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Harmony Gold (HGMCF) sees solid H1 FY26, guidance intact and copper projects advancing

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Harmony Gold Mining Company Limited expects a solid financial performance for the six months ended 31 December 2025, helped by elevated gold prices and strong free cash flow. Temporary issues at Hidden Valley, including a mill motor failure and a deferred shipment, affected second-quarter operations but are being addressed.

The company still expects to meet full-year production guidance of between 1 400 000 and 1 500 000oz, with all-in sustaining costs between R1 150 000/kg and R1 220 000/kg and underground recovered grades above 5.8g/t. Integration of the newly acquired CSA copper mine in Australia is progressing, and an EPC contractor has been appointed for the Eva Copper Project, supporting longer-term growth.

Positive

  • Full-year guidance reaffirmed with strong pricing tailwind: Harmony still expects production between 1 400 000 and 1 500 000oz at an AISC of R1 150 000/kg to R1 220 000/kg, supported by elevated gold prices and strong free-cash-flow generation.
  • Progress on copper growth pipeline: Integration of the CSA copper mine in Australia is advancing, and an EPC contractor has been appointed for the Eva Copper Project, reinforcing longer-term diversification into copper.

Negative

  • None.

Insights

Harmony reaffirms guidance, benefits from higher gold price while advancing copper growth projects.

Harmony Gold indicates that full-year production and cost guidance remain intact, with expected output between 1 400 000 and 1 500 000oz and AISC between R1 150 000/kg and R1 220 000/kg. Elevated gold prices are supporting strong free cash flow for the half-year to 31 December 2025.

Short-term operational setbacks at Hidden Valley, including a mill motor failure, deferred shipment and industry-wide cyanide shortage, are described as temporary and under remedial action. At the same time, the company is integrating the CSA copper mine and has appointed an EPC contractor for the Eva Copper Project, signalling continued diversification into copper.

Management highlights a review of the balance sheet to support long-term growth projects and maintain robust cash generation, aiming to enhance financial flexibility while sustaining competitive shareholder returns. More detailed operational and financial data are scheduled for release with interim results on 11 March 2026.





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 February 3, 2026

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
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(Harmony and/or the Company)

HARMONY’S FULL YEAR GUIDANCE ON TRACK; HIGHER GOLD PRICE BOOSTS CASH FLOWS

Johannesburg, Tuesday, 3 February 2026.  Harmony Gold Mining Company Limited (“Harmony”) is pleased to announce that it expects a solid financial performance for the six-month period ended 31 December 2025 (H1FY26), supported by elevated gold prices and continued strong free-cash-flow generation.

Operational performance in the second quarter of the financial year 2026, was impacted by mill motor failure and a deferment of the final gold shipment to January 2026, at Hidden Valley.

Although underground average mining grades were in line with expectations, recovered grades were adversely affected by lower metallurgical recoveries and the impact of an industry-wide cyanide shortage in South Africa.

These temporary factors are being addressed. We still expect to meet our full-year production guidance of between 1 400 000 and
1 500 000oz, at an all-in-sustaining cost (AISC) of between
R1 150 000/kg to R1 220 000/kg and underground recovered grade at above 5.8g/t. As previously indicated, guidance for the newly acquired CSA mine - Harmony’s copper operation in New South Wales, Australia, will be provided with the release of our interim results.

Integration activities at the high-grade CSA copper mine are progressing well, with initial activities focusing on integrating the mine into Harmony’s systems, processes and culture. At the Eva Copper Project, the Engineering, Procurement and Construction (EPC) contractor has been appointed and is expected to mobilise to site during the March 2026 quarter.

The Company’s fundamentals remain robust, underpinned by improved safety performance, a healthy balance sheet, investment in higher-quality orebodies, and sustained margin improvement across the portfolio.

Harmony continues to advance its review of the balance sheet to ensure an optimal capital structure that supports funding for our long-term growth projects and sustains robust cash flow generation. This work is aimed at enhancing financial flexibility while



preserving our commitment to delivering consistent, competitive shareholder returns.
Comprehensive operational and financial details will be provided when our interim results are released.

Investing in African Mining Indaba
The Harmony executive leadership team is participating in the Investing in African Mining Indaba, to be held at the Cape Town International Convention Centre from 9 to 12 February 2026.

Our Chief Executive Officer, Beyers Nel, will participate in a fireside chat on Monday, 9 February 2026, at 15:20, while Financial Director, Boipelo Lekubo, will take part in a panel discussion on Wednesday, 11 February 2026, at 11:40.

Harmony’s participation reflects the Company’s ongoing engagement with global investors and industry stakeholders.

Interim operating and financial results for the 6 months ended
31 December 2025
The Company will publish its interim operating and financial results for the 2026 financial year, on Wednesday, 11 March 2026, at 07:05, South African time (SAST). An in-person presentation will be delivered by the CEO at 10:00 SAST at the JSE Limited in Sandton, South Africa. This timing ensures the CSA mine is fully integrated into the Group’s operational and financial results.

Please refer to the Harmony website for registration and further details: www.harmony.co.za.

The information contained in this guidance release has not been reviewed or reported on by the Company’s external auditors.

Jared Coetzer
Head of Investor Relations
+27 (0) 82 746 4120

Johannesburg, South Africa
3 February 2026

JSE Sponsor
J.P. Morgan Equities South Africa (Pty) Ltd




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: February 3, 2026By: /s/ Boipelo Lekubo
Name: Boipelo Lekubo
Title: Financial Director

FAQ

What guidance did Harmony Gold (HGMCF) reaffirm for full-year production and costs?

Harmony reaffirmed full-year production guidance of 1 400 000 to 1 500 000oz. It expects all-in-sustaining costs between R1 150 000/kg and R1 220 000/kg, with underground recovered grades above 5.8g/t, indicating stable operational expectations despite recent short-term disruptions.

How did higher gold prices affect Harmony Golds expected H1 FY26 performance?

Higher gold prices are expected to support a solid financial performance and strong free-cash-flow generation for the six months ended 31 December 2025. This pricing environment helps offset temporary operational issues and underpins the companys robust balance sheet and investment in higher-quality orebodies.

What operational challenges did Harmony Gold face at Hidden Valley in H1 FY26?

Hidden Valley experienced a mill motor failure and a deferment of the final gold shipment to January 2026. Recovered grades were also hurt by lower metallurgical recoveries and an industry-wide cyanide shortage in South Africa. Harmony describes these factors as temporary and being addressed.

What is the status of Harmony Golds CSA copper mine integration?

Integration of the newly acquired CSA copper mine in New South Wales, Australia, is progressing well. Initial activities focus on embedding the operation into Harmonys systems, processes and culture, with detailed guidance for CSA to be provided alongside interim results for the six months ended 31 December 2025.

What progress has been made on Harmony Golds Eva Copper Project?

For the Eva Copper Project, Harmony has appointed an Engineering, Procurement and Construction contractor. The contractor is expected to mobilise to site during the March 2026 quarter, marking a key step in advancing this long-term copper growth project within the companys portfolio.

When will Harmony Gold release its interim results for the six months ended 31 December 2025?

Harmony plans to publish its interim operating and financial results on Wednesday, 11 March 2026, at 07:05 SAST. An in-person presentation by the CEO will follow at 10:00 SAST at the JSE in Sandton, with more comprehensive operational and financial details to be shared.

How is Harmony Gold approaching its capital structure and balance sheet?

Harmony is reviewing its balance sheet to ensure an optimal capital structure that supports funding for long-term growth projects. The company aims to maintain robust cash flow generation and enhance financial flexibility while preserving its commitment to delivering consistent, competitive shareholder returns over time.