# EDGAR Filing Document

**Accession Number:** 0001023514
**File Stem:** 0001628280-25-047726
**Filing Date:** 2025-10
**Character Count:** 3414065
**Document Hash:** a687c89fd1127d3f32bc031eeff7672f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-047726.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001628280-25-047726

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 499

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARMONY GOLD MINING CO LTD
- **CENTRAL INDEX KEY:** 0001023514
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31545
- **FILM NUMBER:** 251439198

**BUSINESS ADDRESS:**
- **STREET 1:** RANDFONTEIN OFFICE PARK
- **STREET 2:** CAR MAIN REEF ROAD AND WARD AVENUE
- **CITY:** RANDFONTEIN
- **STATE:** T3
- **ZIP:** 1759
- **BUSINESS PHONE:** 27 011 411-2037

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2
- **CITY:** RANDFONTEIN, JOHANNESBURG
- **STATE:** T3
- **ZIP:** 1760

?xml version='1.0' encoding='ASCII'? hmy-20250630

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**As filed with the Securities and Exchange Commission on 31 October 2025**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

**_______________________________**

**FORM 20-F**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

---

| | |
|:---|:---|
| ☑ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the fiscal year ended 30 June 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of event requiring this shell company report**

**For the transition period from___ to___**

**Commission file number: 001-31545**

HARMONY GOLD MINING COMPANY LIMITED

**(Exact name of registrant as specified in its charter**)

**Republic of South Africa**

**(Jurisdiction of incorporation or organisation)**

**RANDFONTEIN OFFICE PARK, CNR WARD AVENUE AND MAIN REEF ROAD, RANDFONTEIN, South Africa, 1759**

**(Address of principal executive offices**)

**Shela Mohatla, Group Company Secretary**

**Tel: +2711411 2359, shela.mohatla@harmony.co.za, fax: +27 11 696 9734, Randfontein Office Park, CNR Ward Avenue and Main Reef Road, Randfontein, South Africa, 1759**

**(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person**)

**Securities registered or to be registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Ordinary shares, with no par value per share\* | No\* | New York Stock Exchange\* |
| American Depositary Shares (as evidenced by American <br>Depositary Receipts), each representing one ordinary share<br>| HMY | New York Stock Exchange |

---

\* Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. ☑

**Securities registered or to be registered pursuant to Section 12(g) of the Act:**

**None**

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:**

**None**

**The number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the last full fiscal year covered by this** 

**Annual Report was 634,767,724 ordinary shares, with no par value per share**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934. Yes☐No ☑

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their

obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the

preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past

90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be

submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit

and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition

of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large Accelerated Filer ☑ | Accelerated filer ☐ | Non-accelerated filer ☐ | Emerging growth company ☐ |

---

If an emerging growth company that prepares its financial statements in accordance with US GAAP, indicate by check mark if the registrant has elected not to use

the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting

Standards Codification after 5 April 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over

financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit

report.☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect

the correction of an error to previously issued financial statements.☑

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any

of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

---

| | | |
|:---|:---|:---|
| US GAAP ☐ | International Financial Reporting Standards as issued by the International Accounting Standards Board ☑ | Other ☐ |

---

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

Item 17 ☐Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☑

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of

1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

- i -

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **[PART I](#i5febaf72c14e40f9aeb53fb21ff2ec62_22)** | **[PART I](#i5febaf72c14e40f9aeb53fb21ff2ec62_22)** |  |  |
|  | **[ITEM 1.](#i5febaf72c14e40f9aeb53fb21ff2ec62_25)** | **[IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#i5febaf72c14e40f9aeb53fb21ff2ec62_25)** | **[1](#i5febaf72c14e40f9aeb53fb21ff2ec62_25)** |
|  | **[ITEM 2.](#i5febaf72c14e40f9aeb53fb21ff2ec62_28)** | **[OFFER STATISTICS AND EXPECTED TIMETABLE](#i5febaf72c14e40f9aeb53fb21ff2ec62_28)** | **[1](#i5febaf72c14e40f9aeb53fb21ff2ec62_28)** |
|  | **[ITEM 3.](#i5febaf72c14e40f9aeb53fb21ff2ec62_31)** | **[KEY INFORMATION](#i5febaf72c14e40f9aeb53fb21ff2ec62_31)** | **[1](#i5febaf72c14e40f9aeb53fb21ff2ec62_31)** |
|  | **[ITEM 4.](#i5febaf72c14e40f9aeb53fb21ff2ec62_88)** | **[INFORMATION ON THE COMPANY](#i5febaf72c14e40f9aeb53fb21ff2ec62_88)** | **[37](#i5febaf72c14e40f9aeb53fb21ff2ec62_88)** |
|  | **ITEM 4A.** | **[UNRESOLVED STAFF COMMENTS](#i5febaf72c14e40f9aeb53fb21ff2ec62_625)** | **[160](#i5febaf72c14e40f9aeb53fb21ff2ec62_625)** |
|  | **[ITEM 5.](#i5febaf72c14e40f9aeb53fb21ff2ec62_628)** | **[OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#i5febaf72c14e40f9aeb53fb21ff2ec62_628)** | **[160](#i5febaf72c14e40f9aeb53fb21ff2ec62_628)** |
|  | **[ITEM 6.](#i5febaf72c14e40f9aeb53fb21ff2ec62_646)** | **[DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#i5febaf72c14e40f9aeb53fb21ff2ec62_646)** | **[178](#i5febaf72c14e40f9aeb53fb21ff2ec62_646)** |
|  | **[ITEM 7.](#i5febaf72c14e40f9aeb53fb21ff2ec62_667)** | **[MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#i5febaf72c14e40f9aeb53fb21ff2ec62_667)** | **[179](#i5febaf72c14e40f9aeb53fb21ff2ec62_667)** |
|  | **[ITEM 8.](#i5febaf72c14e40f9aeb53fb21ff2ec62_679)** | **[FINANCIAL INFORMATION](#i5febaf72c14e40f9aeb53fb21ff2ec62_679)** | **[179](#i5febaf72c14e40f9aeb53fb21ff2ec62_679)** |
|  | **[ITEM 9.](#i5febaf72c14e40f9aeb53fb21ff2ec62_688)** | **[THE OFFER AND LISTING](#i5febaf72c14e40f9aeb53fb21ff2ec62_688)** | **[180](#i5febaf72c14e40f9aeb53fb21ff2ec62_688)** |
|  | **[ITEM 10.](#i5febaf72c14e40f9aeb53fb21ff2ec62_709)** | **[ADDITIONAL INFORMATION](#i5febaf72c14e40f9aeb53fb21ff2ec62_709)** | **[181](#i5febaf72c14e40f9aeb53fb21ff2ec62_709)** |
|  | **[ITEM 11.](#i5febaf72c14e40f9aeb53fb21ff2ec62_784)** | **[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i5febaf72c14e40f9aeb53fb21ff2ec62_784)** | **[187](#i5febaf72c14e40f9aeb53fb21ff2ec62_784)** |
|  | **[ITEM 12.](#i5febaf72c14e40f9aeb53fb21ff2ec62_787)** | **[DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#i5febaf72c14e40f9aeb53fb21ff2ec62_787)** | **[190](#i5febaf72c14e40f9aeb53fb21ff2ec62_787)** |
| **[PART II](#i5febaf72c14e40f9aeb53fb21ff2ec62_802)** | **[PART II](#i5febaf72c14e40f9aeb53fb21ff2ec62_802)** |  |  |
|  | **[ITEM 13.](#i5febaf72c14e40f9aeb53fb21ff2ec62_805)** | **[DEFAULTS, DIVIDEND ARREARS AND DELINQUENCIES](#i5febaf72c14e40f9aeb53fb21ff2ec62_805)** | **[191](#i5febaf72c14e40f9aeb53fb21ff2ec62_805)** |
|  | **[ITEM 14.](#i5febaf72c14e40f9aeb53fb21ff2ec62_808)** | **[MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE](#i5febaf72c14e40f9aeb53fb21ff2ec62_808)**<br>**[OF PROCEEDS](#i5febaf72c14e40f9aeb53fb21ff2ec62_808)**<br>| **[191](#i5febaf72c14e40f9aeb53fb21ff2ec62_808)** |
|  | **[ITEM 15.](#i5febaf72c14e40f9aeb53fb21ff2ec62_811)** | **[CONTROLS AND PROCEDURES](#i5febaf72c14e40f9aeb53fb21ff2ec62_811)** | **[191](#i5febaf72c14e40f9aeb53fb21ff2ec62_811)** |
|  | **[ITEM 16A.](#i5febaf72c14e40f9aeb53fb21ff2ec62_826)** | **[AUDIT COMMITTEE FINANCIAL EXPERT](#i5febaf72c14e40f9aeb53fb21ff2ec62_826)** | **[193](#i5febaf72c14e40f9aeb53fb21ff2ec62_826)** |
|  | **[ITEM 16B.](#i5febaf72c14e40f9aeb53fb21ff2ec62_829)** | **[CODE OF ETHICS](#i5febaf72c14e40f9aeb53fb21ff2ec62_829)** | **[193](#i5febaf72c14e40f9aeb53fb21ff2ec62_829)** |
|  | **[ITEM 16C.](#i5febaf72c14e40f9aeb53fb21ff2ec62_832)** | **[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#i5febaf72c14e40f9aeb53fb21ff2ec62_832)** | **[193](#i5febaf72c14e40f9aeb53fb21ff2ec62_832)** |
|  | **[ITEM 16D.](#i5febaf72c14e40f9aeb53fb21ff2ec62_850)** | **[EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#i5febaf72c14e40f9aeb53fb21ff2ec62_850)** | **[193](#i5febaf72c14e40f9aeb53fb21ff2ec62_850)** |
|  | **[ITEM 16E.](#i5febaf72c14e40f9aeb53fb21ff2ec62_853)** | **[PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED](#i5febaf72c14e40f9aeb53fb21ff2ec62_853)**<br>**[PURCHASERS](#i5febaf72c14e40f9aeb53fb21ff2ec62_853)**<br>| **[194](#i5febaf72c14e40f9aeb53fb21ff2ec62_853)** |
|  | **[ITEM 16F.](#i5febaf72c14e40f9aeb53fb21ff2ec62_856)** | **[CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#i5febaf72c14e40f9aeb53fb21ff2ec62_856)** | **[194](#i5febaf72c14e40f9aeb53fb21ff2ec62_856)** |
|  | **[ITEM 16G.](#i5febaf72c14e40f9aeb53fb21ff2ec62_859)** | **[CORPORATE GOVERNANCE](#i5febaf72c14e40f9aeb53fb21ff2ec62_859)** | **[194](#i5febaf72c14e40f9aeb53fb21ff2ec62_859)** |
|  | **[ITEM 16H.](#i5febaf72c14e40f9aeb53fb21ff2ec62_862)** | **[MINE SAFETY DISCLOSURE](#i5febaf72c14e40f9aeb53fb21ff2ec62_862)** | **[194](#i5febaf72c14e40f9aeb53fb21ff2ec62_862)** |
|  | **[ITEM 16I.](#i5febaf72c14e40f9aeb53fb21ff2ec62_871)** | **DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT** <br>**INSPECTIONS**<br>| **[199](#i5febaf72c14e40f9aeb53fb21ff2ec62_871)** |
|  | **[ITEM 16J.](#i5febaf72c14e40f9aeb53fb21ff2ec62_874)** | **INSIDER TRADING POLICIES** | **[199](#i5febaf72c14e40f9aeb53fb21ff2ec62_874)** |
|  | **[ITEM 16K.](#i5febaf72c14e40f9aeb53fb21ff2ec62_877)** | **CYBERSECURITY** | **[200](#i5febaf72c14e40f9aeb53fb21ff2ec62_877)** |
| **[PART III](#i5febaf72c14e40f9aeb53fb21ff2ec62_880)** | **[PART III](#i5febaf72c14e40f9aeb53fb21ff2ec62_880)** |  |  |
|  | **[ITEM 17.](#i5febaf72c14e40f9aeb53fb21ff2ec62_883)** | **[FINANCIAL STATEMENTS](#i5febaf72c14e40f9aeb53fb21ff2ec62_883)** | **[202](#i5febaf72c14e40f9aeb53fb21ff2ec62_883)** |
|  | **[ITEM 18.](#i5febaf72c14e40f9aeb53fb21ff2ec62_886)** | **[FINANCIAL STATEMENTS](#i5febaf72c14e40f9aeb53fb21ff2ec62_886)** | **[202](#i5febaf72c14e40f9aeb53fb21ff2ec62_886)** |
|  | **[ITEM 19.](#i5febaf72c14e40f9aeb53fb21ff2ec62_889)** | **[EXHIBITS](#i5febaf72c14e40f9aeb53fb21ff2ec62_889)** | **[203](#i5febaf72c14e40f9aeb53fb21ff2ec62_889)** |
| **[SIGNATURE](#i5febaf72c14e40f9aeb53fb21ff2ec62_892)** | **[SIGNATURE](#i5febaf72c14e40f9aeb53fb21ff2ec62_892)** |  |  |

---

This document comprises the annual report on Form 20-F for the year ended 30 June 2025 ("**Harmony 2025 Form 20-F**")

of Harmony Gold Mining Company Limited ("**Harmony**" or the "**Company**"). Certain of the information in the Harmony's 2025

suite of reports, including from its Integrated report 2025 as well as the Sustainability report 2025, included in Exhibit 15.1

("**Integrated Annual Report for the 20-F 2025**") is incorporated by reference into the Harmony 2025 Form 20-F, as specified

elsewhere in this report, in accordance with Rule 12b-23(a) of the Securities Exchange Act of 1934, as amended (the

"**Exchange Act**"). With the exception of the items so specified, the Integrated Annual Report for the 20-F 2025 is not deemed to

be filed as part of the Harmony 2025 Form 20-F.

Only (i) the information included in the Harmony 2025 Form 20-F, (ii) the information in the Integrated Annual Report for the

20-F 2025 that is expressly incorporated by reference in the Harmony 2025 Form 20-F and (iii) the exhibits to the Harmony 2025

Form 20-F that are required to be filed pursuant to the Form 20-F (the "**Exhibits**"), shall be deemed to be filed with the

Securities and Exchange Commission ("**SEC**") for any purpose. Any information in the Integrated Annual Report for the 20-F

2025 which is not referenced in the Harmony 2025 Form 20-F or filed as an Exhibit, shall not be deemed to be so incorporated

by reference.

Financial and other material information regarding Harmony is routinely posted on and accessible at the Harmony website,

*www.harmony.co.za*. No material referred to in this annual report as being available on our website is incorporated by reference

into, or forms any part of, this annual report. References herein to our website shall not be deemed to cause such incorporation.

- ii -

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**USE OF TERMS AND CONVENTIONS IN THIS ANNUAL REPORT**

Harmony Gold Mining Company Limited is a corporation organised under the laws of the Republic of South Africa. As used

in this Harmony 2025 Form 20-F, unless the context otherwise requires, the terms "**Harmony**" and "**Company**" refer to Harmony

Gold Mining Company Limited; the term "**South Africa**" refers to the Republic of South Africa; the terms "**we**", "**us**" and "**our**"

refer to Harmony and, as applicable, its direct and indirect subsidiaries as a "**Group**".

In this annual report, references to "**R**", "**Rand**" and "**c**", "**cents**" are to the South African Rand, the lawful currency of South

Africa, "**A$**" and "Australian dollars" refers to Australian dollars, "**K**" or "**Kina**" refers to Papua New Guinean Kina and references

to "**$**", "**US$**" and "**US dollars**" are to United States dollars.

This annual report contains information concerning our gold reserves. While this annual report has been prepared in

accordance with United States Securities and Exchange Commission Regulation S-K 1300, it is based on assumptions which

may prove to be incorrect. See Item 3: *"Key Information* - *Risk Factors - Risks Related to Our Operations and Business -*

*Estimations of our reserves are based on a number of assumptions, including mining and recovery factors, future cash costs of* 

*production, exchange rates, and relevant commodity prices; as a result, metals produced in future may differ from current* 

*estimates."* 

This annual report contains descriptions of gold mining and the gold mining industry, including descriptions of geological

formations and mining processes. We have explained some of these terms in the Glossary of Mining Terms included in this

annual report. This glossary may assist you in understanding these terms.

All references to websites in this annual report are intended to be inactive textual reference for information only and

information contained in or accessible through any such website does not form a part of this annual report.

**PRESENTATION OF FINANCIAL INFORMATION**

Harmony is a South African company and the majority of the Group operations are located in South Africa. Accordingly, our

books of account are maintained in South African Rand and our annual financial statements are prepared in accordance with

International Financial Reporting Standards ("**IFRS**") as issued by the International Accounting Standards Board ("**IASB**"). This

annual report includes our consolidated financial statements prepared in accordance with IFRS presented in the functional

currency of the Company, being South African Rand. All financial information, except as otherwise noted, is stated in accordance

with IFRS.

In this annual report, we also present "cash costs", "cash costs per ounce", "cash costs per kilogram", "all-in sustaining

costs", "all-in sustaining costs per ounce", "all-in sustaining costs per kilogram" and "adjusted free cash flows", which are non-

GAAP measures. An investor should not consider these items in isolation or as alternatives to production costs, cost of sales,

cash generated by operating activities or any other measure of financial performance or liquidity calculated in accordance with

IFRS. The calculation of cash costs, cash costs per ounce/kilogram, all-in sustaining costs, all-in sustaining costs per ounce/

kilogram and adjusted free cash flows, may vary significantly among gold mining companies and, by themselves, do not

necessarily provide a basis for comparison with other gold mining companies. Nevertheless, Harmony believes that cash costs,

cash costs per ounce/kilogram, all-in sustaining costs and all-in sustaining costs per ounce/kilogram are useful indicators to

investors and management as they provide an indication of efficiency and profitability, efficiency and cash flows, the trend in

costs as the mining operations mature over time on a consistent basis and an internal benchmark of performance to allow for

comparison against other mines, both within the Group and at other gold mining companies. For further information, see Item 5:

*"Operating and Financial Review and Prospects* - *Key factors affecting our results – Costs" and* :- *Reconciliation of Non-GAAP* 

*Measures"*.

We have included the US dollar equivalent amounts of certain information and transactions in Rand, Kina and A$. Unless

otherwise stated, we have translated assets and liabilities at the spot rate for the day, while the US$ equivalents of income

statement line items as well as cash costs and all-in sustaining costs have been translated at the average rate for the year

(R18.15 per US$1.00 for fiscal 2025 and R18.70 per US$1.00 for fiscal 2024). By including these US dollar equivalents in this

annual report, we are not representing that the Rand, Kina and A$ amounts actually represent the US dollar amounts, as the

case may be, or that these amounts could be converted at the rates indicated.

**CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS**

This annual report 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

annual report and the exhibits to this annual report, and including any climate change-related statements, targets and metrics,

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 this annual report. All statements other than statements of historical facts included in this report may be forward-looking

statements. Forward-looking statements also often use words such as "will", "forecast", "potential", "estimate", "expect" and

words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future

events and circumstances and should be considered in light of various important factors, including those set forth in this

disclaimer. Readers are cautioned not to place undue reliance on such statements. Important factors that could cause actual

results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation:

- iii -

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• overall economic and business conditions in South Africa, Papua New Guinea, Australia and elsewhere;

• the impact from, and measures taken to address infectious, communicableand other diseases, such as HIV, tuberculosis

and silicosis;

• high and 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 ("**GHG**") emission and climate

change, and the impact of climate change on our operations;

• estimates of future tax liabilities under the Carbon Tax Act (as defined below);

• 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;

• ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial

accidents;

• power cost increases as well as power stoppages, fluctuations and usage constraints;

• 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 Africa exchange control regulations;

• the adequacy of the Group's insurance coverage;

• any further downgrade of South Africa's credit rating;

• socio-economic or political instability in South Africa, Australia, Papua New Guinea and other countries in which we

operate;

• changes in technical and economic assumptions underlying our mineral reserves estimates;

- iv -

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• 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" 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.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**PART I**

**ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**

Not applicable.

**ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE**

Not applicable.

**ITEM 3. KEY INFORMATION**

**A. [Reserved]**

**B. CAPITALISATION AND INDEBTEDNESS**

Not applicable.

**C. REASONS FOR THE OFFER AND USE OF PROCEEDS**

Not applicable.

**D. RISK FACTORS**

*In addition to the other information included in this annual report and the exhibits, you should also carefully consider the* 

*following factors related to our ordinary shares and American Depositary Shares ("****ADSs****"). There may be additional risks that* 

*we do not currently know of or that we currently deem immaterial based on information currently available to us. Although we* 

*have a formal risk policy framework in place, the maintenance and development of which is undertaken on an ongoing basis so* 

*as to help management address systematic categories of risk associated with our business operations, any of these risks could* 

*have a material adverse effect on our business, financial condition or results of operations, leading to a decline in the trading* 

*price of our ordinary shares or our ADSs. The risks described below may, in retrospect, turn out to be incomplete and therefore* 

*may not be the only risks to which we are exposed. Additional risks and uncertainties not presently known to us or that we now* 

*believe are immaterial (and have therefore not been included), could also adversely affect our business, results of operations or* 

*financial condition. The order of presentation of the risk factors below does not indicate the likelihood of their occurrence or the* 

*magnitude or the significance of the individual risks.*

**Summary of Risk Factors**

**Risks Related to Our Industry**

**1.*We are exposed to the impact of any significant decreases in the commodity prices on our production***

**2.*The impact from, and measures taken to address infectious and communicable diseases, such as HIV/AIDS,***

***malaria and tuberculosis, pose risks to us in terms of productivity and costs and may adversely affect our***

***people, and may impact our business continuity, operating results, cash flows and financial condition***

**3.*The nature of our mining operations presents safety risks***

**4.*Mining companies face strong competition and industry consolidation***

**5.*Laws governing health and safety affect our business and could impose significant costs and burdens***

**6.*Since our labour force has substantial trade union participation in South Africa, we face the risk of disruption***

***from labour disputes and other industrial action resulting in loss of production and increased labour costs***

***impacting negatively on production and financial results***

**7.*Laws governing mineral rights affect our business and could impose significant costs and obligations;***

***mineral rights in the countries in which we operate could be altered, suspended or cancelled for a variety of***

***reasons, including breaches in our obligations in respect of such mining rights***

***8.Our financial flexibility could be constrained by the Exchange Control Regulations of the countries in which***

***we operate***

**Risks Related to Our Operations and Business**

**1.*Risks associated with pumping water inflows from closed mines adjacent to our operations, including related***

***closure liabilities, could adversely affect our operational results***

**2.*Infrastructure constraints and ageing infrastructure could adversely affect our operations***

**3.*Disruptions to electricity supply and rising power costs: Impact on operations and financial results***

**4.*Illegal mining and other criminal activity at our operations, including theft of gold and gold-bearing material,***

***could pose a threat to the safety of employees, result in damage to property and could expose us to losses,***

***business disruption and liability***

**5.*Actual and potential shortages of production inputs and supply chain disruptions may affect our operational***

***results***

**6.*Fluctuations in insurance cost and availability could adversely affect our operating results and our insurance***

***coverage may prove inadequate to satisfy future claims***

**7.*We compete with mining and other companies for key human resources with critical skills and our inability to***

***retain key personnel could have an adverse effect on our business***

**8.*The use of contractors at certain operations may expose us to delays or suspensions in mining activities and***

***increases in mining costs***

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**9.*We are dependent on a number of highly-integrated communication and information and technology (''IT'')***

***systems, any major disruption to which could have an adverse effect on our operations and financial results***

**10.*Estimations of our reserves are based on a number of assumptions, at a specific point in time, including***

***mining and recovery factors, future cash costs of production, exchange rates, and the relevant commodity***

***prices; as a result, metals produced in future may differ from current estimates***

**11.*Our operations have limited proved and probable reserves; exploration for additional resources and reserves***

***is speculative in nature, may be unsuccessful and involves many risks***

**12.*We are subject to the risk of litigation, the causes and costs of which are not always known***

**13.*The risk of unforeseen difficulties, delays or cost in implementing our business strategy and projects may***

***lead to us not delivering the anticipated benefits of our strategy and projects; in addition, actual cash costs,***

***capital expenditure, production and economic returns may differ significantly from those anticipated by***

***feasibility studies for new development projects***

***14.Certain of our operations are dependent on trackless mobile machinery ("TMM"), which exposes us to***

***interruptions, delays, and increased operational risk.***

***15.Our recent appointment of a new independent registered public accounting firm could result in additional***

***costs, which could adversely impact our business.***

**Risks Related to ESG**

***1.We may fail to meet ESG performance expectations and targets, which could result in reputational damage,***

***loss of stakeholder confidence, and material adverse effects on our business and access to capital***

***2.Climate change may present physical and transition risks that could materially and adversely affect our***

***operations, profitability, and long-term sustainability***

***3.We are subject to extensive environmental regulations in the countries in which we operate, and compliance***

***costs, regulatory changes, and potential non-compliance could have a material adverse effect on our***

***business, operating results and financial condition***

**4.*The socio-economic landscape in the regions in which we operate may have an adverse effect on our***

***operations and profits***

**5.*Given the nature of mining and the type of mines we operate, we face a material risk of liability, delays and***

***increased cash costs of production from environmental and industrial accidents and pollution compliance***

***breaches***

**6.*Mining companies are increasingly expected to provide benefits to affected communities; failure to comply***

***with, and/or go beyond, our legal obligations could result in lawsuits, additional operational costs, investor***

***divestment and impact our "social license to operate", which could adversely impact our business, operating***

***results and financial condition; we are finding increasing expectations on our business to provide social***

***investment beyond our legal obligations especially as communities demand services and basic***

***infrastructure from companies such as Harmony (where gaps in local government services are perceived or***

***experienced)***

**7.*Compliance with emerging climate change regulations could result in significant costs for us***

**8.*The cost of occupational health care services and the potential liabilities related to occupational health***

***diseases may increase in future and may be substantial***

**9.*Our operations are subject to water use and other regulatory licenses, which may impose significant***

***compliance costs and operational constraints***

**10.*Compliance with tailings management requirements and standards, and potential liabilities in the event of a***

***failure to timely comply or an incident involving a tailings storage facility ("TSF"), could adversely impact our***

***financial condition, our operational results and our reputation***

**11.*We may have exposure to rehabilitate potential groundwater and land pollution, which may include***

***salination, and radiation contamination that may exist where we have operated or continue to operate;***

***implementation of the financial provision regulations adopted in by the Minister of Environmental Affairs in***

***November 2015, as they have subsequently been amended "Financial Regulations, 2015" may require us to***

***include provision in our financial statements for rehabilitation***

**12.*Compliance with new and changing corporate governance and public disclosure requirements adds***

***uncertainty to our compliance policies and increases our costs of compliance***

**Risks Related to Our Corporate and Financing Structure and Strategy**

**1.*Our inability to maintain effective disclosure controls and procedures, and an effective system of internal***

***control over financial reporting may have an adverse effect on investors' confidence in the reliability of our***

***financial statements and other disclosures***

**2.*We may experience problems in identifying, financing and managing new acquisitions or other business***

***combination transactions and integrating them with our existing operations; we may not have full***

***management control over future joint venture projects***

**3.*Certain factors may affect our ability to support the carrying value of our property, plant and equipment, and***

***other assets on our balance sheet, resulting in impairments***

**4.*Our ability to service our debt will depend on our future financial performance and other factors***

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**5.*We are subject to the imposition of various regulatory costs, such as mining taxes and royalties, changes to***

***which may have a material adverse effect on our operations and profits; our operations and financial***

***condition could also be adversely affected by policies and legislation related to greater state intervention in***

***the mining sector and potentially the expropriation of mining assets without compensation***

**6.*Sales of large quantities of our ordinary shares and ADSs, or the perception that these sales may occur,***

***could adversely affect the prevailing market price of such securities***

**7.*As we have a significant number of shares that may be issued in terms of the employee share schemes, our***

***ordinary shares are subject to dilution***

**8.*The continued status of South Africa's credit rating as non-investment grade, as well as the grey-listing of***

***South Africa by the Financial Action Task Force ("FATF"), may have an adverse effect on our ability to secure***

***financing on favourable terms.***

**9.*We may not pay dividends or make similar payments to our shareholders in the future***

**Market Risks**

**1.*The profitability of our operations, and cash flows generated by those operations, are affected by changes in***

***the price of gold and other metals; a fall in the gold price below our cash cost of production and capital***

***expenditure required to maintain production for any sustained period may lead to losses and require us to***

***curtail or suspend certain operations***

**2.*Fluctuations in input production prices linked to commodities may adversely affect our operational results***

***and financial condition***

**3.*Foreign exchange fluctuations could have a material adverse effect on our operational results and financial***

***condition***

**4.*Fluctuations in the exchange rate of currencies may reduce the market value of our securities, as well as the***

***market value of any dividends or distributions paid by us***

**5.*Rising inflation and geopolitical risks may have a material adverse effect on our business, operating results***

***and financial condition***

**6.*Investors may face liquidity risk in trading our ordinary shares on the JSE Limited***

**7.*Shareholders outside South Africa may not be able to participate in future issues of securities (including***

***ordinary shares)***

**8.*Global, social, political and economic conditions could adversely affect the profitability of our operations***

**Other Regulatory and Legal Risks**

**1.*Failures of our IT security processes and violations of data protection laws may adversely impact our***

***business activities and lead to public and private censure, regulatory penalties, fines and/or sanctions and***

***may damage our reputation***

***2.Breaches in cybersecurity may adversely impact or disrupt our business.***

***3.Failure to comply with laws, regulations, codes and standards, policies and procedures or contractual***

***obligations may lead to fines and penalties, loss of licenses or permits, may negatively affect our financial***

***results, and adversely affect our reputation***

**4.*Investors in the United States may have difficulty bringing actions, and enforcing judgments, against us, our***

***directors and our executive officers based on the civil liabilities provisions of the federal securities laws or***

***other laws of the United States or any state thereof***

**5.*US securities laws do not require us to disclose as much information to investors as a US company is***

***required to disclose, and investors may receive less information about us than they might otherwise receive***

***from a comparable US company***

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Risks Related to Our Industry**

***We are exposed to the impact of any significant decreases in the commodity prices on our production***

As a rule, we sell our gold and silver at the prevailing market price. In order to manage commodity price risk, we maintain a

commodity hedging program for a portion of our future production. Our remaining unhedged future production is not protected

against decreases. If the gold or silver price should decrease significantly, our revenues may be materially adversely affected,

which could in turn, materially adversely affect our operating results and financial condition.

***The impact from, and measures taken to address infectious and communicable diseases, such as***

***HIV/AIDS, malaria and tuberculosis, pose risks to us in terms of productivity and costs and may adversely affect our***

***people, and may impact our business continuity, operating results, cash flows and financial condition***

Many of our employees and contractors work in close proximity to each other in underground and surface mines, and live

in close quarters in accommodation provided or supported by us. This renders them particularly vulnerable to the spread of

communicable diseases.

In South Africa, the prevalence of HIV in Harmony remains high due to historical migrant labour repercussions, as well as

other factors. A high proportion of affected employees have been identified and placed in treatment, however, the status of a

significant population remains unknown - potentially posing labour availability and cash flow uncertainty. Furthermore,

tuberculosis ("**TB**") in Harmony (and in the gold-mining industry generally) remains high despite the progress made by

Harmony's management program. Although there is a declining trend in the TB incident rate, it remains a factor and is still

subject to close monitoring as it is influenced by HIV and the exposure to silica dust.

In the Independent State of Papua New Guinea ("**PNG**"), communicable diseases similarly remain a threat.

We are committed to allocating financial resources on preventative measures such as vaccine rollouts, promotion and

education. Any new measures may result in additional costs incurred or interference with management's and/or employees'

productivity.

Our property and business interruption insurance and liability may not cover or be sufficient to fully cover any of our losses

resulting from public health emergencies and other events that could disrupt our operations. See "*– Risks related to Our* 

*Operations and Business - Fluctuations in insurance cost and availability could adversely affect our operating results and our* 

*insurance coverage may prove inadequate to satisfy future claims*".

The full extent to which infectious and communicable diseases will impact our operational and financial performance,

whether directly or indirectly, will depend on future developments, which are highly uncertain and cannot be predicted. Any

disruption to production or increased operational costs as a result of these diseases could have a material adverse effect on our

business, operating results and financial condition.

***The nature of our mining operations presents safety risks***

Mining, and particularly the conduct of activities underground, is an inherently risky activity, presenting potential health,

safety, industrial, environmental and other risks for our operations, employees and communities within which we operate. These

and other risks identified elsewhere in this annual report also could lead to the suspension and potential closure of operations

for indeterminate periods. Safety risks, even in situations where no injuries occur, can have a material adverse effect on our

results of operations and financial condition. See Item 4: *"Information on the Company - Business Overview - Regulation -* 

*Health and Safety - South Africa*", "*Business Overview - Regulation - Health and Safety - Australia*" and "*Business Overview -* 

*Regulation - Health and Safety - PNG*". Also see "*Integrated Annual Report for the 20-F 2025 – Social stewardship – Safety* 

*transformation towards zero harm"* on pages 129 to 140 and"Social stewardship – Holistic health and wellness" on pages 141

to 153*.* 

***Mining companies face strong competition and industry consolidation***

The mining industry is competitive in all of its phases. We compete with other mining companies and individuals for

specialised equipment, components and supplies necessary for exploration and development, for mining claims and leases on

exploration properties and for the acquisition of mining assets. These competitors may have greater financial resources,

operational experience and technical capabilities than us. Competition may increase our cost of acquiring suitable claims,

properties and assets, which could have a material adverse effect on our financial condition.

Further, industry consolidation may lead to increased competition due to lesser availability of mining and exploration

assets. Similar consolidations in the form of acquisitions, business combinations, joint ventures, partnerships or other strategic

relationships may continue in the future. The companies or alliances resulting from these transactions or any further

consolidation involving our competitors may benefit from greater economies of scale as well as significantly larger and more

diversified asset bases than us.

Such developments could have a material adverse effect on our business, operating results and financial condition.

***Laws governing health and safety affect our business and could impose significant costs and burdens***

South Africa

In South Africa, the Mine Health and Safety Act, 29 of 1996 ("**MHSA**"), requires that employers implement various

measures to ensure the safety and health of persons working at a mine as far as reasonably practicable. This obligation may be

extended by the employer in terms of an agreement with independent contractors who work at the mine. However, contractor

employees are regarded as the employees of the employer for purposes of the MHSA. The obligations of the employer include

the identification and assessment of risk, implementation of codes of practice and standards setting out safe work procedures,

proper and appropriate training, supervision, medical surveillance and the provision of safe equipment, machinery and personal

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

protective equipment. Further, pursuant to the MHSA we must ensure compliance with various licenses, permissions or

consents that have been issued to it pursuant to the various provisions of applicable legislation.

In June 2022, the Minister of Mineral Resources and Energy ("**Minister**") released a draft Mine Health and Safety

Amendment Bill 2022 (the "**MHSA Amendment Bill**") for public comment which closed 29 July 2022. In October 2024, the

Minister published an explanatory summary of an updated amendment bill (**"MHSA Amendment Bill, 2024"**) was gazetted 14

October 2024. However, the MHSA Amendment Bill, 2024 has not yet been tabled in Parliament. In terms of the MHSA

Amendment Bill certain provisions of the MHSA will be amended. The MHSA Amendment Bill contained a number of provisions

which, if enacted in their present form, could have a material adverse effect on our business, operating results and financial

condition. The MHSA Amendment Bill provided for (among other things) an increase in the monetary value of the fines that may

be imposed in respect of instances of non-compliance, more direct involvement of executives (particularly chief executive

officers ("**CEOs**")), stricter liability in instances of non-compliance, and changes to the obligations relating to training and the

formulation of training programs. The MHSA Amendment Bill also introduced a new offence of corporate manslaughter, being

that the employer will contravene or fail to comply with the MHSA if it fails to comply with a duty in terms of the MHSA and if

such conduct resulted in a person's death or in serious injury or illness of a person. The effect of the provisions in the MHSA

Amendment Bill are of that the defences on which the employer may rely to escape liability, are limited.

See Item 4: "*Information on the Company - Business Overview - Regulation - Health and Safety - South Africa*"

Australia

In the State of Queensland, where our Eva Copper Project is situated, the safety of employees, contractors and third

parties concerning mining operations is regulated by the Mining and Quarrying Safety and Health Act 1999 (Qld) (the "**MQSH** 

**Act**") and the Mining and Quarrying Safety and Health Regulation 2017 (the "**MQSH Regulations**"). The MQSH Act and the

MQSH Regulations contain provisions that place certain obligations on Harmony to protect the safety and health of persons at

mines and persons who may be affected by its operations. The MQSH Act was amended by the Resources Safety and Health

Legislation Amendment Act 2024 (Qld) (**"RSHLA Act**"), with key amendments expanding safety obligations for mine operators

including the requirement to implement critical controls within safety and health management systems.

Resources Safety and Health Queensland ("**RSHQ**") is the independent regulator responsible for administering, monitoring

and enforcing compliance with the MQSH Act in Queensland. Responsibility for prosecution of "serious offences" under the

MQSH Act fall with the independent Office of the Work Health and Safety Prosecutor of Queensland (the "**WHS Prosecutor**"). A

"serious offence" is committed where a person who has a safety and health obligation breaches it in circumstances where the

breach:

• causes death, or grievous bodily harm, or bodily harm;

• involves exposure of a person to a substance likely to cause death or grievous bodily harm;

• is an offence under the Industrial Manslaughter provisions of the MQSH Act; or

• amounts to an offence prescribed by the MQSH Regulations.

Other offences (i.e., non-serious offences) may be prosecuted by either the WHS Prosecutor or the chief executive officer

of RSHQ. Queensland legislation also allows any person to request that the WHS Prosecutor commence a prosecution against

another person in certain circumstances, i.e., when the person reasonably considers the other person has committed a "serious

offence" and no prosecution has been brought in relation to the act, in which instance the WHS Prosecutor has three months to

investigate and respond.

Breaches of these obligations may result in prosecutions leading to material fines and other penalties including

imprisonment; they may also result in a direction to suspend operations. Any such penalties could have a material adverse effect

on our business, operating results and financial condition.

See Item 4: "*Information on the Company – Business Overview – Regulation – Health and Safety – Australia*".

Papua New Guinea

In PNG, the safety of employees, contractors and third parties at our mining operations is regulated by the PNG Mining

(Safety) Act 1977 (the "**PNG Mining (Safety) Act**") and the Regulations issued thereunder. Pursuant to section 6(1)(e)(i) of the

PNG Mining (Safety) Act, an inspector has the power to order the cessation of operations on any part of a mine for such

unlimited time as he or she considers may be necessary to satisfy the safety provisions of the PNG Mining (Safety) Act. Such

order for cessation can often result in lower or a total stoppage of production resulting in significant financial losses during and

following the cessation.

The mining regime in PNG, including the PNG Mining (Safety) Act and related Regulations, is currently the subject of

comprehensive ongoing review, which may result in changes which will affect our operations and projects in PNG. In 2021, the

PNG Ministry of Mining's Department of Mineral Policy and Geohazards Management ("**DMPGM**") released a draft Mine and

Works (Safety and Health) Bill 2021 (the "**MWSH Bill**") and has subsequently proposed various other amendments to the PNG

Mining (Safety) Act, however has not enacted the MWSH Bill or other amendments.

New laws, if enacted, could increase the overall regulatory burden on our operations and projects in PNG.

See Item 4: "*Information on the Company – Business Overview - Regulation - Health and Safety – Papua New Guinea*".

General - Fines, Penalties and Costs of Compliance

An employer may be subjected to significant penalties and/or administrative fines for non-compliance under applicable

health and safety laws and regulations in the jurisdictions in which we operate.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Depending on the particular circumstances, litigation (criminal and/or civil) may be instituted against an employer in respect

of an accident or incident which has resulted in the injury, death or occupational disease contracted by an employee (or

contractor employee). In some of the jurisdictions in which we operate, the regulatory authority is also empowered to issue

closure notices for the operation or parts thereof, following the threat of potential occurrence of an injury or death. In the past,

certain of our operations have also been temporarily suspended for safety reasons. Such closure notices or suspensions, if of

sufficient magnitude, could have a material adverse effect on our business, operating results or financial condition.

Any further changes to the health and safety laws and regulations in the jurisdictions in which we operate which increase

the burden of compliance on us and impose higher penalties for non-compliance may result in us incurring further significant

costs, which could have a material adverse effect on our business, operating results and financial condition. In addition, our

reputation could be damaged by any significant governmental investigation or enforcement of health and safety laws,

regulations, codes or standards, which could also have a material adverse effect on our business, operating results and financial

condition.

***Since our labour force has substantial trade union participation in South Africa, we face the risk of disruption from***

***labour disputes and other industrial action resulting in loss of production and increased labour costs impacting***

***negatively on production and financial results***

South Africa

In South Africa, our labour force has substantial trade union participation. There are periods when various stakeholders are

unable to resolve disputes through resolution processes. Dispute resolution processes are governed by legislative regulations.

Due to the high level of unionisation and union membership, which is about 95% among our employees, there is always risks of

production stoppages for indefinite periods due to strike action, especially in the form of wildcat strike action. Preemptive issue

identification and preemptive dialogue, together with existing early warning systems enhances the ability to timeously intervene.

Inter-union rivalry also contribute to the risk of labour relations instability. In addition, in South Africa, a variety of legacy issues

such as housing, migrant labour, education, poor service delivery and youth unemployment can lead to communities and unions

working together to create instability in and around mining operations.

On 4 April 2024, Harmony announced the acceptance of a five-year wage agreement by the unions, effective from 1 July

2024. However, we are not able to predict whether we will experience significant labour disputes in the future, nor what the

financial impact of any such disputes may be. Any labour unrest and disruptions caused by labour disputes could have a

material adverse effect on our results of operations and financial condition. See Item 4: "Information on the Company –

Business Overview – Regulation – Labour Relations", "Integrated Annual Report for the 20-F 2025 – *Social stewardship – An* 

*engaged workforce*" on pages 154 to 165.

South African employment law sets out minimum terms and conditions of employment for employees. Although these may

be improved by agreements between us and the trade unions, prescribed minimum terms and conditions form the benchmark

for all employment contracts. See "Integrated Annual Report for the 20-F 2025 – *Harmony – Material matters*" on pages 35 to

38. We are required to submit a report under South African employment law detailing the progress made towards achieving

employment equity in the workplace. If this report is not submitted, we could incur substantial penalties.

Developments in South African employment law may increase our cash costs of production or alter our relationship with

our employees and trade unions, which may have an adverse effect on our business, operating results and financial condition.

Australia

In Queensland, there are a number of well-established mining unions, particularly in the coal and energy sectors. At

present, our Australian workforce is not unionised. However, as the Eva Copper Project moves into the development and

operational phases, there is a risk that unionisation may occur and participation could be significant; moreover, unions could

initiate enterprise bargaining under the Fair Work Act 2009 (Cth), which is a formal process in which an employer and a group of

employees (usually represented by unions) negotiate a legally-binding enterprise agreement.

Increased unionisation may give rise to increased costs or labour disruptions, which could have a material adverse effect

on our results of operations and financial condition.

Papua New Guinea

In PNG, the workforce in our mining operations is not unionised, and attempts to unionise have had little employee support

to date, however, as the labour environment in PNG continues to evolve, there is a risk that unionisation may occur.

General

In the event that we experience industrial relations related interruptions at any of our operations or in other industries that

impact our operations, or increased employment-related costs due to union or employee activity, these may have a material

adverse effect on our business, production levels, operating costs, production targets, operating results, financial condition,

reputation and future prospects. In addition, mining conditions can deteriorate during extended periods without production, such

as during and after strikes; lower levels of mining activity can have a longer term impact on production levels and operating

costs, which may affect our mines' operating life, which could have a material adverse effect on our business, operating results

and financial condition.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Laws governing mineral rights affect our business and could impose significant costs and obligations; mineral rights***

***in the countries in which we operate could be altered, suspended or cancelled for a variety of reasons, including***

***breaches in our obligations in respect of such mining rights***

Our operations in South Africa, Australia and PNG are subject to legislation regulating mineral rights. Certain of the

Company's properties may be subject to the rights or the asserted rights of various community stakeholders, including

indigenous peoples. The presence of those stakeholders may therefore have an impact on our ability to develop or operate our

mining interests.

South Africa

In South Africa, we are governed by the Mineral and Petroleum Resources Development Act, 28 of 2002 ("**MPRDA**"). See

Item 4: "*Information on the Company - Business Overview - Regulation - Mineral Rights - South Africa - MPRDA*" for a

description of the principal objectives set out in the MPRDA.

On 11 July 2024, during the Department of Mineral and Petroleum Resources ("**DMPR**'') 2024/25 Budget announcement

following South Africa's general elections, the Minister announced that the DMPR would split into two separate ministries: the

Department of Mineral and Petroleum Resources and the Department of Electricity and Energy, which split has been

subsequently implemented. In addition, the Minister indicated that the DMPR was in the process of drafting amendments to the

MPRDA to address certain perceived deficiencies and to bring the legislation in line with international best practice.

The South African Government published the Mineral Resources Development Bill of 2025 and subsequent correction (the

"**MPRD Bill**") for public comment on 20 May 2025 and 9 June 2024, respectively. It invited interested and affected parties to

submit their comments on the Bill on or before 13 August 2025.

Among other things, the MPRD Bill, if promulgated, would achieve the following:

• Black Economic Empowerment

The MPRD Bill proposes regulate Black Economic Empowerment in terms of Regulations to be published pursuant to the

MPRD Bill. It is unclear what requirements will be contained in these Regulations and the extent to which they will be based on

or replace Mining Charter III.

• Ownership of tailings created before 1 May 2004

Historic tailings are not regulated in terms of the MPRDA; however, the MPRD Bill purports to amend the MPRDA so as to

render historic tailings subject to regulation under the MPRDA, resulting in the South African government gaining custodianship

of historic tailings. The current owners of these historic tailings will be afforded an opportunity to apply for amendments to

existing rights or new rights over the historic tailings within two years of Bill being introduced as law.

• Transfers of interests in companies

The MPRD Bill proposes amendments which are unclear but could suggest that a transfer of any interest in an unlisted

company, where such company holds a prospecting right or mining right, requires the prior consent of the Minister.

• Mineral beneficiation

The MPRD Bill seeks to make it mandatory for the Minister to "initiate or promote the beneficiation of minerals and

petroleum resources in the Republic of South Africa". The MPRDA Bill affords the broad discretion over beneficiation, without

providing any criteria under which such discretion should be exercised.

• Strategic Minerals

The Minister may, in consultation with other relevant Ministers, declare certain minerals or a class of minerals as being

"strategic" to advancing Government imperatives and accordingly restrict their prospecting or mining. The MPRD Bill does not

elaborate on what minerals could be declared strategic.

• Penalties

The MPRD Bill proposes to introduce fines of up to 10% of the offender's annual turnover in the Republic and exports from

the Republic during the preceding financial year, for contraventions of the MPRDA.

• Issue of a closure certificate

The MPRD Bill envisages that a rights holder will remain liable for any latent or residual environmental and associated

damage caused by prospecting and mining operations, even after (and notwithstanding) the issue of a closure certificate by the

Minister. This means that a rights holder will no longer be indemnified from liability after the issue of a closure certificate.

The definition of "This Act" will be amended to elevate status of the the Codes of Good Practice for the South African

Minerals Industry ("Codes of Good Practice") and the Housing and Living Conditions Standards for the Minerals Industry ("Living

Standards"), from policy documents to law.

There is a large degree of uncertainty regarding the changes that will be brought about in the event that the MPRD Bill is

made law in its current form.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*Regulations under the MPRDA*

On 27 March 2020 the Minister published for implementation amendments to the regulations promulgated pursuant to the

MPRDA in 2004 (the "**MPRDA Regulations**" and as amended the "**Amended Regulations**"). The Amended Regulations include

the following notable changes:

• Mining right applicants must "meaningfully consult" with landowners, lawful occupiers and interested and affected parties in

accordance with the procedures contemplated under the Environmental Impact Assessment Regulations, 2014 (the "**EIA** 

**Regulations**"). The office of the Regional Manager is permitted to participate as an observer in these processes.

• Mining right holders must, pursuant to their social and labour plans ("**SLPs**"), contribute to the socio-economic

development in the areas in which they operate and labour sending areas (i.e. a local municipality which a majority of mine

workers consider to be their primary residence). This requirement may impose obligations on mining right holder to effect

measures in communities that are located far away from the mine and/or could give rise to some social issues.

• Although most of the provisions regulating environmental matters have been deleted from the Amended Regulations, those

sections dealing with mine closure have been retained but have been amended to state that mine closure must be

regulated pursuant to the National Environmental Management Act, 107 of 1998 ("**NEMA**"), the EIA Regulations and the

Financial Provision Regulations, 2015. As discussed in Item 4: "*Information on the Company – Business Overview –* 

*Regulation - Laws and Regulations Pertaining to Environmental Protection – South Africa*" it is anticipated that the

Financial Provision Regulations, 2015 will be replaced by revised regulations following further engagement with the mining

industry.

• The appeal process in the MPRDA Regulations has been replaced with a more comprehensive procedure that includes

specific time periods within which appellants, respondents and the competent authority must submit appeals, responses or

consider appeals (as the case may be). Although there is no guarantee that the parties will comply with these time periods,

the time periods are intended to hold the parties accountable and to ensure that appeals are resolved in a timely manner.

*The Mining Charter*

On 27 September 2018, the Minister published the Broad-Based Socio-Economic Empowerment Charter for the Mining

and Minerals Industry, 2018 ("**Mining Charter III**"), on which date it also became effective, as amended by the notice published

in the Government Gazette on 19 December 2018 and read with the Implementation Guidelines for the Broad Based Socio-

Economic Empowerment Charter for the Mining and Minerals Industry, 2018 ("**Implementation Guidelines**") published on the

same date. It replaces, in their entirety, the original Mining Charter negotiated in 2002 and gazetted in 2004 (the "**Original** 

**Charter**") and the amended Charter gazetted in September 2010 (the "**Amended Charter**").

Mining Charter III imposes obligations and increased participation by historically disadvantaged persons ("**HDPs**") in

relation to a mining company's ownership, procurement of goods and services, enterprise and supplier development, human

resource development and employment equity requirements.

While the ownership requirement for HDPs in relation to existing mining rights has not increased (provided that we met the

26.0% requirement under the Amended Charter), we may be required to comply with new HDP ownership requirements in

relation to any renewals, consolidations and transfers of our existing rights and any applications for new mining rights. The

increased HDP requirements in relation to employment equity, procurement of goods and services and enterprise and supplier

development may result in additional costs being incurred by us, which could have a material adverse effect on our results of

operations and financial condition.

While Mining Charter III was effective from 27 September 2018, many of its provisions are vague and untested despite the

publication of the Implementation Guidelines. See Item 4: "*Information on the Company - Business Overview - Regulation -* 

*Mineral Rights - South Africa - Mining Charter*".

On 26 March 2019, the Minerals Council South Africa ("**MCSA**") filed an application for the judicial review and setting aside

of certain clauses of Mining Charter III. The MCSA had engaged in ongoing attempts to reach a compromise with the Minister on

certain provisions that are problematic for the industry, and which would be detrimental to its sustainability.

The MCSA's judicial review application was heard before a full bench of judges in May 2021. Judgment was handed down

on 21 September 2021 (the "**2021 Judgement**") setting aside certain of the problematic provisions, while providing that the

remainder of Mining Charter III should continue in force. In November 2021, the DMPR informed the National Assembly's

Portfolio Committee on Mineral Resources and Energy that it did not intend to appeal the outcome of the 2021 Judgement, but

instead would consider steps to achieve the empowerment objectives through legislative amendments to the MPRDA.

We cannot guarantee that we will meet all the targets set out by Mining Charter III. Should we breach any obligations in

complying with the MPRDA or Mining Charter III, our existing mining rights in South Africa could be suspended or cancelled by

the Minister in accordance with the provisions of the MPRDA. It may also influence our ability to obtain any new mining rights.

Any such suspension or cancellation could have a material adverse effect on our results of operations and financial condition.

Australia

In Australia, mining is regulated by the laws of the State in which the deposit is situated. Presently, our only mining activity

in Australia is the Eva Copper Project, located in the State of Queensland. Mining in Queensland is regulated by the Mineral

Resources Act 1989 (Qld) (the "**Queensland MRA**"), the Mineral and Energy Resources (Common Provisions) Act 2014 as

amended by the Mineral and Energy Resources and Other Legislation Amendment Act 2024 (Qld), the MQSH Act, and the

regulations, practice manual, operational policies and guidelines thereunder. See Item 4: *"Information on the Company -* 

*Business Overview - Regulation - Mineral Rights - Australia"*.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Generally, all mineral resources in Queensland are owned by the State of Queensland. These resources are managed by

the Queensland Department of Resources. Under the Queensland MRA, the Department of Resources requires all large mining

projects to apply for an applicable resource authority, being (as the case may be) an exploration permit ("**EP"**), a mining lease

("**ML**") or a mineral development license.

An EP allows the holder to carry out exploration activities to determine what minerals exist and their quality and quantity in

or under land or in the waters or sea above such land, in accordance with agreed work programs and subject to compliance with

prescribed security and financial obligations. If the holder of an EP wishes to develop a mine to exploit discovered resources,

application must be made for an ML. This entitles the holder to machine-mine specified minerals and carry out activities

associated with mining, including infrastructure to support mining operations.

The Queensland MRA, and resource authorities issued thereunder, contain provisions and conditions, the breach of which

may result in the imposition of a fine, imprisonment or the cancellation of the tenement.

Should we breach any obligations in complying with the Queensland MRA or any other laws and regulations relating to our

exploration and mining activities in Queensland, our resource authorities in Queensland could be suspended or cancelled, or we

could be subject to fines or other sanctions. Any such suspension, cancellation, fine or sanction could have a material adverse

effect on our operational and financial results.

Papua New Guinea

In PNG, mining is primarily regulated by the PNG Mining Act 1992 (the "**PNG Mining Act**") and the PNG Mining (Safety)

Act and their respective Regulations. All minerals are owned by the PNG Government, which grants rights to explore for or mine

such minerals under a concessionary tenement system. See Item 4: "*Information on the Company – Business Overview –* 

*Regulation - Mineral Rights - Papua New Guinea*"

Since 2009, the mining regime in PNG has been the subject of a comprehensive ongoing review involving various PNG

Government agencies and various draft revisions of the PNG mining legislation have been circulated for comment. In addition to

the review of applicable legislation, PNG mineral policy and mining-specific sector policies are also being reviewed and drafted,

including a biodiversity offsets policy, a national oceans policy, a sustainable development policy, an involuntary relocation

policy, a national content policy, and a mine closure policy and mining project rehabilitation and closure guideline.See Item 4:

"*Information on the Company – Business Overview – Regulation - Mineral Rights - Papua New Guinea*".

Certain of the proposed revisions, such as increased royalties and equity participation by the PNG Government or the

introduction of a production-sharing regime, if adopted and applied to our operations and projects in PNG could have a material

adverse effect on our business, operating results and financial condition.

PNG mining legislation and mining tenements contain provisions and conditions, the breach of which may result in the

imposition of a fine, imprisonment or the cancellation of the tenement. Should we breach any obligations in complying with the

PNG Mining Act or any other laws and regulations relating to our exploration and mining activities in PNG, our existing mining

rights in PNG could be suspended or cancelled, or we could be subject to fines or other sanction. Any such suspension,

cancellation or sanction could have a material adverse effect on our results of operations and financial condition.

***Our financial flexibility could be constrained by the Exchange Control Regulations of the countries in which we operate***

South Africa's Exchange Control Regulations restrict the export of capital from South Africa. Transactions between South

African residents (including companies) and non-residents (excluding residents of the Republic of Namibia and the Kingdoms of

Lesotho and Eswatini, known collectively as the Common Monetary Area (**"CMA"**)) are subject to exchange controls enforced

by South African Reserve Bank ("**SARB**"). South African companies remain subject to restrictions on their ability to deploy

capital outside of South Africa. These restrictions could hinder our financial and strategic flexibility, particularly our ability to raise

funds outside South Africa, deploy capital for international acquisitions or projects, and repatriate earnings, and could therefore

have a material adverse effect on our business, operating results and financial condition.

Our operations in PNG (including the export of gold and the operation of approved offshore foreign currency accounts) are

subject to the foreign exchange control and other directives of the Bank of Papua New Guinea. PNG is presently subject to

severe shortages of foreign currency. The withdrawal of existing approvals or the imposition of restrictions could potentially

hinder our financial and strategic flexibility, limit our ability to make offshore payments, and could have a material adverse effect

on our business, operating results and financial condition.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Risks Related to Our Operations and Business** 

***Risks associated with pumping water inflows from closed mines adjacent to our operations, including related closure***

***liabilities, could adversely affect our operational results***

Certain of our mining operations in South Africa are adjacent to the mining operations of other companies. A mine closure

can affect continued operations at an adjacent mine if appropriate preventative steps are not taken. In particular, this could

include the ingress of underground water when pumping operations at the closed mine are suspended. This can result in

damage to property, operational disruptions and additional pumping costs, which could adversely affect any one of our adjacent

mining operations and, in turn could adversely affect our business, operating results and financial condition.

In connection with our acquisition in 2018 of the Moab Khotsong and Great Noligwa mines from AngloGold Ashanti Limited

("**AngloGold"**), together with other assets and related infrastructure (the "**Moab Acquisition**"), we acquired a two-thirds interest

in the Margaret Water Company NPC ("**Margaret Water**") for all pumping and water-related infrastructure at its Margaret shaft.

The shaft operates for the purpose of de-watering the Klerksdorp, Orkney, Stilfontein, Hartbeesfontein ("**KOSH**") basin

groundwater. This is to allow Moab Khotsong operations and the mine operated by Kopanang Gold Mining Company Proprietary

Limited (the mining company holding the remaining one–third interest in Margaret Water and the only other mining company

continuing to operate in the area) to remain dry and to prevent flooding of operational areas. Therefore, it remains imperative for

the shaft to continue pumping water.

Flooding and potential decant in the future resulting from a failure in pumping and water-related infrastructure could pose

an unpredicted "force majeure" type event, which could result in financial liability for us, and could have an adverse impact on

our results of operations and financial condition. Although studies indicate that we do not currently have a decant risk at our

Doornkop and Kusasalethu operations, due to the interconnectivity, any long-term water management solution would require a

regional strategy co-created with neighbouring and inter-connected mines. Although we have installed water treatment plants at

both sites for current treatment needs, which could serve as water plants for final decant should the situation arise, there can be

no assurance that such plants will be sufficient to address such risks. There is also a flooding risk at the Mponeng mine,

requiring the continuous pumping arrangement with Covalent Water Company (Pty) Limited (a wholly-owned subsidiary) to stay

in place.

Obligations in respect of the pumping and treatment of extraneous water must also be addressed in connection with our

final closure plans for each of our operations. We are responsible for these liabilities until a closure certificate is issued pursuant

to the MPRDA and possibly thereafter under the NEMA. The occurrence of any of the risks discussed above could have an

adverse effect on our operating results and financial condition. This liability is discussed in more details in Item 4: "*Information* 

*on the Company – Business Overview – Regulation – Law and Regulations Pertaining to Environmental Protection – South* 

*Africa – NEMA*". See also *"– We are subject to extensive environmental regulations in the countries in which we operate, and* 

*compliance costs, regulatory changes, and potential non-compliance could have a material adverse effect on our business,* 

*operating results and financial condition"* below.

***Infrastructure constraints and ageing infrastructure could adversely affect our operations***

Mining, processing, development and exploration activities depend on adequate infrastructure. Reliable rail, ports, roads,

bridges, power sources, power transmission facilities and water supply are critical to the Company's business operations and

affect capital and operating costs. The infrastructure and services are often provided by third parties whose operational activities

are outside the control of the Company.

Interference to the maintenance or provision of infrastructure, including by extreme weather conditions, scarcity of

equipment, sabotage or social unrest, could impede our ability to deliver products on time and adversely affect our business

results of operations and financial condition.

Once a shaft or a processing plant has reached the end of its intended lifespan, higher than normal maintenance and care

is required. This applies also to terrestrial tailings and waste storage facilities. Maintaining this infrastructure requires skilled

human resources, capital allocation, management and planning. Although we have implemented a comprehensive maintenance

strategy, incidents resulting in production delays, increased costs or industrial accidents may occur. Such incidents may have an

adverse effect on our operating results and financial condition.

***Disruptions to electricity supply and rising power costs: Impact on operations and financial results***

South Africa

South Africa's mining sector, including our operations, is heavily dependent on electricity supplied by Eskom Holdings SOC

Limited ("**Eskom**"), the state-owned utility that primarily relies on fossil fuels. Over the past decade, Eskom has faced significant

challenges. Harmony's operations in South Africa remain exposed to risks associated with electricity supply instability and

escalating power costs. Systemic risks persist due to Eskom's ageing infrastructure, financial constraints, and limited capacity

for sustained maintenance and upgrades - posing ongoing threats to electricity reliability.

Unstable power supply can damage equipment, disrupt production, and reduce recovery rates. Rising electricity costs

continue to erode free cash flow margins, potentially impacting mine life, project viability, and overall financial performance.

Given these factors, the risk of power supply disruptions remains a concern for Harmony's South African operations and

may have an adverse effect on our operational results.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Papua New Guinea

In PNG, our Hidden Valley mine relies on power from the state utility, PNG Power Limited ("**PNG Power**"). The amount of

power imported from PNG Power has had a marginal increase over the last three years, with about 67% of the mine's daily

power demand met by PNG Power, and the remaining 33% self-generated using the mine's diesel power station.

Risks associated with self-generation include exposure to diesel price increases, danger to road users and pedestrians in

the transport of fuel to the site, and potentially higher associated greenhouse gas emissions.

See Item 5: "*Operating and Financial Review and Prospects – Operating Results – Key factors affecting our results -* 

*Electricity in South Africa*." and "*Integrated Annual Report for the 20-F* 2025 *– Environment stewardship – Climate and energy* 

*management*" on pages 98 to 104.

***Illegal mining and other criminal activity at our operations, including theft of gold and gold-bearing material, could***

***pose a threat to the safety of employees, result in damage to property and could expose us to losses, business***

***disruption and liability***

*The activities of illegal* and artisanal miners, which include theft, has increased over the years and had become more

violent and threatens both the safety of employees and sustainability of the mining industry.

South Africa

In South Africa, artisanal and illegal miners are active on, or adjacent to, several of our properties, but weremostly active

on the surface during fiscal 2025. Artisanal and illegal miners at times may lead to interference with our operations and results in

conflict that presents a security threat to property and human life. The environmental, social, safety and health impacts of

artisanal mining are frequently attributed to formal mining activity, and it is often assumed that artisanal-mined gold is channelled

through large-scale mining operators, even though artisanal and large-scale miners have distinct supply chains. These

misconceptions impact negatively on the reputation of the industry.

The activities of the illegal miners, which include theft, can cause damage to our properties, including by way of pollution,

copper cable theft, underground fires, critical infrastructure damage, operational disruption, project delays or personal injury or

death, for which we could potentially be held responsible. Illegal and artisanal mining could contribute to the depletion of mineral

deposits, potentially making the future mining of such deposits uneconomic. Most illegal miners are found at abandoned shafts

or old work places.

Illegal and artisanal mining (which may be by employees or third parties) is associated with a number of negative impacts,

including environmental degradation and human rights abuse, such as forced labour, human trafficking, child labour, corruption,

money laundering and other violent crimes in the communities and at the mines. Effective local government administration is

often lacking in the locations where illegal and artisanal miners operate, due to rapid population growth and the lack of

functioning structures, which can create a complex, unstable social environment. The disbandment of specialised South African

Police Service ("**SAPS**") units has also left a huge gap in the apprehension of high-ranking criminals in the illicit gold trade.

Without the assistance of these services, combating illegal and artisanal mining is extremely difficult and poses significant risks

to Harmony including reputational risks, litigation, production losses resulting from stoppages and areas becoming unsafe as the

miners encroach on active mining sites as well as increased costs to mitigate these risks.

Papua New Guinea

Illegal and artisanal mining poses challenges to various mines in PNG.The presence of illegal miners could lead to project

delays and disputes regarding the development or operation of commercial gold deposits. In addition, illegal mining could lead to

an increase in the level of organisation and funding of criminal activity around some of our operations. Criminal activities such as

trespassing, illegal and artisanal mining, and related sabotage, theft and vandalism could lead to damage to, and disruptions at,

our operations.

Rising gold and copper prices may result in an increase in gold and copper thefts; moreover, incidences of illegal mining

may escalate as a result of social and economic conditions. The occurrence of any of these events could have a material

adverse effect on our financial condition on results of our operations.

***Actual and potential shortages of production inputs and supply chain disruptions may affect our operational results***

Our operational results may be affected by the availability and pricing of consumables such as fuel, chemical reagents,

explosives, tires, steel and other essential production inputs. Issues with regards to availability of consumables may result from

shortages, long lead times to deliver and supply chain disruptions, which could result in production delays and production

shortfalls. We expect cost increases and longer lead time to continue in fiscal 2026 across our operations, including as a result

of factors such as the price of oil, inflationary increases and labour costs. See "— *Rising inflation, and geopolitical risks may* 

*have a material adverse effect on our business, operating results and financial condition*".

Shortages can be attributed to geopolitical uncertainty, including the potential impact of global trade policy shifts. In South

Africa, the consequences of intermittent power outages and unplanned breakdowns have resulted in rising input costs and

longer lead times. The steel and chemical industry has experienced periodic labour actions related to wage negotiations,

affecting major local steelmakers and retailers, and creating supply constraints. These shortages has had an affect on numerous

engineering companies within our extensive supply chain network, regardless of their size.

Despite the Red Sea maritime disruptions that impacted our supply chain during fiscal 2024 having largely stabilised by

mid-year, the freight rates remain elevated compared to pre-disruption levels. Current geopolitical tensions in the Middle East

continue to pose risks of renewed disruptions. The port congestion at South African facilities, particularly Durban, has affected

the clearance time of imported items and continues to create supply chain bottlenecks.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The pricing of consumables could continue to be impacted by these challenges, particularly if shortages become more

prevalent. Factors such as global supply and demand dynamics, governmental regulations including import parities on steel and

chemical-related products, and industrial actions, may contribute to price fluctuations. A sustained interruption in the supply of

these consumables would necessitate swift identification of alternative suppliers, potentially resulting in higher costs. Moreover,

such interruptions could adversely affect our ability to pursue our development projects. Any significant increase in the prices of

these consumables would escalate operating costs and have adverse effects on profitability. Consequently, this could impact our

financial and operating results.

***Fluctuations in insurance cost and availability could adversely affect our operating results and our insurance coverage***

***may prove inadequate to satisfy future claims***

Fluctuations in insurance costs and availability can significantly impact our operating results, and our current insurance

coverage may not fully address future claims. We maintain global insurance policies that cover general liability, directors' and

officers' liability, cyber-security, accidental loss, and material damage to our property, including resultant business interruptions.

However, the costs of sustaining adequate insurance coverage continue to rise and may persist in doing so, potentially

adversely affecting our financial performance.

We also have comprehensive third-party liability coverage, which includes unforeseen sudden and accidental

environmental liabilities. Despite this, we may still face liability for pollution or other hazards that are not insured or insurable,

including those related to past mining activities. Our property and liability insurance is aligned with industry practices but, like all

insurance policies, contains exclusions and limitations.

Additionally, there is no guarantee that insurance will always be available at economically feasible premiums.

Consequently, our insurance coverage might not protect against certain claims related to environmental or industrial accidents,

pollution, public health emergencies, data protection and cybersecurity breaches, and other events that could disrupt our

operations, such as the National Grid Collapse. These factors could materially and adversely affect our financial and operating

results.

***We compete with mining and other companies for key human resources with critical skills and our inability to retain***

***key personnel could have an adverse effect on our business***

The risk of losing senior management or being unable to hire and retain sufficient technically skilled employees or sufficient

representation by HDPs in management positions, or sufficient gender diversity in management positions or at Board level, may

materially impact on our ability to achieve our objectives. We compete with mining and other companies globally to attract and

retain key human resources at all levels with the appropriate technical skills and operating and managerial experience

necessary to continue operating our business. The global shortage of key mining specialists, including geologists, mining

engineers, mechanical and electrical engineers, metallurgists and skilled artisans has been exacerbated by increased mining

activity across the globe. Furthermore, the often remote locations of mining operations may make the mining industry

unattractive to potential employees.

In addition to this, the regions we operate in also have specific requirements which could affect our recruitment and

retention processes. In South Africa, the need to recruit, develop and retain skilled employees is particularly critical with HDPs

and women in mining in South Africa. In August 2024, the PNG Department of Commerce and Industry launched "The Papua

New Guinea National Content Policy for Resource Sectors 2023". Although it is presently uncertain the extent to which, and

how, the policy will be applied to our current operations and projects in PNG, if the localisation of the workforce policy provisions

are introduced, we believe that they would severely restrict the utilisation of offshore-based "fly-in, fly-out" expatriate employees,

and potentially also result in a tightening of legislation around the granting of work permits and visas to foreign skilled

employees. This would, in turn, adversely affect our ability in PNG to engage and retain appropriately skilled human resources,

and could necessitate the application of additional resources to the construction or provision of housing for residential

employees and the recruiting and training of local landholders and landholder businesses, all of which may have an adverse

effect on our business, operating results and financial condition.

There can be no assurance that we will attract and retain skilled and experienced employees. Should we lose any of our

key personnel, our business may be harmed and our operational results and financial condition could be adversely affected. See

Item 4: "*Information on the Company – Business Overview – Regulation – Labour Relations*" and "*Integrated Annual Report for* 

*the 20-F* 2025 *– Social stewardship – An engaged workforce*" on pages 154 to 165.

***The use of contractors at certain operations may expose us to delays or suspensions in mining activities and***

***increases in mining costs***

We use contractors at certain of our operations to mine and deliver ore to processing plants as well as for other purposes.

At mines employing mining contractors, contracting costs represent a significant proportion of the total operating costs of these

operations and we do not own all of the mining equipment.

Our operations could be disrupted, resulting in additional costs and liabilities, if the mining contractors at affected mines have

financial difficulties, if a dispute arises in renegotiating a contract, or if there is a delay in replacing an existing contractor and its

operating equipment to meet business needs at expected cost levels. Increases in contract mining rates, in the absence of

associated productivity increases, will also have an adverse impact on our results of operations and financial condition.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Contractors can adversely affect our reputation, results of operations and financial condition by:

• our reduced control over those aspects of operations which are the responsibility of contractors;

• their failure to comply with applicable legal, human rights and regulatory requirements; and

• their inability to manage their workforce to provide high quality services and a high level of productivity.

This may result in us incurring liability to third parties due to the actions of contractors, which could have a material

adverse effect on our business, operating results and financial condition.

In PNG, although it is presently uncertain the extent to which, and how, the PNG Department of Commerce and Industry's

"Papua New Guinea National Content Policy for Resource Sectors 2023" will be applied to our current operations and projects in

PNG, if these provisions are introduced, we believe they will prescribe increased levels of participation by locally-owned

businesses in the provision of goods and services, which could adversely affect our ability in PNG to manage the costs of goods

and services to our operations, which would, in turn, have an adverse effect on our business, operating results and financial

condition.

***We are dependent on a number of highly-integrated communication and IT systems, any major disruption to which***

***could have an adverse effect on our operations and financial results***

We utilise and rely on various internal and external IT systems to support our business activities. Significant damage or

interruption of our IT systems, whether due to accidents, human error, natural events or malicious acts, may lead to disruptions

to our business operations and/or essential data being irretrievably lost, exposed or damaged, thereby adversely affecting our

business, operating results and financial condition.

***Estimations of our reserves are based on a number of assumptions, at a specific point in time, including mining and***

***recovery factors, future cash costs of production, exchange rates, and the relevant commodity prices; as a result,***

***metals produced in future may differ from current estimates***

The mineral reserve estimates in this annual report are estimates of the mill-delivered quantity and grade of metals in our

deposits and stockpiles. They represent the amount of metals that we believe can be mined, processed and sold at prices

sufficient to recover our estimated future cash costs of production, remaining investment and anticipated additional capital

expenditures. Our mineral reserves are estimated based on a number of factors, which have been stated in accordance with the

South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2016 edition

("**SAMREC, 2016**"). For the purposes of this Harmony 2025 Form 20-F, our Mineral Resources and Mineral Reserves have been

classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K. Calculations of our mineral reserves are based on

estimates of:

• future cash costs;

• future commodity prices;

• future currency exchange rates; and

• metallurgical and mining recovery rates.

These factors, which significantly impact mineral reserve estimates, are beyond our control. As a result, reserve estimates

in this annual report should not be interpreted as assurances of the economic life of our gold and other precious metal deposits

or the future profitability of operations.

Since these mineral reserves are estimates based on assumptions related to factors detailed above at a specific point in

time, should there be changes to any of these assumptions, we may in future need to revise these estimates. In particular, if our

cash operating and production costs increase or the gold price decreases, recovering a portion of our mineral reserves may

become uneconomical. This will lead, in turn, to a reduction in estimated reserves. Any reduction in our mineral reserves

estimate could materially adversely affect our business, operating results and financial condition.

***Our operations have limited proved and probable reserves; exploration for additional resources and reserves is***

***speculative in nature, may be unsuccessful and involves many risks***

Our operations have limited proved and probable reserves, and exploration and discovery of new resources and reserves

are necessary to maintain current gold production levels at these operations. Exploration for gold, other precious metals and

copper is speculative in nature, may be unsuccessful and involves risks including those related to:

• locating orebodies;

• geological nature of the orebodies;

• identifying the metallurgical properties of orebodies;

• estimating the economic feasibility of mining orebodies;

• developing appropriate metallurgical processes;

• obtaining necessary governmental permits; and

• constructing mining and processing facilities at any site chosen for mining.

Our exploration efforts might not result in the discovery of mineralisation, and any mineralisation discovered might not

result in an increase in resources or proved and probable reserves. To access additional resources and reserves, we will need

to complete development projects successfully, including extensions to existing mines and, possibly, establishing new mines.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Development projects would also be required to access any new mineralisation discovered by exploration activities around the

world. We typically use feasibility studies to determine whether to undertake significant development projects. These studies

often require substantial expenditure. Feasibility studies include estimates of expected or anticipated economic returns, which

are based on assumptions about:

• future gold and other metal prices;

• anticipated tonnage, grades and metallurgical characteristics of ore to be mined and processed;

• anticipated recovery rates of gold and other metals from the ore; and

• anticipated total costs of the project, including capital expenditure and cash costs.

All projects are subject to project study risk. There is no certainty or guarantee that a feasibility study, if undertaken, will be

successfully concluded or that the project that is the subject of the study will satisfy our economic, technical, risk and other

criteria in order to progress that project to development.

A failure in our ability to discover new resources and reserves, enhance existing resources and reserves or develop new

operations in sufficient quantities to maintain or grow the current level of our resources and reserves could negatively affect our

business, operating results and financial condition.

***We are subject to the risk of litigation, the causes and costs of which are not always known***

We are subject to litigation, arbitration and other legal proceedings arising in the normal course of business, and we may

be involved in disputes that may result in litigation. Potential future litigation may arise from a variety of causes, including among

other things, business activities, environmental, health and safety matters, share price volatility, unlawful community protest

actions and failure to comply with disclosure obligations. The results of litigation, arbitration and other legal proceedings cannot

be predicted with certainty, but could include costly damage awards or settlements, fines, and the loss of licenses, concessions,

or rights, among other things.

In the event of a dispute, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in

subjecting foreign persons to the jurisdiction of courts in South Africa. An adverse or arbitrary decision of a foreign court could

have a material adverse impact on our financial performance, cash flow and results of operations.

South Africa

We are subject to numerous claims, including class actions or similar group claims relating to silicosis and other

occupational health diseases, and could be subject to similar claims in the future. A settlement in the silicosis class action claims

has been reached and a provision for silicosis has been made. A provision of R262 million has been recognised at 30 June

2025, for our potential cost to settle the silicosis and TB class actions that have been instituted against us in South Africa.

Significant judgment was applied in estimating the costs that will be incurred to settle the silicosis class action claims and related

expenditure and the final costs may differ from current cost estimates. Management believes the assumptions are appropriate,

however changes in the assumptions may materially affect the provision and final costs of settlement. There can be no

assurance that the ultimate resolution of this matter will not result in losses in excess of the recorded provision and the ultimate

settlement may have a material adverse effect on our financial position. For further information, see Item 8: "*Financial* 

*Information – Consolidated Statements and Other Financial Information – Legal Proceedings"* and *"Integrated Annual Report for* 

*the 20-F* 2025 *– Social stewardship – Holistic health and wellness*" on pages 141 to 153 for further information. See note 25

"*Other Provisions – Provision for silicosis settlement*" to our consolidated financial statements set forth beginning on page F-1.

It is possible that additional class actions and/or individual claims relating to silicosis and/or other occupational health

diseases will be filed against us in the future. We will defend all and any subsequent claims as filed on their merits. Should we

be unsuccessful in defending any such claims, or in otherwise favourably resolving perceived deficiencies in the national

occupational disease compensation framework that were identified in the earlier decision by the Constitutional Court, such

matters would have an adverse effect on our financial position, which could be material.

Papua New Guinea

In PNG, it is proposed to utilise deep sea tailings placement ("**DSTP**") as the tailings management method for the Wafi-

Golpu Project, which method is authorised under the environment permit issued for the project. However, the grant of the permit

is currently the subject of two judicial review proceedings against the State of PNG, the first of which was instituted in March

2021 by a previous Governor of the Morobe Province in PNG who was opposed to DSTP and the second of which was instituted

in December 2022 by Huon Gulf coastal villagers represented by the Centre for Environmental Law and Community Rights Inc.

("**CELCOR**").

With regard to the proceedings instituted in March 2021, the Governor who succeeded the instituting Governor in

September 2022 was not opposed to DSTP and stated publicly his intention to withdraw the proceedings instituted by his

predecessor. As at 30 June 2025, he had not yet done so. The Governor passed away in September 2025 and, to the time of

filing of this report, the proceedings have not been withdrawn. With regard to the proceedings instituted in December 2022, the

matter went to substantive hearing on 12 June 2025 and, as at 27 October 2025, a ruling has not been made.

In addition to the judicial reviews, Harmony Gold (Australia) Pty Ltd ("**HGA**") and Newcrest Mining Limited ("**Newcrest**"), a

subsidiary of Newmont Corporation ("**Newmont**"), have been the subject of an Organisation for Economic Co-operation and

Development ("**OECD**") complaint lodged in November 2022 by Huon Gulf coastal villagers represented by CELCOR alleging

the breach (particularly regarding the plans to utilise DSTP) of various human rights and environmental requirements set out in

the Guidelines for Multinational Enterprises 2011 published by the OECD.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Irrespective of the outcome of the CELCOR judicial review, it is possible that a class action or individual claim relating to

DSTP may be filed against us in the future, which (if successful) could have a material adverse impact on the Wafi-Golpu

Project.

Should we be unable to resolve disputes favourably or to enforce our rights, this may have a material adverse impact on

our financial performance, cash flow and results of operations.

***The risk of unforeseen difficulties, delays or costs in implementing our business strategy and projects may lead***

***to us not delivering the anticipated benefits of our strategy and projects; in addition, actual cash costs, capital***

***expenditure, production and economic returns may differ significantly from those anticipated by feasibility studies for***

***new development projects***

The successful implementation of our business strategy and projects depends upon many factors, including those outside

our control. For example, the successful management of costs will depend on prevailing market prices for input costs. The ability

to grow our business will depend on the successful implementation of our existing and proposed projects and continued

exploration success, as well as on the availability of attractive acquisition opportunities, all of which are subject to the relevant

mining and company specific risks as outlined in these risk factors.

