6-K 1 fy23-q3xmar2023xprovisio.htm 6-K fy23-q3xmar2023xprovisio
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6­K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a­16 OR 15d­16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For May 10, 2023 Harmony Gold Mining Company Limited Randfontein Office Park Corner Main Reef Road and Ward Avenue Randfontein, 1759 South Africa (Address of principal executive offices) *-­ (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20­ F or Form 40­F.) Form 20F ☒ Form 40F ☐ (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3­2(b) under the Securities Exchange Act of 1934.) Yes ☐ No ☒


 
Harmony Gold Mining Company Limited Incorporated in the Republic of South Africa Registration number: 1950/038232/06 JSE share code: HAR NYSE share code: HMY ISIN: ZAE000015228 (“Harmony” or “the Company”) HIGHER RECOVERED GRADES AND EXCELLENT MINING DISCIPLINE DRIVE STRONG PERFORMANCE FROM SOUTH AFRICAN UNDERGROUND OPERATIONS OPERATIONAL UPDATE for the nine months ended 31 March 2023 (9M FY23) Johannesburg, South Africa. Wednesday, 10 May 2023. Harmony Gold Mining Company Limited (“Harmony” or “the Company”) is pleased to report its operational performance for the nine months ended 31 March 2023 (9M FY23). Average recovered grades at the South African underground operations increased by 7% to 5.68g/t for this reporting period from 5.39g/t in the previous reporting period ending 31 March 2022 (9M FY22) after adjusting for the closure of Bambanani mine at the end of FY22. The higher underground recovered grades continued through from the first half of the financial year into the third quarter, driving a solid group performance in 9M FY23. Group revenue in 9M FY23 increased by 11% to R33 982 million (US$1 946 million) from R30 669 million (US$2 033 million) in the previous reporting period. This was mainly driven by a higher average gold price received, which increased by 13% to R992 899/kg (US$1 769/oz) from R877 249/kg (US$1 809/oz) alongside the abovementioned increase in underground recovered grades over this reporting period. Group production in 9M FY23 increased by 2% to 33 785kg (1 086 213oz) from 33 241kg (1 068 718oz) in 9M FY22, after adjusting for the closure of Bambanani. Cost increases continue to remain within our planning parameters. Cash operating costs in 9M FY23 increased by only 7% to R745 682/kg (US$1 328/oz) from R697 146/kg (US$1 437/oz) in 9M FY22. All-in sustaining costs (AISC) increased by 8% to R895 580/kg (US$1 595/oz) from R825 925/kg (US$1 703/oz) in the previous reporting period. All-in costs increased by 10% to R940 559/kg (US$1 675/oz) from R851 291/kg (US$1 755/oz). As a result, group operating free cash flow in 9M FY23 increased by 49% to R3 237 million (US$186 million) from R2 174 million (US$144 million) in 9M FY22. Major capital is being allocated to quality ounces across Harmony as we continue the transition towards a higher-margin, lower-risk gold producer with a meaningful copper footprint. Our investment in quality ounces is paying off as Mponeng delivered a 192% increase in operating free cash flow of R1 274 million (US$73 million) for this reporting period from R437 million (US$29 million) in the previous nine-month period ending 31 March 2022. Key projects including the extension of the Kareerand tailings storage facility at Mine Waste Solutions and the Zaaiplaats decline at Moab Khotsong are also progressing well. In Papua New Guinea, the mining operation at Hidden Valley mine is expected to intercept the higher-grade Big Red portion of the ore body. This will result in improved gold and silver recovered grades for the remainder of the financial year. Net debt decreased to R4 512 million (US$253 million) from R4 710 million (US$277 million) as at 31 December 2022. The Company’s balance sheet remains strong with net debt to EBITDA decreasing to 0.5 times from 0.6 times a result. We remain focused on safety, effective cost management and delivering consistent production. Harmony has managed to ensure production was not meaningfully impacted by the ongoing energy shortages in South Africa through proactive engineering and mining practices. We have a phenomenal choice of greenfield and brownfield projects at our disposal while our copper projects offer good optionality and diversification. The high-grade assets of Mponeng and Moab Khotsong transformed the Harmony portfolio due to their high-quality ounces. Progress continues to be made on the permitting of Wafi-Golpu with the signing of a non-binding Memorandum of Understanding on 6 April 2023. The results of the updated feasibility study for Eva Copper will be complete and published before the end of the calendar year. Allocating major capital towards our high-grade underground operations, high-margin surface retreatment operations and a growing international gold and copper portfolio is core to creating long