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 South

Free State Province, South Africa

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong South, 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

Technical Report Summary for

Tshepong South, 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 all the activities for which I am accepting responsibility and have been

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

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

Mineral Resource

Mr J.P. van Deventer

SACNASP (South African Council for Natural Scientific Professions)

Nr 118515

Years’ Experience: 14

I have reviewed the tables and graphs included for the Tshepong South 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/ Jaen van Deventer

___________________________________

Mr J.P. van Deventer

B.Sc Hons (Geology)

SACNASP (118515)

Ore Reserve Manager

Tshepong South

Harmony Gold Mining Company Limited

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong South, Free State Province, South Africa

List of Contents

1Executive Summary ......................................................................................................................................	1
2Introduction ...................................................................................................................................................	6
3Property Description and Location ...............................................................................................................	7
3.1Mineral Tenure ...............................................................................................................................	7
3.2Property Permitting Requirements ................................................................................................	7
4Accessibility, Climate, Local Resources, Infrastructure and Physiography ...................................................	9
4.1Accessibility ....................................................................................................................................	9
4.2Physiography and Climate ..............................................................................................................	9
4.3Local Resources and Infrastructure ................................................................................................	9
5History ...........................................................................................................................................................	10
5.1Historical Ownership and Development ........................................................................................	10
5.2Historical Exploration .....................................................................................................................	10
5.3Previous Mineral Resource and Mineral Reserve Estimates ..........................................................	10
5.4Past Production ..............................................................................................................................	11
6Geological Setting, Mineralization and Deposit ............................................................................................	13
6.1Regional Geology ............................................................................................................................	13
6.2Local Geology ..................................................................................................................................	13
6.3Property Geology ............................................................................................................................	16
6.3.1Basal Reef Lithology .........................................................................................................	16
6.3.2B Reef Lithology ...............................................................................................................	16
6.3.3Structure .........................................................................................................................................	19
6.4Mineralization .................................................................................................................................	19
6.4.1Basal Reef ........................................................................................................................	19
6.4.2B Reef ...............................................................................................................................	19
6.4.3Alteration .........................................................................................................................	20
6.5Deposit Type ...................................................................................................................................	20
6.6Commentary on Geological Setting, Mineralization and Deposit ..................................................	20
7Exploration ....................................................................................................................................................	21
7.1Geophysical Surveys .......................................................................................................................	21
7.2Topographic Surveys ......................................................................................................................	21
7.3Underground Mapping ...................................................................................................................	21
7.4Channel Sampling Methods and Sample Quality ...........................................................................	21
7.5Surface Drilling Campaigns, Procedures, Sampling, Recoveries and Results .................................	22
7.5.1Drilling Methods ..............................................................................................................	24
7.5.2Collar and Downhole Surveys ..........................................................................................	25
7.5.3Logging Procedures ..........................................................................................................	25
7.5.4Drilling Results .................................................................................................................	25
7.5.5Core Recovery ..................................................................................................................	28
7.5.6Sample Length and True Thickness .................................................................................	28
7.6Underground Drilling Campaigns, Procedures and Sampling ........................................................	28
7.6.1Drilling Methods ..............................................................................................................	28
7.6.2Collar and Downhole Surveys ..........................................................................................	28
7.6.3Logging Procedures ..........................................................................................................	30
7.6.4Drilling Results .................................................................................................................	30
7.6.5Core Recovery ..................................................................................................................	30
7.6.6Sample Length and True Thickness .................................................................................	31
7.7Hydrogeology ..................................................................................................................................	31
7.8Geotechnical Data ..........................................................................................................................	31
7.9Commentary on Exploration ..........................................................................................................	37
8Sample Preparation, Analyses and Security ..................................................................................................	38

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong South, Free State Province, South Africa

8.1Sampling Method and Approach ....................................................................................................	38
8.1.1Channel Samples ..............................................................................................................	38
8.1.2Core Samples ...................................................................................................................	38
8.2Density Determination ...................................................................................................................	39
8.3Sample Security ..............................................................................................................................	39
8.4Sample Storage ...............................................................................................................................	39
8.5Laboratories Used ...........................................................................................................................	39
8.6Laboratory Sample Preparation .....................................................................................................	39
8.7Assaying Methods and Analytical Procedures................................................................................	40
8.8Sampling and Assay Quality Control (“QC”) Procedures and Quality Assurance (“QA”) ...............	40
8.8.1Certified Reference Material ...........................................................................................	40
8.8.2Blanks ...............................................................................................................................	41
8.8.3Duplicates ........................................................................................................................	41
8.9Comment on Sample Preparation, Analyses and Security ..............................................	42
9Data verification ...........................................................................................................................................	43
9.1Databases .......................................................................................................................................	43
9.2Data Verification Procedures ..........................................................................................................	43
9.3Limitations to the Data Verification ...............................................................................................	44
9.4Comment on Data Verification .......................................................................................................	44
10Mineral Processing and Metallurgical Testing ..............................................................................................	45
10.1Introduction ....................................................................................................................................	45
10.2Sampling and Testing Methodologies ............................................................................................	45
10.2.1Systematic and Continuous Sampling ..............................................................................	45
10.2.2Composite Sampling ........................................................................................................	45
10.2.3Calibration and Verification of Equipment ......................................................................	45
10.2.4Specific Testing Procedures .............................................................................................	46
10.2.5Analytical Laboratories ....................................................................................................	46
10.3Data Validation and Quality Control ..............................................................................................	46
10.3.1Statistical Analysis ............................................................................................................	46
10.3.2Continuous Improvement ................................................................................................	46
10.4Recovery Estimates and Processing Factors ...................................................................................	46
10.4.1Detailed Calculation of Recovery Estimates ....................................................................	46
10.4.2Head Grade and Residue Grade ......................................................................................	47
10.4.3Adjustments for Solution and Carbon Adsorption ..........................................................	47
10.4.4Integration of Bottle Roll Tests for Baseline Recovery Rates ..........................................	47
10.4.5Processing Factors Affecting Recovery ............................................................................	47
10.4.6Gold Inventory Management and Accountability ...........................................................	48
10.5Conclusion ......................................................................................................................................	48
11Mineral Resource Estimate ...........................................................................................................................	49
11.1Geological Database .......................................................................................................................	49
11.2Global Statistics ..............................................................................................................................	49
11.3Geological Interpretation ...............................................................................................................	50
11.4Structural Wireframe Model ..........................................................................................................	50
11.5Compositing ....................................................................................................................................	50
11.6Capping ...........................................................................................................................................	51
11.7Variography ....................................................................................................................................	51
11.8Mineral Resource Estimation Methods and Parameters ...............................................................	53
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

Technical Report Summary for

Tshepong South, Free State Province, South Africa

11.13Mineral Resource Estimate ............................................................................................................	56
11.14Mineral Resource Reconciliation ....................................................................................................	60
11.15Comment on Mineral Resource Estimates .....................................................................................	60
12Mineral Reserve Estimate .............................................................................................................................	61
12.1Tshepong South ..............................................................................................................................	61
12.1.1Key Assumptions, Parameters, and Methods Used to Estimate the Mineral Reserve ..................	61
12.1.2Modifying Factors ...........................................................................................................................	62
12.1.3Mineral Reserve Estimate ...............................................................................................................	62
12.1.4Mineral Reserve Reconciliation .....................................................................................................	63
12.2Commentary on Mineral Reserve Estimate ...................................................................................	63
13Mining Methods ............................................................................................................................................	64
13.1Mining Operations ..........................................................................................................................	64
13.1.1Tshepong South ...............................................................................................................	64
13.1.2Scattered Mining Method ................................................................................................	64
13.1.3Open Stoping and Undercut Stoping ...............................................................................	64
13.1.4Integrated Approach ........................................................................................................	65
13.2Mine Design ....................................................................................................................................	65
13.2.1Mine Design Parameters .................................................................................................	67
13.3Geotechnical Considerations and Seismic Monitoring ...................................................................	68
13.4Geotechnical Geohydrological Considerations ..............................................................................	68
13.5Mine Plan Development and Reserve Schedule ............................................................................	69
13.6Mining Rates ...................................................................................................................................	72
13.7Grade and Dilution Control ............................................................................................................	72
13.8Mining Equipment and Machinery .................................................................................................	72
13.9Ore transport ..................................................................................................................................	73
13.10Mining Personnel ............................................................................................................................	73
13.11Commentary on Mining Methods ..................................................................................................	75
14Processing and Recovery Methods ...............................................................................................................	76
14.1Mineral Processing Description ......................................................................................................	76
14.2Plant Throughput, Design, Equipment Characteristics and Specifications ....................................	78
14.3Energy, Water, Process Material and Personnel Requirements ....................................................	78
14.3.1Energy ..............................................................................................................................	78
14.3.2Water ...............................................................................................................................	78
14.3.3Process Material ..............................................................................................................	78
14.3.4Personnel .........................................................................................................................	78
14.4Commentary on the Processing and Recovery Methods ...............................................................	79
15Infrastructure ................................................................................................................................................	80
15.1Surface Infrastructure .....................................................................................................................	80
15.1.1Ore and Waste Rock Storage Facilities ............................................................................	80
15.1.2Tailings Storage Facilities .................................................................................................	80
15.1.3Rail ...................................................................................................................................	81
15.2Underground Infrastructure and Shafts .........................................................................................	86
15.2.1RailVeyorTM .....................................................................................................................	86
15.3Power and Electrical .......................................................................................................................	86
15.4Water Usage ...................................................................................................................................	86
15.5Logistics and Supply ........................................................................................................................	87
15.6Commentary on Infrastructure ......................................................................................................	87
16Market Studies ..............................................................................................................................................	88
16.1Market Overview ............................................................................................................................	88
16.2Global Production and Supply ........................................................................................................	88
16.2.1New Mine Production ......................................................................................................	89

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong South, Free State Province, South Africa

16.2.2Recycling ..........................................................................................................................	89
16.3Global Consumption and Demand .................................................................................................	89
16.3.1Jewellery ..........................................................................................................................	90
16.3.2Investment .......................................................................................................................	90
16.3.3The USD Currency and Gold.............................................................................................	91
16.4Gold Price ........................................................................................................................................	91
16.4.1Historical Gold Price .........................................................................................................	91
16.4.2Forecast Gold Price ..........................................................................................................	93
16.4.3Harmony Group Gold Hedging Policy ..............................................................................	93
16.5Commentary on Market Studies ....................................................................................................	93
16.6Material Contracts ..........................................................................................................................	94
17Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups ...........................................................................................................................................................	95
17.1Results of Environmental Studies ...................................................................................................	95
17.2Waste and Tailings Disposal, Monitoring & Water Management ..................................................	95
17.3Permitting and Licenses ..................................................................................................................	96
17.4Local Stakeholder Plans and Agreements ......................................................................................	97
17.5Mine Closure Plans .........................................................................................................................	97
17.6Status of Issues Related to Environmental Compliance, Permitting, and Local Individuals or Groups ............................................................................................................................................	99
17.7Local Procurement and Hiring ........................................................................................................	99
17.8Commentary on Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups ....................................................................................................	100
18Capital and Operating Costs ..........................................................................................................................	101
18.1Capital Costs ...................................................................................................................................	101
18.2Operating Costs ..............................................................................................................................	101
18.3Comment on Capital and Operating Costs .....................................................................................	101
19Economic Analysis ........................................................................................................................................	102
19.1Key Economic Assumptions and Parameters .................................................................................	102
19.1.1Gold Price .........................................................................................................................	102
19.1.2Exchange Rate ..................................................................................................................	102
19.1.3Royalties ...........................................................................................................................	103
19.1.4Taxes ................................................................................................................................	103
19.1.5Closure Cost and Salvage Value .......................................................................................	103
19.1.6Summary ..........................................................................................................................	104
19.2Economic Analysis .........................................................................................................................	104
19.3Sensitivity Analysis ..........................................................................................................................	106
20Adjacent properties .......................................................................................................................................	107
21Other Relevant Data and Information ..........................................................................................................	108
22Interpretation and Conclusions .....................................................................................................................	109
23Recommendations .......................................................................................................................................	111
24References .....................................................................................................................................................	112
25Reliance on Information Provided by the Registrant ....................................................................................	113

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong South, Free State Province, South Africa