It can take a number of years from the initial feasibility study until development/construction of a project is completed and,

during that time, the economic feasibility of production may change. In addition, there are a number of inherent uncertainties in

project development and construction including:

• the time to secure and provisions of necessary governmental and third party permits, licenses and permissions;

• timing and cost of constructing mining and processing facilities;

• availability and cost of skilled labour, power, water, fuel, mining equipment and other materials;

• accessibility of transportation and other infrastructure, particularly in remote locations;

• availability and cost of smelting and refining arrangements;

• availability of funds to finance construction and development activities; and

• spot and expected future commodity prices of metals including gold, silver, copper, uranium and molybdenum.

All of these factors, and others, could result in our actual cash costs, capital expenditures, production and economic returns

differing materially from those anticipated by feasibility studies.

In order to maintain or expand our operations and reserve base, we have sought, and may continue to seek to enter into

joint ventures or other alliance arrangements with third parties and make acquisitions of primarily gold and copper producing

companies or assets. See "– Risks Related to Our Corporate and Financing Structure and Strategy – *We may experience* 

*problems in identifying, financing and managing new acquisitions or other business combination transactions and integrating* 

*them with our existing operations, we may not have full management control over future joint venture projects*".

However, there is no assurance that any future development projects will extend the life of our existing mining operations

or result in any new commercial mining operations. Unforeseen difficulties, delays or costs may adversely affect the successful

implementation of our business strategy and projects, and such strategy and projects may not result in the anticipated benefits,

which could have a material adverse effect on our results of operations, financial condition and prospects.

***Certain of our operations are dependent on trackless mobile machinery ("TMM"), which exposes us to***

***interruptions, delays, and increased operational risk***

Specific operations face elevated risks associated with the reliability and availability of TMM, which is critical to

mechanised mining and project execution. Adverse underground conditions, supply chain constraints, and skills shortages

contribute to equipment downtime and operational inefficiencies. These challenges pose potential threats to production

continuity, cost control, and the timely delivery of capital projects.

***Our recent appointment of a new independent registered public accounting firm could result in additional costs,***

***which could adversely impact our business.***

We recently appointed Ernst & Young Inc. ("**EY**") as our independent registered public accounting firm, replacing

PricewaterhouseCoopers Inc. ("**PwC"**). The transition to a new auditor involves inherent risks and costs, including transition and

onboarding costs in the form of additional audit fees and management time required during the initial phase. Due to the

complexity of our environment, this could take several years, as the new auditor establishes an understanding of our operations,

systems, and accounting processes. While we do not anticipate that the auditor transition will result in changes to our previously

reported financial results, the transition process may temporarily increase costs and resource demands on our teams involved in

the external audit.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Risks Related to ESG** 

***We may fail to meet ESG performance expectations and targets, which could result in reputational damage, loss of***

***stakeholder confidence, and material adverse effects on our business and access to capital***

Harmony operates in an environment of increasing scrutiny regarding ESG performance from multiple stakeholder groups,

including investors, lenders, local communities, regulatory authorities, non-governmental organisations ("**NGOs"**), and other

parties. These stakeholders are increasingly focused on climate-related risks, governance practices, and the environmental and

social impacts of mining operations and investments. Investment capital allocation decisions, lending decisions, and stakeholder

engagement are increasingly driven by assessments of ESG performance, particularly regarding the safe operation of mines,

mitigation of local environmental and community impacts, reduction of greenhouse gas emissions, ethical standards, workplace

culture, human rights protections, regulatory compliance, and supply chain credibility.

*Risks related to ESG performance expectations*

Failure to meet internally or externally adopted ESG standards, or to satisfy stakeholder expectations regardless of legal

obligation, could result in significant reputational damage, loss of social license to operate, litigation, and constrained access to

capital from investors and lenders who may reallocate or decline to commit capital based on their assessment of our ESG

practices. Additionally, certain financial institutions from whom we borrow may require compliance with internationally-

recognised environmental, health, safety and social standards and benchmarks, and deviation from such standards could

adversely affect our existing financing arrangements and ability to secure future financing. Such requirements could impose

substantial compliance costs on our operations.

Beyond local regulatory compliance, our operations are subject to increasingly stringent internationally-recognised

standards and benchmarks, whether adopted by jurisdictions in which we operate or expected by stakeholders. For example,

companies registered in OECD-member countries are subject to OECD complaint processes regarding alleged breaches of the

OECD Guidelines for Multinational Enterprises occurring anywhere in the world. In November 2022, HGA and Newcrest (in

relation to their participation in the Wafi-Golpu Joint Venture) were the subject of an OECD Specific Instance complaint lodged

with the OECD National Contact Point in Australia, alleging breaches regarding human rights and environmental requirements,

particularly concerning plans to utilise DSTP. On 29 August 2025, the OECD Examiner published its report, finding that certain

activities appeared not to align with the OECD Guidelines in some areas and making a number of recommendations. Although

compliance with such recommendations is voluntary, adverse findings carry reputational risk and may signal to stakeholders and

financiers areas requiring remediation.

*Risks related to meeting ESG targets*

Harmony has published quantitative targets and metrics relating to ESG aspects including greenhouse gas emissions,

energy use, and water management, which are subject to regular public reporting and external scrutiny. Our ability to meet these

targets is dependent on our own operational actions, the regulatory policy frameworks and actions of governments in countries

where we operate, clear and timely regulatory guidance to support achievement of targets, and actions of participants in our

value chain and the broader society. Unforeseen factors beyond our control, including changes in regulatory regimes,

unavailability of requisite technologies, economic constraints, supply chain disruptions, or slower-than-anticipated societal

transitions, could impede our progress toward these targets.

Failure to meet published ESG targets could result in material adverse effects on our business, operating results, and

financial condition. Additionally, such failure could expose us to reputational damage, litigation risk from stakeholders, and loss

of investor confidence, potentially affecting our share price and ability to access capital markets.

*Compounding risks from political and social controversy*

ESG practices, particularly regarding inclusion, diversity and equity ("**ID&E"**), have become increasingly subject to political

controversy in the United States in recent years. Our policies and practices regarding ID&E and other ESG-related matters,

including previously established goals and initiatives and any disclosures mandated by non-US laws, may expose us to legal

and reputational risks, including anti-ESG and anti-ID&E-related orders, investigations, legislation, litigation, media scrutiny,

boycotts, and negative publicity from investors, employees, customers, and other stakeholders.

Jurisdictional differences and evolving regulatory landscapes create conflicting expectations from various stakeholder

groups—including governments, NGOs, investors, customers, employees, and other third parties. The Company may be unable

to satisfy the divergent or conflicting expectations of all stakeholders regarding ESG matters, ID&E initiatives, and other ESG-

related aspects of our business, which could result in reputational damage and business disruption.

*Cumulative impact*

The cumulative effect of these interconnected ESG risks comprising of stakeholder expectations, regulatory developments,

published targets, and political controversy could have a material adverse effect on our financial condition, operating results,

share price, access to capital, social license to operate, stakeholder relationships, and overall business resilience. We may be

required to implement increasingly stringent ESG practices and standards to meet evolving stakeholder expectations and

regulatory requirements, with associated compliance costs, management attention, and operational complexity. Failure to

effectively navigate these multifaceted ESG challenges could adversely impact our reputation, brand image, ability to attract and

retain capital and talent, and long-term business sustainability.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Climate change may present physical and transition risks that could materially and adversely affect our operations,***

***profitability, and long-term sustainability***

Climate change is widely regarded as one of the most severe global threats, with environmental risks like extreme weather

and climate action failure dominating global risk outlooks across all timeframes. Climate change presents both physical and

transitional risks to our operations, supply chain, and long-term financial performance.

Physical climate risks are predicted to increase in frequency and intensity, posing growing threats to our mining operations

and infrastructure. These risks include altered rainfall patterns and disruption to the water cycle, rising sea levels, water scarcity,

higher temperatures, and more frequent extreme weather events such as fires, floods, droughts, and higher intensity storm

events. Climate change intensifies floods and droughts by disrupting precipitation patterns, creating compound risks of both

water scarcity and flooding damage. These events can damage critical infrastructure, disrupt mining, transport, mineral

processing, and rehabilitation activities, strain energy and water resources, potentially halt production, and elevate health and

safety risks with potential consequences for our workforce, nearby communities, and operational continuity.

Transition risks arise from evolving climate policies, carbon pricing mechanisms, regulatory requirements, and stakeholder

expectations. These include potential carbon taxes, mandatory climate disclosure requirements, emissions reduction targets,

and shifting market dynamics as governments and investors accelerate decarbonisation efforts. Such measures may result in

increased compliance costs, capital expenditure requirements for emissions reduction technologies, changes to our operating

licenses or permits, pressure to accelerate our decarbonisation pathway, and potential impacts on the competitiveness of

carbon-intensive operations. Failure to adequately respond to these transition risks could affect our access to capital,

stakeholder relations, regulatory standing, and social license to operate.

Together, these physical and transition risks could materially impact our operations, profitability, sustainability, and long-

term resilience. Our ability to manage these interconnected climate risks will be critical to maintaining operational continuity,

meeting stakeholder expectations, and ensuring the sustainability of our business model in a carbon-constrained economy.

***We are subject to extensive environmental regulations in the countries in which we operate, and compliance costs,***

***regulatory changes, and potential non-compliance could have a material adverse effect on our business, operating***

***results and financial condition***

As a mining company, we are required to follow strict environmental regulations covering pollution prevention, water

management, waste disposal, biodiversity conservation, occupational health and safety, management of toxic substances and

mine closure. We expect compliance costs relating to environmental regulation to continue rising in South Africa, Australia and

PNG. In addition, stakeholders increasingly pressure us to improve energy efficiency, reduce our carbon footprint, use resources

responsibly and be transparent about managing climate-related risks and opportunities.

South Africa

In South Africa, our operations are governed by the MPRDA, the NEMA and numerous other environmental laws and

regulations that are regularly updated, amended and supplemented, imposing additional and changing obligations on mining

companies. See Item 4: "*Information on the Company – Business Overview – Regulation – Laws and Regulations Pertaining to* 

*Environmental Protection - South Africa*" for detailed discussion of the regulatory framework.

*Financial Provision and Rehabilitation Liabilities*

Under South African law, mining right holders remain responsible for environmental liabilities, pollution, ecological

degradation, water treatment and sustainable mine closure until the DMPR issues a closure certificate, and under NEMA this

responsibility may continue indefinitely even after closure certification. We are required to annually assess environmental

liabilities and provide financial security for rehabilitation, closure and post-decommissioning management.

The Financial Provision Regulations, 2015 impose significantly more stringent obligations than previous guidelines,

including mandatory inclusion of preliminary costs, imposition of VAT at 15%, prohibition on withdrawal of trust funds for

concurrent rehabilitation, and ceding of funds to the Minister for latent liabilities. While the compliance deadline for existing rights

has been indefinitely delayed pending new regulations, the ultimate requirements remain uncertain. There are concerns about

the ambiguity of current and proposed provisions, which may result in misinterpretation, mis-application and disputes with the

Department of Forestry, Fisheries and Environment (the "**DFFE**"), any of which could have a material adverse effect on our

business, operating results and financial condition.

Under the National Environmental Management Laws Amendment Act, 2 of 2022 ("**NEMLAA**"), financial provision retained

by the Minister must be transferred to government-controlled accounts. We will not control how these funds are used but will

remain liable for environmental impacts. If anticipated liabilities do not materialize, there is no mechanism for recovering the

funds, creating potential for permanent loss of capital.

Proposed amendments to the MPRDA and NEMA seek to bring pre-2004 processing residue stockpiles and deposits

within the regulatory framework, which may require us to provide substantial additional financial provision for rehabilitation of

these facilities. We may also face increased environmental costs if neighbouring mines fail to meet their water management

obligations. The adoption of additional or more stringent requirements, particularly for hazardous waste management,

groundwater protection and rehabilitation of closed mines, may result in material additional costs and liabilities.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*Climate Change Legislation*

The Climate Change Act 22 of 2024 (the "**Climate Change Act**") came into effect on 17 March 2025, though many key

provisions remain deferred pending development of enabling regulations. The Climate Change Act confirms that sectoral

emissions targets ("**SETs**") will be established for GHG emitting sectors and will become more stringent over time through five-

year review cycles. Large emitters will be allocated carbon budgets limiting permissible GHG emissions and must submit and

implement GHG mitigation plans. Failure to comply with allocated carbon budgets will require remedial action and may result in

penalties.

A particular concern is that government agencies must review and may amend existing administrative decisions—including

environmental authorisations, atmospheric emissions licenses, and mining rights—to ensure climate change risks are

considered and to give effect to the Climate Change Act's objectives. Before amending such approvals, authorities must provide

notice and opportunity for representations, but the Climate Change Act provides grounds for material changes to existing

operational approvals. Third parties such as NGOs may seek to compel these reviews. The proposed amendments to existing

approvals may have material implications on our business and operations and may create significant investment uncertainty.

*Permitting and Appeals Delays*

The National Appeal Regulations, 2025 introduced a new category of complex appeals under NEMA and related

environmental laws. The regulations allow appeal administrators to appoint advisory appeal panels without specifying

timeframes, creating potential for appeals to remain unresolved for extended periods. These delays may hinder project

timelines, prolong permitting uncertainty and increase operational and compliance risks, which could materially impact our ability

to execute projects as planned, delay investment decisions and adversely affect our business, operating results and financial

condition.

*Tailings management*

For discussion of TSF-specific environmental and safety regulations, see "— *Compliance with tailings management* 

*requirements and standards, and potential liabilities in the event of a failure to timely comply or an incident involving a TSF,* 

*could adversely impact our financial condition, our operational results and our reputation*."

Australia

In Queensland, our Eva Copper Project operations are subject to the Environmental Protection Act 1994 (Qld) (the

"**Queensland EP Act**") and Environmental Protection Regulations 2019 governing Environmental Authorities ("**EAs**") for

environmentally relevant activities ("**ERAs**"), the Commonwealth Environment Protection and Biodiversity Conservation Act

1999 ("**EPBC Act**") protecting matters of national environmental significance ("**MNES**"), and the National Greenhouse and

Energy Reporting Act 2007 ("**NGER Act**") establishing mandatory GHG and energy reporting frameworks. See Item 4:

"*Information on the Company – Business Overview – Regulation – Laws and Regulations Pertaining to Environmental* 

*Protection – Australia*" for detailed discussion of the regulatory framework.

The Eva Copper Project currently holds an EA and is pursuing further amendments expected to conclude in 2026. While

self-assessments indicate the project is unlikely to significantly impact MNES under the EPBC Act, the risk of not having

obtained Commonwealth approval cannot be entirely eliminated. Future project changes may require EPBC Act referrals,

creating potential approval delays or conditions.

The NGER Act requires facilities exceeding specified thresholds to register and report annually on GHG emissions, energy

production and consumption. Non-compliance risks include enforcement action by the Clean Energy Regulator, civil penalties,

public enforcement notices, audit findings, regulator scrutiny and reputational damage from inaccurate or incomplete public

reporting. The Safeguard Mechanism applies additional obligations to facilities with scope 1 emissions exceeding 100,000

tonnes of carbon dioxide equivalent ("CO2-e") annually, requiring emissions to remain within declining baselines consistent with

Australia's net zero trajectory (43% below 2005 levels by 2030, 62-70% by 2035, net zero by 2050). The Eva Copper Project's

predicted emissions may trigger Safeguard Mechanism obligations, potentially requiring emission reduction measures or

purchase of carbon credits.

Under the Queensland EP Act and the Mineral and Energy Resources (Financial Provisioning) Act 2018 (the "**MERFP** 

**Act**"), we cannot conduct resource activities unless an Estimated Rehabilitation Cost ("**ERC**") decision is in effect and we have

provided financial security through contributions to the scheme fund or sureties. Revised ERC applications must be prepared

and approved before commencing further construction and mining activities, creating potential for delays or increased financial

provision requirements as the project advances.

Sustainability-related disclosures and claims are subject to prohibitions against misleading and deceptive conduct under

the Australian Corporations Act 2001 (Cth) ("**Corporations Act**") and the Australian Securities and Investments Commission Act

2001 (Cth). The Australian Securities and Investments Commission ("**ASIC**") expects sustainability claims to be factually

accurate, based on reasonable grounds, supported by verifiable evidence, and reflective of actual practices. Misleading claims

may expose us and our officers to enforcement action, reputational damage and stakeholder litigation. We are also subject to

the Australian Sustainability Reporting Standards effective as of January 2025—see "— *Compliance with emerging climate* 

*change regulations could result in significant costs for us - Australia*."

Papua New Guinea

Our PNG operations are subject to the PNG Environment Act 2000 ("**PNG Environment Act**") and related regulations

governing discharges and requiring Environment Permits ("**EPs**") for prescribed activities. An Environmental Impact Statement

("**EIS**") is required for activities likely to have significant adverse environmental impact, and the Environment Minister's approval

in principle is required before the Conservation and Environment Protection Authority ("**CEPA**") may grant a Level 3 EP.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Wafi-Golpu Project received its EP on 18 December 2020, including conditions relating to DSTP. Should we breach

any obligations under our EP or the PNG Environment Act, our EP could be suspended or cancelled, or we could be subject to

fines or other sanctions, which could have a material adverse effect on our results of operations and financial condition.

PNG is undertaking a comprehensive mining regime review that includes development of a Biodiversity Offsets Policy

(anticipating mandatory biodiversity offset payments) and a National Oceans Policy. These policy developments and potential

legislative changes create uncertainty regarding future compliance requirements and costs. See Item 4: "*Information on the* 

*Company – Business Overview – Regulation – Laws and Regulations pertaining to Environmental Protection – Papua New* 

*Guinea*" for detailed discussion of the regulatory framework.

General

Compliance with existing or new environmental legislation, which increases the burden of compliance or the penalties for

non-compliance, may cause us to incur significant costs. Failure to comply with environmental legislation and the conditions of

our mining rights in any jurisdiction in which we operate may result in fines, penalties, reputational damage, loss of existing

mining rights, or inability to acquire new rights to mine, each potentially having a material adverse effect on our business,

operating results and financial condition.

***The socio-economic landscape in the regions in which we operate may have an adverse effect on our operations and***

***profits***

We have operations in South Africa, Australia and PNG. As a result, changes to or instability in the social, economic or

political environment in any of these countries or in countries proximate to them could affect an investment in us. Without

limitation, political risks may include the following: political instability and terrorism; nationalisation and resource nationalism;

change in legislative, regulatory or fiscal frameworks; renegotiation or nullification of existing contracts, leases, permits or other

agreements; restrictions on repatriation of earnings or capital; changes in laws and policy; and socio-economic risks including

civil unrest and criminality. The impact of future long-term health related issues may heighten social tensions and demands, as

individuals look to the mining industry for job creation opportunities and other resources and benefits.

The African National Congress ("**ANC**") has been the governing party in South Africa since 1994. After a national election

in 2024, the ANC was unable to secure an outright majority for the first time and entered into a coalition government with various

other national parties. This coalition government creates increased policy uncertainty and potential for political instability, which

could adversely impact the socio-economic framework in South Africa and thus on our operating results and financial condition.

Changes in the political landscape may result in shifts in mining policy, taxation, labour regulation, or other legislative and

regulatory frameworks affecting our operations.

In Papua New Guinea, the government of Prime Minister James Marape has advocated a policy of "Take Back PNG" since

2019, intended to increase the PNG Government's share of the proceeds from mining, enhance landholder and provincial

government equity participation in mining projects and promote direct involvement in mining and exploration by PNG

Government-owned enterprises. This policy has witnessed the presentation of various proposed revisions to the mining regime

which (if introduced and applied to our operations and projects) would have a materially adverse impact.

In 2025, PNG experienced political volatility in the form of motions of no-confidence against the Prime Minister, however

these leadership challenges failed and PNG parliamentary rules prescribe no further such motions are permissible until after the

next election. Localised unrest and breakdowns of law and order, economic challenges and shortages of foreign currency are

ongoing.

It is difficult to predict the future political, social and economic environment in these countries, or any other country in which

we operate save to state that any social, economic or political changes or instability may directly impact Harmony, adversely

affecting the general business environment and our business, results of operations and financial condition. For discussion of

restrictions on movement of funds and capital deployment, see "— *Our financial flexibility could be constrained by the Exchange* 

*Control Regulations of the countries in which we operate*".

***Given the nature of mining and the type of mines we operate, we face a material risk of liability, delays and increased***

***cash costs of production from environmental and industrial accidents and pollution compliance breaches***

The business of gold mining involves significant risks and hazards, including environmental hazards and industrial

accidents. In particular, hazards associated with underground mining include:

• rock bursts;

• seismic events;

• underground fires;

• cave-ins or fall-of-ground;

• discharges of gases and toxic chemicals;

• release of radioactive hazards;

• flooding or droughts;

• mining of pillars (integrity of shaft support structures may be compromised and cause increased seismicity);

• processing plant fire and explosion;

• critical equipment failures;

• inability to access methane filled shafts for rehabilitation;

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• accidents and loss-of-life incidents; and

• other conditions resulting from drilling, blasting and the removal and processing of material from a deep-level mine.

Hazards associated with opencast mining (also known as open-pit mining) include:

• flooding of the open-pit;

• collapse of open-pit walls or slope failures;

• processing plant fire and explosion;

• accidents associated with operating large open-pit and rock transportation equipment;

• accidents associated with preparing and igniting of large-scale open-pit blasting operations; and

• major equipment failures.

Hazards associated with construction and operation of waste rock dumps and TSFs include:

• accidents associated with operating a waste dump and rock transportation;

• production disruptions caused by natural phenomena, such as floods and droughts and weather conditions,

potentially exacerbated by climate change;

• dam, wall or slope failures; and

• contamination of ground or surface water.

We are at risk from any or all of these environmental and industrial hazards. In addition, the nature of our mining

operations presents safety risks. Our operations are subject to health and safety regulations, which could impose additional

costs and compliance requirements. We may face claims and liability for breaches, or alleged breaches, of such regulations and

other applicable laws. Any legislative changes relating to financial provision could add to the costs. The occurrence of any of

these events could disrupt production, increase cash costs and, individually or in the aggregate, have a material adverse effect

on our business, results of operations and our financial condition.

***Mining companies are increasingly expected to provide benefits to affected communities; failure to comply with, and/or***

***go beyond, our legal obligations could result in lawsuits, additional operational costs, investor divestment and impact***

***our "social license to operate", which could adversely impact our business, operating results and financial condition:***

***we are finding increasing expectations on our business to provide social investment beyond our legal obligations,***

***especially as communities demand services and basic infrastructure from companies such as Harmony (where gaps in***

***local government services are perceived or experienced)***

As a result of public concern about the perceived ill effects of economic globalisation, businesses in general and large

international companies such as our company, in particular, face increasing public scrutiny of their activities.

Like other mining companies, we are under pressure to demonstrate that while we seek a satisfactory return on investment

for shareholders, other stakeholders including employees, contractors, regulators, communities surrounding the operations and

the countries in which we operate, also seek to benefit from our commercial activities. Such pressures tend to be particularly

focused on companies whose activities are perceived to generate significant revenues and/or have a high impact on the social

and physical environment.

Stakeholder pressure takes many forms, including the loss of license to operate, lawsuits and investor withdrawal. The

potential consequences of these pressures include reputational damage and increased social spending obligations. There is

also increasing action by members of the general financial and investment communities, such as asset managers, sovereign

wealth funds, public pension funds, universities and other groups, to promote improvements in ESG performance by us and

others.

Existing and proposed mining operations are often located at or near existing towns and villages and other infrastructure,

or natural water courses. The impacts of dust generation, waste storage, water quality or shortages may be immediate and

directly adverse to those communities; poor environmental management practices, in particular, adverse changes in the supply

or quality of water can result in community protest, regulatory sanctions or ultimately in the withdrawal of community and

government support. While mining operations are intended to be designed to mitigate the impact on such communities and the

environment, there can be no assurance that they will do so, and the occurrence of any of these events could disrupt

production, increase cash costs and, individually or in the aggregate, have a material adverse effect on our business, results of

operations and our financial condition.

Australia

Mining in Australia is subject to the Native Title Act 1993 (Cth) (the "**Native Title Act**"). Any "*future act*" on land or waters

that will affect native title rights and cultural heritage interests is subject to native title processes intended to protect such rights

and interests through a right to negotiate enabling affected parties to reach agreement on the terms of consent concerning the

proposed future acts, including monetary compensation, employment and training, contracting opportunities and cultural

heritage. These arrangements are captured in Indigenous Land Use Agreements, which are then registered with the National

Native Title Tribunal. Changes to native title legislation, evolving interpretations of native title rights, or failure to maintain positive

relationships with native title holders could result in challenges to our agreements, delays in obtaining necessary consents for

future mining activities, increased costs, or restrictions on our ability to conduct operations.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Papua New Guinea

There is no native title or similar regime in place in PNG, however the majority of land is held under customary ownership.

We are required under the PNG Mining Act and PNG Environment Act to pay landholders compensation for any loss or damage

sustained by them arising from our exploration or mining activities. In certain prescribed instances, the quantum of these

payments is regulated, but otherwise is negotiated (with determination by a mine warden in the event of disagreement).

In addition, it is practice under the PNG mining regime for mining lease and special mining lease holders to enter into a

negotiated Memorandum of Agreement ("**MOA"),** and also referred to as a Community Development Agreement ("**CDA**") with

the PNG Government, the affected provincial and local level governments, the affected landholder(s) and other stakeholder

organisations regarding the sharing of benefits derived from the mining operations. These shared benefits generally include a

participation in royalties payable by the tenement holders to the PNG Government but may further extend to local infrastructure

projects and other social performance objectives.

Disruptions to operations or delays in projects attributable to a lack of community support or community actions can

translate directly into a loss of production and increase in operational costs, a decrease in the value of a project or an inability to

bring a project to, or maintain, production. For example, our PNG operations have on occasion been disrupted by the blockading

of access routes by landholders and occupants of the land the subject of such operations. These disruptions arise from a range

of operational and non-operational grievances, including non-distribution by the PNG Government to local communities of mine-

derived royalties and other benefits, inter-community land ownership disputes, unhappiness with local or regional infrastructure

or services delivery, and local business rivalries regarding the provision of goods and services to the operations.

The cost of implementing measures to support sustainable development could increase capital expenditure and operating

costs and therefore adversely impact our reputation, business, operational results and financial condition.

See "*Integrated Annual Report for the 20-F* 2025 *– Social stewardship – Empowering communities*" on pages 166 to 173

and "*Harmony – Stakeholder engagement*" on pages 29 to 34.

***Compliance with emerging climate change regulations could result in significant costs for us***

Growing global recognition of the GHG emissions play in climate change has driven governments to introduce regulations

requiring companies to disclose and reduce their emissions. Non-compliance increasingly carries financial penalties, carbon

taxes, and reputational consequences. The introduction of IFRS S2 adds further complexity, requiring transparent reporting of

material climate risks, opportunities, and Scope 1, 2, and 3 emissions, all of which may increase our compliance burden and

operational costs.

*Reporting GHG Emissions*

In South Africa, the National Greenhouse Gas Emission Reporting Regulations require entities to register any operations

that involve fuel combustion activities related to mining and quarrying that exceed a thermal capacity of 10MW, along with

certain other listed activities. We must report GHG emissions and activity data annually for relevant operations by 31 March of

each year in line with the Technical Guidelines for Monitoring, Reporting and Verification of Greenhouse Gas Emissions by

Industry ("**Technical Guidelines**") which align with the methodologies from the Intergovernmental Panel on Climate Change

("**IPCC**"). These Technical Guidelines support the South African National Greenhouse Gas Regulations issued under National

Environmental Management: Air Quality Act, 39 of 2004 ("**NEMAQA**") and outline the reporting methodology specified in the Air

Quality Act.

In Papua New Guinea, there is currently no mandatory national GHG reporting framework.

In Australia, we are not currently required to report under the National Greenhouse and Energy Reporting (NGER)

Scheme, but future obligations are expected as our operations expand, particularly with the Eva Copper Project and the CSA

mine that forms part of our acquisition of MAC Copper Limited ("**MAC**"). Once thresholds are met, annual reporting of GHG

emissions and energy use will be required in line with the NGER Act and IPCC methodologies.

*GHG Emissions Reductions*

Our operations generate GHG emissions both directly (Scope 1), through on-site fuel combustion and industrial processes,

and indirectly (Scope 2) through the consumption of electricity from external utilities. While Scope 2 emissions are classified as

indirect, they remain within our operational control through decisions around energy sourcing, efficiency, and supplier

engagement and consequently are still attributable to our operations. In contrast, Scope 3 emissions which arise from activities

across our value chain such as transportation, procurement, and downstream processing are largely outside our direct control

but still represent a significant portion of our total emissions footprint.

South Africa, Australia and PNG have ratified key international climate agreements, including the Paris Agreement,

adopted at the UN Climate Conference in December 2015. Under this treaty, member countries must outline how and when they

plan to reduce GHG emissions through nationally determined contributions ("**NDC**") tailored to their national circumstances:

• South Africa's NDC aims for GHG emissions to peak between 2020 and 2025, plateau from 2025 to 2035 and thereafter

decline from 2036 onwards.

• South Africa's published a draft updated NDC in 2025 which introduces a new range of 320–380 MtCO₂e. The draft

supports a just transition to net zero CO₂ emissions by 2050, with plans for 36 GW of renewable energy by 2035, green

industrialisation, and structural economic transformation.

• Australia has committed to reaching net zero emissions by 2050 and, in 2022,set a 2030 target to reduce emissions by

43% from 2005 levels. In September 2025, Australia announced a further target of 62-70% below 2005 levels by 2035.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• PNG's GHG emissions have historically been minimal. However, its NDC contemplates that economic growth will increase

fuel use. PNG plans to cut fossil fuel emissions in the electricity sector and transition to 100% renewable energy by 2030,

subject to procuring necessary funding.

To achieve its commitments, the South African Government is implementing legislation aimed at achieving a lower carbon

economy. These measures include the Carbon Tax Act, 15 of 2019 (the "**Carbon Tax Act**") and the Climate Change Act.

In terms of the Carbon Tax Act, any entity conducting activities in South Africa that produce GHG emissions above defined

thresholds is liable for carbon tax. The tax rate is currently R309 per tonne of GHG emissions generated by burning fossil fuels,

unintentionally emitting GHGs during the extraction, processing, delivery and burning of fossil fuels for energy production,

including from industrial plant and pipelines, and conducting manufacturing processes that chemically and physically transform

materials.

Authorities determine taxable GHG emissions by multiplying the relevant GHG emission factor (set out in Schedule 1 of the

Carbon Tax Act) by the quantity of fuel combusted or raw material used or produced, expressed in tonnes of CO2-equivalent.

The statutory carbon tax rate increases annually in accordance with the annual tax rates published in the Taxation Laws

Amendment Act, 2022 to reach R462 in 2030.

The Climate Change Act, key provisions of which have yet to come into force, will impose "carbon budgets" on entities

incertain high-emitting industries, such as mining. The carbon budgets are intended to operate as statutory limits for CO2

emissions. It is expected that the Carbon Tax Act will be aligned with the Climate Change Act, through higher rates of carbon tax

in respect of emissions exceeding the applicable carbon budget. Moreover, it is unclear to what extent we will be able to make

use of allowances that are currently embedded in the carbon tax framework under the Carbon Tax Act.

To reduce the significant tax burden calculated by multiplying total GHG by R308, the Carbon Tax Act currently allows for

various "allowances" that can reduce the payable carbon tax by up to 95%. These include:

• allowance for fossil fuel combustion;

• allowance for industrial process emissions;

• allowance in respect of fugitive emissions;

• a trade exposure allowance;

• a performance allowance;

• a carbon budget allowance; and

• an offset allowance.

These allowances will likely be reduced over time.

These allowances currently reduce the effective carbon tax rate to between R10 and R76 per tonne of GHG. Pursuant to

section 19 of the Carbon Tax Act, the South African Minister of Finance (**"Minister of Finance"**) must make regulations

regarding: the sub sector GHG emissions intensity benchmark required in order to calculate the performance allowance, the

manner in which the trade exposure allowance must be determined and carbon offsets which have all now been promulgated.

The South African National Treasury published amendments to the National Greenhouse Gas Emission Reporting Regulations

in May 2024, extending the eligibility of carbon of offset projects to 31 December 2025, to align with the Phase 1 carbon tax

period extension and confirming that companies can continue to use carbon credits issued by these projects to reduce their

carbon tax liability

We have provisionally estimated our carbon tax liability to 2030 and beyond. However, the full impact of the Carbon Tax Act

remains uncertain. Internally, we have aligned our South African carbon price with the official tax rate. In the short term we may

face pass-through costs from suppliers due to increased fuel prices.

Alongside the carbon tax, a carbon fuel levy was introduced under the Customs and Excise Act 91 of 1964 ("**Customs and** 

**Excise Tax**"), as part of the national fuel levy regime. The carbon tax on liquid fuels is applied at the fuel source and is expected

to raise fuel prices by R0.10/liter for petrol and R0.09/liter for diesel, which will increase our operational expenses.

Until 31 December 2025, the carbon tax will remain a relatively low cost. However, we expect the allowances to be

reduced and the tax rates to increase thereafter. It is also anticipated that carbon taxes will apply to electricity generated from

fossil fuels. The cost impact of carbon tax on electricity usage could range from R100m to R600m from 2026 to 2030. Although

these rates as well as the longer-term assumptions have been built into our business plans, with a 300% absolute increase in

the price of carbon over the next five years, we believe it will put significant pressure on our business.

Electricity-related GHG emissions represent our largest emission source. Electricity accounts for approximately 15% of our

cash costs in South Africa. While cost management is clearly a strategic issue for us, the delivery of a stable and reliable energy

supply is even more critical due to its direct impact on both production and health and safety. Additional energy taxes and

regulations (such as emission measurement and reduction, audit processes and human resource costs) will significantly affect

our operations. We have initiated several renewable energy projects to supplement our energy supply needs and reduce our

reliance on electricity supplied by Eskom which is predominantly generated by coal-fired power stations.

As stated above, it is anticipated that numerous regulations will be promulgated in terms of the Climate Change Act.

However, the broad scope and evolving nature of South Africa's climate policy make it difficult to assess their full impact. Such

regulatory initiatives and related costs could have a material adverse effect on the business, operating results and financial

condition.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*Climate Change legislation and policy*

South Africa

As mentioned above, the Carbon Tax Act and Climate Change Act are the primary statutes regulating GHG emissions

reduction and climate change resilience.

Certain jurisdictions (like the EU) plan to implement carbon border adjustment mechanisms ("CBAMs"), effectively import

levies based on the embedded GHG emissions on goods imported into their territory. Currently, this does not apply to precious

metals. However, these carbon border taxes could be extended to other products (including precious metals) in the future. While

the taxes would be imposed on the importer and may be reduced to reflect carbon taxes already paid in South Africa, they could

nevertheless impact our competitiveness in these markets and may impose reporting and disclosure obligations regarding GHG

emissions generated in producing products. We continue to monitor both the jurisdictions imposing CBAMs as well as the

industries to which they apply.

Australia

In 2022, Australia passed the Climate Change Act 2022 (Cth) which enacts the 2030 and 2050 emission reduction targets

in legislation. The Australian government has also progressed reforms in a number of sectors to align with its climate targets,

including amendments to the Safeguard Mechanism through the Safeguard Mechanism (Crediting) Amendment Act 2023 (Cth),

the primary tool to limit emissions from large emitting facilities. See "– *We are subject to extensive environmental regulations in* 

*the countries in which we operate, and compliance costs, regulatory changes, and potential non-compliance could have a* 

*material adverse effect on our business, operating results and financial condition – Australia*".

The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (Cth) introduced a

mandatory annual sustainability report for certain entities, to be prepared alongside financial reports under the Corporations Act

2001 (Cth). The sustainability report must comply with the Australian Sustainability Reporting Standard AASB S2 Climate-related

Disclosures, which is substantially aligned with the IFRS S2 standard. These disclosures include governance, strategy, risk

management, and metrics and targets related to climate-related risks and opportunities.

The sustainability report is subject to phased assurance requirements, transitioning from limited to reasonable assurance

over a four-year period, as outlined in the Auditing and Assurance Standards Board standards ASSA 5000 and ASSA 5010. The

report must be lodged with ASIC and include a directors' declaration, with disclosures made on a factual and good-faith basis.

Materially inaccurate or unsubstantiated reporting and other external disclosures may expose the company and its officers to

regulatory action under Australian law, including enforcement by ASIC.

The NGER Act establishes a mandatory framework for reporting GHG emissions, energy production and energy

consumption in Australia. Thresholds apply at facility-level and corporate group level. Facilities or controlling corporations that

exceed specified thresholds must register and report annually to the Australian Clean Energy Regulator. These disclosures

underpin Australia's climate policy, international reporting obligations, and the Safeguard Mechanism, which imposes emissions

limits on large facilities. Key risks associated with non-compliance with the NGER Act include enforcement action by the

Australian Clean Energy Regulator, civil penalties (including fines and public enforcement notices), adverse audit findings and

regulator scrutiny and reputational risk associated with inaccurate or incomplete reporting noting that NGER data is publicly

disclosed if above the publication threshold (currently 50,000 tCO2-e).

Such regulatory initiatives and related costs, while they are not expected to have significant impact in the near term, could

have a material adverse effect on the business, operating results and financial condition in the future.

Papua New Guinea

In PNG, the PNG Climate Change (Management) Act 2015 provides the regulatory framework with respect to climate

change in PNG, and establishes PNG's Climate Change and Development Authority as the coordinating entity for climate

change related policies and actions across PNG and the designated National Authority under the UN Framework Convention on

Climate Change. Implementation actions under this policy to date have been very limited, however in January 2021 the PNG

Climate Change Fees and Charges came into effect which include taxes on carbon in fuel products and a Green Fee (a

departure tax for non-residents leaving PNG), and in August 2022 a draft PNG Climate Change (Management) (Carbon

Markets) Regulation was circulated for discussion. Future implications of the climate change policy on our operations in PNG

are still being established and while they are not expected to have significant impact in the near term, they may potentially have

a material adverse effect on our business, operating results and financial condition in the future.

Additionally, a number of regulators are adopting or considering new environmental disclosure rules. For example, in

March 2024, the SEC adopted final rules under SEC Release No.34-99678, The Enhancement and Standardisation of Climate-

Related Disclosures for Investors (the "**SEC Climate Disclosure Rules**"), which will require registrants to provide certain

climate-related information in their registration statements and annual reports. While the SEC stayed the effectiveness of the

SEC Climate Disclosure Rules in April 2024 and in March 2025 announced it was ending its defence of the rules in pending

litigation, meaning it is uncertain if or when compliance will be mandated. However, a number of other jurisdictions are also

mandating disclosure of climate-related risks and effects. These recently enacted and proposed regulations may impose

meaningful costs and demand significant attention from management, all of which could affect our business and our results of

operations.

See "*Integrated Annual Report for the 20-F* 2025 – *Environment stewardship – Building a lasting positive legacy*", and

"*Environment stewardship – Climate and energy management*" on pages 88 to 90 and 98 to 104 for disclosure regarding our

GHG emissions.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***The cost of occupational health care services and the potential liabilities related to occupational health diseases may***

***increase in future and may be substantial***

Our operations are subject to health and safety legislation and regulations binding on us, which could impose significant

cost burdens.

South Africa

In South Africa, the MHSA imposes various duties on mines and grants the Mine Health and Safety Inspectorate ("**MHS**I")

broad powers to, among others, close mines which are unsafe or hazardous to the health of persons and order corrective action

on health and safety matters.

There is a risk that the cost of providing measures prescribed by the MHSA and Regulations for the protections of health

and safety at mines, including complying with the health services, complying with applicable regulations, including the

Compensation for Occupational Injuries and Diseases Act, 130 of 1993 ("**COIDA**"), and the Occupational Diseases in Mines and

Works Act, 78 of 1973 ("**ODMWA**"), could increase in future, depending on changes to underlying legislation, legal claims and

the profile of our employees. This increased cost, should it transpire, could be substantial, but is currently indeterminate.

Our employees may be at risk of developing occupational health diseases. Those working underground are exposed to

some level of respirable crystalline silica and may be at risk of developing occupational lung diseases, including silicosis, a

progressive and potentially disabling lung condition resulting from prolonged inhalation of silica dust.

The Occupational Lung Disease Working Group ("**Working Group**"), was formed in fiscal 2014 to address issues relating

to compensation and medical care for occupational lung disease in the South African gold mining industry. The Working Group,

made up of various gold mining companies has had extensive engagements with a wide range of stakeholders, including

government, organised labour and the legal representatives of claimants.

We have been subject to numerous claims, including class actions or similar group claims relating to silicosis and other

occupational lung diseases, and could be subject to similar claims in the future. For instance, in May 2016, the High Court of

South Africa (Gauteng Division) certified a class action by current and former mine workers against gold mining companies in

South Africa, including us.

The matter was subsequently settled in May 2018. The terms of the settlement are available on our website. Accordingly,

the Tshiamiso Trust was created for purposes of administering the settlement funds. On 31 January 2020, the Working Group

commenced the payment of their quarterly administration and benefit contributions to the Tshiamiso Trust to enable the trustees

to settle benefits of eligible claimants. See Item 8: "*Financial Information* – *Consolidated Statements and Other Financial* 

*Information* – *Legal Proceeding*s" and "*Integrated Annual Report for the 20-F* 2025*– Social stewardship – Holistic health and* 

*wellness*" on pages 141 to 153 for further information. See note 25 "*Other Provisions* – *Provision for silicosis settlement*" to our

consolidated financial statements set forth beginning on page F-1.

At 30 June 2025 the provision in our statement of financial position was R261 million. We believe that this remains a

reasonable estimate of our share of the estimated cost in relation to the Working Group of the settlement of the class action

claims and related costs. The final settlement costs and related expenditure may, however, be higher than the recorded

provision depending on various factors, such as, among other things, differences in the number and profile of eligible claimants

actually compensated compared to current estimates.

Australia

Operations in the State of Queensland, where our Eva Copper Project is situated, are subject to similar duties and powers,

including under the following laws and regulations: the MQSH Act (as recently amended by the RSHLA Act) and the MQSH

Regulations.

We are not aware of any occupational health claims, including class actions or similar group claims, presently being made

in relation to any of our operations in Queensland, but as a mining operator there is a risk we could be subject to such claims in

the future. There is also a risk that the cost of providing health services, complying with applicable regulations, and

implementing various programs could increase in future, depending on changes to underlying legislation, legal claims and the

profile of our employees. This increased cost, should it transpire, could be substantial, but is currently indeterminate.

Papua New Guinea

Operations in PNG are subject to similar duties and powers, including under the following laws and regulations: the PNG

Mining (Safety) Act, the PNG Mining Safety Regulation 1935 (updated in 2006), the PNG Mining Act, the PNG Industrial Safety,

Health and Welfare Act 1961, the PNG Industrial Safety, Health and Welfare Regulations 1965 and the PNG Environment Act.

In June 2021, the PNG Ministry of Mining released the draft Mine & Works (Safety & Health) Bill 2021 for industry and

public consideration, which process is presently still under way. If enacted, the Bill will repeal and replace the PNG Mining

(Safety) Act.

We are not aware of any occupational health claims, including class actions or similar group claims, presently being made

in relation to any of our operations in PNG, but as a mining operator there is a risk we could be subject to such claims in the

future. There is also a risk that the cost of providing health services, complying with applicable regulations, and implementing

various programs could increase in future, depending on changes to underlying legislation, legal claims and the profile of our

employees. This increased cost, should it transpire, could be substantial, but is currently indeterminate.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

If we or any of our subsidiaries in South Africa, Australia or PNG were to face a significant number of additional such

claims and the claims were suitably established against it, the payments of compensation to the claimants could have a material

adverse effect on our results of operations and financial condition. In addition, we may incur significant additional costs,

including costs relating to the payment of fees, levies or other contributions in respect of compensatory or other funds

established (if any), and expenditures arising out of our efforts to resolve any such claims or other potential actions, any of which

could have a material adverse effect on our results of operations and financial condition.

***Our operations are subject to water use and other regulatory licenses, which could impose significant compliance***

***costs and operational constraints***

South Africa

Under the South African National Water Act, 36 of 1998 ("**NWA**") a person may only undertake a "water use" subject to a

water use license, a general authorisation or in terms of a prior existing water use, such as a water permit issued under the

NWA's predecessor, Water Act, 54 of 1954 ("**Water Act**"). Persons undertaking water use under a general authorisation or prior

existing water use must register this use with the Department of Water and Sanitation ("**DWS**").

Our South African operations are predominantly regulated under water permits issued pursuant to the Water Act.

Notwithstanding this, we have elected to convert all prior existing water uses into water use licenses under the NWA to ensure

these operations are carried out in accordance with current best practice and water quality standards. Submissions were made

as early as 2003 and we have been working closely with the regional directors in the review process.

Some operations have received draft licenses for review and comment before finalisation by the regional directors at the

DWS. Kusasalethu, Moab, Mponeng, Mine Waste Solutions, Kareerand and Kalgold received their final water use licenses.

These licenses, however, contain conditions that are impossible to meet and, as a result, we have applied to amend the relevant

conditions.

An appeal has been filed by a third party against the Mponeng water use license, more than two years after the license

was granted. We are of the view that the appellant does not have the necessarystanding to bring such an appeal and that the

appeal is vexatious. While the appeal automatically suspends our water use licenses, the suspension has been uplifted by the

Minister of Water and Sanitation. The appeal are set to be heard in October 2025 and in the meantime we are in discussions

regarding a possible settlement.

When future water licenses are issued, we may be required to implement alternate water management measures that

result in significant cost implications. We intend to work collaboratively with the regional departments and catchment

management agencies to reach mutually sustainable outcomes. Failure to obtain licenses on favourable terms could have a

material adverse effect on our results of operations and financial condition.

Failing to comply with the conditions of a water use license may result in the competent authority issuing a compliance

notice or directive instructing us to take measures to correct the non-compliance and, in some instances, to cease operations

pending the resolution of the non-compliance. Failing to comply with a water use license is an offence that may result in

prosecution. Upon conviction, the court may impose fines, damages, director and employee liability and imprisonment, which

could have a material adverse effect on our business, operating results and financial condition

Additionally, the NWA imposes a duty of care on us to take reasonable measures to prevent pollution or contamination of

water resources. The nature and extent of the reasonable measures is determined on a case by case basis. If we fail to

implement reasonable measures the competent authority may issue a directive instructing us to implement certain measures

within a prescribed period. Failing to comply with a directive is an offence and may result in prosecution and the penalties

contemplated above. Alternatively, the competent authority could implement the necessary measures using its own methods and

resources, and recoup the costs from us.

Any such environmental levy could have a material effect on our business, operating results and financial condition. In addition,

the occurrence of Acid Mine Drainage at any of our mines could affect our ability to comply with our water use license

requirements.

Obligations to pump and treat extraneous water must be addressed with our final closure plans. We are responsible for

these liabilities until a closure certificate is issued pursuant to the MPRDA and potentially thereafter under the NEMA. This

liability is discussed in more details in Item 4: "*Information on the Company – Business Overview – Regulation – Law and* 

*Regulations Pertaining to Environmental Protections in South Africa – NEMA*". Refer to "*– Risks associated with pumping water* 

*inflows from closed mines adjacent to our operations, including related closure liabilities, could adversely affect our operational* 

*results*".

Australia

Under the conditions of the mining leases for the Eva Copper Project, Eva Copper Mine Pty Limited is permitted to

construct groundwater bores within the area subject to the mining leases.

To authorise the take of groundwater from a bore/borefield, a water license is required only if the bore is in an area where

groundwater is managed (i.e. within an identified groundwater unit of a relevant water plan). This has been confirmed by the

Queensland Government as not applicable to the Eva Copper target groundwater sources.

Should we breach any obligations in complying with the provisions of any permit or license or any laws and regulations

under which they were issued, our permit or license could be suspended or cancelled, or we could be subject to fines or other

sanction. Any such suspension, cancellation or sanction could have a material adverse effect on our results of operations and

financial condition.

Papua New Guinea

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

In PNG, a single, project-comprehensive EP is issued by the Managing Director of CEPA under the provisions of the PNG

Environment Act. The permit includes provisions for both water extraction and treated waste water discharge. An annual

administration fee is payable for this permit.

Should we breach any obligations in complying with the provisions of our EP or the PNG Environment Act, our permit could

be suspended or cancelled, or we could be subject to fines or other sanction. Any such suspension, cancellation or sanction

could have a material adverse effect on our results of operations and financial condition.

See "*Integrated Annual Report for the 20-F 2025* – *Environment stewardship – Water stewardship*" on pages *105 to 109*.

***Compliance with tailings management requirements and standards, and potential liabilities in the event of a failure to***

***timely comply or an incident involving a TSF, could adversely impact our financial condition, our operational results***

***and our reputation***

Mining companies face inherent risks in their management of uneconomical milled ore residue and water, known as

tailings, which includes the operation of TSFs and other tailings disposal systems, like DSTP. Tailings storage facilities are

engineered structures built for the containment of tailings, and DSTP facilities are engineered pipeline and mixing infrastructure

for the placement of tailings in the sea.

We presently operate only TSFs, but DSTP is the approved tailings management system for the proposed Wafi-Golpu

Project. The proposed use of DSTP facilities at the Wafi-Golpu Project may expose us to reputational risk or litigation by way of

class action or individual claims, which (if successful) could have a material adverse impact on the Wafi-Golpu Project.

In South Africa, TSFs are subject to stringent regulatory oversight due to their potential environmental and safety risks. The

DWS mandates that all TSFs meeting specific criteria (such as a minimum height of five meters and a storage capacity

exceeding 50,000 cubic meters) be registered as "dams with a safety risk" under the NWA. Failure to comply with registration

requirements can lead to legal and operational consequences which could have a material adverse effect on our business,

operating results and financial condition.

Additionally, the DMPR enforces the South African Code of Practice for Mine Residue Deposits, or SANS 10286, which

outlines best practices for the design, operation and closure of TSFs. This code emphasises principles such as continual

management, minimisation of waste and the precautionary approach to mitigate risks associated with TSFs.

Recent incidents including the 2022 Jagersfontein tailings dam collapse (which is not a project owned or operated by

Harmony) have underscored the critical importance of robust TSF management. In response, the DWS has intensified its

regulatory efforts, conducting inspections and collaborating with the DMPR to ensure compliance and prevent future disasters.

Tailings dam failures at various operations globally have prompted increased regulatory scrutiny across the industry. This may

result in amended or new environmental, social, health and safety legislative frameworks. In addition, changes in laws and

regulations may impose more stringent conditions in connection with the construction of tailings dams. Further, we may see

changes in the permitting process of projects, implementation of financial assurance requirements, and increased criminal and

civil liability for companies, officers and contractors.

The use of TSFs exposes us to certain risks, including the failure of a tailings dam due to events such as high rainfall,

overtopping of the dam, piping or seepage failures. The potential occurrence of a dam failure at one of our tailings storage

facilities could lead to the loss of human life and extensive property and environmental damage.

A failure of a TSF would lead to investigations and has the potential to result in prosecutions and/or legal proceedings for

significant amounts of fines and damages. Overall, the failure of a TSF could lead to the need for a large expenditure on

contingencies and on recovering the regions and people affected, extensive and permanent environmental damage and the

payment of penalties, fines or other money damages. The occurrence of any of such risks could have a material adverse effect

on our business, operating results and financial condition.

See "*Integrated Annual Report for the 20-F* 2025 – *Environment stewardship – Tailings management*" on pages 110 to 114

for further detail.

***We may have exposure to rehabilitate potential groundwater and land pollution, which may include salination, and***

***radiation contamination that may exist where we have operated or continue to operate; implementation of the financial***

***provision regulations, 2015 may require us to include provision in our financial statements for rehabilitation***

Due to the interconnected nature of mining operations at Doornkop, Kusasalethu, Mponeng, MWS and Moab Khotsong,

any proposed solution for potential flooding and decant risk posed by deep groundwater needs to comprise a regional solution

supported by all mines located in the goldfields and the government in the event of legacy issues. As a result, the DMPR and

affected mining companies are involved in developing a regional mine closure strategy. In view of the status of the Financial

Provision Regulations, 2015, no reliable estimate can be made for any possible obligations or liabilities, which could be material

and have an adverse impact on our financial condition.

See "*—Risks Related to ESG - We are subject to extensive environmental regulations in the countries in which we* 

*operate, and compliance costs, regulatory changes, and potential non-compliance could have a material adverse effect on our* 

*business, operating results and financial condition*".

We are implementing the following steps to ensure that funds are available to top up our financial provision, if necessary:

• facilitating concurrent rehabilitation;

• re-purposing infrastructure and mining affected land; and

• accelerating mine closure rehabilitation where operations have reached the end of its geological life.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Currently, no provision for any potential liability has been made in our financial statements under the Financial Provision

Regulations, 2015. If provision needs to be made, and is substantial, this could have a material adverse effect on our business,

operating results and financial condition.

***Compliance with new and changing corporate governance and public disclosure requirements adds uncertainty to our***

***compliance policies and increases our costs of compliance***

Laws, regulations and standards relating to accounting, corporate governance and public disclosure, "conflict minerals"

and "responsible" gold, SEC regulations and other listing regulations applicable to us are subject to change and can create

uncertainty for companies like us. New or changed laws, regulations, codes and standards could lack specificity or be subject to

varying interpretations. Their application in practice may evolve over time as new guidance is provided by regulatory and

governing bodies. This could result in continuing uncertainty on compliance matters and higher costs of compliance as a result

of ongoing revisions to such governance standards.

We are committed to maintaining high standards of corporate governance and public disclosure, and our efforts to comply

with evolving laws, regulations, codes and standards in this regard have resulted in, and are likely to continue to result in,

increased general and administrative expenses, which could have a material adverse effect on our business, operating results

and financial condition.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Risks Related to Our Corporate and Financing Structure and Strategy**

***Our inability to maintain effective disclosure controls and procedures, and an effective system of internal control over***

***financial reporting may have an adverse effect on investors' confidence in the reliability of our financial statements and***

***other disclosures***

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of

financial reporting and the preparation of the Company's financial statements for external purposes in accordance with IFRS as

issued by the IASB. Disclosure controls and procedures are designed to ensure that information required to be disclosed by a

company in reports that it files or submits under the Exchange Act, is recorded, processed, summarised and reported within the

time periods specified in the rules and forms of the SEC. We have invested in resources to manage the documentation and

assessment of our system of disclosure controls and our internal control over financial reporting. However, a control system, no

matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of

financial reporting, financial statement preparation and other disclosures.

In connection with the preparation of our consolidated financial statements for the year ended 30 June 2025, management

identified material weaknesses in internal control over financial reporting. While these deficiencies did not result in any identified

material misstatements, they represent gaps in our control environment and aggregate to multiple material weaknesses.

These material weaknesses will not be considered remediated until these actions are sufficiently tested and concluded to be

effective. If we are unable to successfully remediate the identified material weaknesses, or experience additional material

weaknesses in the future, investors may lose confidence in the reliability of our financial statements, and/or we could become

subject to SEC investigation, enforcement action, civil monetary penalties, or other sanctions, which could result in significant

costs, reputational damage, and adversely affect our business, share price, and ability to access capital markets. See Item 15:

*"Controls and Procedures"*.

***We may experience problems in identifying, financing and managing new acquisitions or other business combination***

***transactions and integrating them with our existing operations; we may not have full management control over future***

***joint venture projects***

In order to maintain or expand our operations and reserve base, we have sought, and may continue to seek to enter into

joint ventures or other business combination transactions or to make acquisitions of selected precious metal producing

companies or assets. For example, with effect on 1 October 2020, acquired the remainder of AngloGold's South African

business, including the Mponeng mine and MWS, in the Mponeng Acquisition. In December 2022, Harmony acquired its Eva

Copper Project in Queensland, Australia. In addition Harmony announced the acquisition of MAC on 27 May 2025, which

became effective on 24 October 2025.

Acquiring new mining operations or entering into other business combination transactions involves a number of risks

including:

• our ability to identify appropriate assets for acquisition and/or to negotiate an acquisition or combination on favourable

terms;

• obtaining the financing necessary to complete future acquisitions;

• difficulties in assimilating the operations of the acquired business;

• the changing regulatory environment as it relates to the Mining Charter (as defined below) and the general policy

uncertainty in South Africa;

• difficulties in maintaining our financial and strategic focus while integrating the acquired business;

• problems in implementing uniform quality, standards, controls, procedures and policies;

• management capacity, and skills to supplement that capacity, to integrate new assets and operations;

• increasing pressures on existing management to oversee an expanding company; and

• to the extent we acquire mining operations or enter into another business combination transaction outside South Africa,

Australia or PNG, encountering difficulties relating to operating in countries in which we have not previously operated.

Any such acquisition or joint venture may change the scale of our business and operations and may expose us to new

geographic, geological, political, social, operating, financial, legal, regulatory and contractual risks. Our ability to make

successful acquisitions and any difficulties or time delays in achieving successful integration of any of such acquisitions could

have a material adverse effect on our business, operating results and financial condition.

In addition, to the extent that we participate in the development of a project through a joint venture or other multi-party

commercial structure, there could be disagreements, legal or otherwise or divergent interests or goals among the parties, which

could jeopardize the success of the project, particularly if we do not have full management control over the joint venture. There

can be no assurance that any joint venture will achieve the results intended and, as such, any joint venture could have a

material adverse effect on our revenues, cash and other operating costs. See Item 5. "*Operating and Financial Review and* 

*Prospects - Liquidity and Capital Resources - Cash flows from investing activities*".

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Certain factors may affect our ability to support the carrying value of our property, plant and equipment, and other***

***assets on our balance sheet, resulting in impairments***

We review and test the carrying value of our assets when events or changes in circumstances suggest that this amount

may not be recoverable and impairments may be recorded as a result of testing performed.

Our market capitalisation on any reporting date is calculated on the basis of the price of our shares and ADSs on that date.

Our shares and ADSs may trade in a wide range through the fiscal year depending on the changes in the market, including

trader sentiment on various factors including gold price. Therefore, there may be times where our market capitalisation is greater

than the value of our net assets, or "book value", and other times when our market capitalisation is less than our book value.

Where our market capitalisation is less than our net asset or book value, this could indicate a potential impairment and we may

be required to record an impairment charge in the relevant period.

At least on an annual basis for goodwill, and when there are indications that impairment of property, plant and equipment

and other non-financial assets may have occurred, estimates of expected future cash flows for each group of assets are

prepared in order to determine the recoverable amounts of each group of assets. These estimates are prepared at the lowest

level at which identifiable cash flows are considered as being independent of the cash flows of other mining assets and

liabilities. Expected future cash flows are inherently uncertain, and could materially change over time. Such cash flows are

significantly affected by reserve and production estimates, together with economic factors such as spot and forward gold prices,

discount rates, currency exchange rates, estimates of costs to produce reserves and future capital expenditures.

As at 30 June 2025, we had substantial amounts of property, plant and equipment and other assets on our consolidated

balance sheet. The impairment charges relating to property, plant and equipment, and other assets recorded in fiscal 2024 was

R2.8 billion and no impairment was recorded for fiscal 2025. If management is required to recognise impairment charges in the

future, this could have a material adverse effect on our results of operations and financial condition.

***Our ability to service our debt will depend on our future financial performance and other factors***

Our ability to service our debt and maintain compliance with financial covenants depends on our financial performance,

which in turn will be affected by our operating performance as well as by financial and other factors, and in particular the gold

price, certain of which are beyond our control. Various financial and other factors may result in an increase in our indebtedness,

which could adversely affect us in several respects, including:

• limiting our ability to access the capital markets;

• hindering our flexibility to plan for or react to changing market, industry or economic conditions;

• limiting the amount of cash flow available for future operations, acquisitions, dividends, or other uses, making us more

vulnerable to economic or industry downturns, including interest rate increases;

• increasing the risk that we will need to sell assets, possibly on unfavourable terms, to meet payment obligations; or

• increasing the risk that we may not meet the financial covenants contained in our debt agreements or timely make all

required debt payments.

The occurrence of any of these events could adversely affect our results of operations and our financial condition. See " –

*The impact from, and measures taken to address infectious and communicable diseases, such as HIV/AIDS, malaria and* 

*tuberculosis, pose risks to us in terms of productivity and costs and may adversely affect our people, and may impact our* 

*business continuity, operating results, cash flows and financial condition.''*

Our ability to service our debt also depends on the amount of our indebtedness.

In May 2022 we entered into a US$400 million sustainability-linked syndicated term and revolving credit facility, a

R2.5 billion sustainability-linked revolving credit facility, as well as a R1.5 billion Green term loan. At 30 June 2025,

US$100 million was drawn against the US$ facility and R176 million was drawn against the Rand facilities. In June 2025 we

entered into a Bridge Facility Agreement to finance the acquisition and related costs for a total amount of US$1.25 billion. At 30

June 2025 no amounts has been drawn against this facility. See Item 5: "*Operating and Financial Review and Prospects -* 

*Liquidity and Capital Resources - Cash flows from financing activities*" and "- *Outstanding Credit Facilities and Other* 

*Borrowing*s".

In the near term, we expect to manage our liquidity needs from cash generated by our operations, cash on hand,

committed and unutilised facilities, as well as additional funding opportunities. However, if our cost of debt were to increase or if

we were to encounter difficulties in obtaining financing in the future, our sources of funding may not match our financing needs,

which could have a material adverse effect on our business, operating results and financial condition.

***We are subject to the imposition of various regulatory costs, such as mining taxes and royalties, changes to which***

***may have a material adverse effect on our operations and profits; our operations and financial condition could also be***

***adversely affected by policies and legislation related to greater state intervention in the mining sector and potentially***

***the expropriation of mining assets without compensation***

With increasing resource nationalism in recent years, governments, communities, non-government organisations and trade

unions in several jurisdictions have sought and, in some cases, have imposed greater participatory imposts on the mining

industry. In South Africa and PNG, draft legislation has been proposed that envisages greater state intervention in the mining

industry, including the revision of existing royalties, the imposition of new taxes, an increase in the government's holdings in

mining companies and (in South Africa) potentially the expropriation of mining assets without compensation. Such imposts,

whether in the form of taxes, royalties and levies, interference in project management, mandatory social investment

requirements, local content requirements or creeping expropriation, are an increasing feature of the global mining industry and

could materially adversely affect our business, operating results and financial condition.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

In addition, additional financial provision may be required in the future for rehabilitation purposes with restrictions on when

this money may be accessed for rehabilitation. Concurrent rehabilitation needs to be funded by operational budgets without any

recourse to the rehabilitation funds. The Carbon Tax Act provides for several allowances aimed at reducing the overall tax

liability. These allowances are expected to be reduced overtime meaning that if operational measures are not implemented to

reduce GHG emissions, the carbon tax obligations will be higher. These changes in regulation may have a negative impact on

future cash flows and the viability of certain operations resulting from increased cost pressures.See Item 4 "*Business Overview* 

*- Land expropriation", "- Base erosion and profit shifting" and "- Renewable energy"*.

Since 2009, the mining regime in PNG has been the subject of a comprehensive ongoing review involving various PNG

Government agencies. During this time, several draft revisions of the PNG Mining Act have been released for industry and

public its comment - most notably in 2018, 2020 and February 2025 (the most recent draft, the "**PNG Draft Mining Bill 2025**").

The PNG Draft Mining Bill 2025 proposes substantial reforms, including empowering PNG to acquire up to 30% equity (with

deferred payments) in mining projects, adjusting royalties to 5% with state equity or 10% without and expanding compensation

mechanisms and environmental protections (e.g. banning riverine tailings requiring stronger mine-closure planning and financial

provisioning). If enacted and applied to our operations and projects in PNG, these revisions could have a material adverse effect

on our business, operating results and financial condition. We continue to engage with the PNG Government and relevant

regulators on these matters, indirectly through the offices of PNG Chamber of Resources and Energy ("**PNG CORE**"), and

directly with the PNG Mineral Resources Authority ("**PNG MRA**"), the CEPA and the DMPGM.

PNG's National Parliament passed the Income Tax Act 2025 ("PNG Income Tax Act") on 20 March 2025. To become law,

the PNG Income Tax Act must now be certified by the Speaker of Parliament and gazetted; certification and gazettal are

expected later in 2025, ahead of its planned commencement on 1 January 2026. The PNG Income Tax Act does not include

specific provisions for mining capital or exploration expenditure, but provides a transitional carve-out for legacy mining-specific

rules, including special mining capital and exploration expenses. Without clear guidance at this stage, we are uncertain of the

potential future impacts these changes to the regulation may have on taxes for our PNG operations.

The effect of the proposals, measures and developments described above, as well as the imposition of additional

restrictions, obligations, operational costs, taxes or royalty payments, could have a material adverse effect on Harmony's

business, operating results and financial condition.

***As we have a significant number of shares that may be issued in terms of the employee share schemes, our ordinary***

***shares are subject to dilution***

We have a Deferred Share Plan as part of our Total Incentive Plan that came into effect in 2020. Our shareholders have

authorised up to 25,000,000 shares of the issued share capital to be used for this plan. A new Employee share ownership plan

(**"ESOP''**) was implemented in 2024 and shares have been issued.

As a result, shareholders' equity interests in us are subject to dilution to the extent of the potential future exercises of the

options through these share plans.

***The continued status of South Africa's credit rating as non-investment grade, as well as the grey-listing of South Africa***

***by the FATF, may have an adverse effect on our ability to secure financing on favourable terms***

Adverse credit ratings deter some investors, threatening our ability to create and protect value in the long term, and

affecting our market capitalisation. Over the past several years, the slowing economy, rising sovereign debt, escalating labour

disputes and the structural challenges facing the mining industry and other sectors have resulted in the downgrading of South

Africa's sovereign credit ratings.

Currently, South Africa's sovereign credit is rated as non-investment grade: Fitch has assigned South Africa a sovereign

credit rating of BB-, Moody's has assigned South Africa a sovereign credit rating of Ba2 and S&P has assigned South Africa a

sovereign credit rating of BB-. Previously,

• on 13 September 2024, Fitch affirmed South Africa's sovereign credit rating as BB- and maintained the outlook as stable;

• on 4 December 2024, Moody's affirmed South Africa's sovereign credit rating as Ba2 and maintained the outlook to stable;

and

• on 16 May 2025, S&P affirmed South Africa's sovereign credit rating as BB- and upgraded the outlook to positive.

The continued status of South Africa's credit rating as non-investment grade and any downgrading by any of these

agencies may adversely affect our business, operating results and financial condition by making it more difficult to obtain

external financing or could result in any such financing being available only at greater cost or on more restrictive terms than

might otherwise be available.

Australia's credit rating outlook was affirmed by S&P as stable on 13 February 2024 with long-term foreign and local

currency sovereign credit ratings of AAA, and PNG's credit rating outlook was affirmed by S&P as stable on 27 June 2025 with

long-term foreign (B-) and local currency (B) sovereign credit ratings. While impact and risk is currently primarily driven by the

South Africa's sovereign risk rating, with the acquisition of MAC and once the Eva Copper Project and the Wafi-Golpu Project

are completed and operational, management anticipations that reliance and dependencies on South Africa's sovereign credit

ratings may change.

Throughout our fiscal year ended 30 June 2025, South Africa was on the FATF greylist (placed February 2023), subjecting

the country to enhanced monitoring due to strategic deficiencies in its anti-money laundering and counter-financing of terrorism

("**AML/CFT**") regime. This created increased compliance costs, potential restrictions on cross-border transactions, and

reputational concerns that affected investor confidence.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

On 24 October 2025, subsequent to our fiscal year end, South Africa successfully exited the greylist after completing all

required remediation actions. This is expected to reduce elevated risk perceptions and improve access to international capital

markets.

However, residual risks remain. South Africa faces a new FATF mutual evaluation beginning in 2026, and failure to

maintain the improvements achieved could result in re-greylisting. All domestic AML/CFT compliance obligations remain in force,

and sustained effectiveness must be demonstrated through ongoing investigations, prosecutions, and institutional strengthening.

Any future re-greylisting or perceived backsliding in AML/CFT effectiveness could adversely affect our business, operating

results, and financial condition.

***We may not pay dividends or make similar payments to our shareholders in the future***

Our dividend policy is to pay cash dividends only if funds are available for that purpose; specifically our policy is set at 20%

of net free cash subject to future major capital expenditure and meeting solvency and liquidity requirements as well as current

banking covenants. Whether funds are available depends on a variety of factors, including the amount of cash available, our

capital expenditures and other current or future anticipated cash requirements existing at the time. Under South African law, we

are only entitled to pay a dividend or similar payment to shareholders if we meet the solvency and liquidity tests set out in the

Companies Act, 71 of 2008 (as amended) including its Regulations (the "**Companies Act**"), and our current Memorandum of

Incorporation. Cash dividends or other similar payments may not be paid in the future. It should be noted that there is currently a

20% withholding tax on dividends declared by South African resident companies to non-resident shareholders or non-resident

ADS holders.

As dividends are considered by investors as an important investment criteria and the importance of external investment for

the continued stability of the company and potential future cash flows, the ability of Harmony to pay dividends may adversely

affect future investment in the company.

In addition, our foreign shareholders face investment risk from currency exchange rate fluctuations affecting the market

value of any dividends or distributions paid by us.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Market Risks**

***The profitability of our operations, and cash flows generated by those operations, are affected by changes in the price***

***of gold and other metals; a fall in the gold price below our cash cost of production and capital expenditure required to***

***maintain production for any sustained period may lead to losses and require us to curtail or suspend certain***

***operations***

Substantially all of our revenues come from the sale of gold. Historically, the market price for gold has fluctuated widely

and has been affected by numerous factors, over which we have no control, including:

• demand for gold for industrial uses, jewellery and investment;

• international or regional social, political and economic events and trends;

• strength or weakness of the US dollar (the currency in which gold prices generally are quoted) and of other currencies;

• monetary policies announced or implemented by central banks, including the US Federal Reserve;

• financial market expectations on the rate of inflation;

• changes in the supply of gold from production, divestment, scrap and hedging;

• interest rates;

• speculative activities;

• gold hedging or de-hedging by gold producers;

• actual or expected purchases and sales of gold bullion held by central banks or other large gold bullion holders or dealers;

and

• production and cost levels for gold in major gold-producing nations, such as South Africa, China, the United States and

Australia.

Refer to Item 4B: "*Business Overview – Gold Price Volatility*" for further detail.

While the price volatility is difficult to predict, if gold prices should fall below our cash cost of production and capital

expenditure required to sustain production and remain at these levels for any sustained period, we may record losses and be

forced to curtail or suspend some or all of our operations, which could materially adversely affect our business, operating results

and financial condition.

In addition, we would also have to assess the economic impact of low gold prices on our ability to recover any losses that

may be incurred during that period and on our ability to maintain adequate reserves. The use of lower gold prices in reserve

calculations and life-of-mine ("**LOM**") plans could also result in material impairments of our investment in gold mining properties

or a reduction in our reserve estimates and corresponding restatements of our reserves and increased amortisation, reclamation

and closure charges.

***Fluctuations in input production prices linked to commodities may adversely affect our operational results and***

***financial condition***

Fuel, energy, and consumables, including diesel, heavy fuel oil, chemical reagents, explosives, tires, steel, and mining

equipment, contribute a significant portion of a mining company's operating costs and capital expenditures. The prices of these

critical inputs are influenced by global commodity markets, macroeconomic conditions, and supply chain dynamics that vary

across our operations in South Africa, Papua New Guinea, and Australia.

During the financial year ended 30 June 2025 and through to the date of this filing, global commodity and energy markets

have experienced significant volatility. Energy prices have been subject to downward pressure driven by multiple factors

including weakening global demand, structural changes in energy consumption patterns, particularly from major consuming

nations, and increased supply from both traditional and emerging sources. Other mining consumables, including chemical

inputs, explosives, tires, and steel products, have experienced mixed pricing dynamics, reflecting variations in global supply

chains, transportation costs, and producer capacity utilisation.

There is considerable uncertainty regarding the medium-term trajectory of input costs. Leading forecasting agencies and

market participants maintain divergent views on future energy demand and supply dynamics, creating substantial uncertainty

regarding future price trends. Supply chain pressures, including international logistics costs and producer investment cycles,

continue to influence the pricing of mining consumables across all categories of inputs we require.

Significant upside risks to input costs persist from multiple sources. Geopolitical tensions in major producing and

consuming regions, including the Middle East and Eastern Europe, continue to pose potential supply disruption risks.

International sanctions on major commodity producers, trade policy uncertainties, and regional conflicts could disrupt supply

chains or create shipping and logistics bottlenecks. Additionally, weather-related disruptions to mining equipment supply, energy

generation capacity, and production processes across our operational jurisdictions could create localised cost pressures.

Fluctuations in the prices of fuel, energy, and consumables have a substantial impact on both our operating costs and

capital expenditure estimates. Significant and sustained increases in these input costs, driven by supply disruptions, geopolitical

events, regulatory changes, macroeconomic shifts, or producer policy changes, could materially affect project economics and

the financial viability of new mining developments, expansions, or marginal operations. Such price volatility may lead to material

changes in our overall cost structure and could have a material adverse effect on our business, operating results, cash flows,

and financial condition.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Foreign exchange fluctuations could have a material adverse effect on our operational results and financial condition***

Gold is priced throughout the world in US dollars and, as a result, our revenue is realised in US dollars, but most of our

operating costs are incurred in Rand and other non-US currencies, including the Australian dollar and Kina. From time to time,

we may implement currency hedges intended to reduce exposure to changes in the foreign currency risk, which we started

doing in fiscal 2016 and will continue as long as it remains part of our risk management policy. This hedging strategy is currently

implemented up to 25% of our estimated exposure, and our unhedged foreign exchange exposure will continue to be subject to

market fluctuations. Any significant and sustained appreciation of the Rand and other non-US currencies against the dollar will

materially reduce our Rand revenues and overall net income, which could materially adversely affect our operating results and

financial condition. See Item 11 *–* "*Quantitative and Qualitative Disclosures about Market Risk"*.

***Fluctuations in the exchange rate of currencies may reduce the market value of our securities, as well as the market***

***value of any dividends or distributions paid by us***

We have historically declared all dividends in South African Rand. As a result, exchange rate movements may have

affected the US dollar value of these dividends, as well as of any other distributions paid by the Depositary to holders of ADSs.

Furthermore, our Memorandum of Incorporation allows for dividends and distributions to be declared in any currency at the

discretion of the board of directors or the Company's shareholders at a general meeting. If, and to the extent that, we opt to

declare dividends and distributions in US dollars, exchange rate movements will not affect the US dollar value of any dividends

or distributions. Nevertheless, the value of any dividend or distribution in Australian dollars, Kina or South African Rand will

continue to be affected. If, and to the extent that, dividends and distributions are declared in South African Rand in the future,

exchange rate movements will continue to affect the Australian dollar, Kina and US dollar value of these dividends and

distributions. This may reduce the value of the Company's securities to investors. Additionally, the market value of our securities

as expressed in Australian dollars, Kina, US dollars and South African Rand will continue to fluctuate in part as a result of

foreign exchange fluctuations.

***Rising inflation and geopolitical risks may have a material adverse effect on our business, operating results and***

***financial condition***

Inflation in South Africa has fluctuated in a narrow band in recent years, remaining within or just outside the inflation range of

3% - 6% set by the SARB. Prolonged periods of inflation may impact our profitability by negatively impacting our fixed costs and

expenses, including raw material, transportation and labour costs. If these increased costs are not offset by an increase in gold

prices, they could have a material adverse effect on Harmony's business, operating results and financial condition.

Geopolitical risks and conflicts around the world could further disrupt supply chains and create additional inflationary

pressures. Ongoing conflicts in Ukraine and the Middle East may cause increased inflationary pressures and could cause

general global economic conditions to deteriorate. The oil price is a driver of a number of input costs, including diesel and

transport costs, while gas prices have an impact on power costs, and other commodity prices drive direct mining and processing

costs. These inflationary pressures could also cause interest rates and the cost of borrowing to increase and could have a

material adverse effect on the financial markets and economic conditions throughout the world. The extent and duration of the

invasion, sanctions and resulting market disruptions are impossible to predict. Any inflationary impacts or disruptions caused by

the invasion or resulting sanctions may have a material adverse effect on Harmony's business, operating results and financial

condition, and may magnify the impact of other risks described in this annual report.

Our results of operations, profits and financial condition could be adversely affected to the extent that cost inflation is not

offset by devaluation in operating currencies or an increase in the price of gold.

***Investors may face liquidity risk in trading our ordinary shares on the JSE Limited***

The primary listing of our ordinary shares is on the JSE Limited. Historically, the trading volumes and liquidity of shares

listed on the JSE have been low relative to other major markets. The ability of a holder to sell a substantial number of our

ordinary shares on the JSE in a timely manner, especially in a large block trade, may be restricted by this limited liquidity. See

Item 9: "*The Offer and Listing - Markets - The Securities Exchange in South Africa.*"

***Shareholders outside South Africa may not be able to participate in future issues of securities (including ordinary***

***shares)***

Securities laws of certain jurisdictions may restrict our ability to allow participation by certain shareholders in future issues

of securities (including ordinary shares) carried out by us or an affiliate. In particular, holders of our securities who are located in

the United States (including those who hold ordinary shares or ADSs) may not be able to participate in securities offerings by or

on behalf of us unless a registration statement under the Securities Act is effective with respect to such securities or an

exemption from the registration requirements of the Securities Act is available. Securities laws of certain other jurisdictions may

also restrict our ability to allow the participation of all holders in such jurisdictions in future issues of securities.

***Global, social, political and economic conditions could adversely affect the profitability of our operations***

Our operations and performance depend on global economic conditions. Global economic conditions remain fragile with

significant uncertainty regarding recovery prospects, level of recovery and long-term economic growth effects. A global

economic downturn may have follow-on effects on our business. These could include:

• key suppliers or contractors becoming insolvent, resulting in a break-down in the supply chain;

• a reduction in the availability of credit which may make it more difficult for us to obtain financing for our operations and

capital expenditures or make that financing more costly;

• exposure to the liquidity and insolvency risks of our lenders and customers; or

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• the availability of credit being reduced, which may make it more difficult for us to obtain financing for our operations and

capital expenditure or make financing more expensive.

Coupled with the volatility of commodity prices as well as the rising trend of input costs, such factors could result in

initiatives relating to strategic alignment, portfolio review, restructuring and cost-cutting, temporary or permanent shutdowns and

divestments. Further, sudden changes in a LOM plan or the accelerated closure of a mine may result in the recognition of

impairments and give rise to the recognition of liabilities that are not anticipated.

Due to the ongoing geopolitical tensions and armed conflict between Russia and Ukraine following Russia's military

invasion, various sanctions have been imposed on Russia by the United States, EU, United Kingdom, and other jurisdictions.

Although our direct commercial interests in Russia, Ukraine, and affected areas are limited, these sanctions, any further

restrictions, and potential retaliatory actions by Russia or other nations have contributed to a sharp rise in oil and energy costs,

which are significant input expenses for our operations.

The conflict and the retaliatory measures already taken, and that could be imposed in the future by the United States, EU,

United Kingdom, and other governments have escalated global security concerns. This escalation raises the risk of broader

regional or global conflict and could have a lasting impact on regional and global economies, any or all of which could adversely

impact our business and financial performance.