term value. A global production profile split between gold and copper, underground and surface mining, and our world-class projects will continue to de-risk the portfolio, improve margins and drive an increase in profitability. Sustainable mining is demonstrating we care for all our stakeholders while striking a balance between short-term cash generation and investing for long-term growth and prosperity. This is what we call “Mining with Purpose”. SALIENT FEATURES (9M FY23 vs 9M FY22*) • South Africa total LTIFR# at 5.55, trending below 6.00 for six consecutive quarters • Phase 1 of 30MW renewable solar power to be commissioned before the end of FY23 • 11% increase in gold revenue to R33 982 million (US$1 946 million) from R30 669 million (US$2 033 million) • 49% increase in group operating free cash flow to R3 237 million (US$186 million) from R2 174 million (US$144 million) • 94% increase in South African underground operating free cash flow to R2 695 million (US$154 million) from R1 392 million (US$92 million) driven by higher recovered grades • Mponeng contributed 39% towards group operating free cash flow • 5% increase in underground recovered grades to 5.68g/t from 5.39g/t • 2% increase in total gold production to 33 785kg (1 086 213oz) from 33 241kg (1 068 718oz) after adjusting for closure of Bambanani at the end of FY22 • 13% increase in average gold price received to R992 899/kg (US$1 769/oz) from R877 249/kg (US$1 809/oz) • 8% increase in group all-in sustaining costs (AISC) to R895 580/kg (US$1 595/oz) from R825 925/kg (US$1 703/oz) • Net debt to EBITDA improved to 0.5 times from 0.6 times in previous quarter • We remain on track to meet our FY23 production, cost and grade guidance * 9M FY22 – nine-month period ended 31 March 2022 # LTIFR – lost-time injury frequency rate


 
2 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 HEALTH AND SAFETY Ensuring the safety of each employee remains the number one priority throughout Harmony. Our approach to safety has shifted from a reactive to a proactive safety approach, with risk management transforming the way we operate. The modernisation and digitisation strategy continues to improve access to real-time data, ensuring that decision makers and employees in the work places are able to take proactive decisions to mitigate risks. This, together with our humanistic culture transformation programme not only ensures that we have the necessary capacity in our systems but also ensures all our hearts and minds are engaged to achieve zero harm. Some of the notable milestones achieved year to date include the sixth consecutive quarter where the lost-time injury frequency rate (LTIFR) was below 6.00 per 1 million hours worked. The LTIFR for our South African operations for this reporting period is 5.55. For the second year in a row we had a loss-of-life free January and February. Seven out of nine underground operations now exceed 1 million loss-of-life free shifts, demonstrating a clear improvement in the approach and relationship to safety throughout Harmony. It is however with much sadness and regret that we report two of our colleagues lost their lives during the third quarter of FY23. We pay our respects to Luyanda Nkwane, a development team member from Tshepong Mine and Tshimane Isaac Matabane, a stope team member from Kusasalethu Mine who both tragically lost their lives in mine-related incidents. Occupational-related illnesses continue to be actively managed as we strive to ensure all employees and their families remain healthy. Please see the Company’s website for more information on our safety and health initiatives, as well as the Harmony Risk Management guide. OPERATIONAL PERFORMANCE TO DATE South African high-grade underground The South African high-grade operations, namely Moab Khotsong and Mponeng, delivered improvements in all operating metrics for this reporting period. Recovered grades improved by 6% to 7.53g/t from 7.12g/t in the previous reporting period. This resulted in a 7% increase in production to 10 012kg (321 892oz) from 9 370kg (301 252oz). Cash operating costs remained largely flat year on year at R681 748/kg (US$1 214/oz). AISC increased by only 1% to R790 492/kg (US$1 408/oz) from R780 338/kg (US$1 609/oz) in 9M FY22. It is worth highlighting that the Mponeng AISC actually decreased by 7% to R785 880/kg (US$1 400/oz) from R847 203/kg (US$1 747/oz) due to the 13% increase in its underground recovered grades to 8.25g/t from 7.32g/t. Production at Mponeng also increased 18% to 5 314kg (170 848oz) from 4 502kg (144 742oz) in the previous reporting period. Operating free cash flows from the high-grade portfolio therefore increased by 88% to R1 986 million (US$114 million) from R1 056 million (US$70 million) in 9M FY22. South African optimised underground The optimised underground portfolio consists of Tshepong North, Tshepong South, Joel, Target 1, Masimong, Kusasalethu