List of Figures

Figure 3-1: Location of Tshepong South in the Free State Goldfield ............................................................................	8
Figure 3-2: Mineral Tenure for Tshepong South ..........................................................................................................	8
Figure 5-1: Graph of past production – Tonnes and grade ...........................................................................................	12
Figure 5-2: Graph of past metal production ................................................................................................................	12
Figure 6-1: Regional geology of the Witwatersrand Basin ...........................................................................................	14
Figure 6-2: Simplified stratigraphy of the Free State Goldfield ....................................................................................	15
Figure 6-3: Structural geology of the Free State Goldfields .........................................................................................	17
Figure 6-4: Tshepong South Cross Section ....................................................................................................................	18
Figure 7-1: Location of channel samples collected from the Basal Reef .....................................................................	23
Figure 7-2: Location of channel samples collected from the B Reef ............................................................................	24
Figure 7-3: Location of surface and underground drill holes on the Basal Reef ...........................................................	26
Figure 7-4: Location of surface and underground drill holes on the B Reef .................................................................	27
Figure 11-1: Tshepong operations Basal and B Reef Geozones ....................................................................................	52
Figure 11-2: Tshepong operations Basal Reef and B Reef estimation results ..............................................................	54
Figure 11-3: Location and classification of Tshepong South Mineral Resources and Mineral Reserves for the Basal Reef ..............................................................................................................................................................	58
Figure 11-4: Location and classification of Tshepong operations Mineral Resources and Mineral Reserves for the B Reef ...........................................................................................................................................................	59
Figure 13-1: Schematic representation of the scattered mining sequence .................................................................	65
Figure 13-1A: Schematic representation of the sequential mining method. ...............................................................	66
Figure 13-2 Tshepong South mine Mineral Reserves plan ...........................................................................................	70
Figure 13-3: Graph of Tshepong South mine Mineral Reserves plan – Tonnes and grade ..........................................	71
Figure 13-4: Graph of Tshepong South mine Mineral Reserves plan – Gold produced (oz) ........................................	71
Figure 13-5: Tshepong South shaft and underground infrastructure ...........................................................................	74
Figure 14-1: Schematic flow diagram of the metallurgical process ..............................................................................	77
Figure 14-2: Graph of historical recovery factor (18 month actual) .............................................................................	79
Figure 15-1: Tshepong South surface layout and infrastructure ..................................................................................	82
Figure 15-2: Tshepong South detailed surface infrastructure ......................................................................................	83
Figure 15-3: Nyala detailed surface infrastructure .......................................................................................................	84
Figure 15-4: Harmony One Plant detailed surface infrastructure ................................................................................	85
Figure 16-1 World Gold Council: Mine Production - Major producing Gold Countries ranked by 2025 ......................	89
Figure 16-2 World Gold Council: Total Gold Supply & Demand ...................................................................................	91
Figure 16-3: World Gold Council: Daily Gold Price (ZAR/oz & USD/oz) ........................................................................	92
Figure 19-1: Annual Calendar Year Exchange Rates and ETSA Forecast .......................................................................	103

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong South, Free State Province, South Africa

List of Tables

Table 1-1: Summary of Tshepong South Mineral Resources as at 30 June 2026 (Exclusive of Mineral Reserves) ......	2
Table 1-2: Summary of Tshepong South Mineral Reserves as at 30 June 2026 ...........................................................	3
Table 1-3: Summary of capital cost estimate for Tshepong South ...............................................................................	4
Table 1-4: Summary of operating cost estimate for Tshepong South ..........................................................................	4
Table 1-5: Status of environmental permits and licenses .............................................................................................	5
Table 2-1: QP qualification, section responsibilities and personal inspections ............................................................	6
Table 3-1: Summary of mining rights for Tshepong South ...........................................................................................	7
Table 5-1: Summary of historical ownership changes and activities of Tshepong South .............................................	10
Table 5-2: Summary of the previous Tshepong South Mineral Resources as at 30 June 2025 (Exclusive of Mineral Reserves) ......................................................................................................................................................	11
Table 5-3: Summary of the previous Tshepong South Mineral Reserves as at 30 June 2025 ......................................	11
Table 7-1: Summary of surface and underground drilling intersecting reef for Tshepong South ................................	27
Table 7-2: Drill hole acceptance criteria .......................................................................................................................	28
Table 7-3: Summary of recent Tshepong South underground drill holes intersecting the Basal Reef ........................	33
Table 7-4: Summary of recent Tshepong South underground drill holes intersecting the B Reef ...............................	35
Table 7-5: Summary of surface boreholes for Tshepong South and North ..................................................................	37
Table 8-1: Summary of Harmony Assay Laboratory CRM performance for Tshepong South ......................................	41
Table 8-2: Summary of Type of CRM used ....................................................................................................................	41
Table 11-1: Global statistics for Basal and B Reef .........................................................................................................	50
Table 11-2: Capping values by reef and geozone .........................................................................................................	53
Table 11-3: Harmony economic assumptions (30 June 2026) ......................................................................................	55
Table 11-4: Percentage fault discounts by area ............................................................................................................	56
Table 11-5: Summary of Tshepong South Mineral Resources as at 30 June 2026 (Exclusive of Mineral Reserves) ....	60
Table 12-1: Tshepong South modifying factors used for Mineral Reserve determination ..........................................	62
Table 12-2: Summary of Tshepong South Mineral Reserves as at 30 June 2026 .........................................................	62
Table 13-1: Tshepong South mine design parameters .................................................................................................	67
Table 13-2: Tshepong South mine mining personnel ...................................................................................................	73
Table 14-1: Key design parameters and equipment specifications .............................................................................	78
Table 14-2: Harmony One Plant consumables ..............................................................................................................	78
Table 14-3: Harmony One Plant personnel ...................................................................................................................	78
Table 16-1 Consensus view of forecast gold price US$/Oz ...........................................................................................	93
Table 16-2: Material contracts ......................................................................................................................................	94
Table 17-1: Status of environmental permits and licenses ...........................................................................................	97
Table 17-2: Mine closure liability ..................................................................................................................................	99
Table 17-3: Rehabilitation assurance ............................................................................................................................	99
Table 18-1: Summary of capital cost estimate for Tshepong South ............................................................................	101
Table 18-2: Summary of operating cost estimate for Tshepong South ........................................................................	101
Table 19-1: Conversions used in gold price calculations ..............................................................................................	102
Table 19-2: Consensus View of Forecast Exchange Rate (ZAR:USD) ............................................................................	103
Table 19-3: ZAR:USD Exchange Rate Performance (June 2023 – June 2026) ...............................................................	103
Table 19-4: Key economic assumptions and parameters for Tshepong South cash flow ............................................	104
Table 19-5: Tshepong South cash flow (Mineral Reserves) ..........................................................................................	105
Table 19-6: Gold price sensitivity analysis ....................................................................................................................	106
Table 19-7: Total operating cost sensitivity analysis ....................................................................................................	106
Table 19-8: Total production sensitivity analysis ..........................................................................................................	106
Table 25-1: Specialists ...................................................................................................................................................	113

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong South, 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 and Petroleum Resources
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 South, 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	Metre
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
OK	Ordinary Kriging
oz	Troy ounce
OTC	Over the counter
Tshepong South	Tshepong South Mine
Pty	Proprietary
QA/QC	Quality Assurance/Quality Control
QEMSCAN	Scanning electron microscope
QP	Qualified Person
RAW’s	Return Airways
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
SMK	Simple Macro Kriging
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
USD or US$	United States Dollars
USD/oz or US$/oz	United States Dollar per troy ounce
WBLQ	Waxy Brown Leader Quartzite

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong South, Free State Province, South Africa

Unit / Abbreviation	Description or Definition
WRG	West Rand Group
WUL(s)	Water Use License(s)
X/C’s	Cross-cuts
XRD	X-ray diffraction
ZAR or R	South African Rand
ZAR/kg or R/kg	South African Rand per kilogram

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong South, Free State Province, South Africa

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 mineralisation drilled or sampled.

Effective Date: 30 June 2026

Technical Report Summary for

Tshepong South, 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

1

Technical Report Summary for

Tshepong South, 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 South Mine (“Tshepong South”). 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 June 30, 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 South on October 31, 2024, named Exhibit 96.13

Technical Report Summary of the Mineral Resources and Mineral Reserves for Tshepong South, 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 South comprise the underground and surface assets associated with one mine, namely Tshepong

South (“Tshepong South”, “Tshepong South Mine” or “Phakisa”), 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 South is carried out under the following mining right, covering both Tshepong North and

Tshepong South:

•FS30/5/1/284MR, which is valid from December 11, 2007 to December 10, 2029 and covers an area of

10,798.74 hectares (“ha”).

The mining right was originally held in a joint venture between African Rainbow Minerals Limited (“ARM”)

Gold Division (“ARMGold”) and Harmony until ARMGold was incorporated into 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 South is wholly owned by Harmony, including the associated mineral rights. Harmony commenced

acquiring the assets through the acquisition of AngloGold Ashanti Limited (“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 the Tshepong South.

Geology and Mineralization

Tshepong South 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 South mining right area is also affected by

the Ophir and Dagbreek faults.

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

Johannesburg Subgroup of the CRG.

Mineralization also occurs within the stratigraphically higher A- and B Reefs of the Kimberley (formerly

Aandenk) Formation, within the Turffontein subgroup of the CRG. However, only the B Reef can be

Effective Date: 30 June 2026

2

Technical Report Summary for

Tshepong South, Free State Province, South Africa

economically extracted. Mining of the B Reef commenced in February 2024 and is it is contributing

approximately 20% of the total production profile.

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.

Status of Exploration, Development and Operation

The Basal Reef at Tshepong South has been extensively explored from historic borehole data collected during

initial Shaft Sinking stage beginning of 1994  and vigorous data collection (Borehole and Chip sample) in the

early 2007 when development from the Station commenced. Recent exploration has mainly focused 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 channel sampling, mapping

and exploration drilling. Initial exploration included a historical geophysical seismic survey and surface

diamond core drilling comprising of nine mother holes. This was followed up with closer spaced underground

data gathering exercises.

Areas targeted for further B Reef exploration were identified based on information extrapolated of geological

information from two surface boreholes projected payshoots from the adjacent Tshepong North operation.

Ongoing underground exploration drilling at Tshepong South is used to confirm continuity of mineralization

and refine the geological and structural models. Three areas of interest (North, South and Mid-shaft) have

been identified. Extensive drilling completed during FY26 returned numerous high-grade intersections,

supporting continued evaluation of these target areas. A budged of approximately R9,7 million has been

approved for FY27 to advance exploration and delineation drilling in these target areas. Results from the

drilling are tabled in the TRS.

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 March 2026. Gold

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

The Mineral Resources for Tshepong South were originally prepared, classified and reported in accordance

with 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).

The QP compiling the Mineral Resource estimate for Tshepong South is Mr Jaen Pierre van Deventer, Ore

Reserve Manager at Tshepong South and an employee of Harmony.

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

Reserves is summarized in Table 1-1.

Table 1-1: Summary of Tshepong South 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	6.402	12.34	79,001
Indicated	9.460	11.02	104,209
Total / Ave. Measured + Indicated	15.862	11.55	183,210
Inferred	22.970	11.24	258,074
IMPERIAL
Mineral Resource Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Measured	7.057	0.360	2.540
Indicated	10.428	0.321	3.350
Total / Ave. Measured + Indicated	17.485	0.337	5.890
Inferred	25.320	0.328	8.297

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)

Effective Date: 30 June 2026

3

Technical Report Summary for

Tshepong South, Free State Province, South Africa

(Item 1302(d)(1)(iii)(A) of Regulation S-K). The QP responsible for the estimate is Mr Jaen Pierre van Deventer, who is Ore Reserve

Manager at Tshepong South, and a Harmony employee.

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

3.No modifying factors or dilution sources have been included to in-situ Reserve which was subtracted from the SAMREC Resource in

order to obtain the S-K 1300 Resource.

4.The Mineral Resources are reported using a cut-off value of 727cmg/t determined at a gold price of USD3,061/oz.

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

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

economic viability.

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

8.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 and minimum mining widths.

The Mineral Reserves for Tshepong South 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 South, as at

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

The QP compiling the Mineral Resource estimate for Tshepong South is Mr Jaen Pierre van Deventer, Ore

Reserve Manager at Tshepong South and employee of Harmony.