In addition to the Russia-Ukraine conflict, escalating tensions in the Middle East, particularly recent conflicts and instability,

present further geopolitical risks that may impact Harmony. Disruptions in this region, which is a crucial supplier of global energy,

could drive up oil and energy prices even more, intensifying our operational costs. Furthermore, heightened instability may affect

global supply chains, potentially delaying essential materials and equipment critical to our operations. These dynamics also

increase the likelihood of broader regional or international conflicts, further straining markets and potentially impacting the global

economy, which in turn could adversely affect our business performance and strategic planning.

In addition to the potentially adverse impact on the profitability of our operations, any uncertainty on global economic

conditions may also increase volatility or negatively impact the market value of our securities. Any of these events could

materially adversely affect our business, operating results and financial condition.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Other Regulatory and Legal Risks**

***Failures of our IT security processes and violations of data protection laws may adversely impact our business***

***activities and lead to public and private censure, regulatory penalties, fines and/or sanctions and may damage our***

***reputation***

Harmony utilises and is reliant on various internal and external IT and operating technology ("**OT**") systems in multiple

international jurisdictions to support our business operations. Damage to or interruption of our IT or OT systems, whether due to

incidents, human error, natural events or malicious acts, may lead to important data being irretrievably lost, exposed or

damaged, may adversely impact our business activities and lead to public and private censure, regulatory penalties, fines and/or

sanctions and may damage our reputation, thereby adversely affecting our business, prospects and operating results.

As part of Harmony's ongoing efforts to enhance operational efficiency we are in the process of migrating aspects of our

information technology infrastructure to the cloud. This could lead to several risks, such as, higher than projected initial migration

and ongoing operational costs, increased exposure to cybersecurity threats, difficulty complying with various data protection

regimes and operational impacts due to unstable or insufficient internet infrastructure where operations are located in remote

areas.

In addition, Harmony considers and mitigates regulatory and legal risks arising from cybersecurity and data protection

requirements across the jurisdictions in which we operate. Breaches of IT security processes or violations of privacy laws could

result in operational disruptions, regulatory penalties, sanctions, reputational damage, and financial losses.

Our IT and OT systems are also vulnerable to cybercrime, ransomware, denial-of-service attacks, and other disruptive

incidents, which may be exacerbated by remote working practices and the adoption of emerging technologies such as artificial

intelligence. These incidents could compromise confidential data, impact operational continuity, or result in financial loss.

Harmony is adopting Artificial Intelligence ("**AI**") and other emerging technologies in its IT systems, and leverages AI that is

embedded within third party solutions being used in its mining operations. AI tools may also be utilised by our contractors and

third parties that we conduct business with. The use of AI may not meet the existing and rapidly evolving regulatory standards

and could introduce security risks that may expose confidential data, lead to the loss of competitive information and result in

operational failures. Limited expertise and skills shortages could prevent Harmony from effectively using or promptly

implementing AI and other technologies.

A significant increase in ransomware-related threats has also been recorded throughout the mining industry, with several

high-profile organisations experiencing disruptions over the last 12 to 24 months. The information security management system

protecting our IT and OT systems may not prevent future malicious action, including denial-of-service attacks, ransomware

attacks or fraud by individuals, groups or organisations resulting in the unavailability of IT systems and data, theft of

commercially sensitive data. This sensitive data may include commercial price outlooks, mergers and acquisitions and

divestment transactions, misappropriation of funds and disruptions to our business operations, the occurrence of any of which

could have a material adverse effect on our business and results of operations.

South Africa's comprehensive privacy law, the Protection of Personal Information Act, 4 of 2013 (the "**POPIA**"), became

effective on 1 July 2020. Harmony employs approximately 45,000 staff. Failure to protect their data and not complying with

POPIA may lead to penalties and fines between R1 million – R10 million and/or imprisonment. Harmony may also have

insufficient insurance coverage for any data protection breaches, including concerning POPIA. See "– *Risks Related to Our* 

*Operations and Business* - *Fluctuations in insurance cost and availability could adversely affect our operating results and our* 

*insurance coverage may prove inadequate to satisfy future claims*".

In Australia, our data practices must comply with the Privacy Act 1988 (Cth) ("**Australian Privacy Act**") and state-based

surveillance laws. The Australian Privacy Act regulates the manner in which individuals' personal information is handled. Under

the Australian Privacy Act, there is a mandatory scheme requiring entities to report data breaches to the Office of the Australian

Information Commissioner ("**OAIC**") and affected individuals if the breach is likely to result in serious harm to an individual

whose personal information is involved. Following a series of high profile data breaches in 2022 involving both government

agencies and public companies, the Australian Parliament passed the Privacy Legislation Amendment (Enforcement and Other

Measures) Act 2022, which introduced significantly increased penalties for serious and/or repeated privacy breaches and

increased the OAIC's ability to resolve breaches.

Harmony maintains records of its international shareholders. On 25 May 2018, the General Data Protection Regulation

("**GDPR**") came into force. The GDPR is an EU-wide framework for protecting personal data being processed in or outside the

EU based on certain application criteria. The GDPR enhances existing legal requirements through several new rules, including

more substantial rights for data subjects' cross-border transfer of information and mandatory data breach notification

requirements, and increases penalties for non-compliance. Failure to comply with the GDPR may lead to a fine of up to four

percent of a company's worldwide turnover or up to €20 million.The GDPR was implemented in law of England and Wales by

the European Union (Withdrawal) Act 2018 (the "**UK GDPR**"), which may require a fine of up to £17,500,000, or four percent, of

the total worldwide annual turnover of the preceding financial year, whichever is higher. Furthermore, both the GDPR and the

UK GDPR have a scope that extends beyond the borders of the European Union and the United Kingdom, respectively, and

therefore do not only affect EU or UK operations.

We are subject to various laws in other jurisdictions, such as United States and PNG, where consumer and data protection

laws continue to evolve. Non-compliance with these requirements may incur substantial costs, require changes to business

practices, and result in adverse operational and financial consequences.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Breaches in cybersecurity may adversely impact or disrupt our business***

The mining industry has become increasingly reliant on digital technologies. These technologies enable us to conduct our

day-to-day operations, improve safety and efficiency and decrease costs. However, as reliance on technology increases, we

become more susceptible to the persistent threat of cybersecurity breaches, such as cyber-crime, ransomware or cyber activist

attacks.

We maintain global information, digital technology and communication networks and applications to support our business

activities. We outsource several digital technology functions and applications to third-party vendors and these engagements may

have an impact on our overall cybersecurity position. Aspects of Harmony's information technology platform that are managed

by third-party vendors include cloud infrastructure, data centre management, server/personal computing support, enterprise

resource planning, business applications, email and digital documents.

The sophistication and magnitude of cybersecurity incidents are increasing and include malicious software, ransomware

and other attempts to gain unauthorised access to data and other electronic security and protected information breaches that

could lead to production downtimes, operational delays, safety incidents, the compromising of confidential or otherwise

protected information, destruction or corruption of data, other manipulation or improper use of Harmony's systems and networks.

Cyber breaches via third-party solutions have also become increasingly frequent.

Digital technology security processes may not prevent future malicious actions, denial-of-service attacks, or fraud, which

could result in the corruption of operating systems, theft of commercially sensitive data, misappropriation of funds and business

and operational disruption. While our insurance program includes limited coverage for cyber-related crimes and incidents, there

can be no assurance that any cybersecurity incident will be adequately covered by insurance, if at all. Any cybersecurity attack

could significantly disrupt our mining operations and cause us to suffer financial losses, including the cost of remedial actions,

the loss of revenue, and reputational harms.

We undertake various measures to follow the established best practices in relation to cyber security. However, the

increasing sophistication and evolving nature of cybersecurity threats may lead to future cybersecurity breaches, and

sophisticated cyber-attacks (such as phishing and ransomware attacks) despite our efforts. This is particularly the case with new

and evolving technologies such AI, including generative AI. As these technologies continue to improve and gain widespread use,

we may experience cybersecurity attacks created using AI, which may be difficult to detect and defend against.

See Item 16K: *''Cybersecurity*''.

***Failure to comply with laws, regulations, codes and standards, policies and procedures or contractual obligations may***

***lead to fines and penalties, loss of licenses or permits, may negatively affect our financial results, and adversely affect***

***our reputation***

We operate in multiple jurisdictions, including those with less developed political and regulatory environments, and within

numerous and complex frameworks. Our governance and compliance processes may not prevent potential breaches of law,

accounting principles or other governance practices.

Our Code of Conduct and Behavioural Code, among other policies and procedures, standards and guidance, and training

thereon may not prevent instances of unethical or unlawful behaviour, including bribery or corruption, nor do they guarantee

compliance with legal and regulatory requirements, and breaches may not be detected by management.

To the extent that we suffer from any actual or alleged breach or breaches of relevant laws, including South African anti-

bribery and corruption legislation or the US Foreign Corrupt Practices Act of 1977 under any circumstances, they may lead to

investigations and examinations, fines, penalties, imprisonment of officers, litigation, and loss of operating licenses or permits,

suspensions of operations, negative effects on our reported financial results and may damage our reputation. Such sanctions

could have a material adverse impact on our business, operating results and financial condition.

***Investors in the United States may have difficulty bringing actions, and enforcing judgments, against us, our directors***

***and our executive officers based on the civil liabilities provisions of the federal securities laws or other laws of the***

***United States or any state thereof***

We are incorporated in South Africa. Each of our directors and executive officers (and our independent registered public

accounting firm) resides outside the United States. Substantially all of the assets of these persons and substantially all our

assets are located outside the United States. As a result, it may not be possible for investors to enforce a judgment against

these persons or us obtained in a court of the United States predicated upon the civil liability provisions of the federal securities

or other laws of the United States or any state thereof. A foreign judgment is not directly enforceable in South Africa, but

constitutes a cause of action which may be enforced by South African courts in certain circumstances.

***US securities laws do not require us to disclose as much information to investors as a US company is required to***

***disclose, and investors may receive less information about us than they might otherwise receive from a comparable***

***US company***

We are subject to the periodic reporting requirements of the SEC and the NYSE that apply to "foreign private issuers". The

periodic disclosure required of foreign private issuers under applicable rules is more limited than the periodic disclosure required

of US issuers. Investors may receive less timely financial reports than they otherwise might receive from a comparable US

company or from certain of our peers in the industry. This may have an adverse impact on investors' abilities to make decisions

about their investment in us.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**ITEM 4. INFORMATION ON THE COMPANY**

**A. HISTORY AND DEVELOPMENT OF THE COMPANY**

Harmony Gold Mining Company Limited is a public limited company incorporated in South Africa, with its registered office

at Randfontein Office Park, Corner Main Reef Road and Ward Avenue, Randfontein, 1759, telephone number +27 11 411 2000.

Harmony was incorporated and registered as a public limited company in South Africa under registration number

1950/038232/06 on 25 August 1950. Harmony Gold Mining Company Limited is the ultimate holding company of the Group.

The information set forth under the headings:

• *"– Harmony – About Harmony*" on pages 3 to 5;

*•"– Harmony – Business model"* on pages 12 to 15*;*

• "*– Delivering profitable ounces – Performance by operation* on pages 46 to 84; and

*•"– Delivering profitable ounces – Exploration and projects"* on pages 85 to 87

of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference. Also see note 19*"Investments in* 

*Associates"* and note 20*"Investment in Joint Operations"* of our consolidated financial statements, set forth beginning on

page F-1.

For information concerning our principal capital expenditures currently in progress, including the distribution of these

investments geographically and the method of financing, refer to Item 4: *"Information on the Company – Business Overview –*

*Capital Expenditures*" and Item 5: *"Operating and Financial Review and Prospects – Liquidity and Capital Resources*".

In fiscal 2025, we did not receive any public takeover offers by third parties or make any public takeover offers in respect of

other companies' shares.

The SEC maintains an internet site that contains reports, proxy and information statements, and other information

regarding issuers that file electronically with the SEC (*www.sec.gov*). As a foreign private issuer, we are exempt from the rules

under the Exchange Act that prescribe the furnishing and content of proxy statements to shareholders. Our corporate website is

*www.harmony.co.za*.

**Recent Developments** 

***Developments since 30 June 2025***

• On 22 July 2025, Harmony has entered into restructuring documents with MAC, OR Royalties and Glencore pursuant to

which the parties have agreed to amend various documents in connection with the copper stream, silver stream and the

royalty deed with such amendments to take effect after the Jersey law scheme of arrangement pursuant to Article 125 of

the Companies (Jersey) Law 1991 (as amended) (the scheme) for the acquisition of MAC has been implemented.

• On 14 August 2025, Mr Frans Lombard was appointed to the board of directors of Harmony as an independent non-

executive director.

• On 27 August 2025, a final dividend of 155 SA cents was declared, which was paid on 13 October 2025.

• On 9 October 2025, it was confirmed that all of the conditions to the scheme for the acquisition of MAC had been satisfied

or waived and the Royal Court of Jersey made orders sanctioning the proposed acquisition. Following lodgement by MAC

of a copy of the Court's order with the Jersey Registrar of Companies on 10 October 2025, the scheme became legally

effective. On 22 October 2025, a drawdown of US$875 million (R15.21 billion) was made from the US$1.25 billion bridge

facility. These funds were utilised on 23 October 2025 to settle the cash consideration of US$1.01 billion (R17.52 billion).

Following the receipt of the funds, the scheme was implemented, resulting in an acquisition date of 24 October 2025.

• On 28 October 2025, a payment of US$223 million (R3.84 billion) was made to Citicorp International Limited in full and

final settlement of the MAC senior debt.

• On 29 October 2025, a payment of US$75 million (R1.28 billion) was made to Glencore Australia Holdings (Pty Ltd

("**Glencore**") in settlement of the first contingent copper consideration. This consideration became payable as a result of

the lapsing of the payment holiday agreed between Glencore and MAC following the change of control of MAC.

**B. BUSINESS OVERVIEW**

The information set forth under the headings:

• *"– Harmony – About Harmony*" on pages 3 to 5;

• "– *Harmony – Strategy*" on pages 39 to 45;

• "*– Harmony – Business model"* on pages 12 to 15;

• "*– Harmony – Operating context"* on pages 16 to 25;

• "*– Harmony – Risk and opportunity management"* on pages 26 to 28;

• "*– Harmony – Material matters"* on pages 35 to 38;

• "*– Harmony – Stakeholder engagement"* on pages 29 to 34;

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• *"– Delivering profitable ounces – Performance by operation*" on pages 46 to 84;

• "*– Delivering profitable ounces – Exploration and projects*" on pages 85 to 87;

• *"– Environment stewardship"* on pages 88 to 126; and

• *"– Social stewardship"* on pages 127 to 185

of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference.

**Gold Price Volatility**

The profitability of the group's operations, and the cash flows generated by those operations, are affected mainly by

changes in the market price of gold, and in the case of Hidden Valley, silver as well. Revenue for fiscal 2025 amounted to

R73,896 million of which R75,240 million was from the sale of gold, compared with revenue of R61,379 million in fiscal 2024 of

which R59,212 million related to the sale of gold. The increase in gold revenue was mainly driven by a 31.1% increase in the

average dollar gold price received, increasing from US$1,999/oz in fiscal 2024 to US$2,620/oz in fiscal 2025.

Offsetting the above was a hedging loss of R4,594 million in fiscal 2025, compared to a loss of R1,265 million in fiscal

2024. The increase in the hedging loss is directly linked to the increase in gold prices seen throughout fiscal 2025. Harmony

entered into derivative contracts to manage the variability in cash flows from the group's production, in order to create cash

certainty and protect the group against lower commodity prices.

Current demand and supply affects the price of gold, but not necessarily in the same manner as current demand and

supply affect the prices of other commodities. Historically, gold has retained its value in relative terms against basic goods in

times of inflation and monetary crisis. As a result, central banks, financial institutions and individuals hold large amounts of gold

as a store of value and production in any given year constitutes a very small portion of the total potential supply of gold.

However, as gold has historically been used as a hedge against unstable or lower economic performance, improved economic

performance may have a negative impact on the price for gold. Since the potential supply of gold is large relative to mine

production in any given year, normal variations in current production will not necessarily have a significant effect on the supply of

gold or its price. Uncertainty in global economic conditions has impacted the price of gold significantly in the past and continued

to do so in fiscal 2025. These include high inflation and interest rates, as well as increasing geopolitical tension which is

currently creating increased demand for gold by central banks amongst others which may continue to result in increased

volatility.

The volatility of gold prices is illustrated in the table, which shows the annual high, low and average of the afternoon

London bullion market fixing price of gold in US dollars for each of the past ten years:

**Annual gold price: 2015 - 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Price per ounce (US$) | Price per ounce (US$) | Price per ounce (US$) |
| Calendar year | High | Low | Average |
| 2016............................................................................................................................................... | 1366 | 1077 | 1251 |
| 2017............................................................................................................................................... | 1346 | 1151 | 1253 |
| 2018............................................................................................................................................... | 1355 | 1178 | 1268 |
| 2019............................................................................................................................................... | 1546 | 1270 | 1393 |
| 2020............................................................................................................................................... | 2067 | 1474 | 1770 |
| 2021............................................................................................................................................... | 1943 | 1684 | 1799 |
| 2022............................................................................................................................................... | 2039 | 1629 | 1800 |
| 2023............................................................................................................................................... | 2135 | 1804 | 1953 |
| 2024............................................................................................................................................... | 2786 | 1992 | 2389 |
| 2025 (up to and including 24 October 2025)........................................................................... | 4357 | 2636 | 3284 |

---

On 24 October 2025, the afternoon fixing price of gold on the London bullion market was US$4,104/oz.

**Capital Expenditures**

Capital expenditures for all operations incurred for fiscal 2025 amounted to R10,998 million which includes R1,005 million

towards phase 2A of the renewable energy program, compared with R8,327 million in fiscal 2024. During fiscal 2025, capital

expenditures at Moab Khotsong accounted for 22% of the total, with Mponeng accounting for 19%, Hidden Valley for 15%, Mine

Waste Solutions for 10% and Doornkop for 8%. During fiscal 2024, capital expenditures at Hidden Valley accounted for 19% of

the total, with Mine Waste Solutions accounting for 18%, Moab Khotsong for 16%, Mponeng for 11% and Doornkop for 8%.

The focus of our capital expenditures in recent years has been on underground development, major projects such as

Zaaiplaats and Kareerand, as well as plant improvement and upgrades. During fiscal 2025, capital expenditure was funded from

Harmony's cash generated by operations. See Item 5: *"Operating and Financial Review and Prospects - Liquidity and Capital* 

*Resources".*

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

We have budgeted approximately R12,927million for operational capital expenditures in fiscal 2026, excluding capital

allocated for renewables, other international projects, Eva Copper and Wafi-Golpu. We currently expect that our planned

operational capital expenditures will be financed from cash generated by operations and new borrowings as needed. Details

regarding the anticipated capital expenditure for each operation is included in the table below.

---

| | |
|:---|:---|
|  | **Capital** <br>**expenditure** <br>**budgeted for** <br>**fiscal 2026**<br>|
|  | **(R'million)** |
| **South Africa** |  |
| Moab Khotsong<sup>1</sup>.................................................................................................................................................................................................. | 1759 |
| Mponeng<sup>2</sup>............................................................................................................................................................................................................. | 2385 |
| Tshepong North................................................................................................................................................................................................... | 785 |
| Tshepong South.................................................................................................................................................................................................. | 621 |
| Doornkop.............................................................................................................................................................................................................. | 1194 |
| Joel........................................................................................................................................................................................................................ | 300 |
| Target 1................................................................................................................................................................................................................. | 463 |
| Kusasalethu......................................................................................................................................................................................................... | 420 |
| Masimong............................................................................................................................................................................................................. | 115 |
| Mine Waste Solutions......................................................................................................................................................................................... | 858 |
| Other - surface.................................................................................................................................................................................................... | 590 |
| **International** |  |
| Hidden Valley<sup>3</sup>..................................................................................................................................................................................................... | 3437 |
| **Total operational capital expenditure** | **12927** |
| **Total capital expenditure** **................................................................................................................................................................................** | **12927** |

---

<sup>1</sup>Includes capital expenditure for Zaaiplaats.

<sup>2</sup>Includes capital expenditure for the life-of-mine extension project

<sup>3</sup>Includes capitalised stripping costs.

**Regulation**

***Mineral Rights – South Africa***

*MPRDA*

The MPRDA was promulgated as effective legislation on 1 May 2004 and is the primary legislation regulating the mining

industry in South Africa. Pursuant to the MPRDA, the South African government is the custodian of South Africa's mineral and

petroleum resources and has a duty to administer these resources for the benefit of all South Africans. As a consequence, an

owner of the surface rights has no claim to the minerals found in, on or under the surface of his or her land. The MPRDA

extinguished private ownership of minerals. The DMPR is the government body which, through its regional offices, implements

and administers the MPRDA.

Any person (including the owner of the surface rights) who wishes to exploit mineral resources in South Africa is required

to first apply for and obtain the appropriate right under the MPRDA. The Minister is authorised to grant or refuse applications for

rights under the MPRDA. Provided that an applicant meets all the requirements relating to the right for which the applicant has

applied, the Minister is obliged to grant the right. Once the right is granted in terms of the MPRDA and registered in terms of the

Mining Titles Registration Act, 16 of 1967, the holder holds a limited real right in respect of the mineral and the land to which

such right relates.

In accordance with the MPRDA, the holder of a mining right must comply with the terms of the right, the provisions of the

MPRDA, the environmental authorisation (issued under the NEMA), the mining work program and the SLP approved as part of

the right. The SLP relates to the obligations placed on the mining right holder to, among other things, train employees of the

mine in accordance with prescribed training methodologies, achieve employment equity and human resource development in

the mining company, improve housing and living conditions of employees and set up local economic development projects.

Compliance with each of the provisions of the MPRDA, environmental authorisation, mining work program and SLP is

monitored by submission of monthly, bi-annual and annual returns and reports by the holder of the right to the DMPR in

accordance with the provisions of the MPRDA and the right. A prospecting or mining right can be suspended or cancelled if the

holder conducts mining operations in breach of the MPRDA, a term or condition of the right or an Environmental Management

Programme (**"EMPr"**), or if the holder of the right submits false, incorrect or misleading information to the DMPR. The MPRDA

sets out a process which must be followed before the Minister is entitled to suspend or cancel the prospecting or mining right.

We have been working on our program of licensing since 2004, which involved the compilation of a mineral assets register

and the identification of all of our economic, mineral and mining rights. We actively carry out mining and exploration activities in

all of our material mineral rights areas in South Africa. In the period following the MPRDA taking effect, we applied for and were

granted conversion of all of our "old order" mining rights into "new order" mining rights in terms of the MPRDA.

Our strategy has been to secure all strategic mining rights on a region-by-region basis, which we have achieved as we

have secured all "old order" mining rights and validated existing mining authorisations. All mining operations have valid mining

rights in terms of the MPRDA and we now have to continue complying with the required monthly, annual and bi-annual reporting

obligation to the DMPR.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

In 2023, the DMPR indicated that certain amendments to the MPRDA would be made. To this end, the DMPR convened a

MPRDA Review Summit which was held on 13 July 2023 where a number of stakeholders were invited and participated in

preparatory discussions aimed at establishing what aspects of the current MPRDA legislation need to be amended.

On 11 July 2024, during the DMPR 2024/25 Budget announcement following South Africa's general elections, Minister

Gwede Mantashe announced that the DMPR (the predecessor to the DMRP) would be split into two separate Ministries: the

DMPR and the Department of Electricity and Energy, which split has been subsequently implemented. In addition, at the same

time, the Minister indicated that the DMPR was in the process of drafting amendments to the MPRDA to address certain

perceived deficiencies and to bring the legislation in line with international best practice. It was not made clear at the time

whether the DMPR intend to overhaul the MPRDA Bill in its entirety, or if its new draft amendments will be part of a revival of the

lapsed MPRDA Bill.

On 20 May 2025, the South African Government published the MPRD Bill and a subsequent correction for public comment

on 20 May 2025 and 9 June 2024, respectively. It invited interested and affected parties to submit their comments on the MPRD

Bill on or before 13 August 2025.

*Mining Charter*

The South African government has identified the South African mining industry as a sector in which significant participation

by HDPs is required. One of the objects of the MPRDA is to substantially and meaningfully encourage HDPs to enter the mineral

and petroleum industries and to benefit from the exploitation of the nation's mineral and petroleum resources. In terms of section

100 of the MPRDA, the Minister was empowered to develop a broad-based socio-economic charter in order to set the

framework for targets and time periods for giving effect to these objectives.

Among other things, the Original Charter stated that mining companies agreed to achieve 26% HDP ownership of South

African mining industry assets within 10 years (i.e. by the end of 2014). Ownership could comprise active involvement, through

HDP-controlled companies (where HDPs own at least 50% plus one share of the company and have management control),

strategic joint ventures or partnerships (where HDPs own at least 25% plus one vote of the joint venture or partnership interest

and there is joint management and control), collective investment vehicles, the majority ownership of which is HDP based, or

passive involvement, particularly through broad-based vehicles such as employee stock option plans.

The Original Charter was subsequently amended by the Amended Charter which included targets and timelines for HDP

participation in procurement and enterprise development, beneficiation, employment equity, human resources development,

mine community development, housing and living conditions, sustainable development and growth of the mining industry and

reporting (monitoring and evaluation). It required mining companies to achieve the following, among other things, by no later

than 13 December 2014:

• have a minimum effective HDP ownership of 26%;

• procure a minimum of 40% of capital goods, 70% of services and 50% of consumer goods from HDP suppliers (i.e.

suppliers in which a minimum of 25% + one vote of their share capital must be owned by HDPs) by 2014 (exclusive of non-

discretionary procurement expenditure);

• ensure that multinational suppliers of capital goods contribute a minimum of 0.5% of their annual income generated from

South African mining companies into a social development fund from 2010 towards the socio-economic development of

South African communities;

• achieve a minimum of 40% HDP demographic representation at executive management (board) level, senior management

(executive committee) level, core and critical skills, middle management level and junior management level;

• invest up to 5% of annual payroll in essential skills development activities; and

• implement measures to improve the standards of housing and living conditions for mineworkers by converting or upgrading

mineworkers' hostels into family units, attaining an occupancy rate of one person per room and facilitating home ownership

options for all mineworkers in consultation with organised labour.

In addition, mining companies were required to monitor and evaluate their compliance with the Amended Charter and

submit annual compliance reports to the DMPR (as it was then). The "scorecard" attached to the Amended Charter made

provision for a phased-in approach for compliance with the above targets over the five-year period ending on 13 December

2014. For measurement purposes, the scorecard allocated various weightings to the different elements of the Amended Charter.

Failure to comply with the provisions of the Amended Charter would, according to its provisions, ostensibly amount to a breach

of the MPRDA and could have resulted in the cancellation or suspension of a mining company's mining rights.

In March 2015, the DMPR prepared an interim report of consolidated results of the self-assessment by reporting

companies of compliance with the Amended Charter, reporting relatively broad compliance with the non-ownership requirements

of the Amended Charter. However, the DMPR did not report the results of compliance with the HDP ownership guidelines of the

Amended Charter and noted that there was no consensus on certain principles applicable to the interpretation of the ownership

element.

On 31 March 2015, the MCSA and the DMPR jointly agreed to approach the High Court of South Africa (Gauteng Division)

to seek a declaratory order that would provide a ruling on the relevant legislation and the status of the Original Charter and the

Amended Charter, including clarity on the status of previous empowerment (i.e., HDP ownership) transactions concluded by

mining companies and a determination on whether the ownership element of the Original Charter and the Amended Charter

should be a continuous compliance requirement for the duration of the mining right as argued by the DMPR, or a once-off

requirement as argued by the MSCA, on the "once empowered always empowered" principle. The MCSA and the DMPR filed

papers in court (the "**Main Application**") and the matter was placed on the roll to be heard on 15 March 2016.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

On 16 February 2017, the High Court of South Africa (Gauteng Division) postponed the hearing of the application indefinitely to

allow the MCSA and the South African government to engage in further discussion on this matter.

The Minister subsequently published the Broad-Based Black Socio-Economic Empowerment Charter for the South African

Mining and Minerals Industry, 2017 ("**2017 Mining Charter**") which came into effect on 15 June 2017. The MCSA launched an

urgent application in the High Court of South Africa (Gauteng Division) to interdict the implementation of the 2017 Mining Charter

(the "**Interdict Application**") pending a judicial review application on the basis that it was unilaterally developed and imposed on

the industry and that the process that was followed by the DMPR in developing the 2017 Mining Charter had been seriously

flawed (the "**2017 Review Application**"). However, the Minister and the MCSA reached an agreement on 13 September 2017

under which the Interdict Application did not proceed as the Minister undertook to suspend the 2017 Mining Charter pending the

outcome of the 2017 Review Application by the MCSA. The 2017 Review Application was subsequently indefinitely postponed

by agreement between the DMPR and the MCSA on the basis that the MCSA had entered into a new round of discussions with

the President of South Africa, Cyril Ramaphosa, and the Minister. On 19 February 2018, the High Court of South Africa

(Gauteng Division) ordered that the DMPR and the MCSA also involve communities affected by mining activities in these new

discussions relating to the 2017 Mining Charter.

When the 2017 Mining Charter was published, the MCSA re-enrolled the Main Application for hearing and the High Court

of South Africa (Gauteng Division) hearing was held in December 2017.

On 4 April 2018, the High Court of South Africa (Gauteng Division) delivered its judgment (the "**2018 Judgment**"). The

effect of the 2018 Judgement is that mining companies are not required to re-empower themselves after their HDP shareholders

have sold out and that the DMPR cannot rely on the provisions of the MPRDA to enforce compliance with the Amended Charter,

unless the provisions which the DMPR seeks to enforce were made a term or condition of the mining right. The High Court of

South Africa (Gauteng Division) also held that the Minister's promulgation of the Amended Charter did not occur in terms of or in

compliance with the duty imposed under section 100(2) of the MPRDA and, as such, the terms of the Amended Charter can

have legal consequences or significance only insofar as they are, by any means, reflected in the terms of conditions subject to

which the Minister grants a mining right. It also brings the validity and enforceability of any subsequent mining charter into

question unless it is legislatively authorised. On 19 April 2018, the DMPR filed a notice of intention to appeal the judgment of the

High Court of South Africa (Gauteng Division), but later withdrew its appeal in August 2020.

On 27 September 2018, the Minister published the Mining Charter III on which date it also became effective, as amended

by the notice published in the Government Gazette on 19 December 2018 and read with the Implementation Guidelines. It

replaces, in their entirety, the Original Charter and the Amended Charter. Mining Charter III imposes new obligations and

increased participation by HDPs in relation to a mining company's ownership, procurement of goods and services, enterprise

and supplier development, human resource development and employment equity requirements. The first annual reporting for

compliance with Mining Charter III was on or before 31 March 2020, although on 11 April 2020, the Minister gazetted Directions

under the regulations of the Disaster Management Act as part of the measures to address, prevent and combat the spread of

Covid-19, which extended the date for submission of the first annual report to 1 June 2020. Harmony submitted its first report

under Mining Charter III within the specified deadline, and has timely submitted subsequent reports.

Some of the material changes introduced by Mining Charter III include:

• in relation to existing mining rights, the continuing consequences of historical black economic empowerment (''**BEE'')** 

transactions will be recognised and existing right holders will not be required to increase their HDP shareholding for the

duration of their mining right in circumstances where they either achieved and maintained 26% HDP ownership or where

they achieved the 26% HDP ownership but their HDP shareholder has since exited;

• in relation to the renewal and transfer of existing mining rights, historical BEE credentials will not be recognised and mining

companies will be required to comply with the ownership requirements in relation to new mining rights (see below);

• in relation to new mining rights (granted after 27 September 2018) mining companies must have a minimum of 30% BEE

shareholding distributed as follows: a minimum of 5% non-transferable carried interest to qualifying employees; a minimum

of 5% non-transferable carried interest to host communities, or a minimum 5% equity equivalent benefit; and a minimum of

20% to a BEE entrepreneur, 5% of which must preferably be for women; "*carried interest*" is defined as "*shares issued to* 

*qualifying employees and host communities at no cost to them and free of any encumbrances. The cost for the carried* 

*interest shall be recovered by a right holder from the development of the asset*";

• applications for mining rights lodged and accepted prior to 27 September 2018, will be processed in terms of the Amended

Charter (i.e. with a 26% HDP ownership requirement) but with a further obligation to increase their HDP shareholding to

30% within five years of the granting of the right;

• BEE shareholding may be concluded at holding company level, mining right level, on units of production, shares or assets

and where it is concluded at any level other than mining right level, the flow-through principle will apply;

• the permitted beneficiation off-set of up to 11% against the HDP ownership requirement contained in the Original Charter

and Amended Charter has been reduced to 5% unless it was "claimed" prior to 27 September 2018;

• a minimum of 70% of total mining goods procurement spend (including non-discretionary expenditure) must be on South

African manufactured goods, allocated amongst HDP owned and controlled companies, women and youth owned and

controlled companies and BEE compliant companies;

• a minimum of 80% of the total spend on services (including non-discretionary expenditure) must be sourced from *South* 

*African* companies, allocated among HDP owned and controlled companies, women and youth owned and controlled

companies and BEE compliant companies;

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• mining companies must achieve a minimum representation of HDPs in the following management positions: 50% on the

Board of directors (20% of which must be women), 50% in executive (20% of which must be women), 60% in senior

management (25% of which must be women); 60% in middle level (25% of which must be women); 70% in junior level

(30% of which must be women) and 60% in core and critical skills. In addition; HDPs with disabilities must constitute 1.5%

of all employees;

• the Minister may, by notice in the Government Gazette, review Mining Charter III;

• the ownership and mine community development elements are ring-fenced and require 100% compliance at all times; and

• a mining rights holder that has not complied with the ownership element and falls between levels 6 and 8 of the Mining

Charter scorecard shall be in breach of the MPRDA and its mining right may be suspended or cancelled in accordance with

the provisions of the MPRDA.

While Mining Charter III is now effective, there are transitional arrangements in relation to compliance with the procurement

and the employment equity element targets.

On 26 March 2019, the MCSA instituted judicial review proceedings in High Court of South Africa (Gauteng Division) for an

order reviewing and setting aside certain provisions of Mining Charter III. The provisions challenged by the MCSA relate to those

which, among other things:

• provide that mining rights holders must at all times comply with the ownership requirements imposed under Mining

Charter III;

• stipulate that the continuing consequences of historic empowerment transactions will not be recognised if existing mining

rights are renewed or transferred to third parties;

• impose the procurement thresholds for goods and services; and

• indicate that the Minister may invoke the sanctions prescribed under the MPRDA, if a mineral right holder fails to comply

with the threshold requirements imposed under the Mining Charter III.

The application aligns with the MCSA's previously stated view that most aspects of the Mining Charter III represent a

reasonable and workable framework. However, the MCSA's application contended that Mining Charter III does not fully

recognise the continuing consequences of previous empowerment transactions, particularly in relation to mining right renewals

and transfers of such rights. According to the MCSA, this constitutes a breach of the declaratory order on the matter issued by

the High Court of South Africa (Gauteng Division) in April 2018. On 30 June 2020, the High Court of South Africa (Gauteng

Division) ordered that various mine-affected communities and trade unions be joined as parties to the MCSA's application. The

MCSA's application was heard before a full bench of judges in May 2021. The 2021 Judgement was handed down on 21

September 2021, setting aside certain of the problematic provisions, while providing that the remainder of Mining Charter III

should continue in force. In November 2021, the DMPR informed National Assembly's Portfolio Committee on Mineral

Resources and Energy that it does not intend to appeal the outcome of the 2021 Judgment, but instead will consider steps to

achieve the empowerment objectives through legislative amendments to the MPRDA.

The 2021 Judgement was discussed at the parliamentary mineral resources and energy committee meeting on 18 March

2022. The meeting involved various stakeholders such as labour unions and the MCSA to present their views on the 2021

Judgement. To date, there have been no developments with regards to the above-mentioned views of the stakeholders.

For details of our compliance in the regard*,* see *"Integrated Annual Report for the 20-F* 2025 *– Governance – Mining* 

*Charter III – compliance scorecard"* on pages 227 to 228.

*The Royalty Act*

The Mineral and Petroleum Royalty Act, 28 of 2008, and the Mineral and Petroleum Royalty Administration Act, 29 of 2008,

were assented to on 21 November 2008 with the commencement date set as 1 May 2009; the date on which royalties became

payable was deferred to 1 March 2010. Royalties are payable by the holders of mining rights to the government according to

formula based on a defined earnings before interest and tax. This rate is then applied to a defined gross sales leviable amount

to calculate the royalty amount due, with a minimum of 0.5% and a maximum of 5% for gold. For 2025, the average royalty rate

for our South African operations was 2.79% of the gross sales leviable amount.

*The BBBEE Act and the BBBEE Amendment Act*

The BBBEE Act, 53 of 2003 (the "**BBBEE Act**"), which came into effect on 21 April 2004, established a national policy on

broad-based black economic empowerment with the objective to (i) remedy historical racial imbalances in the South Africa

economy and (ii) achieve economic transformation, by increasing the number of black people who participate in the mainstream

South African economy. The BBBEE Act provides for various measures to promote BEE participation, including empowering the

Minister of Trade and Industry to issue Codes of Good Practice (the "**BBBEE Codes**"), with which organs of state and public

entities and parties interacting with them or obtaining rights and licenses from them would be required to comply. The BBBEE

Codes were first published in 2007, and were revised in 2013 (although the revisions only came into effect in 2015). The BBBEE

Codes sought to provide a standard framework, in the form of a "generic scorecard", for the measurement of BBBEE across all

sectors and industries operating within the South African economy and sought to regularise such sectors and industries by

providing clear and comprehensive criteria for the measurement of BBBEE.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

On 24 October 2014, the BBBEE Amendment Act, 46 of 2013 (the "**BBBEE Amendment Act**"), came into effect. The

BBBEE Amendment Act inserted a new provision in the BBBEE Act, whereby the BBBEE Act would trump the provisions of any

other law in South Africa which conflicts with the provisions of the BBBEE Act, provided such conflicting law was in force

immediately prior to the effective date of the BBBEE Amendment Act. The BBBEE Amendment Act also stipulates that this

provision would only be effective one year after the BBBEE Amendment Act is brought into effect, on 24 October 2015.

On 27 October 2015, the Minister of Trade and Industry published a government gazette notice declaring an exemption in favour

of the DMPR from applying the requirements contained in section 10(1) of the BBBEE Act for a period of 12 months.

There has been some debate as to whether or to what extent the mining industry was subject to the BBBEE Act and the

policies and codes provided for thereunder. The BBBEE Codes apply in the absence of sector specific codes which have been

agreed to by interested and affected parties active within a specific sector. By way of background, various sectors within the

South African economy may negotiate and agree Codes of Good Practice which would govern transformation in that specific

sector. In addition, certain codes fall outside of the regulatory framework established by the BBBEE Act and BBBEE Codes

promulgated by the Minister of Trade and Industry thereunder. One such sector is the mining industry, where the Original

Charter, the Amended Charter and Mining Charter III (which we refer to generally in this section as the Mining Charter), govern

the implementation of BBBEE, among other things, within the mining industry.

For purposes of the BBBEE Act, the Mining Charter is not a "sector code". It is not clear at this stage how the Mining

Charter and BBBEE Codes relate to each other. The government may designate the Mining Charter as a sector code, in which

case it will be under the auspices of the BBBEE Act. On the other hand, the Mining Charter may remain a stand-alone document

under the auspices of the MPRDA and may be subject to the trumping provision, discussed above, to the extent that there is a

conflict between the two. This uncertainty may be resolved through either government clarification or judicial attention. The

exemption by the Minister of Trade and Industry can be read as confirmation that the Department of Trade and Industry regards

the BBBEE Codes as "applicable" to the Mining Industry after the exemption was lifted on 27 October 2016.

On 17 February 2016, the Minister of Trade and Industry published a gazette notice which repealed and confirmed the

validity of a number of sector codes. The omission of the Mining Charter from the notice can be interpreted as confirmation that

the Mining Charter is not contemplated as a sector code. This supports the interpretation BBBEE Act did not intend to trump the

Mining Charter. While it remains to be seen how this will be interpreted, it appears that the BBBEE Act and the BEE Codes will

not overrule the Mining Charter in the future and, in any event, our view is that the DMPR is likely to continue implementing the

Mining Charter and it is unlikely that the DMPR will begin applying the BBBEE Act and BBBEE Codes in administering the

MPRDA, since in order to do so will potentially require an amendment of the MPRDA.

*Housing and Living Standards*

Mining right holders are required to develop, in consultation with organised labour, relevant municipalities and the DWS, a

housing and living conditions plan taking into account various principles in giving effect to the above objectives including,

engaging with all relevant stakeholders, ensuring equity in the implementation and administration of the housing of employees,

providing employees with a range of housing options (such as subsidised rental, private ownership, living out allowances and

government subsidised ownership) and ensuring that all housing facilities are developed or redeveloped with access to

electricity, water and ablutions in accordance with the requisite norms and standards.

*Resettlement Guidelines*

On December 11, 2019 the Minister published the Housing and Living Conditions Standard for the Minerals Industry (the

"Housing and Living Conditions Standard"). The purpose of the Housing and Living Conditions Standard is to ensure that mine

employees are provided with adequate housing, healthcare services, balanced nutrition and water. The Housing and Living

Conditions Standard applies to existing and new mining right holders. The underlying purpose of the Housing and Living

Conditions Standard is to develop decent single and family housing units for mine employees and their families.

The Minister published the final Mine Community Resettlement Guidelines, 2022 ("**Resettlement Guidelines**") for

implementation on 30 March 2022, on which date they also became effective. The Resettlement Guidelines apply to applicants

and holders of mining rights, prospecting rights and mining permits pursuant to the MPRDA, which result in the displacement of

parties. Resettlement is guided by several fundamental principles including meaningful consultation, gender equality, the

avoidance of resettlement, where possible, rules concerning meetings and the protection of existing rights.

Pursuant to the Resettlement Guidelines, applicants and holders of mining rights will need to make provision for a

Resettlement Plan, Resettlement Action Plan and a Resettlement Agreement. The Resettlement Plan sets out the nature of the

project, its expected impacts, the manner in which consultation will be implemented and the various cost implications for the

resettlement. The Resettlement Action Plan sets out the specific steps that the holder will need to meet to implement the

Resettlement Plan and the Resettlement Agreement records the commitments made by the holder. There are no specific

requirements in the Resettlement Guidelines regarding the content of these agreements. However, all stakeholders should be

engaged and commit to their respective obligations.

No mining activities may commence until such time as the Resettlement Agreement has been concluded. This includes

agreement on the compensation that should be paid to affected parties. Any disputes between the parties regarding the

Resettlement Agreement or associated plans, should be resolved between the parties. To the extent that the parties are unable

to reach an amicable solution, only then should the Regional Manager-led process in section 54 of the MPRDA be invoked.

*Geoscience Regulations*

On March 30, 2022, the Minister published the final version of the Geoscience Act Regulations, 2022 (the "Geoscience

Regulations"), on which date they also became effective. The Geoscience Regulations obligate the lodgment of geoscience data

and information in respect of reconnaissance and prospecting with the Council for Geoscience ("**CG**"). The Geoscience

Regulations require that the owners of onshore and offshore geoscience data and geoscience information must submit this

information to the CG.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Geoscience Regulations state that the lodgment of geoscience data and information should include several categories

of information such as geology, geochemistry, borehole profile logs and physical borehole core, and geophysical data. The

requirement to submit physical borehole material has been qualified to only be necessary upon a specific request by the CG as

well the fact that physical core materials drilled for research purposes may only be discarded after obtaining consent from the

CG. All physical materials recovered from boreholes drilled for infrastructure and development purposes can only be discarded

after consultation with the CG.

In terms of the Geoscience Regulations, entities which hold historical information relating to onshore and offshore

geoscience data and information are obliged to notify the CG that such data and information is in their possession. Following

such notification, the CG, at its expense, must arrange to collect the data and/or information. Lastly, the Geoscience Regulations

classify all geoscience data and information not related to prospecting and reconnaissance, preceding the coming into operation

of these Geoscience Regulations, as historical data, and the same provisions and time described above will apply.

The Geoscience Regulations provide for the disclosure and accessibility of geoscience data, geoscience information, and

prescribed services through digital and non-digital media as well as data requests that may be made directly to the CG. The

Geoscience Regulations contain confidentiality provisions relating to geoscience data and information, which are consistent with

the confidentiality provisions found in the MPRDA. However, the confidentiality provisions are subject to the provision that

geoscience data or information relating to a prospecting permit or reconnaissance may not be disclosed until the permit has

lapsed or been abandoned in line with section 30(5) of the MPRDA. Additionally, the Geoscience Regulations state that

geoscience data and information not relating to reconnaissance or prospecting are considered confidential and will only be

disclosed in limited circumstances.

***Mineral Rights – Australia***

In Australia, mining is regulated by the laws of the state in which the deposit is situated and the mining activity occurs. In

fiscal 2025, our only current mining-related activity in Australia was the Eva Copper Project, located in the State of Queensland.

Mining in Queensland is regulated by the Queensland MRA, the Mineral and Energy Resources (Common Provisions) Act 2014,

the MQSH Act, and the regulations, practice manual, operational policies and guidelines thereunder.

Generally, all mineral resources in Queensland are owned by the State of Queensland. These resources are managed by

the Queensland Department of Resources. Under the Queensland MRA, the Queensland Department of Resources requires all

large mining projects to apply for an applicable resource authority, being (as the case may be) an EP, ML and/or a mineral

development license. An EP allows the holder to carry out exploration activities to determine what minerals exist and their quality

and quantity in or under land or in the waters or sea above such land, in accordance with agreed work programs and subject to

compliance with prescribed security and financial obligations.

If the holder of an EP wishes to develop a mine to exploit discovered resources, application must be made for an ML. This

entitles the holder to machine-mine specified minerals and carry out activities associated with mining, including infrastructure to

support mining operations. The Queensland MRA and mining tenements issued thereunder contain provisions and conditions,

the breach of which may result in the imposition of a fine, imprisonment or the cancellation of the tenement.

Mining in Queensland is also subject to the Native Title Act. Any "future act" on land or waters that will affect native title

rights and interests is subject to native title processes intended to protect such rights and interests through a right to negotiate

enabling affected parties to reach agreement on the terms of consent concerning the proposed future acts, including monetary

compensation, employment and training, contracting opportunities and cultural heritage. These arrangements are captured in

Indigenous Land Use Agreements, which are then registered with the National Native Title Tribunal.

As part of the MAC acquisition, we have acquired the CSA copper mine on 24 October 2025, an operating underground

copper mine located near Cobar in the State of New South Wales. The MAC acquisition, our Australian operations will therefore

include assets in both Queensland and New South Wales. Mining in New South Wales is regulated by the Mining Act 1992

(NSW), the Work Health and Safety (Mines and Petroleum Sites) Act 2013 (NSW), and associated regulations, codes of practice

and guidelines.

***Mineral Rights –*** ***Papua New Guinea***

Mineral rights in PNG are regulated by the PNG Mining Act. The PNG Mining Act stipulates that all minerals are the

property of the PNG Government and, subject to the PNG Mining Act, all land is available for exploration and mining.

The PNG Department of Mining comprises three departments or authorities. The issuance and administration of mining

tenements under the PNG Mining Act is effected through the offices of the PNG MRA established under the PNG Mineral

Resources Authority Act 2018; mining operations are administered by the Chief Inspector of Mines under the PNG Mining

(Safety) Act; and mineral policy is administered by the PNG Department of Mineral Policy and Geohazards Management.

The permitting process can be very time consuming, and (subject to the applicable legislation) there is no assurance that a

mining tenement will be granted or extended. Mining tenements include:

• exploration licenses, issued for a term not exceeding two years, renewable on application for further two year terms subject

to compliance with expenditure and other conditions. Each license contains a condition conferring on the PNG Government

the right to make a single purchase up to 30% equitable interest in any mineral discovery under the license at a price pro

rata to the accumulated exploration expenditure;

• Mining Leases, issued for a term not exceeding 20 years, renewable on application for up to ten years at the discretion of

the PNG Minister for Mining after considering PNG Mining Advisory Board recommendations;

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• Special Mining Leases, issued for a term not exceeding 40 years, renewable on application for up to twenty years at the

discretion of the PNG Minister for Mining after considering PNG Mining Advisory Board recommendations and subject to

the provisions of any mining development contract which may have been entered into between the PNG Government and

the tenement holder;

• mining easements; and

• leases for mining purposes.

These tenements generally confer exclusive rights on the holder to exercise their rights thereunder. However, in PNG,

citizens have the right to carry out non-mechanised mining of alluvial minerals on land owned by them, provided that an alluvial

mining lease is obtained and provided there is not already a mining lease or Special Mining Lease over the subject land.

PNG exploration licenses contain a condition that, if there is a mineral discovery, the PNG State has a back-in right under

Section 17 of the PNG Mining Act. This right allows the PNG State at any time before the start of mining, to acquire a

participating interest of up to 30% in the discovery by paying a price equal to its pro-rata share of accumulated exploration

expenditures. Once this interest is acquired, the PNG State must contribute its pro-rata share of future exploration and

development costs unless otherwise agreed.

In addition, PNG mining legislation and mining tenements contain provisions and conditions, the breach of which may

result in the imposition of a fine, imprisonment or the cancellation of the tenement.

Almost all land in PNG is owned by a person or group of persons under customary ownership and is not generally overlaid

by landholder title. The customary owners of the land have in some instances been formally identified through the work of the

Land Titles Commission. However, there is often considerable difficulty in identifying landholders of a particular area of land

because land ownership may arise from both contract and inheritance, and because of the absence of a formal written

registration system.

Prior to commencing exploration, compensation for loss or damage must be agreed with the landholders. Prior to

commencing mining, written agreements must be entered into with landholders dealing with compensation and, in company with

the PNG Government as a party, a memorandum of agreement dealing with such other matters as the sharing of royalties and

other mining benefits among and between landholder groups and Provincial and local government entities.

Along with standard corporate and other taxes and levies, mining companies must pay royalties to the PNG Government

and a levy to the PNG MRA, based on production.

The Hidden Valley Mine MOA, which was executed in 2005, is currently under review, with a draft CDA presently with the

PNG State Solicitor for consideration prior to execution. Under the current MOA (and contained within the draft CDA), an agreed

share of the royalties paid by us to the PNG Government is allocated among the Morobe Provincial and local level governments

and various landowner groups. Also, the MOA (and draft CDA) contains agreed national content, localisation and social

performance plans, which address various aspects of procurement, business development, employment and training and other

community support.

A Wafi-Golpu CDA will be entered into in the course of the permitting of the Wafi-Golpu Project, pursuant upon the conduct

of a consultative Development Forum convened by the PNG Government at which all directly-affected landholder community

groups will be represented.

Since 2009, the mining regime in PNG has been the subject of a comprehensive ongoing review involving various PNG

Government agencies. In addition, PNG mineral policy and mining-specific sector policies have also been variously presented

for discussion and/or drafted and introduced, including a biodiversity offsets policy, a national oceans policy, a sustainable

development policy, an involuntary relocation policy, a national content policy, a gold bullion policy and a mine closure policy and

mining project rehabilitation and closure guideline.

The process and extent of PNG mining regime review and change escalated materially with the appointment of Hon James

Marape M.P. as Prime Minister of PNG in May 2019. Since that time, the PNG Government has strongly advocated a policy of

resource nationalism generally referred to as "Take Back PNG", including a review and restructuring of resource laws so as to

increase the PNG Government's share of the proceeds from mining, enhance landholder and provincial government equity

participation in mining projects, and promote direct involvement in mining and exploration by a state-owned entity ("SOE"). Until

this process is concluded, the ultimate form of the future PNG mining regime is uncertain.

Various draft revisions of the PNG mining regime have been circulated for comment and/or introduced, including:

• In June 2020 proposed revisions of the PNG Mining Act were circulated for comment, including an increase in the royalty

rate and changes to the terms of the PNG Government's option to acquire an interest in a mineral discovery, the

percentage extent of such option, the consideration payable for it, and the contributions to be made by the PNG

Government pursuant to it. Other proposed revisions included the introduction of a development levy and a waste fee, the

introduction of an obligation to maintain production at minimum prescribed levels, a prohibition on non-local "fly-in, fly-out"

employment practices, and the introduction of downstream processing obligations (including a national gold refinery and

bullion bank).

• In June 2020 the Mining (Amendment) Act 2020 (the "**PNG Mining (Amendment) Act**") was enacted, which requires the

real-time provision of production and mineral sales data to the PNG MRA. The PNG Mining (Amendment) Act also

amended the PNG Mining Act to provide that the PNG Government has the power to reserve land that is subject to an

expired, cancelled, surrendered or relinquished tenement. Wholly or majority PNG-owned entities, including an SOE, then

have a statutory priority in applying for a new tenement over the reserved land.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• In July 2020 a proposed Organic Law on Ownership and Development of Hydrocarbons and Minerals and the

Commercialisation of State Businesses (the "**PNG Organic Law**") was tabled for reading in Parliament. The draft Organic

Law proposed material alterations to the legislative and regulatory regime governing mining in PNG, including the transfer

of ownership of minerals from the PNG Government to an SOE which would not be subject to the PNG Mining Act or the

regulation of the PNG MRA. It also proposed transforming the methodology of the PNG Government's participation in

mining operations from a concessionary to a production sharing regime, but was silent on the form and content of the

production sharing regime to be entered into, which arrangements it envisaged would be negotiated by the SOE on a case-

by-case basis. The PNG Organic Law was not progressed and it is presently uncertain if it will be adopted, or (if adopted)

whether or how the PNG Organic Law will be applied to our current operations and projects in PNG.

• In November 2021, the PNG Government announced it intended to set up a gold refinery and gold bullion repository

in-country as part of its downstream processing initiative. A National Gold Corporation Bill was tabled, proposing to

establish a statutory monopoly over gold refining whereby all refining of all PNG gold products would by force of law be

required to be performed exclusively by a refinery operated, nominated or appointed by the National Gold Corporation, and

compelling all PNG gold producers (including alluvial miners) by force of law to deliver their gold products to it for refining.

These provisions would have material commercial and legal implications for all producers. After very strong public

resistance, objections from PNG CORE and opposition from within government ranks also, the Bill was formally withdrawn

in June 2024 for further consideration of the issues. It is presently uncertain if the proposed or similar provisions will be

(re)introduced at some future time, or (if adopted) whether or how they will be applied to our current operations and

projects in PNG.

• In August 2023, the PNG Department of Commerce and Industry presented a draft "Papua New Guinea National Content

Policy for Resource Sectors 2023-2027" for public and industry consideration. The policy is designed as a roadmap to

provide an overarching and strategic policy directions and institutional framework to promote and facilitate greater national

participation and partnership in all resource development investments in PNG. It covers six key policy focus areas: (i)

Domestic procurement of goods and services; (ii) Supplier and entrepreneurship Development; (iii) Employment

Opportunities for Papua New Guineans; (iv) Skilled Workforce Development for Graduates; (v) Greater equity participation

by Papua New Guinean institutions and citizens; and, (vi) Oversight on investments on sustainable development for project

impacted landholder communities and the economy as a whole. "The Papua New Guinea National Content Policy for

Resource Sectors 2023" was officially launched in August 2024.

• In April 2024, a further proposed revision of the PNG Mining Act was circulated for comment, including the introduction of a

right to the PNG Government to acquire 30% equity in a project at no cost to the PNG Government, a provision requiring

that applicants demonstrate their financial capacity to develop the project as a condition precedent for grant of a mining

lease, including proof of readily available funds of no less than 50% of the projected capital costs of the development, and

an increase in mining royalties between the range of 5% and 10%. The proposed revisions were strenuously resisted by

PNG CORE on behalf of industry.

• In February 2025, the Minister for Mining introduced the PNG Draft Mining Bill 2025, which largely reflects the April 2024

proposal. Since that time, the PNG Government has indicated that is will initiate an independent economic assessment of

the proposals and thereafter engage with PNG CORE and other stakeholders.

It is currently uncertain if or to the degree the proposed revisions will be progressed and (if and to the degree they are

adopted) whether or how they will be applied to our current operations and projects in PNG. We continue to engage with the

PNG Government and relevant regulators on these matters, indirectly through the offices of PNG CORE and directly with the

PNG MRA and the DMPGM.

***Health and Safety - South Africa***

Health and Safety at mining operations in South Africa is governed by the MHSA, as well as the Regulations binding

thereunder. The objectives of the MHSA are listed in section 1 of the MHSA and included among others, the protection of the

health and safety of persons at mines, effective monitoring of health and safety conditions, promotion of a culture of health and

safety at mines, provision for enforcement of health and safety measures and provision of investigations and inquiries.

The MHSA and its regulations place upon an employer the duty to protect, as far as reasonably practicable, the health and

safety of both employees (which includes employees of independent contractors) performing work at a mine and non-employees

(such as visitors to a mine and the public who live in close proximity to the mine). "Employer" is defined in section 102 of the

MHSA as the "owner of a mine", and in turn, an "owner " includes the holder of the prospecting permit or mining authorisation

issued under the MPRDA.

The employer is ultimately responsible for ensuring that applicable provisions of the MHSA and binding regulations thereof,

are complied with to ensure the health and safety of persons, as far as reasonably practicable and to prevent damage to

property.

Importantly, the MHSA prescribes, among other things, general and specific duties for employers and other persons,

determines penalties for non-compliance with the MHSA and relevant binding regulations thereunder, and provides for employee

participation by requiring the appointment of health and safety representatives and the establishment of health and safety

committees. The MHSA also codifies the right of employees to refuse to work in dangerous conditions and the MHSA further

places an obligation on employees to protect their own health and safety, as well as the health and safety of other persons.

*See "Integrated Annual Report for the 20-F* 2025 *– Social stewardship – An engaged workforce"* on pages 154 to 165 and

"*Integrated Annual Report for the 20-F* 2025 *– Social stewardship – Holistic health and wellness"* on pages 141 to 153*.*

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The MHSI of the DMPR is responsible for the enforcement of the MHSA and relevant binding regulations thereunder. The

DMPR also plays an important role in the promotion of health and safety at mines. The MHSI comprises of a Chief Inspector of

Mines, Deputy General, Principal Inspectors of Mines for each region and various Senior Inspectors and Inspectors of Mines for

each region. Should employers or employees fail to comply with their obligations under the MHSA, the MHSI may take a number

of enforcement measures which may include the following:

• the issuing of statutory instructions (for example notices in terms of section 54 or section 55 of the MHSA) if an Inspector of

Mines has reason to believe that any occurrence, practice or condition at a mine endangers the health and safety of any

person at a mine, or alternatively if an Inspector of Mines has reason to believe that a provision of the MHSA has not been

complied with. A notice in terms of section 54 of the MHSA, may halt all mining operations undertaken at a mine or part

thereof. If a mine receives notices in terms of section 54 of the MHSA regularly, the production stoppages and the

additional costs incurred as a result thereof will not only affect the production results of a mine but also the reputation and

business of a mine. If, however, a notice in terms of section 54 of the MHSA has been issued unlawfully, the mine may

appeal the said notice to the Chief Inspector of Mines. The aforesaid appeal does not suspend the operation of the notice

issued in terms of section 54 of the MHSA. To suspend the operation of the notice in the above instance, a mine must

lodge an urgent application to the Labour Court (being the court with jurisdiction) requesting the suspension of the

operation of the notice issued in terms of section 54 of the MHSA;

• the suspension or cancellation of certificates of competency -the Chief Inspector of Mines may suspend or cancel

certificates of competency issued in terms of the MHSA if the holder of that certificate is guilty of gross negligence or

misconduct or has not complied with the MHSA or relevant binding regulations thereunder;

• recommendation for criminal prosecution - a Principal Inspector of Mines may recommend prosecution to the National

Director of Public Prosecutions if satisfied that there is sufficient admissible evidence that an offense has been committed.

Any person convicted of an offence in terms of the MHSA may be issued with a fine or sentenced to imprisonment as may

be prescribed; and

• Imposition of administrative fines - a Principal Inspector of Mines may, after considering the recommendation of an

Inspector of Mines and the written representations of the employer, impose an administrative fine for the failure to comply

with, amongst others, the provisions of the MHSA and the relevant binding regulations thereunder. In terms of Table 2 of

Schedule 8 to the MHSA, the maximum administrative fine which may be imposed on an employer is R1 million per

transgression. If a mine receives an administrative fine which has been issued unlawfully, the mine may lodge an

application in the Labour Court (being the court with jurisdiction) to review the decision to impose an administrative fine.

In addition to the above, the MHSI also institute investigation and/or inquiry proceedings in terms of the MHSA an accident

or occurrence at a mine, which results in the serious injury, serious illness or death of a person.

To address issues relating to occupational illnesses, injuries and compensation for such injuries or illnesses, South Africa

has established two statutory systems for the payment of compensation for occupationally related injuries and certain

occupationally related diseases, namely, COIDA and ODMWA. COIDA applies to the compensation of all occupational injuries

(including payment of compensation in the event of the death of the injured employee), whether or not it occurs in or outside the

mining industry. ODMWA applies to diseases which are defined as "compensatable diseases", being primarily occupationally

related lung diseases like silicosis.

Notably, COIDA indemnifies the employer against claims by the employee or his/her dependents for damages incurred as

a result of occupational injuries and diseases. However, the Constitutional Court held in *Mankayi v AngloGold Ashanti Limited*

2011 (3) SA 237 (CC) that although COIDA applies to occupational diseases in general, COIDA does not apply in instances

where the disease in question is a compensatable disease in terms of ODMWA and which was contracted as a result of the

performance of "*risk work*" at a "*controlled mine*". The Court further held that if an employee contracts a compensatable disease

as defined in ODMWA, the employee would still be entitled to claim common law damages from the employer. It should also be

noted that COIDA does not indemnify an employer against claims lodged by persons other than employees (i.e claims lodged by

independent contractors or other persons affected by mining operations) for damages incurred as a result of occupational

injuries or diseases.

In June 2022, the Minister released the draft MHSA Amendment Bill for public comment. The Minister published an

executive summary of the MHSA Amendment Bill, 14 October 2024. However, the MHSA Amendment Bill, 2024 has not yet

been tabled in Parliament. In terms of the MHSA Amendment Bill certain provisions of the MHSA will be amended. The MHSA

Amendment Bill contains a number of provisions which, if enacted in their present form, could have a material adverse effect on

our business, operating results and financial condition. The MHSA Amendment Bill provides for (among others things) an

increase in the monetary value of the fines that may be imposed in respect of instances of non-compliance, more direct

involvement of executives (particularly CEOs), stricter liability in instances of non-compliance, and changes to the obligations

relating to training and the formulation of training programs. The MHSA Amendment Bill also introduces a new offence of

corporate manslaughter, being that the employer will contravene or fail to comply with the MHSA if it fails to comply with a duty

in terms of the MHSA and if such conduct resulted in a person's death or in serious injury or illness of a the person. The effect of

the provisions in the MHSA Amendment Bill are of that the defences on which the employer may rely to escape liability, are

limited.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Health and Safety – Australia***

In Queensland, where our Eva Copper Project is situated, the safety of employees, contractors and third parties

concerning mining operations is regulated by the MQSH Act and the MQSH Regulations. Risk is effectively managed when all

persons individually and as part of their respective workgroups and organisations take action to keep risk at an acceptable level,

being the conduct of operations so that the level of risk from the operations is within acceptable limits and as low as reasonably

achievable, taking into account the likelihood of injury and the severity of the injury. The MQSH Act was amended by the RSHLA

Act, with key amendments expanding safety obligations for mine operators including the requirement to implement critical

controls within safety and health management systems.

Workers or other persons at mines or persons who may affect safety and health at mines or as a result of operations, have

"safety and health obligations" under Division 2 of the MQSH Act. Persons including (a) (mining tenement) holder; (b) operator;

(c) site senior executive; (d) contractor; (e) designer, manufacturer, importer and supplier of plant for use at a mine; (f) erector

and installer of plant at a mine; (g) manufacturer, importer and supplier of substances for use at a mine; and (h) person who

supplies a service at a mine have "safety and health obligations" which are specified under Division 3 of the MQSH Act.

The objects of the MQSH Act are to protect the safety and health of persons at mines and persons who may be affected by

operations; and require that the risk of injury or illness to any person resulting from operations is at an acceptable level. Risk is

considered effectively managed when all persons individually, or as part of their respective workgroups and organisations, take

action to keep risk to an acceptable level; i.e., conducting operations so that the level of risk from the operations is within

acceptable limits and as low as reasonably achievable, taking into account the likelihood of injury or illness to the person, and

the severity of injury or illness. In some cases this is demonstrated by following applicable regulations or guidelines and

adopting stated measures, or where no regulation or guidelines are in place, by taking reasonable precautions, and exercises

proper due diligence.

The RSHQ is the independent regulator responsible for administering, monitoring and enforcing compliance with the

MQSH Act. Responsibility for prosecution of "serious offences" under the MQSH Act fall with the WHS Prosecutor. A "serious

offence" is committed where a person who has a safety and health obligation breaches it in circumstances where the breach:

• causes death or bodily harm, or the breach involves exposure of a person to a substance likely to cause death or grievous

bodily harm; or

• is an offence under the Industrial Manslaughter provisions of the MQSH Act; or

• amounts to an offence that may be prescribed by a regulation to the MQSH Act.

Other offences (i.e., non-serious offences) may be prosecuted by either the WHS Prosecutor or the chief executive officer

of RSHQ. Queensland legislation also allows any person to request that the WHS Prosecutor commence a prosecution against

another person in certain circumstances, i.e., when the person reasonably considers the other person has committed a "serious

offence" and no prosecution has been brought in relation to the act, in which instance the WHS Prosecutor has three months to

investigate and respond.

Where a person holds a safety and health obligation under the MQSH Act and fails to discharge this obligation, the

maximum penalty where the contravention leads to multiple deaths is 30,000 penalty units for a corporation; or 6,000 penalty

units or three years imprisonment for an offence committed by an officer of a corporation. Civil penalties may also be imposed

under the MQSH Act where a corporation or an officer/employee or agent of the corporation contravenes a civil penalty

obligation; civil penalties range between 500 and 1000 penalty units. At time of writing, 1 penalty unit = A$161.30.

Other persons who have specific obligations under the MQSH Act include health and safety representatives (elected by the

workers in Queensland mines), district worker representatives, and Inspectors and other officers. Where an appointee to these

positions reasonably believes a risk from operations may reach an unacceptable level, they may give a directive to any person

to take stated corrective or preventative action, or to suspend all or partial operations. Failure to comply with a directive may

lead to a penalty (up to 800 penalty units or two years imprisonment.

The legislation places obligations on the operator of a mine, the site senior executive and others to ensure that, among

other things, the risk to persons from operations is at an acceptable level and that safety and health management systems are

developed and implemented. The legislation contemplates that operators and site senior executives will be assisted by site

safety and health representatives elected by the workers at the mine site, site safety and health committees, District workers'

representatives and appointed inspectors, inspection officers and authorised officers with powers inter alia of site access,

inspection and seizure.

Significant penalties may be imposed if safety and health obligations under the Act are not appropriately discharged.

***Health and Safety – Papua New Guinea***

PNG has a significant mining industry, and a developing system of occupational health and safety. The PNG Mining

(Safety) Act is the principal legislation, which addresses a range of issues such as working hours, minimum safety and reporting

requirements. Other legislation and regulations also apply.

The PNG Mining (Safety) Act and the relevant binding regulations issued thereunder are currently the subject of

comprehensive ongoing review, which may result in changes which will affect our operations and projects in PNG. In 2021, the

DMPGM released the MWSH Bill and has subsequently proposed various other amendments to the PNG Mining (Safety) Act,

however has not enacted the MWSH Bill or other amendments.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The MWSH Bill deals (among other matters) with the increase in monetary value of the fines which may be imposed in in

respect of instances of non-compliance, the more direct involvement of executives (particularly CEOs), the imposition of stricter

liability in respect of obligations under the PNG Mining (Safety) Act, and changes to obligations relating to training and

formulation of training programs. If enacted in its present form, the MWSH Bill will repeal and replace the PNG Mining (Safety)

Act.

The DMPGM proposed further one-on-one consultation with mining operations in 2023 but appears to have suspended the

consultation process and has not enacted the MWSH Bill or other amendments.

See above under "– *Regulation* – *Mineral Rights* – *Papua New Guinea*".

*See "Integrated Annual Report for the 20-F* 2025 *– Social stewardship – An engaged workforce"* on pages 154 to 165 and

"*Integrated Annual Report for the 20-F* 2025 *– Social stewardship – Holistic health and wellness"* on pages 141 to 153*.*

***Laws and Regulations Pertaining to Environmental Protection - South Africa***

In South Africa, environmental matters are regulated by national, provincial and municipal laws in line with each level of

government under South Africa's Constitution and relevant legislation. Key legislation includes the NEMA, the NWA, the Air

Quality Act, the National Environmental Management: Waste Act, the National Nuclear Regulator Act, 47 of 1999, the National

Environmental Management: Biodiversity Act, 10 of 2004, the National Heritage Resources Act, 25 of 1999, the Carbon Tax Act,

the Climate Change Act and the MPRDA.

This legislation commonly requires businesses whose operations may impact the environment to obtain permits,

authorisations and other necessary approvals. Businesses and authorities must also monitor compliance to ensure that the

conditions under these permits, authorisation and other approvals are fulfilled. In addition, the legislation may require

compliance with standards or levels that do not require authorisation and impose a duty of care on businesses to take

reasonable measures are implemented to prevent pollution or environmental degradation from occurring, continuing or

recurring.

*NEMA*

Section 24 of South Africa's Constitution is the cornerstone of South African environmental law. It affords every person the

right to an environment that promotes their health and well-being and places an obligation on the state to create legislation and

other instruments to give effect to this right taking into consideration the principles of sustainable development.

In accordance with this obligation, the Minister of Environmental Affairs and Tourism (as he was then) introduced the

NEMA. The NEMA is "framework legislation"; which provides the core principles and structures in terms of which all

environmental legislation and decisions are interpreted, administered and applied. These principles include the principles of

inter-generational equity, the polluter pays principle, the cradle to grave principle and the principle of sustainable development

(the "**Section 2 Principles**").

*Listed Activities and competent authorities*

The NEMA introduces environmental management tools aimed at ensuring that the Section 2 Principles are incorporated

into all decisions that may have an effect on the environment. Chief among these tools is the environmental authorisation

process. Under section 24(1) of the NEMA, the Environment Minister may identify activities that may not commence without an

environmental authorisation (the "**Listed Activities**").

The Environment Minister published the EIA Regulations and three lists of Listed Activities (the "**Listing Notices**"). The EIA

Regulations contemplate two application processes for an environmental authorisation: a "basic assessment" (an abridged

process for lower-impact activities) and a "environmental impact assessment" (a more detailed process for higher-impact

activities). Activities in Listing Notices 1 and 3 trigger a basic assessment process, while those in Listing Notice 2 require a full

scoping and environmental impact assessment. The decision period for granting or refusing environmental authorisation is

capped at 300 days, excluding any appeal process. However, due to administrative delays, this timeline is not always met.

The DMPR, the competent authority responsible for implementing and enforcing environmental law relating to prospecting

and mining activities, including issuing environmental authorisations. Any decisions by the DMPR under the NEMA and other

environmental management Acts are appealable to the DFFE.

Commencing a Listed Activity without an environmental authorisation is an offence, though applicants may seek

retrospective authorisation in terms of section 24G of the NEMA. The DMPR may reject a section 24G application, order

environmental rehabilitation or impose corrective actions. Even if authorisation is granted, the applicant must pay an

administrative fine (up to R10 million) and remains exposed to potential criminal liability which includes fines (up to R10 million)

and/or imprisonment up to 10 years. In addition, a convicted person may include be required to pay damages or penalties and/

or the costs of the prosecution. Directors may also be held liable for the same penalties and will need to overcome a reverse

onus provision to avoid liability.

*Financial provision*

Upon the cessation of mining operations or termination of the right, we must apply for a closure certificate. Until the

Minister issues a closure certificate, a mining right holder annually assesses the environmental liabilities of the mining operation

(including the pumping and treatment of extraneous water) and put up financial provision for the rehabilitation, closure and

ongoing post decommissioning management of negative environmental impacts. If the Minister grants a closure certificate, he or

she may release the financial provision but is entitled to retain part of the provision for future latent or residual liabilities. Under

the NEMLAA, any financial provision retained by the Minister must be transferred to an account managed by the Minister, or in

the case of insurance, the Minister must be able to access the funds directly. Notwithstanding this, we will remain responsible for

any such latent or residual liabilities should they arise. If such liabilities arise, the DMPR may elect to implement the measures

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

using the retained funds and recoup any shortfall from us. We will have no control over the way such funds are utilised to

remedy the liability. If no liabilities arise, there is no mechanism in which we can reclaim these unused funds.

The Financial Provision Regulations, 2015 sought to rectify certain alleged shortcomings of guidelines (the "**DMPR** 

**Guidelines**"), issued by the DMPR (as it was known at the time) by requiring the inclusion of preliminary and general costs in

the financial provision calculations, imposing VAT (at 15%) on the total amount, prohibiting the withdrawal of trust funds for

concurrent rehabilitation (even in circumstances where the financial provision exceeds the evaluated environmental liability) and

ceding a portion of the funds to the Minister as security for possible latent and residual post-closure environmental impacts.

The Financial Provision Regulations, 2015 impose much more stringent obligations on mining and prospecting rights

holders than was required under the DMPR Guidelines. As a result, the mining industry has expressed its opposition to the

Financial Provision Regulations, 2015 and the date by when existing prospecting and mining rights holders were required to

comply with the Financial Provision Regulations, 2015 has been indefinitely delayed until new regulations are published. Several

draft regulations have been published for comment, but no new final regulations have been published. Any prospecting and

mining rights applied for after the Financial Provision Regulations, 2015 came into effect are required to comply with the

Financial Provision Regulations.

The Financial Provision Regulations, 2015 apply to prospecting and mining operations. Processing residue stockpiles and

residue deposits created prior to 1 May 2004 does not currently require a mining permit or a mining right. As a result, financial

provision has not been required for these activities. Amendments to the MPRDA and NEMA, however, seek to incorporate these

activities within the ambit of the MPRDA and the requirements to put up financial provision. This may require us to put up more

financial provision for rehabilitation of these residue stockpiles and residue deposits. Even if these amendments are not

forthcoming, we have a duty of care responsibility to take measures to prevent pollution or environmental degradation arising

from these residue stockpiles and deposits.

See Item 5: "*Operating and Financial Review and Prospects - Operating Results – Key factors affecting our results –*

*Electricity in South Africa – Climate Change, Environmental Factors and Carbon tax"* for a discussion regarding carbon tax.

*Duty of care*

The NEMA requires any person who has caused, is causing or is likely to cause significant contamination to take

reasonable measures to address it. This obligation applies retrospectively and imposes strict liability. That is, we would be

responsible for implementing reasonable measures even if we were not responsible for causing the pollution or environmental

degradation. If we fail to implement the required reasonable measures, the competent authority — which includes the director-

general of the DFFE, the head of the provincial environmental department, the director-general of the DMPR or, since the

NEMLAA, a municipal manager — may issue a directive instructing that person to carry out specified measures. If the person

does not comply, the competent authority may apply to court for an order compelling various parties, such as those in control of

the activities at the time, property owners or those who failed to prevent the pollution or degradation, to contribute to the costs.

*Enforcement*

Environmental mineral and petroleum inspectors are responsible for monitoring and enforcing compliance with the NEMA

and environmental management acts. These inspectors are authorised to, among other things, conduct investigations, carry out

search and seizure operations and issue compliance notices.

*Liabilities*

Failing to comply with the NEMA or environmental management Acts, compliance notices, directives or permits, licences or

authorisations is an offence and may, upon successful prosecution, result in significant fines of up to R10 million and/or 10 years

imprisonment. In addition, it may result in damages claims, obligations to rehabilitate the environment, paying the costs of the

prosecution and even director and employee liability. Any person may use the relevant provisions in the NEMA to initiate the

prosecution of an entity, its directors and/or employees in their personal capacity.

*Waste management*

Under section 19 of the Waste Act, the Minister may publish a list of waste management activities that are likely to have a

detrimental effect on the environment. No one may commence or undertake a listed activity unless they comply with the norms

and standards created in terms of section 19(3) of the Waste Act or hold a waste management license. The list identifies

activities for which a waste management license is required. Activities in Category A require a basic assessment, those in

Category B require a scoping and environmental impact assessment, and those in Category C do not require a license but must

comply with published norms and standards.

Regulatory uncertainty surrounds management and re-processing of residue stockpiles and residue deposits created prior

to 1 May 2004. These historical residue stockpiles and residue deposits currently fall outside the scope of the MPRDA (and

therefore outside the jurisdiction of the DMPR) and, as such, it is not possible to obtain a mining right or a mining permit over

such residue stockpiles or deposits. There are draft amendments to the MPRDA which seek to remedy this defect. Currently,

historical residue stockpiles and residue deposits are regulated under the Waste Act insofar as they are considered "hazardous

waste".

Other waste management facilities constructed and/or operated by our operations may also be subject to licensing

requirements, including hazardous waste disposal sites and central salvage yards.

Mines must also follow the management measures set out in the Regulations for Residue Stockpiles and Residue

Deposits. These regulations do not apply retrospectively to existing stockpiles and deposits if included in an approved EMPr but

impose costly liner and barrier requirements for new ones established after that date

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Waste Act also regulates contaminated land, regardless of when the contamination occurred or whether it happened at

a different time from the activity that caused it. Authorities must assess and report on contaminated land identified as

investigation areas or reported by landowners. Depending on the risk level, authorities may direct monitoring, management or

site remediation measures.

Failure to comply with the provisions of the Waste Act may result in penalties similar to those discussed under the NEMA

above. *See "Integrated Annual Report for the 20-F 2025 – Environment stewardship – Waste management" on pages 115 to* 

*118.* *Water use and pollution*

The NWA regulates the management and water quality of water resources, including watercourses, surface water,

estuaries and aquifers to ensure the sustainability of all water resources in the interests of all water users.

It defines water use to include taking, storing or diverting water; stream flow reduction activities; controlled activities under

sections 37(1) or 38(1); discharging or disposing of waste into or near water resources; altering watercourses; removing

underground water for safety or operational reasons; and using water for recreation.

Authorities regulate water use through water use licenses, general authorisations and the continuation of lawful water uses

in place when the NWA took effect in October 1998. Most mining operations require a water use license, particularly for water

abstraction, storage, effluent discharge, diversions and infrastructure that could pollute groundwater. These licenses are hard to

obtain and involve lengthy application processes.

Mines must also comply with the water use regulations for mining in the Regulations on Use of Water for Mining and

Related Activities Aimed at the Protection of Water Resources, 1999, which were adopted under the NWA and restrict the

location of mining infrastructure and require the separation of clean and dirty water systems, along with proper water

management design.

The NWA also imposes a duty of care similar to the NEMA. Failure to comply may result in penalties similar to those under

NEMA.

*Emissions*

In South Africa, the National Greenhouse Gas Emission Reporting Regulations, 2016, require that we register our

operations that involve fuel combustion activities related to mining and quarrying in excess of 10MW along with certain other

activities associated with the mineral industry. We must report our GHG emissions and activity data in respect of these

operations in accordance with the Technical Guidelines for each of the relevant GHGs and the IPCC emission sources by 31st

March of each year. The Technical Guidelines are a companion to the National Greenhouse Gas Emission Reporting

Regulations, 2016 and describe the reporting methodology as specified in the NEMAQA Air Quality Act .