and Doornkop. These mines continue to perform well and most operations delivered good performances across the key operational metrics year on year. Gold production from the optimised operations declined by only 2% to 14 839kg (477 085oz) from 15 197kg (488 593oz) in the previous reporting period, excluding Bambanani. Underground recovered grades increased by 6% to 4.87g/t from 4.60g/t. Cash operating costs increased by 12% to R831 255/kg (US$1 481/oz) from R744 488/kg (US$1 535/oz). AISC increased by 11% to R962 330/kg (US$1 714/oz) from R867 564/kg (US$1 789/oz). Operating free cash flows increased by 161% to R691 million (US$40 million) from R265 million (US$18 million). The strong performances from Tshepong South, Joel, Masimong and Doornkop in this reporting period were offset by ongoing challenges at Target 1 and lower than anticipated recovered grades at Kusasalethu. At Target 1, we have been progressing the optimisation project while still continuing with mining operations. This has resulted in a significantly higher AISC. This project is expected to be completed towards the end of this financial year. South African surface The South African surface operations consist of the Kalgold open pit mine, the tailings retreatment operations which include Mine Waste Solutions, Phoenix, Central Plant reclamation, Savuka tailings and the rock dumps. As we mine out the rock dumps, total production from the South African surface operations declined by 6%, as planned, to 6 000kg (192 906oz) from 6 368kg (204 734oz) in the previous reporting period. Cash operating costs increased by 19% to R719 241/kg (US$1 281/oz) in 9M FY23 from R604 427/kg (US$1 246/oz) in 9M FY22. AISC increased by 21% to R778 412/kg (US$1 387/oz) from R645 432/kg (US$1 331/oz). This was mainly due to the lower waste rock dump production and the increase in the cost of reagents, specifically cyanide. Total capital expenditure increased by R499 million (US$26 million) to R791 million (US$45 million) in 9M FY23 from R292 million (US$19 million) in 9M FY22 as construction of the Kareerand tailings storage facility extension at Mine Waste Solutions continues. Operating free cash flows decreased by 58% to R515 million (US$30 million) from R1 239 million (US$82 million). Notwithstanding the large project capital deployed towards the Kareerand tailings storage facility extension, operating free cash flows were higher than anticipated due to the favourable gold price received. A reminder that the Kareerand extension project and the Franco-Nevada streaming agreement at Mine Waste Solutions will both end in FY25. This will result in significantly improved free cash flows and higher margins from Mine Waste Solutions. International Production from the Hidden Valley mine increased by 27% to 2 934kg (94 330oz) in 9M FY23 from 2 306kg (74 139oz) in 9M FY22. Volumes on the overland conveyor belt have returned to normalised levels resulting in the significantly improved production compared to the previous reporting period. Tonnes milled increased by 28% to 2.94 million tonnes from 2.29 million tonnes in the previous reporting period. Recovered grades however decreased by 1% to 1.00g/t from 1.01g/t as we continue with waste stripping to access the higher grade portion of the ore body. We expect improvements in both silver and gold grades from Hidden Valley mine in the final quarter of the year as the mining operations reach the higher grade Big Red portion of the ore body. Cash operating costs during this reporting period improved by 11% to R585 122/kg (US$1 042/oz) from R658 725/kg (US$1 358/oz). AISC also improved by 6% to R1 168 565/kg (US$2 081/oz) from R1 239 065/kg (US$2 555/oz). Operating free cash flow improved to R27 million (US$2 million) in 9M FY23 from a negative R457 million (US$30 million) in the previous reporting period. During the third quarter, work continued on the Eva Project study update, with the commencement of sterilisation and resource definition drilling on site to further inform study outcomes and proposed site infrastructure location. The signing of the non-binding Memorandum of Understanding on the 6th of April 2023 is a significant milestone towards the permitting of the Wafi-Golpu project in Papua New Guinea. It sets out the key fiscal and non-fiscal terms between the parties to be adopted in the Mining Development Contract. This includes, but is not limited to, State equity participation, royalties, taxes and legislative and fiscal stability. The terms negotiated are expected to maintain returns similar to those shown by the 2018 feasibility study update. HEDGING During the quarter, the rand gold hedge book was filled in response to the sharp rise in the rand gold price. The average forward rand gold price on the hedge book is at R1 135 000/kg on a net position of 552 000oz at the end of the third quarter. Harmony will only hedge when it is certain that it can achieve a minimum margin of 25% above AISC and inflation. ANNUAL PRODUCTION, COST AND GRADE GUIDANCE With one quarter’s production remaining for FY23, we remain confident of achieving our annual guidance of: • 1 400 000 to 1 500 000oz in total production • overall AISC guidance of below R900 000/kg • underground grade guidance at 5.45 to 5.60g/t


 