 

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

METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proved	1.404	5.75	8,071
Probable	0.511	3.43	1,753
Total (Proved + Probable)	1.915	5.13	9,824

IMPERIAL
Mineral Reserve Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Proved	1.547	0.168	0.259
Probable	0.563	0.100	0.056
Total (Proved + Probable)	2.111	0.150	0.316

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 Jaen Pierre van Deventer, who is Ore Reserve Manager at Tshepong South, 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.

4. Gold content has not taken metallurgical recovery factors into account.

5. Mineral Reserves are reported using a cut-off grade of 752cmg/t determined using a gold price of USD2,915/oz gold.

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

Capital and Operating Cost Estimates

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

the basis. 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 1-5. The accuracy level of the capital cost is to the accuracy level of

Feasibility level.

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

cost estimates are shown in Table 1-6.

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

including the capital and operating costs are reported for the period comprising the financial year (“FY26”)

July – June. Both the capital and operating estimates are accounted for in the economic analysis of Tshepong

Effective Date: 30 June 2026

4

Technical Report Summary for

Tshepong South, Free State Province, South Africa

South. The results of the economic analysis demonstrate a positive NPV at a discounted cash flow of 9% for

the Mineral Reserve.

Table 1-3: Summary of capital cost estimate for Tshepong South

Capital Cost Element (ZAR'000s)	Total Reserve plan (FY2027-FY2031)
OCD	1,050,616
AE	138,641
Shaft Projects	129,312
Major Projects	16,973
MCC	37,462
Total	1,373,004

Table 1-4: Summary of operating cost estimate for Tshepong South

Operating Cost Element (ZAR'000)	Total Reserve Plan (FY2027-FY2031)
Mining	5,352,295
Services	1,346,927
Medical Hub / Station	323,387
Engineering	5,320,034
Total Direct Costs	12,342,643
Mine Overheads	698,980
Total Cost	13,041,624

Permitting Requirements

Tshepong South 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 South 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 South 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 South 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

5

Technical Report Summary for

Tshepong South, 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)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 Affairs and Sanitation

Conclusions

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

district and has been operating successfully for the past 30 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 South 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 South 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 do not identify any known material risks at the time

of compilation.

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

and no significant encumbrances exist.

Recommendations

In the QP’s opinion, the gold output from Tshepong South can be optimized through improvement of quality

of mining and this will result in achieving the planned shaft call factor. This impact will be realized through

our currently implemented Business Improvement Initiative program that will look at driving the quality of

mining through measures such as in-stope water controls and better fragmentation during blasting to contain

the gold.

Following the interpretation of the structural change associated with the Tribute Fault in the Basal South

area, the B Reef was identified as a viable exploration target. A comprehensive exploration drilling

programme was planned and successfully completed during FY26 targeting the South B Reef area as well as

the Mid-shaft B Reef area, resulting in the approval of an additional R9.7 million exploration budget for the

next financial year to further advance the opportunity.

The exploration drilling programme planned for in the next financial year is aimed at delineating the grade

distribution and lateral continuity of the B Reef over numerous cross-cuts in the above mentioned areas. The

results of this programme will provide the technical information required to assess the economic viability and

extent of the mineralised zones.

Effective Date: 30 June 2026

6

Technical Report Summary for

Tshepong South, Free State Province, South Africa

2Introduction

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

This TRS on Tshepong South 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 South, which forms part of Harmony’s activities. No material change

has occurred since the previous TRS report.

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

•File 18 (Competent Persons Report) Tshepong South Mineral Resource and Reserve Statement FY26;

•Tshepong South Gold Mine 2026 SAMREC Table 1

•The 2025 and 2026 Corporate Business Plan

•Base Geological and Mine Planning data; and

•Integrated Internal Technical Report FY26.

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 J.P. van Deventer	SACNASP Reg nr 118515	B.Sc Hons (Geology)	All Sections (Phakisa)	Full Time

This TRS updates the TRS filed by Harmony on Tshepong South on October 31, 2024, named Exhibit 96.13

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

Province, South Africa, which was effective on June 30, 2024. This updated TRS has an effective date as

at June 30, 2026. No material changes have occurred between the effective date and the date of signature.

Effective Date: 30 June 2026

7

Technical Report Summary for

Tshepong South, Free State Province, South Africa

3Property Description and Location

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

Tshepong South comprises one operating underground gold mine namely “Tshepong South”. Tshepong South

is a mature, moderate to deep-level underground operation using conventional underground mining

methods to depths of 2,427m BMD. The mine utilises the Tshepong North and Nyala shafts. Tshepong

South’s success is greatly dependent on the services rendered via Nyala. Four main compressors and

Tshepong South’s ore is transported 5.2km’s via the railveyor system that runs underground on 55 level to

Nyala where it is then hoisted and transported via Rail system to the plant.

The mines are 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 South 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 (Tshepong South and 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 South is

presented in Table 3-1.

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

acquiring the assets through the acquisition of AngloGold Ashanti Limited (“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 South.

Table 3-1: Summary of mining rights for Tshepong South

License Holder	License Type	Reference No.	Effective Date	Expiry Date	Area (ha)
Freegold (Harmony) (PTY) LTD	Mining Right	FS30/5/1/84MR	11-Dec-2007	10-Dec-2029	10798.74

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 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 as

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

Effective Date: 30 June 2026

8

Technical Report Summary for

Tshepong South, Free State Province, South Africa

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

Figure 3-2: Mineral Tenure for Tshepong South

Effective Date: 30 June 2026

9

Technical Report Summary for

Tshepong South, 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 South 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 (Tshepong South) is flat and lies approximately 1,344 m above average 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 South 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 South 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.

As part of the Social Labour Plan members from the surrounding community are trained and skilled on a

rotational basis and placed back in the community to create a talent pool of available people that are

available as needed. Higher skilled and senior positions are managed and maintained through talent pools

and succession planning.

Availability of consumables is handled through the IMS (Internal Material Supply) system as part of the on-

site Finance department. Lead times are taken into account and material and supplies ordered and delivery

scheduled to ensure a constant supply to the shaft.

Tshepong South operates a single vertical shaft for man and materials. Rock is transported from the

underground working via a RailVeyorTM system to the Nyala Shaft for hoisting.

Tshepong South ore is transported, by rail, from Nyala shaft to the Harmony One Plant in Welkom for

processing (Figure 3-2).

Tshepong South is powered by electricity from Eskom Holdings State Owned Company (“SOC”) Limited.

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5History

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

5.1Historical Ownership and Development

Tshepong South “Phakisa” was formerly known as FSG 4, Freddies 4 and Tshepong South. Tshepong South

development commenced in October 1993 and shaft sinking was started in February 1994. In 1995, shaft

sinking was halted on 59 Level due to the prevailing low gold price. Operations at Tshepong South

recommenced in September 1996 and sinking was completed to 75 Level, before being halted again in 1999.

Harmony acquired Tshepong South as part of the acquisition from AngloGold Ashanti’s Free State operations

(previously known as Freegold), which completed in September 2003. Sinking and equipping was completed

to a depth of 2,427m in 2006.

Tshepong South and Tshepong North were merged into Tshepong operations by Harmony in 2017 and split

into separate operations in 2023.

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

Table 5-1: Summary of historical ownership changes and activities of Tshepong South

Year	Asset History Highlights
Tshepong South
1994	Shaft sinking began.
2002	Harmony (as part of a 50:50 joint venture with ARMGold) acquired Phakisa from AngloGold Ashanti.
2003	The Phakisa Shaft Project began development. ARMGold and Harmony merged.
2005	Phakisa shaft completed and shaft equipping underway.
2008	Phakisa started production with full-scale production planned by June 2011.
2009	Five ice plants commissioned, improving ventilation and cooling.
2011	Phakisa reached full production.
2017	Tshepong and Phakisa merged into Tshepong operations
2022	Tshepong and Phakisa operations split into separate operations.
2026	An additional 400t KTI Ice Plant was commissioned, improving cooling capacity and redundancy.

5.2Historical Exploration

A total of nine surface holes were drilled into Tshepong South. Two surface holes UT3 and EV10 had B Reef

intersection values of 845 cmg/t and 1429cmg/t respectively. Strong linear B Reef value trends running from

Tshepong North Mine into Tshepong South Mine were also identified where an expected value of the area

averaged 1291cmg/t.

A high level underground capital exploration drilling project for B Reef was approved in August 2016 for

Tshepong South Mine. Eight drill holes were planned in the far Northern area of the shaft, spanning from 71

to 75 lines, totalling 5,180m at a total cost of ZAR5.5m. The exploration drilling program was successfully

concluded in June 2018, with the planned eight holes drilled in the target area which confirmed the extension

of the Tshepong North B Reef payshoot.

Evaluation of the results led to a second drilling program slightly south of the first, focusing on the 64 to 67

lines, to explore the area that is now being mined extensively. The second program started in July 2018

immediately following the first program. Since FY22 the Capital Exploration program has been renewed and

expanded yearly to allow further B Reef exploration.

5.3Previous Mineral Resource and Mineral Reserve Estimates

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

Harmony, according to the SK 1300 TRS documentation. The previous Mineral Resource estimates, exclusive

of Mineral Reserves, are summarized in Table 5-2. 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 South 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	5.507	12.80	70,514
Indicated	8.892	11.35	100,964
Total / Ave. Measured + Indicated	14.399	11.91	171,478
Inferred	22.729	11.33	257,508
IMPERIAL
Mineral Resource Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Measured	6.070	0.373	2.267
Indicated	9.802	0.331	3.246
Total / Ave. Measured + Indicated	15.873	0.347	5.513
Inferred	25.055	0.330	8.279

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

METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proven	2.159	6.53	14,102
Probable	0.423	3.22	1,362
Total / Ave. Proven + Probable	2.582	5.99	15,464
IMPERIAL
Mineral Reserve Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Proven	2.379	0.191	0.453
Probable	0.467	0.094	0.044
Total / Ave. Proven + Probable	2.846	0.175	0.497

5.4Past Production

The annual Financial Year’s tonnage, grade and gold production for Tshepong South is presented in Figure 5-1

and Figure 5-2. The reader should note that the figures are reported separately from Tshepong North and the

Financial year period runs from July to June the following year (12 months).

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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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6Geological Setting, Mineralization and Deposit

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

6.1Regional Geology

Tshepong South 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 quartizitic 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 South 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

Reef, 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 down-throws 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

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:

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•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 Tshepong

South mining right area is also affected by the Tribute fault (~270m) and Arrarat Fault (~180m) to the far

south-east of the shaft.

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

6.3Property Geology

The principal gold-bearing orebody is the stratiform and strata-bound Basal Reef (or Basal Reef Zone (“BRZ”))

(Figure 6-2). A secondary reef, the B Reef, lying between 140m and 160m stratigraphically above the Basal

Reef, currently contributes approximately 26% to the mining production at Tshepong South Mine.

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 Tshepong South’s 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 from 40cm to 60cm thick. The lower Khaki

Shale is up to 1m thick.

There are two facies of Basal Reef on Tshepong South, namely; the Lower Cycle Black Chert facies in the

north and the Upper Cycle Black Chert facies in the south. The reef package ranges from 35cm to 160cm

thick.

The Lower Cycle Black Chert facies predominates in the north with a northwest / southeast value trend. The

reef consists of an oligomictic small pebble matrix-supported conglomerate lag with fly-speck carbon contact.

The rest of the reef package constitutes barren siliceous fine-grained reef quartzite. The entire reef package

reaches up to 160cm thick and is overlain by 1cm to 30cm of lower khaki shale. This in turn is overlain by the

approximately 3-4m thick waxy brown leader quartzite, above which lies the 3-4m thick upper khaki shale.

6.3.2B Reef Lithology

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 the B1-

facies being a small to medium pebble conglomerate and usually no more than 30cm thick with abundant

carbon and buckshot pyrite present. The B2-facies is a small pebble lag set in an argillaceous quartzite, with

little to no mineralization. B3-facies is a 20cm 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.

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

(or preserved), it may be a 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 exploration target.

The unit overlying the Zone A may be either Zone B, which comprises a mildly erosive pebbly quartzite

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

and is erosional into the underlying A and B zones.