See Item 3: *"Key Information - Risk Factors - Risks Related to ESG - Compliance with emerging climate change* 

*regulations could result in significant costs for us"* for a discussion regarding the laws governing GHG emissions.

Under the NEMAQA, companies conducting industrial activities listed in the Listed Activities and Associated Minimum

Emission Standards ("**Listed Activities**") are required to obtain an atmospheric emission license ("**AEL**") before commencing

operations.

An AEL is issued by the relevant licensing authority, typically a local municipality or provincial government, and sets out

conditions relating to emissions monitoring, reporting and the use of emission control technologies. License holders are

generally required to submit regular emissions data and compliance reports to the authorities.

Failure to obtain or comply with the terms of an AEL may result in administrative penalties, suspension or revocation of the

license or criminal prosecution under South African law.

Our operations in South Africa include activities that fall within the scope of the Listed Activities under NEMAQA.

Accordingly, we are required to, and do, maintain valid AELs for applicable sites. We are also required to comply with the

associated minimum emission standards, conduct periodic emissions monitoring and report results to the relevant authorities.

*Carbon Tax Act*

The South African government introduced a carbon tax under the Carbon Tax Act with effect from 1 June 2019. The

Carbon Tax Act (together with the Customs and Excise Act, which contains provisions related to the administrative arrangements

for the collection of carbon tax revenues by the South African Revenue Service) aims to reduce GHG emissions. For more

information regarding the Carbon Tax Act, see Item 3: *"Key Information - Risk Factors - Risks Related to ESG - Compliance with* 

*emerging climate change regulations could result in significant costs for us"* and Item 5: "*Operating and Financial Review and* 

*Prospects - Operating Results – Key factors affecting our results – Electricity in South Africa"* and *" – Climate Change,* 

*Environmental Factors and Carbon tax"* for a discussion regarding carbon tax.

*Climate Change Act*

The Climate Change Act was signed into law on 23 July 2024. The Act came into effect on 17 March 2025 by the

President's proclamation in the Government Gazette. However, the commencement of certain provisions of the Climate Change

Act has been deferred to a later date. As the deferred provisions are numerous, the Act remains largely inapplicable to many key

areas. The reason for deferring these specific provisions is that the DFFE is developing a set of regulations that will enable

implementation of these provisions. Some of the draft regulations are at an advanced stage of development and are expected to

be published for public input and comment soon.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Climate Change Act confirms that SETs will be set for GHG emitting sectors and sub-sectors which shall be reviewed

and revised every five years. It is anticipated that the SETs will become more stringent over time. The Minister responsible for

environmental affairs must identify GHG emitting activities and permissible GHG emission thresholds above which entities will

be allocated a carbon budget and need to submit a GHG mitigation plan. It is anticipated that transitional arrangements will be

developed which mirror the approach adopted under the Minimum Emissions Regulations published under NEMAQA.

Carbon budgets set out the GHG that may be emitted. At the time the carbon budget is allocated, all pollution prevention

plans contemplated under the NEMAQA and the National Pollution Prevention Plans Regulations, 2017 will be deemed to be a

GHG plan for the first 5-year cycle. The person to whom a carbon budget is allocated must implement the GHG plan, monitor

compliance with the GHG plan and evaluate and report their performance in terms of the GHG plan. If the report indicates that

the person failed, is failing or will fail to comply with the carbon budget, it will need to provide a description of the measures it will

implement in order to remain within the carbon budget.

The Minister responsible to environmental affairs may declare certain GHGs to be synthetic GHGs and specify if these

must be phased out or phased down and the timeframes by when this must be achieved. One particular concern is that organs

of statemust review and if necessary amend "decisions" in order to ensure that the risks of climate change impacts and

associated vulnerabilities are taken into consideration; and give effect to the principles and objects of the Climate Change Act in

a review. These decisions may include existing administrative decisions such as environmental authorisations, atmospheric

emissions licenses, mining or production rights and tenders granted to bidders under power procurement programmes for coal

or gas. Before amending these decisions, the relevant organ of state must give the holder of such consents, approvals or

awards ("the **Consents**")

(i)adequate notice of the proposed amendments to or withdrawal of Consents pursuant to the review; and

(ii)a reasonable opportunity to make representations regarding the amendments or withdrawal.If the relevant organs of

state fail to undertake the review, third parties such as non-governmental organisations ("**NGOs**"), may seek to compel

these organs of state to undertake the Review in respect of particular Consents or classes of Consents. The proposed

amendments to the Consents may have material implications on existing business and operations and may have an

adverse effect on investment.

***Laws and Regulations Pertaining to Environmental Protection – Australia***

In the State of Queensland, mining operations are subject to the Queensland EP Act and Environmental Protection

Regulations 2019. The Queensland EP Act has as its object the protection of Queensland's environment while allowing for

development that improves the total quality of life, both now and in the future, in a way that maintains the ecological processes

on which life depends (ecologically sustainable development). The Queensland EP Act and Environmental Protection

Regulations prescribe the preparation and assessment of environmental impact studies for purposes of the issuance of EAs to

perform ERAs, which are assessed by the Queensland Department of Environment, Science and Innovation. It includes the

preparation and assessment of environmental impact studies under the Act, and the process of grant and administration of

Environmental Authorities.

The Eva Copper Project was initially granted an EA on 12 July 2012 following approval of an EIS and an Environmental

Management Plan (**"EMP"**). The Eva Copper Project has since undergone various amendments, both major and minor in

nature, with the current EA issued by the Queensland Department of Environment, Tourism, Science and Innovation on 23

October 2024. The Eva Copper Project is currently pursuing a further EA amendment, which is expected to conclude in 2026.

In addition, various other environmental legislation applies, including the EPBC Act and the NGER Act.

The EPBC Act is administered by the Commonwealth Department of Climate Change, Energy, the Environment and Water

(the "**DCCEEW**") and provides a legal framework to protect and manage nationally significant plants, animals, habitats and

places in Australia. Projects that could have a significant impact on Commonwealth protected matters must be referred to the

Commonwealth Minister for Environment who will determine whether the proposed action requires assessment and approval

under the EPBC Act. The decision to refer a project under the EPBC Act is a self-assessment process. The Eva Copper Project

does not hold any approvals under the EPBC Act.

Detailed self assessments of the Eva Copper Project's impacts to MNES have been completed over the course of

2022-2025 as the configuration of the project has evolved. The most recent assessment (March 2025) confirmed previous self-

assessment outcomes being that the Eva Copper Project is unlikely to have a significant residual impact on any MNES.

Consequently, the risk to the Eva Copper Project as a result of not previously being referred to the Commonwealth Minister for

Environment is considered to be low. Referrals under the EPBC Act may be necessary to support future change to the project

and will be assessed and determined on a case-by-case basis.

The Australian Government is proposing changes to reform Australia's national environmental laws, including the EPBC

Act. On 30 October 2025, the Australian Government's Environment Protection Reform Bill 2025 was introduced to Parliament.

If passed, the law aims to deliver stronger environmental protection, more efficient project approvals, and greater accountability

and transparency. Key aspects of the Bill include introducing a national Environment Protection Agency, mandating disclosure of

emissions under the Government's Safeguard Mechanism, ministerial powers to make National Environmental Standards, a

new offsets regime including new net gain and establishment of a Restorations Contribution Holder, removing duplication

between Commonwealth, state and territory approvals and assessment systems, and higher penalties for intentional and severe

breaches of environmental law.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The NGER Act establishes the legislative framework for reporting GHG emissions, energy production and energy

consumption and GHG projects by corporations in Australia. The NGER Act makes registration and reporting mandatory for

corporations whose energy production, energy use or GHG emissions meet specified thresholds. Thresholds apply at facility-

level and corporate group level. Facilities or controlling corporations that exceed specified thresholds must register and report

annually to the Australian Clean Energy Regulator. Entities must follow detailed guidance for estimating and reporting GHG

emissions, energy production and energy consumption. This guidance is codified in the NGER (Measurement) Determination

2008, which outlines the methodologies and standards for compliance.

Disclosures under the NGER Act underpin Australia's climate policy, international reporting obligations, and a mechanism

(the "**Safeguard Mechanism**") that provides a framework for Australia's largest emitters to measure, report and manage their

emissions. Key risks associated with non-compliance with the NGER Act include enforcement action by the Clean Energy

Regulator, civil penalties (including fines and public enforcement notices), adverse audit findings and regulator scrutiny, and

reputational risk associated with inaccurate or incomplete reporting noting that NGER data is publicly disclosed if above the

publication threshold (currently 50,000 tCO2-e).

In addition to GHG and energy reporting obligations, the NGER Act requires large facilities, whose net emissions exceed

the Safeguard Mechanism threshold, to keep their emissions at or below emissions baselines. The Safeguard Mechanism

applies to facilities with scope 1 covered emissions of more than 100,000 tonnes of carbon dioxide equivalent ("**CO2-e**") per

year. Reforms to the Safeguard Mechanisms came into effect on 1 July 2023 which apply a decline rate to facilities' baselines so

that they are reduced predictably and gradually over time on a trajectory consistent with achieving Australia's emission reduction

targets of 43% below 2005 levels by 2030, 62-70% below 2005 levels by 2035, and net zero by 2050.

Formal reporting for the project under the NGER Act has not yet commenced. As part of the Eva Copper Project feasibility

study, predicted emissions have been quantified to determine the potential applicability of, and any potential obligations under,

the Safeguard Mechanism.

A transitional Progressive Rehabilitation and Closure Plan has been prepared for the Eva Copper Project pursuant to

section 754 of the Queensland EP Act. This plan outlines how the project will progressively rehabilitate and eventually close the

site after mining activities have concluded. The plan is under review by the regulator.

In addition, in accordance with the Queensland EP Act, it is a condition of an EA for a resource activity that the holder must

not carry out, or allow the carrying out of, a resource activity under the authority unless:

• an Estimated Rehabilitation Cost ("**ERC**") decision is in effect for the resource activity when the activity is carried out;

• the holder has paid a contribution to the scheme fund or given a surety for the authority under the MERFP Act; and

• the holder has complied with the requirements under the the MERFP Act for paying a contribution to the scheme fund, or

giving a surety for the authority, as required from time to time.

An ERC decision and associated surety is currently in place for activities being undertaken in relation to the relevant

mining leases. Revised ERC applications will need to be prepared and determined from time to time to authorise disturbance

activities prior to the commencement of further construction and mining activities. As progressive rehabilitation is completed, the

ERC may be adjusted to reflect the reduced liability.

Sustainability-related disclosures and claims are subject to the general prohibitions against misleading and deceptive

conduct under the Corporations Act and the Australian Securities and Investments Commission Act 2001 (Cth). These

provisions apply to both mandatory climate-related disclosures and voluntary sustainability statements made in investor

communications, product disclosures, websites, and other public materials. ASIC Regulatory Guide 280 – Sustainability

Reporting (RG 280) outlines its expectations for entities making sustainability claims, including the requirement that such claims

be factually accurate, based on reasonable grounds, and supported by verifiable evidence. ASIC also refers entities to

Information Sheet 271 – How to Avoid Greenwashing, which provides practical guidance on substantiating sustainability-related

representations. ASIC has emphasized that sustainability claims must be clear, not overly broad or unqualified, and must reflect

actual investment practices or operational realities. Misleading claims may expose entities and their officers to enforcement

action, reputational damage, and stakeholder litigation.

We will also be subject to the Australian Sustainability Reporting Standard which came into effect in January 2025 - refer to

Item 3D: "*Risk Factors - Risks Related to ESG – Climate change may present physical and transition risks that could materially* 

*and adversely affect our operations, profitability, and long-term sustainability"*.

***Laws and Regulations Pertaining to Environmental Protection – Papua New Guinea***

The PNG Environment Act and various related regulations and guidelines regulate the impact of industry and other

activities on the environment and sets out the environmental permitting requirements for developments, including mining

projects. The PNG Environment Act regulates discharges to air, land and water, and sets out the requirements for proponents to

obtain an EP for the construction, operation and closure of prescribed activities having the potential to cause environmental

harm. In most cases, a single, project-comprehensive EP is issued by the Managing Director of CEPA under the provisions of

the PNG Environment Act, and an annual administration fee is payable for this permit.

The PNG Environment Act requires a person or company that intends to carry out a proposed Level 3 activity to prepare

and submit an Environmental Inception Report ("**EIR**"). This requirement should be fulfilled prior to carrying out a detailed

environmental impact assessment and submitting an EIS. The EIR is intended to identify, at an early stage, all the potential

environmental impacts that need to be addressed. It is effectively a scoping document for the preparation of the EIS, and also

assists with commencement of the essential consultation process with all relevant stakeholders.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

An EIS is required for activities that are likely to have a significant adverse impact on the environment and other socio-

economic and/or cultural heritage aspects. This EIS must be lodged with CEPA for assessment, which includes a public review

and referral phase. For large projects, the review process may also involve an independent peer review.

An EIS provides a full documentation of all environmental and social issues and committing to the employment of relevant

mitigation measures in relation to the development activity. Typically, it addresses such matters as:

• overview of proposal;

• description of proposed activity;

• characteristics of receiving environment (physical, biological and social);

• waste minimisation; and

• environmental management, monitoring and reporting.

The PNG Government uses the EIS in accordance with statutory processes as the means to assess a project's impacts

and benefits, and to decide whether the PNG Environment Minister should grant approval in principle for the project under the

PNG Environment Act. Thereafter, the Managing Director of CEPA may grant a Level 3 environment permit for the activity. The

EP presents the conditions with which we must comply, and reports outlining our performance against each condition are

provided to CEPA annually.

In 2010, the PNG Government engaged the Scottish Association for Marine Science ("**SAMS**") to conduct an independent

assessment of DSTP systems in PNG with consideration to international best practice, and to prepare the guidelines resulting

from this assessment (referred to as "**SAMS 2010"**). SAMS 2010 are referenced in the PNG Government's Terms of Reference

for an EIS for DSTP projects.

An EIS was submitted to CEPA on 25 June 2018 and an EP for the Wafi-Golpu Project was issued on 18 December 2020.

An EP is normatively a single, project-comprehensive document which presents all the conditions with which we must comply,

and the issued permit includes conditions relating to DSTP. An annual administration fee is payable and reports outlining our

performance against each condition must be provided to CEPA annually.

The PNG Mining Act and PNG Environment Act do not deal expressly with mine closure and environmental rehabilitation,

which matters are dealt with by means of PNG MRA and CEPA policies. The existing closure policy is the "Mining Project

Rehabilitation and Closure Guidelines" issued in 2019, which stipulates "It is a primary duty of a tenement holder to plan,

implement and fund mine and mine-related site rehabilitation and closure in accordance with the principles of sustainable

development, including preventative measures for the protection of the environment, communities, and human and wildlife

health and safety". The policy envisages:

• early and continuous mining project rehabilitation and closure planning;

• early development and tabling of a rehabilitation and mine closure plan and regular updating of the plan over the life of the

mine; and

• tenement holders will provide adequate and accessible financial assurance for implementing mining project closure

obligations that is supported by independent expert review. This assurance can take various forms, including letters of

credit, securities and guarantees and trust funds, alone or in combination.

Cultural heritage sites are protected under the PNG Conservation Areas Act 1978, which regulates the conservation of sites

having particular historic, scientific and social importance in coordination with the provisions of EPs issued under the PNG

Environment Act, and archaeological permits issued by the PNG National Museum and Art Gallery.

*Potential Changes to PNG Environment Laws*

A process of mining regime review is underway within PNG and a number of environmental matters are under

consideration. These include a Biodiversity Offset Policy (which anticipates biodiversity offset payments to support biodiversity

incentives) and a National Oceans Policy.

Harmony's operations and projects in PNG will potentially be affected by changes to PNG environmental laws, and

Harmony continues to engage with the PNG Government on these matters through the offices of the PNG CORE and directly

with CEPA and the the PNG MRA in relation to PNG mining legislation, mining leases and mine closure planning.See Item 3D

"Risk Factors *– Risks Related to ESG – We are subject to extensive environmental regulations in the countries in which we* 

*operate, and compliance costs, regulatory changes, and potential non-compliance could have a material adverse effect on our* 

*business, operating results and financial condition* - *Papua New Guinea*".

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Labour Relations***

*South Africa*

Employee relations in South Africa are guided by employment legislation, most notably the Labour Relations Act, 66 of

1995, as well as internal policies regulating union recognition. Harmony's employment relations is predicated on inclusion and

collaboration. A South African policy framework referred to as the Employee Relations Framework Policy guides mine-based

recognition agreements. In South Africa, five trade unions are active at company level. For any of these trade unions to be

recognised at an operation, a minimum of 20% representation of employees at a specific operation is required. As at fiscal year-

end, the recognised trade unions and their corresponding representation at company level were as follows: the National Union

of Mineworkers (at 50.28%); the Association of Mineworkers and Construction Union (at 30.26%); the United Association of

South Africa (at 4.79%) Nationa Union of Metalworkers of South Africa (at 6.62%) and Solidarity (at 2.13%). Approximately 94%

of our South African workforce belong to a recognised trade union. On 4 April 4 2024, Harmony announced the acceptance of a

five-year wage agreement by the unions, effective from 1 July 2024. See *"Integrated Annual Report for the 20-F* 2025 *– Social* 

*stewardship – An engaged workforce"* on pages 154 to 165.

*Australia* 

Employee relations in Australia are regulated by a combination of federal and state statutes that stipulate minimum

standards and provide for collective bargaining and action. All employment contracts are based on the Australian Fair Work Act,

28 of 2009 and the National Employment Standards.

In Queensland, there are a number of well-established mining trade unions, particularly in the coal and energy sectors. At

present, our Australian workforce is not unionised. However, if the Eva Copper Project moves into the development and

operational phases, we expect a portion of our workforce to become unionised; moreover unions could in the future initiate

enterprise bargaining under the Australian Fair Work Act 2009 or under the Queensland Industrial Relations Act 2016, which is a

formal process in which an employer and a group of employees (usually represented by unions) negotiate a legally binding

enterprise agreement. This process of unionisation may also be further prompted by the possible passage of a proposed

Queensland Industrial Relations and other Legislation Amendment Bill 2022.

*Papua New Guinea* 

Employee relations in PNG are regulated by the PNG Employment Act of 1978 and the PNG Employment of Non-Citizens

Act 1978. Individual contracts are entered into, and the workforce is not unionised. Wages are guided by independent market

research that compares mining, oil and gas companies in the region.

In August 2024, "The Papua New Guinea National Content Policy for Resource Sectors 2023" was officially launched by

the PNG Department of Commerce and Industry, one policy area of which is "employment opportunities for Papua New

Guineans".

Industrial relations at Hidden Valley have been established through regular dialogue between management and employees

via the Employee Relations Committee. In addition, Hidden Valley mine employment is guided by the Employment and Training

Plan appended to the Hidden Valley MOA dated August 2005 between Morobe Consolidated Goldfields Limited, the PNG

Government, provincial and local governments and the Landowner Association. The Hidden Valley MOA requires that, as far as

is reasonably possible, preference in training and employment is given to local and landholder candidates before individuals

from other provinces or countries. Compliance with this agreement is a critical issue in maintaining Hidden Valley mine's license

to operate.

***Intellectual Property***

Harmony is not dependent on intellectual property (including patents or licenses), industrial, commercial or financial

contracts (including contracts with customers or suppliers) or new manufacturing processes for the conduct of its business as a

whole.

***Seasonality***

Subject to other factors and unforeseen circumstances, in the third quarter production is generally lower than production

during the rest of the year as a result of the ramp-up of operations after annual holiday production declines.

***Raw Materials***

Harmony uses chemicals, including cyanide, hydrochloric acid and caustic soda, as key reagents in the production of gold.

These chemicals are available from a limited number of suppliers and with the exception of cyanide do not represent a material

portion of the Company's costs. Given the challenges associated with suppliers, ageing production plants and reliability thereof,

Harmony is currently experiencing continued interrupted supply of the foregoing stated reagents as well as other critical

consumables utilised in the production of gold across our global operations. The latter has negatively impacted Harmony's

purchasing power and security of supply. As a result of sourcing from third-party raw materials suppliers importing consumables

internationally, the security of supply is at a higher premium. Additionally, our stocking strategies account for potential lead time

variation and supply constraints, thus minimizing the risk of changes in the marketplace. While commodity pricing is subject to

volatility over time, we believe our contractual terms which include rise and fall clauses are dynamic enough to mitigate the

market movement volatility.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

An abrupt increase in global trade tensions, along with a sharper-than-expected slowdown in global economic growth

caused significant disruptions in financial markets and the demand for key commodities. Additional factors impacting commodity

prices include trade and economic policy uncertainty, supply disruptions, and rising global average temperatures with weather-

related shocks. While some commodities reached higher price levels, there were certain commodities that displayed bearish

trends. In the precious metal market, gold prices reached a record high in 2025, driven by growing economic uncertainty and

heightened trade tensions. The industrial metal market exhibited mixed trends with aluminium prices reaching elevated levels

due to front loaded demand ahead of a US tariffs increase in mid-March 2025, whilst copper prices strengthened earlier in the

year before weakening rapidly as trade tensions escalated and the global growth outlook deteriorated. Nickel prices decreased

to their lowest level since 2020 due to rising output levels and increased London Metal Exchange ("**LME**") warehouse stocks,

whilst lead prices decreased amid improved supply conditions. Energy prices, which serves as a major contributing factor in the

production of key gold producing chemicals such as cyanide, caustic soda, hydrochloric acid and other reagents, decreased

during 2025. The price of brent crude oil declined sharply due to policy uncertainty and rising trade tensions. Natural Gas prices

decreased in 2025 following announcements of large trade tariff increases, along with weaker-than-expected demand amid a

global economic shutdown. Furthermore, soft commodity prices remain a concern, along with the impact on food inflation as

ongoing conflict and more frequent weather extremes driven by climate change are subsequently pressuring food prices. In

addition, the rapid termination of funding to humanitarian food sectors in 2025, along with escalating economic tensions and

weaker growth prospects are key drivers of food insecurity in 2025. Keeping the above in mind, while the majority of

commodities reached high price levels due to heightened global trade tensions, there are a number of key commodities that

decreased due to growing economic and policy uncertainty and increased supply. Item 3: "*Key Information - Risk Factors –* 

*Market Risks - Rising inflation and geopolitical risks may have a material adverse effect on our business, operating results and* 

*financial condition".*

***Land Expropriation***

*South Africa*

In December 2017, during its national conference, the ANC resolved that as a matter of policy, the ANC should pursue the

expropriation of land without compensation, provided that such expropriation is carried out without destabilizing the agricultural

sector, endangering food security or undermining economic growth and job creation. In February 2018, the National Assembly

assigned the Constitutional Review Committee ("**CRC**"), to review section 25 of South Africa's Constitution and other relevant

clauses to make it possible for the state to expropriate land in the public interest without compensation. On 4 December 2018,

South Africa's Parliament adopted the CRC's report dated 15 November 2018 in which it recommended that section 25 of South

Africa's Constitution be amended to make explicit that expropriation of land without compensation is a legitimate option for land

reform. On 13 March 2019, the CRC announced that the work to amend section 25 of South Africa's Constitution would not be

finished before the South African general elections in May 2019 and that consequently the matter would be taken up by

Parliament after the elections. In the event that the CRC recommends a Constitutional amendment in favour of expropriation,

various procedural milestones would need to occur, including a bill amending section 25 of the Constitution approved by a

majority of the National Assembly as well as six of the nine provinces of the NCOP and signed by the President, among others.

The legislative process to give effect to the proposed Constitutional amendment, has not yet been finalised. The National

Assembly re-established the Ad-Hoc Committee tasked with initiating and introducing the legislation required to amend Section

25 of the Constitution in 2020. The Ad-Hoc Committee engaged in a public participation process which consisted of public

hearings that took place from December 2019 to the end of February 2020. These public hearings were held in the nine

provinces. The Ad-Hoc committee released the report on its findings on the public participation process on 16 April 2021. In a

media statement on 16 April 2021, the Ad-Hoc Committee advised that it had adopted the report and in a subsequent media

statement on 8 September 2021, it advised that both the report and the Bill would be sent to the National Assembly for

consideration.

The Draft Constitution Eighteenth Amendment Bill was published for comment at the end of 2019. The aim of the Draft

Constitution Eighteenth Amendment Bill is to amend the Constitution of the Republic of South Africa, 1996 so as to provide that

where land and any improvements thereon are expropriated for the purpose of land reform, the amount of compensation

payable may be nil. The Draft Constitution Eighteenth Amendment Bill failed to receive the required two-thirds approval of the

National Assembly in December 2021 and the proposed Amendment Bill is no longer being pursued.

In 2019, prior to the introduction of the Draft Constitution Eighteenth Amendment Bill, a draft expropriation bill (the "**Draft** 

**Expropriation Bill**") was published for public comment by the South African Minister for Public Works (the "**Minister for Public** 

**Works**"), which would allow the state to expropriate land without compensation where doing so would be for a public purpose or

in the public interest. In determining to expropriate land without compensation, this legislation would also require the

consideration of "all relevant circumstances", which include, among other things, whether the land is held purely for speculative

purposes, is owned by the state or is abandoned. Following significant comments raised by the public on the Draft Expropriation

Bill, in October 2020, a new draft expropriation bill (the "**New Draft Expropriation Bill**") was introduced by the Minister for

Public Works of South Africa. The New Draft Expropriation Bill was approved by the National Assembly on 28 September 2022.

It has been referred to the NCOP for consideration, and the public was invited to comment and make written submissions on the

New Draft Expropriation Bill by 23 June 2023.

On 19 March 2024, the NCOP passed the New Draft Expropriation Bill but resolved to return the Bill to the National

Assembly with proposed amendments. Following a meeting of the National Assembly, the amended Bill was published and sent

to the President on 27 March 2024 for assent into law. The President does have the ability to refer the Bill to South Africa's

Constitutional Court for a determination on the constitutionality of any of its provisions if he deems this necessary. In addition,

should the President assent to the Bill, it may be open to constitutional challenges brought in South Africa's courts.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

While the South African government has stated that it does not intend to nationalise mining assets or mining companies,

certain political parties have stated publicly and in the media that the government should embark on a program of

nationalisation. For instance, the ANC has adopted two recommended approaches to interacting with the mining industry. While

the ANC has rejected the possibility of mine nationalisation for now, the first approach contemplates, among other things,

greater state intervention in the mining industry, including the revision of existing royalties, the imposition of new taxes, royalty

tax and an increase in the South African government's holdings in mining companies. The second approach contemplates the

South African government taking a more active role in the mining sector, including through the introduction of a state mining

company to be involved in new projects either through partnerships or individually.

On 24 January 2025, the Expropriation Act 13, 2024 ("**Expropriation Act**") was assented to by the President of South

Africa and has been signed into law. However, the date for its commencement via proclamation in the Government Gazette

has not yet been set. The Expropriation Act allows the South African Government, subject to due process being followed, to

expropriate land without compensation where doing so would be for a public purpose or in the public interest. Pursuant to

section 12(3) of the Expropriation Act, land which falls within one of the following categories may be subject to expropriation

without compensation:

• land not in use, with the owner's primary purpose not being development or income generation, but benefiting from

appreciation in market value;

• land held by an organ of state, not used for core functions, not reasonably likely to be needed for future activities, and

acquired without consideration;

• land which the owner has abandoned by failing to exercise control over it despite being reasonably capable of doing so;

and

• land where the market value is equivalent to or less than the present value of direct state investment or subsidy in its

acquisition and beneficial capital improvement.

Section 5(3) of the MPRDA provides a statutory right of access for the mining right holder to the mining area for the

purposes of conducting mining operations and does not require the holder to own the land on which it conducts operations.

***Taxation***

South Africa

The former President, Jacob Zuma, appointed the Davis Tax Committee to look into and review the current South African

tax regime, including the mining tax regime. The committee's first interim report on mining, which was released for public

comment on 13 August 2015, proposed no changes to the mining tax royalty regime, but recommended the discontinuation of

the upfront capital expenditure write-off regime in favour of an accelerated capital expenditure depreciation regime. In addition,

the report recommended retaining the so called "gold formula" for existing gold mines only, as new gold mines are unlikely to be

established in circumstances where profits are marginal or where gold mines would conduct mining of the type intended to be

encouraged by the formula. The Davis Tax committee also recommended the phasing out of additional capital allowances

available to gold mines in order to bring the gold mining corporate income tax regime in line with the tax system applicable to all

taxpayers. In December 2016, following a period of public comment, the committee issued its second and final report to the

Minister of Finance, which largely reaffirmed the Davis Tax committee's initial recommendations. The final reports were

published in November 2017. The South African National Treasury will continue to consider the committee's final

recommendations. It is not clear at this stage which, if any, of the recommendations will be adopted as legislation. Such

legislation could, however, have a material adverse effect on our business, results of operations and financial condition.

On 31 July 2020, the South African National Treasury published for public comment the 2020 Draft Taxation Laws

Amendments Bill which proposed, amongst others, amendments to disallow contract miners from benefiting from the

accelerated capital expenditure allowance and the elimination of the Minister of Finance's discretion to uplift the ring-fencing of

capital expenditure per mine. Various stakeholders raised issues with the draft bill during the public consultation period. The

Taxation Law Amendment Act, 23 of 2020 came into force on 20 January 2021. The amendments proposed in the Bill relating to

contract miners and the Minister of Finance's discretion to uplift the ring-fencing of capital expenditure per mine were not

included in the final Act and no substituted legislation has been proposed since then.

On 11 December 2020, the Minister published the Housing and Living Conditions Standard, which requires us to revise our

current housing and living condition plans in terms of its SLPs, which could result in increased costs. See Item 4: "*Information on* 

*the Company – Business Overview – Regulation – Mineral rights – South Africa – Housing and Living Standards*".

*Assessed Losses*

In line with the 2020 Budget announcement, government broadened the corporate income tax base in terms of the

Taxation Laws Amendment Act, No 20 of 2021, by restricting the offset of the balance of assessed losses carried forward to 80

percent of taxable income, which came into effect for years of assessment ending on or after 31 March 2023.

To the extent that the balance of assessed loss exceeds 80 percent of current-year taxable income, companies are able to

set off the higher of R1 million or 80 percent of taxable income when calculating their tax liability. Stated differently, the assessed

loss balance can be set off against 80 percent of taxable income and the balance of the assessed loss is carried forward and

remains deductible in future years. The remaining assessed loss that is not utilised in any given year may be carried forward

indefinitely as previously. This limitation does not apply to assessed capital losses, which in most cases remain fully available for

set-off against capital gains of the taxpayer.

In the case of mining companies, the legislation has been clarified to state that the deduction of the mining capital

expenditure is calculated after the set-off of the assessed loss. The balance of unredeemed capital expenditure will be carried

forward to the following year of assessment.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

If the current year's taxable income calculation results in an assessed loss before taking into account an assessed loss

carried forward from the previous year of assessment, the loss limitation rule does not apply. In such a case the full amount of

the current year's assessed loss is added to the previous year's assessed loss and the entire aggregate balance of assessed

loss is carried forward to the following year of assessment. The restriction will not apply should a company have taken steps to

liquidate.

*Base Erosion and Profit Shifting*

The South African Government is fully committed to implement the Inclusive Framework of the OECD relating to Base

Erosion and Profit Shifting that were developed by the OECD/G20 countries even though it is not a member country on the

basis that South Africa is an early adopter of the relevant measures. Consistent with this approach, it has not only implemented

and strengthened the rules relating to the ability to deduct interest, but it has also widened the scope of the transfer pricing rules

to include associated enterprises. In addition it also strengthened the laws relating to hybrid equity and hybrid interest and the

returns from these instruments.

South Africa is also a signatory to the Multilateral Convention to Implement Tax Treaty related Measures to Prevent Base

Erosion and Profit Shifting. In this context the so-called The Multilateral Instrument was incorporated into South African tax law

with effect from 1 January 2023. Among other things South Africa adopted the Principal Purpose Test to deal with treaty abuse.

In addition, South Africa also signed the so-called Pillar 1 and Pillar 2 proposals that are aimed to reduce opportunities for

tax planning and tax avoidance for multinational entities by limiting tax competition and the place where taxes are in fact paid.

Effectively Pillar 1 aims to allocate business profits based on actual business activities in a specific country, whereas Pillar 2

aims to establish a minimum global tax rate of 15%.

The Global Minimum Tax Act 2024 became effective on 24 December 2024 and applies to Harmony's 2025 year of

assessment. A preliminary calculation was prepared on the June 2025 South African results and Harmony in South Africa is

excluded under one of the safe harbour provisions, therefore zero top up tax is expected. The purpose of the legislation is to

enable South Africa to impose a multi-national top-up tax at a rate of 15% on the excess profits of in-scope Multinational

Entities. It applies to these groups if there consolidated annual revenues in at least two out of the last four years are equal to or

exceed Euro 750 million, which is applicable to the Harmony Group.

Australia has enacted similar legislation which is effective from the 2025 tax year. A preliminary analysis was undertaken

for PNG and Australia for fiscal 2025 and zero top up tax is expected.

*Renewable Energy*

South Africa is not only committed to reduce the carbon footprint consistent with the OECD Guidelines, but it has also

introduced additional measures to increase the carbon tax over the next few years. In addition and to cater for constant

loadshedding, it introduced measures to incentivise taxpayers to invest in renewable energy projects by allowing an allowance

of up to 125% if the project is brought into use before 1 March 2025. Although none of the projects were brought into use before

this date, the expenditure will still qualify for a 100% deduction in terms of the South African unredeemed capital expenditure

rules when brought into use. See "– *Laws and Regulations Pertaining to Environmental Protection - South Africa*" above.

**C. ORGANISATIONAL STRUCTURE**

Harmony is a holding company with its significant ownership interests organised as set forth in Exhibit 8.1 *"Significant* 

*Subsidiaries of Harmony Gold Mining Company Limited*". Also see note 2.1 "*Consolidation*" of our consolidated financial

statements, set forth beginning on page F-1.

**D. PROPERTY, PLANT AND EQUIPMENT**

The information set forth under the headings:

• "*– Delivering profitable ounces–Performance by operation*" on pages 46 to 84; and

• "*– Environment stewardship – Building a lasting positive legacy*" on pages 88 to 90.

of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference. Also see note 14 "*Property, Plant and* 

Equipment" and note 32 "*Cash Generated by Operations*" of our consolidated financial statements, set forth beginning on page

Also see Item 4: *"Information on the Company - Business Overview - Regulation - Laws and Regulations Pertaining to* 

*Environmental Protection - South Africa", "- Laws and Regulations Pertaining to Environmental Protection - Papua New Guinea"* 

and *"- Capital Expenditures"* and Item 5: *"Operating and Financial Review and Prospects - Liquidity and Capital Resources*".

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**MINERAL RESOURCE AND MINERAL RESERVE SUMMARY DISCLOSURE**

Harmony is providing disclosure in compliance with Subpart 1300 (17 CFR 229.1300) of Regulation S-K ("**Regulation S-K** 

**1300**") for its fiscal year ending 30 June 2025.

Harmony has developed a process to determine which properties are material to its business or financial condition for

purposes of the individual property disclosure requirements of Item 1304 of Regulation S-K 1300. The key considerations taken

into account by Harmony in its materiality assessment include qualitative and quantitative factors in the context of our overall

business and financial condition. The materiality assessment covers all of our mining properties (regardless of the stage of the

mining property) and all of its mining and related activities from exploration through extraction, and is reviewed by us on an

annual basis. Based on the above considerations, Harmony has determined that, as of 30 June 2025, its material properties for

purposes of Regulation S-K 1300 are Doornkop, Free State Surface Operations, Joel, Kalgold, Kusasalethu, Moab Khotsong,

Mponeng, Target, Tshepong North, Tshepong South, Mine Waste Solutions, Hidden Valley, Wafi-Golpu Project and the Eva

Copper Project.

With respect the Eva Copper Project, an updated Technical Report Summary ("TRS") has been prepared by the relevant

Qualified Person ("QP"), and are filed as Exhibit 96.14, hereto. With respect to Doornkop, Free State Surface Operations, Joel,

Kalgold, Kusasalethu, Moab Khotsong, Mponeng, Target, Tshepong North, Tshepong South, Mine Waste Solutions, Hidden

Valley, and the Wafi-Golpu Project, Harmony has determined that, as of 30 June 2025 (i) there have not been any material

changes to the Mineral Resource or Mineral Reserve reported in the TRSs for these properties and (ii) all material assumptions

and information pertaining to the disclosure of the Mineral Resource and Mineral Reserve for Doornkop, Free Sate Surface

Operations, Joel, Kalgold, Kusasalethu, Moab Khotsong, Mponeng, Target, Tshepong North, Tshepong South, Mine Waste

Solutions, Hidden Valley, and the Wafi-Golpu Project, remain current in all material respects, based on all facts and

circumstances, both quantitative and qualitative. As a result, the previously filed TRSs for Doornkop, Free Sate Surface

Operations, Joel, Kalgold, Kusasalethu, Moab Khotsong, Mponeng, Target, Tshepong North, Tshepong South, Mine Waste

Solutions, Hidden Valley, and the Wafi-Golpu Project are re-filed as Exhibits 96.9, 96.3, 96.2, 96.6, 96.8, 96.4, 96.5, 96.1, 96.12,

96.13, 96.7, 96.10 and 96.11, respectively, hereto.

Mineral Resources and Mineral Reserves are estimates that contain inherent risk and depend upon geologic interpretation

and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. For additional information

on the risks and uncertainties associated with Harmony's mining properties, see Item 3: "*Key Information – Risk Factors*".

Harmony's South African operations include nine deep-level mines, an open pit mining operation and several surface

retreatment facilities. Combined, these account for gold Mineral Resources (exclusive of Mineral Reserves) of 67.4 million

ounces and gold Mineral Reserves of 21.0 million ounces at 30 June 2025.

Harmony has three underground mining operations in the West Rand: Doornkop, Kusasalethu and Mponeng. As at

30 June 2025, their combined Mineral Resources (exclusive of Mineral Reserves) were 27.9 million ounces and the combined

Mineral Reserves were 6.5 million ounces. Harmony has one underground mining operation in the Klerksdorp goldfield: Moab

Khotsong. As at 30 June 2025, the estimated Mineral Resources (exclusive of Mineral Reserves) were 4.7 million ounces and

the estimated Mineral Reserves were 3.4 million ounces. Harmony has five active underground mining operations in the Free

State: Joel, Masimong, Tshepong South, Tshepong North, and Target 1. As at 30 June 2025, their combined estimated Mineral

Resources (exclusive of Mineral Reserves) were 30.3 million ounces and the combined estimated Mineral Reserves were 2.1

million ounces.

Harmony has one open pit mine and several surface retreatment facilities in South Africa. These include: Kalgold, various

surface sources in the Free State (including several tailings retreatment operations and waste rock dumps ("**WRDs**"), located

largely in the vicinity of Welkom, marginal ore rock dumps and tailings (Mispah and Kop Paydam) associated with Moab

Khotsong that are available for retreatment, Mine Waste Solutions, Vaal River and West Wits. As at 30 June 2025, their

combined estimated Mineral Resources (exclusive of Mineral Reserves) were 4.6 million ounces and the combined estimated

Mineral Reserves were 8.9 million ounces.

In PNG, Harmony has one wholly-owned open-pit, gold and silver mine: Hidden Valley, and a 50% interest in the Wafi-

Golpu Project. As at 30 June 2025, our combined estimated gold and gold equivalent Mineral Resources (exclusive of Mineral

Reserves) in PNG were 19.2 million ounces and the combined estimated Mineral Reserves were 15.9 million ounces.

In Australia, Harmony owns the Eva Copper Project. As at 30 June 2025, our combined estimated gold and gold equivalent

Mineral Resources (exclusive of Mineral Reserves) in Australia were 8.6 million ounces. We are undertaking a feasibility study

for the Eva Copper Project, and upon its completion, a Mineral Reserve estimate may be declared, subject to the results of the

study demonstrating economic extraction

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Locations of Properties**

The following graphic sets out the geographical distribution of Harmony's mining properties.

![SA Locations.jpg](hmy-20250630_g1.jpg)

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

![PNG Locations.jpg](hmy-20250630_g2.jpg)

Maps showing the location of individual properties as well as infrastructure and licenses are shown in *"—Individual* 

*Property Disclosure"* below. All operations are 100 percent owned unless otherwise indicated.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The following table sets out the aggregate production of Harmony's mining operations for the years ended 30 June 2025,

2024 and 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal year ended 30 June** | **Fiscal year ended 30 June** | **Fiscal year ended 30 June** |
|  | **2025** | **2024** | **2023** |
| Gold produced (kg) | 46,023 | 48,578 | 45,651 |
| Gold produced (000oz) | 1,480 | 1,562 | 1,468 |

---

**Overview of Mining Properties and Operations**

The following information is detailed for each material property in "—Individual Property Disclosure" below:

• the location of the properties;

• the type and amount of ownership interests;

• the identity of the operator or operators;

• titles, mineral rights, leases or options and acreage involved;

• the stages of the properties (exploration, development or production);

• key permit conditions;

• mine types and mineralisation styles; and

• processing plants and other available facilities.

**Methodology** 

***Mineral Resources***

A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such

form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity,

grade, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific

geological evidence and knowledge, including sampling.

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated

based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade

or quality continuity. An Inferred Resource has a lower level of confidence than that applying to an Indicated Mineral Resource

and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of an Inferred Mineral Resource

could be upgraded to an Indicated Mineral Resource with continued exploration.

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and

physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to

support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately

detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity

between points of observation.

A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and

physical characteristics are estimated with confidence sufficient to allow the application of modifying factors to support detailed

mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and

reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of

observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated or an

Inferred Mineral Resource. It may be converted to either a Proved Mineral Reserve or a Probable Mineral Reserve.

***Mineral Resource estimation***

To meet SAMREC, 2016's requirements that this solid material reported as a Mineral Resource should have "reasonable

and realistic prospects for eventual economic extraction", Harmony has determined an appropriate cut-off grade which has been

applied to the quantified mineralised body according to a process incorporating a long-term view on future economic modifying

factors. In applying this process, Harmony uses a gold price of US$2,349/oz to derive a cut-off grade to determine the Mineral

Resources at each of its South African underground operations.

The estimation of Mineral Resources is based on geoscientific knowledge and borehole and sampling data (obtained by

means of chip sampling on the reef horizon in a shaft-specific grid), with input from the company's Ore Reserve managers,

geologists and geostatistical staff. All sampling done is subject to quality assurance and quality control, as guided by SAMREC,

2016, to ensure data quality and accuracy. Each mine's Mineral Resource is categorised – based on similarities in geology,

facies, grade and structure, the orebody is divided into geozones. It is then blocked-out and ascribed an estimated value. A

computerised geostatistical estimation process is used at all our mines.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

To define that portion of a Measured and Indicated Mineral Resource that can be converted to a Proved and Probable

Mineral Reserve, Harmony applies the concept of a cut-off grade. At our underground South African mines, this is done by

defining the optimal cut-off as the lowest grade at which an orebody can be mined such that the total profits, under a specified

set of mining parameters, are maximised. The cut-off grade is determined using the company's Optimiser software, which

requires the following as inputs:

• the database of Measured and Indicated Resource blocks (per shaft section);

• an assumed gold price which, for our Mineral Reserves, was taken as R1,334,000/kg;

• planned production rates;

• the mine recovery factor which is equivalent to the mine call factor multiplied by the plant recovery factor; and

• planned cash operating costs (Rand per tonne).

Rand per tonne cash operating costs are historically based but take cognisance of distinct changes in the cost environment

such as restructuring, right-sizing, and other cost-reduction initiatives and, for beyond-infrastructure ounces, an estimate of

capital expenditure.

In PNG, the block cave reserve at Golpu uses block cave optimisation software to define the optimal mine plan and

sequencing. The open-pit reserve at Hidden Valley is determined using the Whittle optimisation program to guide the most

efficient mine design given the commodity prices and cost inputs assumed.

Mineral Reserves represent that portion of the Measured and Indicated Mineral Resources above the cut-off grade in the

life of mine ("**LOM**") plan and are estimated after consideration of the factors affecting extraction, including mining, metallurgical,

economic, marketing, legal, environmental, social and governmental factors. At our underground mines, the reported Mineral

Reserves are accessible from existing infrastructure and/or infrastructure that is in the process of being developed.

A range of disciplines, including geology, survey, planning, mining engineering, rock engineering, metallurgy, financial

management, human resources management and environmental management, are involved at each mine in the LOM planning

process and the conversion of Mineral Resources into Mineral Reserves.

The modifying factors related to the ore flow that are used to convert Mineral Resources to Mineral Reserves through the

LOM planning process are stated for each operation. For these factors, historical information is used, except if there is a valid

reason to do otherwise. As a result of the depth at which mining occurs and the resulting rock engineering requirements at our

South African underground mines, some operations include stope support pillars into the design of their mining layouts which

accounts for discounts of 7% to 10%. A further 15% discount is applied as a LOM factor to provide for unpay and off-reef mining.

In general, LOM plan extraction factors do not exceed 85% and are reflected in Mineral Reserves.

While there are some differences between the definition of SAMREC, 2016 and that of Regulation S-K 1300, only the

Mineral Reserves at each of Harmony's operations and advanced projects as at 30 June 2025 that qualify as Mineral Reserves

for purposes of Regulation S-K 1300 are presented in the tables below.

***Mineral Reserves***

Modifying factors are considerations used to convert Mineral Resources to Mineral Reserves. These include, but are not

restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and

governmental factors. A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It

includes diluting materials and allowances for losses, which may occur when the material is mined or extracted. It is defined by

studies at prefeasibility or feasibility level as appropriate, which include the application of modifying factors. Such studies

demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which Mineral

Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that in

all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure

that the reader is fully informed as to what is being reported.

A Probable Mineral Reserve is the economically mineable part of an Indicated, and in some circumstances, a Measured

Mineral Resource. The confidence in the modifying factors applied to a Probable Mineral Reserve is lower than that applicable

to a Proved Mineral Reserve.

A Proved Mineral Reserve is the economically mineable part of a Measured Mineral Resource. A Proved Mineral Reserve

implies a high degree of confidence in the modifying factors. A "scoping study" is an order of magnitude technical and economic

study of the potential viability of Mineral Resources that includes appropriate assessments of realistically assumed modifying

factors together with any other relevant operational factors that are necessary to demonstrate at the time of reporting that

progress to a prefeasibility study can be reasonably justified.

A prefeasibility study is a comprehensive study of a range of options for the technical and economic viability of a mineral

project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit

configuration, in the case of an open-pit, is established and an effective method of mineral processing is determined. It includes

a financial analysis based on reasonable assumptions on the modifying factors and the evaluation of any other relevant factors

which are sufficient for a competent person, acting reasonably, to determine if all or part of the Mineral Resource may be

converted to a Mineral Reserve at the time of reporting.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral

project that includes appropriately detailed assessments of applicable modifying factors together with any other relevant

operational factors and detailed financial analysis that are necessary to demonstrate at the time of reporting that extraction is

reasonably justified (economically mineable). The results of the feasibility study may reasonably serve as the basis for a final

decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level

of the study will be higher than that of a prefeasibility study.

For the reporting of Mineral Reserves the following parameters were applied:

• a gold price of US$2,237/oz;

• an exchange rate of R18.54 per US dollar;

• the above parameters resulting in a gold price of R1 334,000/kg for the South African assets;

• Hidden Valley used prices of US$2,237/oz gold ("**Au"**), US$25.00/oz silver ("**Ag**") and US$4.25/lb copper ("**Cu**") at an

exchange rate of A$1.47 per US$;

• the Wafi-Golpu Project used commodity prices of US$1,200/oz Au and US$3.00/lb Cu;

• gold equivalent ounces are calculated assuming a US$2,237/oz Au, US$4.25/lb Cu and US$25.00/oz Ag with 100%

recovery for all metals; and

• "gold equivalent" is computed as the value of Harmony's gold, silver and copper from all Mineral Resources/ Mineral

Reserves classifications divided by the price of gold. All calculations are done using metal prices as stipulated.

***Gold equivalent ounces***

In instances where individual deposits may contain multiple valuable commodities with a reasonable expectation of being

recovered (for example gold and copper in a single deposit), Harmony computes a gold equivalent to more easily assess the

value of the deposit against gold-only mines. Harmony does this by calculating the value of each of the commodity, then dividing

the product by the price of gold. For example, the gold equivalent of a gold and copper deposit would be calculated as follows:

((gold ounces x gold price per ounce) + (copper pounds x copper price per pound)) / gold price per ounce. All calculations are

done using metal prices as stipulated above. Harmony assumes a 100% metallurgical recovery in its calculations unless

otherwise stated.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Mineral Resources (exclusive of Mineral Reserves)**

As at 30 June 2025, Harmony had aggregate attributable Measured and Indicated Resources (exclusive of Mineral

Reserves) of approximately 46.2 million ounces of gold, 12.7 million ounces of gold equivalents, 32.1 million ounces of silver,

6.7 million pounds of copper, 70.5 million pounds of molybdenum and 45.5 million pounds of uranium.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Measured Resources** | **Measured Resources** | **Measured Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Measured and Indicated** <br>**Resources** | **Measured and Indicated** <br>**Resources** | **Measured and Indicated** <br>**Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** |
| **Operations**<br>**Gold** | **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **Gold**<br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **Gold**<br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **Gold**<br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **Gold**<br>**(000kg)**<br>|
| **South Africa underground** |  |  |  |  |  |  |  |  |  |  |  |  |
| Tshepong North | 12.125 | 12.40 | 150.403 | 6.567 | 11.43 | 75.096 | 18.692 | 12.06 | 225.499 | 8.272 | 9.30 | 76.917 |
| Tshepong South | 5.507 | 12.80 | 70.514 | 8.892 | 11.35 | 100.964 | 14.399 | 11.91 | 171.478 | 22.729 | 11.33 | 257.508 |
| Joel | 1.817 | 8.46 | 15.374 | 2.938 | 6.82 | 20.033 | 4.755 | 7.45 | 35.407 | 0.185 | 8.01 | 1.484 |
| Masimong | 2.253 | 9.67 | 21.789 | 0.072 | 10.72 | 0.775 | 2.326 | 9.70 | 22.564 | 0.022 | 6.10 | 0.136 |
| Target 1 | 5.588 | 7.77 | 43.411 | 3.761 | 6.94 | 26.112 | 9.349 | 7.44 | 69.524 | 3.686 | 5.99 | 22.080 |
| Target 3 | 0.714 | 10.16 | 7.251 | 3.800 | 10.56 | 40.140 | 4.513 | 10.50 | 47.391 | 1.210 | 10.53 | 12.744 |
| Doornkop | 19.944 | 3.74 | 74.506 | 13.987 | 3.77 | 52.764 | 33.931 | 3.75 | 127.270 | 11.643 | 3.91 | 45.480 |
| Kusasalethu |  |  |  | 6.933 | 9.48 | 65.717 | 6.933 | 9.48 | 65.717 | 2.419 | 8.78 | 21.233 |
| Moab Khotsong | 2.681 | 16.13 | 43.246 | 3.257 | 16.65 | 54.234 | 5.938 | 16.42 | 97.480 | 2.682 | 17.90 | 48.022 |
| Mponeng | 3.767 | 16.60 | 62.527 | 13.471 | 12.96 | 174.629 | 17.239 | 13.76 | 237.156 | 32.442 | 11.40 | 369.698 |
| **Total South Africa** <br>**underground**<br>| **54.396** | **8.99** | **489.022** | **63.679** | **9.59** | **610.464** | **118.075** | **9.31** | **1099.485** | **85.291** | **10.03** | **855.301** |
| Kalgold | 8.941 | 1.09 | 9.742 | 15.251 | 1.32 | 20.126 | 24.192 | 1.23 | 29.868 | 32.447 | 0.61 | 19.900 |
| **Tailings** |  |  |  |  |  |  |  |  |  |  |  |  |
| Other Free State Tailings | 82.788 | 0.27 | 22.487 |  |  |  | 82.788 | 0.27 | 22.487 | 123.428 | 0.20 | 24.263 |
| Phoenix | 18.144 | 0.28 | 5.098 |  |  |  | 18.144 | 0.28 | 5.098 |  |  |  |
| Central |  |  |  |  |  |  |  |  |  |  |  |  |
| Mine Waste Solutions | 47.553 | 0.19 | 9.130 | 52.357 | 0.23 | 12.089 | 99.910 | 0.21 | 21.219 | 81.763 | 0.13 | 11.018 |
| West Wits tailings |  |  |  | 9.669 | 0.32 | 3.050 | 9.669 | 0.32 | 3.050 |  |  |  |
| **Total SA Tailings** | **148.484** | **0.25** | **36.716** | **62.026** | **0.24** | **15.139** | **210.510** | **0.25** | **51.855** | **205.191** | **0.17** | **35.281** |
| **Waste rock dumps** |  |  |  |  |  |  |  |  |  |  |  |  |
| Free State WRD |  |  |  | 0.078 | 0.55 | 0.043 | 0.078 | 0.55 | 0.043 | 11.207 | 0.44 | 4.887 |
| Mine Waste Solutions |  |  |  | 2.055 | 0.30 | 0.617 | 2.055 | 0.30 | 0.617 | 2.502 | 0.24 | 0.611 |
| West Wits WRD |  |  |  | 0.164 | 0.37 | 0.060 | 0.164 | 0.37 | 0.060 |  |  |  |
| **Total SA Waste rock dumps** | **—** | **—** | **—** | **2.297** | **0.31** | **0.720** | **2.297** | **0.31** | **0.720** | **13.709** | **0.40** | **5.497** |
| Total South Africa Surface <br>(including Kalgold)<br>| 157.425 | 0.30 | 46.458 | 79.574 | 0.45 | 35.985 | 237.000 | 0.35 | 82.443 | 251.348 | 0.24 | 60.678 |
| **Total South Africa** | **211.821** |  | **535.480** | **143.254** |  | **646.448** | **355.075** |  | **1181.928** | **336.639** |  | **915.979** |
| **Papua New Guinea¹** |  |  |  |  |  |  |  |  |  |  |  |  |
| Hidden Valley | 0.703 | 0.67 | 0.467 | 30.867 | 1.23 | 37.857 | 31.570 | 1.21 | 38.324 | 1.823 | 1.29 | 2.346 |
| Hamata |  |  |  |  |  |  |  |  |  |  |  |  |
| Wafi |  |  |  | 54.000 | 1.66 | 89.000 | 54.000 | 1.66 | 89.000 | 15.000 | 1.30 | 20.000 |
| Golpu |  |  |  | 155.000 | 0.58 | 90.372 | 155.000 | 0.58 | 90.372 | 70.000 | 0.62 | 44.000 |
| Nambonga |  |  |  |  |  |  |  |  |  | 24.000 | 0.69 | 16.000 |
| Kerimenge |  |  |  | 27.029 | 0.97 | 26.169 | 27.029 | 0.97 | 26.169 | 4.799 | 0.93 | 4.441 |
| **Total Papua New Guinea** | **0.703** | **0.67** | **0.467** | **266.896** | **0.91** | **243.398** | **267.599** | **0.91** | **243.866** | **115.622** | **0.75** | **86.787** |
| **Australia** |  |  |  |  |  |  |  |  |  |  |  |  |
| Little Eva |  |  |  | 183.201 | 0.06 | 11.425 | 183.201 | 0.06 | 11.425 | 23.893 | 0.08 | 1.981 |
| Bedford |  |  |  | 3.318 | 0.15 | 0.486 | 3.318 | 0.15 | 0.486 | 0.958 | 0.12 | 0.113 |
| Lady Clayre |  |  |  | 4.349 | 0.18 | 0.772 | 4.349 | 0.18 | 0.772 | 0.747 | 0.10 | 0.075 |
| Ivy Anne |  |  |  | 5.202 | 0.07 | 0.382 | 5.202 | 0.07 | 0.382 | 1.163 | 0.07 | 0.078 |
| **Total Australia** | **—** | **—** | **—** | **196.070** | **0.07** | **13.066** | **196.070** | **0.07** | **13.066** | **26.762** | **0.08** | **2.247** |
| **Grand total** | **212.524** |  | **535.947** | **606.220** |  | **902.912** | **818.744** |  | **1438.859** | **479.023** |  | **1005.014** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** |
| **Papua New Guinea** | **Measured Resources** | **Measured Resources** | **Measured Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Measured and Indicated** <br>**Resources** | **Measured and Indicated** <br>**Resources** | **Measured and Indicated** <br>**Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** |
| **Silver** | **Tonnes** <br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **silver** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **silver** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **silver** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **silver** <br>**(000kg)**<br>|
| Hidden Valley | 0.703 | 14.53 | 10214 | 30.867 | 17.73 | 547.351 | 31.570 | 17.66 | 557.565 | 1.823 | 11.09 | 20.223 |
| Golpu |  |  |  | 155.000 | 1.30 | 201.500 | 155.000 | 1.30 | 201.500 | 70.000 | 1.10 | 77.000 |
| **Total** | **0.703** | **14.53** | **10214** | **185.867** | **4.03** | **748.851** | **186.570** | **4.07** | **759.065** | **71.823** | **1.35** | **97.223** |
| **Copper** | **Tonnes** <br>**(Mt)**<br>| **%** | **Cu** <br>**(000t)**<br>| **Tonnes** <br>**(Mt)**<br>| **%** | **Cu (000t)** | **Tonnes** <br>**(Mt)**<br>| **%** | **Cu (000t)** | **Tonnes** <br>**(Mt)**<br>| **%** | **Cu** <br>**(000t)**<br>|
| Golpu |  |  |  | 155.000 | 0.95 | 1470.000 | 155.000 | 0.95 | 1470.000 | 70.000 | 0.86 | 600.000 |
| Nambonga |  |  |  |  |  |  |  |  |  | 24.000 | 0.20 | 46.949 |
| **Total** | **—** | **—** | **—** | **155.000** | **0.95** | **1470.000** | **155.000** | **0.95** | **1470.000** | **94.000** | **0.69** | **646.949** |
| **Molybdenum** | **Tonnes**<br>**(Mt)**<br>| **ppm** | **Mo**<br>**(000t)**<br>| **Tonnes**<br>**(Mt)**<br>| **ppm** | **Mo**<br>**(000t)**<br>| **Tonnes** <br>**(Mt)**<br>| **ppm** | **Mo**<br>**(000t)**<br>| **Tonnes**<br>**(Mt)**<br>| **ppm** | **Mo**<br>**(000t)**<br>|
| Golpu |  |  |  | 155.000 | 93.79 | 14.537 | 155.000 | 93.79 | 14.537 | 70.000 | 71.55 | 5.008 |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** | **Other metals** |
| **Papua New Guinea** | **Measured Resources** | **Measured Resources** | **Measured Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Measured and Indicated** <br>**Resources** | **Measured and Indicated** <br>**Resources** | **Measured and Indicated** <br>**Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** |
| **Total** | **—** | **—** | **—** | **155.000** | **93.79** | **14.537** | **155.000** | **93.79** | **14.537** | **70.000** | **71.55** | **5.008** |
| **Equivalents** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Silver** | **Tonnes** <br>**(Mt)**<br>|  | **silver** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>|  | **silver** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>|  | **silver** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>|  | **silver** <br>**(000kg)**<br>|
| Hidden Valley | 0.703 |  | 0.115 | 30.867 |  | 6.103 | 31.570 |  | 6.218 | 1.823 |  | 0.235 |
| **Copper** | **Tonnes**<br>**(Mt)**<br>|  | **Au eq**<br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>|  | **Au eq**<br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>|  | **Au eq**<br>**(000oz)**<br>| **Tonnes**<br>**(Mt)**<br>|  | **Au eq**<br>**(000oz)**<br>|
| Golpu |  |  |  | 155.000 |  | 178.346 | 155.000 |  | 178.346 | 70.000 |  | 78.101 |
| Nambonga |  |  |  |  |  |  |  |  |  | 24.000 |  | 6.112 |
| **Total** | **—** |  | **—** | **155.000** |  | **178.346** | **155.000** |  | **178.346** | **94.000** |  | **84.213** |
| **Total Silver and Copper as gold** <br>**equivalents**<br>| **0.703** |  | **0.115** | **185.867** |  | **184.449** | **186.570** |  | **184.564** | **95.823** |  | **84.448** |
| **Total PNG including gold** <br>**equivalents**<br>| **0.703** |  | **0.582** | **266.896** |  | **427.847** | **267.599** |  | **428.429** | **115.622** |  | **171.235** |
| **Australia** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Copper** | **Tonnes** <br>**(Mt)**<br>| **%** | **Cu** <br>**(000t)**<br>| **Tonnes** <br>**(Mt)**<br>| **%** | **Cu (000t)** | **Tonnes** <br>**(Mt)**<br>| **%** | **Cu (000t)** | **Tonnes** <br>**(Mt)**<br>| **%** | **Cu** <br>**(000t)**<br>|
| **Little Eva** |  |  |  | 183.201 | 0.32 | 594.035 | 183.201 | 0.32 | 594.035 | 23.893 | 0.33 | 79.496 |
| **Turkey Creek** |  |  |  | 28.454 | 0.42 | 119.210 | 28.454 | 0.42 | 119.210 | 5.374 | 0.44 | 23.670 |
| **Blackard** |  |  |  | 115.900 | 0.48 | 554.886 | 115.900 | 0.48 | 554.886 | 33.719 | 0.40 | 136.048 |
| **Scanlan** |  |  |  | 14.948 | 0.59 | 88.493 | 14.948 | 0.59 | 88.493 | 9.666 | 0.48 | 46.273 |
| **Bedford** |  |  |  | 3.318 | 0.55 | 18.301 | 3.318 | 0.55 | 18.301 | 0.958 | 0.38 | 3.600 |
| **Lady Clayre** |  |  |  | 4.349 | 0.43 | 18.908 | 4.349 | 0.43 | 18.908 | 0.747 | 0.43 | 3.196 |
| **Ivy Anne** |  |  |  | 5.202 | 0.34 | 17.823 | 5.202 | 0.34 | 17.823 | 1.163 | 0.33 | 3.876 |
| **Legend** |  |  |  | 31.193 | 0.47 | 147.014 | 31.193 | 0.47 | 147.014 | 5.001 | 0.33 | 16.397 |
| **Great Southern** |  |  |  | 12.915 | 0.42 | 53.629 | 12.915 | 0.42 | 53.629 | 1.920 | 0.39 | 7.553 |
| **Total Copper** | **—** | **—** | **—** | **399.481** | **0.40** | **1612.298** | **399.481** | **0.40** | **1612.298** | **82.442** | **0.39** | **320.109** |
| **Gold Equivalents** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Copper: as gold equivalents** | **Tonnes**<br>**(Mt)**<br>|  | **Au eq**<br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>|  | **Au eq**<br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>|  | **Au eq**<br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>|  | **Au eq**<br>**(000kg)**<br>|
| **Little Eva** |  |  |  | 183.201 |  | 77.344 | 183.201 |  | 77.344 | 23.893 |  | 10.336 |
| **Turkey Creek** |  |  |  | 28.454 |  | 15.521 | 28.454 |  | 15.521 | 5.374 |  | 3.079 |
| **Blackard** |  |  |  | 115.900 |  | 72.222 | 115.900 |  | 72.222 | 33.719 |  | 17.698 |
| **Scanlan** |  |  |  | 14.948 |  | 11.508 | 14.948 |  | 11.508 | 9.666 |  | 6.034 |
| **Bedford** |  |  |  | 3.318 |  | 2.375 | 3.318 |  | 2.375 | 0.958 |  | 0.478 |
| **Lady Clayre** |  |  |  | 4.349 |  | 2.463 | 4.349 |  | 2.463 | 0.747 |  | 0.422 |
| **Ivy Anne** |  |  |  | 5.202 |  | 2.324 | 5.202 |  | 2.324 | 1.163 |  | 0.513 |
| **Legend** |  |  |  | 31.193 |  | 19.129 | 31.193 |  | 19.129 | 5.001 |  | 2.146 |
| **Great Southern** |  |  |  | 12.915 |  | 6.967 | 12.915 |  | 6.967 | 1.920 |  | 0.995 |
| **Total Copper as gold** <br>**equivalents**<br>| **—** |  | **—** | **399.481** |  | **209.853** | **399.481** |  | **209.853** | **82.442** |  | **41.702** |
| **Total AUSTRALIA (including** <br>**gold equivalents)**<br>| **—** |  | **—** | **399.481** |  | **222.919** | **399.481** |  | **222.919** | **82.442** |  | **43.949** |
|  | **Tonnes** <br>**(Mt)**<br>|  | **Gold** <br>**equival**<br>**ents** <br>**(000 kg)**<br>| **Tonnes** <br>**(Mt)**<br>|  | **Gold** <br>**equivale**<br>**nts (000** <br>**kg)**<br>| **Tonnes** <br>**(Mt)**<br>|  | **Gold** <br>**equivale**<br>**nts (000** <br>**kg)**<br>| **Tonnes** <br>**(Mt)**<br>|  | **Gold** <br>**equival**<br>**ents** <br>**(000 kg)**<br>|
| **Total Harmony** <br>**including equivalents**<br>| **212.524** |  | **536.062** | **809.631** |  | **1297.214** | **1022.155** |  | **1833.276** | **534.703** |  | **1131.164** |
| **Uranium** |  |  |  |  |  |  |  |  |  |  |  |  |
| **South Africa** | **Tonnes** <br>**(Mt)**<br>| **kg/t** | **U3O8** <br>**(Mkg)**<br>| **Tonnes(**<br>**Mt)**<br>| **kg/t** | **U3O8** <br>**(Mkg)**<br>| **Tonnes** <br>**(Mt)**<br>| **kg/t** | **U3O8** <br>**(Mkg)**<br>| **Tonnes** <br>**(Mt)**<br>| **kg/t** | **U3O8** <br>**(Mkg)**<br>|
| Free State surface |  |  |  | 82.788 | 0.103 | 8.521 | 82.788 | 0.103 | 8.521 |  |  |  |
| Moab underground |  |  |  | 5.938 | 0.716 | 4.253 | 5.938 | 0.716 | 4.253 | 2.682 | 0.602 | 1.614 |
| Mine Waste Solutions | 47.553 | 0.068 | 3.243 | 52.357 | 0.089 | 4.639 | 99.910 | 0.079 | 7.882 | 81.763 | 0.038 | 3.097 |
| **Total Uranium** | **47.553** | **0.068** | **3.243** | **141.082** | **0.123** | **17.414** | **188.636** | 0.110 | **20.657** | **84.445** | **0.056** | **4.711** |

---

¹Total attributable Gold equivalent ounces are calculated assuming a US$2,237/oz Au, US$4.25/lb Cu and US$25.00/oz Ag with 100% recovery

for all metals.

Note: rounding of numbers may result in slight computational discrepancies.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Mineral Reserves**

As at 30 June 2025, Harmony had aggregate attributable Proved and Probable Mineral Reserves of approximately

26.9 million ounces of gold, 9.9 million ounces of gold equivalents, 14.6 million ounces of silver, 5.1 million pounds of copper

and 10.2 million pounds of uranium.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Proved Reserves** | **Proved Reserves** | **Proved Reserves** | **Probable Reserves** | **Probable Reserves** | **Probable Reserves** | **Total Mineral Reserves** | **Total Mineral Reserves** | **Total Mineral Reserves** |
| **Operations**<br>**Gold** | **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **Gold²**<br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **Gold²**<br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **Gold²**<br>**(000kg)**<br>|
| **South Africa underground** |  |  |  |  |  |  |  |  |  |
| Tshepong North | 2.403 | 4.55 | 10.936 | 1.606 | 5.85 | 9.391 | 4.009 | 5.07 | 20.327 |
| Tshepong South | 2.159 | 6.53 | 14.102 | 0.423 | 3.22 | 1.362 | 2.582 | 5.99 | 15.464 |
| Masimong | 0.645 | 4.22 | 2.724 | 0.205 | 3.42 | 0.702 | 0.851 | 4.03 | 3.426 |
| Joel | 2.078 | 4.69 | 9.740 | 0.168 | 5.35 | 0.899 | 2.246 | 4.74 | 10.639 |
| Target 1 | 2.421 | 4.46 | 10.796 | 1.082 | 4.48 | 4.850 | 3.503 | 4.47 | 15.646 |
| Doornkop South Reef | 4.294 | 3.74 | 16.075 | 9.378 | 4.11 | 38.545 | 13.672 | 4.00 | 54.621 |
| Kusasalethu | 1.875 | 6.26 | 11.731 | 0.023 | 4.94 | 0.114 | 1.898 | 6.24 | 11.845 |
| Moab Khotsong including Zaaiplaats | 3.213 | 7.38 | 23.715 | 9.788 | 8.43 | 82.500 | 13.001 | 8.17 | 106.215 |
| Mponeng | 3.564 | 10.32 | 36.783 | 10.992 | 9.07 | 99.717 | 14.556 | 9.38 | 136.499 |
| **Total South Africa underground** | **22.651** | **6.03** | **136.602** | **33.667** | **7.07** | **238.080** | **56.318** | **6.65** | **374.682** |
| **South Africa Surface** |  |  |  |  |  |  |  |  |  |
| Kalgold | 10.312 | 0.96 | 9.907 | 8.340 | 1.12 | 9.309 | 18.652 | 1.03 | 19.216 |
| **Tailings** |  |  |  |  |  |  |  |  |  |
| Other Free State Tailings | 86.527 | 0.27 | 23.410 | 483.358 | 0.23 | 110.395 | 569.885 | 0.23 | 133.805 |
| Phoenix | 30.425 | 0.27 | 8.108 |  |  |  | 30.425 | 0.27 | 8.108 |
| Central |  |  |  | 39.671 | 0.27 | 10.673 | 39.671 | 0.27 | 10.673 |
| Mine Waste Solutions | 7.756 | 0.30 | 2.353 | 344.711 | 0.28 | 95.334 | 352.467 | 0.28 | 97.687 |
| West Wits tailings |  |  |  | 24.057 | 0.33 | 7.891 | 24.057 | 0.33 | 7.891 |
| **Total Tailings** | **124.707** | **0.27** | **33.872** | **891.797** | **0.25** | **224.293** | **1016.504** | **0.25** | **258.165** |
| **Total South Africa Surface** <br>**(including Kalgold)**<br>| **135.019** | **0.32** | **43.779** | **900.137** | **0.26** | **233.602** | **1035.156** | **0.27** | **277.381** |
| **Total South Africa** | **157.670** |  | **180.381** | **933.804** |  | **471.682** | **1091.474** |  | **652.063** |
| **Papua New Guinea** |  |  |  |  |  |  |  |  |  |
| Hidden Valley | 1.630 | 0.95 | 1.555 | 16.997 | 1.45 | 24.603 | 18.627 | 1.40 | 26.158 |
| Hamata |  |  |  |  |  |  |  |  |  |
| Golpu ¹ |  |  |  | 190.000 | 0.83 | 158.628 | 190.000 | 0.83 | 158.628 |
| **Total Papua New Guinea** | **1.630** | **0.95** | **1.555** | **206.997** | **0.89** | **183.231** | **208.627** | **0.89** | **184.786** |
| **Australia** |  |  |  |  |  |  |  |  |  |
| Little Eva |  |  |  |  |  |  |  |  |  |
| Bedford |  |  |  |  |  |  |  |  |  |
| Lady Clayre |  |  |  |  |  |  |  |  |  |
| Ivey Anne |  |  |  |  |  |  |  |  |  |
| **Total Australia** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Total Harmony** | **159.300** |  | **181.936** | **1140.801** |  | **654.913** | **1300.101** |  | **836.849** |
| **Other metals** |  |  |  |  |  |  |  |  |  |
| **Papua New Guinea** | **Proved Reserves** | **Proved Reserves** | **Proved Reserves** | **Probable Reserves** | **Probable Reserves** | **Probable Reserves** | **Total Mineral Reserves** | **Total Mineral Reserves** | **Total Mineral Reserves** |
| **Silver** | **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **Ag**<sup>2</sup><br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **Ag**<sup>2</sup><br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(g/t)**<br>| **Ag**<sup>2</sup><br>**(000kg)**<br>|
| Hidden Valley | 1.630 | 22.69 | 36.982 | 16.997 | 24.52 | 416.694 | 18.627 | 24.36 | 453.676 |
| **Copper** | **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(%)**<br>| **Cu²**<br>**(000t)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(%)**<br>| **Cu²**<br>**(000t)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(%)**<br>| **Cu²**<br>**(000t)**<br>|
| Golpu |  |  |  | 190.000 | 1.23 | 2330.000 | 190.0 | 1.23 | 2330.000 |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Proved Reserves** | **Proved Reserves** | **Proved Reserves** | **Probable Reserves** | **Probable Reserves** | **Probable Reserves** | **Total Mineral Reserves** | **Total Mineral Reserves** | **Total Mineral Reserves** |
| **Operations**<br>**Gold equivalents** | **Tonnes**<br>**(Mt)**<br>| | **Au**<sup>2</sup><br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>| | **Au**<sup>2</sup><br>**(000kg)**<br>| **Tonnes**<br>**(Mt)**<br>| | **Au**<sup>2</sup><br>**(000kg)**<br>|
| Silver |  |  |  |  |  |  |  |  |  |
| Hidden Valley | 1.630 |  | 0.413 | 16.997 |  | 4.655 | 18.627 |  | 5.068 |
| Copper |  |  |  |  |  |  |  |  |  |
| Golpu¹ |  |  |  | 190.000 |  | 303.323 | 190.000 |  | 303.323 |
| **Total silver and copper as gold equivalents** | **1.630** |  | **0.413** | **206.997** |  | **307.978** | **208.627** |  | **308.391** |
| **Total PNG including gold equivalents** | **1.630** |  | **1.968** | **206.997** |  | **491.209** | **208.627** |  | **493.177** |
| **Total Harmony** <br>**including equivalents**<br>| **159.300** |  | **182.349** | **1140.801** |  | **962.891** | **1300.101** |  | **1145.240** |
| **South Africa** |  |  |  |  |  |  |  |  |  |
| **Uranium** | **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(kg/t)**<br>| **U3O8²**<br>**(Mkg)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(kg/t)**<br>| **U3O8²**<br>**(Mkg)**<br>| **Tonnes**<br>**(Mt)**<br>| **Grade**<br>**(kg/t)**<br>| **U3O8²**<br>**(Mkg)**<br>|
| Moab Khotsong underground |  |  |  | 13.001 | 0.36 | 4.646 | 13.001 | 0.36 | 4.646 |

---

¹Total attributable Gold equivalent ounces are calculated assuming a US$2,237/oz Au, US$4.25/lb Cu and US$25.00/oz Ag with 100% recovery

for all metals.

²Metal figures are fully inclusive of all mining dilutions and gold losses, and are reported as mill-delivered tonnes and head grades.

Metallurgical recovery factors have not been applied to the reserve figures.

Note: rounding of numbers may result in slight computational discrepancies.

As at 30 June 2025, Harmony's attributable gold and gold equivalent Mineral Reserves were 36.8 million ounces of gold, a

decrease from 40.3 million ounces at 30 June 2024. The year on year Mineral Reserve reconciliation is shown below.

---

| | | |
|:---|:---|:---|
| **Description** | **(000kg)** | **Moz** |
| 30 June 2024 Gold and gold equivalents | 1,252 | 40.3 |
| Changes during fiscal 2025 | Changes during fiscal 2025 | Changes during fiscal 2025 |
| Mined | -53 | -1.7 |
| Other losses (geology, planning) | -20 | -0.6 |
| Reserve additions from Operations  | 24 | 0.8 |
| Gold equivalents | -58 | -1.9 |
| 30 June 2025 Gold and gold equivalents | 1,145 | 36.8 |

---

Note: rounding of numbers may result in slight computational discrepancies.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**MINERAL RESOURCE AND MINERAL RESERVE INDIVIDUAL PROPERTY DISCLOSURE**

For more information about Harmony's mines, including a summary of the Company's mining rights and licenses refer to

Item 4*: "Information on the Company - Business Overview – Regulation"*. For detailed information about Harmony's mines,

including the mining rights and licenses refer to the TRS on each individual property, filed as an exhibit to this annual report on

Form 20-F.

**Doornkop**

***Property Description***

Doornkop is an underground gold mine located in the West Wits mining district southwest of Johannesburg, in the Gauteng

Province. At longitude 27°47'26.55"E and latitude 26°13'03.2"S, the mine forms part of Harmony's West Rand ("**West Wits**")

operations. Doornkop is wholly-owned and operated by Harmony.

The following graphic illustrates the location of the Doornkop mine, along with certain infrastructure.

![westrandops.jpg](hmy-20250630_g3.jpg)

The Doornkop shaft complex is located south of Krugersdorp, 30km west of Johannesburg, in the Gauteng Province,

South Africa. The property lies between Sibanye Stillwater Limited's Cooke 1 shaft and Durban Roodepoort Deep Limited.

Doornkop forms part of Harmony's West Rand operations and extends to a maximum depth of approximately 2,000m below

mine datum ("**BMD**"). Current mining operations extract the South Reef, with the Mineral Reserves being comprised entirely of

this reef. Mineral Resources are comprised of the South Reef and the Kimberley Reef, and a limited (<0.5%) amount of the Main

Reef.

There is no material litigation against Harmony that threatens its mineral rights, tenure, or operations.

***Operational Infrastructure***

Infrastructure in the region is well established, supporting the numerous operational gold mines in the area. The regional

infrastructure includes national and provincial paved road networks, power transmission and distribution networks, water supply

networks and communication infrastructure. Doornkop's surface and underground infrastructure, including its power and water

supplies, is sufficient for the current and planned production level requirements.

Doornkop's main and vent shaft systems are currently exploiting the South Reef to approximately 2,000m BMD. The

narrow South Reef is exploited by means of conventional stoping. The ore mined at Doornkop is processed at the mine's

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Doornkop is an established operation, and the currently available infrastructure is sufficient to support the mine plan.

Doornkop is accessible via the national and provincial roads. The general layout of Doornkop infrastructure is displayed in the

graphic below.

![doornkopmap222.jpg](hmy-20250630_g4.jpg)

The "property, plant, and equipment" as of 30 June 2025, including buildings and mine infrastructure, mining assets,

rehabilitation and assets under construction, had a carrying value of R4,519 million.

Doornkop did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no significant

encumbrances exist.

***Geology***

Doornkop is situated on the northwestern margin of the Witwatersrand Basin of South Africa, one of the most prominent

gold provinces in the world. While there are several gold-bearing conglomerate reefs present within the mining right area, only

the Kimberley Reef and South Reef are considered to have prospects for economic extraction at this stage.

In the West Rand Goldfield, the Kimberley Reefs include a number of different gold-bearing conglomerate horizons. At

Doornkop, it is the Kimberley K9 Reef horizon which comprises the Mineral Resources along with the South Reef. The

Kimberley K9 Reef rests on an unconformity and is a multi-pulse conglomerate which is divided into four cycles, each consisting

of an upper conglomerate and a lower quartzite.

The South Reef comprises a basal conglomerate unit and a cycle of trough cross-bedded sediments. The South Reef is

dominated by silicate phases such as quartz, carbon (seam and specks), as well as sulphide phases such as pyrite, pyrrhotite

and chalcopyrite. While the upper cycles may carry some gold values, up to 95% of the gold present is located in the lower

cycle.

Both the Kimberley Reef and the South Reef have been subjected to faulting and are intruded by a series of dykes and

sills of various ages that cut across the reefs. The gold mineralisation is interpreted to have succeeded a period of deep burial,

fracturing, and alteration. The gold and other elements are believed to have precipitated through the reaction of hydrothermal

fluids at high temperatures along the reef horizons.