3 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 KEY OPERATIONAL METRICS1, 2 FOR THE FINANCIAL YEAR 2023 (“FY23”) TO DATE Unit Y-on-Y % Nine months FY23 Nine months FY22 Q-on-Q % Third quarter FY233 Third quarter FY224 Gold revenue Rm 11 33 982 30 669 23 11 232 9 158 US$m (4) 1 946 2 033 5 633 602 Gold price R/kg 13 992 899 877 249 15 1 058 335 918 412 US$/oz (2) 1 769 1 809 (1) 1 855 1 879 Underground yield g/t 5 5.68 5.39 5 5.68 5.40 Gold produced total kg (2) 33 785 34 357 6 10 748 10 131 oz (2) 1 086 213 1 104 598 6 345 558 325 719 Gold production – South Africa underground high-grade kg 7 10 012 9 370 23 3 381 2 757 oz 7 321 892 301 252 23 108 701 88 640 Gold production – South Africa underground optimised kg (2) 14 839 15 197 (8) 4 291 4 685 oz (2) 477 085 488 593 (8) 137 960 150 626 Gold production – South Africa surface kg (6) 6 000 6 368 8 2 125 1 974 oz (6) 192 906 204 734 8 68 322 63 465 Gold production – International kg 27 2 934 2 306 119 951 435 oz 27 94 330 74 139 119 30 575 13 986 Cash operating cost R/kg (7) 745 682 697 146 (1) 755 836 767 292 US$/oz 8 1 328 1 437 (16) 1 324 1 569 All-in sustaining cost R/kg (8) 895 580 825 925 2 906 343 885 126 US$/oz 6 1 595 1 703 (12) 1 588 1 810 All-in cost5 R/kg (11) 946 882 855 403 5 966 305 923 966 US$/oz 4 1 687 1 764 (10) 1 693 1 890 Operating free cash flow Rm 49 3 237 2 174 >100 1 288 (98) US$m 29 186 144 >100 73 (6) Major capital Rm (62) 1 407 866 (55) 516 332 Average exchange rate US$/Rand 16 17.46 15.09 17 17.75 15.21 Net debt/EBITDA6 times 0.5 0.1 0.5 0.1 1. The financial information has not been reviewed or audited by the Company’s external auditors 2. Quarter-on-quarter operational tables are available on our website: www.harmony.co.za 3. Three-months ended 31 March 2023 4. Three-months ended 31 March 2022 5. Figures include non-production costs from Eva Copper and Wafi-Golpu and therefore differ from the operating tables 6. The Company reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and non-recurring events. For the reporting period, the non-recurring events include the gain on bargain purchase and acquisition-related costs. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity


 
4 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 Nine months ended SOUTH AFRICA UNDERGROUND PRODUCTION Moab Khotsong Mponeng Tshepong North Tshepong South Doornkop Joel Target 1 Kusasalethu Masimong Bambanani³ Total Underground Ore milled t'000 Mar 23 685 644 598 386 665 323 266 453 357 — 4 377 Mar 22 701 615 734 433 657 315 345 458 365 139 4 762 Yield g/tonne Mar 23 6.86 8.25 4.19 6.65 4.86 4.54 3.53 5.77 4.27 — 5.68 Mar 22 6.94 7.32 3.85 5.54 4.06 3.36 4.13 7.46 3.85 8.03 5.39 Gold produced kg Mar 23 4 698 5 314 2 504 2 565 3 232 1 465 938 2 612 1 523 — 24 851 Mar 22 4 868 4 502 2 829 2 397 2 668 1 057 1 424 3 415 1 407 1 116 25 683 Gold sold kg Mar 23 4 792 5 325 2 533 2 584 3 263 1 478 923 2 625 1 538 19 25 080 Mar 22 4 866 4 515 2 850 2 413 2 730 1 064 1 421 3 476 1 416 1 125 25 876 Gold price received R/kg Mar 23 1 005 035 1 006 119 1 001 939 1 004 336 999 162 1 002 123 1 001 800 1 003 207 1 002 371 962 579 1 003 439 Mar 22 885 941 917 957 884 351 886 127 879 473 884 992 890 521 885 622 889 311 877 664 890 681 Gold revenue1 R'000 Mar 23 4 816 127 5 357 584 2 537 911 2 595 203 3 260 266 1 481 138 924 661 2 633 418 1 541 647 18 289 25 166 244 Mar 22 4 310 989 4 144 574 2 520 401 2 138 225 2 400 962 941 631 1 265 431 3 078 421 1 259 265 987 372 23 047 271 Cash operating cost (net of by-product credits) R'000 Mar 23 3 264 576 3 561 088 1 982 004 1 767 438 2 189 263 1 164 298 1 499 283 2 473 995 1 258 717 — 19 160 662 Mar 22 3 098 908 3 279 364 2 153 176 1 618 324 1 829 006 957 203 1 336 876 2 300 049 1 119 348 891 578 18 583 832 Inventory movement R'000 Mar 23 39 696 (10 665) 23 341 14 680 26 754 10 392 (21 387) 26 347 10 311 15 728 135 197 Mar 22 (68 962) 37 140 12 949 9 632 29 239 3 221 (5 821) 14 389 715 9 918 42 420 Operating costs R'000 Mar 23 3 304 272 3 550 423 2 005 345 1 782 118 2 216 017 1 174 690 1 477 896 2 500 342 1 269 028 15 728 19 295 859 Mar 22 3 029 946 3 316 504 2 166 125 1 627 956 1 858 245 960 424 1 331 055 2 314 438 1 120 063 901 496 18 626 252 Production profit R'000 Mar 23 1 511 855 1 807 161 532 566 813 085 1 044 249 306 448 (553 235) 133 076 272 619 2 561 5 870 385 Mar 22 1 281 043 828 070 354 276 510 269 542 717 (18 793) (65 624) 763 983 139 202 85 876 4 421 019 Capital expenditure R'000 Mar 23 839 413 522 547 397 785 367 453 512 171 165 899 291 910 179 296 33 675 — 3 310 149 Mar 