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

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Figure 6-4: Tshepong South Cross Section

Source: Modified after Tucker et al. (2016)

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6.3.3Structure

At Tshepong South, there are several major faults and dykes present interpreted from surface drill holes and

intersected in the development and stoping. Among these are the Enrico, Zero, Zindaba, Eland, Savannah and

Enkeldoorn Dykes, as well as the Tribute and Tshepong South Faults. The easterly limit of the ore body is not

clearly defined, but appears to cut off at approximately 3,000m below surface on a major component of the

north-south striking Arrarat Fault. Drilling is planned within the next year to assist in better defining this area.

Two principal age-based divisions in Tshepong South’s intrusive structures have been identified, namely;

Ventersdorp and post-Ventersdorp eras. Various subdivisions within each of these two categories have also

been observed.

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 South 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.

The gold mineralization is related to the facies-type, and the mineralization characteristics within the facies

are similar between Tshepong North and Tshepong South and are hence simply described by facies in the

section to follow.

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.

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 is associated with the carbon. The B2-facies has little to no gold

mineralization and represents a non-depositional or “scour” area, which tend to occur as channels in the B

Reef, often alternating with the highly mineralized B1-facies, while the B3-facies normally has abundant

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pyrite and some carbon. Free gold can be found in association with the flyspeck carbon in the B3-facies and

the carbon seams in the B1-facies.

6.4.3Alteration

Alteration is evident in the Basal Reef and B Reef at Tshepong South 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 mobilization 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 South’s deposits are 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

South 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.

Tshepong South is currently undergoing extensive B Reef exploration drilling to evaluate the potential

continuation of the existing pay shoots between Tshepong South and Tshepong North mines. The initial

target area was confined to the northern portion of Tshepong South, in close proximity to the Tshepong

South and Tshepong North boundary. During FY26, the exploration area was expanded to include the far

south and mid-shaft areas. Footwall development, which commenced at Tshepong South during FY20, now

provides drilling platforms for confirming and delineating the interpreted B Reef channel. For the recently

identified target areas in the far south and mid-shaft regions, historic Basal Reef development ends are being

utilised as exploration drilling platforms.

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 to the applicable survey

plan, a mapping report is then 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 members 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 is carried out on a 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 both the Basal Reef and B Reef stoping channels are undertaken at the advancing face on a grid

spacing of 5m x 5m at Tshepong South. The sampling process is audited monthly and annually by the

Geoscience Manager. Development sampling is on 2m intervals for Basal and B Reef. Development sampling

is done in addition to the face sampling. 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.

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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

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 405 gold sample sections on average are taken monthly, 292 Basal Reef and 113 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 South.

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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 multiple deflection holes drilled

from it.

The grid spacing of the surface drilling is determined on a per project basis, with deflections from wedges

spaced at up to 100m intervals 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

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deflect and controlling direction over that depth has always been challenging in the South African gold

mining context.

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 the internal Land Survey Department. Underground drill hole collars

are checked against layouts issued to diamond drilling.

Downhole surveying is conducted by Digital Survey. A gyroscopic tool is used to record X, Y, Z and inclination

points every 3 or 6 meters, with the hole collar being the base. Continuous survey is also available. The

survey is provided as a spreadsheet containing the relevant information at the specific intervals. The point

data can be imported directly to Deswik™ and printed to scale, which makes tracing onto a plan quick and

accurate.

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 is then drawn parallel to the core, to define the retention half core.

Drill cores are photographed prior to logging and sampling where it is deemed necessary. 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 Datamine FusionTM 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 and Table 7-2), all drilling

dates back to previous project owners and is pre-2017. The 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.

The Basal borehole data indicates reef widths ranging from 2cm to 336cm with an average width of 64cm,

and gold grade ranging from 0.2 g/t to 438.53 g/t.

The B Reef borehole data indicates reef width ranging from 8cm to 352cm with an average width of 118cm

and gold grade ranging from 0.04 g/t to 101.29 g/t

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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

Table 7-1: Summary of surface and underground drilling intersecting reef for Tshepong South

Year	Company	No. Drill Holes	Surface (m)	Underground (m)
2020	Harmony	58	—	4,265
2021	Harmony	113	—	7,190
2022	Harmony	32	—	2,132
2023	Harmony	108	—	8,145
2024	Harmony	93	—	7,809
2025	Harmony	132	—	11,285
2026	Harmony	128	—	13,883
Total		664	—	54,709

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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 can be sampled provided the reef intersection and channel is intact and representative. 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.

Records of recoveries over 48,131m of drilled core are available and indicates an average core recovery of

90%.

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 South as the

mine deepens. Most of the surface boreholes 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 cubbies, which are developed at 50m intervals along

footwall developments ends (X/C’s) and 100m intervals along haulages and RAW’s. The drilling fans consist of

up to ten individual drill holes at inclinations ranging from +3° to +90° of vertical, or as dictated by local

geological structures.

7.6.2Collar and Downhole Surveys

At Tshepong South, exploration holes are normally not surveyed as the maximum length of the holes are

150m and stabilizers are used to minimize the risk of deflection. In exceptional cases where drilling provides

unexpected or anomalous data, or where high accuracy is absolutely required, exploration holes with

stabilizers have been surveyed and the results have generally shown the stabilizers to be effective. LIBs

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drilled for Tshepong South Sub 75 Capital Project and the B Reef initial drilling project before footwall

development was established were all surveyed, including the planned deflections.

Boreholes related to Capital projects are generally surveyed to ensure accurate interpretation, as these tend

to be longer holes (up to 300m) drilled with special rigs designed for the purpose. The company used for the

surveys is Digital Surveying (Pty) Limited. A gyroscopic tool is used to record X, Y, Z and inclination points at 3

or 6 meter intervals, with the hole collar being the base. The survey is provided as a spreadsheet containing

the  relevant information at the specific intervals. The point data can be imported directly to Deswik™ and

printed to scale, which makes tracing onto a plan quick and accurate.

With normal exploration and cover holes the collar position is measured from a known survey peg, as well as

the distance above or below the grade line. This is done by the drill contractor and provided to the relevant

geologist. The geologist will also do spot checks when passing by a drill rig. Exact XYZ coordinates can then be

read from the plan after the collar is plotted.

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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.

Prominent reef intersections or features of interest 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 FusionTM 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

The location of the underground drill holes intersecting the Basal and B Reefs are presented in Figure 7-3 and

Figure 7-4.

With over 2601 Basal Reef and B Reef surface and underground drill holes in the database, the results are too

voluminous to be reported in this report. The results have, however, been included into the geological

modelling and Mineral Resource estimation process.

The Basal borehole data indicates reef width ranging from 2cm to 336cm with an average width of 64cm and

gold grade ranging from 0.2 g/t to 438.53 g/t.

The B Reef borehole data indicates reef width ranging from 8cm to 352cm with an average width of 118cm

and gold grade ranging from 0.04 g/t to 101.29 g/t.

The recent Basal Reef and B Reef underground drilling results for Tshepong South are summarized in Table

7-4 and Table 7-5. During the 2026 drilling campaign, Tshepong South completed 128 underground diamond

drill holes totalling 13,883m. The programme yielded 47 Basal Reef  intersections and 85 B Reef intersections,

with four drillholes intersected both reef horizons..

7.6.5Core Recovery

Upon delivery to the core yard, 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%. Extra caution is taken

during the drilling process to ensure maximum core recovery on reef intersections, to prevent sample bias.

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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.

Records of recoveries over 48,131m of drilled core were available and indicated an average core recovery of

90%.

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 of the gold content of the reef.

7.7Hydrogeology

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

geohydrological and mass transport models done over the years.

Tshepong South 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 localised (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.

7.8Geotechnical Data

Geological exploration drilling is not typically used to gather geotechnical data – these data are gathered

independently by the Geotechnical Engineer. Geotechnical issues related to underground workings are

discussed in more detail in the Mining and Mine Design sections (Section 13).

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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 South to monitor seismicity which consist out of 48 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. At 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.

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Table 7-3: Summary of recent Tshepong South underground drill holes intersecting the Basal 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)		Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)
2023	CDD2647	575	75		2024	GDD 2818	799	32		2025	CDD 2930	898	51
2023	GDD2670	263	78		2024	GDD 2820	424	45		2025	CDD 2931A	715	58
2023	GDD2645	659	60		2024	GDD 2839	610	111		2025	GDD 2958	1,102	64
2023	GDD2646	3,612	40		2024	GDD 2812	1,137	64		2025	GDD 2934	253	110
2023	GDD2668	25	39		2024	GDD 2842	759	61		2025	GDD 2966	494	32
2023	GDD2682	733	71		2024	GDD 2762	1,189	52		2025	GDD 2907A	110	62
2023	GDD2677	1,014	107		2024	GDD 2795	51	51		2025	GDD 2933	155	99
2023	GDD2652	1,113	31		2024	GDD 2843	749	41		2025	GDD 2985	435	117
2023	GDD2674	511	63		2024	GDD 2827	7,895	39		2025	GDD 2942	401	40
2024	GDD2675	347	46		2024	GDD 2857	1,245	32		2025	CDD 2960	1,721	26
2024	GDD2673	361	46		2024	GDD 2851	802	46		2025	GDD 2981	313	31
2024	GDD2719	481	43		2024	GDD 2828	1,129	38		2025	GDD 3011	551	54
2024	CDD2714	26	73		2024	GDD 2865	2,985	45		2025	GDD 2984	728	100
2024	GDD2710	15	31		2024	CDD 2845	2,756	38		2025	GDD 2991	942	66
2024	GDD2717	716	72		2024	GDD 2847	1,087	110		2025	GDD 2990	1,877	53
2024	GDD2730	2,109	143		2024	GDD 2860	410	36		2025	GDD 3015	568	59
2024	GDD2742	1,311	148		2024	GDD 2870	3,867	43		2025	GDD 2998	2,014	80
2024	GDD2743	802	52		2024	GDD 2866	8	19		2025	GDD 2993	890	61
2024	GDD 2744	51	45		2024	GDD 2825	793	6		2025	GDD 3023	1,724	61
2024	GDD 2768	269	43		2024	CDD 2875	444	78		2025	GDD 3020	1,065	75
2024	GDD 2723	95	39		2024	CDD 2874	31	166		2025	GDD 3013	347	109
2024	GDD 2747	342	50		2024	GDD 2849	4,688	41		2025	GDD 2996	362	82
2024	GDD 2759	218	120		2024	GDD 2871	650	43		2025	GDD 3027	1,939	48
2024	GDD 2774	4,161	44		2024	GDD 2859	2,222	42		2025	GDD 3033	2,623	65
2024	GDD 2764	84	36		2024	GDD 2822	679	36		2025	GDD 3017	1,622	87
2024	CDD 2713	1,023	40		2024	GDD 2765	356	23		2025	GDD 2981A	266	65
2024	GDD 2773	121	80		2024	GDD 2881	1,131	97		2025	GDD 3047	231	61
2024	CDD 2755	62	29		2024	GDD 2889	751	29		2025	GDD 2988	1,874	41
2024	CDD 2749	571	47		2024	GDD 2892	1,362	38		2025	GDD 2987	4,690	51
2024	GDD 2772	918	59		2024	GDD 2873	8	2		2025	GDD 3036	102	126
2024	GDD 2780	1,247	48		2024	GDD 2887	1,046	36		2025	GDD 3014	1,325	71
2024	GDD 2781	606	44		2025	GDD 2890	1,097	46		2025	GDD 3046	1,422	71
2024	GDD 2788	555	38		2025	GDD 2902	1,166	56		2025	GDD 3059	44	45
2024	GDD 2790	841	87		2025	GDD 2900	269	39		2025	GDD3066	1,454	49
2024	GDD 2798	1,532	39		2025	GDD 2910	3,921	43		2025	GDD3054	390	51