***History***

Although exploration in the Doornkop area dates back to the early 1930s, and multiple phases of exploration and mining

activities have taken place in the intervening years, the sinking of the main and ventilation Shafts at Doornkop only commenced

in 1983. At the time, Doornkop was owned by Johannesburg Consolidated Industries Limited ("**JCI**").

It was initially planned to mine both the Kimberley and the South Reefs. However, a decision was then taken by JCI to

target the shallower Kimberley Reef only, mining it by mechanised methods. In addition, the deepening of the main Shaft

required to access to the South Reef was deferred. During 1989, the planned production rates from the Kimberley Reefs were

achieved, but the anticipated grades were not recovered. Adverse geological structures were encountered, and the decrease in

grades were attributed to difficulties associated with the mechanised mining methods resulting in dilution.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

A review of the operation was undertaken in 1991, and the mining approach was changed to a more selective mining cut,

targeting higher grade areas of Kimberley Reef only. In 1999, the deepening project was stopped, as a result of the low

prevailing gold prices. The sub-vertical shaft sinking had been completed with the shaft bottom at 1,953m BMD. The deepening

of the Main Shaft stopped at 1,340m BMD.

Harmony acquired Doornkop when it took over control of Randfontein Estates Limited ("**REL**"), in early 2000. Harmony

continued mining the Kimberley Reef using mechanised mining methods, but revisited the work done toward extracting the

South Reef. The mining method for the Kimberley Reef was subsequently changed to the conventional stoping approach, in

order to extract a reduced tonnage at an improved grade.

In 2021 a capital project was approved to extend mining to new mining levels on 207 and 212 levels. While the 207 level is

now mining reef, the 212 level is currently busy with access development, which commenced from the shaft position in 2017 as

early works. The shaft infrastructure is also being upgraded and an ore handling system is being established on 215 level in

order to handle the production from 207 and 212 levels.

***Mineral Tenure***

Refer to Item 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

The current mining rights are held by REL, a wholly owned subsidiary of Harmony. The rights encompass an area of

4,459.25ha and were successfully converted, executed and registered as a new order mining right at the Mineral and Petroleum

Resources Titles Office ("**MPRTO**"). As such, it is secured under Mining Authorisation number ML 13/97.

Harmony's Doornkop mineral tenure comprises two mining rights covering approximately 4,459ha, namely:

• GP30/5/1/2/2/09 MR valid from 7 October 2007 to 6 October 2038; and

• GP30/5/1/2/2/174 MR valid from 23 May 2014 to 22 May 2038.

Harmony has the exclusive right to renew the rights.

A summary of the status of environmental permits and licenses issued as at 30 June 2025, related to Doornkop operation

is presented in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| EMPr | GP30/5/1/2/2/(09) <br>EM<br>| DMPR | 7 June 2010 | LOM |
| Certificate of Registration (Nuclear) | 01/0025/06 | National Nuclear <br>Regulator<br>| 31 May 2003 | LOM |
| Water Use Permit | 33/2/323/24 | DWS | 1 December 1977 | LOM |
| ISO 14001 Certification | 631282 | DQS<sup>1</sup> | 6 November 2024 | 5 November 2027 |
| Cyanide Management Certification | N/A | ICMC<sup>2</sup> | 19 April 2024 | 18 April 2027 |
| Precious Metal Refining License | 1889/000251/66 | SA Diamond & <br>Precious Metals <br>Regulator<br>| 29 June 2011 | 26 June 2041 |
| Environmental Authorisation for Water <br>Treatment Plant<br>| GP30/5/1/2/2/(09) <br>EM<br>| DMPR | 23 August 2016 | LOM |
| License to impound water in a dam with <br>Safety risk<br>| 12/2/C221/69 | DWS | 17 July 2009 | LOM |
| Salvage yard registration | HWSD/24-25/0020 | GDARD<sup>3</sup> | 18 June 2024 | LOM |
| Mining Right (MR09) | GP30/5/1/2/2/(09) <br>MR<br>| DMPR | 7 October 2008 | 6 October 2038 |
| Mining Right (MR174) | GP30/5/1/2/2/(174) <br>MR<br>| DMPR | 23 May 2014 | 22 May 2038 |

---

<sup>1</sup>German certification body for ISO standards.

<sup>2</sup> International Cyanide Management Code.

<sup>3</sup>Gauteng Department of Agriculture and Rural Development.

***Mining Method***

Doornkop is a deep level underground gold mine currently operating at depths ranging between 1,870m and 1,950m BMD.

The mining method used at Doornkop is conventional breast mining, in a sequential grid, also known as sequential grid

mining ("**SGM**").

Doornkop does not use backfill for the support of stopes. The SGM method makes use of dip pillars and reduced mining

spans with pre-developed tunnels, aimed at controlling geotechnical stress.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The mining sequence at Doornkop is typically a V-shaped configuration, colloquially referred to as the "inverted Christmas

tree". An underhand face configuration is adopted when mining towards the west and an overhand face configuration when

mining towards the east.

Primary development is done off-reef (in waste rock), while secondary development is done on-reef (in the mineralised

zone).

***Mineral Processing***

Doornkop's gold processing facility has been in operation since the mid-1980s. The technology used to process the gold-

bearing ore is well established and is suitable for the style of mineralisation.

The milled ore from Doornkop follows a standard cyanide leach, CIP and electrowinning process in order to extract the

gold bullion.

The plant is currently operating below its designed throughput capacity and in the past has operated at the throughput

required to deliver the forecasted ounces of gold in the LOM.

***Qualified Persons***

The QP was employed on a full-time basis by Harmony. The QP's qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional** <br>**Organisation**<br>| **Qualification** | **TRS Section** <br>**Responsibility** <br>| **Personal** <br>**Insp.**<br>|
| Mr. H Chirambadare | SACNASP, GSSA | BSc. (Geol, Math), BSc. (Hons) Geol, <br>MENG, MBA<br>| All | Full time |

---

***Exploration***

Exploration at Doornkop has been focused on improving confidence in the geological model, as well as adding and

upgrading additional Mineral Resources to the mine as existing Mineral Resources are depleted through mining. Over the years,

geological data has been obtained through surface drilling, a seismic survey, underground drilling, underground channel (chip)

sampling and geological mapping.

Surface exploration drilling has taken place over several different campaigns since exploration was initially undertaken in

the 1930s. Surface drilling provides widely spaced initial grade and channel width information, upon which mine development

decisions are based.

Underground exploration drilling is a continuous process which would have been in place since the operation commenced.

The underground drilling provides geological information, which is used for the Mineral Resource estimates, as well as for mine

planning purposes

Diamond core drilling was used for all underground drill holes. Diamond core drilling has been undertaken using hydraulic

and pneumatic drill rigs.

Drilling and logging practices are based on the Harmony company standards, which have been in place since Harmony

took over Doornkop.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

***Mineral Resource Estimate***

The Mineral Resource estimate for Doornkop is considered to have reasonable prospects for economic extraction. The cut-

off value for the Mineral Resources has been determined as 490cmg/t, based on the economic assumptions presented in the

table below at 30 June 2025.

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 2349 |
| Exchange rate | R:US$ | 18.54 |
| Gold price | R/kg | 1400000 |
| Plant recovery factor | % | 96.65 |
| Unit cost | R/t | 4031 |

---

This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

The Mineral Resources were originally prepared, classified and reported according to the SAMREC, 2016. For the

purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of

Regulation S-K. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Mineral Resource estimate, as at 30 June 2024 and 30 June 2025, exclusive of the reported Mineral Reserves, is

summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured | 19.944 | 3.74 | 74506 | 19.360 | 3.64 | 70440 | 5.8 |
| Indicated | 13.987 | 3.77 | 52764 | 12.201 | 3.21 | 39137 | 34.8 |
| **Total / Ave. Measured + Indicated** | **33.931** | **3.75** | **127270** | **31.561** | **3.47** | **109578** | **16.1** |
| Inferred | 11.643 | 3.91 | 45480 | 12.126 | 4.15 | 50357 | (9.7) |

---

Notes

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. H. Chirambadare, who is Ore Reserve Manager at

Doornkop, and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No modifying factors or dilution sources have been included to in-situ Mineral Reserve which was subtracted from the SAMREC Mineral

Resource in order to obtain Mineral Resources under Regulation S-K 1300.

4. The Mineral Resources are reported using a cut-off value of 490 cmg/t determined at a gold price of US$2,349/oz.

5. Tonnes are reported rounded to three decimal places. Gold values are rounded to zero decimal places.

6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

8. The Mineral Resource estimate is for Harmony's 100% interest.

The increase in Mineral Resources is mainly as result of structural gains on 207 level based on new geological information

from long inclined borehole ("**LIB**") exploration drilling.

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K

1300. Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning

processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resources conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining widths,

planned mine call and plant recovery factors.

The Mineral Reserve estimate, as at 30 June 2024 and 2025, is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**% Change** |
| Proved | 4.294 | 3.74 | 16075 | 4.822 | 4.01 | 19317 | (16.8) |
| Probable | 9.378 | 4.11 | 38545 | 8.734 | 4.51 | 39379 | (2.1) |
| **Total / Ave. Proved + Probable** | **13.672** | **4.00** | **54621** | **13.556** | **4.33** | **58696** | **(6.9)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. H. Chirambadare, who is the Doornkop Ore Reserve

Manager, and a Harmony employee.

2. Tonnes, grade, and gold content (oz) are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the reserve figures.

4. Gold content is recovered gold content after taking into consideration the modifying factors.

5. Mineral Reserves are reported using a cut-off grade of 500cmg/t determined using a gold price of US$2,237/oz.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

The decrease in Mineral Reserves is due to normal depletion that was not fully offset by additional ounces identified on

207 level based on new geological information from LIB exploration drilling.

The table below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for Doornkop. The modifying factors are consistent with the modelling, planning and computing estimates used in determining

the Mineral Reserves, which are also consistent with historical performance.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| Relative Density | t/mᶟ | 2.77 |
| Stoping width | cm | 124 |
| Gully (dilution) | % | 6.84 |
| Off Reef | % | 4.61 |
| Waste to Reef | % | 0.33 |
| Flushing tons | % |  |
| Discrepancy | % | 18.75 |
| Mine Call Factor | % | 82.00 |
| Plant Recovery Factor | % | 96.65 |
| Mine Recovery Factor | % | 79.25 |
| Plant Call Factor | % | 100.00 |
| Mineral Reserve cut-off | cmg/t | 500 |

---

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Free State Surface Operations**

***Property Description***

The Free State Surface Operations are located near the towns of Welkom and Virginia, Free State Province, South Africa.

The operations reclaim and re-treat local surface TSFs and WRDs.

The Free State Surface Operations comprise Mineral Resources located in 26 TSFs and 7 WRDs; three of the TSFs are

actively being mined and processed through two processing plants. The Free State Surface Operations comprise the following:

• Phoenix Project: this project is currently reclaiming two TSFs which are processed through the Saaiplaas Plant;

• Central Plant Reclamation. this operation is currently reclaiming one TSF which is processed through the Central Plant;

• Other Free State Tailings: this project is at prefeasibility study level and we envisage that it will include the treatment of 22

TSFs, which will be processed through any of the plants; and

• WRDs located across Harmony's Free State mining operations.

The Free-State Surface Operations and their associated mineral rights are wholly owned by Harmony, except for the

Phoenix Project. The Phoenix Project is 100% owned by Harmony's BBBEE subsidiary, Tswelopele Beneficiation Operation

(Pty) Limited, of which Harmony is a 77% shareholder (5% is held by the Harmony Community Trust).

![Figure 3-1.jpg](hmy-20250630_g5.jpg)

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The location of the TSFs situated between Welkom and Virginia is presented in figure below.

![fsmap122.jpg](hmy-20250630_g6.jpg)

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The location of the WRDs is presented in the figure below.

![fsmap222.jpg](hmy-20250630_g7.jpg)

Phoenix Project is a tailings retreatment operation located approximately 6km north of the town of Virginia; it currently

re-treats material from the Brand A (PB Dam A) and Dam 21 TSFs using the Saaiplaas Plant. The Saaiplaas Plant is located at

latitude 28°03'37.68"S and longitude 26°53'14.59"E.

The Phoenix Project is nearing the end of its current ore sources and the next source that will be introduced is the FSS 6

TSF.

The Central Plant Reclamation currently re-treats material from the FSS5 TSF using the Central Plant. The FSS5 TSF is

located close to the southern edge of the town of Welkom, while the Central Plant is located approximately 7km southeast of the

Saaiplaas Plant at a latitude of 28°02'8.36"S and a longitude of 26°52'8.99"E.

The Other Free State Tailings is currently at prefeasibility stage. Although the results of the study completed in 2009

indicate a positive net present value, Other Free State Tailings has not yet been commissioned. The project currently comprises

of 21 TSFs. The reserve reclamation financial model done for Other Free State Tailings as part of our 2025 business plan

demonstrates positive free cash flow.

There is no material litigation against Harmony that threatens its mineral rights, tenure, or operations.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Operational Infrastructure***

The surrounding areas of Welkom and Virginia are well developed in terms of access and mining-related infrastructure

supporting the numerous operational gold mines in the area. The regional infrastructure includes national and provincial paved

road networks, power transmission and distribution networks, water supply networks and communication infrastructure.

The Free State Surface Operations have adequate access to the infrastructure required to meet the planned LOM

production schedules. In addition, all provisions and plans required for the Other Free State Tailings have been made. The

surface infrastructure located in the vicinity of Welkom and Virginia is displayed in the graphic below.

![Free State Surface Map.jpg](hmy-20250630_g8.jpg)

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Free State Surface Sources Operations (Tswelopele Beneficiation and Central Plant Reclamation) had "property, plant, and

equipment" as of 30 June 2025 of R222 million and R92 million respectively.

Free State Surface Operations did not incur any fines or penalties for non-compliance during the year ended 30 June 2025

and no significant encumbrances exist.

***Geology***

Material contained in the TSFs and WRDs originates from deep level gold mines, operated by Harmony and other mining

companies. The mining operations predominantly extract narrow, tabular gold-bearing conglomerate reefs, namely the Basal, B,

Elsburg, Dreyerskruil and Beatrix Reefs.

These reefs occur within the Archean Witwatersrand Basin which hosts the Witwatersrand Supergroup succession. The

Basal Reef is located at the base of the Harmony Formation, within the Johannesburg Subgroup of the Central Rand Group

("**CRG**"). The B Reef is part of the Spes Bona Formation at the base of the Aandenk Formation, within the Turffontein Subgroup

of the CRG. The Beatrix Reef is part of the Earls Court Member of the Aandenk Formation, within the Turffontein Subgroup of

the CRG. The Elsburg and Dreyerskruil Reefs occur within the Eldorado Formation of the Turffontein Subgroup, capping the

CRG in the Free State Goldfield.

The TSF material is the waste product of crushing, milling and gold extraction by carbon-in-leach ("**CIL**") or CIP methods.

As man-made deposits the TSFs are not the result of natural sedimentary processes. The grade of the TSFs is a function of the

grade of the original reef sources, and the efficiency of the processing method at the time of treatment.

The WRDs comprise unconsolidated, untreated, low-grade gold-bearing rock extracted from underground workings during

the mining process. These WRDs are also man-made and are not formed as a result of natural sedimentary processes. They

exhibit no structure or continuity. The grade of the WRDs is a function of the grade of the original reef sources.

The most significant mineral in the TSFs and WRDs is quartz, which makes up more than 60% of the bulk mineral

composition. The gold predominantly occurs in association with pyrite. Other minerals identified include silver, copper, iron

oxide, nickel, bismuth, uranium, lead and zinc from the Basal, B, Elsburg, Dreyerskruil and Beatrix conglomerates.

***History***

The Saaiplaas Plant originally processed ore from Saaiplaas 1, 2 and 3 shafts. Saaiplaas 1 closed around 1980, Saaiplaas

2 around 1996, and Saaiplaas 3 around 2000. The Saaiplaas plant once also processed ore from the Erfdeel (now Masimong)

shafts. With the decline of mining in the area, the plant was relegated to processing unmilled surface source material (waste) at

a rate of 110,000tpm until July 2007. As all material currently processed by the plant is recovered by hydro-mining from old,

desiccated tailings dams in the area, crushing or milling is not required. The ore-receiving silos were demolished in July 2007

when milling ceased.

Plant commissioning began for the Central Plant Reclamation in June 2017 with ramp-up to a capacity of 300,000t a

month. Central Plant, which had previously processed WRDs, was converted into a tailings retreatment operation during 2016

and started treating TSF material only in fiscal 2017.

***Mineral Tenure***

Refer to Item 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

The mineral tenure of the Free State Surface Operations, under which the activity of reclaiming TSFs and WRDs are

permitted, falls within the mining rights held by Harmony. The different mining right areas and associated TSFs and WRDs that

form part of the Free State Surface Operations is detailed in the table below.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TSF Name** | **License** <br>**Type**<br>| **Reference** <br>**No.**<br>| **Effective Date** | **Expiry Date** | **Mineral** |
| Brand A (PB Dam A) | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| No. 21 (H3) | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| FSS3 | MR | FS (227) | 4 February 2010 | 3 April 2026 | Au |
| FSS5 | MR | FS (227) | 3 April 2026 | 3 April 2026 | Au |
| FSS6 | MR | FS (227) | 3 April 2026 | 3 April 2026 | Au |
| FSN6 | MR | FS (227) | 3 April 2026 | 3 April 2026 | Au |
| No. 32 | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| FSS1 | MR | FS (227) | 4 February 2010 |  | Au, Ag, Cu, Fe, Ni, <br>Bi, U, Pb, Zn<br>|
| FSS2 East and West | MR | FS (83/227) | 11 December 2007 | 10 December 2029 | Au |
| FSS4 | MR | FS (83) | 11 December 2007 | 10 December 2029 | Au |
| FSS7 | MR | FS (83) | 11 December 2007 | 10 December 2029 | Au |
| FSS8 East | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| FSS8 West | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| Brand D (PB Dam D) | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| Saaiplaas 1 | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| Saaiplaas 3 and 2 | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| Saaiplaas 5b | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| Saaiplaas 6 | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| No. 23 (Central Plant) | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| No. 30a | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| No. 33A | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| No. 33b | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| No. 34a | MR | FS (82) | 11 December 2007 | 10 December 2029 | Au |
| Target Slimes Dam | MR | 225 | 12 December 2013 | 11 December 2026 | Au, Ag, Cu, Fe, Ni, <br>Bi, U, Pb, Zn<br>|
| Pres Steyn 9 (Freddies 9) | MR | 226 | 4 February 2010 | 3 February 2040 | Au, Ag, Cu, Fe, Ni, <br>Bi, U, Pb, Zn<br>|
| ARM (1+2+3+4) (Welkom Slimes <br>Dam)<br>| *The ARM TSF, was created prior to MPRDA was promulgated in 2004 and therefore not* <br>*regulated by MPRDA and don't have to covert under a new order mining. The TSF is* <br>*however included in the water use license application.* | *The ARM TSF, was created prior to MPRDA was promulgated in 2004 and therefore not* <br>*regulated by MPRDA and don't have to covert under a new order mining. The TSF is* <br>*however included in the water use license application.* | *The ARM TSF, was created prior to MPRDA was promulgated in 2004 and therefore not* <br>*regulated by MPRDA and don't have to covert under a new order mining. The TSF is* <br>*however included in the water use license application.* | *The ARM TSF, was created prior to MPRDA was promulgated in 2004 and therefore not* <br>*regulated by MPRDA and don't have to covert under a new order mining. The TSF is* <br>*however included in the water use license application.* | *The ARM TSF, was created prior to MPRDA was promulgated in 2004 and therefore not* <br>*regulated by MPRDA and don't have to covert under a new order mining. The TSF is* <br>*however included in the water use license application.* |

---

A summary of the status of environmental permits and licenses issued as at 30 June 2025 related to Free State Surface

Operations is presented in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Operation** | **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| Phoenix Project | Atmospheric Air Emission <br>License- Exemption<br>| LDM/AEL/YMK/017 | Lejweleputswa <br>District <br>Municipality<br>| 1 November 2024 | December <br>2029<br>|
| Phoenix Project | Water Permit | 1214N | DWS | N/A | LOM |
| Phoenix Project | Water Permit | 575N | DWS | 30 September 1987 | LOM |
| Phoenix Project | Water Permit | 718N | DWS | 5 October 1993 | LOM |
| Phoenix Project | Water Use Registration | 23007522 | DWS | 26 July 2019 | LOM |
| Central Plant <br>Reclamation | Atmospheric Air Emission <br>License<br>| LDM/RAEL/02/2024 | Lejweleputswa <br>District <br>Municipality<br>| 1 May 2024 | 1 April <br>2029<br>|
| Central Plant <br>Reclamation | Water Permit | 1214N | DWS | N/A | LOM |
| General | Environmental <br>Management Programme<br>| FS30/5/1/2/3/2/1(82) <br>EM<br>| DMPR | 12 March 2010 | LOM |

---

***Mining Method***

The mining methods used at Free State Surface Operations is hydro-mining for the TSFs, and reclamation of WRDs using

tracked dozers and front-end loaders ("**FELs**").

The tailings material is reclaimed by blasting the TSF face with high pressure water, resulting in the slurry gravitating

towards the pumping stations. Several hydraulic monitoring guns deliver high pressure water to the face of the TSF. The hydro-

mining method allows for flexibility as the monitoring guns can be positioned to selectively reclaim the required areas in the TSF.

The bench heights are constrained by the force delivered by the monitoring gun nozzle, taking safety measures into account.

For safety reasons, the top down method of hydro-mining is implemented. The gun is positioned at the top of the face,

where it will cut downwards at a safe angle (a maximum angle of 45°). The horizontal distance between the cutting face and the

bottom of the bench varies between 10m and 15m, depending on the bench angle. The track for the monitoring gun is located

2m from the cutting face, allowing for a safe angle of repose, taking geotechnical parameters into account.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The pump stations are located at the lowest point of the TSF, which ensures that the slurry material gravitates towards the

pump stations, where it is then pumped to the processing plant.

With respect to WRD, dozers are positioned on top of the WRD. The dozers are used to create safe loading faces and

blend the rock. The material is then loaded from the face onto trucks using FELs and transported to the relevant gold plants for

processing. When loading is done at the bottom of the WRD, precaution must be taken to ensure that the face is not undercut.

This precaution measure is put in place to prevent rock falls from the dump. A slope with a maximum inclination angle of 15° is

created towards the loading point, where the WRD material is pushed down. The slope angle is monitored and maintained on a

continuous basis.

As a safety measure, two red indicating poles are located at the top of the dump in the area where the dozer is working.

The dozer must not go beyond the indicating poles, and dozing does not take place vertically above a loading point where an

FEL is loading. A 30m advance is required between the dozer and the point vertically above an active loading point. As an

additional safety consideration, operations at the WRDs take place during hours of daylight.

The WRD material is loaded onto rail hoppers using the FELs and transported to the relevant processing plant.

***Mineral Processing***

Two plants, namely the Central Plant and the Saaiplaas Plant, are currently dedicated to the processing of tailings material.

Reclaimed tailings are pumped as slurry via pipelines and WRD material is transported on trucks, to the respective plants for

processing.

The Saaiplaas Plant forms part of the Phoenix Project and is currently treating reclaimed tailings at a rate of 503ktpm from

Brand A (PB Dam A) and Dam 21 TSFs.

Reclaimed tailings from FSS5 TSF are processed through the Central Plant at a rate of 320ktpm. The rate of treatment will

remain unchanged for the duration of the LOM even when new TSFs form part of the feed to the plant.

The prefeasibility proposes the processing of additional TSFs but still maintaining the 820 000ktpm and the possibility of

increasing the volume is still being considered.

***Qualified Persons***

The QP was employed on a full-time basis by Harmony. The QP's qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional** <br>**Organisation**<br>| **Qualification** | **TRS Section** <br>**Responsibility** <br>| **Personal** <br>**Insp.**<br>|
| Mr. BJ. Selebogo | SAGC | MSCC, HND (MRM) | All | Full time |

---

***Exploration***

Various auger drilling and sampling campaigns have been undertaken and are on record from 2007 to 2020. A total of 248

drill holes were drilled into nine TSFs (including Saaiplaas Complex, FSS1, FSS4, FSN6, FSS6, FSS7) between January 2017

and February 2020. The purpose of the drilling was the determination of grade estimate. The most recent drilling was done for

FSS3 in 2023.

WRDs cannot be explored using drilling as they are comprised of unconsolidated rock. Instead, they are sampled around

the periphery using pitting.

The drilling and sampling methodology in use for Harmony's TSFs at the Free State Surface operation has been developed

specifically for the challenges posed by these deposits and is aligned with industry best practice. An internal protocol is in place,

and the drilling components are applied by contractors who are experienced in this specific methodology.

The drill hole samples are deemed to be representative as they provide both vertical and horizontal coverage of each TSF.

Drill holes are positioned at regular intervals across the TSFs.

The data spacing, density and distribution is sufficient to support the estimation of Mineral Resources for the various TSFs.

WRDs are not explored using exploration methods due to their unconsolidated nature.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

***Mineral Resource Estimate***

The Mineral Resources were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation

S-K 1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Mineral Resource estimate for the TSFs, as at 30 June 2024 and 2025 exclusive of the reported Mineral Reserves, is

summarised in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral** <br>**Resource** <br>**Category**<br>| <br>**Operation / Project** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**%** <br>**Change**<br>|
| Measured | Phoenix Project | 18.144 | 0.28 | 5098 | 20.596 | 0.26 | 5278 | (3.4) |
| Measured | Other Free State Tailings | 82.788 | 0.27 | 22487 | 82.788 | 0.27 | 22487 |  |
| **Sub Total / Ave. Measured** | **Sub Total / Ave. Measured** | **100.932** | **0.27** | **27585** | **103.384** | **0.27** | **27766** | **(0.6)** |
| Indicated | Central Plant Reclamation |  |  |  | 1.752 | 0.03 | 44 | (100.0) |
| Indicated | Other Free State Tailings |  |  |  |  |  |  |  |
| **Sub Total / Ave. Indicated** | **Sub Total / Ave. Indicated** | **—** | **—** | **—** | **1.752** | **0.03** | **44** | **(100.0)** |
| **Total / Ave. Measured + indicated** | **Total / Ave. Measured + indicated** | **100.932** | **0.27** | **27585** | **105.136** | **0.26** | **27809** | **(0.8)** |
| Inferred | Phoenix Project |  |  |  |  |  |  |  |
| Inferred | Other Free State Tailings | 123.428 | 0.20 | 24263 | 15.459 | 0.19 | 2937 | 726.1 |
| **Total / Ave. Inferred** | **Total / Ave. Inferred** | **123.428** | **0.20** | **24263** | **15.459** | **0.19** | **2937** | **726.1** |

---

Notes:

1. The Mineral Resources were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this report on

Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP

responsible for the estimate is Mr. BJ Selebogo, who is Ore Reserve Manager, and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No cut-off grade has been applied for the estimation of Mineral Resources. Mineral Resource tonnes are reported based on a gold price of

US$2,349/oz.

4. Tonnes are reported as million tonnes rounded to three decimal places. Gold values are rounded to zero decimals places.

5. Uranium content is not reported for any of the projects.

6. Metal content does not include allowances for processing losses.

7. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

8. Rounding as required by reporting guidelines may result in apparent summation differences

9. The Mineral Resource estimate is for Harmony's 100% interest.

The change in Mineral Resources is as a result of an increase in Inferred Mineral Resource due to new deposition at

FSS2, Brand D, Dam 23 and Target Slime Dams, a change in the base of Dam 21 and survey updates.

The Mineral Resource estimate for WRD, Mineral Resources as at 30 June 2024 and 2025, exclusive of the reported

Mineral Reserves, is summarised in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral** <br>**Resource** <br>**Category**<br>| <br>**Operation / Project** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**%** <br>**Change**<br>|
| Measured | WRD |  |  |  |  |  |  |  |
| Indicated | WRD | 0.078 | 0.55 | 43 | 0.078 | 0.56 | 43 |  |
| **Total / Ave. Indicated** | **Total / Ave. Indicated** | **0.078** | **0.55** | **43** | **0.078** | **0.56** | **43** |  |
| Inferred | WRD | **11.207** | **0.44** | **4887** | **11.591** | **0.44** | **5080** | **(3.8)** |

---

Notes:

1. The Mineral Resources were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this report on

Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP

responsible for the estimate is Mr. BJ. Selebogo, who is Ore Reserve Manager, and a Harmony employee.

2. The Mineral Resource tonnes are reported as in situ with reasonable prospects for economic extraction.

3. No cut-off grade has been applied for the estimation of Mineral Resources. Mineral Resource tonnes are reported based on a gold price of

US$2,349/oz.

4. Tonnes are reported as million tonnes rounded to three decimal places. Gold values are rounded to zero decimal places.

5. Uranium content is not reported for any of the projects.

6. Metal content does not include allowances for processing losses.

7. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

8. Rounding as required by reporting guidelines may result in apparent summation differences.

9. The Mineral Resource estimate is for Harmony's 100% interest.

The change in Mineral Resources is due to the depletion replaced with new WRDs.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K

1300. Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational planning

processes. The planning team utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors , plant call factor, and plant recovery factors.

The Mineral Reserve estimate for Free State Surface operation, as at 30 June 2024 and 2025, is summarised in the table

below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral** <br>**Reserve** <br>**Category**<br>| <br>**Operation / Project** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/**<br>**t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/**<br>**t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**%** <br>**Change**<br>|
| Proved | Phoenix Project | 30.425 | 0.27 | 8108 | 24.343 | 0.29 | 6952 | 16.6 |
| Proved | Free State Tailings | 86.527 | 0.27 | 23410 | 86.527 | 0.27 | 23410 |  |
| **Sub Total / Ave Proved** | **Sub Total / Ave Proved** | **116.952** | **0.27** | **31518** | **110.870** | **0.27** | **30363** | **3.8** |
| Probable | Central Plant Reclamation | 39.671 | 0.27 | 10673 | 41.243 | 0.28 | 11393 | (6.3) |
| Probable | Free State Tailings | 483.358 | 0.23 | 110395 | 585.517 | 0.22 | 130775 | (15.6) |
| **Sub Total / Ave Probable** | **Sub Total / Ave Probable** | **523.029** | **0.23** | **121068** | **626.760** | **0.23** | **142169** | **(14.8)** |
| **Total / Ave Proved + Probable** | **Total / Ave Proved + Probable** | **639.981** | **0.24** | **152586** | **737.630** | **0.23** | **172531** | **(11.6)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. BJ. Selebogo, who is the Ore Reserve Manager, and a

Harmony employee.

2. Tonnes, grade, and gold content (oz) are declared as net delivered to the mills.

3. Gold content is recovered gold after taking into consideration the modifying factors.

4. Mineral Reserves are reported using cut-off grades calculated for each TRS, ranging between 0.038g/t and 0.220g/t, and a gold price of

US$2,237/oz.

5. Recovered gold (kg) is based on a conversion factor of 32.1507oz/kg.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

The decrease in Mineral Reserves is mainly due to depletions and the reclassification of new depositions at FSS2, Brand

D, Dam 23 and Target Slime Dams from Indicated to Inferred Mineral Resources resulted in a reduction of Probable Mineral

Reserves .

There are no Mineral Reserves for the WRDs.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The table below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for the Free State Surface operation. The modifying factors are consistent with the modelling, planning and computing estimates

used in determining the Mineral Reserves, which are also consistent with historical performance.

---

| | | | |
|:---|:---|:---|:---|
| **Operation / Project** | **Source** | **Cut-off Grade** <br>**(g/t Au)**<br>| **Plant** <br>**Recovery (%)**<br>|
| **Phoenix Project** | No. 21 (H3) | 0.18 | 46.00 |
| **Phoenix Project** | Brand A (PB Dam A) | 0.18 | 46.00 |
| **Phoenix Project** | FSS6 | 0.18 | 46.00 |
| **Central Plant Reclamation** | FSS5 | 0.18 | 48.39 |
| **Central Plant Reclamation** | FSS3 | 0.18 | 48.39 |
| **Other Free State Tailings** | Free State South 1 (FSS1) | 0.14 | 51.71 |
| **Other Free State Tailings** | Free State South 2 East & West (FSS2 E&W) | 0.22 | 51.71 |
| **Other Free State Tailings** | Free State South 4 (FSS4) | 0.14 | 51.71 |
| **Other Free State Tailings** | Free State South 7 (FSS7) | 0.15 | 48.67 |
| **Other Free State Tailings** | Free State South 8 (FSS8-E) | 0.14 | 51.71 |
| **Other Free State Tailings** | Free State South 8 (FSS8-W) | 0.14 | 51.71 |
| **Other Free State Tailings** | Free State North 6 (FSN6) | 0.17 | 43.32 |
| **Other Free State Tailings** | Brand D | 0.19 | 52.57 |
| **Other Free State Tailings** | Saaiplaas 1 | 0.14 | 52.57 |
| **Other Free State Tailings** | Saaiplaas 3 & 2 | 0.14 | 52.57 |
| **Other Free State Tailings** | Saaiplaas 5b | 0.14 | 52.57 |
| **Other Free State Tailings** | No. 23 (Central Plant) | 0.14 | 52.57 |
| **Other Free State Tailings** | No. 30a | 0.14 | 52.57 |
| **Other Free State Tailings** | No. 33b | 0.15 | 48.97 |
| **Other Free State Tailings** | No. 34a | 0.14 | 52.57 |
| **Other Free State Tailings** | No. 32 | 0.15 | 49.89 |
| **Other Free State Tailings** | No 33A | 0.14 | 52.51 |
| **Other Free State Tailings** | Target Slimes Dam | 0.16 | 52.00 |
| **Other Free State Tailings** | Pres Steyn 9 (Freddies 9) | 0.14 | 52.00 |

---

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Joel**

***Property Description***

Joel is located on the southern edge of the Witwatersrand Basin in the Free State Goldfield and lies 270km south

southwest of Johannesburg at a longitude of 26°48'40"E and latitude 28°16'17"S. Joel is the most southern of the gold mines

mined within the Harmony stable and is situated approximately 40km south of Welkom, 30km southeast of Virginia and 20km

north of Theunissen. The mine has a common boundary with Beatrix Mine to the west of the mine property, but there are no

underground connections between the two mines.

Joel mine is accessible via national and provincial roads. The general layout of Joel infrastructure in relation to the other

Harmony Free State mines, is displayed in the graphic below.

![Free State Operations – Locality.jpg](hmy-20250630_g9.jpg)

Joel is an intermediate-depth underground gold mine that consists of two shaft complexes interconnected via a triple

decline system, spanning four levels and mining at depths of 1,379m below mine datum ("**BMD**"). Joel currently has a LOM

expectancy of six years, which includes mining up to 137 level and in a block of ground exchanged with the neighbouring

Beatrix Mine.

There is no material litigation against Harmony that threatens its mineral rights, tenure, or operations.

***Operational Infrastructure***

The surrounding areas of Welkom and Virginia are well developed in terms of access and mining-related infrastructure

supporting the numerous operational gold mines in the area. The regional infrastructure includes national and provincial paved

road networks, power transmission and distribution networks, water supply networks and communication infrastructure.

Joel has two operational shaft complexes namely North Shaft and South Shaft, which service and support the mining

operation as defined in the LOM plan. The former Joel gold plant located near North Shaft was decommissioned in 2019. Joel

ore is currently trucked over a distance of 35km to the Bambanani ore transfer site. The ore is then transported by rail to the

Harmony One Plant, over a distance of 7km.

Joel's surface and underground infrastructure, including its power and water supplies, are sufficient for the LOM plan

production requirements.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

![joelmap222.jpg](hmy-20250630_g10.jpg)

The "property, plant, and equipment" as of 30 June 2025, including buildings and mine infrastructure, mining assets,

rehabilitation and assets under construction, had a carrying value of R1,437 million.

Joel did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no significant

encumbrances exist.

***Geology***

Joel is situated in the Free State Goldfield, on the southwestern margin of the Witwatersrand Basin of South Africa, one of

the most prominent gold provinces in the world. The major gold bearing conglomerate reefs are mostly confined to the CRG of

the Witwatersrand Supergroup.

The Free State Goldfield is structurally divided into two sections, cut by the north-south striking De Bron Fault, which has a

downward vertical displacement to the west of about 1,500m in the region of Bambanani, as well as a dextral shift of 4km. This

known lateral shift allows a reconstruction of the reefs to the west and east of the De Bron Fault. Several other major faults lie

parallel to the De Bron Fault. Joel lies to the west of the De Bron Fault. Dips of the reef are mostly towards the east, averaging

30° but become steeper approaching the De Bron Fault. Between the east and west blocks lies the uplifted horst block of WRG

sediments with no reef preserved.

The reef currently exploited at Joel is the Beatrix Reef, which covers approximately 90% of the mine. The other potentially

economically-viable reefs are the VS5 Reef and the Footwall Reef ("**Aandenk**") which cover the remaining 10% of Joel.

Mineralisation is associated with the presence of medium to coarse, clast-supported oligomictic pebble horizons. The

significant minerals in the deposit are quartz (60%), pyrite (35%) and garnets (5%) within medium to coarse, clast-supported

oligomictic pebble horizons. Detrital carbon is also common.

***History***

Active prospecting in the area began on the farms Leeuwbult 580 and Leeuwfontein 256 in 1981. Construction of the twin-

shaft system began in September 1985 and was completed by December 1987. The Joel South Shaft was designed to be a fully

trackless mining operation.

Previously known as HJ Joel Mine, its name was changed to Joel in 1998 when the then AngloGold Ashanti was

established. The mine's name changed again to Taung in 1999 and finally reverted to Joel in January 2002 when the Freegold

Joint Venture between Harmony and African Rainbow Minerals Limited Gold Division ("**ARMGold**") assumed responsibility for

the operation.

***Mineral Tenure***

Refer to Item 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

The current mining rights (30/5/1/2/2/10044 MR) that encompasses an area of 2,355.85ha was successfully converted,

executed and registered as a new order mining right at the MPRTO on 6 August 2010. The right was granted on 3 December

2007 for a period of 11 years, ending on 2 December 2018. The right further renewed in terms of section 24(1) of the Mineral

and Petroleum Resources Development Act on 23 February 2019 for a further 11 years, ending on 14 February 2030.

The following mining rights make up the full mining lease area of approximately 2,355.85ha:

• 30/5/1/2/2/10044 MR valid from 23 February 2019 to 14 February 2030.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

A summary of the status of all environmental permits and licenses issued at 30 June 2025 related to Joel is presented in

the table below.

***Mining Method***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| EMPr | FS 30/5/1/2/2/10044 MR | DMPR | 23 February 2024 | 14 February <br>2030<br>|
| Water Permit | 1459B (B33/2/340/116) | DWS | 27 May 1991 | LOM |
| Water Permit | 1460B (B33/2/340/116) | DWS | 15 March 1991 | LOM |
| Waste Disposal Permit | 1339N(B33/2/340/116/P35) | DWS | 16 September 1992 | LOM |
| Water Permit | 3M (B33/2/340/116) | DWS | 27 May 1991 | LOM |
| Sewage Treatment <br>Permit<br>| QC404.00.XR01 | DWS | 20 August 1986 | LOM |
| Water Permit | 1339N (B33/2/340/116) | DWS | 15 March 1991 | LOM |
| Environmental <br>Authorisation<br>| EMS/11(i)/12(ii)(a)(c), 14, <br>19 ,24(ii),1, 15, 4(b)(i)(gg), <br>10(b)(i)(gg)(hh), 12(b)(i), <br>14(ii)(a)(b)(i)(hh)/22/16<br>| DESTEA<sup>1</sup> | 11 September 2023 | LOM |

---

<sup>1</sup> Department of Economic, Small Business Development, Tourism and Environmental Affairs of the Free State.

Joel was originally designed to adopt trackless mechanised mining when production commenced at South Shaft, but in

1994 a decision was made to change to conventional mining mainly due to the high operating costs of trackless mining. Joel

consists of two interconnected shaft complexes, the South Shaft complex which is the main operational shaft and the North

Shaft which is available for hoisting ore.

Joel's upper mining levels are in a mature phase of operation. The decline project development, from 129 to 137 level.,

which started in 2011, is complete. This included mining up to 137 level and the Beatrix Mine block exchange. The decline

project to access the orebody from 137 level included two declines that were developed at 12° from 129 level – a chairlift decline

and a conveyor belt decline. The belt, main tips and chairlifts have been completed.Reef development and stoping commenced

on 137 level in 2016.

Joel has adopted conventional breast mining on a scattered grid (or scattered mining) which is tailored to the variable

grades intersected as well as the associated rock-related hazards anticipated at this depth. Stoping panel stability in an

intermediate stress environment may require additional stabilizing pillars be left to support the immediate hanging wall. These

take the form of inter-panel crush pillars between neighbouring mining panels.

The primary economic reef mined is the narrow tabular Beatrix Reef, accessed via conventional grid development. Mining

consists of horizontal footwall development to access the reef horizon with inclined development on the reef plane to establish

mining faces. Ore is cleared from the stopes through ore passes into the underlying cross-cuts.

***Mineral Processing***

The former Joel gold plant designed and commissioned during the construction of the mine was decommissioned in fiscal

2009 and all ore mined at Joel is now processed at the Harmony One Plant.

Harmony One Plant processes underground ore from multiple properties, as well as surface ore from nearby MWDs. The

plant was commissioned in 1986 and comprises three independent modules, each consisting of four feed silos, two run-of-mine

("**ROM**") mills, two conventional thickeners, cyanide leach, CIP absorption, elution, zinc precipitation and smelting. The plant CIP

process reflects the technology which was current at the time of construction.

The Harmony One Plant has a steady state design capacity of 390ktpm with its conventional CIP flowsheet. The Harmony

One plant is in good working condition and the equipment is also in good order with audits done on regular bases to check the

operating performance of the plant.

***Qualified Persons***

The QP was employed on a full-time basis by Harmony. The QP's qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional** <br>**Organisation**<br>| **Qualification** | **TRS Section** <br>**Responsibility** <br>| **Personal** <br>**Insp.**<br>|
| Mr. JD Ackermann | SAIMM | BSc Geol | All | Full time |

---

***Exploration***

Geological data has been obtained through initial surface drilling, followed by underground drilling, mapping and channel

(chip) sampling.

Since the inception of Joel in 1986, 48 exploration drill holes have been drilled from surface. 40 of the holes were drilled by

the previous owners of the mine and eight holes, totalling 10,800m, have been drilled during Harmony's tenure.

Surface exploration drilling by Harmony began in 2010, with the eight planned holes and their associated deflections. The

purpose was to increase geological knowledge of structure, facies and grade distribution up to 137 level for the deepening of

infrastructure to 137 level.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

In 2019, five holes were drilled with the purpose to also explore for the VS5 Reef boundary in the eastern side of the shaft

in 129 level and to determine the facies and value towards 145 level for the extension of the shaft to 145 level.

Underground exploration drilling has been ongoing throughout the operational life of Joel to identify organic growth

opportunities. Underground exploration drilling is undertaken to supplement the surface drilling on a closer grid spacing for reef

location, grade distribution and the presence of structures.

The underground infill drilling system is in place to improve data density in specific areas and are drilled from the

underground development access drives. The drill hole spacing is typically every 30m along strike and 30m down dip, with

higher density in the western limb of the asymmetric syncline to the north-west of the mine. The underground drill holes are

short drill holes rarely exceeding 200m in length.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

***Mineral Resource Estimate***

The Mineral Resource estimate at Joel is considered to have reasonable prospect for economic extraction by underground

mining methods. The cut-off grade for the Mineral Resource is determined at 558cmg/t gold based on the economic

assumptions presented in the table below at 30 June 2025.

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 2349 |
| Exchange rate | R:US$ | 18.54 |
| Gold price | R/kg | 1400000 |
| Plant recovery factor | % | 94.24 |
| Unit cost<sup>1</sup> | R/t | 4834 |

---

<sup>1</sup> Unit cost includes cash-operating cost, royalty and on-going development capital.

This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

The Mineral Resources were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-

K 1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

The Mineral Resource estimate, as at 30 June 2024 and 2025, exclusive of the reported Mineral Reserves, is summarised

in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured | 1.817 | 8.46 | 15374 | 1.738 | 8.69 | 15103 | 1.8 |
| Indicated | 2.938 | 6.82 | 20033 | 2.750 | 7.38 | 20306 | (1.3) |
| **Total / Ave. Measured + Indicated** | **4.755** | **7.45** | **35407** | **4.488** | **7.89** | **35410** | **—** |
| Inferred | 0.185 | 8.01 | 1484 | 0.395 | 8.27 | 3264 | (54.5) |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. JD Ackermann, who is Ore Reserve Manager at Joel,

and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No modifying factors or dilution sources have been included to in-situ Mineral Reserve which was subtracted from the SAMREC Mineral

Resource in order to obtain the S-K 1300 Mineral Resource.

4. The Mineral Resources are reported using a cut-off value of 558cmg/t determined at a gold price of US$2,349/oz.

5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

8. The Mineral Resource estimate is for Harmony's 100% interest.

The decrease in Mineral Resources was due to depletion, as well as Inferred Mineral Resources beyond the WN Dyke and

D2 Fault has that been excluded resulting in a further reduction in ounces.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K

1300. Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning

processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining widths,

planned mine call and plant recovery factors.

The Mineral Reserve estimate, as at 30 June 2024, and 2025, is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**% Change** |
| Proved | 2.078 | 4.69 | 9740 | 2.140 | 4.70 | 10062 | (3.2) |
| Probable | 0.168 | 5.35 | 899 | 0.802 | 4.36 | 3495 | (74.3) |
| **Total / Ave. Proved + Probable** | **2.246** | **4.74** | **10639** | **2.941** | **4.61** | **13557** | **(21.5)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. JD Ackermann, who is the Joel Ore Reserve Manager,

and a Harmony employee.

2. Tonnes, grade, and gold content (oz) are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the reserve figures.

4. Gold content is recovered gold content after taking into consideration the modifying factors.

5. Mineral Reserves are reported using a cut-off grade of 915cmg/t determined using a gold price of US$2,237/oz gold.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

The decrease in Mineral Reserves was due to depletion. These decreases were partially offset by additional ounces

identified.

The table below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for Joel. The modifying factors are consistent with the modelling, planning and computing estimates used in determining the

Mineral Reserves, which are also consistent with historical performance.

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| Relative Density | t/m<sup>3</sup> | 2.75 |
| Average Stoping Width | cm | 170 |
| Gully | % | 4.33 |
| Off Reef | % | 0.68 |
| Waste to Reef | % | 0.10 |
| Flushing Tons | % | 0.00 |
| Discrepancy | % | 0.00 |
| Mine Call Factor | % | 80.00 |
| Plant Recovery Factor | % | 94.24 |
| Mine Recovery Factor | % | 75.39 |
| Plant Call Factor | % | 100.00 |
| Mineral Reserve Cut Off | cmg/t | 915 |

---

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Kalgold**

***Property Description***

Kalgold is located at latitude 26°10.0'S and longitude 25°14.5'E, 55km southwest of Mahikeng, between Mahikeng and

Stella, along the Mahikeng-Vryburg road (N18) in North West Province, South Africa. The Kalgold Mine is serviced by well-

maintained sealed roads with good access to all nearby towns and cities. The mine is surrounded by farmland and the closest

community is at Kraaipan, approximately 15km to the south of the mine. The Kalgold Mine has been in operation since 1997 and

is the only significant mining operation in the region. Kalgold is wholly-owned and operated by Harmony.

The following graphic illustrates the location of the Kalgold mine, along with certain infrastructure.

![KRAIIPAN GREENSTONE BELT LOCALITY.jpg](hmy-20250630_g11.jpg)

Kalgold is an open-pit mining operation, extracting ore from a series of satellite orebodies.

There is no material litigation against the Company which threatens its mineral rights, tenure, or operations.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Operational Infrastructure***

Infrastructure in the region is well established. The regional infrastructure includes national and provincial paved road

networks, power transmission and distribution networks, water supply networks and communication infrastructure. Schools,

Ore and waste material are transported separately, with ore being trucked from the pit to the plant ROM pad, and waste

rock going to the mine's waste dumps. Low-grade ore is transported by truck and stockpiled for future processing. Kalgold has

its own processing plant situated adjacent to the mine.

Kalgold is accessible via the provincial roads. The detailed surface infrastructural layout includes established haul roads for

the transport of ore and waste, the waste dumps, and stockpiles for the associated pits.

The general layout of Kalgold infrastructure is displayed in the graphic below.

![Kalgold Operation.jpg](hmy-20250630_g12.jpg)

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The "property, plant, and equipment" as of 30 June 2025, including buildings and mine infrastructure, mining assets,

rehabilitation and assets under construction, had a carrying value of R1,096 million.

Kalgold did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no significant

encumbrances exist.

***Geology***

The Kalgold lode deposit is located within the geological terrane known as the Archaean Kraaipan Greenstone Belt

("**KGB**"). The KGB forms part of the Kaapvaal Craton of South Africa and comprises a linear belt of weakly metamorphosed

mafic volcanic rocks with interbedded metasedimentary rocks and Banded Iron Formation ("**BIF**"). The belt extends in a roughly

north/south direction over 250km from South Africa into southern Botswana.

The belt is intruded by several granitoid suites which range from tonalitic and trondhjemitic gneisses through to

granodiorite-monzonite suites. There is a general paucity of outcrop owing to the variably developed weathering profile and to

the Tertiary-to-Recent cover, including transported Kalahari sands. Due to the younger cover rocks and lack of surface

exposure, the mineralisation potential of the belt was poorly understood for many years.

The Kalgold lode deposit is accessed through five discrete mining areas, namely D Zone, A Zone and A Zone south

extension (Henry), Watertank, and Windmill pits. Watertank pit can be split into Watertank Main and Watertank North. Watertank

North refers to the northern extension of the pit. D Zone pit was mined out in 2009 and the geology of the D Zone pit is used as

a benchmark for the other pits. The geology consists of mafic schist, which forms the immediate footwall, a BIF horizon as the

main mineralised zone and a succession of clastic sediments consisting of shale, greywacke, and volcanic conglomerates as

the hanging wall. Mining is currently taking place at the A Zone, Watertank, Henry and Windmill pits.

Mineralisation at Kalgold is essentially strata bound to the BIF packages, resulting from intense silica, carbonate, sulphide,

potassium alteration and metasomatic replacement of the BIF lenses. The mineralisation is manifested primarily as quartz

veined and sulphidized BIF, with sulphides dominated by pyrrhotite and pyrite. Gold predominantly occurs as small grains of

native gold, in association with pyrrhotite and trace chalcopyrite and sphalerite.

***History***

Kalgold was previously known as Shamrock, formed in 1982 as a wholly owned exploration and development subsidiary of

Royal Dutch Shell-Group ("**Shell**").

Exploration of the Kraaipan Greenstone belt by Shell began in the 1980s. In 1994, West Rand Consolidated Mines

("**WRCM**") acquired Shamrock. The company changed its name to Kalahari Goldridge Mining Company Limited in May 1996

and was listed on the Johannesburg Stock Exchange on 14 October 1996, via an issue of 18.4% of the shares of the company,

as a dividend in specie, to shareholders of WRCM.

Harmony acquired Kalgold in July 1999.

***Mineral Tenure***

Refer to Item 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

The Kalgold mining right, which encompassed 615ha, was successfully converted, executed, and registered as a new

order mining right on 24 February 2015, as MR12/2015 under Mining Right Protocol 574/2008. A Section 102, in terms of the

MPRDA, to include portions of the farms Goldridge 632 IO and Ferndale 544 IO was executed on 9 November 2010, under

Mining Right Protocol 774/2010.

The mining right now encompasses 1 733.476ha. The mining right was issued for a period of 30 years, expiring on August

27, 2038, and Kalgold has the exclusive right to renew the right for a further 30 years. The Kalgold mineral rights are held by

Harmony. Under the MPRDA, Harmony is entitled to apply to renew the mining right on its expiry. At 30 June 2025, Harmony

was still awaiting the approval of the new prospecting right application lodged on 31 January 2024 to secure the area south of D

Zone.

Harmony is the holder of the following mining rights:

• NW30/5/1/2/2/77MR valid from 28 August 2008 to 27 August 2038.

• NW30/5/1/1/2/14264 PR. A prospecting rights application was lodged 31 January 2024, was still pending approval at 30

June 2024.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

A summary of the status of environmental permits and licenses issued as at 30 June 2025, related to Kalgold operation is

presented in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| EMPr (Amendment) | NW30/5/1/2/2/77MR | DMPR | 8 March 2022 | LOM |
| Environmental Authorisation | (NW) 30/5/1/2/3/2/1/77 <br>EM<br>| DMPR | 4 October 2022 | LOM |
| Water Use License | 07/D41B/ABCGIJ/4754 | DWS | 22 February 2021 | 15 years |
| Certificate of Registration Inflammable <br>Liquids and Substances<br>| FS/FLM 01/05/01/2025 | Ngaka Modiri <br>Molema District <br>Municipality<br>| 27 May 2025 | 12 Months |
| Protected Trees Permit | 01-12-2020/24NW | DFFE | 2 December 2020 | 2 December 2025 |
| Atmospheric Emission License | NWPG/KALGOLD/AEL <br>4.1,4.13 & 4.17/<br>SEP 2024<br>| DEDECT<sup>1</sup> | 2 September 2024 | 31 August 2029 |

---

<sup>1</sup> North West Department: Economic Development, Environment, Conservation and Tourism.

***Mining Method***

Kalgold is an open-pit mining operation located in the geological terrane of the Archaean KGB. Gold mineralisation is

hosted by steeply dipping BIF interbedded with schist, shale, and greywacke. The nature of the orebody requires the selective

mining of the ore blocks, defined by the east and west mineralised limbs, to separate the ROM destined ore, above the Mineral

Reserve cut-off of 0.58g/t. Based on the gold grade, properties of the host rock, and shallow depth of mineralisation, open pit

mining is appropriate for Kalgold. The gold deposit is mined most cost effectively, using a modular approach with multiple small

to medium open pits defined by mineralised zones.

***Mineral Processing***

Kalgold's gold processing facility has been in operation since 1996. The technology used to process the gold-bearing ore is

well established and has proven to be suitable for the style of mineralisation. Kalgold processes the ore using a well-established

cyanide and CIL process for their recovery of gold. The average planned milling tonnages per month is 132.5ktpm at the

planned feed grade of 1.03g/t. The plant is operating at its designed throughput capacity and has shown its ability to produce the

forecasted ounces of gold at said capacity.

***Qualified Persons***

The QP was employed by Harmony. The QP's qualifications, areas of responsibility and personal inspection of the property

are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Prof. Assoc.** | **Qualifications** | **TRS Section** <br>**Responsibility** <br>| **Personal** <br>**Insp.**<br>|
| Mr. T Mosholi | SACNASP  | BSc. Hons (Geol), MEng MIning, MBA | All | Full time |

---

***Exploration***

In the period 2017 to 2019, definition and exploration drilling were undertaken over the Kalgold line of lode deposit. This

exploration was aimed at validating and expanding the Mineral Resource estimate at that time. The drilling yielded significant

extensions to the Mineral Resource area, expanding on the understanding of the deposit. The drilling results were analysed and

incorporated into the geological model to upgrade the Mineral Resource estimates, and in-fill the areas between the A Zone and

Watertank mining pits, known as the Bridge Zone.

Further exploration drilling took place during 2021 - 2023. The results from this exploration drilling extended the

mineralised area beyond the current resource limits. The exploration drilling and subsequent definition of the Mineral Resources

are ongoing whereby new data is incorporated into the geological model and Mineral Resource estimate.

Exploratory work planned to the south of the D zone pit will commence as soon as the pending prospecting right

application approval is received. This drilling is aimed at expanding Mineral Resources and Mineral Reserves beyond the

current mining limits.

The QP is of the opinion that the drilling and survey processes, the geological and geotechnical logging and the sampling

and assaying data is appropriate for the Kalgold modelled deposit and mineralisation style.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Resource Estimate***

The Mineral Resources at Kalgold are considered to have reasonable prospects of economic extraction by open pit mining

methods. Kalgold is an on-going operation with a well-defined set of operating parameters and costs. These parameters are

used to generate a series of open pit Mineral Resource shells based on various gold prices, to constrain the Mineral Resource

block model for reporting purposes. Based on the parameters presented in the table below, the cut-off grade reporting to the

Kalgold Mineral Resources at 30 June 2025, is 0.55g/t gold.

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Value** |
| Gold price | R/kg | 1400000 |
| Planned recovery factor | % | 86.00 |
| Mining costs | R/t | Modelled based <br>on Andru mining <br>rates<br>|
| Processing costs | R/t | 341 |
| Plant throughput | ktpm | 130 |
| Planned dilution (Weighted planned per pit) | % | 7.5 |

---

This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

The Mineral Resources were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-

K 1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

The Mineral Resource estimate, as at 30 June 2024 and 2025, exclusive of the reported Mineral Reserves, is summarised

in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured | 8.941 | 1.09 | 9742 | 8.928 | 1.15 | 10223 | (4.7) |
| Indicated | 15.251 | 1.32 | 20126 | 14.715 | 1.33 | 19538 | 3.0 |
| **Total / Ave. Measured + Indicated** | **24.192** | **1.23** | **29868** | **23.643** | **1.26** | **29762** | **0.4** |
| Inferred | 32.447 | 0.61 | 19900 | 31.688 | 0.60 | 18855 | 5.5 |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr.T Mosholi , who is Ore Reserve Manager at Kalgold,

and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No modifying factors or dilution sources have been included to in-situ Mineral Reserve which was subtracted from the SAMREC Mineral

Resource in order to obtain the S-K 1300 Mineral Resource.

4. The Mineral Resources are reported using a cut-off value of 0.55g/t and a gold price of US$2,349/oz; for an assumed plant throughput of

132.5Ktpa.

5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

8. The inferred portion of the Mineral Resource includes the historical Surface tailings of 6 263Kg (0.201Moz)

9. The Mineral Resource estimate is for Harmony's 100% interest.

The change in Mineral Resources was due the pit shell design that was optimised, incorporating new geological information that

resulted in the adjustment of the ore limbs, both east and west.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K

1300. Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning

processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining widths,

planned mine call and plant recovery factors.

The Mineral Reserve estimate, as at 30 June 2024 and 2025, is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**% Change** |
| Proved | 10.312 | 0.96 | 9907 | 10.342 | 0.99 | 10207 | (2.9) |
| Probable | 8.340 | 1.12 | 9309 | 8.369 | 1.18 | 9854 | (5.5) |
| **Total / Ave. Proved + Probable** | **18.652** | **1.03** | **19216** | **18.711** | **1.07** | **20061** | **(4.2)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. T Mosholi, who is the Kalgold Ore Reserve Manager,

and a Harmony employee.

2. Tonnes, grade, and gold content are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the reserve figures.

4. Gold content is recovered gold content after taking into consideration the modifying factors.

5. Mineral Reserves are reported using a cut-off grade of 0.58g/t determined using a gold price of US$2,237/oz gold.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

The change in Mineral Reserves was due the pit shell design that was optimised, incorporating new geological information

that resulted in the adjustment of the ore limbs, both east and west.

The table below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for Kalgold. The modifying factors are consistent with the modelling, planning and computing estimates used in determining the

Mineral Reserves, which are also consistent with historical performance.

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| Mineral Reserve cut-off - Pit Mineral Reserves | g/t | 0.58 |
| Mine Call Factor - Pit Mineral Reserves | % | 100.00 |
| Dilution - Pit Mineral Reserves (Weighted planned per pit) | % | 7.50 |
| Plant Recovery Factor - Pit Mineral Reserves | % | 86.00 |
| Plant Recovery Factor - Stockpile Mineral Reserves | % | 70.00 |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Kusasalethu**

***Property Description***

Kusasalethu is a deep level gold mine, operating at depths ranging between 2,800m and 3,300m BMD, extracting the

Ventersdorp Contact Reef ("**VCR**") and located in the West Wits mining district, Gauteng Province. At longitude 27°21'32.91"E

and latitude 26°27'16.23"S, the mine is approximately 70km southwest of Johannesburg and 15km south southwest of

Carletonville and forms part of Harmony's West Wits operations. Kusasalethu is wholly-owned and operated by Harmony.

The following graphic illustrates the location of the Kusasalethu mine, along with certain infrastructure.

![westrandops.jpg](hmy-20250630_g13.jpg)

All relevant underground mining and surface right permits, and any other permit related to the work conducted on the

property have been obtained and are valid. There are no known legal proceedings against Harmony, which threaten its mineral

rights, tenure, or operations.

***Operational Infrastructure***

Infrastructure in the region is well established supporting the numerous operational gold mines in the area. The regional

infrastructure includes national and provincial paved road networks, power transmission and distribution networks, water supply

networks and communication infrastructure.

Kusasalethu comprises a twin-shaft system with two surface vertical shafts and two vertical sub-shafts. Ore is hoisted to

surface and is delivered to the plant by road. Although Kusasalethu has its own processing plant situated adjacent to the mine,

this plant does not treat the mine's ore and only supplies backfill material for underground support purposes. The ore mined

from Kusasalethu is processed at the Mponeng Plant, located adjacent to the Mponeng shaft approximately 17km away.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Kusasalethu is accessible via the national and provincial roads. The general layout of Kusasalethu infrastructure in relation

to the neighbouring Harmony mines is displayed in the graphic below.

![kusmap222.jpg](hmy-20250630_g14.jpg)

The "property, plant, and equipment" as of 30 June 2025 including buildings and mine infrastructure, mining assets,

rehabilitation and assets under construction, had a carrying value of R690 million.

Kusasalethu did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no significant

encumbrances exist.

***Geology***

Kusasalethu is located on the north-western margin of the Archean Witwatersrand Basin, one of the prominent gold

provinces in the world. There are seven gold-bearing conglomerates within the mining right area, of which only the VCR is

economically viable.

The VCR is a tabular, inclined, gold-bearing quartz pebble conglomerate of intermediate to high grade. It forms the base of

the Ventersdorp Supergroup, which caps the CRG of the Witwatersrand Supergroup via an angular unconformity. This reef is

characterised by its palaeomorphology, where a thick reef is preserved in the form of terraces separated stratigraphically by a

thin inter-terrace slope reef.

The Kusasalethu mining right area is also intruded by dolerite sills and syenite dykes of different ages. Many of these

dykes strike north to north–northeast with thicknesses that vary from 1m to 90m.

***History***

Kusasalethu was previously known as Elandsrand Gold Mine when it was owned by AngloGold Ashanti. The shaft system

(i.e., the vertical twin shaft) together with the gold plant were commissioned in 1978.

In 2001, Harmony took control and ownership of Elandsrand Gold Mine and Deelkraal Gold Mine from AngloGold Ashanti.

The name Elandsrand was changed to Kusasalethu in 2010.

Kusasalethu is part of the West Wits mining district that includes the former Western Deep Levels shafts which include the

Mponeng, TauTona and Savuka mines, all now also 100% owned by Harmony.

***Mineral Tenure***

Refer to Item 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

A single mining right covers Kusasalethu which was successfully converted, executed and registered as a new order

mining right at the MPRTO. The principal mining right (GP30/5/1/2/2/(07) MR) covers an area of 8 639.73ha for the mining of

gold. This mining right was granted on 18 December 2007, and, unless cancelled or suspended, will continue in force for 30

years ending 17 December 2037.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

A section 102 application was submitted in 2018 to combine the contiguous farms Buffelsdoorn 143IQ and Deelkraal

142IQ, which increased the extent of the original mining right from 5,100ha to the current 7,000ha.

The following mining rights make up the full mining lease area of approximately 7,000ha:

• GP30/5/1/2/2(07) MR valid from 18 December 2007 to 17 December 2037.

A summary of the status of environmental permits and licenses issued as at 30 June 2022, related to Kusasalethu

operation is presented in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| EMPr | GP30/5/1/2/3/2/1(07) EM | DMPR | 20 March 2010 | LOM |
| Water Use License | 08/C23J/AJFG/10192 | DWS | 14 December 2020 | 13 December 2040 |

---

***Mining Method***

Kusasalethu is a deep level underground gold mine, currently operating at depths ranging between 2,900m and 3,300m

BMD. Access to the orebody is gained through a twin shaft system from surface to 73 level. The twin sub shaft system extends

from 73 level to 115 level.

The VCR horizon is extracted at Kusasalethu, and mining is conducted over five levels (98 level to 113 level) using SGM

techniques.

Due to the current mining depths at Kusasalethu, the SGM method with backfill and pre-conditioning is used. The SGM

method is preferred due to the variability of the VCR orebody with respect to value, and the seismic risk associated with deep

level mining. The mining sequence used for breast mining is a V-shaped configuration, colloquially referred to as the "inverted

Christmas tree". An underhand face configuration is adopted when mining towards the west, and an overhand face configuration

when mining towards the east. The SGM method makes use of dip pillars and reduced mining spans with pre-developed

tunnels, aimed at further control of stresses experienced during rock movement.

Primary development is done off-reef (in waste rock), while secondary development is done on-reef (in the mineralised

zone).

***Mineral Processing***

The ore from Kusasalethu is processed at Mponeng's gold processing facility which has been in operation since 1986. The

technology used to process the gold-bearing ore is well established and suitable for the style of mineralisation (i.e., VCR ore).

The ore milled at the Mponeng Plant follows a standard cyanide leach, CIP, and electrowinning process in order to extract

the gold bullion. The plant is designed to process 95tph of ore. The plant capacity is well-matched to accommodate the total ore

feed from Kusasalethu and Mponeng, and the gold produced is in line with the forecast ounces.

***Qualified Persons***

The QP was employed on a full-time basis by Harmony. The QP's qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional** <br>**Organisation**<br>| **Qualification** | **TRS Section** <br>**Responsibility** <br>| **Personal** <br>**Insp.**<br>|
| Mr JM Modise | SAGC | MSCC, NHD (MRM) | All | Full time |

---

***Exploration***

Exploration at Kusasalethu has mainly focused on improving confidence in the geological model, as well as adding and

upgrading additional Mineral Resources to replace depletion. Geological data has been obtained through underground channel

(chip) sampling, underground mapping and underground drilling. The close spaced underground data gathering was preceded

by a surface geophysical seismic survey, as well as surface diamond core drilling. Exploration from underground platforms

continues to improve geological confidence for the VCR.

Exploration work on the Kusasalethu mining right area commenced in the early 1940s as part of the Western Deep Levels

evaluation program. The work was initially limited to surface platforms, where anextensive surface exploration program was

conducted across the Western Deep Levels leases by Anglo American Corporation Limited ("**AAC**").

Underground exploration drilling has been on-going throughout the operational life of Kusasalethu. As the underground

areas are accessed, platforms are generated for underground drilling.

The drilling of exploration holes is limited by the availability of sufficient drilling platforms or development ends. LIB

exploration holes are used to explore prospective areas for organic growth to the east of the current mine on 105,109 and

113 levels. The drilling information will inform the geology and estimation models to the east of the BV78 dyke and Grass dyke.

An underground infill drilling system, using short hole drilling, is in place to improve data density in specific areas and are

drilled from the underground development access drives. Drilling and logging practices are based on the Harmony company

standards, which have been in place since Harmony took over Kusasalethu in 2001.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Resource Estimate***

The Mineral Resource estimate for Kusasalethu is considered to have reasonable prospects for economic extraction. The

cut-off value for the Mineral Resources is determined at 1,040cmg/t gold based on the economic assumptions presented in the

table below at 30 June 2025.

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 2349 |
| Exchange rate | R:US$ | 18.54 |
| Gold price | R/kg | 1400000 |
| Plant recovery factor | % | 96.0 |
| Unit cost | R/t | 6414 |

---

This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

The Mineral Resources were originally prepared, classified and reported according to the SAMREC, 2016. For the

purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of

Regulation S-K 1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

The Mineral Resource estimate, as at 30 June 2024 and 2025, exclusive of the reported Mineral Reserves, is summarised

in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured |  |  |  |  |  |  |  |
| Indicated | 6.933 | 9.48 | 65717 | 5.739 | 9.99 | 57327 | 14.6 |
| **Total / Ave. Measured + Indicated** | **6.933** | **9.48** | **65717** | **5.739** | **9.99** | **57327** | **14.6** |
| Inferred | 2.419 | 8.78 | 21233 | 2.394 | 8.81 | 21096 | 0.6 |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. JM Modise, who is Ore Reserve Manager at

Kusasalethu, and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No modifying factors or dilution sources have been included to in-situ Mineral Reserve which was subtracted from the SAMREC Mineral

Resource in order to obtain the S-K 1300 Mineral Resource.

4. The Mineral Resources are reported using a cut-off value of 1,040cmg/t determined at a gold price of US$2,349/oz.

5. Tonnes are reported rounded to three decimal places. Gold values are rounded to zero decimal places.

6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

8. The Mineral Resource estimate is for Harmony's 100% interest.

The increase in Mineral Resources was due to a Mineral Resource gain based on new geological information from

development and exploration drilling, resulting in additional ounces above Mineral Resource cut-off.

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K

1300. Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning

processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining widths,

planned mine call and plant recovery factors.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Mineral Reserve estimate, as at 30 June 2024and 2025, is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**% Change** |
| Proved | 1.875 | 6.26 | 11731 | 1.999 | 6.33 | 12663 | (7.4) |
| Probable | 0.023 | 4.94 | 114 | 0.001 | 3.82 | 4 | 2579.9 |
| **Total / Ave. Proved + Probable** | **1.898** | **6.24** | **11845** | **2.001** | **6.33** | **12667** | **(6.5)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. JM Modise, who is the Kusasalethu Ore Reserve

Manager, and who is a Harmony employee.

2. Tonnes, grade, and gold content (oz) are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the Mineral Reserve figures.

4. Gold content is recovered gold content after taking into consideration the modifying factors.

5. Mineral Reserves are reported using a cut-off grade of 1,081cmg/t determined using a gold price of US$2,237/oz gold.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

The change in Mineral Reserves was a result of depletion that was partially offset by the extension of the LOM by one year

as a result of additional ounces above Reserve cut-off based on new geological information from development and exploration

drilling.

The table below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for Kusasalethu. The modifying factors are consistent with the modelling, planning and computing estimates used in determining

the Mineral Reserves, which are also consistent with historical performance.

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| RD | t/m³ | 2.78 |
| Stoping Width | cm | 131.5 |
| Gully | % | 5.53 |
| Off Reef | % | 3.27 |
| Waste to Reef | % | 0.83 |
| Flushing | % | 0.33 |
| Discrepancy | % | 15.33 |
| Mine Call Factor | % | 82.00 |
| Plant Recovery Factor | % | 96.00 |
| Mine Recovery Factor | % | 78.72 |
| Plant Call Factor | % | 100.00 |
| Mineral Reserves Cut Off | cmg/t | 1081 |

---

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

**Moab Khotsong**

***Property Description***

Moab Khotsong comprises two operating underground deep level gold mines, namely the Moab Khotsong Mine and the

Great Noligwa Mine. Moab Khotsong is sub-divided by major faults into three distinct geographical mining areas. These mining

areas are referred to as Top Mine, accessed through Great Noligwa and Moab Khotsong shafts, Middle Mine, accessed through

Moab Khotsong shaft, and Zaaiplaats, a Board approved project currently being accessed through a decline system from Moab

Khotsong.

At longitude 26°48'03.3"E and latitude 26°59'12.7"S, Moab Khotsong is approximately 180km from Johannesburg. The

mine is located approximately 10km east of Orkney and directly south of the Vaal River, which forms the border between the

North West and Free State provinces. Moab Khotsong is wholly-owned and operated by Harmony.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The following graphic illustrates the location of Moab Khotsong and the associated mines, along with certain infrastructure.

![Moab Khotsong property disclosure.jpg](hmy-20250630_g15.jpg)

Moab Khotsong comprises the underground and surface assets associated with two mines, namely Moab Khotsong Mine

and Great Noligwa Mine, which Harmony acquired from AngloGold Ashanti in 2018. Both are deep level gold mines, operating at

depths of between 2km and 3km. They are situated directly south of the Vaal River approximately 10km east of the town of

Orkney, in the Free State Province of South Africa. The primary reef mined is the Vaal Reef ("**VR**"), with additional production

being sourced from the C Reef.

Moab Khotsong is sub-divided by major faults into three distinct geographical mining areas. These are referred to as Top

Mine, accessed through Great Noligwa shaft, Middle Mine, accessed through Moab Khotsong shaft, and Zaaiplaats, accessed

through a decline system off the base of the Moab Khotsong shaft.

There is no material litigation against Harmony that threatens its mineral rights, tenure, or operations.

***Operational Infrastructure***

Infrastructure in the region is well established supporting the numerous operational gold mines in the area. The regional

infrastructure includes national and provincial paved road networks, power transmission and distribution networks, water supply

networks and communication infrastructure.

support their remaining lives, including Zaaiplaats.

Moab Khotsong Mine has a single vertical main-shaft to 103 level and a sub-shaft from 73 level to 103 level. Great Noligwa

Mine has a twin vertical shaft to 80 level and is connected with Moab Khotsong on 64,68,70 and 76 levels. These two mines are

collectively referred to as Moab Khotsong operation and has a dedicated ore processing plant. A decline system is currently

being developed from 101 level to access Zaaiplaats area below the current infrastructure.

The infrastructural layout includes hoisting facilities; logistical support for ore handling, sampling, and transporting; the

processing plant; waste rock facilities; tailings and leaching infrastructure; roads; water and power supply; ventilation and

refrigeration systems; stores and workshop support; electrical supply; offices; housing and security.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The location of the surface infrastructure is displayed in the graphic below.

![Figure 15-1.jpg](hmy-20250630_g16.jpg)

The "property, plant, and equipment" as of 30 June 2025 including buildings and mine infrastructure, mining assets,

rehabilitation and assets under construction, had a carrying value of R8,023 million.

Moab Khotsong did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no

significant encumbrances exist.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Geology***

Moab Khotsong is situated within the Klerksdorp Goldfield on the western margin of the Witwatersrand Basin of South

Africa, one of the most prominent gold provinces in the world. The major gold bearing conglomerate reefs are mostly confined to

the CRG of the Witwatersrand Supergroup.

The CRG is up to 2,100m thick in the Vaal River area and the general orientation of the Witwatersrand Supergroup

succession in this goldfield is interpreted as southwest-trending and southeast dipping. A series of northeast-trending faults

including the Buffelsdoorn, the Kromdraai, the Buffels East and the Jersey Faults, is a key feature of the Klerksdorp Goldfield

and the key structural features at Moab Khotsong are related to this series of faults.

Moab Khotsong exploits gold mineralisation occurring in the VR. This reef is stratigraphically located near the top of the

Johannesburg Sub-group, within the CRG. The VR ranges in depth at Moab Khotsong from 1,500m BMD to 3,400m BMD. Gold

mineralisation also occurs in the stratigraphically higher C Reef, which lies approximately 225m above the VR. However, the

C Reef typically contributes less than 5% to the mining production.

***History***

Great Noligwa Mine was developed by AAC and was originally known as Vaal River No. 8 Shaft. Work on Great Noligwa

was initiated in 1968, and the mine produced its first gold in 1972. Great Noligwa reached its production peak of around

1,000koz per annum in the late 1990s and at present, mining activity at Great Noligwa Mine is concentrated on the extraction of

pillars.

The Moab Khotsong Mine was developed by AngloGold Ashanti and is the youngest of South Africa's deep-level gold

mines. It came into production in 2003 and has been continuously economically exploited since then. The Great Noligwa Mine

was merged with Moab Khotsong Mine in 2014, and since the merger of the two mines, annual production has been in the order

of 250koz of gold.

Harmony assumed ownership of Moab Khotsong in March 2018, and has since added the Zaaiplaats area to the Mineral

Resources and Mineral Reserves. The inclusion of Zaaiplaats in the LOM plan has extended the life of Moab Khotsong for

20 years up to 2044 and the overall production is expected to be in the order of 200koz of gold per annum.

***Mineral Tenure***

Refer toItem 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

Harmony holds two mining rights, which have been successfully converted, executed and registered as new order mining

rights at the MPRTO. These rights cover a total combined area of 10,991.13ha for the mining of gold, silver, nickel and uranium.

Both mining rights are valid and remain effective unless cancelled or suspended. Under the MPRDA, Harmony is entitled to

apply to review the mining right on its expiry.

Harmony's Moab Khotsong mineral tenure comprises two mining rights covering approximately 10,991ha, namely:

• NW30/5/1/2/2/15 MR valid from 12 September 2007 to 11 September 2037; and

• NW30/5/1/1/2/16 MR valid from 20 August 2008 to 19 August 2038.

A summary of the status of environmental permits and licenses issued as at 30 June 2025 related to Moab Khotsong

operation is presented in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Permit Holder** | **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| Harmony | EMPr | NW30/5/1/2/2/15&16MR | DMPR | 19 March 2025 | LOM |
| Harmony | Atmospheric Emission <br>License<br>| AEL/FS/MKO- <br>HGM/14/10/2019F <br>| DFFE | 29 January <br>2021<br>| 30 January <br>2026<br>|
| Harmony | Waste Management License | NWP/WM/DK2/2018/04/01/02 | GDARD<sup>1</sup> | 13 March 2019 | LOM |
| Harmony | Water Use License | 08/C24B/AGJ/9799 | DWS | 12 November <br>2020<br>Amendment: <br>30 October <br>2023<br>| 12 November <br>2040<br>|
| Harmony | Demarcation Permit | DM-NW/05/01/2024 | DALRRD<sup>2</sup> | 15 April 2024 | 15 April 2029 |
| Harmony | Water Registration <br>Certificate<br>| REF no: 23114755 of the WUL: <br>08/C24B/AGJ/9799<br>| DWS | 22 June 2023 | LOM |

---

<sup>1</sup>Gauteng Department of Agriculture and Rural Development.

<sup>2</sup>Department of Agriculture, Land Reform and Rural Development.

***Mining Method***

The tabular nature of the orebody, along with its depth and structural complexity, dictates the mining method employed at

Moab Khotsong. The primary mining method used at Moab Khotsong is conventional breast mining, on a scattered grid. This

method, as opposed to the SGM, is necessitated by the complex geology at Moab Khotsong, which prevents the implementation

of a strict mining sequence. Moab Khotsong makes extensive use of backfill for the support of stopes. The economic reef

horizons of Top and Middle Mine are exploited between depths of 1,698m and 3,054m BMD.

Zaaiplaats is located between the elevations of 3,054m and 3,526m BMD. Zaaiplaats will be accessed by declines from the

northeastern end of the Zaaiplaats property to take advantage of the existing access development in place.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The scattered mining makes use of pillars with a pre-developed grid of tunnels, aimed at providing geological information

ahead of the mining face, in order to control geotechnical stress. The Geotechnical Engineering department provides detailed

numerical modelling and guidance regarding the best mining practices to be applied to minimise the risk associated with

seismicity.

Primary development is done off-reef (in waste rock), while secondary development is done on-reef (in the mineralised

zone).

***Mineral Processing***

The gold processing facility at Great Noligwa has been in operation since the 1960s and is hence a well-established

operation. The technology used to process the gold-bearing ore is well established, being used across the majority of South

African gold operations and suitable for the style of mineralisation. The milled ore follows a reverse gold leach method using an

acid uranium leach, gold cyanide leach, CIP and electrowinning process in order to extract the gold bullion. The current plant

capacity is 260ktpm, or daily treatment rate of approximately 9,420tpd at 92% availability. The plant is operating below its

designed throughput capacity and has the potential to process the additional ore planned from Zaaiplaats.