22 592 872 428 026 750 349 340 164 328 257 145 839 275 462 148 239 36 609 25 444 3 071 261 Cash operating costs R/kg Mar 23 694 886 670 133 791 535 689 060 677 371 794 743 1 598 383 947 165 826 472 — 771 022 Mar 22 636 588 728 424 761 109 675 146 685 534 905 585 938 817 673 514 795 557 798 905 723 585 Cash operating costs R/tonne Mar 23 4 766 5 530 3 314 4 579 3 292 3 605 5 636 5 461 3 526 — 4 378 Mar 22 4 421 5 332 2 933 3 737 2 784 3 039 3 875 5 022 3 067 6 414 3 903 Cash operating cost and capital R/kg Mar 23 873 561 768 467 950 395 832 316 835 840 907 984 1 909 587 1 015 808 848 583 — 904 222 Mar 22 758 377 823 498 1 026 343 817 058 808 569 1 043 559 1 132 260 716 922 821 576 821 704 843 168 All-in sustaining cost R/kg Mar 23 795 616 785 880 962 164 831 932 787 518 912 417 1 901 201 1 048 045 890 793 827 789 892 911 Mar 22 718 295 847 203 978 177 822 322 777 090 1 048 263 1 124 321 726 124 850 225 842 684 834 860 All-in cost R/kg Mar 23 893 742 792 473 973 338 851 607 860 259 931 875 2 030 078 1 048 545 892 846 827 789 931 746 Mar 22 769 511 857 489 1 044 023 835 750 825 697 1 065 246 1 187 187 726 596 862 979 845 071 864 934 Operating free cash flow margin2 % Mar 23 15% 24% 6% 18% 17% 10% (94)% (1)% 16% 100% 11% Mar 22 14% 11% (15)% 8% 10% (17)% (27)% 20% 8% 7% 6% ¹ Includes a non-cash consideration to Franco-Nevada (Mar 23: R261.980m, Mar 22: R370.984m), excluded from the gold price calculation ² Excludes run-of-mine costs for Kalgold (Mar 23: R4.424m, Mar 22: R1.224m) and Hidden Valley (Mar 23: R115.995m, Mar 22: R293.954m) ³ The Bambanani operation closed in June 2022. OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (RAND/METRIC)


 
5 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 Nine months ended SOUTH AFRICA Hidden Valley TOTAL HARMONY SURFACE PRODUCTION TOTAL SOUTH AFRICA Mine waste solutions Phoenix Central plant reclamation Savuka Tailings Dumps Kalgold Total Surface Ore milled t'000 Mar 23 17 484 4 680 2 992 2 912 3 425 1 018 32 511 36 888 2 936 39 824 Mar 22 17 924 4 662 3 020 2 261 4 515 1 084 33 466 38 228 2 285 40 513 Yield g/tonne Mar 23 0.119 0.128 0.143 0.154 0.453 0.87 0.18 0.84 1.00 0.85 Mar 22 0.128 0.122 0.141 0.154 0.412 0.80 0.19 0.84 1.01 0.85 Gold produced kg Mar 23 2 086 601 427 449 1 553 884 6 000 30 851 2 934 33 785 Mar 22 2 299 567 427 348 1 861 866 6 368 32 051 2 306 34 357 Gold sold kg Mar 23 2 086 605 422 451 1 529 879 5 972 31 052 2 909 33 961 Mar 22 2 277 561 418 370 1 904 873 6 403 32 279 2 258 34 537 Gold price received R/kg Mar 23 815 451 1 002 355 1 006 417 1 003 541 1 012 812 1 005 405 940 573 991 348 1 009 448 992 899 Mar 22 748 486 883 768 890 847 918 759 890 471 882 457 839 958 880 620 829 066 877 249 Gold revenue1 R'000 Mar 23 1 963 010 606 425 424 708 452 597 1 548 590 883 751 5 879 081 31 045 325 2 936 484 33 981 809 Mar 22 2 075 286 495 794 372 374 339 941 1 695 456 770 385 5 749 236 28 796 507 1 872 031 30 668 538 Cash operating cost (net of by-product credits) R'000 Mar 23 1 354 861 377 319 244 304 233 998 1 434 657 670 305 4 315 444 23 476 106 1 716 747 25 192 853 Mar 22 1 193 631 328 102 215 004 203 252 1 249 453 659 550 3 848 992 22 432 824 1 519 021 23 951 845 Inventory movement R'000 Mar 23 (4 616) 1 655 (4 060) 1 600 (25 371) (8 736) (39 528) 95 669 (14 105) 81 564 Mar 22 (18 057) (4 834) (3 510) 14 588 15 208 265 3 660 46 080 (47 997) (1 917) Operating costs R'000 Mar 23 1 350 245 378 974 240 244 235 598 1 409 286 661 569 4 275 916 23 571 775 1 702 642 25 274 417 Mar 22 1 175 574 323 268 211 494 217 840 1 264 661 659 815 3 852 652 22 478 904 1 471 024 23 949 928 Production profit R'000 Mar 23 612 765 227 451 184 464 216 999 139 304 222 182 1 603 165 7 473 550 1 233 842 8 707 392 Mar 22 899 712 172 526 160 880 122 101 430 795 110 570 1 896 584 6 317 603 401 007 6 718 610 Capital expenditure R'000 Mar 23 567 394 31 640 16 166 8 501 2 870 164 457 791 028 4 101 177 1 309 153 5 410 330 Mar 22 124 165 13 140 12 519 20 133 2 739 118 960 291 656 3 362 917 1 103 885 4 466 802 Cash operating costs R/kg Mar 23 649 502 627 819 572 141 521 154 923 797 758 264 719 241 760 951 585 122 745 682 Mar 22 519 196 578 663 503 522 584 057 671 388 761 605 604 427 699 910 658 725 697 146 Cash operating costs R/tonne Mar 23 77 81 82 80 419 658 133 636 585 633 Mar 22 67 70 71 90 277 608 115 587 665 591 Cash operating cost and capital R/kg Mar 23 921 503 680 464 610 000 540 087 925 645 944 301 851 079 893 886 1 031 322 905 822 Mar 22 573 204 601 838 532 841 641 911 672 860 898 972 650 227 804 834 1 137 427 827 157 All-in sustaining cost R/kg Mar 23 706 289 681 766 615 897 541 239 923 581 963 280 778 412 870 009 1 168 565 895 580 Mar 22 557 865 600 758 540 332 644 072 661 570 910 825 645 432 797 014 1 239 065 825 925 All-in cost R/kg Mar 23 947 558 681 766 615 897 541 239 923 581 966 127 863 105 918 869 1 172 102 940 559 Mar 22 588 826 600 758 540 332 644 072 664 965 920 712 657 791 824 031 1 240 821 851 291 Operating free cash flow margin2 % Mar 23 (13%) 33% 39% 46% 7% 6% 9% 10% 1% 10% Mar 22 23% 31% 39% 34% 26% (1%) 23% 9% (24%) 7% ¹ Includes a non-cash consideration to Franco-Nevada (Mar 23: R261.980m, Mar 22: R370.984m), excluded from the gold price calculation ² Excludes run-of-mine costs for Kalgold (Mar 23: R4.424m, Mar 22: R1.224m) and Hidden Valley (Mar 23: R115.995m, Mar 22: R293.954m) ³ The Bambanani operation closed in June 2022. OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (RAND/METRIC) continued


 