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2024	GDD 2784	149	16		2025	GDD 2893	3,027	107		2025	GDD 3037	1,320	106
2024	GDD 2797	453	103		2025	GDD 2894	854	36		2025	GDD 3003	484	88
2024	GDD 2782	1,661	28		2025	GDD 2908	965	36		2025	GDD 3058	4,441	55
2024	GDD 2785	733	63		2025	GDD 2891	32	45		2025	GDD 3070	1,033	44
2024	GDD 2804	1,216	70		2025	GDD 2898	13	57		2025	GDD 3067	1,166	64
2024	GDD 2803	161	45		2025	GDD 2852	868	37		2025	GDD3077	929	48
2024	CDD 2800	2,061	60		2025	GDD 2911	14	54		2025	GDD 3080	557	53
2024	GDD 2808	1,049	44		2025	GDD 2921	545	68		2025	GDD 3086	643	56
2024	GDD 2789	1,620	36		2025	GDD 2872	590	57		2026	GDD 3087	6,952	48
2024	GDD 2802	6,634	45		2025	CDD 2896	1,068	38		2026	GDD 3089	2,368	63
2024	GDD 2810	89	44		2025	GDD 2937	56	44		2026	GDD 3103	4,376	42
2024	GDD 2817	195	71		2025	GDD 2917	226	46		2026	GDD 3107	330	54
2024	GDD 2796	3,563	42		2025	GDD 2944	290	39		2026	GDD 3133	454	16
2024	GDD 2794	4,886	54		2025	GDD 2938	538	4		2026	GDD 3156	1,247	38
2024	GDD 2811	1,112	180		2025	GDD 2941	800	36		2026	GDD 3142	5,816	46
2024	GDD 2816	901	67		2025	GDD 2939	651	48		2026	GDD 3135	365	74

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Table 7-4: Summary of recent Tshepong South 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)		Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)
2025	GDD 3041	1500	143		2026	GDD3111	663	160		2026	GDD 3129	83	236
2025	GDD3079	95	71		2026	GDD 3115	692	142		2026	GDD 3130	2379	162
2025	GDD3072	353	153		2026	GDD3110	88	224		2026	GDD 3143	53	61
2025	GDD3077	100	222		2026	GDD 3103	11	47		2026	GDD 3010	972	200
2025	GDD 3005	51	92		2026	GDD 3131	5666	276		2026	GDD 3124	469	97
2025	GDD 3080	124	101		2026	GDD 3137	717	288		2026	GDD 3133	258	180
2025	GDD 3088	674	152		2026	GDD 3093	2499	276		2026	GDD 3151	627	301
2025	GDD 3076	180	161		2026	GDD3140	263	79		2026	GDD 3155	122	64
2026	GDD 3087	1356	68		2026	GDD3000	584	308		2026	GDD 3154	101	173
2026	GDD 3099	450	168		2026	GDD3120	2219	146		2026	GDD 3150	87	173
2026	GDD 3089	94	102		2026	GDD3119	76	91		2026	GDD 3160	172	91
2026	GDD 3095	77	73		2026	GDD 3007	164	223		2026	GDD 3122	691	60
2026	GDD 3100	378	164		2026	GDD3127	483	394		2026	GDD 3122	799	49
2026	GDD 3091	72	118		2026	GDD 3128	497	167		2026	GDD 3164	448	95
2026	GDD 3105	86	159		2026	GDD 3107	1216	85		2026	GDD 3162	1333	180
2026	GDD 3108	50	48		2026	GDD 3141	219	37		2026	GDD 3168	228	74
2026	GDD 3101	12	28		2026	GDD 3008	173	278		2026	GDD 3163	477	181
2026	GDD 3112	97	16		2026	GDD 3009	150	108

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Table 7-5: Summary of surface boreholes for Tshepong South and North

Summary of Surface Boreholes for Tshepong South and North
Drill Hole ID	Reef Type	Gold Value (cmg/t)	Reef Type	Gold Value (cmg/t)
UT1	Basal	1720	B Reef	Tr
UT2	Basal	224	B Reef	514
UT3	Basal	1696	B Reef	845
UT4	Basal	605	B Reef	216
AR5A	Basal	630	B Reef
AL5	Basal	479	B Reef	159
ELD3	Basal	1228	B Reef	731
LB5	Basal	763	B Reef	2427
NK2	Basal	652	B Reef	Tr
EV10	Basal		B Reef	1429

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 boreholes 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.

Previous to this system surface exploration holes (historical drilling) were drilled by Anglo and detailed logs

exist in a safe room 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.

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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.

The sampling grid in the Basal Reef and B Reef stoping is a 5m interval along dip and a 5m interval on strike

creating a 5m x 5m grid.

For development, the full extent of the on-reef development must be sampled on one sidewall at 2m

intervals for Basal Reef and B Reef. Due to the high nugget effect and variability associated with B Reef, these

intervals may be increased where appropriate.

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.

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 for quality and signed-off by the Senior Geologist for completeness and auditability,

prior to laboratory dispatch.

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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 in 2020, a total of 50 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.

A relative density (RD) of 2.72t/m³ is in use and seen as representative of the orebody by the QP.

8.3Sample Security

Chip samples are bagged, sealed and delivered by the samplers to the onsite coreyard on the same day as

they are collected. The core yard is a secure facility with access control measures in place. Samples are

delivered to the laboratory by the mine.

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 sample numbers are captured in Datamine Fusion. The system then creates a waybill, and the samples

are dispatched to the laboratory. The laboratory then compares the submitted samples to the waybill, to

ensure all samples are present as per the dispatch from the mine. Work sheets are automatically created at

the lab to process the samples. Once the results are returned to the shaft they are imported into Datamine

Fusion and assigned to samples. The QA/QC results are also checked and monitored here.

8.4Sample Storage

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

months at the laboratory and later discarded. The remaining half of the sampled core (in the case where the

core is split) of exploration holes is kept at the core yard for future references.

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 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 South.

The grind size should be maintained between 80% and 85% passing 75 µm. If the grind is less than 80%

passing 75 µm (under-milled), gold liberation may be incomplete, resulting in potentially lower gold

recoveries and assay values.

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

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8.7Assaying Methods and Analytical Procedures

For the period January 2025 to March 2026, Tshepong South submitted a total of 31,637 samples for analysis

of gold. Gold is analysed by fire assay with a gravimetric finish, while uranium is analysed by XRD. 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 Standard 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, regular 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 are re-assayed with

the failed QA/QC sample having to 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 QAQC standards again, the 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 982 CRMs were submitted to Harmony Assay Laboratory for Tshepong South between September

2024 and March 2026. The results are summarized in Table 8-1. 78 out of 982 samples (7.3%) failed.

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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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 South

Quality Control Material Type	No. of Samples Submitted	No. of Failed Samples	Action Taken
CRM 0887	490	37	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
CRM 0785	131	4	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
CRM 0466	361	37	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
Coarse Blanks 19mm	1,581	59	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
Coarse Blanks 4mm	460	13	Re-assays were requested, if a sample failed the 2nd time the sample sheet was deleted from the system.
Total	3,023	150

Table 8-2: Summary of Type of CRM used

Quality Control Material Type	Certified Value (Au g/t)	2 Std Deviations		Harmony Assay Lab
		UL	LL	Analysis	Outliers / Failures
AMIS 0785	5.53	6.325	4.735	131	4
AMIS 0887	17.41	18.625	16.195	490	37
AMIS 0466	42.4	45.1	39.7	361	37
Quality Control Material Type	Expected Value (Au g/t)	2x Detection Limit		Harmony Assay Lab
		UL	LL	Analysis	Outliers / Failures
Coarse Blanks 19mm	0.063	0.189	0.063	1581	59
Coarse Blanks 4mm	0.063	0.189	0.063	460	13

8.8.2Blanks

A total of 2,041 coarse blank samples were submitted to Harmony Assay Laboratory during September 2024

to March 2026, out of the analysis, 3.5% of samples (72) were outside the average required mean value. The

lowest detection limit at the laboratory is 0.063g/t. Working on the three deviation standard gives a LDL of

0.2g/t.

Failed samples were queried from the lab and re-assays were requested. Where 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.

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

duplicate analysis indicated correlation at lower grades. A total of 388 duplicate samples were analysed for

Tshepong South and, out of the analysis, 10% failed in the low-grade category, 0% failed in the medium grade

category and 1% failed in the high-grade category.

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

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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

South;

•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.

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9Data verification

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

9.1Databases

Tshepong South 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 now stored using Datamine FusionTM (“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.

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.

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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 Tshepong South and Tshepong North drill hole and sample databases are

reliable and adequate for the purpose of Mineral Resource estimation.

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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 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 minimising 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

solubilising 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 pulverised 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

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10.4.2Head Grade and Residue Grade

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. The recovery percentage is calculated by comparing these two metrics, 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
		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 is 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 to

maximize 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.

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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.

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.

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11Mineral Resource Estimate

Section 229.601(b)(96)(iii)(B)(11) (i-vii)

The current Mineral Resources for Tshepong South 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 South is ordinary kriging

(“OK”), while simple macro kriging (“SMK”) is used for Indicated and Inferred Mineral Resource estimates.

11.1Geological Database

Tshepong South Mineral Resource estimate is based on the surface and underground exploration data

obtained up to December 31, 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	—	7,377	643	360,753	600	0.001
2	59,700	—	32,511	982	1,166,133	1,080	0.001
3	128,341	—	62,313	1,598	2,684,434	1,638	0.001
4	13,850	—	13,066	694	490,522	700	0.001
5	137,444	—	65,195	1,218	1,350,853	1,162	0.001
6	44,836	—	32,215	867	803,918	897	0.001
7	29	0.02	1,528	252	88,330	297	0.001
8	34,757	—	5,140	1,939	2,400,199	1,549	0.001
9	22,028	—	33,943	943	947,616	973	0.001
10	47,368	—	263,632	2,292	5,351,445	2,313	0.001
11	3,862	—	3,956	1,303	853,670	924	0.001
12	46,557	—	11,386	1,028	1,075,541	1,037	0.001
13	4	0.53	1,218	967	70,256	265	—
B Reef
1	761	1.00	26,112	900	3,830,141	1,957	0.002
2	1,594	1.00	10,437	1,091	1,364,556	1,168	0.001
3	7,189	0.40	61,987	848	4,397,611	2,097	0.002
4	43,692	0.44	188,462	1,784	18,638,538	4,317	0.002
5	5,923	0.80	132,958	1,485	22,357,658	4,728	0.003
6	4,835	0.32	367,721	2,125	21,385,991	14,623	0.007
7	4,136	0.91	127,457	4,828	57,162,731	7,560	0.002
Total	610,073

11.3Geological Interpretation

The imported data is attributed to geological domains or geozones. Geozones are selected based upon

continuity in facies type, as well as gold grade and channel width distribution. Geozones may be constrained

by geological structures. Geozones are identified for both the Basal and B Reefs.

The Basal Reef is continuous over both Tshepong South and Tshepong North, and a single model is created

across both mines. The area is divided into 13 geozones. The B Reef geozones from Tshepong (Tshepong

South, Tshepong North) have been divided into a series of seven geozones and projected through to

Tshepong South shaft. The geozones for both reefs are presented in Figure 11-1.

Geozones are continuously updated based on geological information, new sampling and drilling results. Any

proposed changes to the geozones are presented to the geostatistical team for approval and signed off.

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

Deswik™ 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.

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 operations 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 accepted 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.

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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11.9Density Assignment

The relative density currently used for tonnage calculations at the Tshepong (Tshepong South and 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 Mineral Resource model using the following:

•visual comparisons with the raw drill hole data;  (Figures 7-3 and 7-4)

•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 (Tshepong South and Tshepong North) is considered by the QP

to have reasonable prospects for eventual economic extraction. The cut-off value for the Mineral Resources

is determined at 727cmg/t for Tshepong South 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 South
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	%	95.32
Unit cost	ZAR/t	6,482

Notes: Unit cost includes cash operating cost, royalty and ongoing development capital

The expected gold price was derived by the Harmony Executive Committee at Head Office. Based on current

market trends the QP agrees with the set price 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 (Tshepong South and 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 drill

hole spacing, 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.

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.

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The application of the classification criteria results in the following set of approximate sample spacings for

each Mineral Resource category:

•5m x 5m for Measured Mineral Resources (underground channel sampling);

•100m x 100m for Indicated Mineral Resources; and

•1,000m x 1,000m for Inferred Mineral Resources.

Mineral Resources are discounted by a geological loss to account for unknown, but anticipated fault loss. The

discount rates vary by area, based on structural complexity. Currently the ore-body is classified into nine

areas for the Basal Reef and four areas for the B Reef. The discount % used for both the Basal Reef and B Reef

are listed in the table below.