***Qualified Persons***

The QP was employed on a full-time basis by Harmony. The QP's qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional** <br>**Organisation**<br>| **Qualification** | **TRS Section** <br>**Responsibility** <br>| **Personal** <br>**Insp.**<br>|
| Mr. RF. Gaelejwe | SACNASP | B.Sc. Hons (Geol), PGDip, EMBA | All | Full time |

---

***Exploration***

Exploration at Moab Khotsong has focused on improving confidence in the geological model, as well as adding and

upgrading additional Mineral Resources to the mine. Geological data has been obtained from an initial geophysical seismic

survey and later through surface drilling, underground channel (chip) sampling, underground mapping and underground drilling.

The surface drill holes used in the estimation of the current Mineral Resources were drilled by AAC and AngloGold Ashanti

before Harmony acquired Moab Khotsong.

Underground exploration drilling has been on-going throughout the operational life of Moab Khotsong as the mine

deepens. Underground drilling intersections are sampled where possible and, if acceptable and representative, are used in the

estimation process. For estimation purposes 134 surface exploration drilling, LIB exploration drilling and underground

exploration drilling intersections were used.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

***Mineral Resource Estimate***

The Mineral Resource estimate for Moab Khotsong is considered to have reasonable prospects for economic extraction.

The cut-off value for the Mineral Resources is determined per mining area as follows: Top Mine and Middle Mine 500cmg/t; and

Zaaiplaats 1,350cmg/t based on the economic assumptions presented in the table below at 30 June 2025.

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 2349 |
| Exchange rate | R:US$ | 18.54 |
| Gold price | R/kg | 1400000 |
| Plant recovery factor | % | 96.56 |
| Unit cost (Specific cost applied per mining area) | R/t | 5820 |

---

This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

The Mineral Resources were originally prepared, classified and reported according to the SAMREC, 2016. For the

purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of

Regulation S-K 1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Mineral Resource estimate, as at 30 June 2024and 2025, exclusive of the reported Mineral Reserves, is summarised

in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured | 2.681 | 16.13 | 43246 | 2.938 | 17.32 | 50895 | (15.0) |
| Indicated | 3.257 | 16.65 | 54234 | 2.888 | 15.38 | 44417 | 22.1 |
| **Total / Ave. Measured +**<br>**Indicated**<br>| **5.938** | **16.42** | **97480** | **5.826** | **16.36** | **95312** | **2.3** |
| Inferred | 2.682 | 17.90 | 48022 | 2.703 | 18.16 | 49098 | (2.2) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Uranium** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **U3O8**<br>**(kg/t)**<br>| **U3O8**<br>**(t)**<br>| **Tonnes** <br>**(Mt)**<br>| **U3O8**<br>**(kg/t)**<br>| **U3O8**<br>**(t)**<br>| **% Change** |
| Measured |  |  |  |  |  |  |  |
| Indicated | 5.938 | 0.72 | 4253 | 5.826 | 1.17 | 6817 | (37.6) |
| **Total / Ave. Measured +**<br>**Indicated**<br>| **5.938** | **0.72** | **4253** | **5.826** | **1.17** | **6817** | **(37.6)** |
| Inferred | 2.682 | 0.60 | 1614 | 2.703 | 0.71 | 1925 | (16.2) |

---

Notes:

1. The Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according

to SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. RF. Gaelejwe, who is the Ore Reserve Manager, and

who is a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No modifying factors or dilution sources have been included to in-situ Mineral Reserve which was subtracted from the SAMREC Mineral

Resource in order to obtain the S-K 1300 Mineral Resource.

4. The Gold Mineral Resources are reported using a cut-off value per area of 500cmg/t and 1,350cmg/t determined a gold price of

US$2,349/oz.

5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

8. The Mineral Resource estimate is for Harmony's 100% interest.

9. Uranium is reported as a byproduct of Gold.

The Gold Mineral Resource increased due to structural gains and value in the Zaaiplaats project area. Uranium Mineral

Resource year on year variability is driven by new geological information in the Zaaiplaats mining front.

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation

S-K 1300.

Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning

processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining widths,

planned mine call and plant recovery factors.

The Mineral Reserve estimate, as at 30 June 2024, and 2025, is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** |  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |
| **Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Proved | 3.213 | 7.38 | 23715 | 3.360 | 7.69 | 25848 | (8.3) |
| Probable | 9.788 | 8.43 | 82500 | 10.277 | 8.14 | 83671 | (1.4) |
| **Total / Ave. Proved + Probable** | **13.001** | **8.17** | **106215** | **13.637** | **8.03** | **109519** | **(3.0)** |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Uranium** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** |  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |
| **Mineral Reserve Category** | **Tonnes**<br>**(Mt)**<br>| **U3O8**<br>**(kg/t)**<br>| **U3O8**<br>**(t)**<br>| **Tonnes**<br>**(Mt)**<br>| **U3O8**<br>**(kg/t)**<br>| **U3O8**<br>**(t)**<br>| **% Change** |
| Proved |  |  |  |  |  |  |  |
| Probable | 13.001 | 0.36 | 4646 | 13.637 | 0.35 | 4763 | (2.4) |
| **Total / Ave. Proved + Probable** | **13.001** | **0.36** | **4646** | **13.637** | **0.35** | **4763** | **(2.4)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. RF Gaelejwe, who is the Ore Reserve Manager, and

who is a Harmony employee.

2. Tonnes, grade, and gold content (oz) are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the Mineral Reserve figures.

4. Gold content is recovered gold content after taking into consideration the modifying factors.

5. Gold Mineral Reserves are reported using a cut-off grade per mining area of 1,200cmg/t and 1,800 cmg/t determined using a gold price of

US$2,237/oz.

6. Uranium is reported as a byproduct of Gold.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

The decrease in Mineral Reserves is due to depletion that was partially offset by structural gains and value in the

Zaaiplaats project area.

The table below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for Moab Khotsong. The modifying factors are consistent with the modelling, planning and computing estimates used in

determining the Mineral Reserves, which are also consistent with historical performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Moab Khotsong** <br>**Middle Mine**<br>| **Zaaiplaats** | **Great Noligwa** <br>**Top Mine**<br>|
| Relative Density | t/m³ | 2.78t/m³ | 2.78t/m³ | 2.78t/m³ |
| Stoping width | cm | 180cm | 154.0cm | 180cm |
| Gully | % | 10.48 | 10.10 | 10.48 |
| Off Reef | % | 15.25 | 12.00 | 15.25 |
| Waste to Reef | % | 2.59 |  | 2.59 |
| Flushing tons | % | 4.68 | 7.98 | 4.68 |
| Discrepancy | % | 6.16 | 18.70 | 6.16 |
| Mine Call Factor | % | 67.00 | 78.00 | 67.00 |
| Plant Recover Factor | % | 96.56 | 96.50 | 96.56 |
| Mine Recover Factor | % | 64.70 | 75.27 | 64.70 |
| Plant Call Factor | % | 100.00 | 100.00 | 100.00 |
| Mineral Reserve cut-off | cmg/t | 1200 | 1800 | 1200 |

---

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Mponeng**

***Property Description***

Mponeng is an underground gold producing mine located in the West Wits mining district south-west of Johannesburg, on

the border between Gauteng and the North West Province. At longitude 27°25'53.62"E and latitude 26°26'12.27"S, the mine is

approximately 65km from Johannesburg and 15km from Carletonville and forms part of Harmony's West Wits operations.

Mponeng is wholly-owned and operated by Harmony.

The following graphic illustrates the location of the Mponeng mine, along with certain infrastructure.

![westrandops.jpg](hmy-20250630_g17.jpg)

Mponeng is the deepest mine in the world with development currently at 3,841m BMD. The primary reef mined is the VCR,

and some limited mining from the Carbon Leader Reef ("**CLR**"), with future expansion planned on both the VCR and the CLR

horizon. The original vertical twin shaft sinking from the surface commenced in 1981 and was commissioned along with the gold

plant complex in 1986.

There is no material litigation against Harmony that threatens its mineral rights, tenure, or operations.

***Operational Infrastructure***

Infrastructure in the region is well established, supporting the numerous operational gold mines in the area. The regional

infrastructure includes national and provincial paved road networks, power transmission and distribution networks, water supply

networks and communication infrastructure.

Mponeng comprises a twin-shaft system with two surface vertical shafts and two sub-vertical shafts. A decline system,

consisting of four declines, extends from 120 level towards 123 and 126 levels to access and mine the VCR. Ore and waste

material are hoisted separately with ore being delivered to the plant by means of a conveyor belt and the waste rock going to the

from Eskom.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Mponeng is accessible via the national and provincial roads. The general layout of Mponeng infrastructure in relation to the

neighbouring Harmony mines, TauTona and Savuka is displayed in the graphic below.

![mponengmap222.jpg](hmy-20250630_g18.jpg)

The "property, plant, and equipment" as of 30 June 2025, including buildings and mine infrastructure, mining assets,

rehabilitation and assets under construction, had a carrying value of R6,051 million.

Mponeng did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no significant

encumbrances exist.

***Geology***

Mponeng is situated on the northwestern margin of the Witwatersrand Basin of South Africa, one of the prominent gold

provinces in the world. There are seven gold-bearing conglomerates within the lease area, of which only the VCR and CLR are

economically viable.

The VCR is a gold bearing quartz pebble conglomerate of intermediate to high grade. It forms the base of the Ventersdorp

Supergroup, which caps the Witwatersrand Supergroup through an angular unconformity. A characteristic of this horizon is the

pronounced palaeomorphology, where a thick reef is preserved in the form of terraces separated stratigraphically by a thin inter-

terrace slope reef.

The CLR, historically mined at the adjacent Harmony wholly-owned TauTona and Savuka Mines, is reported as part of the

Mponeng Mineral Resource. It is a c.20cm thick tabular, auriferous quartz pebble conglomerate. It lies 800-900m

stratigraphically deeper than the VCR, near the base of the Johannesburg Subgroup of the CRG of the Witwatersrand

Supergroup.

Both the VCR and the CLR have been subjected to faulting and are intruded by a series of igneous dykes and sills of

various ages that cut across the reefs. The gold mineralisation at Mponeng succeeded a period of deep burial, fracturing, and

alteration. The gold and other elements are believed to have precipitated through the reaction of hydrothermal fluids at high

temperatures along the reef horizons.

***History***

Mponeng was formerly known as Western Deep Levels South Shaft, or No.1 Shaft when AAC first owned the operation.

The No. 1 South Shaft system (i.e., the vertical twin shaft) together with the Mponeng gold plant were commissioned in 1986.

The shaft system allowed access to the deeper VCR in the southern part of the lease area.

The name changed in 1999 to Mponeng and was 100% owned and operated until recently by AngloGold Ashanti. As at

1 October 2020, Harmony took full control and ownership of Mponeng as part of the acquisition of AngloGold Ashanti's South

African business pursuant to the Mponeng Acquisition.

Mponeng is part of the West Wits mining district that includes the Savuka Mine (previously known as Western Deep Levels

No.2 Shaft) and the TauTona Mine (previously known as Western Deep Levels No. 3 Shaft) (both now also 100% owned by

Harmony). These two mines predominantly exploited the CLR within the lease area, which is now mostly mined out resulting in

them being placed on care and maintenance in 2017. The Mineral Resources and Mineral Reserves for TauTona were

transferred to Mponeng during the same year.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

During February 2024, the LOM extension project was approved allowing further access development into the VCR and

CLR.

***Mineral Tenure***

Refer to Item 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

The following mining rights make up the full mining lease area of approximately 6,704ha:

• GP30/5/1/2/2(01) MR valid from 1 February 2006 to 1 February 2036

• GP30/5/3/2/2(11) MR to be incorporated with GP(01) MR and;

• GP30/5/1/2/2(248) MR (for Sand) valid from 16 October 2012 to 15 October, 2025. Also to be incorporated into

GP(01) MR in terms of section 11.

As part of the Mponeng Acquisition, all mining rights related to Mponeng were transferred and are now held by Harmony.

There are two mining rights that form the Mponeng area which were successfully converted, executed and registered at the

MPRTO. The principal mining right (GP30/5/1/2/2(01) MR) covers an area of 6,704ha for the mining of gold, silver, nickel and

uranium. This mining right, granted on 1 February 2006, unless cancelled or suspended will continue in force for 36 years

ending 1 February 2036. The incorporation of the mining right, GP30/5/1/2/2(248) MR, is part of the section 11 and section 102

process.

The mining rights GP30/5/1/2/2(01) MR and GP30/5/1/2/2(248) MR were ceded from AngloGold Ashanti to Golden Core, a

wholly owned subsidiary of Harmony, on 1 October 2020 and were successfully registered in the Mining Titles Office on the

14 June 2021 as part of AngloGold Ashanti's sale of their last remaining South African assets to Harmony, including its West

Wits operation as part of the Mponeng Acquisition.

A section 102 application in terms of the MPRDA was submitted previously by AngloGold Ashanti in March 2017 to

consolidate its West Wits mining rights into a single mining right (GP30/5/1/2/2(01) MR) ("**AngloGold Ashanti Application**").

The AngloGold Ashanti Application was approved by the DMPR in August 2020, but was, however, not implemented due to a

change in circumstances as a result of the Mponeng Acquisition and was consequently withdrawn. On 15 February 2022,

Golden Core submitted an application in terms of section 102 of the MPRDA, substantively similar to the AngloGold Ashanti

Application, to consolidate the mining rights and mining right areas into a single mining right (GP30/5/1/2/2(01) MR) ("**Golden** 

**Core Application**"). The Golden Core Application is currently pending at the DMPR.

A renewal application for GP30/5/1/2/2(248) MR was timeously submitted, while awaiting the processing of the Golden

Core Consolidation Application by the DMPR, as the DMPR advised that they could not process the consolidation application

while there was a renewal application submitted. The estimated timeline for approval is by end of 2025 and Harmony does not

view there being a material risk while the approval is pending.

A summary of the status of environmental permits and licenses issued as at 30 June 2025related to Mponeng's operation

is presented in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| EMPr (Amendment) | (GP) 30/5/1/2/3/2/1 (01) | DMPR | 12 April 2012 | LOM |
| Waste Management License | GAUT 002/09-10/W0011 | GDARD<sup>1</sup> | 20 December 2024 | 2044 |
| Hazardous Waste Generator <br>Certificate<br>| GPG-01-513 | GDARD<sup>1</sup> | 14 July 2015 | There is no expiry <br>on this certificate. It <br>is still valid. <br>|
| Water Use License | 08/C23E/AEFGCEI/12157  | DWS | Licenced issued under <br>Harmony Gold issued <br>September 2022<br>| 9 years |
| Certificate of Registration <br>Inflammable Liquids and <br>Substances<br>| RP438/ptn5 | West Rand <br>District <br>Municipality<br>| September 2024 | Annually |

---

<sup>1</sup>Gauteng Department of Agriculture and Rural Development.

***Mining Method***

Mponeng is a deep level underground gold mine currently operating at depths ranging between 3,160m and 3,740m BMD,

and currently the deepest mine in the world with development at 3,841m BMD. Potential future mining operations at Mponeng

are expected to deepen the shaft bottom to 4,227m BMD. The reef portion currently being mined at Mponeng is accessible

between 3,000 – 3,600m BMD.

There are two mining methods in practice at Mponeng. Historically, longwall mining was practiced at Mponeng until the

breast mining method was used, aimed at reducing the occurrence of large seismic events. However, this has evolved to the

SGM method with backfill support. The SGM method makes use of dip pillars and reduced mining spans with pre-developed

tunnels, aimed at further control of stresses experienced in rock movement. While Mponeng's business plan is based primarily

on the SGM method, there are sections of the mine that are still operating using the breast mining method. The mining

sequence is a V-shaped configuration, colloquially referred to as the "inverted Christmas tree". An underhand face configuration

is adopted when mining towards the west and an overhand face configuration when mining towards the east.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Processing***

Mponeng's gold processing facility, The Mponeng plant has been in operation since 1986. The technology used to process

the gold-bearing ore is well established and is suitable for the style of mineralisation (VCR and CLR ore). The current capacity of

the plant is designed to process 95tph ore. The plant is operating below its designed throughput capacity and has shown its

ability to produce the forecasted ounces of gold at said capacity.

***Qualified Persons***

The QP was employed on a full-time basis by Harmony. The QP's qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional** <br>**Organisation**<br>| **Qualification** | **TRS Section** <br>**Responsibility**<br>| **Personal** <br>**Insp.**<br>|
| Mr. W. Oliver | SAGC | MSCC, GDE (Mining Engineering)  | All | Full time |

---

***Exploration***

Exploration at Mponeng has mainly focused on improving confidence in the geological model, as well as adding and

upgrading additional Mineral Resources to the mine. Geological data has been obtained through structured underground

channel (chip) sampling, mapping and drilling. This underground detailed, closer spaced data gathering exercise has been

preceded by surface exploration of the lease area using a historical geophysical seismic survey, as well as surface diamond

core drilling.

Exploration from underground platforms is currently continuing for the VCR in the east and west of the current mining

levels, between 3,500m and 3,700m BMD, to improve geological confidence.

Exploration of the VCR target areas west and east of the 126-level mining front continues for the in fiscal 2026. These will

form part of the approved exploration campaign. These targets will generate the needed information in two areas, on the

Booysens/Kimberley transition towards the east, ahead of the planned LOM extension areas and the area west of the Kimberley

estimation domains.

Both areas are currently showing high levels of variability that will benefit from the additional information that will be

generated for the completion of these exploration drill holes. VCR variability limits the forward confidence in the Mineral

Resource estimation. More data collected can assist the QP to define the zones of high variability.

Mponeng infill exploration drilling of the VCR from 2024 to 2025 completed 4,645m of drilling and increased confidence of

the estimated ounces on the eastern area of the Booysens Shale footwall zone. For the 2025 to 2026 period an additional

4,105m is planned to improve confidence of the Indicated Mineral Resource portions and continue to focus on the below

126 level LOM extension area.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

***Mineral Resource Estimate***

The Mineral Resource estimate is reported in situ within the Mponeng lease area (which includes TauTona and Savuka), as

determined through the analysis of the reasonable prospect for economic extraction by underground mining method. The cut-off

value for the Mineral Resources is determined at 761cmg/t gold based on the economic assumptions presented in the table

below at 30 June 2025.

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 2349 |
| Exchange rate | R:US$ | 18.54 |
| Gold price | R/kg | 1400000 |
| Plant recovery factor | % | 98.00 |
| Unit cost<sup>1</sup> | R/t | 7581 |

---

<sup>1</sup> Unit cost includes cash operating cost, royalty and ongoing development capital.

This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

The Mineral Resources were originally prepared, classified and reported according to the SAMREC, 2016. For the

purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of

Regulation S-K 1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Mineral Resource estimate, as at 30 June 2024and 2025, exclusive of the reported Mineral Reserves, is summarised

in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured | 3.767 | 16.60 | 62527 | 2.688 | 15.55 | 41800 | 49.6 |
| Indicated | 13.471 | 12.96 | 174629 | 13.719 | 13.48 | 184915 | (5.6) |
| **Total / Ave. Measured + Indicated** | **17.239** | **13.76** | **237156** | **16.407** | **13.82** | **226716** | **4.6** |
| Inferred | 32.442 | 11.40 | 369698 | 32.105 | 11.34 | 364070 | 1.5 |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with

Item 1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. W. Olivier, who is Ore Reserve Manager at

Mponeng, and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No modifying factors or dilution sources have been included to in-situ Mineral Reserve which was subtracted from the SAMREC Mineral

Resource in order to obtain the S-K 1300 Mineral Resource.

4. The Mineral Resources are reported using a cut-off value of 761cmg/t determined using a gold price of US$2,349/oz.

5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

8. The Mineral Resource estimate is for Harmony's 100% interest.

The increase in Mineral Resource is due to the additions from geological model updates and structural gains based on new

geological information.

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation

S-K 1300. Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine

planning processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition,

Mineral Resource conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining

widths, planned mine call and plant recovery factors.

The Mineral Reserve estimate, as at 30 June 2024, and 2025, is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**% Change** |
| Proved | 3.564 | 10.32 | 36783 | 4.466 | 9.67 | 43190 | (14.8) |
| Probable | 10.992 | 9.07 | 99717 | 10.940 | 8.86 | 96875 | 2.9 |
| **Total / Ave. Proved + Probable** | **14.556** | **9.38** | **136499** | **15.406** | **9.09** | **140065** | **(2.5)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. W. Olivier, who is the Mponeng Ore Reserve Manager,

and a Harmony employee.

2. Tonnes, grade, and gold content are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the reserve figures.

4. Gold content is recovered gold content after taking into consideration the modifying factors.

5. Mineral Reserves are reported using a cut-off grade of 971cmg/t determined using a gold price of US$2,237/oz gold.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

The increase in the Mineral Reserves is due to introducing ounces from the LOM extension through design optimisation

and an increase in average mining grade.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The table below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for Mponeng. The modifying factors are consistent with the modelling, planning and computing estimates used in determining

the Mineral Reserves, which are also consistent with historical performance.

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| Relative density | t/m³ | 2.71 |
| Stoping width | cm | 152.9 |
| Gully | % | 6.85 |
| Off reef | % | 7.89 |
| Waste to reef | % | 2.42 |
| Flushing tons | % | 5.96 |
| Discrepancy | % | 15.47 |
| Mine call factor | % | 80.74 |
| Plant recover factor | % | 98.00 |
| Mine recover factor | % | 79.13 |
| Plant call factor | % | 100.00 |
| Mineral Reserve cut-off | cmg/t | 971 |

---

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Target**

***Property Description***

Target is an advanced, single-shaft, deep-level gold mine which has been operational for approximately 30 years. While

most of the gold mineralisation extracted comes from mechanised mining (massive mining techniques), conventional stoping is

still employed for extraction of gold and also to de-stress areas ahead of mechanised mining. The mine is located in the Free

State Province of South Africa, approximately 270km southwest of Johannesburg and 30km north of the town of Welkom, at

longitude 26°38'24.92"E and latitude 27°45'42.59"S. Target is wholly-owned and operated by Harmony.

The following graphic illustrates the location of the Target mine, along with certain infrastructure.

![Free State Operations – Locality.jpg](hmy-20250630_g9.jpg)

All relevant underground mining and surface right permits, and any other permit related to the work conducted on the

property have been obtained and are valid. There are no known legal proceedings against Harmony, which threaten its mineral

rights, tenure, or operations.

***Operational Infrastructure***

The surrounding areas of Welkom and Virginia are well developed in terms of access and mining-related infrastructure

supporting the numerous operational gold mines in the area. The regional infrastructure includes national and provincial paved

road networks, power transmission and distribution networks, water supply networks and communication infrastructure. Target's

surface and underground infrastructure, including its power and water supplies, are sufficient for the LOM plan production

requirements.

Target includes a single underground mine constructed as an extension to the Loraine Gold Mine ("**Loraine**") and uses a

single shaft as access. The ore and development rock are hoisted together, with ore milled and processed at the Target Plant

The Target mining area is well developed in terms of access and mining-related infrastructure. Access to the Target shafts

(1, 2, 3 and 5) is via a well-maintained paved road. Adequately maintained roads are used to access other areas of the mine

such as the explosives magazines, sewage works, tailings dam and the evaporation ponds. The area also has access to rail

links and an airfield within proximity.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The surface infrastructure associated with Target is presented in the graphic below.

![tagetmap222.jpg](hmy-20250630_g19.jpg)

The "property, plant, and equipment" as of 30 June 2025, including buildings and mine infrastructure, mining assets,

rehabilitation and assets under construction, had a carrying value of R2,067 million.

Target did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no significant

encumbrances exist.

***Geology***

Target is situated on the north-western margin of the Witwatersrand Basin of South Africa, one of the prominent gold

provinces in the world. The major gold bearing conglomerate reefs are mostly confined to the CRG of the Witwatersrand

Supergroup.

Folding forms the major structural feature within the lease is and is manifested as an asymmetric syncline whose axis

trends N15°W, with a general plunge of 10° to 12° north, although this is variable due to local structural features. The dip of the

western limb of the syncline is often more than 55° eastwards. Numerous minor faults are also present.

These faults, with a displacement generally of less than 15m and traceable over a strike distance of less than 150m are too

numerous to classify, however, it can be said that the eastern limb of the trough is less faulted than the western limb.

Gold mineralisation currently exploited is hosted within a succession of Elsburg and Dreyerskuil ("**DK**") quartz pebble

conglomerate reefs hosted by the van den Heeversrust and Dreyerskuil (Uitkyk) members of the Eldorado (Elsburg) Formation,

respectively.

Additional mineralisation occurs in the Big Pebble Reef of the underlying the Kimberley (formerly Aandenk) Formation. All

these units are within the Turffontein Subgroup of the CRG. Mineralisation is associated with the presence of medium to coarse,

clast-supported oligomictic pebble horizons. The presence of allogenic (buckshot) pyrite and detrital carbon is also common.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***History***

Anglovaal Limited ("**Anglovaal**") previously held the mineral rights for the Target property. Target Exploration Company

Limited ("**Target Exploration Company**"), a company formed by Anglovaal specifically for the purpose of exploration, later

acquired this area.

Options to the mineral rights north of Target were acquired by Sun Mining and Prospecting Company (Pty) Limited ("**Sun**").

The formation of Avgold Limited ("**Avgold**")in 1996 was intended to further the gold mining and exploration interests of

Anglovaal.

Harmony acquired Target in May 2004 by acquiring 100% of Avgold's shares. During 2017 an optimisation project

commenced with the aim of reducing hauling distances and to improve gold production. The surface bulk-air-cooler and the

No. 8 fridge plant were commissioned in November 2021. 291 level crusher installation and 282-291 level belt extension were

completed and commissioned in November 2023.

***Mineral Tenure***

Refer to Item 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

The current mining rights encompasses an area of 7,952.78ha. Harmony holds several mining rights for Target, which were

successfully converted and executed as new order mining rights. Certain of these rights are still to be registered at the MPRTO.

An application for the renewal of FS30/5/1/2/2/14MR has been lodged with the DMPR. Despite the expiry date the mining right

will remain in force until such time the application has been granted or refused by the DMPR.

The summary of mineral tenure and the approved mining rights include the following:

• FS30/5/1/2/2/14MR, which is valid from 30 November 2007, to 29 December 2025, and covers 4,237.00ha; and

• FS30/5/1/2/2/225MR, which is valid from 2 December 2013, to 11 December 2026, and 3,715.78ha.

A summary of the status of environmental permits and licenses issued as at 30 June 2025, related to Target is presented in

the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| EMPr | FS 30/5/1/2/3/2/1(14) <br>EM<br>| DMPR | 30 November 2002 | Renewal in progress |
| Atmospheric Emission <br>License<br>| LDM/RAEL/01/2024 | Lejweleputswa District <br>Municipality<br>| February, 2024 | January, 2029 |
| Water Permit | 789N | DWS | 4 November 2008 | Valid pending issue of <br>new license<br>|
| Water Permit | 1046B | DWS | 4 November 2008 | Valid pending issue of <br>new license<br>|

---

***Mining Method***

The Target Mine deposit is made up of stacked mineralised multiple reef bands interbedded with quartzites and

quartzwackes. The Elsburg Reefs are composited into thick mineralised packages to enable the application of massive open

stoping mining method, while the Dreyerskuil Reefs are separated into thinner discrete horizons that enable narrow reef

conventional mining method.

Target Mine is essentially a trackless mining operation with a combination of highly mechanised massive open stope, sub-

level open stope mining, and labour-intensive narrow reef stoping, the latter being more typical of South African gold mines'

conventional stoping.

The primary ore extraction method adopted at Target is massive mining of the thick mining horizons (EA1, EA3, EA7 and

EA8) through a combination of scattered open stoping supplemented with the use of a 6%-cement backfill, and sub-level open

stoping which does not make use of backfilling.

The balance of the ore is mined using a narrow reef mining ("**NRM**") method on the thinner Dreyerskuil Reefs, which does

not make use of backfilling either.

Massive open stoping accounts for ±70% of the ore production with ±30% coming from conventional narrow reef stoping.

***Mineral Processing***

The Target Plant was designed and commissioned in November 2001. The plant was designed to treat a total tonnage of

105ktpm with a potential to expand to 160ktpm for future demand. Currently the plant treats ore from Target and Target 2 waste

dump.

***Qualified Persons***

The QP was employed on a full-time basis by Harmony. The QP's qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional** <br>**Organisation**<br>| **Qualification** | **TRS Section** <br>**Responsibility** <br>| **Personal** <br>**Insp.**<br>|
| Mr. S. Motlatla | SACNASP | BSc. Hons (Geol), GDE (Mining) | All | Full Time |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Exploration***

Geological data has been obtained through initial surface drilling, followed by underground drilling, mapping and channel

(chip) sampling.

Initial surface drilling carried out during the 1980s, under the auspices of Sun, was designed to delineate the northward

continuation of the synclinal axis, around which most of Loraine's gold deposits are located. Following the incorporation of

Target Exploration Company in 1990, a total of 17 drillholes and three long deflections from existing drillholes were drilled in

three arrays parallel to the western margin, namely the Western, Central and Eastern arrays.

The central array targeted the Elsburg Reefs, while the western and eastern arrays focused on definition of the proximal

(steep west limb) and distal Kimberley and Basal Reefs, respectively.

The positive surface drilling results led to the construction of an underground drilling platform. Underground exploration

drilling has been on-going throughout the operational life of Target as the mine deepens. Most of the underground drillholes are

used in the geological modelling and estimation of the current Mineral Resources.

Underground diamond core drilling is conducted using hydraulic driven drill rigs, which typically drill BX core. Drill holes are

typically short, rarely exceeding 300m in length.

Fans of drill holes are drilled from diamond drilling bays, which are developed at 50m intervals along the decline return

airway ("**RAW**") decline. The drilling fans consist of up to ten individual drill holes at inclinations ranging from -15° East to +30°

West of vertical, or as dictated by local geological structures. Maximum drillhole lengths of 350m are required for complete

Dreyerskuil intersections in the synclinal axis. Drill holes are stopped once the Ventersdorp lava has been intersected, or, in the

case of flatter drill holes, once the trough axis has been identified and the drill hole is drilling parallel to the bedding.

Exploration drilling is currently in progress to determine the economic potential of EA3 Reefs and DK Reefs along the sub-

crop of the Elsburg Reefs. Additional to the capital exploration, an underground infill drilling program is in place to improve data

density to enhance the estimation model.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

***Mineral Resource Estimate***

The Mineral Resource estimate is reported in situ within the Target lease area, as determined through the analysis of the

reasonable prospect for economic extraction by underground mining methods. The cut-off grade for the Mineral Resource is

determined at 3.08g/t gold based on the economic assumptions presented in the table below at 30 June 2025.

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 2349 |
| Exchange rate | R:US$ | 18.54 |
| Gold price | R/kg | 1400000 |
| Plant recovery factor | % | 94.50 |
| Unit cost<sup>1</sup> | R/t | 4181 |

---

<sup>1</sup> Unit cost includes cash-operating cost, royalty and on-going development capital.

This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

The Mineral Resources were originally prepared, classified and reported according to the SAMREC, 2016. For the

purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of

Regulation S-K 1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

The Mineral Resource estimate, as at 30 June 2024and 2025, exclusive of the reported Mineral Reserves is summarised

in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured | 5.588 | 7.77 | 43411 | 4.814 | 8.41 | 40488 | 7.2 |
| Indicated | 3.761 | 6.94 | 26112 | 3.890 | 6.82 | 26538 | (1.6) |
| **Total / Ave. Measured + Indicated** | **9.349** | **7.44** | **69524** | **8.704** | **7.70** | **67025** | **3.7** |
| Inferred | 3.686 | 5.99 | 22080 | 3.868 | 5.75 | 22237 | (0.7) |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. S Motlatla, who is the Target Ore Reserve Manager,

and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No modifying factors or dilution sources have been included to in-situ Mineral Reserve which was subtracted from the SAMREC Mineral

Resource in order to obtain the S-K 1300 Mineral Resource.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

4. The Mineral Resources are reported using a cut-off grade of 3.08g/t determined at a gold price of US$2,349/oz.

5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

8. The Mineral Resource estimate is for Harmony's 100% interest.

The decrease in Mineral Resources was mainly due to depletion that was partially offset as result of structural changes in

block 5.

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K

1300. Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning

processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining widths,

planned mine call and plant recovery factors.

The Mineral Reserve estimate, as at 30 June 2024 and 2025, is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**% Change** |
| Proved | 2.421 | 4.46 | 10796 | 2.459 | 4.27 | 10508 | 2.7 |
| Probable | 1.082 | 4.48 | 4850 | 1.145 | 4.87 | 5577 | (13.0) |
| **Total / Ave. Proved + Probable** | **3.503** | **4.47** | **15646** | **3.605** | **4.46** | **16085** | **(2.7)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. S. Motlatla, who is the Target Ore Reserve Manager,

and a Harmony employee.

2. Tonnes, grade, and gold content are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the reserve figures.

4. Gold content is recovered gold content after taking into consideration the modifying factors.

5. The NRM Mineral Reserves are reported using a cut-off value of 752cmg/t determined using a gold price of US$2,237/oz. The massive open

stoping Mineral Reserves are reported using a cut-off grade of 3.45g/t determined using a gold price of US$2,237/oz.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

The decrease in Mineral Reserves is mainly due to depletion that was partially off-set by additional ounces identified due to

structural changes in block 5.

The table below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for Target. The modifying factors are consistent with the modelling, planning and computing estimates used in determining the

Mineral Reserves, which are also consistent with historical performance.

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| Relative Density | t/m<sup>3</sup> | 2.71 |
| Average Stoping Width | cm | 171 |
| Mine Call Factor | % | 95.00 |
| Plant Recovery Factor | % | 94.50 |
| Mineral Reserve Paylimit - NRM | cmg/t | 752 |
| Mineral Reserve Cut-off - Massive Open Stoping | g/t | 3.45 |
| Mineral Reserve Cut-off - Development | g/t | 3.45 |
| Dilution - Massive Open Stoping | % | 6.00 |

---

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Tshepong North**

***Property Description***

The Tshepong North mine comprises the underground and surface assets, situated between the towns of Welkom and

Odendaalsrus in the Free State Province of South Africa. The mine is a moderate to deep-level gold mine, operating at depths of

between 1.6km and 2.4km BMD.

The mine is located in the Free State Province of South Africa, approximately 250km southwest of Johannesburg and

15km to the north of the town of Welkom, situated at a latitude of 27°51'56.45"S and longitude of 26°42'45.15"E.

The following graphic illustrates the location of the Tshepong North, along with certain infrastructure.

![Free State Operations – Locality.jpg](hmy-20250630_g9.jpg)

Historically, the primary reef mined is the Basal Reef although B Reef mining has increased in the past four years from 8%

to 32%.

All relevant underground mining and surface right permits, and any other permit related to the work conducted on the

property have been obtained and are valid. There are no known legal proceedings against Harmony, which threaten its mineral

rights, tenure, or operations.

***Operational Infrastructure***

The areas surrounding Welkom and Odendaalsrus are well-equipped with access and mining-related infrastructure, which

effectively supports the region's numerous operational gold mines. This infrastructure includes national and provincial paved

road networks, power transmission and distribution systems, water supply networks, and communication facilities.

Tshepong North operates with a single shaft system, where ore and waste are hoisted to the surface through the main

vertical shaft. Additionally, a twin decline system extends from 66 to 75 level, with ongoing capital work to deepen it to 77 level.

The initial reef is projected to commence mining in April 2029. Ore and waste are transported separately using a conveyor belt

system.

Ore extracted from Tshepong North is transported by rail from the shaft to the Harmony One Plant in Welkom for

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The surface infrastructure associated with Tshepong North is displayed in the graphic below.

![JB Operational Infrastructure.jpg](hmy-20250630_g20.jpg)

The "property, plant, and equipment" as of 30 June 2025, including buildings and mine infrastructure, mining assets,

rehabilitation and assets under construction, had a carrying value of R2,553 million.

Tshepong North did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no

significant encumbrances exist.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Geology***

Tshepong North is situated in the Free State Goldfield, on the southwestern margin of the Witwatersrand Basin of South

Africa, one of the most prominent gold provinces in the world. The major gold bearing conglomerate reefs are mostly confined to

the CRG of the Witwatersrand Supergroup.

The general orientation of the Witwatersrand Supergroup succession in this goldfield is interpreted as north-trending, within

a syncline that is plunging to the north. The syncline has been divided by faults into the Odendaalsrus, Central Horst and

Virginia sections. The Tshepong North mining right area is also affected by the Ophir and Dagbreek faults.

Tshepong North exploited primarily the Basal Reef, which occurs within the Harmony Formation of the Johannesburg

Subgroup of the CRG.

Mineralisation also occurs within the stratigraphically higher A and B Reefs respectively of the Aandenk and Spes Bona

Formations, within the Turffontein subgroup of the CRG. However, only the B Reef can be economically extracted.

Mineralisation is associated with the presence of medium to coarse, clast-supported oligomictic pebble horizons. The

presence of allogenic pyrite and detrital carbon is also common.

***History***

The feasibility study for the initial development of Tshepong North was concluded in 1984. Work to establish the site started

in September 1984 and, by 1986, shaft sinking was underway. Sinking and equipping of the shaft were completed in 1991, with

the mine being commissioned in November 1991.

The Tshepong South and Tshepong North were merged into the Tshepong operation in 2017 but again split into separate

entities in 2021.

***Mineral Tenure***

Refer to Item 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

The current mining right for Tshepong North encompasses an area of 10,798.74ha. Harmony holds several mining rights in

the Free State Goldfields which have been successfully converted and executed as new order mining rights, some of which are

still to be registered at the MPRTO.

Tshepong North is wholly owned by Harmony, including the associated mineral rights. Harmony commenced acquiring the

assets through the acquisition of AngloGold Ashanti's Free State operations in 2001.

Mining at Tshepong North is carried out under the following mining rights, covering both Tshepong North and Tshepong

South:

• FS30/5/1/84MR, which is valid from 11 December 2007, to 10 December 2029, and covers an area of 10,798.74ha.

A summary of the status of environmental permits and licenses issued as at 30 June 2025, related to both Tshepong North

and Tshepong South is presented in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| Environmental Management Programme | FS 30/5/1/2/3/2/1(84)EM | DMPR | 11 December 2007 | 10 December <br>2029<br>|
| Water Permit 936B. Harmony. Free State <br>Geduld Mines. Discharge of untreated effluents.<br>| B33/2/340/31 | DWS | 2 April 1981 | LOM |
| Water Permit 870B. Harmony. Discharge of <br>untreated effluents.<br>| B33/2/340/25 | DWS | 27 May 1991 | LOM |
| Water Permit 1214N. Free State Consolidated <br>Gold Mine. Tshepong, Freddie's and Phakisa <br>shafts.<br>| B33/2/340/12 | DWS | Not indicated. | LOM |
| Water Permit 1214N. Free State Consolidated <br>Gold Mine. Tshepong, Freddie's and Phakisa <br>shafts.<br>| B33/2/340/12 | DWAFEC<sup>1</sup> | Not indicated. | LOM |

---

<sup>1</sup>Department of Water Affairs, Forestry and Environmental Conservation.

***Mining Method***

Tshepong North mine is categorised as a moderate to deep-level underground gold mining operation, currently extending

to depths of up to 2,427 metres BMD. SGM is the preferred mining technique employed at Tshepong North. This method utilises

dip pillars and reduced mining spans in conjunction with pre-developed tunnels to enhance control over rock stress. The SGM

configuration follows a V-shaped sequence, often referred to as the "inverted Christmas tree." SGM is particularly effective for

NRM in underground environments. The method is characterised by its distinct layout, where primary development occurs off-

reef (in waste rock) and secondary development takes place on-reef (within the mineralised zone).

This approach is designed for deeper mining operations and offers several advantages, with safety being a primary benefit.

A notable aspect of the SGM method is its advance from raises in one direction at a time, towards stabilising or regional pillars.

This practice minimises the formation of remnant pillars, thereby reducing the risk of seismic activity.

While the primary focus of Tshepong North's business plan is on the SGM methodology and sequencing, certain sections

of the mine also employ alternative mining methods, including breast stoping, undercut stoping, and open stoping.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Processing***

All ore mined at Tshepong North is processed at Harmony One Plant.

***Qualified Persons***

The QP was employed on a full-time basis by Harmony. The QP's qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional** <br>**Organisation**<br>| **Qualification** | **TRS Section** <br>**Responsibility**<br>| **Personal** <br>**Insp.**<br>|
| Mr. A. Louw | SACNASP | BSc. Hons. (Geohydrology) | All  | Full Time |

---

***Exploration***

Geological data has been obtained through initial surface drilling, followed by underground drilling, mapping and channel

(chip) sampling.

Exploration from underground platforms is currently continuing for the Tshepong sub-75 level development, to improve

geological confidence.

Tshepong North is engaged in ongoing exploration drilling of the B Reef to assess the potential extension of existing pay

shoots and their connection to adjacent mines. Footwall development at the 71 Level (decline area) commenced during fiscal

2022 and is being utilised as a platform for drilling to confirm and delineate the anticipated B Reef channel, which is projected to

extend in an east-north-southwest direction. Based on recent exploration results and ongoing stope face mining activities at

69 Level (decline area), a concept study has been initiated to evaluate the potential B Reef extraction between 60 and 66 Levels

(upper mine area).

Throughout the mine's operational life, underground exploration drilling has been conducted as the mine deepens. This

drilling is performed using hydraulic and pneumatic drill rigs for diamond core drilling.

Drill holes are executed from diamond drilling bays, developed at 50m intervals along the ends of footwall developments

(X/Cs) and at 100m intervals along haulages and RAWs. The drilling fans typically consist of up to ten individual drill holes, with

inclinations varying from -15° to +30° of vertical, or adjusted based on local geological structures.

The underground infill drilling system is in place to improve data density in specific areas and are drilled from the

underground development access drives.

Logging procedures are conducted as per the Harmony company standards, which are used on all surface and

underground mines and are best practice and have been in place consistently since 2001.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

***Mineral Resource Estimate***

The Mineral Resource estimate of Tshepong North is considered to have reasonable prospects for economic extraction.

The cut-off value for the Mineral Resources is determined at 700cmg/t for the gold based on the economic assumptions

presented in the table below at 30 June 2025.

---

| | | |
|:---|:---|:---|
| **Tshepong North** |  |  |
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 2349 |
| Exchange rate | R:US$ | 18.54 |
| Gold price | R/kg | 1400000 |
| Plant recovery factor | % | 95.60 |
| Unit cost<sup>1</sup> | R/t | 4942 |

---

<sup>1</sup> Unit cost includes cash operating cost, royalty and ongoing development capital

This cut-off values represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

The Mineral Resources were originally prepared, classified and reported according to the SAMREC, 2016. For the

purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of

Regulation S-K 1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

The Mineral Resource estimate for Tshepong North, as at 30 June 2024 and 2025, exclusive of the reported Mineral

Reserves, is summarised in the table below.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| <br>**Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured | 12.125 | 12.40 | 150403 | 12.000 | 12.57 | 150790 | (0.3) |
| Indicated | 6.567 | 11.43 | 75096 | 4.609 | 10.56 | 48670 | 54.3 |
| **Total / Ave. Measured + Indicated** | **18.692** | **12.06** | **225499** | **16.609** | **12.01** | **199460** | **13.1** |
| Inferred | 8.272 | 9.30 | 76917 | 7.926 | 10.16 | 80495 | (4.4) |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with

Item 1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. A. Louw, who is Ore Reserve Manager at

Tshepong North, and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No modifying factors or dilution sources have been included to in-situ Mineral Reserve which was subtracted from the SAMREC Mineral

Resource in order to obtain the S-K 1300 Mineral Resource.

4. The Mineral Resources are reported using a cut-off value of 700cmg/t determined at a gold price of US$2,349/oz.

5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

8. The Mineral Resource estimate is for Harmony's 100% interest.

The increase in the Mineral Resources is due to the increase B-Reef Mineral Resources as result of new geological

information.

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation

S-K 1300.

Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning

processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining widths,

planned mine call and plant recovery factors.

The Mineral Reserve estimate for Tshepong North, as at 30 June 2024, and 2025, is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**% Change** |
| Proved | 2.403 | 4.55 | 10936 | 3.009 | 4.77 | 14341 | (23.8) |
| Probable | 1.606 | 5.85 | 9391 | 1.990 | 5.57 | 11083 | (15.3) |
| **Total / Ave. Proved + Probable** | **4.009** | **5.07** | **20327** | **4.999** | **5.09** | **25430** | **(20.1)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. A. Louw, who is Ore Reserve Manager at Tshepong

North, and a Harmony employee.

2. Tonnes, grade, and gold content are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the reserve figures.

4. Gold content has not taken metallurgical recovery factors into account.

5. Mineral Reserves are reported using a cut-off grade of 750cmg/t determined using a gold price of US$2,237/oz gold.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

The change in Mineral Reserve was mainly due to depletion that was partially offset by additional ounces identified.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The table below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for Tshepong North. The modifying factors are consistent with the modelling, planning and computing estimates used in

determining the Mineral Reserves, which are also consistent with historical performance.

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| Relative Density | t/m<sup>3</sup> | 2.72 |
| Stoping Width | cm | 118 |
| Gully | % | 8.40 |
| Off Reef | % | 4.81 |
| Waste to Reef | % | 4.00 |
| Flushing tons | % | 2.07 |
| Discrepancy | % | 7.93 |
| Mine Call Factor | % | 68.00 |
| Plant Recover Factor | % | 95.60 |
| Mine Recover Factor | % | 65.01 |
| Plant Call Factor | % | 100.00 |
| Mineral Reserve cut-off | cmg/t | 750 |

---

Note: Development waste to reef, including the decline development.

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Tshepong South**

***Property Description***

The Tshepong South mine comprises one operating underground gold mine namely "Tshepong South". Tshepong South is

a mature, moderate to deep-level underground operation using conventional underground mining methods to depths of 2,427m

BMD. The mine utilises the Tshepong North and Nyala shafts. Tshepong South's success is greatly dependent on the services

rendered via Nyala where four main compressors are commissioned and Tshepong South's ore is being hoisted.

The mines are located in the Free State Province of South Africa, approximately 250km southwest of Johannesburg and

15km to the north of the town of Welkom. Tshepong South is situated adjacent to the south of Tshepong North, and is located at

a latitude of 27°54'1.27"S and longitude of 26°43'30.05"E.

The following graphic illustrates the location of Tshepong South, along with certain infrastructure.

![Free State Operations – Locality.jpg](hmy-20250630_g9.jpg)

The primary reef mined is the Basal Reef, with additional gold mineralisation being found in the B Reef and A Reef. The

B Reef, secondary reef mined, which lies approximately 145m stratigraphically above the Basal Reef, contributes to about 30%

of the total mining production profile at Tshepong South.

All relevant underground mining and surface right permits, and any other permit related to the work conducted on the

property have been obtained and are valid. There are no known legal proceedings against Harmony, which threaten its mineral

rights, tenure, or operations.

***Operational Infrastructure***

The surrounding areas of Welkom and Odendaalsrus are well developed in terms of access and mining-related

infrastructure, which supports the numerous operational gold mines in the area. The regional infrastructure includes national and

provincial paved road networks, power transmission and distribution networks, water supply networks and communication

infrastructure.

Tshepong South operates a single vertical shaft for man and materials. Rock is transported from the underground working

via a RailVeyor<sup>TM</sup> system to the Nyala shaft for hoisting.

The Tshepong South ore is transported, by rail, from Nyala shaft to the Harmony One Plant in Welkom for processing.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The surface infrastructure associated with Tshepong South is displayed in the graphic below.

![Tshepong South OI.jpg](hmy-20250630_g21.jpg)

The "property, plant, and equipment" as of 30 June 2025, including buildings and mine infrastructure, mining assets,

rehabilitation and assets under construction, had a carrying value of R2,584 million.

Tshepong South did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no

significant encumbrances exist.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Geology***

Tshepong South is situated in the Free State Goldfields, on the southwestern margin of the Witwatersrand Basin of South

Africa, one of the most prominent gold provinces in the world. The major gold bearing conglomerate reefs are mostly confined to

the CRG of the Witwatersrand Supergroup.

The general orientation of the Witwatersrand Supergroup succession in this goldfield is interpreted as north-trending, within

a syncline that is plunging to the north. The syncline has been divided by faults into the Odendaalsrus, Central Horst and

Virginia sections. The Tshepong South mining right area is also affected by the Tribute fault (~270m) and Arrarat Fault (~180m)

to the far south-east of the shaft.

Tshepong South exploited primarily the Basal Reef, which occurs within the Harmony Formation of the Johannesburg

Subgroup of the CRG.

Mineralisation also occurs within the stratigraphically higher A- and B Reefs of the Kimberley (formerly Aandenk)

Formation, within the Turffontein subgroup of the CRG. However, only the B Reef can be economically extracted.

Mineralisation is associated with the presence of medium to coarse, clast-supported oligomictic pebble horizons. The

presence of allogenic pyrite and detrital carbon is also common.

***History***

Tshepong South was formerly known as FSG 4, Freddies 4 and Phakisa. Tshepong South development commenced in

October 1993 and shaft sinking was started in February 1994. In 1995, shaft sinking was halted on 59 Level due to the

prevailing low gold price. Operations at Tshepong South recommenced in September 1996 and sinking was completed to 75

Level, before being halted again in 1999.

Harmony acquired Tshepong South as part of the acquisition from AngloGold Ashanti's Free State operations (previously

known as Freegold), which completed in September 2003. Sinking and equipping was completed to a depth of 2,427m in 2006.

Tshepong South and Tshepong North were merged into the Tshepong operation by Harmony in 2017, but again split into

separate entities in 2021.

Mining of the B-Reef commenced in February 2024 and it is contributing approximately 20% of the total production profile.

***Mineral Tenure***

Refer to Item 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

The current mining right for Tshepong South and Tshepong North encompasses an area of 10,798.74ha. Harmony holds

several mining rights in the Free State Goldfields which have been successfully converted and executed as new order mining

rights, some of which are still to be registered at the MPRTO.

Tshepong South is wholly owned by Harmony, including the associated mineral rights. Harmony commenced acquiring the

assets through the acquisition of AngloGold Ashanti's Free State operations in 2001, together with ARMGold. ARMGold was

subsequently incorporated into Harmony in 2003, giving Harmony 100% ownership and control of the Tshepong South.

Mining at Tshepong South is carried out under the following mining right, covering both Tshepong North and Tshepong

South:

• FS30/5/1/84MR, which is valid from 11 December 2007 to 10 December 2029 and covers an area of 10,798.74ha.

A summary of the status of environmental permits and licenses issued as at 30 June 2025, related to both Tshepong South

and Tshepong North is presented in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| EMPr | FS 30/5/1/2/3/2/1(84)EM | DMPR | 11 December 2007 | 10 December <br>2029<br>|
| Water Permit 936B. Harmony. Free State <br>Geduld Mines. Discharge of untreated effluents.<br>| B33/2/340/31 | DWS | 2 April 1981 | LOM |
| Water Permit 870B. Harmony. Discharge of <br>untreated effluents.<br>| B33/2/340/25 | DWS | 27 May 1991 | LOM |
| Water Permit 1214N. Free State Consolidated <br>Gold Mine. Tshepong, Freddie's and Phakisa <br>shafts.<br>| B33/2/340/12 | DWS | Not indicated. | LOM |
| Water Permit 1214N. Free State Consolidated <br>Gold Mine. Tshepong, Freddie's and Phakisa <br>shafts.<br>| B33/2/340/12 | DWAFEC<sup>1</sup> | Not indicated. | LOM |

---

<sup>1</sup> Department of Water Affairs, Forestry and Environmental Conservation.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mining Method***

Tshepong South may be classified as a moderate to deep-level underground gold mine currently operating at depths of up

to 2,427m BMD.

The orebody at Tshepong South is broken up into blocks by geological structures with large throws. Due to the orebody

being broken up into these smaller blocks, a Scattered mining method is used at Tshepong South. Scattered mining is when

mining is done between the major geological structures. The mine design criteria are based on the sequential grid mining

method where the crosscuts are spaced at fixed distance of 160m however additional development can be required in some

instances and/or crosscut spacing reduced/increased depending on the prevailing geological structures. Primary waste

development is done ahead of the stoping front in the virgin stress environment.

Primary development is done off-reef (in waste rock), while secondary development is done on-reef (in the mineralised

zone). In primary development, horizontal haulages are developed from the vertical shaft, extending to the extremities of the

mining level. Inter-level spacing is the perpendicular distance between two consecutive level stations underground. Further

development is done at set intervals along the haulages towards the mineralised zones in the form of crosscuts. For secondary

development, an inclined excavation that connects two levels is established, referred to as a raise or winze, depending on the

upwards or downwards direction of the development.

A key feature of scattered mining is that the mine design includes pillars in the stoping areas that are designed to cave in a

planned and controlled manner. These pillars are referred to as crush pillars and the dimensions of the pillars are determined by

the geotechnical properties of the host rock. The use of crush pillars minimises the risk of unpredicted collapse of stoping areas.

These collapses can compromise the safety of mining operations and may lead to permanent closure of stoping panels or

sterilisation of ore.

***Mineral Processing***

All ore mined at Tshepong South is processed at Harmony One Plant.

***Qualified Persons***

The QP was employed on a full-time basis by Harmony. The QP's qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional** <br>**Organisation**<br>| **Qualification** | **TRS Section** <br>**Responsibility**<br>| **Personal** <br>**Insp.**<br>|
| Mr. J.P. van Deventer | SACNASP | B.Sc Hons (Geology) | All  | Full Time |

---

***Exploration***

Geological data has been obtained through initial surface drilling, followed by underground drilling, mapping and channel

(chip) sampling. The underground infill drilling system is in place to improve data density in specific areas and are drilled from

the underground development access drives.

Since 2022 capital exploration drilling has been ongoing to determine areas of economic value in the B Reef channels

extrapolated from the high grade channels being mined in the west-south area of Tshepong North shaft.

Underground exploration drilling has been ongoing throughout the operational life of Tshepong South. Underground

diamond core drilling is conducted using hydraulic driven and pneumatic drill rigs.

Fans of drill holes are drilled from diamond drilling bays, which are developed at 50m intervals along footwall development

ends (X/Cs) and 100m intervals along haulages and RAWs. The drilling fans consist of up to ten individual drill holes at

inclinations ranging from +5° to +90° of vertical, or as dictated by local geological structures.

The underground infill drilling system is in place to improve data density in specific areas and are drilled from the

underground development access drives.

Logging procedures are conducted as per the Harmony company standards, which are used on all surface and

underground mines and are best practice and have been in place consistently since 2001.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Resource Estimate***

The Mineral Resource estimate for Tshepong South is considered to have reasonable prospects for economic extraction.

The cut-off value for the Mineral Resources is determined at 782cmg/t for the gold, based on the economic assumptions

presented in the table below at 30 June 2025.

---

| | | |
|:---|:---|:---|
| **Tshepong South** |  |  |
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 2349 |
| Exchange rate | R:US$ | 18.54 |
| Gold price | R/kg | 1400000 |
| Plant recovery factor | % | 95.32 |
| Unit cost<sup>1</sup> | R/t | 5442 |

---

<sup>1</sup> Unit cost includes cash operating cost, royalty and ongoing development capital.

This cut-off values represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

The Mineral Resources were originally prepared, classified and reported according to the SAMREC, 2016. For the

purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of

Regulation S-K 1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

The Mineral Resource estimate for Tshepong South, as at 30 June 2024 and 2025, exclusive of the reported Mineral

Reserves is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured | 5.507 | 12.80 | 70514 | 6.155 | 12.80 | 78768 | (10.5) |
| Indicated | 8.892 | 11.35 | 100964 | 8.687 | 11.10 | 96434 | 4.7 |
| **Total / Ave. Measured + Indicated** | **14.399** | **11.91** | **171478** | **14.843** | **11.80** | **175202** | **(2.1)** |
| Inferred | 22.729 | 11.33 | 257508 | 22.799 | 11.03 | 251447 | 2.4 |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. J.P. van Deventer who is the Ore Reserve Manager at

Tshepong South, and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No modifying factors or dilution sources have been included to in-situ Mineral Reserve which was subtracted from the SAMREC Mineral

Resource in order to obtain the S-K 1300 Mineral Resource.

4. The Mineral Resources are reported using a cut-off value of 782cmg/t determined at a gold price of US$2,349/oz.

5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

8. The Mineral Resource estimate is for Harmony's 100% interest.

The increase in Mineral Resources was due to the increase in the B Reef Mineral Resources as result of new geological

information.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation

S-K 1300.

Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning

processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining widths,

planned mine call and plant recovery factors.

The Mineral Reserve estimate for Tshepong South, as at 30 June 2024, and 2025, is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade (g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**% Change** |
| Proved | 2.159 | 6.53 | 14102 | 2.355 | 8.02 | 18900 | (25.4) |
| Probable | 0.423 | 3.22 | 1362 | 0.229 | 7.08 | 1621 | (16.0) |
| **Total / Ave. Proved + Probable** | **2.582** | **5.99** | **15464** | **2.584** | **7.94** | **20521** | **(24.6)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. J.P. van Deventer who is the Ore Reserve Manager at

Tshepong South, and a Harmony employee.

2. Tonnes, grade, and gold content are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical

recovery factors have not been applied to the reserve figures.

4. Gold content has not taken metallurgical recovery factors into account.

5. Mineral Reserves are reported using a cut-off grade of 790cmg/t determined using a gold price of US$2,237/oz gold.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

The decrease in Mineral Reserves was mainly due depletion and Geological structure losses that was partially off-set by

Inferred B-Reef Mineral Resources that was upgraded and converted to Proved and Probable Reserves.

The table below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for Tshepong South. The modifying factors are consistent with the modelling, planning and computing estimates used in

determining the Mineral Reserves, which are also consistent with historical performance.

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| Relative Density | t/m3 | 2.72 |
| Stoping Width | cm | 140 |
| Gully | % | 6.17 |
| Off Reef | % | 5.43 |
| Waste to Reef | % | 0.23 |
| Flushing tons | % |  |
| Discrepancy | % | 12.73 |
| Mine Call Factor | % | 80.00 |
| Plant Recover Factor | % | 95.32 |
| Mine Recover Factor | % | 76.26 |
| Plant Call Factor | % | 100.00 |
| Mineral Reserve cut-off | cmg/t | 790 |

---

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Mine Waste Solutions**

***Property Description***

Mine Waste Solutions is comprised of two distinct, geographically separated, operations namely the MWS operation

located on the Free State - North West provincial boundary, and the West Wits operation situated in the West Rand region of the

Gauteng Province. Each operation will be discussed separately due to their geographical locations.

Mine Waste Solutions and its associated mineral rights are wholly owned by Harmony. Harmony acquired the assets as

part of the transaction to take full ownership and control of AngloGold Ashanti's remaining South African business, as of 1

October 2020.

The location of the MWS operation and the West Wits operation is presented in figure below.

![mwsmap122.jpg](hmy-20250630_g22.jpg)

The following graphic illustrates the location of the MWS operation, along with certain infrastructure.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

![VAAL RIVER - LOCATION AND CLASSIFICATION 2024 - FIGURE 3-2 PDF- jpeg-001.jpg](hmy-20250630_g23.jpg)

The following graphic illustrates the location of the West Wits operation, along with certain infrastructure is

![WES WITS - LOCATION AND CLASSIFICATION - 2024 - FIGURE 3-3 PDF-jpeg-001.jpg](hmy-20250630_g24.jpg)

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The MWS operation is located in the Vaal River area, and straddles the Free State, North West provincial border of South

Africa, close to the town of Klerksdorp. The MWS gold plant (26° 50'8.66"E; 26° 47'41.83"S) is situated close to the town of

Stilfontein, while the TSFs and WRD for this operation are scattered over an area that stretches approximately 13.5km north to

south and 14.0km east to west.

The West Wits operation is situated in the West Rand region of the Gauteng Province. The West Wits operation is situated

approximately 75km west of Johannesburg. The site is approximately 7km south of Carletonville. West Wits operation occupies

an area of 4,176ha in extent and is close to the boundary between Gauteng and North West Province.

The West Wits operation reprocesses tailings from the Old North TSF dumps at the Savuka plant (26° 25'20.31"E and

27° 24'11.30"S).

There is no material litigation against Harmony that threatens its mineral rights, tenure, or operations.

***Operational Infrastructure***

Infrastructure in the region is well established supporting the numerous operational gold mines in the area. The regional

infrastructure includes national and provincial paved road networks, power transmission and distribution networks, water supply

The MWS operation is accessible from Johannesburg via the N12 national road and R502 regional road in Klerksdorp,

North West. A large network of either tarred roads or well-maintained gravel roads exist between the tailing dams, WRDs and

the MWS plant that are scattered in the area. The West Wits operation near Carletonville is accessible via the N12 national road

and R500 regional road from Johannesburg.

The surface infrastructure associated with the MWS operation and the West Wits operation is presented in the graphic

under "– *Property Description*" above.

The "property, plant, and equipment" as of 30 June 2025, including buildings and mine infrastructure, mining assets,

rehabilitation and assets under construction, had a carrying value of R4,563 million for MWS and R172 million for West Wits

Surface operation.

Mine Waste Solutions and West Wits Surface operation did not incur any fines or penalties for non-compliance during the

year ended 30 June 2025 and no significant encumbrances exist.

***Geology***

Material contained in the TSFs and WRDs predominantly originates from deep level gold mines, operated by Harmony and

others, mostly located in Klerksdorp and Carletonville. The West Wits operation predominantly extracts tabular gold-bearing

conglomeratic reefs, namely the CLR and VCR. The MWS operation, however, mainly exploits TSFs and WRD derived from the

VR.

The Witwatersrand Reefs occur within the Archean Witwatersrand Basin which hosts the Witwatersrand Supergroup

succession. The VCR horizon is located at the top of the Turffontein Subgroup of the CRG, capping the Witwatersrand

Supergroup. The VR horizon is situated within the Krugersdorp Formation, in the Johannesburg Subgroup of the CRG. The CLR

is situated near the base of the Johannesburg Subgroup.

The TSF material comprises previously treated residues of gold-bearing conglomeratic reefs processed by CIL. They are

man-made "deposits" and are not the result of natural sedimentary processes. The grade of the TSFs is determined by the

grade of the ore source at the time that they were processed, and the processing efficiency.

The WRDs are unconsolidated and are comprised of untreated, low grade, gold-bearing material from underground

workings. The WRDs are also man-made deposits, with very little structure or continuity, and one in which the grade does not

behave as a natural mineral deposit.

The most significant mineral in the TSFs and WRDs is quartz, which makes up more than 60% of the bulk mineral

composition. The gold predominantly occurs in pyrite. Other minerals identified include uranium, iron oxide, titanium oxide and

calcite from the VR, VCR and CLR conglomerates.

***History***

The MWS operation commenced production in 1952 and was the original gold processing plant for the Stilfontein Gold

Mine. Following the rise in the uranium price in the 1970s, the operation investigated uranium recovery from the Stilfontein Gold

Mine's gold tailings dams and commissioned the uranium plant in mid-1979. The plant operated until 1989, processing 29.4Mt of

tailings and recovering 4.56t of U3O8. In 2003, the plant was converted into a gold tailings treatment operation and no further

uranium was produced at that stage.

In 2007, First Uranium (Pty) Ltd (South Africa) ("**First Uranium**") acquired the MWS operation with the purpose of treating

the tailings dams for both gold and uranium. The second and third processing plants were commissioned between 2007 and

2012. On 20 July 2012, the MWS operation was acquired by AngloGold Ashanti from First Uranium. The MWS uranium plant and

flotation plants were commissioned in 2014, and were further reconfigured into a more efficient operation during 2016, as part of

an optimisation drive. In 2017, the uranium and flotation plants were discontinued resulting in the MWS operation again

producing only gold.

On 1 October 2020, Harmony acquired all of AngloGold Ashanti's surface operations, including the MWS operation.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Savuka plant was commissioned in 1961 and originally designed to treat ore from Savuka Mine and TauTona Mine. In

2015, upon the change in strategy to process the reef from the aforementioned shafts at Mponeng plant, the plant was

converted into a tailings and WRD treatment facility. The Savuka plant treats tailings material from Savuka and Mponeng TSFs,

and waste rock from the WRDs from the same operations. On 1 October 2020, Harmony acquired all of AngloGold Ashanti's

South African business, including the surface assets which constitute the West Wits operation.

***Mineral Tenure***

Refer to Item 4: *"Information on the Company – Business Overview – Regulation – Mineral Rights – South Africa"* above

for a summary of the regulatory environment in South Africa.

The MWS operation's license to operate is covered by the Environmental Authority ("**EA**") under NEMA. In terms of the

current legislation, the MPRDA, a mining right is not required to reclaim TSFs.

Following the acquisition of MWS operation, all relevant permits and licenses were acquired by Harmony and there is

financial provision for rehabilitation liabilities for the MWS operations, as well as the historic surface rights permits for MWS

operation. All of these permits are still valid. MWS no longer operates under any mining right. All relevant environmental and

water-use permits are in place and cover the environmental, archaeological, and hydrological components of Mine Waste

Solutions. All permits are audited regularly for compliance. The latest of EA is applicable to the Kareerand TSF expansion

activities, issued to MWS in 2022. MWS recently received an environmental authorisation to increase its piping capacity from

Kareerand TSF to enable more return water to be pumped back to the MWS plant and reclamation activities.

![Image_2.jpg](hmy-20250630_g25.jpg)

***Mining Method***

The mining methodologies adopted at Mine Waste Solutions entail the hydro-mining of the TSFs and reclamation of WRDs

using FELs.

The TSF material is reclaimed using several hydraulic monitoring guns which deliver high-pressure water to the face. High

pressure water is transferred to the monitoring guns observing the maximum design capacity of the equipment, limited to 40

bars. Typically, a 25m mining face length is achieved with a water pressure in the range of 27bar to 30bar.

The tailings material can be selectively mined based on the positioning of the monitoring guns. The TSF face is broken by

the water pressure, resulting in the slurry gravitating towards the collection sumps that deliver the slurry to the pumping stations,

which is then pumped via overland pipelines to the respective plant streams. The TSFs are fed into one of the three respective

plant streams, which comprise the MWS operation. The tailings material size is appropriate for high-pressure water to re-pulp

the consolidated slimes to a slurry at a minimum relative density of around 1.45. No milling is required, as the material has

previously been milled through the CIL plant treatment process.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Waste rock arises from underground development and is conveyed to large dumps where it is stockpiled. The grade values

are inconsistently distributed amongst these rock deposits. Waste rock from off-reef development can also become

contaminated during transport to surface by mineralised rock from unpay and marginal areas.

Tracked bulldozers are used on the top of WRDs during daylight hours, demarcated by surveyed markers, in accordance

with safety standards. Vertical dozing operations are prohibited. During dozing operations, the geotechnical considerations and

the materials' natural angle of repose is adhered to, so as to maintain the WRD slope stability during loading operations.

Bulldozers are also used at the bottom of the WRDs to create a safe loading distance between the base of the WRD and

the loading face. Loading measures take careful consideration of the existing dump design and ensures that extraction of the

material is done safely. Front end loaders are used to load the dozed material into rail hoppers or trucks, which is transported to

milling and mineral processing.

***Mineral Processing***

There are two plants, namely the MWS gold plant and the Savuka gold plant, which are dedicated to the processing of

tailings material. Reclaimed tailings are pumped as slurry via pipelines to MWS and Savuka gold plants and WRD material is

transported on trucks to the Mponeng plant for processing.

The MWS gold plant is currently capable of processing 86,000tpd. This includes Stream 4 which was commissioned in

December 2024.

The Savuka plant is a single process flow with a current processing capacity of 10,600tpd.

***Qualified Persons***

The QP was employed on a full-time basis by Harmony. The QP's qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Professional** <br>**Organisation**<br>| **Qualification** | **TRS Section** <br>**Responsibility**<br>| **Personal** <br>**Insp.**<br>|
| Mr. BJ. Selebogo | SAGC | MSCC, HND (MRM) | All | Full time |

---

***Exploration***

Prior to 2011, grade estimations for the TSFs were based on residue grades obtained from the process plants, as well as

various sampling projects in selected areas. Most of these TSFs have since been re-sampled by means of an extensive auger

drilling exercise which commenced in 2011. The remaining TSFs will be re-sampled once they go out of service and become

dormant.

A total of 1,577 drill holes have been drilled in these TSFs between 2011 and present.

WRDs cannot be explored using drilling as they are comprised of unconsolidated rock. No drilling is undertaken on the

MWS and West Wits WRDs.

The drilling and sampling methodology in use for Harmony's TSFs has been developed specifically for the challenges

posed by these deposits and is aligned with industry best practice. This protocol has been in place since 2011, and the drilling

components are applied by contractors who are experienced in this specific methodology.

The drill hole samples are deemed to be representative as they provide both vertical and horizontal coverage of each TSF.

Drill holes are positioned at regular intervals across the TSF.

The data spacing, density and distribution is sufficient to support the estimation of Mineral Resources for the various TSFs.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Resource Estimate***

The Mineral Resources were originally prepared, classified and reported according to the SAMREC, 2016. For the

purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of

Regulation S-K 1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

The Mineral Resource estimate for the MWS operation, as at 30 June 2024 and 2025, exclusive of the reported Mineral

Reserves, is summarised in the table below:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** | |
| | |  | **Grade** | **Grade** | **Metal Content** | **Metal Content** |  | **Grade** | **Grade** | **Metal Content** | **Metal Content** | |
| <br>**Mineral** <br>**Resource** <br>**Category**<br>| <br>**Source** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**(g/t)**<br>| **U3O8**<br>**(kg/t)**<br>| **Gold** <br>**(kg)**<br>| **U3O8**<br>**(t)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**(g/t)**<br>| **U3O8**<br>**(kg/t)**<br>| **Gold** <br>**(kg)**<br>| **U3O8**<br>**(t)**<br>| <br>**%** <br>**Change**<br>|
| Measured | TSF | 47.553 | 0.19 | 0.068 | 9130 | 3243 | 52.334 | 0.20 | 0.067 | 10513 | 3507 | (13.2) |
| Measured | WRD |  |  |  |  |  |  |  |  |  |  |  |
| **Sub Total / Ave.** <br>**Measured** | **Sub Total / Ave.** <br>**Measured** | **47.553** | **0.19** | **0.068** | **9130** | **3243** | **52.334** | **0.20** | **0.067** | **10513** | **3507** | **(13.2)** |
| Indicated | TSF | 52.357 | 0.23 | 0.089 | 12089 | 4639 | 52.459 | 0.24 | 0.088 | 12613 | 4616 | (4.2) |
| Indicated | WRD | 2.055 | 0.30 |  | 617 |  | 1.872 | 0.30 |  | 563 |  | 9.6 |
| **Sub Total / Ave.** <br>**Indicated** | **Sub Total / Ave.** <br>**Indicated** | **54.412** | **0.23** | **0.085** | **12706** | **4639** | **54.331** | **0.24** | **0.085** | **13176** | **4616** | **(3.6)** |
| **Total / Ave. Measured** <br>**+ Indicated** | **Total / Ave. Measured** <br>**+ Indicated** | **101.965** | **0.21** | **0.077** | **21836** | **7882** | **106.665** | **0.22** | **0.076** | **23689** | **8123** | **(7.8)** |
| Inferred | TSF | 81.763 | 0.13 | 0.038 | 11018 | 3097 | 79.585 | 0.13 | 0.039 | 10505 | 3067 | 4.9 |
| Inferred | WRD | 2.502 | 0.24 |  | 611 |  | 2.502 | 0.24 |  | 611 |  |  |
| **Total / Ave. Inferred** | **Total / Ave. Inferred** | **84.265** | **0.14** | **0.037** | **11629** | **3097** | **82.087** | **0.14** | **0.037** | **11116** | **3067** | **4.6** |

---

Notes:

1. The Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according

to SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. BJ. Selebogo, who is Ore Reserve Manager, and a

Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No cut-off grade has been applied for the estimation of Mineral Resources. Mineral Resource tonnes are reported based on a gold price of

US$2,349/oz.

4. Tonnes are reported as million tonnes rounded to three decimal places. Gold values are rounded to zero decimal places.

5. Uranium content is reported as part of the MWS Mineral Resource estimate only.

6. Metal content does not include allowances for processing losses.

7. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

8. Rounding as required by reporting guidelines may result in apparent summation differences .

9. The Mineral Resource estimate is for Harmony's 100% interest.

The decrease in Mineral Resources for the MWS Operation is a result of estimation model and survey updates.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Mineral Resource estimate for the West Wits Operation, as at 30 June 2024, and 2025, is summarised in the table

below:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** | |
| | | | **Grade** | **Grade** | **Metal Content** | **Metal Content** |  | **Grade** | **Grade** | **Metal Content** | **Metal Content** | |
| <br>**Mineral** <br>**Resource** <br>**Category**<br>| <br>**Source** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**(g/t)**<br>| **U3O8**<br>**(kg/t)**<br>| **Gold** <br>**(kg)**<br>| **U3O8**<br>**(t)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**(g/t)**<br>| **U3O8**<br>**(kg/t)**<br>| **Gold** <br>**(kg)**<br>| **U3O8**<br>**(t)**<br>| <br>**%** <br>**Change**<br>|
| Measured | TSF |  |  |  |  |  |  |  |  |  |  |  |
| Measured | WRD |  |  |  |  |  |  |  |  |  |  |  |
| **Sub Total / Ave.** <br>**Measured** | **Sub Total / Ave.** <br>**Measured** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Indicated | TSF | 9.669 | 0.32 |  | 3050 |  | 25.736 | 0.32 |  | 8321 |  | (63.3) |
| Indicated | WRD | 0.164 | 0.37 |  | 60 |  | 0.152 | 0.37 |  | 56 |  | 7.1 |
| **Sub Total / Ave.** <br>**Indicated** | **Sub Total / Ave.** <br>**Indicated** | **9.833** | **0.32** | **—** | **3110** | **—** | **25.888** | **0.32** | **—** | **8376** | **—** | **(62.9)** |
| **Total / Ave.** <br>**Measured + Indicated** | **Total / Ave.** <br>**Measured + Indicated** | **9.833** | **0.32** | **—** | **3110** | **—** | **25.888** | **0.32** | **—** | **8376** | **—** | **(62.9)** |
| Inferred | TSF |  |  |  |  |  |  |  |  |  |  |  |
| Inferred | WRD |  |  |  |  |  |  |  |  |  |  |  |
| **Total / Ave. Inferred** | **Total / Ave. Inferred** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |

---

Notes:

1. The Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according

to SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. BJ. Selebogo, who is Ore Reserve Manager, and a

Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No cut-off grade has been applied for the estimation of Mineral Resources. Mineral Resource tonnes are reported based on a gold price of

US$2,349/oz.

4. Tonnes are reported as million tonnes rounded to three decimal places. Gold values are rounded to zero decimal places.

5. Uranium content is reported as part of the MWS Mineral Resource estimate only.

6. Metal content does not include allowances for processing losses.

7. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate

economic viability.

8. Rounding as required by reporting guidelines may result in apparent summation differences .

9. The Mineral Resource estimate is for Harmony's 100% interest.

The change in Mineral Resources for the West Wits Operation is a result of estimation model and survey updates.

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K

1300. Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational planning

processes. The planning team utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors, plant call factor, and plant recovery factors.

The Mineral Reserve estimate for the MWS operation, as at 30 June 2024 and 2025, is summarised in the table below:

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral Reserve** <br>**Category**<br>| <br>**Source** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade**<br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**% Change** |
| Proved | TSF | 7.756 | 0.30 | 2353 | 7.499 | 0.28 | 2099 | 12.1 |
| Proved | WRD |  |  |  |  |  |  |  |
| **Sub Total / Ave. Proved** | **Sub Total / Ave. Proved** | **7.756** | **0.30** | **2353** | **7.499** | **0.28** | **2099** | **12.1** |
| Probable | TSF | 344.711 | 0.28 | 95334 | 367.071 | 0.28 | 101389 | (6.0) |
| Probable | WRD |  |  |  |  |  |  |  |
| **Sub Total / Ave. Probable** | **Sub Total / Ave. Probable** | **344.711** | **0.28** | **95334** | **367.071** | **0.28** | **101389** | **(6.0)** |
| **Total / Ave. Proved + Probable** | **Total / Ave. Proved + Probable** | **352.467** | **0.28** | **97687** | **374.570** | **0.28** | **103488** | **(5.6)** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. BJ. Selebogo, who is the Ore Reserve Manager, and a

Harmony employee.

2. Tonnes, grade, and content are declared as net delivered to the mills.

3. Gold content is recovered gold after taking into consideration the modifying factors.

4. Mineral Reserves are reported using a cut-off grade of 0.180g/t and a gold price of US$2,237/oz.

5. Recovered gold (kg) is based on a conversion factor of 32.1507oz/kg.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

The decrease in Mineral Reserves for the MWS Operation is due to survey updates.

The Mineral Reserve estimate for the West Wits operation, as at 30 June 2024, and 2025, is summarised in the table

below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | |
| <br>**Mineral Reserve** <br>**Category**<br>| <br>**Source** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade** <br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade**<br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| <br>**% Change** |
| Proved | TSF |  |  |  |  |  |  |  |
| Proved | WRD |  |  |  |  |  |  |  |
| **Sub Total / Ave. Proved** | **Sub Total / Ave. Proved** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Probable | TSF | 24.057 | 0.33 | 7891 | 12.281 | 0.32 | 3931 | 100.7 |
| Probable | WRD |  |  |  |  |  |  |  |
| **Sub Total / Ave. Proved** | **Sub Total / Ave. Proved** | **24.057** | **0.33** | **7891** | **12.281** | **0.32** | **3931** | **100.7** |
| **Total / Ave. Proved + Probable** | **Total / Ave. Proved + Probable** | **24.057** | **0.33** | **7891** | **12.281** | **0.32** | **3931** | **100.7** |

---

Notes:

1. The Mineral Reserves are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. BJ. Selebogo, who is the Ore Reserve Manager, and a

Harmony employee.

2. Tonnes, grade, and gold content are declared as net delivered to the mills.

3. Gold content is recovered gold after taking into consideration the modifying factors.

4. Mineral Reserves are reported using a cut-off grade of 0.221g/t and a gold price of US$2,237/oz

5. Recovered gold (kg) is based on a conversion factor of 32.1507oz/kg.

6. Rounding as required by reporting guidelines may result in apparent summation differences.

Change in Mineral Reserve is due to the LOM extension (by four years) through additional tailings deposition capacity at

existing dams.

The tables below present a summary of the modifying factors used to convert the Mineral Resource to the Mineral Reserve

for the MWS operation. The modifying factors are consistent with the modelling, planning and computing estimates used in

determining the Mineral Reserves, which are also consistent with historical performance.

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| Gold Accounted For ("**GAF**") - Grade Cut-off | g/t | 0.18 |
| Recovery Factor | % | 44.76 |
| Plant Call Factor | % | 100.00 |
| Dilution | % | N/A |
| Conversion factor | oz/kg | 32.1507 |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The tables below presents a summary of the modifying factors used to convert the Mineral Resource to the Mineral

Reserve for the West Wits operation. The modifying factors are consistent with the modelling, planning and computing estimates

used in determining the Mineral Reserves, which are also consistent with historical performance.

