OUR OPERATIONS

Harmony operates in South Africa and Australasia, and has an abundance of opportunities to deploy capital across the world. We carefully determine which projects will deliver optimal return on capital on the basis of where we operate, how we manage risk and what skills we can leverage.

Having organised our operations into four strategic business areas (see the Our strategy section for more details), we have actively pursued opportunities to extend the life of some of our larger and higher-grade assets, adding lower-risk, higher-margin ounces to our portfolio. This enables optimal value creation and free cash flow generation through assets already in our portfolio.

The Eva Copper Project positions Harmony as a positive contributor to a carbon-neutral future and augments our existing copper exposure afforded by the Wafi-Golpu Project in Papua New Guinea.

A summary of our operations is presented below and detailed information can be found in our Operational report.

Grouping of our assets based on grade and life-of-mine (LoM) as per our equity strategy (four strategic business areas) looks as follows:

• South African (SA) high-grade underground operations: Moab Khotsong and Mponeng
• SA underground optimised operations with a focus on free cash generation: Tshepong North, Tshepong South, Doornkop, Joel, Target 1, Kusasalethu and Masimong
• SA high-margin surface assets: Mine Waste Solutions, Phoenix, Central Plant reclamation and dumps
• International assets: Hidden Valley, Wafi-Golpu copper-gold Project (Papua New Guinea) and Eva Copper Project (Australia).

Major capital allocation for our underground assets is determined by grade and returns.