Integrated reporting suite
30 June 2025

This year’s Integrated report cover celebrates Harmony’s 75th anniversary,
a testament to the enduring strength and evolution
of our company.

Harmony 75th Anniversary Logo

Our 2025 reporting suite

Download 2025 Integrated report
Download 2025 MRMR report
Download 2025 Financial report
Download 2025 Operational report
Download 2025 Sustainability report
Download 2025 Climate action and impact report
Download 2025 Remuneration report
Download 2025 Notice to shareholders
75 years

Our 75th anniversary is both a proud moment of reflection and an opportunity to look ahead to the future with optimism. Harmony’s sustained growth over 75 years highlights our role as a significant player in the gold mining industry with evolving capabilities and expanding influence in the mining sector globally.

75
1950
Founded as a public company, operating Harmony mine in the Free State, South Africa
1954
First gold pour on 11 September
1970
Merged with the Anglovaal – owned Merriespruit and Virginia mines
1994
Under a Randgold & Exploration ownership and service agreement, new management introduced, to turn around operations
1996
Listing in the US
1997
Service agreement terminated, now operating as a completely independent gold mining company
1998 – 2000
Acquired additional mining rights in the Free State, Mpumalanga, Gauteng and North West provinces in South Africa
2003
Acquisition of Abelle and entry into Papua New Guinea; ARMgold merger with 100% ownership of Freegold assets
2008
Established a partnership with Newcrest through the sale of 50% of Hidden Valley and Wafi-Golpu
2016
Full ownership of Hidden Valley
2018
Moab Khotsong acquired
2020
Mponeng and Mine Waste Solutions acquired, making Harmony South Africa’s largest gold producer
2021
Zaaiplaats Project at Moab Khotsong approved
2022
Eva Copper Project (Australia) acquired
2024
Mponeng life extension project approved
2025
Acquisition of MAC Copper
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FY25 impact

This year’s results underscore value-driven growth with record free cash flow driven by higher grades and gold price.

As we reflect on our key performance metrics, we continue to demonstrate the merit of consistency. Our ability to maintain stable, high-quality production across a diverse portfolio of assets is a testament to our operating model and the discipline of our teams. These metrics are not just numbers – they are evidence of a strategy built on embedded safety, long-term value, sustainability and responsible growth. Our copper strategy is firmly on track with the post-year-end acquisition of MAC Copper in Australia.

Financial

Revenue

R73.9 billion (FY24: R61.4 billion)

Production profit

R30.7 billion (FY24: R22.4 billion)

Operating margin

41.6% (FY24: 36.6%)

Net profit for the year

R14.5 billion (FY24: R8.7 billion)

Headline earnings per share

2 337 SA cents (FY24: 1 852 SA cents)

Capital expenditure

R11.9 billion (FY24: R8.4 billion)

Dividends paid

R2.1 billion (FY24: R1.4 billion)

Net cash

R11.1 billion (FY24: R2.9 billion)

See our Financial report for further financial information.

Chairman’s statement

FY25 was a year of strong performance and excellent execution by Harmony’s management.

It also marked our 75th anniversary, a milestone that celebrates our proud legacy as a leading gold miner and our transformation into a globally competitive gold-copper producer.

This was also our 10th consecutive year of meeting production guidance, an objective that is seldom achieved in our sector. This is testament to our operational excellence and world class leadership.

These achievements illustrate the consistency of our performance, and our continued commitment to creating long-term value through operational excellence and effective capital allocation.

Dr Patrice Motsepe

Chairman

Chief executive officer’s review

FY25 marked another year of consistent delivery for Harmony. We met our production guidance for the 10th consecutive year, generated record adjusted free cash flows and delivered strong shareholder returns. As we celebrate our 75th anniversary, we remain rooted in gold while evolving into a global, low-cost gold and copper producer.

Copper, a critical enabler of the energy transition, strengthens our portfolio and supports long-term value creation.

Beyers Nel

CEO

Operations

Harmony operates in South Africa, Papua New Guinea and Australia. By focusing on responsible stewardship, operational excellence, effective capital allocation and cash certainty, we maximise our asset portfolio with a strong focus on commodity and geographic diversification, risk management and harnessing organisational expertise.