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| GAF - Grade Cut-off | g/t | 0.22 |
| Recovery Factor | % | 43.50 |
| Mine Call Factor | % | 100.00 |
| Dilution | % | N/A |

---

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Hidden Valley**

***Property Description***

The Hidden Valley mine is located in the Morobe Province of Papua New Guinea and is 100% owned and operated by

Morobe Consolidated Goldfields Limited, a wholly-owned subsidiary of Harmony. Hidden Valley mine consists of the Hidden

Valley Kaveroi open pit ("**HVK**") and the Hamata open pit (which are located approximately 6km apart) and an ore processing

facility in steep, heavily forested, mountainous terrain. The deposit is located at latitude 7°22'S and longitude 146°39'E,

approximately 20km southwest of Wau within Mining Lease ML151.

The following graphic illustrates the location of the Hidden Valley mine.

![hvmap122.jpg](hmy-20250630_g26.jpg)

The mineral tenure is presented in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **License Holder** | **License Type** | **Reference No.** | **Effective Date** | **Expiry Date** | **Area (ha)** |
| Morobe Consolidated Goldfields <br>Limited <br>| Mining Lease | ML151 | 4 March 2005 | 3 March 2030 | 4098.29 |

---

***Operational Infrastructure***

Wau is the closest town, with an estimated population of 5,800 (2011 census). This town was the centre of the gold rush in

the 1920s and 1930s in the Morobe Goldfield. An airstrip is operational in the town. The closest large town to the Hidden Valley

mine is Bulolo, with a population estimated at 20,000 in 2010. In the 1930s, this town was the centre of gold dredging on the

Bulolo River. The town has an airport, schools, clinics and hospitals. Forestry and alluvial mining is currently the dominant

industry in the area.

Lae is an urban area, a major transport hub, and a commercial, administrative, industrial, residential, and educational

centre for both the Morobe Province and PNG, with a population in 2011 (the most recent year for which PNG census data are

available) of approximately 149,000.

The existing infrastructure located at the mine site is sufficient to support the current mine plan.

The property, plant, and equipment of Hidden Valley as of 30 June 2025, including buildings and mine infrastructure,

mining assets, decommissioning assets, rehabilitation and assets under construction, had a carrying value of US$306 million

R5,355 million). For information on assets and liabilities (including costs after depreciation) of Hidden Valley see "Annual

Financial Report - Notes to the Consolidated Financial Statements - Note 39 "Segment Report".

Hidden Valley did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no

significant encumbrances exist.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The surface infrastructure plan for the mine area is presented in the graphic below.

![hvmap222.jpg](hmy-20250630_g27.jpg)

***Geology***

The HVK deposit is a vein-stockwork gold-silver deposit located in the southeast corner of the Wau Graben and is hosted

by the Morobe Granodiorite. The Kaindi Metamorphics occur as a cap to the HVK mineralisation. It comprises grey-black and

green-brown, variably carbonaceous, schistose, quartz-rich psammites and pelites that have undergone regional greenschist

metamorphism and localised, higher grade contact metamorphism on intrusive contacts with Morobe Granodiorite. The

granodiorite comprises two parts; an upper homogenous granodiorite of uniform texture cut by thin aplite dykes and feldspar

porphyry dykes. Below the HVK fault is a lower, more heterogeneous unit comprising granodiorite, diorite, adamellite, tonalite

and feldspar porphyry. The lower unit tends to contain gypsum veining, not regularly seen in the upper unit.

Numerous porphyry dykes of the Edie Creek Suite intrude both the Kaindi Metamorphics and the Morobe Granodiorite.

Porphyry composition varies from hornblende-biotite to feldspar-quartz phenocryst varieties. These bodies are not generally

mineralised but do commonly show some alteration.

Surficial weathering, mainly by downward percolation of oxygenated meteoric water, is variable over the gold-silver deposit

due to lithological, alteration and structural discontinuities. Of the two main rock units the granodiorite is usually more deeply

weathered than the metasediment. At the HVK deposit, four distinct oxidation zones are recognised; an oxide zone, partial

oxidation zone, a zone of fracture oxidation, and a fresh (primary) zone. However, the effects of supergene gold enrichment or

depletion (if present) are minimal for the HVK deposit.

***History***

Gold was discovered in Hidden Valley Creek by W.H. Chapman in 1927 (Lowensteub, 1982), and worked until 1929. In

1945, stream alluvial gold samples were taken close to the HVK discovery outcrop, but the deposit remained hidden. In 1984,

CRA Exploration (Pty) Ltd ("**CRAE**") discovered the HVK deposit when it carried out a regional stream sediment sampling

program in the headwaters of the Upper Watut River, -80mesh sediment samples returned values of 54ppm gold. Mapping up

the creeks revealed a landslide on the northern bank of Hidden Valley Creek had exposed altered and mineralised granodiorite

with initial chip sampling returning 55m at 3.8ppm gold. Drilling commenced in 1985, with the third and fourth holes intersecting

wide zones of mineralisation.

CRAE completed a prefeasibility study in 1989, and concluded the deposit was too marginal at that time to develop. In

1992, Placer Pacific Limited entered into a joint venture with CRAE but withdrew from the joint venture in 1993. In that time

Placer drilled 13 holes and tested some adjacent targets. The project went through a hiatus until 1995, when CRAE reviewed

the project. In 1997, CRAE (now known as Rio Tinto Limited) sold its interest in the HVK deposit to a wholly-owned subsidiary of

Australian Gold Fields NL ("**AGF**"), which was subsequently placed into administration. Aurora Gold Limited ("**Aurora**") acquired

the deposit from the administrators of AGF in September 1998. Aurora completed a prefeasibility study on the project in 2002.

Abelle Limited ("**Abelle**") obtained 100% ownership of the deposit in February 2003, following the merger of Abelle with Aurora.

Harmony effectively acquired 100% of Abelle on 1 May 2003. A Memorandum of Agreement between landowners and the

PNG Government was signed on 5 August 2005, resulting in the mining lease for the Hidden Valley project being granted.

Harmony commenced and completed a feasibility project on the deposit and commenced construction in 2008.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

In August 2008, Harmony and Newcrest Mining Limited ("**Newcrest**") commenced a joint venture relationship in the

Morobe Province of PNG, and the Hidden Valley Joint Venture was established as an unincorporated 50:50 joint venture

between Morobe Consolidated Goldfields Limited (Harmony) and Newcrest PNG1 Limited (Newcrest). The Hidden Valley mine

(comprising HVK and Hamata open pits) has been in operation since 2009, and was officially opened in September 2010.

In October 2016, Harmony acquired Newcrest's joint venture interest, and Morobe Consolidated Goldfields Limited took

100% ownership of the Hidden Valley mine.

***Mineral Tenure***

Refer to Item 4: "Information on the Company – Business Overview – Regulation – Mineral Rights – Papua New Guinea"

above for a summary of the regulatory environment in PNG.

Hidden Valley operates within Mining Lease, ML151, and also within Mining Easement ME 82 and Lease for Mining

Purposes LMP 80. All tenements are registered in the name of Morobe Consolidated Goldfields Limited and are valid until 2030.

In accordance with the PNG Environment Act, an EIS was submitted to the Department of Environment and Conservation

(now CEPA) in February 2004. The EIS was approved in January 2005, and the Waste Discharge Permit WD-L3(50) and Water

Extraction Permit WE-L3(38) were issued. In October 2017, these permits were amalgamated as Environment Permit EP-

L3(578) in November 2017 .

In December 2020, Morobe Consolidated Goldfields Limited submitted an application to CEPA for a minor amendment to

Environment Permit EP-L3(578), in support of the Stage 8 expansion, in accordance with the Environment (Prescribed

Activities) Regulation 2002. An amendment to Environment Permit EP-L3(578) was issued by CEPA in March 2021.

The mine presently operates in accordance with the 41 conditions prescribed by Environment Permit EP-L3(578), which

will expire on 29 March 2030. The existing environmental and tenure permits and licenses are summarised below.

In accordance with Environment Permit EP-L3(578), condition 4, Morobe Consolidated Goldfields Limited reviews and

updates its Hidden Valley Environmental Management Plan every three years. The most recent iteration (2025-2027) was

submitted to CEPA for approval in January 2025, with approval received in October 2025.

A summary of the status of environmental permits and tenements issued as at 30 June 2025, is presented in the table

below.

---

| | |
|:---|:---|
| **Permit / License** | **Status** |
| Mining Lease | ML151 current. Amended 25 May 2021. Expiry 3 March 2030. |
| Lease for Mining Purpose | LMP80 current. Amended 25 May 2021. Expiry 3 March 2030. |
| Mining Easement | ME82 current. Amended 25 May 2021. Expiry 3 March 2030. |
| Environment Permit EP-L3 (578) | Awarded October 2017. Amended March 2021. Expires March 2030. |
| EIS | Approved January 2005. |

---

***Mining Method***

Hidden Valley is an open pit gold-silver operation, operating conventional truck/excavator open pits and an ore-processing

plant. One single open pit is currently in operation; the HVK pit . The HVK pit supplies all of the ore to the processing plant which

is located some 6km away. The Hamata open pit has been exhausted and is currently being converted into the TSF2.

Mining operations employ conventional open pit mining techniques with back-hoe excavators and rigid dump trucks as the

primary load and haul equipment. Front-end loaders are used for crusher feed and stockpile reclaim. A number of articulated

smaller dump trucks are used for construction, and mining in Hamata. Mining bench configuration consists of 18m inter-berm

heights, mined as 2 x 9m benches or 3 x 3m flitches (typically in ore).

Waste is disposed in engineered valley fill waste dumps, with toes keyed in and buttressed using competent non-acid

producing rock. The construction of the Neikwiye valley toe buttress and underdrain network was completed in the 2018 fiscal

year and waste rock will be disposed in this dump envelope through the remainder of the mine life. Similarly under drain

construction and toe buttress has been constructed in the Kaveroi Valley with selective placement to continue in this area for the

LOM.

The Hidden Valley processing plant was designed to treat 4.2Mtpa of gold/silver bearing ore nominally although

operational issues have prevented the plant reaching its intended capacity. The processing plant treats gold/silver ore from the

HVK and Hamata deposits. Crushed ore is conveyed from the HVK pit via a 4.5km long overland pipe conveyor.

Tailings are stored in TSF1 located to the southwest of the process plant. Dam-wall construction of the TSF is ongoing and

largely constitutes placement of suitable oxide and fresh competent material sourced from mining in the Hamata pit. The

processing inventory in this Mineral Reserve estimate is constrained by remaining TSF capacity. TFS1 has a remaining capacity

of ~11.3Mt with TSF2 adding an additional 8.0Mt of capacity. The overall remaining TSF capacity is currently estimated at

19.3Mt.

***Mineral Processing***

The Hidden Valley CIL processing plant, located adjacent to the Hamata open pit, was commissioned in 2009. The Hidden

Valley processing plant is designed to treat 4.2Mtpa of gold bearing ore nominally from three separate open pits. Three distinct

ore types are to be treated through two alternate treatment routes:

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• whole ore processing: used to process the blend containing ore from the Hamata deposit, and oxide, transitional and

primary ore from the HVK deposits; and

• primary ore processing: used when processing only the primary ore from the HVK deposit.

The Hamata ore is typically a gold:silver ratio of 1:1 with varying sulphur grades from 0.5% to 5.0%. Transition and primary

ores have a significantly higher silver content with a gold:silver ratio of 1:15. Transition sulphur averages 0.96% while primary

ore has a sulphur grade of 1.81%.

***Qualified Persons***

The QPs were employed on a full-time basis by Harmony. The QPs' qualifications, areas of responsibility and personal

inspection of the property are summarised in the graphic below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Prof. Assoc.** | **Qualifications** | **TRS Section** <br>**Responsibility**<br>| **Personal Insp.** |
| Mr. R. Reid | FAIG, MAusIMM | BSc.Hons, Grad.Dip <br>(Sc)<br>| 3, 4, 5, 6, 7, 8, 9, 11 | Regular. <br>Last June 2024<br>|
| Mr. G. Job | FAusIMM | BSc.,MSc (Min Econ) | 1, 2, 3, 15, 21, 22, 23 | Regular. <br>Last February 2023<br>|
| Mr. D. Ross | MAusIMM (CP), RPEQ | BEng (Mining) | 12, 13 | Regular. <br>Last July 2025<br>|
| Mr. M. Swart | FAusIMM(CP), RPEQ | BMetEng, MBA | 10, 14 | Regular. <br>Last June 2025<br>|
| Mr.S.Wakefield | EIANZ | BENG(Civil), MENG <br>Hons(Environmental)<br>| 17 | Regular. Last August <br>2025<br>|
| Mr. D. Hall | MAHRI | BCom(HR & Industrial <br>Psychology)<br>| 17 | Regular. <br>Last March 2024<br>|
| Mr. M. Koehler | CAANZ | BBus Acc, Grad Dip <br>(CA)<br>| 16, 18, 19 | Regular <br>Last August 2021<br>|

---

***Exploration***

The HVK deposit has had a long history of exploration dating back to the 1980s.

A large mapping dataset exists from detailed work completed over the years. The geological model used in the Mineral

Resource estimate has been based upon combined drill hole data and surface mapping that has been completed over time.

Structural mapping in and around the site and within the open pits has been conducted on a number of occasions. Observations

gathered during open pit mapping have been combined with more regional mapping work completed over time by site geologists

and consultants to construct a robust geological model that will support the grade estimate.

Available regional government geophysical datasets include a 1000m spaced fixed-wing airborne magnetic survey, a 400m

spaced helicopter airborne magnetic survey and a 2000m spaced fixed-wing gravity survey. Available company geophysical

datasets include a 50m spaced helicopter airborne magnetic survey, some prospect-specific ground magnetic survey stations,

and induced polarisation surveys.

Regional stream sediment and "Ridge and Spur" soil sampling was completed by CRAE between 1983 and 1989.

Additional soils and trenches were completed prior to and post the commencement of drilling. Drilling data and mining have

superseded the information in the trenching programs.

Available geochemical sampling on ML151 includes a total of 24,844 surface samples. These are a mix of historical

company data and Harmony collected sampling. Surface geochemical sampling techniques include soil (8,741), rock chip

(12,468), wacker (2,033), auger (920) and stream sediment (245), plus some other less common techniques. Available assay

suites for both historical company data and Harmony collected sampling vary widely, with assay suites generally extended to

more elements in more modern times.

CRAE discovered the HVK deposit using stream sediment sampling campaign up the headwaters of the Upper Watut River

in 1984. Sediment samples (-80mesh) returned values of 54ppm Au. No further information is available on the stream sediment

sampling campaign. This data is not, however, used in geological modelling and Mineral Resource estimation.

Surface drilling completed to date included diamond core and reverse circulation ("**RC**") drilling. Drilling was undertaken

continuously between 2009 to 2012, with some minor additional drilling done since. Some targeted deeper RC holes and

diamond holes have been drilled into the deposit during 2014 to 2022, with various degrees of success to close up the drill

spacing. A total of 34,086 holes measuring 1,099,053m of drilling were used in the generation of the 2022 geology and domain

mode. This includes both blast and RC operational grade control drilling. A total of 1,586 drill holes, comprising 275,491m of

drilling was used in the Mineral Resource estimate. It should be noted that these numbers exclude grade control drilling. This

drilling was not included in the Mineral Resource estimate due to sample support issues which would result from such closely

spaced drilling.

The QPs are of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Resource Estimate***

The Mineral Resource estimate is reported in situ within the Hidden Valley lease area, as determined through the analysis

of the reasonable prospect for economic extraction by an opencut mining method. The cut-off value for the Mineral Resources is

determined at 0.70g/t gold based on the economic assumptions set forth in the table belowat 30 June 2025.

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 2349 |
| Silver price | US$/oz | 25 |
| A$ Exchange rate | US$:A$ | 0.68 |
| K Exchange rate | K:US$ | 4.03 |
| Plant recovery factor – (ave of multi variate curve) | % | 88.00 |
| Unit cost<sup>1</sup> | K/t | 10.21 |

---

<sup>1</sup> Unit cost includes cash operating cost, royalty and ongoing development capital.

This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

The Mineral Resources were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation

S-K1300. These Mineral Resources account for mining depletion recorded from July 2024 to June 2025.

The Mineral Resource estimate, as at 30 June 2024 and 2025, exclusive of the reported Mineral Reserves, is summarised

in the table below.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | |
| | | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| | | | **Grade** | **Grade** | **Metal Content** | **Metal Content** | | **Grade** | **Grade** | **Metal Content** | **Metal Content** | |
| <br>**Mineral** <br>**Resource** <br>**Category**<br>| <br>**Source** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**(g/t)**<br>| **Silver**<br>**(g/t)**<br>| **Gold** <br>**(kg)**<br>| **Silver**<br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**(g/t)**<br>| **Silver**<br>**(g/t)**<br>| **Gold** <br>**(kg)**<br>| **Silver**<br>**(kg)**<br>| <br>**%** <br>**Change**<br>|
| Measured | HVK | 0.703 | 0.67 | 14.53 | 467 | 10214 | 0.738 | 0.78 | 18.09 | 572 | 13348 | (18.4)% |
| Measured | Hamata |  |  |  |  |  |  |  |  |  |  | —% |
| Sub Total / Ave. <br>Measured | Sub Total / Ave. <br>Measured | 0.703 | 0.67 | 14.53 | 467 | 10214 | 0.738 | 0.78 | 18.09 | 572 | 13348 | **(18.4)%** |
| Indicated | HVK | 30.867 | 1.23 | 17.73 | 37857 | 547351 | 29.901 | 1.17 | 15.81 | 34928 | 472725 | 8.4% |
| Indicated | Hamata |  |  |  |  |  | 1.738 | 1.93 |  | 3353 |  | (100.0)% |
| Sub Total / Ave. <br>Indicated | Sub Total / Ave. <br>Indicated | **30.867** | **1.23** | **17.73** | **37857** | **547351** | **31.638** | **1.21** | **14.94** | **38280** | **472725** | **(1.1)%** |
| Total / Ave. Measured + <br>Indicated | Total / Ave. Measured + <br>Indicated | 31.570 | 1.21 | 17.66 | 38324 | 557565 | 32.376 | 1.20 | 15.01 | 38853 | 486073 | **(1.4)%** |
| Inferred | HVK | 1.823 | 1.29 | 11.09 | 2346 | 20223 | 1.013 | 1.12 | 26.29 | 1136 | 26637 | 106.5% |
| Inferred | Hamata |  |  |  |  |  | 0.184 | 1.49 |  | 274 |  | (100.0)% |
| **Total / Ave. Inferred** | **Total / Ave. Inferred** | **1.823** | **1.29** | **11.09** | **2346** | **20223** | **1.197** | **1.18** | **22.25** | **1410** | **26637** | **66.4%** |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on From 20-F, the Mineral Resources have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K. The QP responsible for the estimate is Mr. R. Reid, Group Resource Geologist, an employee of

Harmony Gold (PNG Services) Limited.

2. Mineral Resources are adjusted for mining depletion to end April 2025, with assumed production for May and June, 2025.

3. The Mineral Resource tonnes are reported as in situ with reasonable prospects for economic extraction.

4. Measured Resources include surface stockpiles only.

5. Mineral Resources are reported on a 100% basis. Harmony holds a 100% interest.

6. Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated

economic viability.

7. Mineral Resources at HVK are reported assuming a bulk open pit mining metallurgical recovery for silver and gold by sulphide flotation.

Mineral Resources are reported above a gold grade cut-off of 0.70g/t on the results of a profit algorithm; this equates to a marginal ore cut-

off grade. The profit algorithm takes account of metal price, grade, ore processing route, recoveries and costs. Metal price assumptions are

US$2,349/oz gold, US$25.00/oz silver and a 0.68 US$/A$ exchange rate. Adjustments to these figures will potentially impact upon the

economic cut-off grade.

8. Tonnages are metric tonnes. Gold and silver ounces are estimates of metal contained in tonnages and do not include allowances for

processing losses.

9. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

Rounding is to three significant figures for tonnes.

10. The decrease in Mineral Resource tonnes is a product of the increased Mineral Reserve and depletion related to mining over the past year.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Reserve Estimate***

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K

1300. Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning

processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining widths,

planned mine call factors.

The Mineral Reserve estimate, as at 30 June 2024 and 2025, is summarised in the table below.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Fiscal Year Ended 30 June | Fiscal Year Ended 30 June | Fiscal Year Ended 30 June | Fiscal Year Ended 30 June | Fiscal Year Ended 30 June | Fiscal Year Ended 30 June | Fiscal Year Ended 30 June | Fiscal Year Ended 30 June | Fiscal Year Ended 30 June | Fiscal Year Ended 30 June | |
| | | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| | | | **Grade** | **Grade** | **Metal Content** | **Metal Content** | | **Grade** | **Grade** | **Metal Content** | **Metal Content** | |
| <br>**Mineral** <br>**Reserve** <br>**Category**<br>| <br>**Open** <br>**Pit**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**(g/t)**<br>| **Silver** <br>**(g/t)**<br>| **Gold** <br>**(Kg)**<br>| **Silver** <br>**(Kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**(g/t)**<br>| **Silver** <br>**(g/t)**<br>| **Gold** <br>**(Kg)**<br>| **Silver** <br>**(Kg)**<br>| <br>**%** <br>**Change**<br>|
| Proved | HVK | 1.630 | 0.95 | 22.69 | 1555 | 36982 | 1.000 | 0.87 | 19.60 | 900 | 20200 | 73% |
| Proved | Hamata |  |  |  |  |  |  |  |  |  |  | —% |
| Total / Ave. Proved | Total / Ave. Proved | 1.630 | 0.95 | 22.69 | 1555 | 36982 | 1.000 | 0.87 | 19.60 | 900 | 20200 | **73%** |
| Probable | HVK | 16.997 | 1.45 | 24.52 | 24603 | 416694 | 15.400 | 1.68 | 26.02 | 25900 | 400300 | (5)% |
| Probable | Hamata |  |  |  |  |  | 0.100 | 1.57 |  | 200 |  | (100)% |
| Total / Ave. Probable | Total / Ave. Probable | **16.997** | **1.45** | **24.52** | **24603** | **416694** | **15.500** | **1.68** | **25.81** | **26100** | **400300** | **(6)%** |
| Total / Ave. Proved + <br>Probable | Total / Ave. Proved + <br>Probable | 18.627 | 1.40 | 24.36 | 26158 | 453676 | 16.500 | 1.63 | 25.42 | 27000 | 420500 | **(3)%** |

---

Notes:

1. Mineral Reserves are reported with an effective date of 30 June 2025, and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of

Regulation S-K. The QP responsible for the estimate is Mr. D. Ross, Group Manager Mine Planning, an employee with Harmony Gold.

2. Mineral Resources are reported on a 100% basis. Harmony holds a 100% interest.

3. Mineral Reserves are reported using the following assumptions: open pit mining method, gold price of US$2,237/oz, silver price of

US$25.00/oz at US$/A$0.68 exchange rate.

4. Not all "ore" as defined at the economic cut off reports to the Mineral Reserve due to the constrained tailing storage facility with some

marginal grade ore material remaining on stockpile. The Proved Mineral Reserve is limited to stockpiles. Probable Mineral Reserve is

derived from the Indicated Mineral Resource.

5. Gold and silver ounces are estimates of metal contained in tonnages and do not include allowances for processing losses.

6. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

Rounding is to three significant figures for tonnes.

7. The increase in Mineral Reserve was due to an increase in TSF capacity allowing for a larger pit design

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| Gold Price | US$/oz | 2237 |
| Silver Price | US$/oz | 25 |
| **Exchange Rate** |  |  |
| A$ : US$ |  | 0.68 |
| K : US$ |  | 4.03 |
| Tonnage Recovery | % | 100 |
| **Gold Modifying Factor (ave)** |  |  |
| HVK | % | 92.50 |
| Hamata | % |  |

---

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Wafi-Golpu Project**

***Property Description***

The Wafi-Golpu Project is situated within the Morobe Province of PNG, approximately 65km southwest of Lae, the nearest

commercial centre. The Wafi-Golpu Project comprises the Golpu copper–gold porphyry deposit ("**Golpu deposit**"), the Wafi

epithermal gold deposit ("**Wafi deposit**") and the Nambonga copper-gold porphyry deposit ("**Nambonga deposit**"). Mineral

Resources and Mineral Reserves were estimated for the Golpu deposit. Additional Mineral Resources were estimated for the

Wafi deposit and the Nambonga deposits however, these deposits are not currently included in the mine plan. No production

has yet occurred at this property. The Wafi-Golpu Project is situated at a latitude of 6°51'46.63"S and longitude of

146°27'08.20"E.

The "property, plant, and equipment" of the Wafi-Golpu Project as of 30 June 2025, including buildings and mine

infrastructure, mining assets, rehabilitation and assets under construction, had a carrying value of R2,861 million.

The Wafi-Golpu Project did not incur any fines or penalties for non-compliance during the year ended 30 June 2025 and no

significant encumbrances exist.

The following graphic illustrates the location of the Wafi-Golpu Project.

![wafimap122.jpg](hmy-20250630_g28.jpg)

The Wafi-Golpu Joint Venture ("**WGJV**") participants hold two ELs covering a total area of 12,984 ha. The deposits are

located within EL440, with a range of major surface facilities to be located on EL1105.

The WGJV participants also hold an environment permit for the project issued under the PNG Environment Act. The permit

authorises the utilisation of DSTP as the tailings management method for the Wafi-Golpu Project.

Both tenements were in good standing as at 30 June 2025. There is no material litigation (including violations or fines) that

threatens its mineral rights, tenure, or operations. However, the grant of the permit is currently the subject of two judicial review

proceedings against the State of PNG, the first of which was instituted in March 2021 by a previous Governor of the Morobe

Province in PNG, who was opposed to DSTP, and the second of which was instituted in December 2022 by Huon Gulf coastal

villagers represented by the CELCOR.

With regard to the proceedings instituted in March 2021, the Governor who succeeded the instituting Governor in

September 2022 was not opposed to DSTP and stated publicly his intention to withdraw the proceedings instituted by his

predecessor. As at 30 June 2025, he had not yet done so. The Governor passed away in September 2025 and, to the time of

filing of this report, the proceedings have not been withdrawn. With regard to the proceedings instituted in December 2022, the

matter went to substantive hearing on 12 June 2025 and, to the time of filing of this report on Form 20-F, a ruling has not been

made.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

See Item 3: "*Risk Factors - We are subject to the risk of litigation, the causes and costs of which are not always known*".

***Operational Infrastructure***

The closest major community is Lae. Lae is an urban area, a major transport hub, and a commercial, administrative,

industrial, residential, and educational centre for both the Morobe Province and PNG, with a population in 2011 (the most recent

year for which PNG census data are available) of approximately 149,000.

The Wafi-Golpu Project is located in a mountainous area of PNG. A combination of roads and access tracks exist between

Lae and the project site. However, the track components are suitable for four-wheel drive vehicles and purpose-built trucks only.

During major rainfall events this access route may become closed to vehicular traffic.

Current access to the planned mine site is via a partly-sealed road from Lae to Timini, and a gravel road from Timini

(Demakwa) to Wafi, with the trip taking about three to four hours depending on the weather. As part of project development, a

new road (including bridges) (the "**northern access road**"), will be constructed, running from the Highlands highway to the mine

site, and linking up with the current exploration access road. A private mine access road will be constructed from the intersection

of the northern access road and the current exploration access road.

Commercial airlines operate flights between the national capital, Port Moresby, and Nadzab airport, which is approximately

a one-hour drive by road from Lae. The Nadzab airstrip is sealed. Helicopter access to the mine site area is available, with a

suitable area at the proposed mine site cleared for landing.

The Golpu project is a greenfield site that currently does not have any infrastructure to support the planned mining and

processing operations. There is no effective local infrastructure with respect to power, water, and roads that are trafficable by

vehicles other than all-wheel drive vehicles. Water supply for drilling was sourced from rivers, and power at the exploration camp

(Wafi Camp) is locally generated. The surface infrastructure plan for the mine area is displayed in the graphic below, along with

the start of the infrastructure corridor.

The Wafi-Golpu Project had no "property, plant, and equipment" as of 30 June 2025.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

![wafimap222.jpg](hmy-20250630_g29.jpg)

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Geology***

Wafi–Golpu is a complex, multiphase mineralised system comprising the:

• Golpu porphyry copper–gold deposit;

• Wafi epithermal gold deposit; and

• Nambonga porphyry gold–copper deposit.

The Golpu Intrusive Complex consists of multiple, hornblende-bearing diorite porphyries intruded into the host sedimentary

lithologies. The porphyries are separated based on their spatial position and, where not texturally destroyed, into coarse

hornblende-rich variants, feldspathic-rich units and porphyries containing quartz-eye inclusions. Intrusions range from small

dykes to small stocks/bosses and apotheoses. Single intrusions pinch and swell vertically over tens of metres and form dykes,

pipes and stocks.

The Wafi Diatreme complex is a roughly rectangular shaped feature, 800m by 400m at surface with steep, inward-dipping

sides. The diatreme comprises intrusive and sedimentary breccias, volcaniclastic rocks and tuffs, and was intruded by several

phases of unmineralised dacitic porphyries.

The Nambonga diorite porphyry stock is typically medium-grained, containing plagioclase and hornblende phenocrysts set

in a feldspathic matrix. The diorite is cut by a late barren diorite phase at depth. The diorite has intruded lithologies of the Owen

Stanley Metamorphic Complex, consisting of metasandstone and minor metaconglomerate.

***History***

Historical exploration dates back to 1977 and has included regional exploration sampling, geophysical surveys,

geochemical sampling, RC and diamond core drilling.

CRAE identified mineralised float in a regional geochemical sampling program and discovered the outcropping

mineralisation of the Wafi A Zone near Mount Golpu in 1979. The Mt Wanion EL (EL440) was granted in 1980. The discovery of

the Golpu copper–gold porphyry deposit occurred in 1990.

Aurora acquired project ownership in 2001 and updated Wafi resource estimate on A Zone, B Zone and Link Zone in 2002.

Completed check resource estimate at Wafi in 2002. Aurora merged with Abelle in 2003. An updated Wafi Mineral Resource

estimate was completed in 2003.

Harmony acquired Abelle in 2004 and completed the Wafi–Golpu Concept Study. Mineral Resource estimates for selected

deposits were updated in 2005, 2006 and 2007. The Golpu standalone prefeasibility study, was completed 2007. The Wafi–

Golpu integrated prefeasibility study was completed 2007. The Nambonga porphyry was discovered in 2007.

In August 2008, Harmony and Newcrest commenced a joint venture relationship in the Morobe Province of PNG, and the

WGJVwas established as a 50:50 unincorporated joint venture between Wafi Mining Limited ("**Wafi Mining**") and Newcrest

PNG2 Limited ("Newcrest PNG2"), subsidiaries respectively of Harmony and Newcrest and together referred to as the "WGJV

participants". In November 2023, Newmont Corporation ("**Newmont**") completed the acquisition of Newcrest.

The Golpu Development Project Desktop Study was completed 2009. This was followed by the Wafi concept study (2010),

the Wafi–Golpu prefeasibility study (2012), and the Wafi Golpu prefeasibility optimisation study (2014). Regional geological

mapping and geological synthesis was completed in 2015, which led to a re-evaluation of the development approach and the

Golpu Stage 2 prefeasibility study, completed in 2015. Golpu Feasibility Study was then completed 2016.

On 25 August 2016 the WGJV submitted a Special Mining Lease ("**SML**") application to the PNG MRA for an SML area

including the Golpu, Wafi and Nambonga deposits. The SML application included applications for ancillary mining tenements, a

Proposal for Development, which incorporated the 2016 Feasibility Study report, and supporting application documents such as

a National Content Plan. Further data collection and technical assessment undertaken in 2016–2017. The Feasibility Study

Update was completed in December 2017 and submitted to the PNG MRA in March 2018. Permitting negotiations for the grant

of the SML application resumed in 2018.

In December 2018, the WGJV participants entered into a Memorandum of Understanding with the State regarding the

timetable and progress of the permitting process. When the State of PNG withdrew from that memorandum in November 2019,

the parties entered into a Framework Memorandum of Understanding ("**FMOU**") on 6 April 2023, which FMOU continues to

underpin the permitting process, which is ongoing.

An EIS was submitted to CEPA on 25 June 2018, and an environment permit for the Wafi-Golpu Project was issued on

18 December 2020. The environment permit includes conditions relating to DSTP.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Mineral Tenure***

Refer to Item 4: "*Information on the Company – Business Overview – Regulation – Mineral Rights – Papua New Guinea"*

above for a summary of the regulatory environment in PNG.

The WGJV holds two ELs covering a total area of 12,894ha, each of which is registered in the names of Wafi Mining and

Newcrest PNG2. The deposits are all located within EL440, with a range of major surface facilities to be located on EL1105. The

summary of mineral tenure is presented in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **License Holder** | **License Type** | **Reference No.** | **Effective Date** | **Expiry Date** | **Area (ha)** |
| Wafi Mining and <br>Newcrest PNG2<br>Wafi Mining and <br>Newcrest PNG2 | Exploration License | EL440 | 11 March 2024 | 10 March 2026 | 9501 |
| Wafi Mining and <br>Newcrest PNG2<br>Wafi Mining and <br>Newcrest PNG2 | Exploration License | EL1105 | 26 January 2023 | 25 January 2025<sup>1</sup> | 3393 |

---

<sup>1</sup> Renewal submitted on 16 October 2024.

Both tenements are in good standing and EL1105 is currently under renewal. The WGJV participants lodged an application

to extend the term of EL1105 for a further two years on 16 October 2024, in accordance with the requirements of the PNG

Mining Act.

If any EL under our Wafi-Golpu Project results in a mineral discovery, the PNG State has a back-in right under Section 17

of the PNG Mining Act. This right allows the PNG State at any time before the start of mining, to acquire a participating interest

of up to 30% in the discovery by paying a price equal to its pro-rata share of accumulated exploration expenditures. Once this

interest is acquired, the PNG State must contribute its pro-rata share of future exploration and development costs unless

otherwise agreed.

The PNG Government has indicated that it intends to exercise its back-in right to take its full 30% interest. If it does so, the

interests of Wafi Mining and Newcrest PNG 2 would each be reduced to 35%.

The tenements required to develop and operate the Wafi-Golpu Project and which, as at 30 June 2025 are under

application, are summarised below:

• SML 10. For Block cave mines, Watut declines portal terrace, process plant terrace, Watut process plant, Nambonga

decline portal terrace, waste rock storage facilities ("**WRSFs**"), Miapilli clay borrow pit, water treatment facilities,

sedimentation dams, raw water dam, explosives magazine facilities, waste management facility, concrete batch plants,

electrical substations, workshops and administration buildings, accommodation facility;

• LMP 100. For Finchif construction accommodation facility and power generation facilities;

• LMP 104. For Port facilities area (including concentrate filtration plant);

• LMP 105. For outfall area;

• ME 91. For Infrastructure corridor pipelines and power transmission lines from the northern boundary of the SML

application to Lae and to the power generation facilities;

• ME 92. For Mine access road;

• ME 93. For northern access road;

• ME 94. For wastewater discharge pipeline (for mine dewatering) to the Watut River and co-located raw water make-up

pipeline;

• ME 96. For terrestrial tailings pipeline – Lae to Wagang;

• ME 97. For component of outfall system, specifically the seawater intake and deep sea tailings placement outfall pipelines;

• ML 183. Northern Access Road Quarry;

• ML 184. Madzim Gravel Pit;

• ML 185. Lense Sibal Beamena Hard Rock Quarry;

• ML 186. South Papas Gravel Pit; and

• ME 115. Madzim Gravel Pit Access Track.

***Environment Permit***

The WGJV participants hold a Level 3 Environment Permit (EP-L3 (767)) for the Wafi-Golpu Project.

An Environmental Inception Report ("**EIR**") was submitted to CEPA in May 2017, and approved in June 2017. An EIS was

submitted to CEPA in June 2018, and approved in November 2020. The environment permit was issued on 18 December 2020,

has a term of 50 years and includes conditions relating to DSTP. The EIS included a framework Environment Management Plan

and it will be necessary, as a condition of the Environment Permit, to prepare an Environmental Management and Monitoring

Plan ("**EMMP**") and submit it to CEPA for its approval.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | |
|:---|:---|
| **Permit / License** | **Status** |
| EIR | Submitted May 2017, approved June 2017. |
| EIS | Submitted 2018. Approved November 2020. |
| Level 3 Environment Permit EP-L3 (767) | Approved December 2020. Valid for 50 years. |
| EMMP | To be prepared as a condition of EP-L3 (767) |

---

***Mining Method***

The proposed mining method is block caving on three levels, namely BC40, BC42 and BC44. The BC44 and BC42

underground services and infrastructure areas are designed to a feasibility level of confidence. The BC40 cave footprint and

thus extraction level layout are designed at a pre-feasibility confidence level. The infrastructure for BC40 is identical to that of

BC44 and BC42 and is at a feasibility level of confidence. There will be no additional surface infrastructure for BC40.

Block caving was selected for the following reasons:

• orebody geometry and geotechnical conditions;

• high productivity, low operating cost mining method; and

• higher-value material located at depth can be accessed earlier in the mine plan.

The proposed mine plan uses technology conventional to block cave operations, including mine design and equipment.

The mine is planned to operate 24 hours per day, every day of the year, apart from scheduled and unscheduled shutdowns.

Access to the mine workings will be via the Watut and Nambonga declines, with each generating waste rock that will either

be used in construction activities, processed or deposited within the WRSFs. Block cave mining will not result in the production

of waste rock because all material extracted from the block cave will be fed to the Watut process plant. Block cave mining will

cause a subsidence zone of fractured rock to develop that will propagate to surface.

During caving operations, ore from the block cave drawpoints will be delivered by vehicles to an underground crusher. The

crushed ore will then be conveyed to the surface. The ore conveyor emerging at the Watut declines portal terrace will continue

overland for approximately 600m to deliver crushed ore to a coarse ore stockpile adjacent to the Watut process plant for

processing.

***Mineral Processing***

The proposed Watut process plant will be a compact copper concentrator that is progressively built (in line with the profile

of the mine ramp-up) to be capable of processing approximately 17Mtpa of crushed ore at peak capacity to produce a high-

grade copper concentrate. The plant is designed to cater for the ore composition changes over the LOM, and blending is not

expected to be required.

A two-stage ramp-up philosophy will be used. The plant will run intermittently (campaign treatment) and in 50% turndown

mode for the first three years. During the mine ramp-up period, the total volume of the coarse ore stockpile and start-up

stockpile will be used to maintain plant utilisation as high as practicable, minimizing the number of plant stops.

Models for the two process flowsheet variations were derived from the validated base case flowsheets, using standard

metal balance techniques per unit operation.

***Qualified Persons***

The QPs were employed on a full-time basis by Harmony. The QPs' qualifications, areas of responsibility and personal

inspection of the property are summarised in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Prof. Assoc.** | **Qualifications** | **TRS Section** <br>**Responsibility**<br>| **Personal Insp.** |
| Mr. R. Reid | FAIG, MAusIMM | BSc(Hons), <br>Grad.Dip(Sc)<br>| 3, 4, 5, 6, 7, 8, 9, 11 | Regular<br>Last March 2025<br>|
| Mr. G. Job | MAusIMM | BSc. MSc (Min Econ) | 1<sup>1</sup>, 2, 3, 15, 21, 22, 23 | Regular, last 2020 |
| Caveman Consulting | N/A | N/A | 12, 13 | 2016 |
| Mr. M. Swart | FAusIMM, RPEQ, <br>MIEPNG<br>| BE (Met Eng), MBA | 10, 14 | None<sup>1</sup> |
| Mr. S. Wakefield | EIANZ  | BENG (Civil), MENG <br>(Environmental, Hons)<br>| 17 | As required,<br>last 2015<br>|
| Mr. M. Koehler | CAANZ | BBus Acc, Grad Dip <br>(CA)<br>| 16, 18, 19 | None<sup>1</sup> |

---

<sup>1</sup> Not deemed necessary as no plant nor infrastructure has yet been constructed on site.

***Exploration***

The Wafi-Golpu Project has had a long history of exploration dating back to the 1980s.

A number of mapping programs were conducted over the Wafi-Golpu Project area including 1:10,000 fact mapping of

available outcrop. Mapping data and subsequent interpretations were used together with drill hole data to model the deposit

geology and structure. A structural model for the Wafi–Golpu area was compiled in 2011.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Geophysical surveys were conducted as part of the early-stage exploration activities. The following surveys were

conducted:

• CRAE,1985: Dipole-dipole IP/resistivity survey;

• CRAE/Elders, 1990: Moving loop time domain electromagnetic ("**EM**") geophysical survey; and

• CRAE, 1991–1997: Aeromagnetic, ground magnetic, SP, IP, and CSAMT geophysical surveys

WGJV staff re-examined some of the geophysical data in 2018, as follows:

• the 1985 survey, conducted using 100m and 200m dipole spacing, was compiled and inverted in three-dimensions ("**3D**").

Generally high chargeability values were noted, and clearly defined the lithocap as a strong resistor above a relatively

conductive zone of clay alteration; and

• the 1990 EM survey data were inverted in 3D and show a clear conductor that coincides with the top of the Golpu deposit.

This conductor is probably due to sulphide veining which, unlike magnetite, has not been affected by late advanced argillic

alteration.

CRAE completed ridge and spur sampling programs from 1980–1982. CRAE also conducted an initial trenching program

comprising 102 trenches, varying in length from 1–1,840m, for a total 34,129m of trenching. Information from these programs

was superseded by drill data.

A total of 791 drill holes (including wedges) were completed in the project area by Harmony and its JV partners between

1983 and 2018, comprising 285,757m of core drilling and 17,180m of RC drilling.

In fiscal 2025 work included installation of seismic monitoring equipment as part of an upgrade to the Wafi-Golpu seismic

monitoring network.

The QPs are of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources and Mineral Reserves.

***Mineral Resource Estimate***

The Mineral Resource estimate assumes a bulk mining underground extraction method such as block caving and

metallurgical recovery for copper and gold by sulphide flotation.

The Mineral Resource estimate is reported based on mass mining by block cave with no internal selectivity. The 40m x

40m x 40m parent block size was an appropriate cell size for the planned bulk mining method. The shell did not represent a

conceptual block cave footprint and associated draw column height of draw. However, it did represent the economic material

potentially recoverable from a major block cave. The primary model was passed through a net smelter return ("**NSR**") calculation

of internal waste.

The metallurgical recovery model was based on copper flotation with copper and gold recovered to concentrate. Extensive

testwork was completed to establish algorithms developed from variability modelling. Metallurgical domains were based on both

the host rock type and alteration style. Each metallurgical domain was assigned a recovery algorithm, typically subdivided based

on Cu:S and Au:S ratios.

The NSR estimation was required only to establish the Mineral Resource reporting breakeven value shell. Mining and

milling costs were based on a block caving mining method and milling through a copper concentrator. The breakeven value shell

spatially constraining the grade model includes internal waste, and excluded isolated above-cut-off blocks, which reflected the

potential bulk mining scenario. There was no revenue assumed from silver or molybdenum in the NSR estimate; however, these

elements were estimated as part of the Mineral Resource estimation process as there may be potential for these metals to be

recovered with minor circuit modifications or concentrate contract negotiations.

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 1200 |
| Copper price | US$/oz | 3.00 |
| A$ Exchange rate | US$:A$ | 0.75 |
| K Exchange rate | K:US$ | 3.10 |
| Plant recovery factor - calculated | % | Varies |

---

Note:

<sup>1</sup>Unit cost includes cash operating cost, royalty and ongoing development capital.

The cut-off value is a NSR value that contains typical costs for the mining method and preliminary mining and metallurgical

recovery assumptions.

The Mineral Resources were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation

S-K 1300. There has been no mining at the Wafi-Golpu Project.

The Mineral Resource estimate for Golpu, as at 30 June 2024 and 2025, exclusive of the reported Mineral Reserves, is

summarised in the table below.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
| **Gold** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade**<br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade**<br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured |  |  |  |  |  |  |  |
| Indicated | 155.000 | 0.58 | 90372 | 155.000 | 0.58 | 90372 |  |
| **Total / Ave. Measured + Indicated** | **155.000** | **0.58** | **90372** | **155.000** | **0.58** | **90372** | **—** |
| Inferred | 70.000 | 0.62 | 44000 | 70.000 | 0.62 | 44000 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
| **Copper** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Copper** <br>**Grade**<br>**(%)**<br>| **Copper** <br>**Content** <br>**(Mt)**<br>| **Tonnes** <br>**(Mt)**<br>| **Copper** <br>**Grade**<br>**(%)**<br>| **Copper** <br>**Content** <br>**(Mt)**<br>| **% Change** |
| Measured |  |  |  |  |  |  |  |
| Indicated | 155.000 | 0.95 | 1.470 | 155.000 | 0.95 | 1.470 |  |
| **Total / Ave. Measured + Indicated** | **155.000** | **0.95** | **1.470** | **155.000** | **0.95** | **1.470** | **—** |
| Inferred | 70.000 | 0.86 | 0.600 | 70.000 | 0.86 | 0.600 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
| **Silver** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Silver** <br>**Grade**<br>**(g/t)**<br>| **Silver** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Silver** <br>**Grade**<br>**(g/t)**<br>| **Silver** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured |  |  |  |  |  |  |  |
| Indicated | 155.000 | 1.30 | 201500 | 155.000 | 1.30 | 201500 |  |
| **Total / Ave. Measured + Indicated** | **155.000** | **1.30** | **201500** | **155.000** | **1.30** | **201500** | **—** |
| Inferred | 70.000 | 1.10 | 77000 | 70.000 | 1.10 | 77000 |  |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 using the SAMREC Code, 2016. For the purposes of this report on

Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP

responsible for the estimate is Mr. R. Reid, FAIG, MAusIMM, whose job title is Group Resource Geologist with Harmony Gold (PNG

Services) Pty Limited.

2. The Mineral Resource tonnes are reported as in situ with reasonable prospects for economic extraction.

3. Mineral Resources are reported on a 50% basis as Harmony holds a 50% interest in the WGJV.

4. Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated

economic viability.

5. Mineral Resources at Golpu are reported assuming a bulk mining underground extraction method and metallurgical recovery for copper and

gold by sulphide flotation. Mineral Resources are reported above a NSR cut-off, which assumes a gold price of US$1,300/oz Au, a copper

price of US$3.40/lb Cu, mining cost of US$8.37/t mined, processing cost of US$9.75/t processed, general and administrative (G&A) costs of

US$4.17/t processed, copper concentrate treatment charge of US$100/dmt of concentrate, transport cost of US$33.50/wet tonne of

concentrate, and copper refining charges of US$0.10/lb of recovered copper. Silver and molybdenum were not valued in the NSR cut-off;

however, these elements were reported within the Mineral Resource as they were expected to be recovered with minor circuit modifications

or concentrate contract negotiations. Over the LOM, it is anticipated that copper recoveries will average 94% and gold recoveries will

average 68%.

6. Metal contents reported do not include allowances for processing losses.

7. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

Rounding is to three significant figures for tonnes.

Mineral Resource estimate for Wafi, as at 30 June 2024 and 2025, exclusive of the reported Mineral Reserves, is

summarised in the table below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** |  |
| Gold | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade**<br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade**<br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured |  |  |  |  |  |  |  |
| Indicated | 54.000 | 1.66 | 89000 | 54.000 | 1.66 | 89000 |  |
| **Total / Ave. Measured + Indicated** | 54.000 | 1.66 | 89000 | 54.000 | 1.66 | 89000 |  |
| Inferred | 15.000 | 1.30 | 20000 | 20.000 | 1.37 | 26000 | (23.1)% |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

1302(d)(1)(iii)(A) of Regulation S-K 1300. The Qualified Person responsible for the estimate is Mr. R. Reid, FAIG, MAusIMM, whose job title

is Group Resource Geologist with Harmony Gold (PNG Services) Pty Limited.

2. The Mineral Resource tonnes are reported as in situ with reasonable prospects for economic extraction.

3. Mineral Resources are reported on a 50% basis as Harmony holds a 50% interest in the WGJV.

4. Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated

economic viability.

5. Mineral Resources at Wafi are reported assuming open pit mining methods with limited internal selectivity, and a process method that is

anticipated to be a combination of CIP and CIL operation, with a flotation sulphide recovery mill process. The estimates are reported at cut-

offs of 0.4g/t Au for non-refractory gold mineralisation ("**NRG**") and 0.9g/t Au for refractory gold mineralisation (**"RG"**). Mineral Resources

are constrained within a conceptual open pit shell that uses the following input assumptions: gold price of US$1,400/oz; mining costs of

US$5.40/t mined, and process and general and administrative costs of US$17.30/t processed. Metallurgical recovery is estimated at 91%

gold recovery NRG and minimum of 47% recovery for RG. Pit slope approximate overall angles range from 33° in oxidised material to 65° in

fresh rock.

6. Metal contents reported do not include allowances for processing losses.

7. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

Rounding is to three significant figures for tonnes.

Mineral Resource estimate for Nambonga, as at 30 June 2024 and 2025, exclusive of the reported Mineral Reserves, is

summarised below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** |  |
| **Gold** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade**<br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade**<br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Measured |  |  |  |  |  |  |  |
| Indicated |  |  |  |  |  |  |  |
| **Total / Ave. Measured + Indicated** |  |  |  |  |  |  |  |
| Inferred | 24.000 | 0.69 | 16000 | 24.000 | 0.69 | 16000 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
| **Copper** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Resource Category** | **Tonnes** <br>**(Mt)**<br>| **Copper** <br>**Grade**<br>**(%)**<br>| **Copper** <br>**Content** <br>**(Mt)**<br>| **Tonnes** <br>**(Mt)**<br>| **Copper** <br>**Grade**<br>**(%)**<br>| **Copper** <br>**Content** <br>**(Mt)**<br>| **% Change** |
| Measured |  |  |  |  |  |  |  |
| Indicated |  |  |  |  |  |  |  |
| **Total / Ave. Measured + Indicated** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Inferred | 24.000 | 0.20 | 0.047 | 24.000 | 0.20 | 0.047 |  |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP responsible for the estimate is Mr. R. Reid, FAIG, MAusIMM, whose job title is Group

Resource Geologist with Harmony Gold (PNG Services) Pty Limited.

2. The Mineral Resource tonnes are reported as in situ with reasonable prospects for economic extraction.

3. Mineral Resources are reported on a 50% basis as Harmony holds a 50% interest in the WGJV.

4. Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated

economic viability.

5. Mineral Resources at Nambonga are reported assuming a bulk mining underground extraction method. The Mineral Resource is reported

using an assumed 0.5g/t Au cut-off grade. This cut-off grade is based on the adjacent Golpu deposit as an analogue, assumes an overall

mining, processing, and G&A operating cost estimate of about US$15.50/t, a gold price of US$1,300/oz, and a metallurgical recovery of 85%

for gold. This equates to a cut-off grade of approximately 0.46g/t Au, based on gold only. Conceptual costs associated with copper and silver

recovery were approximated as equivalent to 0.04g/t Au. The total cutoff grade for reporting purposes was 0.5g/t Au.

6. Metal contents reported do not include allowances for processing losses.

7. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

Rounding is to three significant figures for tonnes.

**Mineral Reserve Estimate**

The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of

this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item 1302(d)(1)(iii)(A) of Regulation

S-K 1300.

Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning

processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral

Resource conversion to Mineral Reserves considers certain modifying factors, dilution, ore losses, minimum mining widths,

planned mine call and plant recovery factors.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Mineral Reserve estimate for Golpu, as at 30 June 2024 and 2025, is summarised in the table below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** |  |
| **Gold** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |
| **Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade**<br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Gold** <br>**Grade**<br>**(g/t)**<br>| **Gold** <br>**Content** <br>**(kg)**<br>| **% Change** |
| Proved |  |  |  |  |  |  |  |
| Probable | 190.000 | 0.83 | 158628 | 190.000 | 0.83 | 158628 |  |
| **Total / Ave. Proved + Probable** | 190.000 | 0.83 | 158628 | 190.000 | 0.83 | 158628 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **% Change** |
| **Copper** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** |
| **Mineral Reserve Category** | **Tonnes** <br>**(Mt)**<br>| **Copper** <br>**Grade**<br>**(%)**<br>| **Copper** <br>**Content** <br>**(Mt)**<br>| **Tonnes** <br>**(Mt)**<br>| **Copper** <br>**Grade**<br>**(%)**<br>| **Copper** <br>**Content** <br>**(Mt)**<br>| **% Change** |
| Proved |  | —% |  |  | —% |  |  |
| Probable | 190.000 | 1.23 | 2.330 | 190.000 | 1.23 | 2.330 |  |
| **Total / Ave. Proved + Probable** | **190.000** | **1.23** | **2.330** | **190.000** | **1.23** | **2.330** | **—** |

---

Notes:

1. Mineral Reserves are reported with an effective date of 30 June 2025, and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with Item

1302(d)(1)(iii)(A) of Regulation S-K 1300. The Qualified Person responsible for the estimate is Caveman Consulting, which meets the

requirements of a Qualified Person under S-K 1300.

2. Mineral Reserves are reported on a 50% basis as Harmony holds a 50% interest in the Wafi-Golpu Joint Venture.

3. The Golpu Ore Reserve is extracted in three vertically stacked block cave lifts (BC44, BC42 and BC40). The block caving method has been

determined as the preferred extraction method. Each level utilises an El Teniente style layout with on-level crushers and 30m x 18m drawbell

spacing, based on expected fragmentation and cave propagation behaviour. This spacing mitigates risks associated with isolated draw and

reduces the need for rehabilitation from point loading

4. Mineral Reserves are reported using the following assumptions: gold price of US$1,200/oz Au, copper price of US$3.00/lb Cu, above a net

smelter return cut-off of US$10/t (development), US$60/t (BC44), US$40/t (BC42), and US$19.15/t (BC40). Metallurgical recoveries vary by

domain and average approximately 68% for gold and 90% for copper.

5. Non-economic material drawn as part of the block caving process is treated as dilution. If the blended material from a drawpoint falls below

cut-off value, that drawpoint is closed. PCBC software was used in these simulations. Total dilution is estimated to be ~17%, including

~1.5% from toppling.

6. Tonnes, grade, and contained metal are reported as net delivered to the mill. Contained metal excludes processing losses.

7. Zero grade has been applied to unclassified and Inferred material within the extraction tonnage to ensure no metal contribution from areas

outside of Indicated category material. These tonnes are included in the mine schedule only where they must be extracted to access

classified ore.

8. Mineral Reserves assume the granting of Mining Lease applications; unfinalised mineral rights do not constrain the reported life-of-mine

schedule.

9. Rounding, as required by reporting guidelines, may result in apparent differences between tonnes, grade and contained metal content.

Rounding is to three significant figures for tonnes.

The 30 June 2025 Mineral Reserve estimate remains unchanged from the 30 June 2024 estimate. There is no change to

the mine plan.

The modifying factors are presented in the table below:

---

| | | |
|:---|:---|:---|
| **Modifying Factor** | **Unit** | **Value** |
| Gold Price | US$/oz | 1200 |
| Copper Price | US$/lb | 3.00 |
| **Exchange Rate** |  |  |
| A$ : US$ |  | 0.75 |
| K : US$ |  | 3.10 |
| **NSR Cutoff** |  |  |
| Development | US$/t | 10.00 |
| BC44 | US$/t | 60.00 |
| BC42 | US$/t | 40.00 |
| BC40 | US$/t | 19.15 |
| Metallurgical Recoveries - gold | % | 68.00 |
| Metallurgical Recoveries - copper | % | 90.00 |
| Total Dilution | % | 17.00 |
| Including Toppling | % | 1.50 |

---

There were no Mineral Reserves at Wafi or Nambonga.

For additional information, see the TRS on each individual property, filed as an exhibit of this annual report on Form 20-F.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**Eva Copper Project**

***Property Description***

The Eva Copper Project is located in Queensland, Australia, 76 km by road northwest of Cloncurry (pop. 3,000), and

194 km by road from the regional mining centre of Mount Isa (pop. 22,000). Access to the project from Cloncurry is via the

sealed Burke Developmental Road which passes 8.5 km to the east of the proposed plant site, current access is via cattle

station and exploration tracks. The planned site for the plant and major infrastructure is also 11 km north of the major Dugald

River Zinc Mine, which is owned by MMG Limited. The Eva Copper Project is situated at a latitude of 19'51"26 S and

140'10"15 E.

All operations on site at this stage are exploratory and feasibility studies in nature with no mining having yet commenced.

The operation is proposed as a large, open-pit copper-gold mining operation with an associated gravity and flotation processing

plant. The project comprises the main Little Eva and Blackard open pit Mineral Resources and four smaller Mineral Resources,

expected to deliver an ore mixture with a maximum of 25% native copper ore to a copper concentrator processing plant adjacent

to the Little Eva and Turkey Creek pits.

The Property, Plant, and Equipment of Eva Copper Project as of 30 June 2025, including buildings and mine infrastructure,

assets under construction and undeveloped properties, had a carrying value of R 3,924 million. For information on assets and

liabilities (including costs after depreciation) of Eva Copper Project see note 39 "Segment report" to our consolidated financial

statements set forth beginning on page F-1.

Eva Copper Project incurred a fine for environment non-compliance (minor spill from a drill sump) and no significant

encumbrances exist.

The following graphic illustrates the location of the Eva Copper Project.

![Eva copper.jpg](hmy-20250630_g30.jpg)

***Operational Infrastructure***

Other than access roads, the site has a 305 bed accommodation facility and other miscellaneous buildings and services

supporting exploration activities and preliminary work on site.

***Geology***

The Eva Copper Project is situated in the Mary Kathleen ("**MK**") domain of the Mount Isa Province of Queensland,

Australia, an area that has a history of mining dating back to the 1860s. The Mount Isa area hosts numerous base metal copper,

zinc and lead deposits of global significance, including the Mount Isa, Ernest Henry, Century, Dugald River, Cannington and

Selwyn deposits. The Eva Copper Project is hosted by Proterozoic-aged, metamorphosed and poly-deformed marine

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

sedimentary and volcanic rocks of the MK domain of the Eastern Fold Belt Inlier. Deformation, metamorphism and plutonic

activity took place during the Isan Orogeny, approximately 1,600 to 1,500 million years ago.

There are twelve known mineral deposits in the project area, of which six have been included in the current mine plan.

Mineral deposits are grouped into two types: copper-gold and copper only. There are five of the copper-gold deposits, four of

which are in the mine plan. These deposits are classified as iron oxide copper-gold deposits, where mineralisation is associated

with regional-scale haematite and albite alteration (red-rock alteration) and localised magnetite alteration. Copper sulphide

mineralisation, primarily chalcopyrite with lesser bornite, occurs as veins, breccias, fracture fill and disseminations in mafic to

intermediate volcanic or intrusive rocks. Gold is generally correlated with copper and is recovered in the copper concentrate.

Mineralisation appears to be localised and/or bounded by faults and other deformation-related structures.

All of the deposits have a 10m to 25m thick overlying zone of oxidation, where the rock is extensively weathered and

copper sulphide minerals have been leached or converted to various oxide minerals that cannot be recovered by flotation. The

oxide zones are treated as waste, but tonnages and copper grades have been estimated and the oxide mineralisation will be

stockpiled separately. With the exception of the Turkey Creek deposit, the copper-only deposits commonly have a significant

thickness of supergene material, where carbonate has been leached from the rock, reducing hardness and density and the

copper occurs as native-copper, chalcocite and other low-sulphur copper species. The carbonate-leached zone is separated

from the underlying sulphide zone by a thin transition zone. Each of these mineralogical zones has been modelled so that

resources can be estimated for each and the appropriate metallurgical recoveries can be applied for reserve estimation.

***History***

The Eva Copper Project has a long history and has been held under various tenures by a variety of exploration and mining

companies. Small-scale mining dating back to the early 1900s has occurred at deposits such as Little Eva, Bedford and Lady

Clayre.

Early work on the project area was undertaken by Ausminda Pty. Ltd. and CRAE between 1990 and 1996. In 1996,

Pasminco Limited ("**Pasminco**") acquired the property who undertook further exploration and drilling on the copper-only

deposits. Pasminco excised and retained the Dugald River zinc deposit and sold the remainder of the tenements to Universal

Resources ("**URL**") in 2001. URL also purchased the tenement hosting the Ivy Ann deposit from Dominion Metals Pty. Ltd. and

Pan Australian Resources NL. From 2001 to 2004, exploration work on the copper-only deposits was carried out under a joint

venture between URL and Bolnisi Logistics ("**Bolnisi**"). URL focused its own 2001–2004 drilling on the Little Eva and Bedford

copper-gold deposits. In 2004, URL acquired Bolnisi and completed a 2005 feasibility study on mining and processing a blend of

sulphide ore from the Little Eva and Bedford deposits with native copper ore from the Blackard and Scanlan deposits.

In 2005 URL entered into a joint venture option agreement with Xstrata, where Xstrata had the right to explore the central

area of the tenements. Xstrata completed some significant work, but elected not to proceed in January 2013. URL completed a

second feasibility study between 2007 and 2009 based on the same blend of sulphide ore and native copper ore used in the

2005 study.

In December 2009, URL merged with Vulcan Resources Limited, under the name of Altona Mining Limited ("**Altona**"). In

2012 Altona completed a definitive feasibility study based on the copper-gold sulphide deposits, but excluding the native copper

deposits. Mining Leases ("**MLs**") and an EA were granted in 2012 based on the 2009 definitive feasibility study mine plan. Altona

completed additional drilling at the Bedford, Lady Clayre, Ivy Ann, Blackard, Legend and Scanlan deposits, and discovered and

delineated major prospects at Turkey Creek, Anzac, Whitcher, Matchbox and Quamby from 2015 to 2016. An EA amendment

was granted in 2016 based on the revised 2012 definitive feasibility study mine plan and the integration of Turkey Creek into that

mine plan.

In 2018, Altona became a wholly owned subsidiary of Copper Mountain Mining Company ("**CMMC**") and was renamed

Copper Mountain Mining Pty Ltd ("**CMMPL**"). In 2022, Harmony (through its wholly-owned subsidiary, HGA) purchased the

project from CMMC and, in February 2023, commenced a confirmatory and expansion drilling program and other studies

designed to progress the project to a decision to mine.

***Mineral Tenure***

Refer to Item 4: "*Information on the Company – Business Overview – Regulation – Mineral Rights – Australia*" above for a

summary of the regulatory environment in Australia.

The Eva Copper Project consists of five MLs and one exploration permit for minerals ("**EPM**"). All six of the planned pits are

located within the MLs, except for the Ivy Ann deposit, which lies within the EPM.

The MLs were granted in 2012 and are currently owned by the Company's wholly-owned subsidiary Eva Copper Mine Pty.

Ltd. ("**ECMPL**"). The MLs total area is 143km<sup>2</sup> and are situated across from two pastoral lease holdings and within one Native

Title determination area.

The following table sets forth relevant information in relation to ECMPL's MLs as at 30 June 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number** | **Name** | **Granted** | **Expiry** | **Area (ha)** |
| 90162 | Scanlan | 4 October 2012 | 31 October 2037 | 2 096.96 |
| 90163 | Longamundi | 4 October 2012 | 31 October 2037 | 1 411.29 |
| 90164 | Blackard | 13 November 2012 | 30 November 2037 | 5 131.07 |
| 90165 | Little Eva | 13 November 2012 | 30 November 2037 | 5 029.96 |
| 90166 | Village | 13 November 2012 | 30 November 2037 | 616.08 |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

ECMPL holds the following EPM as at 30 June 2025, as presented in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br>**Name** | **Holder** | **Granted** | **Expiry** | **Area (ha)** |
| 25760<br> King | ECMPL | 17 November 2015 | 16 November 2025 | 28601 |

---

Harmony also holds 17 EPMs surrounding the MLs and in the broader Mount Isa region through the Company's wholly-

owned subsidiaries, Roseby Copper Pty. Ltd. and Roseby Copper (South) Pty. Ltd.

Queensland state legislation requires that, where significant disturbance will occur from exploration and mining activities,

the license holder must reach an agreement for "Conduct and Compensation" with the pastoral leaseholder. Such agreements

have been secured for all the MLs and those portions of the EPM where ground disturbance has occurred or is anticipated.

***Mining Method***

There is currently no mining occurring on the leases with all activities confined to exploratory and resource confirmation

drilling. Additional work comprises geotechnical, metallurgical and hydrological drilling. Mining is to be via open pit methods

using conventional drill and blast, excavators and trucks.

***Mineral Processing***

There is currently no processing occurring on the leases with all activities confined to exploratory and resource

confirmation drilling. The feasibility study is considering a copper concentrator located close to the Little Eva deposit.

Feasibility studies are ongoing with the aim to declaring a Mineral Reserve upon completion of a successful feasibility

study update.

***Qualified Persons***

The QPs were employed on a full-time basis by Harmony. The QPs' qualifications, areas of responsibility and personal

inspection of the property are summarised in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualified Person** | **Prof. Assoc.** | **Qualifications** | **TRS Section** <br>**Responsibility**<br>| **Personal Insp.** |
| Mr. R Reid | FAIG, MAusIMM | BSc(Hons), <br>Grad.Dip(Sc)<br>| 3, 4, 5, 6, 7, 8, 9, 11 | Regular<br>Last June 2024<br>|
| Mr. G Job | FAusIMM | BSc. MSc (Min Econ) | 1, 2, 3, 15, 21, 22, 23 | Regular, last December<br>2023<br>|

---

***Exploration***

Extensive geophysical surveying, primarily induced polarisation over the copper deposit areas and electromagnetic or

controlled source audio-frequency magnetotellurics ("**CSAMT**") over the Dugald River zinc deposit host rocks, as well as gravity

and magnetic surveys, were undertaken in the area by CRAE. All of the deposits subcrop and were initially identified by surface

sampling and mapping. Airborne magnetic surveys over the project area are available from various government agencies.

Satellite hyperspectral surveys have also been used with some success by various companies in the area.

CRAE's bedrock and soil geochemical programs outside the Roseby copper deposits were not systematic, with minimal

assessment of gold mineralisation and left most of the surrounding area untested by geochemical surveys. CRAE's focus at the

time was on the copper only (no gold containing) deposits due to their relatively high grades and the Little Eva and Lady Clayre

areas were of secondary exploration interest. The Little Eva copper-gold prospect was drilled by CRAE to an Inferred Resource

status, but the gold content was not assessed. The Lady Clayre prospect was also drilled by CRAE at the time, but no resource

estimate was completed. Metallurgical sampling and testing were conducted at Blackard and Lady Clayre, but not at Little Eva.

Following the acquisition of the project from CRAE by Pasminco, drilling and sampling programs focused primarily on the

Lady Clayre copper-gold sulphide prospect, Caroline (Lady Clayre East) and the copper-gold potential of the Mount Rose Bee

Fault area. This drilling was insufficient to define a formal resource at either deposit. Pasminco also initiated a soil and rock

sampling program designed to examine the Mount Rose Bee Fault and related splay faults. While this program detected

widespread but weak copper-gold mineralisation, generally in close spatial relationship with copper and gold soil geochemical

anomalies, Pasminco divested the Roseby copper project before the exploration program was completed.

Xstrata conducted exploration in the central Roseby area under the terms of an option and earn-in agreement with Altona.

Xstrata also completed deep drilling below the Little Eva, Blackard, Great Southern and Longamundi deposits demonstrating the

presence of large mineralised systems. Xstrata also discovered a mineralised system under cover at Cabbage Tree Creek some

3km north of Little Eva. Xstrata has also completed extensive geochemical, rock sampling, mapping and geophysical surveys

generating numerous targets, some of which have been subject to initial drill testing with positive results.

Altona carried out systematic soil geochemistry work over much of the claim area and this work was continued by CMMC.

This work has established numerous copper-in-soils targets within the Eva Copper Project tenure and surrounding EPM.

Shallow drilling of these targets has established numerous mineralised positions with opportunities to established new copper

and gold Mineral Resources.

Drilling by Harmony since acquiring the Eva Copper Project in December 2022 comprises some 157,611m (693 holes).

The drill program was undertaken in conjunction with the Eva Feasibility Study Update, designed to increase confidence in the

resource base and support study elements including metallurgical testwork, geotechnical aspects, primary water supply, and

infrastructure sterilisation. Drilling has also included work to test extensions of the existing deposits as well as historic zones of

mineralisation with potential for new satellite resource areas within the Eva Copper Project's granted ML tenure. In fiscal 2025

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

67,378m of drilling (304 holes) was completed at the Eva Copper Project. At year end the work program was on going with two

drill rigs on-site.

Over the broader tenement package Harmony's regional exploration activities have focused on:

• Surface gravity data collection: A regional surface gravity survey (2,228 stations) was completed in fiscal 2024 over an

approximate 80km by 20km area extending from the Barkly Highway in the south to north of the Little Eva Deposit. Station

spacing was nominally 1000m by 500m. Subsequent detailed infill gravity surveys (200m by 50m station spacing, totalling

3,218 stations) were completed over the Little Eva, Legend, Lady Clayre and Ivy Ann deposits to help characterise the

geophysical footprints for each of the deposits. The detailed surveys proved particularly useful for discriminating and

prioritising prospective targets and on this basis detailed gravity coverage was extended to cover the full 41.5km of strike

of the prospective Mt Roseby structural corridor in fiscal 2025 (12,760 stations).

• Compilation of historic geochemical, geophysical and geophysical and historic drill datasets continued. Over 340 prospect

areas within the tenement area have been identified and ranked to date.

• Field reconnaissance, mapping and drill target development.

The QPs are of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to

support the estimation of Mineral Resources.

***Mineral Resource Estimate***

The Mineral Resource estimate for the Eva Copper Project is considered to have reasonable prospects for economic

extraction. Mineral Resources are reported at a 0.17% Cu cut-off by deposit type, based on the economic assumptions

presented in the table below at 30 June 2025.

---

| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Value** |
| Gold price | US$/oz | 1941 |
| Copper price | US$/lb | 5.10 |
| Exchange rate | US$:A$ | 0.68 |

---

This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery

assumptions.

Mineral Resources for the Eva Copper Project's deposits were prepared by Harmony personnel, based on all drilling

conducted up to December 2024. The resource models from CMMC were audited and retained for the Lady Clayre and Ivy Ann

deposits. The Mineral Resources were originally prepared, classified and reported according to the SAMREC, 2016. For the

purposes of this report on Form 20-F, the Mineral Resources have been classified in accordance with Item 1302(d)(1)(iii)(A) of

Regulation S-K 1300. The Mineral Resource estimate, as at 30 June 2024 and 2025, exclusive of Mineral Reserves, however no

Mineral Reserve are declared, is summarised in the table below. There are no Measured Resources.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** |  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** |  |
|  |  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |
| **METRIC** |  |  | **Grade** | **Metal** <br>**Content**<br>|  | **Grade** | **Metal** <br>**Content**<br>|  |
| **Mineral Resource** <br>**Category**<br>| **Open Pit** | **Tonnes** <br>**(Mt)**<br>| **Gold (g/t)** | **Gold (kg)** | **Tonnes** <br>**(Mt)**<br>| **Gold (g/t)** | **Gold (kg)** | **% Change** |
| **Total / Ave. Measured** | **Total / Ave. Measured** | 0.000 | 0.00 | 0 | 0.000 | 0.00 | 0 | —% |
| Indicated | Little Eva | 183.201 | 0.06 | 11425 | 155.949 | 0.06 | 10103 | 13.1% |
|  | Bedford | 3.318 | 0.15 | 486 | 2.094 | 0.15 | 320 | 51.9% |
|  | Lady Clayre | 4.349 | 0.18 | 772 | 5.097 | 0.15 | 761 | 1.4% |
|  | Ivy Ann | 5.202 | 0.07 | 382 | 5.202 | 0.07 | 382 | —% |
| **Total / Ave. Indicated** | **Total / Ave. Indicated** | 196.070 | 0.07 | 13066 | 168.343 | 0.07 | 11566 | 13.0% |
| **Total / Ave. Measured + Indicated** | **Total / Ave. Measured + Indicated** | 196.070 | 0.07 | 13066 | 168.343 | 0.07 | 11566 | 13.0% |
| Inferred | Little Eva | 23.893 | 0.08 | 1981 | 24.065 | 0.07 | 1788 | 10.8% |
|  | Bedford | 0.958 | 0.12 | 113 | 1.286 | 0.13 | 167 | (32.3)% |
|  | Lady Clayre | 0.747 | 0.10 | 75 | 1.141 | 0.08 | 97 | (22.7)% |
|  | Ivy Ann | 1.163 | 0.07 | 78 | 1.163 | 0.07 | 78 | —% |
| **Total / Ave. Inferred** | **Total / Ave. Inferred** | 26.762 | 0.08 | 2247 | 27.656 | 0.08 | 2129 | 5.5% |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Copper** |  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** |  |
|  |  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |
| **METRIC** |  |  | **Grade** | **Metal** <br>**Content**<br>|  | **Grade** | **Metal** <br>**Content**<br>|  |
| **Mineral Resource** <br>**Category**<br>| **Open Pit** | **Tonnes** <br>**(Mt)**<br>| **Copper (%)** | **Copper (Kt)** | **Tonnes** <br>**(Mt)**<br>| **Copper (%)** | **Copper (Kt)** | **% Change** |
| **Total / Ave. Measured** | **Total / Ave. Measured** | 0.000 | 0.00 | 0 | 0.000 | 0.00 | 0 | —% |
| Indicated | Little Eva | 183.201 | 0.32 | 594 | 155.949 | 0.34 | 531 | 11.9% |
|  | Bedford | 3.318 | 0.55 | 18 | 2.094 | 0.57 | 12 | 50.0% |
|  | Lady Clayre | 4.349 | 0.43 | 19 | 5.097 | 0.38 | 19 | —% |
|  | Ivy Ann | 5.202 | 0.34 | 18 | 5.202 | 0.34 | 18 | —% |
|  | Turkey Creek | 28.454 | 0.42 | 119 | 22.393 | 0.42 | 95 | 25.3% |
|  | Blackard | 115.900 | 0.48 | 555 | 78.989 | 0.48 | 375 | 48.0% |
|  | Scanlan | 14.948 | 0.59 | 88 | 17.429 | 0.58 | 101 | (12.9)% |
|  | Legend | 31.193 | 0.47 | 147 | 0.000 | 0.00 | 0 | 100.0% |
|  | Great Southern | 12.915 | 0.42 | 54 | 0.000 | 0.00 | 0 | 100.0% |
| **Total / Ave. Indicated** | **Total / Ave. Indicated** | 399.481 | 0.40 | 1612 | 287.154 | 0.40 | 1150 | 40.2% |
| **Total / Ave. Measured + Indicated** | **Total / Ave. Measured + Indicated** | 399.481 | 0.40 | 1612 | 287.154 | 0.40 | 1150 | 40.2% |
| Inferred | Little Eva | 23.893 | 0.33 | 79 | 24.065 | 0.34 | 81 | (2.5)% |
|  | Bedford | 0.958 | 0.38 | 4 | 1.286 | 0.46 | 6 | (33.3)% |
|  | Lady Clayre | 0.747 | 0.43 | 3 | 1.141 | 0.37 | 4 | (25.0)% |
|  | Ivy Ann | 1.163 | 0.33 | 4 | 1.163 | 0.33 | 4 | —% |
|  | Turkey Creek | 5.374 | 0.44 | 24 | 3.588 | 0.43 | 15 | 60.0% |
|  | Blackard | 33.719 | 0.40 | 136 | 40.257 | 0.44 | 176 | (22.7)% |
|  | Scanlan | 9.666 | 0.48 | 46 | 7.627 | 0.45 | 34 | 35.3% |
|  | Legend | 5.001 | 0.33 | 16 | 0.000 | 0.00 | 0 | 100.0% |
|  | Great Southern | 1.920 | 0.39 | 8 | 0.000 | 0.00 | 0 | 100.0% |
| **Total / Ave. Inferred** | **Total / Ave. Inferred** | 82.442 | 0.39 | 320 | 79.128 | 0.41 | 321 | (0.3)% |

---

Notes:

1. Mineral Resources are reported with an effective date of 30 June 2025 and were originally prepared, classified and reported according to

SAMREC, 2016. For the purposes of this report on Form 20-F, the Mineral Reserves have been classified in accordance with

§229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K 1300. The QP for the estimate is Mr. R. Reid, FAIG, MAusIMM, whose job

title is Group Resource Geologist with Harmony Gold (PNG Services) Pty Limited.

2. The Mineral Resource tonnes are reported as in situ with reasonable prospects for economic extraction.

3. Resources are reported at a cut-off grade based on approximate net smelter return values which equate to a copper grade of 0.17% Cu for

sulphide ore and 0.2% Cu for native copper ore.

4. Copper and gold Mineral Resources are hosted in the same deposits. They are reported in separate tables for clarity, as not all deposits

contain gold. Reported tonnages are the same underlying material and are not double-counted in project totals.

5. Mineral Resources are exclusive of Mineral Reserves (however no Mineral Reserves are declared).

6. Mineral Resources are constrained within a pit shell generated with a copper price of $5.10/lb, a gold price of $1,941/oz and an exchange

rate of AU$1.00 = US$0.68.

7. Density measurements were applied (ranges from 2.4 t/m3 to 3.0 t/m3).

8. Significant figures have been reduced to reflect uncertainty of estimations and therefore numbers may not add due to rounding.

**Mineral Reserve Estimate**

Not applicable.

**Mineral Resource and Mineral Reserve Internal Controls Disclosure**

Harmony's Mineral Resources and Mineral Reserves estimates are subject to internal Competent Persons reviews

administered by the Central Ore Reserve Management team and cyclically by external and independent experts.

Harmony's Mineral Reserve is an outcome of the Company's business planning process which runs annually. This process

operates within a comprehensive framework where all inputs, including costs and capital requirements, are generated by the

operation, and reviewed at a regional and corporate level within the Company, thereby providing confidence in the estimates.

Harmony follows an embedded process of third-party reviews to provide expert independent assurance regarding the

Mineral Resources and Mineral Reserves estimates and compliance to the appropriate reporting codes.

In line with Harmony's policy that each material operation will be reviewed by an independent third party on average no

less than once every three years, or when triggered by a material new Mineral Resource and/or Mineral Reserve declaration.

The following operations were subject to external review during 2025: Target 1, Moab Khotsong and Kalgold. No material issues

were identified in the estimation processes and LOM plans and Compliance Certificates have been issued by the independent

consultants for these operations. The certificates state that the Mineral Resources and Mineral Reserves have been estimated

and reported in accordance with SAMREC, 2016. Importantly, third-party audits are also configured to assist with continuous

improvement regarding leading practice in Mineral Resources and Mineral Reserves estimation and reporting.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**ITEM 4A. UNRESOLVED STAFF COMMENTS**

Not applicable.

**ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

*You should read the following discussion and analysis together with our consolidated financial statements, including the* 

*related notes, set forth beginning on page F-1.*

*A discussion of the changes in our financial condition and results of operations between the fiscal years ended* 

*30 June* 2023 *and* 2024*, has been omitted from this Harmony* 2025 *Form 20-F, but may be found in* Item 5: *"Operating and* 

*Financial Review and Prospects", of the Harmony* 2024 *Form 20-F for the year ended 30 June* 2024*, filed with the SEC on* 

*31 October* 2024*, which is available free of charge on the SEC's website at www.sec.gov and our website at* 

*www.harmony.co.za.*

**Overview**

Harmony is currently the largest producer of gold in South Africa and is furthermore an important producer in PNG. Our

gold sales for fiscal 2025 were 46,193 kilograms of gold (1.5 million ounces of gold) and in fiscal 2025 we processed

approximately 51 million tonnes of ore. As at 30 June 2025, our mining operations and projects reported total Proved and

Probable Mineral Reserves of approximately 36.8 million gold and gold equivalent ounces, Measured and Indicated Mineral

Resources (exclusive of Mineral Reserves) of approximately 99.1 million gold and gold equivalent ounces and Inferred Mineral

Resources (exclusive of Mineral Reserves) of approximately 36.3 million gold and gold equivalent ounces. For further

information on the company's Mineral Resources and Mineral Reserves, see Item 4: *"Information on the Company - Property,* 

*Plant and Equipment - Mineral Resource and Mineral Reserve Summary Disclosure"*.

