Harmony Gold’s interim results for the period ended 31 December 2024

In this report, we review Harmony Gold’s interim results for the period ended 31 December 2024, released in March 2025, alongside the current global macroeconomic environment. Financial:

• Gold revenue increased from R29 705 million to R35 447 million, an increase of 19% over the period.
• Headline earnings per share increased by 33% to 1 270 cents in 1H25, up from 956 cents in 1H24.
• An interim dividend of 227 cents was reported for 1H25.
• AISC increased by 20% from $1 403/oz (R843 043/kg) to $1 686/oz (R972 261/kg) mainly due to inflationary cost increases in operations and lower production numbers. The AISC remains well within the guidance provided by management, as outlined below.
• The average gold price received improved by 28% to $2 437/oz during the period.