6 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 Nine months ended SOUTH AFRICA UNDERGROUND PRODUCTION Moab Khotsong Mponeng Tshepong North Tshepong South Doornkop Joel Target 1 Kusasalethu Masimong Bambanani³ Total Underground Ore milled t'000 Mar 23 756 710 659 425 733 357 293 500 394 — 4 827 Mar 22 774 678 810 477 724 347 380 505 403 153 5 251 Yield oz/ton Mar 23 0.200 0.241 0.122 0.194 0.142 0.132 0.103 0.168 0.124 — 0.166 Mar 22 0.202 0.213 0.112 0.162 0.118 0.098 0.120 0.217 0.112 0.235 0.157 Gold produced oz Mar 23 151 044 170 848 80 506 82 467 103 911 47 101 30 157 83 978 48 965 — 798 977 Mar 22 156 510 144 742 90 955 77 065 85 777 33 983 45 783 109 795 45 235 35 880 825 725 Gold sold oz Mar 23 154 066 171 202 81 437 83 077 104 908 47 519 29 675 84 396 49 448 611 806 339 Mar 22 156 445 145 160 91 630 77 579 87 771 34 208 45 687 111 757 45 525 36 170 831 932 Gold price received $/oz Mar 23 1 790 1 792 1 785 1 789 1 780 1 785 1 784 1 787 1 785 1 714 1 787 Mar 22 1 827 1 893 1 823 1 827 1 813 1 825 1 836 1 826 1 833 1 809 1 836 Gold revenue1 $'000 Mar 23 275 803 306 810 145 337 148 618 186 704 84 820 52 952 150 807 88 285 1 047 1 441 183 Mar 22 285 750 274 719 167 062 141 730 159 145 62 415 83 878 204 050 83 469 65 447 1 527 665 Cash operating cost (net of by-product credits) $'000 Mar 23 186 951 203 931 113 503 101 215 125 372 66 675 85 859 141 677 72 082 — 1 097 265 Mar 22 205 408 217 369 142 721 107 269 121 234 63 447 88 613 152 456 74 195 59 097 1 231 809 Inventory movement $'000 Mar 23 2 273 (611) 1 337 841 1 532 595 (1 225) 1 509 590 901 7 742 Mar 22 (4 571) 2 462 858 639 1 938 214 (386) 954 47 657 2 812 Operating costs $'000 Mar 23 189 224 203 320 114 840 102 056 126 904 67 270 84 634 143 186 72 672 901 1 105 007 Mar 22 200 837 219 831 143 579 107 908 123 172 63 661 88 227 153 410 74 242 59 754 1 234 621 Production profit $'000 Mar 23 86 579 103 490 30 497 46 562 59 800 17 550 (31 682) 7 621 15 613 146 336 176 Mar 22 84 913 54 888 23 483 33 822 35 973 (1 246) (4 349) 50 640 9 227 5 693 293 044 Capital expenditure $'000 Mar 23 48 070 29 924 22 780 21 043 29 330 9 500 16 717 10 268 1 928 — 189 560 Mar 22 39 298 28 371 49 736 22 548 21 758 9 667 18 259 9 826 2 427 1 687 203 577 Cash operating costs $/oz Mar 23 1 238 1 194 1 410 1 227 1 207 1 416 2 847 1 687 1 472 — 1 373 Mar 22 1 312 1 502 1 569 1 392 1 413 1 867 1 936 1 389 1 640 1 647 1 492 Cash operating costs $/t Mar 23 247 287 172 238 171 187 293 283 183 — 227 Mar 22 265 321 176 225 167 183 233 302 184 386 235 Cash operating cost and capital $/oz Mar 23 1 556 1 369 1 693 1 483 1 489 1 617 3 401 1 809 1 511 — 1 611 Mar 22 1 564 1 698 2 116 1 685 1 667 2 151 2 334 1 478 1 694 1 694 1 738 All-in sustaining cost $/oz Mar 23 1 417 1 400 1 714 1 482 1 403 1 625 3 386 1 867 1 587 1 475 1 590 Mar 22 1 481 1 747 2 001 1 682 1 602 2 161 2 318 1 497 1 753 1 737 1 721 All-in cost $/oz Mar 23 1 592 1 412 1 734 1 517 1 532 1 660 3 616 1 868 1 590 1 475 1 660 Mar 22 1 586 1 768 2 152 1 723 1 702 2 196 2 448 1 498 1 779 1 742 1 783 Operating free cash flow margin2 % Mar 23 15% 24% 6% 18% 17% 10% (94%) (1%) 16% 100% 11% Mar 22 14% 11% (15%) 8% 10% (17%) (27%) 20% 8% 7% 6% ¹ Includes a non-cash consideration to Franco-Nevada (Mar 23: US$15.003m, Mar 22: US$24.590m), excluded from the gold price calculation ² Excludes run-of-mine costs for Kalgold (Mar 23: US$0.259m, Mar 22: US$0.066m) and Hidden Valley (Mar 23: US$6.776m, Mar 22: US$19.802m) ³ The Bambanani operation closed in June 2022. OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (US$/IMPERIAL)


 
7 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 Nine months ended SOUTH AFRICA Hidden Valley TOTAL HARMONY SURFACE PRODUCTION TOTAL SOUTH AFRICA Mine waste solutions Phoenix Central plant reclamation Savuka Tailings Dumps Kalgold Total Surface Ore milled t'000 Mar 23 19 280 5 161 3 299 3 211 3 777 1 123 35 851 40 678 3 237 43 915 Mar 22 19 765 5 140 3 330 2 494 4 978 1 195 36 902 42 153 2 520 44 673 Yield oz/ton Mar 23 0.003 0.004 0.004 0.004 0.013 0.025 0.005 0.024 0.029 0.025 Mar 22 0.004 0.004 0.004 0.004 0.012 0.023 0.006 0.024 0.029 0.025 Gold produced oz Mar 23 67 066 19 323 13 729 14 436 49 930 28 422 192 906 991 883 94 330 1 086 213 Mar 22 73 915 18 229 13 728 11 188 59 832 27 842 204 734 1 030 459 74 139 1 104 598 Gold sold oz Mar 23 67 067 19 450 13 568 14 500 49 159 28 261 192 