We have divided our operations into four distinct quadrants, each with its own plan, risk profile and strategy, allowing for focused investment and streamlined management. We actively manage our portfolio to prolong the life of our higher-grade, most productive assets while adding lower-risk, higher-margin ounces to drive sustainable free cash flow and long-term value creation.

Progress on the acquisition of MAC Copper1, the Eva Copper Project and our Wafi-Golpu Project in Papua New Guinea, reinforces Harmony’s commitment to supporting a low-carbon future and increasing our copper exposure.

1 Acquisition concludes on 24 October, 2025.

South Africa Operations

  • Gauteng

    Gauteng

    • Doornkop
    • Kusasalethu
    • Mponeng
    • Savuka
  • North West

    North West

    • Kalgold (open-pit)
    • Mine Waste Solutions
    • Moab Khotsong
  • Free State

    Free State

    • Central Plant Reclamation
    • Joel
    • Masimong
    • Phoenix
    • Target 1
    • Tshepong North
    • Tshepong South

Grouping of assets based on grade, risk profile and capital allocation strategy (four quadrants) looks as follows:

  • South African underground high-grade: Moab Khotsong, Mponeng.
  • International gold and copper growth: Papua New Guinea: Hidden Valley, Wafi-Golpu Project.
    Australia: Eva Copper Project, MAC Copper (acquisition concludes on 24 October 2025).
  • South African surface high-margin: Kalgold, Mine Waste Solutions, Pheonix, Savuka Tailings, Central Plant Reclamation, Rock dumps.
  • South African underground optimised: Doornkop, Kusasalethu, Joel, Target 1, Tshepong North, Tshepong South, Masimong.

Capital allocation for underground operations is rigorously determined based on grade and expected financial returns, ensuring capital is deployed where it will best enhance shareholder value.

Strategy

Harmony’s strategy is centred on delivering safe, profitable and predictable production and improving margins through operational excellence and value-accretive acquisitions. By translating our purpose into action, we create a resilient business that generates sustainable returns through our focus on value over volume as we become an international gold and copper producer. We remain agile in our response to risks and stakeholder needs and are aware of the complexity of our operating environment and the material factors that influence our business performance. This makes us a partner of choice where we operate.

Our strategic pillars and four business areas

A solid investment case and compelling gold-copper story

Embedded sustainability
  • Safety is always prioritised
  • Embedded ESG, supported by a clear sustainability framework
  • Largest tailings retreatment operator globally
  • Specialised and skilled underground and open-pit operators
  • Leadership continuity and broad management experience
  • Exceptional culture
  • Partner of choice.
RS
Disciplined and responsible capital allocation framework
  • Continuous improvement in quality of portfolio
  • Investment in higher-quality orebodies drives margin expansion
  • Balancing growth aspirations with shareholder returns
  • Consistent dividends in line with policy
  • Diversifying into copper
  • Diversified geographical exposure.
ECA
Higher-grade assets with long life
  • Increased grade quality through acquisition and optimisation of existing portfolio
  • Long-life assets
  • Significant Mineral Resource base
  • Excellent resource-to-reserve conversion potential
  • Pipeline of projects to lower risk and increase margins
  • Significant operator of gold tailings retreatment facilities
  • Near-term copper production plus a Tier 1 copper-gold porphyry.
OE
ECA
Operational excellence
  • Consistently meeting production guidance for the 10th consecutive year
  • Exceptional performance from our high-grade South African underground mines
  • Strong contributions from complementary and diversified assets including Hidden Valley and our tailings reclamation programmes
  • Predictable and stable cost structure
  • Better efficiencies through various business improvement initiatives
  • Demonstrated responsible project execution.
OE
Stellar cash flow generation
  • Consistent positive free cash flow generation
  • Net cash position with excellent liquidity*
  • Geared exposure to rand/kg gold price
  • Internally fund capital and approved projects at current gold prices*
  • Conservative and clear hedging strategy aimed at margin protection.
CC

*  The significant capital investment required for MAC Copper may impact near-term financial metrics.

Harmony’s integrated annual report suite is for the financial year ending 30 June 2025.

Harmony’s Integrated report provides a balanced and concise view of how we leverage and affect the resources and relationships on which we rely to execute our strategy and business model.

The report articulates how we create and preserve value for Harmony and our stakeholders, while mitigating its depletion, over the short, medium and long term.

OUR 2025 REPORTING SUITE

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