Table 11-4: Percentage fault discounts by area

Area	P	Q	I
PN1	4.2	7.3	10.5
PDN	4.2	7.3	10.5
PDS	4.2	8.8	13.3
PS1	4.2	8.8	13.3
PS2	4.2	8.8	13.3
PS3	4.2	8.8	13.3
PS4	4.2	4.1	4.0
PS5	5.0	7.3	10.5
PS6	5.0	7.3	10.5
PN1BR	4.2	7	60.0
PS2BR	4.2	7	60.0
PS3BR	4.2	7	60.0
PS5BR	4.2	7	60.0

The ranges are used due to variations in the structural complexity of the different shaft areas. Some areas are

geologically much more complex than others and the resulting geological loss will be greater than in an area

of relatively simple geology. Defining expected loss percentages for the different areas allows for a more

accurate estimation than when a blanket approach is used. The same information applies to the 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 South and 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 both Tshepong South and Tshepong North are

presented in Figure 11-3. The location of the B Reef Mineral Resources is shown in Figure 11-4.

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The QP compiling the Mineral Resource estimate for Tshepong South is Mr Jaen Pierre van Deventer, Ore

Reserve Manager at Tshepong South and employee of Harmony. The Mineral Resource estimate for

Tshepong South, as at 30 June 2026, exclusive of Mineral Reserves, is summarized in Table 11-4.

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Figure 11-3: Location and classification of Tshepong South Mineral Resources and Mineral Reserves for the Basal Reef

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Figure 11-4: Location and classification of Tshepong operations Mineral Resources and Mineral Reserves for the B Reef

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Table 11-5: Summary of Tshepong South 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	6.402	12.34	79,001
Indicated	9.460	11.02	104,209
Total / Ave. Measured + Indicated	15.862	11.55	183,210
Inferred	22.970	11.24	258,074
IMPERIAL
Mineral Resource Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Measured	7.057	0.360	2.540
Indicated	10.428	0.321	3.350
Total / Ave. Measured + Indicated	17.485	0.337	5.890
Inferred	25.320	0.328	8.297

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 Jaen Pierre van Deventer, who is the Ore Reserve

Manager at Tshepong South, and a Harmony employee.

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

3. No modifying factors or dilution sources have been included to in-situ Reserve which was subtracted from the SAMREC Resource in

order to obtain the S-K 1300 Resource.

4. The Mineral Resources are reported using a cut-off value of 727cmg/t determined using a gold price of USD3,061/oz.

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

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

economic viability.

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

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

11.14Mineral Resource Reconciliation

Tshepong South’s Measured and Indicated Mineral Resource gold content estimate, exclusive of Mineral

Reserves, increased by approximately 6.8%, from 5.513Moz gold as at June 2025 to 5.890Moz gold as at June

2026. The increase is mainly driven by the B Reef North section, where extensive exploration drilling and

supplementary on-reef sampling undertaken during the reporting period have improved geological

confidence and expanded the Measured and Indicated Mineral Resource footprint.

The Inferred Mineral Resource increased from 8.279Moz of gold as at June 2025 to 8.297Moz as at June

2026. The increase is mainly attributable to the addition of Inferred Mineral Resources within the B Reef. This

follows the identification and evaluation of two new mineralized areas, namely the Far South Area and the

Mid-Shaft B Reef Area, which have expanded the Inferred Mineral Resource footprint and contributed

additional tonnes and ounces to the overall Mineral Resource inventory.

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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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”). 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.

The QP is in agreement and accountable for the final integrated report.

12.1Tshepong South

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 in situ from the Basal and B Reef. 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 Mineral Reserve 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 Scattered Grid Mining  method in use at the mine,

•the sources of 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 South Mine 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.

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12.1.2Modifying Factors

The Modifying Factors used to convert the Mineral Resource to a Mineral Reserve for Tshepong South are

presented in Table 12-1.

Table 12-1: Tshepong South modifying factors used for Mineral Reserve determination

Modifying Factor	Unit	Value
Relative Density	t/m3	2.72
Stoping Width	cm	143
Gully	%	6.92
Off Reef	%	5.24
Waste to Reef	%	0.23
Flushing tonnes	%	—
Discrepancy	%	12.73
Mine Call Factor	%	80.00
Plant Recover Factor	%	95.32
Mine Recover Factor	%	76.26
Plant Call Factor	%	100.00
Mineral Reserve cut-off	cmg/t	752

Notes: Development waste to reef, including the decline development.

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.

12.1.3Mineral Reserve Estimate

The Mineral Reserves for Tshepong South 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) and are still in alignment with SAMREC, 2016. The Mineral

Reserve estimate for Tshepong South, as at June 30, 2026, is summarized in Table 12-2.

The location of Tshepong South’s Basal and B Reef Mineral Reserves are presented in Figure 11-3 and

Figure 11-4, respectively.

The QP compiling the Mineral Reserve estimate for Tshepong South is Mr Jaen Pierre van Deventer, Ore

Reserve Manager at Tshepong South and employee of Harmony.

Table 12-2: Summary of Tshepong South Mineral Reserves as at 30 June 2026 1-5

METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proved	1.404	5.75	8,071
Probable	0.511	3.43	1,753
Total (Proved + Probable)	1.915	5.13	9,824
IMPERIAL
Mineral Reserve Category	Tons (Mst)	Gold Grade (oz/st)	Gold Content (Moz)
Proved	1.547	0.168	0.259
Probable	0.563	0.100	0.056
Total (Proved + Probable)	2.111	0.150	0.316

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 Jaen Pierre van Deventer, who is Ore Reserve Manager at Tshepong South, 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.

4. Gold content has not taken metallurgical recovery factors into account.

5. Mineral Reserves are reported using a cut-off grade of 752cmg/t determined using a gold price of USD2,915/oz gold.

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

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12.1.4Mineral Reserve Reconciliation

The declared Mineral Reserve decreased from 0.497Moz as at 30 June 2025 to 0.316Moz as at 30 June 2026.

The decrease in Mineral Reserves is due to normal depletion and a technical refinement in the design and

scheduling methodology.

12.2Commentary on Mineral Reserve Estimate

The Mineral Reserve is estimated at 1.915Mt of milled ore containing 0.316Moz 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 South 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.

Tshepong South maintains working and robust Isopach models, to manage the geotechnical risk and the

stress model to manage the seismicity risk. The geotechnical and Isopach models for Tshepong South take

the latest geological structural model into account and the data update is dynamic as mining progresses.

Geotechnical models are also used as a basis to manage and monitor the occurrence of ground water and gas

intersections.

The decrease in Mineral Reserves is attributable to normal depletion and a technical refinement of the mine

design and scheduling methodology. Following the June 2026 restatement, the QP has not identified any

residual risks associated with the revised design and scheduling methodology remain.

There are no obvious material risks that could have significant effect on the Mineral Reserves.

In the opinion of the QP, given that Tshepong South 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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13Mining Methods

Section 229.601(b)(96)(iii)(B)(13) (i-v)

Tshepong South may be classified as moderate to deep level underground gold mine currently operating at

depths of up to 2,427m below surface.

13.1Mining Operations

Tshepong resulted from the integration and consolidation of the Tshepong South and Tshepong North mines.

This was to enable Harmony to optimize existing synergies, reduce costs and make better use of the

Tshepong section’s underused infrastructure, though a decision was taken to report results separately since

June 2022.

Tshepong South utilize two main shafts (Figure 3-2). Tshepong South and Nyala Shaft (Ore handling).

Tshepong South is used for the movement of men and materials and is the point through which all mining

activities occur. Water and electricity are also primarily supplied through Tshepong South, however

compressed air comes from compressors installed at Nyala shaft. An underground lightweight electric rail

system, referred to as the RailVeyorTM is used to transport ore and waste from the working sections to Nyala

Shaft where it is hoisted to surface. More information on the details of the shaft operations, any

interdependencies and the railway systems are described in Section 15.

13.1.1Tshepong South

The Tshepong South Mine was established approximately 8 years after the Tshepong North Mine. Production

from the Tshepong South Mine is attributed mainly to the Basal Reef with the B Reef currently contributing

approximately 26% of ore mined. The Tshepong South Mine is accessed via a single underground vertical

shaft. The mine is also assisted by two other shafts for the supply of air for ventilation and cooling.

All working levels are accessed via the single vertical shaft system. The strata-bound Basal Reef has a shale

and in some instances a WBLQ hanging wall. The Basal Reef is planned to contribute approximately 67% to

the total production volume and the B Reef contributing approximately 33% in the next year. Development

and stoping operations are based on conventional mining methods.

13.1.2Scattered Mining Method

The orebody at Tshepong South Mine is broken up into blocks by geological structures with large

displacements. Scattered mining method is practiced at the Tshepong South Mine due to the orebody being

broken up into these small blocks of ground. The mine design criteria is based on the grid mining method

where the crosscuts are spaced at a fixed distance of 160 m apart, however additional development is

required in some instances and/or crosscut spacing reduced/increased depending on the prevailing

geological structures. Primary Waste Development is done ahead of the stoping front in the virgin stress

environment.

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. Further development is done at set intervals between 150 m

to 180 m 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.

13.1.3Open Stoping and Undercut Stoping

The presence of shale in the hanging wall of the Basal reef necessitates that either undercut or open stoping

mining methods are used at Tshepong South Mine depending on the presence and thickness of the WBLQ

layer. The open stoping mining method is mainly used in the Southern part of the mine where the shale is

inter-layered with the Waxy Brown Leader Quartzite. The thin layer of shale is mined out with the reef. The

undercut stoping method is used in the Northern part of the mine (only approximately 20cm of the bottom-

loaded Basal Reef channel is removed, leaving a residual beam thickness of ± 80cm to 100cm thick between

the stope and the overlaying shale). The shale layer above the reef is very thick (up to 5m) and is very weak

by nature. The Shale unravels when exposed and can result in the sterilization of stopes and the loss of

reserves.

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13.1.4Integrated Approach

The differences of the reef formations and mining conditions at the respective parts of the mine (North and

South) 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 aims at maximizing the safe extraction of ore, while minimizing the risk of

geotechnical failures, which can result in operational disruptions and dangerous working conditions. The

Basal Reef is modelled and designed across the Tshepong South Mine. In addition, the Tshepong South Mine

considers the B Reef for design and planning.

Both the Basal and B Reef horizons have been subjected to faulting and intrusions by igneous dykes and sills

that cut across the reefs. The most significant form of control at the Tshepong South Mine for rockfalls and

rockbursts is the systematic modelling and design processes.

Figure 13-1: Schematic representation of the scattered mining sequence

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Figure 13-1A: Schematic representation of the sequential mining method.

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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, the geotechnical team designed 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 form 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. Tshepong South is essentially a conventional mine design.

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 done internally, with the mine designs for the Basal Reef and B Reef horizons done separately,

using the DeswikTM software suite. The geological models and the geotechnical parameters formulated by the

Rock Engineers, are used as a basis of the mine planning process. The mine design parameters used for

Tshepong South and Tshepong Mine are shown in Table 13-1 and Table 13-2, respectively.

Table 13-1: Tshepong South mine design parameters

Parameter	Unit	Value
Regional Stability
Dip stabilizing pillar dimensions
Strike span	m	160
Dip span	m	N/A
Strike stability pillar spacing¹	m	N/A
Access haulages middling to reef	m	90
Primary Development
Advance	m/month	30
Crosscut spacing	m	160
Secondary Development
Advance	m/month	16
Stoping Parameters
CW < 80cm (Basal Reef)	m	132
CW > 80cm (B Reef)	m	150
Economic Parameters
Cut-off grade (planning)	cmg/t	752
RD		2.72

Notes: 1. Pillar spacing is measured skin to skin.

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13.3Geotechnical Considerations and Seismic Monitoring

With respect to Risk – Tshepong South maintains working and robust Isopach models, to manage the

geotechnical risk and the stress model to manage the seismicity risk. The geotechnical and Isopach models

for Tshepong South take the latest geological structural model into account and the data update is dynamic

as mining progresses.

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  bracket and strike pillars. The details of the pillar design can be found in Table 13-1. 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 rock mass 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 South Mine uses an Integrated Seismic System supplied by Institute of Mine Seismology to record

seismic events on the property.

The seismic systems for Tshepong South consist of 25 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 a daily basis.

13.4Geotechnical Geohydrological 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 South. The geotechnical 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

plans. 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

geospatially referenced plots help the mining team execute the mine plan, in relation to the operation’s

geotechnical requirements and assist in the early detection of the presence of water or gas.

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 South are supported by the Integrated Waste and Water Management Plan  (“IWWMP”). Tshepong

South maintain graphical and numerical databases of the operations geohydrological conditions.