005 998 344 93 526 1 091 870 Mar 22 73 208 18 036 13 439 11 896 61 214 28 068 205 861 1 037 793 72 596 1 110 389 Gold price received $/oz Mar 23 1 452 1 786 1 793 1 788 1 804 1 791 1 675 1 766 1 798 1 769 Mar 22 1 543 1 822 1 837 1 894 1 836 1 819 1 732 1 816 1 709 1 809 Gold revenue1 $'000 Mar 23 112 415 34 728 24 322 25 919 88 682 50 609 336 675 1 777 858 168 162 1 946 020 Mar 22 137 558 32 863 24 682 22 533 112 381 51 064 381 081 1 908 746 124 086 2 032 832 Cash operating cost (net of by-product credits) $'000 Mar 23 77 588 21 608 13 990 13 400 82 158 38 386 247 130 1 344 395 98 312 1 442 707 Mar 22 79 119 21 748 14 251 13 472 82 819 43 718 255 127 1 486 936 100 687 1 587 623 Inventory movement $'000 Mar 23 (264) 95 (233) 92 (1 453) (500) (2 263) 5 479 (808) 4 671 Mar 22 (1 197) (320) (233) 967 1 008 18 243 3 055 (3 181) (126) Operating costs $'000 Mar 23 77 324 21 703 13 757 13 492 80 705 37 886 244 867 1 349 874 97 504 1 447 378 Mar 22 77 922 21 428 14 018 14 439 83 827 43 736 255 370 1 489 991 97 506 1 587 497 Production profit $'000 Mar 23 35 091 13 025 10 565 12 427 7 977 12 723 91 808 427 984 70 658 498 642 Mar 22 59 636 11 435 10 664 8 094 28 554 7 328 125 711 418 755 26 580 445 335 Capital expenditure $'000 Mar 23 32 493 1 812 926 487 164 9 418 45 300 234 860 74 971 309 831 Mar 22 8 230 871 830 1 334 182 7 885 19 332 222 909 73 170 296 079 Cash operating costs $/oz Mar 23 1 157 1 118 1 019 928 1 645 1 351 1 281 1 355 1 042 1 328 Mar 22 1 070 1 193 1 038 1 204 1 384 1 570 1 246 1 443 1 358 1 437 Cash operating costs $/t Mar 23 4 4 4 4 22 34 7 33 30 33 Mar 22 4 4 4 5 17 37 7 35 40 36 Cash operating cost and capital $/oz Mar 23 1 641 1 212 1 086 962 1 649 1 682 1 516 1 592 1 837 1 613 Mar 22 1 182 1 241 1 099 1 323 1 387 1 853 1 341 1 659 2 345 1 705 All-in sustaining cost $/oz Mar 23 1 258 1 214 1 097 964 1 645 1 716 1 387 1 550 2 081 1 595 Mar 22 1 150 1 239 1 114 1 317 1 364 1 878 1 331 1 643 2 555 1 703 All-in cost $/oz Mar 23 1 688 1 214 1 097 964 1 645 1 721 1 537 1 637 2 088 1 675 Mar 22 1 214 1 239 1 114 1 328 1 371 1 898 1 356 1 699 2 558 1 755 Operating free cash flow margin2 % Mar 23 (13)% 33% 39% 46% 7% 6% 9% 10% 1% 10% Mar 22 23% 31% 39% 34% 26% (1)% 23% 9% (24)% 7% ¹ Includes a non-cash consideration to Franco-Nevada (Mar 23: US$15.003m, Mar 22: US$24.590m), excluded from the gold price calculation ² Excludes run-of-mine costs for Kalgold (Mar 23: US$0.259m, Mar 22: US$0.066m) and Hidden Valley (Mar 23: US$6.776m, Mar 22: US$19.802m) ³ The Bambanani operation closed in June 2022. OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (US$/IMPERIAL) continued


 
8 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 FORWARD-LOOKING STATEMENTS This booklet contains forward-looking statements within the meaning of the safe harbour provided by Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive positions, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters. These forward-looking statements, including, among others, those relating to our future business prospects, revenues, and the potential benefit of acquisitions (including statements regarding growth and cost savings) wherever they may occur in this booklet, are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in our integrated annual report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation: overall economic and business conditions in South Africa, Papua New Guinea, Australia and elsewhere; the impact from, and measures taken to address, Covid-19 and other contagious diseases, such as HIV and tuberculosis; rising inflation, supply chain issues, volatile commodity costs and other inflationary pressures exacerbated by the Russian invasion of Ukraine and subsequent sanctions; estimates of future earnings, and the sensitivity of earnings to gold and other metals prices; estimates of future gold and other metals production and sales; estimates of future cash costs; estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; estimates of provision for silicosis settlement; increasing regulation of environmental and sustainability matters such as greenhouse gas emission and climate change, and the impact of climate change on our operations; estimates of future tax liabilities under the Carbon Tax Act (South Africa); statements regarding future debt repayments; estimates of future capital expenditures; the success of our business strategy, exploration and development activities and other initiatives; future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings and financing plans; estimates of reserves statements regarding future exploration results and the replacement of reserves; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operations; fluctuations in the market price of gold and other metals; the occurrence of hazards associated with underground and surface gold mining; the occurrence of labour disruptions related to industrial action or