revenue Services. Retrieved from Tax Relief

Measures: https://www.sars.gov.za/media/tax-relief-measures/

Therriault, A.M., Grieve, R.A.F., Reimold, W.U., 1997. Original size of the Vredefort Structure: Implications for

the geological evolution of the Witwatersrand Basin. Meteoritics and Planetary Science 32, 71–77.

Tucker, R.F., Viljoen, R.P., and Viljoen, M.J., 2016. A Review of the Witwatersrand Basin The World’s Greatest

Goldfield, accessed from https:// www.researchgate.net /publication /305924249

_A_Review_of_the_Witwatersrand_Basin_-_The_World's_Greatest_Goldfield.

World Gold Council. (2024, July 12). World Gold Council, Gold Hub, Gold mine production: Gold Production by

Country | Gold Production | Goldhub

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25Reliance on Information Provided by the Registrant

Section 229.601(b)(96)(iii)(B)(25)

Further to Section 24, in preparing this TRS, the QP and principal authors relied on information provided by

the Registrant and other internal and external specialists concerning mining rights, surface rights, contractual

agreements, legal matters, historical operating expenditures, community relations, political matters,

environmental, taxation, commodity market conditions, and macroeconomic matters. The QP considers such

reliance reasonable as these matters were prepared by appropriately qualified specialists and fall outside the

QP's professional expertise. The specialists who assisted the QP and the principal authors are listed in Table

25-1.

Table 25-1: Specialists


Name	Specialist	Report Section	Association / Company
Tshepo Moloto	Mining Rights and surface rights	Sections 3.1, 3.2	Harmony
Karlito Kosa	Geotechnical Tailings Engineer	Sections 15.1.2	Harmony
Heinrich Venter	Metallurgical	Sections 10 and 14	Harmony
John van Wyk	Environmental permits and liabilities	Sections 3.2, 17	Harmony
Tilana Viljoen	Economist	Section 16 and 19	ETSA Group
Sabelo Mgotywa	Community Relations	Sections 17.4	Harmony
Hugo le Roux	Taxation and Hedging	Sections 19.1.3 and 19.1.4	Harmony
S Sabelo	HOD Geology	Sections 6, 7 and 8	Tshepong North
R du Toit	Section Geostatistician	Sections 8, 9 and 11	Tshepong North
H Groenewald	Section Planner	Section 13	Tshepong North
C Norton	Financial Manager	Section 19	Tshepong North
J Powell	Geostatistician	Sections 8,9 and 11	Tshepong North and South
K Oberholzer	Senior Engineer	Sections 13.8,13.9 and 15	Tshepong North
J van der Merwe	Rock Engineer	Section 7.8, 12.1 and 13	Tshepong North
A Oosthuizen	Senior Hygienist	Sections 3.2 and Sections 17	Tshepong North and Tshepong South