Water reticulation around the mine has been designed to maximize water re-use and minimize the amount

of water pumped to surface. The 77-level pump station is used to transfer water from various levels back to

55/59 level ice dam where it is cooled by the addition of ice from the surface ice plants and returned via

PRV’s to the different working levels. From the workings, water is pumped via vertical spindle pumps and a

drain system to the shaft, cascading back to 77 level pump station via NX holes and two settlers.

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Excess water gets pumped via Railveyor haulage to Nyala Shaft’s 57 level dams, to 35 level dams and then to

the surface dam. The water is cleaned via RO plant and supplied to Tshepong North residence and the Nyala 

Shaft as potable water. Excess water can also be diverted to Tshepong North via 66 level in case of

emergency at rate of approximately 35l/s.

13.5Mine Plan Development and Reserve Schedule

The Tshepong South Mine has Mineral Reserves available during the life of mine, however extraction of ore

from Isolated Blocks of Ground (IBG’s) will become more important as the life of mine progresses.

Volumetrically these Mineral Reserves are not significant.

The preferred 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 South Mine, the Mineral Reserves plan and scheduling originates with the use of the Mineral

Reserves model, which is modelled at a 752cmg/t cut-off grade. The 1.915Mt of Mineral Reserves are fully

accessible through the existing infrastructure at the Tshepong South Mine. The mining rates used in

determining the Mineral Reserves plan are based on the current and expected operational performance,

notwithstanding any unforeseen underground mining constraints. The remaining Mineral Reserves for the

operation is planned for four years, with a planned mining rate averaging at approximately 479ktpa (milled

tonnes) over the Mineral Reserves period. The extent of the Tshepong South Mine Mineral Reserves plan is

shown in Figure 13-2. The milled ore and gold recovered for Tshepong South Mine are presented in Figure

13-3.

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Figure 13-2 Tshepong South mine Mineral Reserves plan

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Figure 13-3: Graph of Tshepong South mine Mineral Reserves plan – Tonnes and grade

Figure 13-4: Graph of Tshepong South mine Mineral Reserves plan – Gold produced (oz)

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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 Reserves

plan considers the planned and available working areas, inclusive of the mine’s current infrastructure

capacity.

Tshepong South will be mined at an average rate of 39,890tpm.

13.7Grade and Dilution Control

The selected Scattered 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 increasing as

mining moves towards further South into the Eland mine payshoot.

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 faulting, 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 degrees.

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 excessive dilution.

The Tshepong South Mine also adopts electronic blasting technology consisting of an 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.

13.8Mining Equipment and Machinery

There are various machinery and equipment used at Tshepong South, depending on the type of

mining or development activity. The following equipment can be found at the frontline of mining

production:

Equipment description	Application	Number in use
Compressed air hand held drills	Development	157
Compressed air hand held drills	Stoping	310
Drop raise S36 compressed air machine	Development - Orepasses	4
Battery charged Locomotives	Tramming of Hopper with ore	53
Salzgitter Loaders	Loading of Broken ore	38

Haulages and associated development: Conventional hand held drills are used

Production drilling in stopes: Equipment used for this type of drilling is compressed air hand-held drills.

Drop raising develops ore passes while removing personnel from hazardous underground workings and

improving productivity through automation.

Rock movement: Ore from the stoping ore passes is loaded from the box-front chutes directly into spans of

hoppers pulled by battery powered locomotives and then trammed to the shaft inter-level tips. Ore is 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.

Tshepong South utilises battery charged locomotives for transportation of ore from the workings to the shaft.

Ancillary equipment: Area where draw points are not available in the workings i.e. box front chutes, Salzgitter

loaders are used.

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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 battery locomotives, to dedicated inter-level transfer

systems that gravity feed to the main silos. Once hoisted up the main vertical shaft at Nyala to surface, the

ore is transported to the Harmony One Plant via Rail system.

The existing Tshepong South Shaft is connected to the Tshepong Shaft. At the Tshepong South Shaft, broken

rock handling on all levels is rail-bound. Several inter-level sub-vertical transfer systems feed the main silos

on 55 level. Phakisa shaft’s underground reef and waste orepasses capacity is 4,500t each. From 77 level, the

rock is hoisted to 55 level where a RailVeyorTM system transports the rock from Tshepong South to the Nyala

Shaft. The Railveyor reef silo capacity is 400t, and waste silo is 300t. Nyala shaft’s underground reef and

waste orepasses have a capacity of 1,000t each. The rock is hoisted to surface by means of the rock winder,

and then transported to Harmony One Plant by train (Figure 3-1). Nyala shaft’s surface reef silo has a capacity

of 2,000t, and the waste silo 700t.

13.10Mining Personnel

Tshepong South is labour intensive, with the mine being supported by over 3,470 employees, with 88% being

permanent staff and the remainder contractors.

The underground mining operation 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 and underground store controls. The mining personnel for Tshepong South is

presented in Table 13-2.

Table 13-2: Tshepong South mine mining personnel

Labour Requirement	No. of Employees
Services	319
Engineering	757
Mining	1,969
Contractors	429
Total Employees	3,474

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Figure 13-5: Tshepong South shaft and underground infrastructure

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13.11Commentary on Mining Methods

The Scattered mining method is the main mining method utilized at Tshepong South 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 South 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 optimisation are driven by the mine schedule and improvement initiatives at the respective mine sites.

A technical refinement of the mine design and scheduling methodology resulted in Mineral Reserve decrease

as at June 2026 . Following the June 2026 restatement, the QP is confident that no residual risks associated

with the revised design and scheduling methodology remain.

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14Processing and Recovery Methods

Section 229.601(b)(96)(iii)(B)(14) (i-iv)

All ore mined at Tshepong South 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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Figure 14-1: Schematic flow diagram of the metallurgical process

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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
	Availability	%	100
Milling	Throughput ROM	t/hr	90 -100
Densification	Desired pH	pH	>10.5
	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 24 hours/day. Since April 2024 Eskom

has suspended load shedding as the Generation Recovery Plan continues to deliver efficiencies

14.3.2Water

The average monthly water consumption is 20,655kL. Available 24 hours/day.

14.3.3Process Material

The reagents and their consumption rates are presented in Table 14-2.

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	137
Contractors	245
Total	517

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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.

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)

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15Infrastructure

Section 229.601(b)(96)(iii)(B)(15)

The proximity of Tshepong South to Tshepong North 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 South

therefore has adequate access to the infrastructure required to meet the planned Mineral Reserves

production schedules.

15.1Surface Infrastructure

The surface infrastructure associated with Tshepong South is presented in Figure 15-1, whilst Google Earth

images of the shaft and Harmony One Plant are presented in Figure 15-2, Figure 15-3, Figure 15-4 and

Figure 15-5.

Tshepong South’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 South is hoisted at Nyala Shaft where it is stored in silos on surface before being

transported by rail to the Harmony One Plant for processing (Figure 15-1 and Figure 15-5). The capacity of

Phakisa shaft’s underground reef and waste orepasses are 4500t each. The capacity of Nyala’s underground

reef and waste orepasses are 1000t each. The capacity of Nyala’s reef silo is 2000t, and the waste silo is 700t.

Ore is stored in silos located at the plant prior to processing.

The ore and waste hoisting for the Tshepong South Mine is done using two rock winders via the Nyala Shaft

and is delivered via the RailVeyorTM. The capacity of the Railveyor reef silo is 400t, and waste silo is 300t.

Waste rock is deposited in waste silos and transported to the plant. The Nyala (“WRDs”) is not currently used,

but is available adjacent to the respective shafts (Figure 15-1).

15.1.2Tailings Storage Facilities

The current Mineral Reserve plans for Tshepong South require a total collective tailings placement of

approximately 0.46Mt/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 South 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.

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.

15.1.3Rail

A railway line which traverses the Tshepong South Mining Right area is used to transport hoisted ore to the

Harmony One Plant (Figure 15-1).

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Figure 15-1: Tshepong South surface layout and infrastructure

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Figure 15-2: Tshepong South detailed surface infrastructure

Source: Google Earth Image Date May 2021

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Figure 15-3: Nyala detailed surface infrastructure

Source: Google Earth Image Date May 2021

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Figure 15-4: Harmony One Plant detailed surface infrastructure

Source: Google Earth Image Date: September 2021

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15.2Underground Infrastructure and Shafts

The Tshepong South shaft and underground infrastructure is schematically depicted in Figure 13-5. The

underground workings are accessed and mined via four vertical shafts and a sub-vertical shaft.

At Tshepong South, the main vertical shaft system extends from surface to 54 level. A sub-vertical extends

from 55 level to 66 level. A RailVeyorTM connects the 54 level and 55 level. A Koepe winder is used at the

Nyala shaft for rock hoisting. There are two pump stations located at the Tshepong South shaft 71 level and

76 level. Tshepong South and Tshepong North shafts are connected laterally at 54 level and 66 level.

Mine ventilation systems are well established. The Nyala Shaft supports the Tshepong South operations with

the supply of compressed air, water handling and rock hoisting. Four compressors installed on surface feed

air down the Nyala shaft for the Tshepong South workings. Refrigeration systems for Tshepong South shaft

are installed on 55 level to cool the working places. The main return airway for the Tshepong South Shaft is

predominantly via the Tshepong Shaft on 66 Level, 69 Level and 73 Level. The new 400t KTI Ice Plant will

significantly assist with the refrigeration on the shaft.

15.2.1RailVeyorTM

A 5.4km RailVeyorTM system connects the Tshepong South Shaft through 55 level to the Nyala Shaft. The

RailVeyorTM is used to transport the rock from Tshepong South to the Nyala Shaft.

The RailVeyorTM was initially installed by the RailVeyorTM company. It is a remote controlled, electrically

powered friction light-rail haulage solution. The system comprises four trains and is maintained with a

dedicated maintenance bay and digital monitoring systems. The RailVeyorTM system is maintained by

Tshepong South, where support can be provided by the company as required.

15.3Power and Electrical

Power is supplied by Eskom. Tshepong South’s power supply is designed to satisfy the planned Mineral

Reserves production and service requirements. Main power supply is managed and distributed via electrical

sub-stations located adjacent to the Mine shafts (Figure 15-2, Figure 15-3). Phakisa shaft requires 15GwH

Eskom units, and Nyala shaft requires 10GwH Eskom units, per month.

Power lines traverse the mine property to connect the shafts, reduction works and hostel complexes.

In addition, Tshepong South has an onsite emergency power generator system, sufficient to support the

critical mining and mineral processing activities in case of emergencies. The Tshepong South operation has an

installed capacity to supply of 40MVA, however currently only 27MVA is utilized. At Nyala where hoisting and

compressors are installed the installed capacity is 40MVA and currently only 22MVA is utilized.

15.4Water Usage

The primary source of bulk water supply is from Sedibeng municipality. Phakisa shaft requires 100 ML of

water per month. The processing plant, refrigeration plant and underground mining activities are the three

largest water consumers.

The Tshepong South underground water supply is supported by two operational settlers. The main pump

stations at the Nyala shaft are situated on 35 level and 57 level. The water that reports at the Nyala shaft is

mainly excess water from Tshepong South, melted ice and drinking water, and an estimated 1 Ml of fissure

water from surrounding shafts.

Tshepong South  has two underground water dams on 77 level and one on 55 level. Water for the use of dust

suppression, footwall and sidewall treatment is re-purposed at the Tshepong South Mine. To ensure

continuous availability of water supply during municipality challenges/breakdowns of the system, there is a

total of six potable water storage dams installed with a buffer capacity of 15 ML between water outages.

Water usage at Tshepong South shaft is approximately 4.4 ML daily average use for ice production as well as

for water drinking and sanitizing.

The storage facilities have sufficient water to supply water to the operation for up to 72 hours if the bulk

water supply was interrupted.

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15.5Logistics and Supply

The procurement of supplies and equipment are handled centrally, via Harmony, and then delivered to

Tshepong South.

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.

15.6Commentary on Infrastructure

The operational infrastructure including road, rail, offices, security services, refrigeration, Compressors,

pump stations, chairlift, ice plant and RailVeyorTM, water and power supply is adequate to satisfy the

Tshepong South Mineral Reserves plan. The Operations is powered by electricity from Eskom. Overall,

Tshepong South 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 R3,090 million.

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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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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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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.

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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

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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.

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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;

•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.