health and safety incidents; power cost increases as well as power stoppages, fluctuations and usage constraints; ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial accidents; supply chain shortages and increases in the prices of production imports and the availability, terms and deployment of capital; our ability to hire and retain senior management, sufficiently technically-skilled employees, as well as our ability to achieve sufficient representation of historically disadvantaged persons in management positions or sufficient gender diversity in management positions or at Board level; our ability to comply with requirements that we operate in a sustainable manner and provide benefits to affected communities; potential liabilities related to occupational health diseases; changes in government regulation and the political environment, particularly tax and royalties, mining rights, health, safety, environmental regulation and business ownership including any interpretation thereof; court decisions affecting the mining industry, including, without limitation, regarding the interpretation of mining rights; our ability to protect our information technology and communication systems and the personal data we retain; risks related to the failure of internal controls; the outcome of pending or future litigation or regulatory proceedings; fluctuations in exchange rates and currency devaluations and other macroeconomic monetary policies, as well as the impact of South African exchange control regulations; the adequacy of the Group’s insurance coverage; any further downgrade of South Africa’s credit rating and socio-economic or political instability in South Africa, Papua New Guinea, Australia and other countries in which we operate; changes in technical and economic assumptions underlying our mineral reserves estimates; geotechnical challenges due to the ageing of certain mines and a trend toward mining deeper pits and more complex, often deeper underground, deposits; and actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at our operations that leads to censure, penalties or negative reputational impacts. The foregoing factors and others described under “Risk Factors” in our Integrated Annual Report (www.har.co.za) and our Form 20-F should not be construed as exhaustive. We undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as required by law. All subsequent written or oral forward-looking statements attributable to Harmony or any person acting on its behalf, are qualified by the cautionary statements herein. The forward-looking financial information has not been reviewed and reported on by the company’s auditors. HARMONY GOLD MINING COMPANY LIMITED Harmony Gold Mining Company Limited was incorporated and registered as a public company in South Africa on 25 August 1950 Registration number: 1950/038232/06 CORPORATE OFFICE Randfontein Office Park PO Box 2, Randfontein, 1760, South Africa Corner Main Reef Road and Ward Avenue Randfontein, 1759, South Africa Telephone: +27 11 411 2000 Website: www.harmony.co.za DIRECTORS Dr PT Motsepe* (chairman), KT Nondumo*^ (deputy chairman), Dr M Msimang*^ (lead independent director), PW Steenkamp (chief executive officer), BP Lekubo (financial director), Dr HE Mashego (executive director) B Nqwababa*^, VP Pillay*^, MJ Prinsloo*^, GR Sibiya*^, PL Turner*^, JL Wetton*^ * Non-executive ^ Independent COMPANY SECRETARY SS Mohatla E-mail queries: companysecretariat@harmony.co.za Telephone: +27 11 411 2359 INVESTOR RELATIONS E-mail: HarmonyIR@harmony.co.za Telephone: +27 11 411 6073 or +27 82 746 4120 DIRECTORATE AND ADMINISTRATION TRANSFER SECRETARIES JSE Investor Services (Proprietary) Limited (Registration number 2000/007239/07) 19 Ameshoff Street, 13th Floor, Hollard House, Braamfontein PO Box 4844, Johannesburg, 2000, South Africa Telephone: +27 86 154 6572 E-mail: info@jseinvestorservices.co.za Fax: +27 86 674 4381 AMERICAN DEPOSITARY RECEIPTS DEPOSITARY Deutsche Bank Trust Company Americas c/o American Stock Transfer and Trust Company Operations Centre, 6201 15th Avenue, Brooklyn, NY 11219, United States E-mail queries: db@astfinancial.com Toll free (within the US): +1 886 249 2593 Int: +1 718 921 8137 Fax: +1 718 921 8334 SPONSOR J.P. Morgan Equities South Africa Proprietary Limited 1 Fricker Road, corner Hurlingham Road, Illovo, Johannesburg, 2196 Private Bag X9936, Sandton, 2146 Telephone: +27 11 507 0300 Fax: +27 11 507 0503 TRADING SYMBOLS ISIN: ZAE000015228 HARMONY’S ANNUAL REPORTS Harmony’s Integrated Annual Report, and its annual report filed on a Form 20F with the United States’ Securities and Exchange Commission for the financial year ended 30 June 2022, are available on our website (www.harmony.co.za/invest).


 
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Harmony Gold Mining Company Limited Date: May 10, 2023 By: /s/ Boipelo Lekubo Name: Boipelo Lekubo Title: Financial Director