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16.6Material Contracts

As with all major businesses, Harmony and Tshepong South 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 South 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
Genflo Mine Vacuum Systems SA (Pty) Ltd	Shaft Bottom Cleaning at Nyala Shaft
Transnet Limited (t/a Spoornet)	Rail transportation of ore and waste
Lesedi Drilling & Mining Company (Pty) Limited	Underground diamond drilling at Tshepong South operations
Bidvest Protea Coin (Pty) Ltd	Security services

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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 South Operation 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 South has 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, 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 South.

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”).

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.

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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 South 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.

A focus area during the next financial year will be on creating effective awareness and implementation of its

waste and waste management procedures such as the IWWMP. This plan provides water conservation

management measures to help reduce the demand for water from external and natural sources.

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 South 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 Tshepong South. All permits are audited regularly for

compliance and no material risks to the operations have been identified.

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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 Affairs and Sanitation.

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.

Harmony has budgeted to spend approximately ZAR9.607m in FY26 to meet its SLP commitments for

Tshepong South.

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 South 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

Tshepong (South and 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.

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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.

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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
North Shaft/Tshepong	R46,969,482
Sable Shaft	R6,364,800
Kudu Shaft	R9,641,039
Sewage Treatment Plant	R5,699,864
Flotation Plant	R8,263,062
Grand Total	R550,875,181

Table 17-3: Rehabilitation assurance

Area	Trust Fund (ZAR)	Bank Guarantee (ZAR)	Total (ZAR)
Tshepong and Matjhabeng Operation	1,569,773,993	0	1,569,773,993
Tshepong South (Phakisa)	Included in above
Total	1,569,773,993	0	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 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 South'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 and the declaration of Mineral

Reserves.

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. Refer to the Company’s corporate website on updated information

pertaining to its compliance to the Mining Charter.

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.

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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 South has implemented an EMS in line with the ISO

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 South 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.

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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, is determined, and

signed off by the CODM, before distribution to the business units, including Tshepong South. 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 Tshepong South are reported according to costs associated with major

equipment outside the main operating sections which is termed AE, infrastructure development, as well as

operating capital, as presented in Table 18-1.

There is no contingency applied to capital cost estimate at Tshepong South as capital cost estimates have a

reasonable basis of accuracy.  The estimated capital costs are carried forward and modelled in the Tshepong

South cash flow. The level of accuracy is that of a feasibility study.

18.2Operating Costs

A summary of the direct and indirect operating costs for Tshepong South is 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 South 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 South is based on actual historical data, as well as

budget forecasts. 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 are maintained by the operation, allowing for an

assessment of the alignment of the forecast and actual costs.

Table 18-1: Summary of capital cost estimate for Tshepong South

Capital Cost Element (ZAR'000s)	Total Reserve plan (FY2027-FY2031)
OCD	1,050,616
AE	138,641
Shaft Projects	129,312
Major Projects	16,973
MCC	37,462
Total	1,373,004

Table 18-2: Summary of operating cost estimate for Tshepong South

Operating Cost Element (ZAR'000)	Total Reserve Plan (FY2027-FY2031)
Mining	5,352,295
Services	1,346,927
Medical Hub / Station	323,387
Engineering	5,320,034
Total Direct Costs	12,342,643
Mine Overheads	698,980
Total Cost	13,041,624

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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.

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Figure 19-1: Annual Calendar Year Exchange Rates and ETSA Forecast

Source: 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

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.

19.1.5Closure Cost and Salvage Value

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The closure cost estimates are those provided in Section 17.5. No account has been taken of any potential

salvage values.

19.1.6Summary

The key assumptions used in the cash flow are summarized for Tshepong South in Table 19-4. 

Table 19-4: Key economic assumptions and parameters for Tshepong South cash flow

Parameter	Unit	Value
Production Rate (milled)	ktpm	39,890
Gold Recovery	%	95.32
Royalty	%	Formula
Tax Rate	%	Formula
Gold Price	ZAR/kg	1,650,000
Exchange Rate	USD:ZAR	17.60
Discount Rate	%	9.00

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 to forecast the revenue of the

Tshepong South 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 Tshepong South Mineral Reserves is approximately ZAR566.271 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 South as the LOM cash flow model does

not include any negative cash flows. Therefore, these measures are not meaningful for Tshepong South

economic analysis.

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Table 19-5: Tshepong South cash flow (Mineral Reserves)

Item	Units	Total Reserve Plan	2027	2028	2029	2030
Milled Tonnes	t'000	1,915	463	535	453	465
Yield	g/t	4.89	5.61	5.20	4.45	4.24
Gold Recovered	kg	9,364	2,596	2,780	2,016	1,972
Gold Price	R/kg	1,650,000	1,650,000	1,650,000	1,650,000	1,650,000
Revenue	ZAR'000	15,450,416	4,282,768	4,587,192	3,326,080	3,254,376
Total Operating cost	ZAR'000	13,188,144	3,283,155	3,501,673	3,189,720	3,213,596
Total Capital including MCC	ZAR'000	1,373,004	502,645	517,975	343,098	9,285
Royalty	ZAR'000	77,252	21,414	22,936	16,630	16,272
Total Cost	ZAR'000	14,638,400	3,807,215	4,042,584	3,549,449	3,239,152
Cash flow before tax	ZAR'000	812,016	475,553	544,609	(223,369)	15,224
Taxation Payable	ZAR'000	(190,299)	(86,267)	(104,032)	—	—
Net cash flow after tax	ZAR'000	621,717	389,286	440,577	(223,369)	15,224
Discounted NPV (ZAR’000)	Rate	NPV after tax
NPV - (Harmony Preferred)	@9%	566,271
NPV - (medium discount rate)	@12%	549,487
NPV - (high discount rate)	@15%	533,484

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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 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 South  is almost equally sensitive to changes in 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

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 (ZAR’000)
10%	9,364	1,815,000	16,995,458	15,160,123	1,835,334	1,550,648
5%	9,364	1,732,500	16,222,937	14,967,736	1,255,201	1,077,357
Reserve plan	9,364	1,650,000	15,450,416	14,828,699	621,717	566,271
-5%	9,364	1,567,500	14,677,895	14,689,662	(11,767)	55,184
-10%	9,364	1,485,000	13,905,375	14,638,400	(733,025)	(533,415)

Table 19-7: Total operating cost sensitivity analysis

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 (ZAR’000)
10%	9,364	1,650,000	15,450,416	16,102,240	(651,824)	(460,118)
5%	9,364	1,650,000	15,450,416	15,431,097	19,319	83,498
Reserve plan	9,364	1,650,000	15,450,416	14,828,699	621,717	566,271
-5%	9,364	1,650,000	15,450,416	14,226,301	1,224,116	1,049,043
-10%	9,364	1,650,000	15,450,416	13,682,121	1,768,295	1,490,573

Table 19-8: Total production sensitivity analysis

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 (ZAR’000)
10%	10,300	1,650,000	16,995,458	15,160,123	1,835,334	1,550,648
5%	9,832	1,650,000	16,222,937	14,967,736	1,255,201	1,077,357
Reserve plan	9,364	1,650,000	15,450,416	14,828,699	621,717	566,271
-5%	8,896	1,650,000	14,677,895	14,689,662	(11,767)	55,184
-10%	8,427	1,650,000	13,905,375	14,638,400	(733,025)	(533,415)

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20Adjacent properties

Section 229.601(b)(96)(iii)(B)(20) (i-iv)

Tshepong South is 100% owned by Harmony. 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.

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21Other Relevant Data and Information

Section 229.601(b)(96)(iii)(B)(21)

Other relevant information includes the public disclosure reports on Tshepong South 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.

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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 South 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 South. 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 South’s regional geological setting, mineralization and deposit is well understood. The geology is

supported by historical geophysical surveys, surface diamond core drilling and underground exploration

drilling, channel (chip) sampling and mapping. Economic mineralization occurs in the Basal Reef and B Reef. B

Reef mining started in February 2024 and additional development is in progress to expand the B Reef

footprint in both the North and South of the mine. The scheduled production ratio between Basal Reef and B

Reef is approximately 60:40.

The sampling approach and management, density assumptions, laboratory procedures, and assaying and

analysis are in keeping with industry standards and practices and is appropriate for the mineralization at the

Central Rand Group. The holistic understanding of the regional geology, lithological and structural controls of

the mineralization at Tshepong South is sufficient to support the estimation of Mineral Resources.

Gold bearing ore mined at Tshepong South is processed at the Harmony One Plant facility which has been in

operation since 1986. As such, the processing method is considered well established for the mineralization at 

Tshepong South. The plant makes use of historical trends and data as a basis for their recoveries of Basal and

B Reef.

The data pertaining to the mineralization, regional and geological setting, exploration findings, sample

collection, preparation, and testing, inclusive of data verification and metallurgical test work gives rise to the

Mineral Resource estimate.

The combined Measured and Indicated Mineral Resource, exclusive of Mineral Reserves, for the Tshepong

South Mine, as at 30 June 2026 is 15.862Mt at a grade of 11.55g/t, containing 5.890Moz of gold, and the

Inferred Mineral Resource contains 22.970Mt at a gold grade of 11.24g/t, containing 8.297Moz of gold.

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 for the Tshepong South Mine, as at 30 June 2026 is 1.915Mt of milled ore at a grade of

5.13g/t, containing 0.316Moz and comprise of 73% Proved Reserves and 27% Probable Reserves.

Tshepong South is currently mining profitably, and the discounted NPV shows a positive result. 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 estimates. There are no obvious

material risks that could have significant effect on the Mineral Reserves.

The Mineral Reserves are extracted via the Scattered mining method, with minor undercut and open stoping

methods. 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 South 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 South 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

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communication infrastructure. Overall, Tshepong South is well-established with sufficient logistics and

infrastructure support for the existing and planned mining operations. 

Harmony and Tshepong South is 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 South 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.

To successfully operate a mining operation in South Africa the state requires compliance with applicable

environmental laws, regulations, permits and standards. Tshepong South adheres to said compliance and

regulatory standards and have, in addition, implemented an Environmental Management System in line with

the ISO 14001:2015.

As part of Harmony, Tshepong South 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 South 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 economics of Tshepong South is based on the discounted cash flow model, with a metal price of

ZAR1,650,000/kg. The NPV for the metal price, is ZAR566 million, at a discount rate of 9%. The NPV is

calculated based on cash flows considering the following factors: capital and operating costs; and royalties.

The capital and operating cost estimates for Tshepong South is 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 South 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 South is tested for its sensitivity to commodity price (ZAR/kg), operating

costs(ZAR) and gold production (kg). The insights provided by the sensitivity analysis is that Tshepong South is

most sensitive to changes in the gold price (ZAR/kg), closely followed by 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

South. 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.

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23Recommendations

Section 229.601(b)(96)(iii)(B)(23)

Based on the information reviewed for this TRS, the Qualified Person recommends that the planned

exploration programme on the B Reef be completed to improve the understanding of the geological

continuity, distribution, and characteristics of the mineralisation in the area under investigation. The

approved exploration budget for FY27 amounts to R9.7 million.

The Qualified Person further recommends that the associated development work on 69 Level and 71 Level be

completed to establish the required access for drilling activities and geological evaluation. Information

obtained from the exploration and development programmes should be incorporated into future geological

models, Mineral Resource estimates, and mine planning studies, as appropriate.

In addition, ongoing operational improvement initiatives, including mining quality, water management, and

blasting practice enhancements, should continue to be monitored and assessed to support operational

performance.

No other material recommendations have been identified that would adversely affect the conclusions

presented in this TRS.

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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 July 22, 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. (July 29, 2021). 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. (July 12, 2023). World Gold Council, Gold Hub, Gold mine production: Gold Production

by Country | Gold Production | Goldhub

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

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	Area of Responsibility	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
B Reinders	Senior Valuator	Sections 8,9 and 11	Tshepong South
R du Toit	Section Valuator	Sections 6, 7 and 8	Tshepong Nth / Sth
R du Bruyn	Section Planner	Section 13	Tshepong South
B Erasmus	Financial Manager	Section 19	Tshepong South
J Powell	Geostatistician	Sections 8,9 and 11	Central
J van Heerden	Engineering Manager	Sections 13.8,13.9 and 15	Tshepong South
T Boke	Rock Engineering Manager	Section 7.8, 12.1 and 13	Tshepong South
C Pienaar	HOD Geology	Sections 6, 7 and 8	Tshepong South