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision

maker. See note 39 "*Segment report*" of our consolidated financial statements set forth beginning on page F-1 for further details.

For segment purposes, management distinguishes between "Underground" and "Surface", with each shaft or group of

shafts or open-pit mine managed by an operational team.

Our reportable segments are as follows:

• Moab Khotsong, Mponeng, Tshepong North, Tshepong South, Doornkop, Joel, Target 1, Kusasalethu, Masimong,

Bambanani (closed June 2022), MWS and Hidden Valley; and

• All other surface operations, including those that treat historic tailings, include Phoenix, Central Plant Reclamation, Savuka

Tailings, WRDs and Kalgold, are grouped together under *"All other surface operations*".

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**A. OPERATING RESULTS**

**Key factors affecting our results**

***Gold Prices***

Most of our revenues are derived from the sale of gold. As a result, our operating results are directly related to the price of

gold. Historically, the price of gold has fluctuated widely. The gold price is affected by numerous factors over which we do not

have control. See Item 3: *"Key Information - Risk Factors - Market Risks - The profitability of our operations, and cash flows* 

*generated by those operations, are affected by changes in the price of gold and other metals; a fall in the gold price below our* 

*cash cost of production and capital expenditure required to maintain production for any sustained period may lead to losses and* 

*require us to curtail or suspend certain operations" and "- Rising inflation and geopolitical risks may have a material adverse* 

*effect on our business, operating results and financial condition".* As a general rule, we sell the majority of our gold produced at

market prices to obtain the maximum benefit from increases in the prevailing gold price.

Since fiscal 2017, Harmony entered into derivative contracts to manage the variability in cash flows from the Group's

production, in order to create cash certainty and protect the Group against lower commodity prices. Our hedging strategy was

expanded during the second half of the fiscal 2024 to introduce gold zero cost collars to the derivative program and to set a new

limit.

The limit set by the Board is 30%, 20% and 10% of production in a 12-, 24- and 36-month period, respectively, for

contracts entered into on or after 1 April 2024. Prior to the change, the limit set by the Board was for 20% of the production from

gold over a 24-month period. The limit set by the Board for silver is 50% of the exposure over a 24-month period and 50% for

uranium exposure over a 60-month period. Management continues to top up these programs as and when opportunities arise to

lock in attractive margins for the business, but we are not required to maintain hedging at these levels.

A portion of the production of the South African operations is linked to Rand gold forward contracts and Rand gold zero

cost collar contracts. US$ gold forward contracts and US$ gold zero cost collar contracts were entered into for the production

from Hidden Valley. The exposure to the variability in the price of silver for Hidden Valley is managed by entering into US$ silver

zero cost collars. The US$ silver zero collars have not been designated as hedging instruments for hedge accounting and the

gains and losses are accounted for in the income statement.

During fiscal 2025 the group's cash inflows from uranium were managed by way of a forward contract, whereby uranium

prices are predetermined for a fixed amount of uranium production.These contracts are not designated as derivative contracts

as the "own use" exemption of IFRS 9 *Financial instruments* is applicable to them.

Harmony's indirect subsidiary, MWS**,** previously entered into a contract with Franco-Nevada Barbados ("**Franco-Nevada**").

The Franco-Nevada contract consisted of a streaming agreement to purchase 25% of the gold production through MWS for a

fixed amount of consideration until the balance of the gold cap is delivered. The gold cap, a provision included in the contract,

stipulated the maximum quantity of gold to be sold to Franco-Nevada over the term of the contract. The consideration was

determined as the lower of the quoted spot gold price as per the London Metals Exchange or US$400 per ounce, subject to an

annual escalation adjustment. As the performance obligation to deliver gold is met, the contract liability unwinds into revenue.

On 23 October 2024, Harmony fulfilled all its obligations stemming from the agreement with Franco Nevada.

Significant changes in the price of gold over a sustained period of time may lead us to increase or decrease our production

in the near term.

***Harmony's Realised Gold Price***

In fiscal 2025, the average gold price received by us was R1,529,358 per kilogram or $2,620/oz. This average gold price

includes the net realised effective portion of the hedge-accounted gold derivatives.

The price of gold in US$ terms closed at US$3,303/oz on 30 June 2025, up from the closing price of US$2,325/oz on 30

June 2024. The range traded during the year reaffirms gold's safe haven status with investors during times of global uncertainty

and market volatility. The average spot gold price received (that is, excluding the impact of hedging gains or losses) for the 2025

year was US$2,786/oz compared to US$2,042/oz in fiscal 2024.

Harmony is exposed to the impact of any significant decreases in the commodity prices on its production. This is mitigated

to some extent by commodity derivatives and hedging arrangements, but as Harmony has limitations for the volume of forward

sales, commodity derivatives or hedging arrangements it may enter into for its future production, it is exposed to the impact of

decreases in the commodity prices on the remainder of its unhedged production. See Item 3: *"Key Information - Risk Factors -* 

*Risk Related to Our Industry - We are exposed to the impact of any significant decreases in the commodity prices on our* 

*production",* and *" - Market Risks - The profitability of our operations, and cash flows generated by those operations, are* 

*affected by changes in the price of gold and other metals; a fall in the gold price below our cash cost of production and capital* 

*expenditure required to maintain production for any sustained period may lead to losses and require us to curtail or suspend* 

*certain operations"*.

In addition to the US$ gold price, the gold price received is impacted by the exchange rate of the Rand and other non-US$

currencies to the US dollar. An appreciation of the Rand and other non-US$ currencies against the US dollar will result in a

decrease in the revenue recorded, without considering the impact of the hedging instruments. Conversely, a depreciation of

these currencies against the US dollar would result in an increase of revenue recorded. See Item 3: *"Key Information - Risk* 

*Factors - Market Risks - Foreign exchange fluctuations could have a material adverse effect on our operational results and* 

*financial condition"*. During fiscal 2025, the average exchange rate appreciated from R18.70/US$1.00 in fiscal 2024, to

R18.15/US$1.00 in fiscal 2025. See "*- Exchange Rates*" below for further discussion.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The following table sets out the average, the high and the low London Bullion Market price of gold and our average sales

price during the past two fiscal years:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended 30 June** | **Fiscal Year Ended 30 June** |
|  | **2025** | **2024** |
| Average (US$/oz)..................................................................................................................................... | 2818 | 2076 |
| High (US$/oz)............................................................................................................................................ | 3432 | 2444 |
| Low (US$/oz)............................................................................................................................................. | 2329 | 1819 |
| Harmony's average sales price<sup>1</sup>(US$/oz))........................................................................................... | 2620 | 1999 |
| Average exchange rate (R/US$)............................................................................................................ | 18.15 | 18.70 |
| Harmony's average sales price<sup>1</sup>(Rand/kilogram)................................................................................ | 1529358 | 1201653 |

---

<sup>1</sup>Our average sales price differs from the average gold price due to the timing of our sales of gold within each year. In addition, the effect of

hedge accounting i.e. realised losses from the cash flow hedges have been included in revenue.

***Costs***

Our cash costs are approximately between 80% and 85% of our total costs (excluding impairments and disposal/loss on

scrapping of assets). The remainder of our total costs consists primarily of share-based payments, exploration costs, corporate

and sundry expenditure, and amortisation and depreciation. Our cash costs consist primarily of production costs. Production

costs are incurred on labour, equipment, consumables and utilities. Labour costs are the largest component and typically

comprise between 50% and 55% of our production costs.

Our US dollar translated costs are sensitive to the exchange rate of the Rand and other non-US currencies to the US

dollar. See "*- Exchange Rates*" below. Appreciation of the Rand and other non-US currencies against the US dollar increases

working costs at our operations when those costs are translated into US dollars. See Item 3: "*Key Information - Risk Factors -*

*Market Risks - Foreign exchange fluctuations could have a material adverse effect on our operational results and financial* 

*condition*".

All-in sustaining costs for the Group increased by 16.9% toR1,054,346 per kilogram in fiscal 2025. This was driven by

lower planned production, higher sustaining capital as well as higher cash costs due to annual wage and above-inflation

electricity tariff increases.

Our cash costs have increased from R758,736 per kilogram in fiscal 2024 to R874,901 per kilogram in fiscal 2025, mainly

due to above-inflation increase in electricity costs, higher royalties and labour increases.

Management conducts a thorough review of costs at all operations to ensure that costs are properly managed and within

budget. However, it should be noted that there are risks beyond our control such as safety stoppages, which would result in

production being negatively affected while certain costs would still be incurred. This is discussed in more detail in Item 3: "*Key* 

*Information - Risk Factors* - *Risks Related to Our Industry* - *The nature of our mining operations presents safety risks* and *"-* 

*Risks Related to ESG - Given the nature of mining and the type of mines we operate, we face a material risk of liability, delays* 

*and increased cash costs of production from environmental and industrial accidents and pollution compliance breaches*". We are

also exposed to price increases on electricity, which is regulated, as well as the implementation of other levies such as carbon

tax. See Item 3: "*Key Information - Risk Factors - Risks Related to Our Operations and Business - Disruptions to electricity* 

*supply and rising power costs: Impact on operations and financial results*" and "*- Risks Related to ESG - Compliance with* 

*emerging climate change regulations could result in significant costs for us*".

We remain subject to risks related to the volatility of commodity prices, as well as the potential shortage of supply and

disruptions of supply chains due to geopolitical instability, including impacts of the ongoing conflicts in the Middle East. See Item

3: "*Key Information - Risk Factors* - *Market Risks - Fluctuations in input production prices linked to commodities may adversely* 

*affect our operational results and financial condition",*"*- Risks Related to Our Operations and Business - Actual and potential* 

*shortages of production inputs and supply chain disruptions may affect our operational results" and "- Market Risks - Rising* 

*inflation and geopolitical risks may have a material adverse effect on our business, operating results and financial condition".*

***Production levels***

In addition to gold prices, Harmony's gold income in any year is also influenced by its level of gold production. Production

levels are in turn influenced by grades, tonnages mined and processed through the plant and metallurgical recoveries. Gold

production decreased by 5.3% between 2024 and 2025, from 1,561,815 ounces in 2024 to 1,479,671 ounces in 2025 mainly

driven by lower recovered grades, reduced ore milled and infrastructure challenges and operational disruptions. For more

information on our business and operations, see Item 4: *"Information on the Company -– Business Overview"* and *"- Property,* 

*Plant and Equipment - Mineral Resource and Mineral Reserve Summary Disclosure".*

***Exchange Rates***

Our revenues are very sensitive to the exchange rate of the Rand and other non-US currencies to the US dollar. Since gold

is generally sold in US dollars, most of our revenues are received in US dollars. Currently, the majority of our earnings are

generated in South Africa. Appreciation of the Rand against the US dollar decreases our revenues, which serves to reduce

operating margins and net income from our South African operations. Depreciation of the Rand against the US dollar increases

our revenue, which serves to increase operating margins and net income from our South African operations. Accordingly,

strengthening of the Rand generally results in poorer earnings for us if there is not a similar increase in the gold price.

The exchange rates obtained when converting US dollars to Rand are determined by foreign exchange markets, over

which we have no control. The spot rate as at 30 June 2025 was R17.75 per US$1.00, compared with R18.19 per US$1.00 as

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

at 30 June 2024, reflecting an appreciation of 2.4% of the Rand against the US dollar. The average exchange rate for fiscal

2025 was R18.15 per US$1.00, reflecting an appreciation of 2.9% of the Rand against the US dollar when compared with fiscal

2024. In fiscal 2025, the Rand strengthened against the Australian dollar and closed at R11.68/A$1.00 (2024: R12.14/A$1.00),

reflecting an appreciation of 3.8% of the Rand against Australian dollar. The Kina weakened against the Australian dollar and

closed at PGK2.72/A$1.00 (2024: PGK2.57/A$1.00), reflecting a depreciation of 5.8%. The average gold price received by us

during fiscal 2025, before including the effect of the cash flow hedges, increased by R397,799 per kilogram to R1,625,683 per

kilogram from R1,227,884 per kilogram during fiscal 2024. This is driven by the US$ average gold price increase, with an offset

effect of the foreign exchange movements noted above.

The majority of our working costs are incurred in Rand and, as a result of this, any appreciation of the Rand against the US

dollar would increase our working costs when translated into US dollars. Depreciation of the Rand against the US dollar would

cause a decrease in our costs in US dollar terms. Similarly, at our international operations, appreciation of the Australia dollar or

Kina against the US dollar would cause an increase in our costs in US dollar terms. See Item 3: *"Key Information - Risk Factors* 

*-Market Risks - Foreign exchange fluctuations could have a material adverse effect on our operational results and financial* 

*condition"*.

We have several credit facilities and loans denominated in US dollars. This exposes us to the changes in the Rand against

the US dollar, which would affect our borrowings as well as the interest recognised. This will also affect the cash flows when the

borrowings are raised and repaid as well as at the time of the payments of the interest.

Movements in the currencies expose the Group's operations to foreign currency gains and losses on foreign-denominated

receivables and liabilities, including derivatives. They also impact the Group's translation of its international operating results

and net assets into its Rand presentation currency, which resulted in a foreign exchange translation loss of R819 million for

fiscal 2025 (2024: R943 million).

Harmony has entered into foreign exchange derivative contracts in the form of zero cost collars, which establish a

minimum (floor) and maximum (cap) Rand/US dollar exchange rate at which to convert US dollars to Rand. The Group also

uses forward exchange contracts to manage the risks. At 30 June 2025, the zero cost collars had a nominal amount of US$226

million in derivative contracts, covering a two-year period with a weighted average cap price of US$1.00=R20.54 and weighted

average floor price of US$1.00=R18.54. Additionally, at 30 June 2025 Harmony had open forward exchange contracts which

had a nominal amount of US$53 million spread over a one-year period at an average exchange rate of US$1.00 = R19.98.

The Bank of Papua New Guinea has systematically allowed the Kina to weaken against the US dollar over several years.

The Kina weakened by 7.8% and 7.0% in fiscal 2024 and fiscal 2025 respectively. Since the introduction of a 150 basis point

trading band in June 2014, the Kina weakened by 68.9% against the US dollar as at 30 June 2025. Should the trading band

continue and depending on the level the exchange rate is set at, it could have a negative impact on the results of the Hidden

Valley operation, as well as the Kina cost of development at Wafi-Golpu and other PNG exploration sites.

***Geopolitical and socio-political risks***

Harmony faces material exposure to geopolitical and socio-political risks across its operating jurisdictions. Globally, rising

tensions from conflicts, trade disputes, and shifting alliances disrupt supply chains and elevate input costs, which impact our

financial margins. Locally, socio-political pressures in South Africa, including high unemployment and persistent disparities, fuel

public dissatisfaction posing operational challenges. In Papua New Guinea, political uncertainty and proposed legislative

changes under the PNG Draft Mining Bill 2025 may threaten project viability and future investment. While these risks elevate

cost and operational pressures, they also contribute to upward momentum in the gold price, which can partially offset financial

impacts and enhance revenue potential. See Item 3: *"Key Information - Risk Factors - Market Risks - Fluctuations in input* 

*production prices linked to commodities may adversely affect our operational results and financial condition*", "- *Rising inflation* 

*and geopolitical risks may have a material adverse effect on our business, operating results and financial condition*" and "- *We* 

*are subject to the imposition of various regulatory costs, such as mining taxes and royalties, changes to which may have a* 

*material adverse effect on our operations and profits; our operations and financial condition could also be adversely affected by* 

*policies and legislation related to greater state intervention in the mining sector and potentially the expropriation of mining assets* 

*without compensation – Papua New Guinea*".

***Inflation***

Inflation in South Africa was 2.9% at the end of fiscal 2025, down from 5.1% at the end of fiscal 2024. The decrease was

driven by a combination of economic, policy and consumer behaviour factors.

We have, however, seen increases in labour, contractors and electricity costs for our mining operations some of which

have increased at levels above the rate of inflation. Combined with geopolitical risks and further compounding inflationary

pressure, we believe we will see continued increases through 2026.

On 4 April 2024, Harmony announced the acceptance of a five-year wage agreement by the unions, which became

effective on 1 July 2024 and will remain in effect until 30 June 2029. This agreement will result in an increase of approximately

6% per annum over the five-year period which is within our planning parameters.

The inflation rate in PNG at the end of fiscal 2024 was 2.4%, while inflation closed at 3.6% at the end of fiscal 2025. The

increase is driven by a mix of domestic policy reforms, commodity price shifts and structural economic changes.

Our profits and financial condition could be adversely affected if, increased costs due to inflation, are not offset by a

concurrent devaluation of the Rand and other non-US currencies and/or an increase in the price of gold. See Item 3: *"Key* 

*Information - Risk Factors - Market Risks - Rising inflation and geopolitical risks may have a material adverse effect on our* 

*business, operating results and financial condition".* 

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***South African Socio-Economic Environment***

We are domiciled in South Africa and the majority of our operations are located in South Africa. The primarily listing for our

shares is also on the Johannesburg Stock Exchange. As a result, we are subject to various economic, fiscal, monetary and

political policies and factors that affect South African companies generally. See Item 3: "*Key Information - Risk Factors - Risks* 

*Related to ESG - The socio-economic landscape in the regions in which we operate may have an adverse effect on our* 

*operations and profits*".

In particular, South African companies are subject to exchange control limitations. While exchange controls were relaxed

some years ago, South African companies remain subject to restrictions on their ability to deploy capital outside of the Southern

African Common Monetary Area. See Item 10: "*Additional Information - Exchange Controls*".

We must also comply with the SLPs that have been developed for each of our South African operations. These SLPs are

prepared in line with legislation governing the participation of HDPs in mining assets. See Item 3: *"Key Information - Risk* 

*Factors - Risk Related to Our Industry - Laws governing mineral rights affect our business and could impose significant costs* 

*and obligations; mineral rights in the countries in which we operate could be altered, suspended or cancelled for a variety of* 

*reasons, including breaches in our obligations in respect of such mining rights."*

We have been granted mining licenses under the MPRDA necessary for the conduct of our current operations. As such we

have therefore already incurred expenses relating to HDP participation. We believe the biggest challenge will lie in maintaining

these licenses, as we will have a responsibility in respect of human resource development, procurement and local economic

development. We are however unable to provide a specific amount of what the estimated cost of compliance will be, but we will

continue to monitor these costs on an ongoing basis. See Item 4:*"Information on the Company - Business Overview -* 

*Regulation - Mineral Rights - South Africa – Mining Charter.*"

***Electricity in South Africa***

Eskom, the state utility, generates approximately 90% of South Africa's electricity and about 30% of Africa's supply. It

generates, transmits and distributes electricity to industrial, mining, commercial, agricultural and residential users.

In fiscal 2025, electricity supply remained constrained but improved, with fewer interruptions. Eskom suspended load

shedding in April 2024 as the Generation Recovery Plan improved plant performance. Consequently power interruptions did not

materially impact production in fiscal 2025. Global energy prices remained volatile due to higher demand, limited new supply,

carbon tax uncertainty, and geopolitical conflicts, including those in the Middle East and between Russia and Ukraine.

Electricity supply remains tight during evening peak periods. We continue to participate in Eskom's Critical Peak Pricing

pilot at four sites, allowing tariff savings outside surcharge periods.

The South African Government is expanding the Independent Power Producer ("**IPP**") program to diversify supply and

reduce carbon emissions. Eskom's transmission business was legally separated in July 2023 into the National Transmission

Company of South Africa ("**NTCSA**"), a wholly owned subsidiary with a license from the National Energy Regulator of South

Africa ("**NERSA**"). NTCSA began operating on 1 July 2024. Unbundling of the generation and distribution divisions is ongoing.

See Item 3: *"Key Information - Risk Factors - Risks Related to Our Operations and Business - Disruptions to electricity* 

*supply and rising power costs: Impact on operations and financial results".*

*Renewable energy*

Renewables are a growing component of South Africa's energy mix. Forecasts project solar and wind will surpass coal by

2030 (IEA 2024). Increased renewable penetration and self-generation are reducing Eskom's sales volumes, contributing to tariff

increases and delays in new grid connections. The government has also supported gas-to-power and nuclear options, while

continuing state support for coal.

In South Africa, a multi-phase renewable energy programme is underway, complemented by short-term power purchase

agreements, wheeled wind capacity, rooftop solar installations, and supplier engagement. Recent regulatory reforms in South

Africa have significantly accelerated the country's energy transition. The removal of licensing requirements for embedded

generation and the unbundling of Eskom's transmission division have enabled greater private sector participation in renewable

energy development and the wheeling of electricity through the national grid. These changes have created a more favourable

environment for large-scale renewable energy investments. We propose to increase our procurement of wind energy delivered

through wheeling from 140 MW to 260 MW. This is expected to come online in Q4 of 2027. Lastly, we are also exploring the

opportunity of bringing in 200MW of short term PPA energy into the mix, from fiscal 2027 to fiscal 2031.

Phased strategy:

• Sungazer 1 (Phase 1) - 30 MW commissioned May 2023 with installed generation capacity of 70GWh pa;

• Sungazer 2 - Moab, Great Noligwa Mine and Noligwa gold plant. Under construction. 100MW capacity to generate

230GWh pa and is expected to be completed in fiscal 2027;

• Sungazer 3a - Central, H1, Target, Joel. Installed capacity of 75 MW to generate 177GWh pa and is expected to be

completed in fiscal 2028;

• Sungazer 3b - Chemwes, Kalgold. Under investigation. Installed capacity of 33 MW to generate 76GWh pa and is

expected to be completed in fiscal 2028;

• Sungazer 4 - Mponeng installed capacity of 100 MW to generate 230GWh pa and is expected to be completed in fiscal

2028;

• Wheeled wind - Procurement of circa 260MW of wind energy is underway and is expected to be completed in fiscal 2028;

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

• Short term PPA - 200MW of energy has been completed and PPA negotiations are underway. Once concluded, we expect

to generate 500GWh of energy per annum for a period of five years.

Harmony is integrating climate-aligned finance into its capital structure to support long-term decarbonisation and operational

resilience. Over R4 billion in facilities have been secured, including a R1.5 billion green loan for the Sungazer 2 solar project and

sustainability-linked revolving credit facilities of R2.5 billion, US$300 million, and a US$100 million term loan.

See Item 10: "*Material Contracts - R1.5 Billion Green Term Loan" "- R2.5 Billion Syndicated Revolving Credit Facility","-* 

*US$400 Million Syndicated Facility", and '' - US$1,250 Million Syndicated Bridge Loan Facility''. See also "– Governance –* 

*Social and ethics committee: Chairperson's report"* on pages 225 to 226*, "– Environment stewardship – Building a lasting* 

*positive legacy"* on pages 88 to 90 *and Climate and energy management"* on page 98 to 104 *of the Integrated Annual Report for* 

*the 20-F 2025.*

*Electricity tariffs* 

As a major electricity consumer and mostly being supplied by Eskom, Harmony is exposed to significant additional costs

as a result of rising electricity tariffs. On 11 March 2025, Eskom officially announced a 12.7% tariff increase, which is effective

from 1 April 2025. The expected impact on fiscal 2026 is R1,050 million increase in operating costs for SA operations. Although

Eskom is showing signs of recovery in 2025, its structural challenges - especially municipal debt, tariff inadequacy and

governance issues suggest that financial instability could persist unless deeper reforms are implemented. This is likely to result

in further self-generation activity by Eskom's customers, which could further weaken Eskom. While the Multi Year Price

Determination ("**MYPD**'') provides a structured and predictable framework, external shocks and regulatory corrections can still

lead to unexpected price increases.

See Item 3*: "Key Information - Risk Factors* - *Risks Related to Our Operations and Business* - *Disruptions to electricity* 

*supply and rising power costs: Impact on operations and financial results".* 

*Energy efficiency* 

Harmony has worked closely with Eskom to manage electricity use and peak demand, underlining our commitment to

reduce energy consumption. This includes demand-side management ("**DSM**") strategies to reduce electricity consumption in

peak periods; timing the use of our services (pumping, hoisting, compressed air, refrigeration and ventilation) with cheaper off-

peak periods, making more efficient use of Eskom tariffs that reward load-shifting, and improving the efficiency of the services

provided for mining operations.

In 2016 Harmony contracted an ESCO to improve its energy management practices and aggressively mitigate the impact

of higher-than-inflation electricity price increases on its operational costs. Energy management assists in maintaining the

performance of implemented initiatives. This way Harmony focuses on continuously implementing new initiatives and

technologies, while eliminating the risk of forfeiting the benefit of completed projects. Our energy efficiency programme in South

Africa had achieved cumulative savings of 2.3 TWh, equating to almost R3 billion in avoided energy costs and 2.5 million tCO2e.

Harmony targets a 63% reduction in Scope 1 and 2 emissions by 2036 (SBTi) with a net-zero ambition by 2045. This pathway is

supported by energy efficiency initiatives and investment in renewable energy infrastructure.

We have implemented various energy efficiency projects in recent years. See *, "– Environment stewardship – Building a* 

*lasting positive legacy"* on pages 88 to 90 and *"Climate and energy management" on pages* 98 to 104 of the Integrated Annual

Report for the 20-F 2025.

***Climate Change, Environmental Factors and Carbon tax***

Rising temperatures, changing rainfall patterns and severe weather conditions believed to be caused or exacerbated by

climate change remain growing concerns for businesses, investors, broader society and governments. This has led to increased

pressure on companies, including those in the mining sector, to reduce GHG emissions consistent with national commitments

made by numerous countries under the Paris Agreement, to promote responsible corporate practices and to increase

transparency about the risks and opportunities of transitioning to a low-carbon economy. Pressure from governments, investors

and broader society for mining companies to improve environmental stewardship and reduce GHG emissions, both in terms of

absolute emissions and in intensity of emissions per tonne mined, is likely to increase in the future.

On 1 June 2019 the Carbon Tax Act became effective. The carbon tax has been designed to fix liability on the person who

conducts an activity in South Africa that results in GHG emissions above a certain threshold. The carbon tax design requires the

calculation of liability to be based on the sum of GHG emissions, which result from fuel combustion, industrial processes and

fugitive emissions. Taxpayers must determine emissions in accordance with the reporting methodology approved by DFFE. The

tax will be phased in over time. The first phase, which was originally expected to end on 31 December 2022, has been extended

to 31 December 2025. This phase is designed to largely be revenue-neutral in terms of its aggregated impact, given the

complementary tax energy incentives and reduction or credit for the current electricity levy. Tax-free allowances will then change

and fall away with the basic tax-free allowance (60%) being reduced and is likely to fall away from 2026 to 2030. In phase 2 the

carbon offset allowance is due to increase by 5%, the trade exposure allowance from the current 10% and the carbon budget

allowance could fall away completely. See It*em 3: "Key Information - Risk Factors - Risks Related to ESG - Compliance with* 

*emerging climate change regulations could result in significant costs for us" and Item 4: "Information on the Company - Business* 

*Overview - Regulation - Laws and Regulations Pertaining to Environmental Protection - South Africa".*

In 2022, the National Treasury announced an alternative increase structure which is expected to see the current carbon

price (US$9 per tonne) increase to US$20 per tonne by 2026, US$30 per tonne by 2030 and finally US$120 per tonne by 2050.

Based on published legislation, commentary and governmental information, management believes that the carbon tax

poses a low cost to Harmony until 31 December 2025. Gas emissions reported to the DFFE for a company's National

Greenhouse Gas Emission Reporting submission will be taxed at a base value increasing from R236 to R308 per tonne of

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

carbon dioxide equivalent (before allowances) making the effective tax R190 per tonne of carbon dioxide equivalent for years

2023 to 2025. From the second phase onwards, carbon tax might also affect the price of electricity. The impact of the carbon tax

on the Company arising from electricity usage after 31 December 2025 has been modelled to grow over time, as allowances are

anticipated to fall away. As a result, the annual carbon tax expense is anticipated to increase progressively from approximately

R450 million to R800 million per annum by the end of fiscal 2038.

Harmony has set its internal carbon price (for the South African operations) to match that of the proposed carbon tax.

Harmony is also at risk due to potential pass-through costs from its suppliers in the short term from increased fuel prices. The

carbon tax on liquid fuels will be imposed at the source. It is estimated that the increased fuel price would be R0.10/liter and

R0.09/liter for petrol and diesel respectively. This is expected to have an impact on the Company's operational expenses.

Estimates are included in the LOM plans and resource base models used for impairment assessments and has affected

the forecast profitability of all operations, and in some cases, the impact is significant.

Various regulators have released guidance or proposed regulations for required disclosures during the year. In June 2023,

the International Sustainability Standards Board ("**ISSB**") issued its first two IFRS Sustainability Disclosure Standards, IFRS S1

*General Requirements for Disclosure of Sustainability-related Financial Information* and IFRS 2 *Climate-related Disclosures*.

IFRS S1 and IFRS S2 are effective for annual reporting periods beginning on or after 1 January 2024, therefore, these

standards are applicable to Harmony from fiscal 2025. The adoption of IFRS S1 and S2 is not mandatory, and entities can

choose to apply these standards on a voluntary basis. In March 2024, the SEC adopted the SEC Climate Disclosure Rules,

which would have required registrants to provide certain climate-related information in their registration statements and annual

reports. However, the SEC stayed the effectiveness of the SEC Climate Disclosure Rules in April 2024 and in March 2025

announced it was ending its defence of the rules in pending litigation, meaning it is uncertain if or when compliance will be

mandated.

See Item 3: *"Key Information - Risk Factors - Risks Related to ESG - Compliance with emerging climate change* 

*regulations could result in significant costs for us"* for further discussion on the potential impact.

**Production**

The information set forth under the headings, *"– Delivering profitable ounces – Performance by operation"* on pages 46 to

84 of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference.

**Results of Operations** 

***Years Ended 30 June 2025 and 2024***

***Revenue***

Revenue increased by R12,517 million to R73,896 million in fiscal 2025, compared to R61,379 million in fiscal 2024, mainly

due to the increase in the average US$ gold price received. Offsetting this increase was the impact of the strengthening of the

Rand/US$ exchange rate from an average of R18.70/US$ to R18.15/US$, as well as the decrease in gold sold (see discussion

below). The average gold price received (including hedging) increased by 27.3% from R1,201,653 per kilogram in fiscal 2024 to

R1,529,358 per kilogram in fiscal 2025.

Hedging losses increased by R3,329 million to R4,594 million in fiscal 2025, compared to R1,265 million in fiscal 2024.

This was mainly due to the realised effective portion of our hedge-accounted gold derivatives which was impacted by the

average gold market spot price of R1,644,902 per kilogram, compared to the average forward price of matured contracts of

R1,306,033 per kilogram in fiscal 2025. In fiscal 2024, the average gold market spot price was R1,249,344 per kilogram

compared to the average forward price of matured contracts of R1,134,735 per kilogram.

Overall gold sales decreased by 4.2% from 48,222kg in fiscal 2024 to 46,193kg. The details of these changes are

discussed below:

Tshepong South's gold sold decreased by 11.2% from 3,082 kilograms in fiscal 2024 to 2,737 kilograms in fiscal 2025. This

was mainly due to a 9.2% decrease in recovered grade in fiscal 2025 to 6.11g/t from 6.73g/t in fiscal 2024. This decline was

attributable to lower face grades and a reduction in plant call factor.

At Moab gold sold decreased by 7.1% from 6,650 kilograms in fiscal 2024 to 6,178 kilograms in fiscal 2025. This was as a

result of heightened seismicity in the middle mine and pre-emptively halting operations, for a limited time during the second

quarter, from a safety perspective in the top mine to allow for the removal of toxic gasses.

At Mine Waste Solutions gold sold decreased by 18.3% from 3,742 kilograms in fiscal 2024 to 3,057 kilograms in fiscal

2025. This was as a result of a 23.5% decrease in the recovered grade, from 0.17g/t in fiscal 2024 to 0.13g/tin fiscal 2025. The

lower grades were attributable to unusually high rainfall, which affected access to higher grade areas in the reclamation sites.

At Doornkop, gold sold decreased by 21.3% from 3,469 kilograms in fiscal 2024 to 2,730kilograms in fiscal 2025 due to a

decrease in the recovered grade of 13.8% from 4.26g/t to 3.67g/t. The decrease was primarily due to mining of the high-grade

vent pillar being stopped. Ore milled decreased by 9.0% from 815,000 tonnes in fiscal 2024 to 742,000 tonnes in fiscal 2025.

This was as a result of operational mechanical challenges.

At Target 1, gold sold decreased by 23.7% from 1,854 kilograms in fiscal 2024 to 1,415 kilograms in fiscal 2025. This was

as a result of lower tonnes milled as well as a decline in grade of 11.7% from 4.02g/t in fiscal 2024 to 3.55g/t in fiscal 2025 due

to a delay in commissioning some of the higher-grade massives. Tonnes milled decreased by 15.4% from 462,000 tonnes in

fiscal 2024 to 391,000 tonnes in fiscal 2025.This reduction was caused by numerous flooding incidents that necessitated an

extensive infrastructure upgrade.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The Mponeng mine sold 10,454 kilograms of gold, a 20.9% increase from the 8,648 kilograms sold in fiscal 2024, mainly

due to a significant increase of 13.4% in the recovered grade from 9.94g/t to 11.27g/t in fiscal 2025. This was as a result of the

operation mining high grade areas.

<u>Export Sales</u>

All of our gold produced in South Africa during fiscal 2023 to 2025 was refined by Rand Refinery Proprietary Limited

("**Rand Refinery**"). Rand Refinery is owned by a consortium of the major gold producers in South Africa and Harmony held a

10.4% interest at 30 June 2025. All of our gold and silver produced in PNG during fiscal 2023 to 2025 was sold to the Australian

Bullion Corporation.

***Cost of sales***

Cost of sales includes production costs, impairments, amortisation and depreciation and other items, including employment

termination and restructuring costs. Cost of sales increased by 5.1% from R47,233 millionin fiscal 2024 to R49,635 million in

fiscal 2025. Factors affecting the increase are discussed below.

*Production costs (cash costs/all-in sustaining costs)* 

The following table sets out, for our reportable segments, total kilograms produced and weighted average cash costs per

kilogram and total kilograms sold and weighted average all-in sustaining costs per kilogram for fiscal 2024 and fiscal 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended 30 June 2025** | **Year ended 30 June 2025** | **Year ended 30 June 2025** | **Year ended 30 June 2025** | **Year ended 30 June 2024** | **Year ended 30 June 2024** | **Year ended 30 June 2024** | **Year ended 30 June 2024** | **Percentage**<br>**(increase)/**<br>**decrease** | **Percentage**<br>**(increase)/**<br>**decrease** |
|  | **Cash costs** | **Cash costs** | **All-in sustaining**<br>**costs** | **All-in sustaining**<br>**costs** | **Cash costs** | **Cash costs** | **All-in sustaining**<br>**costs** | **All-in sustaining**<br>**costs** | **Cash**<br>**costs**<br>**per**<br>**kg** | **All-in**<br>**sustaini**<br>**ng**<br>**costs** <br>**per**<br>**kg** |
|  | **(kg**<br>**Produ**<br>**ced)**<br>| **(R/kg)** | **(kg** <br>**sold)**<br>| **(R/kg)** | **(kg**<br>**Produ**<br>**ced)**<br>| **(R/kg)** | **(kg** <br>**sold)**<br>| **(R/kg)** | **Cash**<br>**costs**<br>**per**<br>**kg** | **All-in**<br>**sustaini**<br>**ng**<br>**costs** <br>**per**<br>**kg** |
| **South Africa** |  |  |  |  |  |  |  |  |  |  |
| Moab Khotsong............. | 6184 | 846013 | 6178 | 952206 | 6599 | 699300 | 6650 | 798866 | (21.0) | (19.2) |
| Mponeng......................... | 10370 | 674481 | 10454 | 804429 | 8751 | 670811 | 8648 | 785108 | (0.5) | (2.5) |
| Tshepong North............. | 2900 | 1075014 | 2905 | 1305365 | 3248 | 884464 | 3196 | 1078897 | (21.5) | (21.0) |
| Tshepong South............ | 2739 | 1073030 | 2737 | 1258634 | 3129 | 833307 | 3082 | 1002141 | (28.8) | (25.6) |
| Doornkop........................ | 2720 | 1162651 | 2730 | 1440880 | 3470 | 880229 | 3469 | 1031845 | (32.1) | (39.6) |
| Joel.................................. | 1634 | 1149466 | 1639 | 1351641 | 1733 | 975319 | 1708 | 1145064 | (17.9) | (18.0) |
| Target 1........................... | 1387 | 1808182 | 1415 | 2203514 | 1859 | 1266487 | 1854 | 1558946 | (42.8) | (41.3) |
| Kusasalethu................... | 3629 | 1092265 | 3658 | 1256873 | 3842 | 965284 | 3795 | 1058639 | (13.2) | (18.7) |
| Masimong....................... | 1478 | 1334765 | 1483 | 1455114 | 1780 | 1057287 | 1756 | 1121951 | (26.2) | (29.7) |
| MWS............................... | 2996 | 735525 | 3057 | 795380 | 3770 | 545310 | 3742 | 605710 | (34.9) | (31.3) |
| All other surface <br>operations.......................<br>| 4879 | 809657 | 4839 | 889015 | 5296 | 700971 | 5270 | 719354 | (15.5) | (23.6) |
| **International** |  |  |  |  |  |  |  |  |  |  |
| Hidden Valley................. | 5107 | 458928 | 5098 | 868228 | 5101 | 477360 | 5052 | 814375 | 3.9 | (6.6) |
| Total kg........................... | 46023 |  | 46193 |  | 48578 |  | 48222 |  |  |  |
| Weighted average<sup>(1)</sup>...... |  | 874901 |  | 1054346 |  | 758736 |  | 901550 | (15.3) | (16.9) |

---

<sup>1</sup>The offsetting of the by-product income for management's reporting purposes has the effect of decreasing the cash costs and the all-in

sustaining costs.

For further information about the use of non-GAAP measures, such as all-in sustaining costs, see "*Reconciliation of Non-*

*GAAP Measures*" below.

Our average cash costs increased by 15.3%, or R116,165 per kilogram, from R758,736 per kilogram in fiscal 2024 to

R874,901 per kilogram in fiscal 2025. Cash costs per kilogram vary with the working costs per tonne (which are, in turn, affected

by the number of tonnes processed) and grade of ore processed. Production costs increased by 10.9% from R38,923 million in

fiscal 2024 to R43,155 million in fiscal 2025, mainly due to inflationary pressures on costs including labour, contractors,

consumables and electricity. Additionally, the royalty expense increased due to a higher rate being applied as a result of higher

profits, as well as the increased revenue base to which it is applied.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

At Joel, all-in sustaining cost increased by 18.0% from R1,145,064 per kilogram in fiscal 2024 to R1,351,641 per kilogram

in fiscal 2025, mainly as a result of a 5.7% decrease in gold production to 1,634 kilograms from 1,733 kilograms. This was

driven by a decrease in tonnes treated, resulting from time lost due to a mud rush incident that severely impacted hoisting

operations.

At Moab, all-in sustaining cost increased by 19.2% from R798,866 per kilogram in fiscal 2024 to R952,206 per kilogram in

fiscal 2025, mainly as a result of an increase in production costs and a 6.3% decrease in gold production to 6,184 kilograms

from 6,599 kilograms. The production costs increase was mainly due to annual wage and electricity tariff increases as well as

inflationary increases on consumables and contractors. MPRDA royalties increased by 40% to R319 million due to higher

revenue and profitability.

At Kusasalethu, all-in sustaining cost increased by 18.7% from R1,058,639 per kilogram in fiscal 2024 to R1,256,873 per

kilogram in fiscal 2025, mainly as a result of a increase in production costs and a 5.5% decrease in gold production to 3,629

kilograms from 3,842 kilograms. The production costs increase was mainly due to annual wage and electricity tariff increases as

well as significantly higher MPRDA royalties.

At Tshepong North, all-in sustaining cost increased by 21.0% from R1,078,897 per kilogram in fiscal 2024 to R1,305,365

per kilogram in fiscal 2025, mainly due to the increase in production costs and decrease in gold production. The production

costs increase was mainly due to annual wage and electricity tariff increases as well as higher MPRDA royalties. Royalties

increased by 48.0% as revenue and profits increased. The decrease in gold production was driven by a 7.3% decrease in the

volumes of ore milled to 673 000 tonnes (2024: 726 000 tonnes).

At Tshepong South, all-in sustaining cost increased by 25.6% to R1,258,634 per kilogram in fiscal 2025, compared with

R1,002,141 per kilogram in fiscal 2024, mainly due to the increase in the production costs and lower gold production which

decreased from 3,129 kilograms in fiscal 2024 to 2,739 kilograms in fiscal 2025. Production was affected by lower face grades

as well as ore milled for the year decreasing to 448 000 tonnes (2024: 465 000 tonnes). Production costs increased mainly due

to annual wage and electricity tariff increases as well as an increase in the cost of consumables. Higher MPRDA royalties also

contributed to the increase in cost by 48% on higher revenue and profits.

At Masimong, all-in sustaining costs increased by 29.7% from R1,121,951 per kilogram in fiscal 2024 to R1,455,114 per

kilogram in fiscal 2025, mainly due to annual wage and electricity tariff increases. Further, this was impacted by a decrease in

gold production of 17.0% to 1,478 kilograms in fiscal 2025 from 1,780 kilograms in fiscal 2024 due to the lower tonnes milled as

a result of operational and hoisting challenges.

At MWS, all-in sustaining costs increased year on year by 31.3% from R605,710 per kilogram in fiscal 2024 to R795,380

per kilogram in fiscal 2025. This was mainly as a result of annual wage and electricity tariff increases as well as an increase in

water costs driven by additional charges from the Department of Water and Sanitation related to the pumping of water.

At Doornkop, all-in sustaining cost increased by 39.6% from R1,031,845 per kilogram in fiscal 2024 to R1,440,880 per

kilogram in fiscal 2025. This was mainly due to a significant decrease of 21.6% in gold production to 2,720 kilograms from

3,470 kilograms, driven by operational challenges. Lower grade also contributed as a result of mining of the high-grade vent

pillar being stopped in fiscal 2025.

At Target 1, all-in sustaining costs increased year on year by 41.3% from R1,558,946 per kilogram in fiscal 2024 to

R2,203,514 per kilogram in fiscal 2025. This was as a result of a decrease in gold production of 25.4% from 1,859 kilograms in

fiscal 2024 to 1,387 kilograms in fiscal 2025, mainly due to a decrease in tonnes milled as well as grade recovery resulting from

a delay in commissioning some of the higher-grade massives.

*Amortisation and depreciation* 

Amortisation and depreciation increased from R4,642 million in fiscal 2024 to R4,842 million in fiscal 2025, primarily due to

higher production at Hidden Valley. Furthermore, assets brought into use on the completion of phase 1 of the Kareerand TSF

Extension project at Mine Waste Solutions also contributed to the increase. These increases were partially offset by a decrease

at Mponeng, which resulted from an increase in reserve tonnes used to calculate depreciation based on the units-of-production

method.

*Impairment of assets* 

No impairment charge was recorded in fiscal 2025 for the operations identified for testing by the trigger assessment

including; Joel, Target 1, Masimong, Kusasalethu, Tshepong South and Kalgold. There was no reversal of impairments

previously recognised during fiscal 2025.

An impairment charge of R2,793 million was recorded in fiscal 2024. This was as a result of new preliminary Mineral

Resources estimates for the Target North project received during August 2024 by management after the completion of the

exploration drilling program. Additional drilling information and the application of modern industry best practice estimation

techniques indicated a decrease in the Mineral Resource estimate due to a better understanding of the geological complexity

and the application of constrained estimation domains. The Mineral Resource estimate used to determine the recoverable

amount of Target North changed from the previous estimate of 56.4 million resource ounces, consisting of 22 million Indicated

Resources and 34.4 million Inferred Resources, to the current Mineral Resource estimate of 13.8 million ounces of Inferred

Resources. The gold resource multiple price in US dollar terms was unchanged from previous assessments. Any reasonable

possible changes to the unobservable inputs of the Mineral Resource estimate for Target North would have resulted in

immaterial changes. There are no declared Mineral Resources attributable to Target North. The post-tax recoverable amount

was determined to be R888 million. See note 5(f) "*Cost of Sales*", to our consolidated financial statements set forth beginning on

page F-1.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*Share-based payments cost*

Share-based payments costs increased in fiscal 2025 to R573 million (2024: R171 million). The increase was as a result of

the Katleho ya Moruo Employee Share Ownership Plan for non-managerial employees, which was costed from 1 April 2024

onwards, contributing an increase of R344 million. Additionally, there was a R58 million increase under the Management

Deferred Share Plan.

***Income statement items other than revenue and cost of sales***

*Corporate, administration and other expenditure*

Corporate, administration and other expenditure expenses increased to R1,647 million in fiscal 2025 from R1,294 million in

fiscal 2024 principally as a result of annual inflationary increases and higher annual incentives.

*Gains/losses on derivatives*

Losses on derivatives amounted toR59 million in fiscal 2025, compared to gains of R453 million in fiscal 2024. Gains/

losses on derivatives include the fair value movements of derivatives which have not been designated as hedging instruments

for hedge accounting purposes or where hedge accounting has been discontinued, the amortisation of day-one gains and

losses for derivatives and the hedging ineffectiveness. The day-one adjustment arises from the difference between the contract

price and market price on the day of the transaction. Potential sources of hedge ineffectiveness include counterparty and own

credit risk, day-one gains and losses, a mismatch in the timing of the derivative and underlying gold sale maturities, location

differential and the refining margin. Hedge ineffectiveness is measured by comparing the change in the expected cash flows

from a forward sale contract/zero cost collar contract versus the sale of an equivalent quantity of gold in the open market.

Ineffectiveness results when the changes in the fair values in the hedging instruments exceed the fair value changes in the

hedged item. Factors affecting gains/losses on derivatives are discussed below.

*(a) Foreign exchange derivatives*

Harmony maintains a foreign exchange derivative program in the form of zero cost collars, which establish a floor and cap

US$/Rand exchange rate at which to convert US dollars to Rand, and forward exchange contracts. As hedge accounting is not

applied, the resulting gains and losses have been recorded in the income statement. In fiscal 2025, a gain amounting to

R235 million (2024: R670 million) was recorded.

*(b) US$ commodity contracts*

Harmony maintains a derivative program for Hidden Valley by entering into commodity derivative contracts. The contracts

comprise US$ gold forward sale contracts, US$ gold zero cost collars and silver zero cost collars which establish a minimum

(floor) and maximum (cap) commodity sales price. Hedge accounting has been applied to all US$ gold contracts and these are

shown separately from the silver zero cost collars that are not hedge accounted. Losses of R506 million were recognised in

revenue for fiscal 2025 compared to R50 million in fiscal 2024. During fiscal 2025 and 2024 a negligible amount of hedge

ineffectiveness was experienced. The gains and losses for the silver zero cost collars are recorded in gains/(losses) on

derivatives in the income statement. In fiscal 2025, losses on derivative of R150 million were recorded in the income statement

compared to R98 million in fiscal 2024.

*(c) Rand gold contracts*

Harmony maintains a derivative programme for some of the South African companies by entering into commodity

derivative contracts. The contracts comprise forward sale contracts and zero cost collars. Hedge accounting is applied to these

contracts, resulting in the effective portion of the unrealised gains and losses being recorded in other comprehensive income

(other reserves). The contracts that matured realised losses of R1,215 million in fiscal 2024 compared to a loss of R4,088 million

in fiscal 2025, which has been included in revenue.

During fiscal 2025 and 2024 a negligible amount of hedge ineffectiveness was experienced.

*Remeasurement of contingent consideration*

The contingent consideration liability comprises of the contingent portion of consideration transferred for the acquisition of

the Mponeng operations and related assets and Eva Copper. The contingent consideration for Mponeng remeasurement for

both above and below infrastructure during fiscal 2025 amounted to R427 million and R291 million in fiscal 2024, mainly

reflecting the changes in the production profile.

The remeasurement of the contingent consideration for Eva Copper in fiscal 2025 amounted to R403 million and

R193 million in fiscal 2024. This increase was predominantly as a result of the declaration of additional Mineral Resources and

includes an amount of R264 million which is due in September 2025.

*Other operating expenses*

Other operating expenses increased to R346 million in fiscal 2025 from R195 million in fiscal 2024 principally as a result of

a change in assumptions of the silicosis settlement provision due to the potential preserved claims, which resulted in an

R2 millionincrease of the estimated obligation in fiscal 2025, compared to a R174 million credit in fiscal 2024. This was offset in

2025 due to the availability of actual exit data and an adjustment to the take-up rate.

*Acquisition-related costs*

The cost of R40 million in fiscal 2025 was incurred in anticipation of the acquisition of MAC. There were no acquisition

costs in fiscal 2024.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*Investment income*

During fiscal 2025 investment income amounted to R1,504 million compared to R809 million in fiscal 2024. This was

mainly due to higher favourable cash balances during fiscal 2025 resulting in increased interest income earned.

*Finance costs*

During fiscal 2025 finance costs amounted to R698 million compared to R796 million in fiscal 2024. The decrease was

mainly as a result of lower aggregate borrowings due to repayments during fiscal 2024 and minimal drawdowns during fiscal

2025. *Income and mining taxes* 

In fiscal 2025 the tax rates for companies remained 33% for mining income and 27% for non-mining income. The income

tax rate remained 30% for Australian companies and PNG mining companies.

Harmony's effective income and mining tax rates for fiscal 2024 and 2025 are presented in the table below:

---

| | | |
|:---|:---|:---|
| | **Fiscal year ended 30 June** | **Fiscal year ended 30 June** |
| <br>**Income and mining tax** | **2025** | **2024** |
| Effective income and mining tax rate........................................................................................................ | 31% | 26% |

---

The effective tax rate for fiscal 2025 was lower than the mining statutory tax rate of 33% for Harmony and our subsidiaries

as a whole. This is mainly due to capital allowances and utilisation of deferred tax assets. Refer to note 11 "*Taxation*" to our

consolidated financial statements beginning on page F-1 for further detail.

During fiscal 2025 taxation amounted to R6,658 million, compared to R3,082 million in fiscal 2024, mainly attributable to

increased mining tax due to the higher gold price realised, resulting in a significant increase in our profitability during fiscal 2025.

The deferred tax movement was affected by changes in the life-of-mine rates (see below) as well as changes in the temporary

differences. These changes had the following impacts:

• Increase of temporary differences related to the carrying value of property, plant and equipment resulted in an increase of

R1,079 million in the deferred tax expense (2024: R510 million);

• Unwinding of temporary differences related to the utilisation of unredeemed capital expenditure and assessed loss

balances resulted in a increase of R167 million in the deferred tax expense (2024: R74 million) and R17 million

(2024: R120 million) in the deferred tax expense, respectively;

• The change in deferred tax rates of Mponeng from 8.1% to 17.2%, applied to balances excluding hedge accounted

derivatives, resulted in an increase in the deferred tax expense and liability to the amount of R329 million

(2024: R379 million decrease); and

• The change in deferred tax rates of the remaining legal entities in the group, applied to balances excluding hedge

accounted derivatives, resulted in an increase in the deferred tax expense and liability to the amount of R805 million

(2024: R239 million increase).

Deferred tax rates for the South African operations are calculated based on estimates of the future profitability of each ring-

fenced mine when temporary differences will reverse. The future profitability of each ring-fenced mine, in turn, is determined by

reference to the LOM plan for that operation, which is based on parameters such as the Group's long-term view of the US$ gold

price and the Rand/US$ exchange rate, as well as the reserves declared for the operation. As some of these parameters are

based on market indicators, they differ from one year to the next. In addition, the reserves may also increase or decrease based

on updated or new geological information. Changes in the future profitability of each ring-fenced mine impact the deferred tax

rates used to recognise temporary differences at these operations. The movement in deferred tax on temporary differences due

to changes in estimated effective tax rates results primarily from the movement in the effective deferred tax rate at Harmony

(includes Masimong and Harmony's portion of the Doornkop Joint Venture (Harmony Company)), Freegold (includes Joel,

Tshepong North and Tshepong South), Moab Khotsong, Mponeng, Randfontein (includes Doornkop and Kusasalethu), Kalgold

and Chemwes (includes Mine Waste Solutions).

The deferred income tax rates changed significantly for the following entities:

---

| | | |
|:---|:---|:---|
| | **Fiscal year ended 30 June** | **Fiscal year ended 30 June** |
| <br>**Deferred tax rates** | **2025** | **2024** |
| Harmony Company  | 20.8 | 26.4 |
| Freegold (Harmony) Proprietary Limited (**"Freegold"**) | 17.4 | 12.6 |
| Harmony Moab Khotsong Operations Proprietary Limited (**"Moab"**) | 21.2 | 19.0 |
| Golden Core Trade and Invest Proprietary Limited (**"Mponeng"**) | 17.2 | 8.1 |
| Randfontein Estates Limited (**"Randfontein"**) | 17.2 | 12.3 |
| Kalahari Goldridge Mining Company Limited (**"Kalgold"**) | 26.2 | 21.5 |
| Chemwes Proprietary Limited (**"Chemwes"**) | 26.3 | 18.1 |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*South Africa*

Generally, South Africa imposes tax on worldwide income (including capital gains) of all our South African incorporated tax

resident entities at a rate of 27% (2024: 27%) on non-mining income. The South African entities pay taxes separately on mining

income and non-mining income. The amount of our South African mining income tax is calculated on the basis of a gold mining

formula that takes into account our total revenue and profits from, and capital expenditure for, mining operations in South Africa.

5% of total mining revenue is exempt from taxation in South Africa as a result of the application of the gold mining formula. The

amount of revenue subject to taxation is calculated by deducting qualifying capital expenditure from taxable mining income. The

amount by which taxable mining income exceeds 5% of mining revenue, constitutes taxable mining income. We and our

subsidiaries account for taxes separately that are determined in respect of each entity. Hence, South Africa does not apply any

Group basis of taxation.

Previously, Harmony was able to carry forward assessed losses indefinitely and offset the total accumulated balance

against taxable income in the relevant year of assessment.

However, this has been amended from fiscal year 2023 and remained unchanged in fiscal 2025. Assessed losses utilised

are limited to the higher of R1 million or 80% of taxable income, and the balance remaining will be carried forward to the

following year of assessment. This essentially results in a minimum taxable income of 20%. The restriction on utilising losses

has been made on the basis that the calculation of the assessed loss restriction must be determined before any capital

expenditure is deducted.

South Africa has a Controlled Foreign Company regime which effectively attributes certain types of passive income derived

by offshore subsidiaries and imputes that income in taxable income as if it had been derived in South Africa under South African

tax rules.

*Australia*

Generally, Australia also imposes tax on the worldwide income (including capital gains) of all of our Australian incorporated

and tax resident entities. The current income tax rate for companies is 30%.

HGA and its wholly-owned Australian subsidiary companies are recognised and taxed as a single entity, called a

consolidated Group. Under the Australian Tax Consolidation rules all of the Australian subsidiary companies are treated as

divisions of the Head Company, HGA. As a result, inter-company transactions between group members are generally ignored for

tax purposes. This allows the Group to transfer assets between group members without any tax consequences, and deems all

tax losses to have been incurred by HGA.

*Papua New Guinea*

PNG mining projects are taxed on a project basis. Therefore, each project is taxed as a separate entity, even though it may

be one of a number of projects carried on by the same company. Capital development and exploration expenditure incurred in

PNG is capitalised for tax purposes and can be deducted at 25% per annum on a diminishing value basis against project

income, with the deduction being limited to the lesser of 25% of the diminished value or the income of the project for the year.

PNG mining companies are taxed at a rate of tax of 30%. Mining operations in PNG are subject to a 2% royalty and 0.5%

Production Levy which are payable to the PNG Government.

***Operating performance per Segment***

For a further discussion on operating performance on a segment basis, refer to *"– Delivering profitable ounces –* 

*Performance by operation*" on pages 46 to 84 of the Integrated Annual Report for the 20-F 2025. Also refer to note 39"*Segment* 

*report*" to our consolidated financial statements set forth beginning on page F-1.

***Reconciliation of Non-GAAP Measures***

The World Gold Council ("**WGC**") published revised industry guidance in November 2018 on the calculation of "all-in

sustaining costs" and "all-in cost". These measures were developed to create a better understanding of the overall costs

associated with producing gold. Although Harmony is not a member of the WGC, we disclose these measures. The all-in

sustaining cost measure is an extension of the cash cost measure (referenced below) and incorporates costs related to

sustaining production. We use adjusted free cash flow as a liquidity measure.

Cash costs, cash costs per ounce/kilogram, all-in sustaining costs, all-in sustaining costs per ounce/kilogram and adjusted

free cash flows are all non-GAAP measures. These measures should not be considered by investors in isolation or as an

alternative to production costs, cost of sales, cash generated by operating activities or any other measure of financial

performance or liquidity calculated in accordance with IFRS. The calculation of these measures may vary significantly among

gold mining companies and, by themselves, do not necessarily provide a basis for comparison with other gold mining

companies. Nevertheless, Harmony believes that the cost measures are useful indicators to investors and management as they

provide an indication of profitability and efficiency, the trend in costs as the mining operations mature over time on a consistent

basis and an internal benchmark of performance to allow for comparison against other mines, both within the Group and at other

gold mining companies. The cost metrics are also a measure of an operation's performance by comparison of cash costs per

ounce/kilogram to the spot price of gold.

The adjusted free cash flow non-GAAP measure indicates the net cash generation or utilisation after capital expenditure,

and how much cash is available for distribution or other investing activities. Harmony believes adjusted free cash flow is useful

to investors in understanding how existing cash from operations is utilised as a source for sustaining our current capital plan and

future development growth. Adjusted free cash flow is not a measure of cash available for discretionary expenditures, since

Harmony has certain non-discretionary obligations such as the principal portion of debt obligations that are not deducted from

this measure.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Our cash costs consist primarily of production costs and are expensed as incurred. The cash costs are incurred to access

ore to produce current mined reserves. Cash costs do not include capital development costs, which are incurred to allow access

to the orebody for future mining operations and are capitalised and amortised when the relevant reserves are mined.

Total cash costs include mine production costs, transport and refinery costs, applicable general and administrative costs,

ore stockpiles, as well as ongoing environmental rehabilitation costs, transfers for stripping activities and costs associated with

royalties. Employee termination costs are included, however employee termination costs associated with major restructuring and

shaft closures are excluded. The costs associated with movements in production inventories are excluded from total cash costs.

Gold ounces/kilograms produced are used as the denominator in the total cash costs per ounce/kilogram calculation.

All-in sustaining costs include mine production costs, transport and refinery costs, applicable general and administrative

costs, costs associated with movements in production inventories, ore stockpiles, as well as ongoing environmental

rehabilitation costs, transfers for stripping activities and costs associated with royalties. Employee termination costs are

included, however employee termination costs associated with major restructuring and shaft closures are excluded. The

following costs are also included: local economic development ("**LED**") expenditure for continuing operations, corporate costs,

sustaining exploration costs and sustaining capital expenditure including ongoing capital development ("**OCD**") expenditure and

rehabilitation accretion and amortisation for continuing operations. Gold ounces/kilograms sold are used as the denominator in

the all-in sustaining costs per ounce/kilogram calculation. Depreciation costs are excluded.

Adjusted free cash flow is determined as cash generated by operating activities after deducting capital expenditure and

adjusting the effects of once-off transactions (acquisition costs).

Changes in all-in sustaining costs per ounce/kilogram and cash costs per ounce/kilogram are affected by operational

performance. In US dollar terms, these measures are also affected by the changes in the currency exchange rate between the

Rand and the US dollar and, in the case of the PNG operations, the Kina.

While recognising the importance of reducing all-in sustaining costs and cash costs, our chief focus is on controlling and,

where possible, reducing total costs, including overhead costs. We aim to control total unit costs per ounce/kilogram produced

by maintaining our low total cost structure at our existing operations. We have been able to reduce total costs by implementing a

management structure and philosophy that is focused on reducing management and administrative costs.

The following is a reconciliation of total all-in sustaining costs, as a non-GAAP measure, to the nearest comparable GAAP

measure, cost of sales under IFRS:

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended 30 June** | **Fiscal year ended 30 June** |
|  | **2025** | **2024** |
|  | (in R millions, except for ounce/<br>kilogram amounts) | (in R millions, except for ounce/<br>kilogram amounts) |
| Cost of sales....................................................................................................................................... | 49635 | 47233 |
| Amortisation and depreciation......................................................................................................... | (4842) | (4642) |
| Rehabilitation expenditure................................................................................................................ | (142) | (3) |
| Care and maintenance costs of restructured shafts..................................................................... | (380) | (246) |
| Employment termination and restructuring costs.......................................................................... | (200) | (86) |
| Share-based payments..................................................................................................................... | (573) | (171) |
| Impairment of assets......................................................................................................................... |  | (2793) |
| Toll treatment costs............................................................................................................................ | (368) | (420) |
| By-products credits............................................................................................................................ | (2631) | (2533) |
| Stripping activities.............................................................................................................................. | 730 | 892 |
| Local economic development expenditure.................................................................................... | 139 | 165 |
| Corporate, administration and other expenditure costs............................................................... | 1238 | 1140 |
| Capital expenditure (OCD)............................................................................................................... | 2741 | 2547 |
| Capital expenditure (exploration, abnormal expenditure and shaft capital)............................. | 2821 | 1895 |
| Other.................................................................................................................................................... | 536 | 496 |
| Total all-in sustaining costs............................................................................................................... | 48704 | 43474 |
| Per kilogram calculation: |  |  |
| Kilogram sold...................................................................................................................................... | 46193 | 48222 |
| Total all-in sustaining costs per kilogram........................................................................................ | 1054346 | 901550 |
| Total all-in sustaining costs (US$ million)....................................................................................... | 2683 | 2325 |
| Per ounce calculation: |  |  |
| Ounces sold........................................................................................................................................ | 1485136 | 1550373 |
| Total all-in sustaining costs per ounce............................................................................................ | 1806 | 1500 |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The following is a reconciliation of total cash costs, as a non-GAAP measure, to the nearest comparable GAAP measure,

cost of sales under IFRS:

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended 30 June** | **Fiscal year ended 30 June** |
|  | **2025** | **2024** |
|  | (in R millions, except for ounce/<br>kilogram amounts) | (in R millions, except for ounce/<br>kilogram amounts) |
| Cost of sales....................................................................................................................................... | 49635 | 47233 |
| Amortisation and depreciation......................................................................................................... | (4842) | (4642) |
| Rehabilitation expenditure................................................................................................................ | (142) | (3) |
| Care and maintenance costs of restructured shafts..................................................................... | (380) | (246) |
| Employment termination and restructuring costs.......................................................................... | (200) | (86) |
| Share-based payments..................................................................................................................... | (573) | (171) |
| Impairment of assets......................................................................................................................... |  | (2793) |
| By-product credits.............................................................................................................................. | (2631) | (2533) |
| Gold and uranium inventory movement......................................................................................... | (258) | 468 |
| Other.................................................................................................................................................... | (343) | (369) |
| Total cash costs.................................................................................................................................. | 40266 | 36858 |
| Per kilogram calculation: |  |  |
| Kilograms produced........................................................................................................................... | 46023 | 48578 |
| Total cash costs per kilogram........................................................................................................... | 874901 | 758736 |
| Total cash costs (US$)...................................................................................................................... | 2219 | 1971 |
| Per ounce calculation:<br>Ounces produced...............................................................................................................................<br>| 1479671 | 1561815 |
| Total cash costs per ounce............................................................................................................... | 1499 | 1262 |

---

The following is a reconciliation of total adjusted free cash flows, as a non-GAAP measure, to the nearest comparable

GAAP measure, cash generated by operating activities, under IFRS:

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended 30 June** | **Fiscal year ended 30 June** |
|  | **2025** | **2024** |
|  | (in R millions) | (in R millions) |
| Cash generated by operating activities.......................................................................................... | 22647 | 15650 |
| Additions to property, plant and equipment................................................................................... | (11855) | (8398) |
| Post retirement obligation settlement............................................................................................. | 350 |  |
| Total adjusted free cash flows.......................................................................................................... | 11142 | 7252 |

---

Within this report, our discussion and analysis is focused on the all-in sustaining costs, total cash costs and adjusted free

cash flows measure.

**B. LIQUIDITY AND CAPITAL RESOURCES** 

We centrally manage our funding and treasury policies. There are no legal or economic restrictions on the ability of our

subsidiaries to transfer funds to us. We have generally funded our operations and our short-term and long-term liquidity

requirements from: (i) cash generated from operations; (ii) credit facilities and other borrowings and (iii) sales of equity

securities.

Harmony intends to finance its capital expenditure, other purchase obligations and debt repayment requirements in 2026

from cash on hand, cash flow from operations, and existing credit facilities.

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended 30 June** | **Fiscal year ended 30 June** |
|  | **2025** | **2024** |
|  | (in R millions) | (in R millions) |
| Operating cash flows......................................................................................................................... | 22647 | 15650 |
| Investing cash flows.......................................................................................................................... | (11955) | (8361) |
| Financing cash flows......................................................................................................................... | (2215) | (5435) |
| Foreign exchange differences.......................................................................................................... | (69) | (28) |
| Total cash flows.................................................................................................................................. | 8408 | 1826 |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Cash flows from operating activities***

Net cash provided by operations is primarily affected by the quantities of gold sold, the gold price, the Rand/US$ exchange

rate, cash costs per ounce and, in the case of the international operations, the Australian dollar and PNG Kina versus US dollar

exchange rate. A significant adverse change in one or more of these parameters could materially reduce cash provided by

operations as a source of liquidity.

Net cash generated by operations increased from R15,650 million in fiscal 2024 to R22,647 million in fiscal 2025. This

increase is mainly due to higher revenue generated through the year as a result of higher gold prices received. The increase

was slightly offset by the increase in production costs.

Income and mining tax paid in fiscal 2025 amounted to R4,289 million, and R2,388 million in fiscal 2024.

***Cash flows from investing activities***

Net cash utilised by investing activities increased from R8,361 million in fiscal 2024 to R11,955 million in fiscal 2025. The

increase of R3,594 million was primarily due to additions to property, plant and equipment relating to the projects at Moab and

Mponeng.

***Cash flows from financing activities***

Financing activities utilised R5,435 million in fiscal 2024, compared to R2,215 million in fiscal 2025. This was primarily due

to substantial repayments of borrowings in 2024, compared to significantly decreased repayments in 2025.

In fiscal 2025, borrowings repaid amounted to R50 million compared to repayments of R4,047 million made during fiscal

2024. The drawdowns made during fiscal 2025 exceeded the repayments, resulting in a net inflow on the borrowings of

R176 million compared to the outflow of R3,747 million in fiscal 2024.

In fiscal 2025, a total dividend of R2,100 million (2024: R1,437 million) was paid mainly reflecting the final dividend of 94

SA cents per share for the 2024 year, amounting to R596 million paid on 14 October 2024 (2024: 75 SA cents per share

amounting to R464 million on 16 October 2023) and the interim ordinary dividend of 227 SA cents per share for the 2025 year,

amounting to R1,442 million paid on 14 April 2025 (2024: 147 SA cents per share amounting to R930 million paid on 15 April

2024).

See note 30 *"Borrowings",* note 32 *"Cash Generated by Operations"* and note 38 *"Subsequent events"* to our consolidated

financial statements set forth beginning on page F-1.

***Outstanding Credit Facilities and Other Borrowings***

*<u>R1.5 Billion Green Term Loan</u>*

On 25 May 2022 Harmony concluded a R1.5 billion six- and a- half-year term green loan facility with a syndicate of banks

led by ABSA Bank Limited and Nedbank Limited (the "**R1.5 Billion Green Term Loan**"). The terms of the R1.5 Billion Green

Term Loan provide that amounts borrowed may be used in respect of eligible green projects, which relate to the construction,

development, acquisition, maintenance, and/or operation of renewable energy installations.

The R1.5 Billion Green Term Loan became available in four quarterly increments of R375 million starting in

November 2022.

At 30 June 2025, R226 million was drawn down, R50 million was repaid. No additional amount of the facility was available

for draw down.

The key terms of the R1.5 Billion Green Term Loan are:

Term facility:R1.5 billion

Margin:2.65% over 3-month Johannesburg Interbank Average Rate ("**JIBAR**")

Maturity:Six and a half years (November 2028)

Security:Unsecured

*<u>R2.5 Billion Syndicated Revolving Credit Facility</u>*

On 25 May 2022 Harmony concluded a R2.5 billion sustainability-linked revolving credit facility with a syndicate of banks

led by ABSA Bank Limited and Nedbank Limited (the "**R2.5 Billion Syndicated Revolving Credit Facility**"). Under the terms of

the R2.5 Billion Syndicated Revolving Credit Facility all amounts borrowed must be used (i) in repayment of the R2 billion four-

year syndicated term loan and revolving credit facility and (ii) for ongoing general corporate costs, working costs and working

capital requirements of the Group. In March 2024 a 12-month extension to the maturity date was granted to May 2027.

At 30 June 2025, no draw down or repayment was made and the full amount on the R2.5 Billion Syndicated Revolving

Credit Facility was available.

The key terms of the R2.5 Billion Syndicated Revolving Credit Facility are:

Revolving facility:R2.5 billion

Margin on revolving facility:2.4% over 3-month JIBAR

Maturity:Five years (May 2027)

Security:Unsecured

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*<u>US$400 Million Syndicated Facility</u>*

On 25 May 2022 Harmony and a syndicate of local and international lenders, which was jointly arranged by Nedbank

Limited and ABSA Bank Limited, concluded a US$400 million sustainability-linked syndicated term loan facility

(the "**US$400 Million Syndicated Facility**") comprising a US$100 million term facility and a US$300 million revolving credit

facility.

The US$400 Million Syndicated Facility is a sustainability-linked facility. Sustainability-linked metrics have been included

into the agreement which would result in specific increases/decreases in the interest rate charged to the facility. During

March 2024 a 12-month extension to the maturity date was granted to May 2027. During fiscal 2025, no repayment was made.

At 30 June 2025, no drawdown or repayment was made under the US$400 Million Syndicated Facility and US$300 million

was available.

The key terms of the US$400 Million Syndicated Facility are:

Term facility:US$100 million

Revolving facility:US$300 million

Margin on term facility:2.85% over Secured Overnight Financing Rate (''**SOFR**'')

Margin on revolving facility:2.70% over SOFR

Maturity:Five years

Security:Unsecured

*<u>US$1.25 Billion Bridge Facility</u>*

On 26 June 2025, Harmony and its wholly owned subsidiary HGA entered into a US$1.25 billion bridge facility agreement

with a syndicate of lenders (the "**US$1.25 Billion Bridge Facility**") to finance the acquisition of MAC and related costs. The

US$1.25 Billion Bridge Facility agreement comprises of a US$250 million term facility and a US$1 billion term facility. No

amounts were drawn down under the US$1.25 Billion Bridge Facility as at 30 June 2025.

Origination fees of R197 million were incurred for the facility. These origination fees have been deferred and will be treated

as a transaction cost when the first drawdown of the facility occurs.

The key terms of the US$1.25 Billion Bridge Facility are:

Margin on facility:2.0% over SOFR first 6 months starting 26 May 2025

2.8% over SOFR next 6 months starting 26 November 2025

4.0% over SOFR last 6 months starting 26 May 2026

Maturity:364 days (June 2026) with a 6 month extension option

Security:Unsecured

The R2.5 Billion Syndicated Revolving Credit Facility and the US$400 Million Syndicated Facility are both sustainability-

linked facilities. These facilities are linked to certain key performance indicators ("**ESG KPIs**") which were measured annually

over the past three years and resulted in changes to the interest rate margins. The rate was adjusted annually by one basis

point for each metric achieved (decrease) or not achieved (increase), with these adjustments being cumulative over the three-

year measuring period. The adjustments to interest rate margins for each financial year's ESG performance would impact the

following financial year. The respective ESG KPIs was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Sustainability performance targets** | **Sustainability performance targets** |
| **KPI**<br>| **Unit of Measurement**<br>| **Scope**<br>| **Fiscal 2024**<br>**Targets**<br>| **Fiscal 2025**<br>**Targets**<br>|
| Greenhouse gas <br>emissions<br>| Thousand tonnes of Scope 1 and Scope 2 <br>CO2e emissions<br>| All operations | 4279 | 4074 |
| Renewable <br>Energy<br>| Renewable energy consumption as % of total <br>electricity consumed<br>| SA operations | 8% | 20% |
| Water <br>consumption<br>| Potable water consumed (Mℓ) | SA operations | 19833 | 19436 |

---

Depending on Harmony's performance in relation to these ESG KPIs, the potential change in interest rate margin is as

follows:

---

| | | |
|:---|:---|:---|
| **Cumulative benefit/penalty for each financial year (basis points)** | **Fiscal 2024** | **Fiscal 2025** |
| KPI |  |  |
| Greenhouse gas emissions | 2 | 3 |
| Renewable Energy | 2 | 3 |
| Water consumption | 2 | 3 |

---

We need to comply with certain debt covenants for the US$400 Million Syndicated Facility, the R2.5 Billion Syndicated

Revolving Credit Facility and the R1.5 Billion Green Term Loan.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

The debt covenant tests are as follows:

The Group's interest cover ratio shall be more than five times (EBITDA<sup>1</sup>/Total interest paid).

Leverage<sup>2</sup> shall not be more than 2.5 times.

<sup>1</sup>*Earnings before interest, taxes, depreciation and amortisation (EBITDA), as defined in the agreement excludes extraordinary items such* 

*as impairment and restructuring cost and gains/losses on disposal of fixed assets.* 

<sup>2</sup>*Leverage is defined as total net debt to EBITDA.*

Debt covenants tests were performed for the loan facilities for both fiscal 2025 and 2024 and no breaches were noted. For

fiscal 2025, the Group's interest cover ratio was 97.3 times (2024: 44.1 times), while the Group's leverage was negative 0.4

(2024: 0.2). Management believes that it is very likely that the covenant requirements will be met in the foreseeable future given

the current earnings and interest levels.

***Current borrowings***

Current borrowings at 30 June 2025 consist of R59 million (2024: R9 million) accrued interest on the US$400 Million

Syndicated Facility and repayments on the R1.5 Billion Green Term Loan.

***Non-current borrowings***

At 30 June 2025 the total non-current borrowings amount to R1,894 million (2024: R1,785 million) of which R1,770 million

relates to the US$100 million term facility under the US$400 Million Syndicated Facility and R124 million to the R1.5 Billion

Green Term Loan.

***Capital Expenditure***

Total budgeted capital expenditures for fiscal 2026, excluding the capital outlay for renewable projects, are R12,927 million.

See Item 4: "*Information on the Company* - *Business Overview - Capital Expenditures"* fordetails regarding the budgeted capital

expenditures for each operation. We currently expect that our planned operating capital expenditures will be financed from

operations, including the use of our current facilities, as described in "*- Outstanding Credit Facilities and Other Borrowings"* 

*above*, and new borrowings as needed.

The following table sets forth our authorised capital expenditure as of 30 June 2025:

---

| | |
|:---|:---|
|  | **R'millions** |
| Authorised and contracted for<sup>1</sup>............................................................................................................................................... | 4329 |
| Authorised but not yet contracted for.................................................................................................................................... | 18462 |
| **Total** **...........................................................................................................................................................................................** | **22791** |

---

<sup>1</sup>Including our share of the capital expenditure amounting to R13 million for the joint operation in PNG.

Total capital expenditure was R11,855 million in 2025, compared to R8,398 million in 2024. This represents a

R3,457 million increase from 2024. This increase was driven mainly by the extension projects at Moab Khotsong and Mponeng,

the 100MW renewable energy project at Moab Khotsong and the Mine Waste Solutions Kareerand TSF extension.

***Working Capital and Anticipated Financing Needs***

The board believes that our working capital resources, by way of cash generated from operations, borrowings and existing

cash on hand, are sufficient to meet our present working capital needs. The South African and PNG operations are generally

expected to fund their capital internally, and likely also fund the development of the Eva Copper Project in Australia. The

acquisition of MAC will be funded by the US$1.25 Billion Bridge Facility. We intend to refinance the US$1.25 Billion Bridge

Facility through a mix of existing cash, debt and/or debt-like instruments and maintain an optimal capital structure. For more

information on our planned capital expenditures, see "-Capital Expenditure" above. Also see Item 3: "*Key Information - Risk* 

*Factors - Risks Related to Our Operations and Business - Our operations have limited proved and probable reserves;* 

*exploration for additional resources and reserves is speculative in nature, may be unsuccessful and involves many risks*".

Our board believes that we will have access to adequate financing on reasonable terms given our cash-based operations

and modest leverage expected, even after the conclusion of the MAC acquisition. Our ability to generate cash from operations

could, however, be materially adversely affected by increases in cash costs, decreases in production, decreases in the price of

gold and appreciation of the Rand and other non-US dollar currencies against the US dollar. In addition, while exchange controls

were relaxed some years ago, South African companies remain subject to restrictions on their ability to deploy capital outside of

the Southern African Common Monetary Area, which may impair our ability to fund overseas operations or guarantee credit

facilities entered into by overseas subsidiaries. See Item 10: "*Additional Information - Exchange Controls*".

The information set forth under the heading: *"*– *Delivering profitable ounces – Performance by operation*" on pages 46 to

84 of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference. See also note 30 "*Borrowings*", note

36 "*Commitments and contingencies*" and note 32 "*Cash generated by operations*" to our consolidated financial statements set

forth beginning on page F-1.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Contractual obligations and contingencies***

Our contractual obligations and commercial commitments consist primarily of credit facilities and environmental

obligations.

The following table summarises our contractual obligations as of 30 June 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Total** | **Less Than 12** <br>**Months 1 July** <br>**2025 to 30** <br>**June 2026**<br>| **12-36 Months** <br>**1 July 2026 to** <br>**30 June 2028**<br>| **36-60 Months** <br>**1 July 2028** <br>**To 30 June** <br>**2030**<br>| **After 60** <br>**Months** <br>**Subsequent** <br>**30 June 2030**<br>|
|  | **(R'millions)** | **(R'millions)** | **(R'millions)** | **(R'millions)** | **(R'millions)** |
| Bank facilities<sup>1</sup>......................................................... | 2224 | 192 | 2006 | 26 |  |
| Environmental obligations<sup>2</sup>................................... | 9055 |  |  |  | 9055 |
| Silicosis settlement obligation<sup>3</sup>............................. | 261 |  | 86 | 132 | 43 |
| Contingent consideration<sup>4</sup>..................................... | 2631 | 492 | 178 | 793 | 1168 |
| **Total contractual obligations** **............................** | **14171** | **684** | **2270** | **951** | **10266** |

---

<sup>1</sup>See *"*- *Liquidity and Capital Resources* - *Outstanding Credit Facilities and Other Borrowings"* above. The amounts include the interest payable

over the terms of the facilities. Where a variable rate is applicable, the rate at the reporting date has been used for the future periods.

<sup>2</sup>We make provision for environmental rehabilitation costs and related liabilities based on management's interpretations of current

environmental and regulatory requirements. See note 24 "*Provision for environmental rehabilitation"* to our consolidated financial statements

set forth beginning on page F-1.

<sup>3</sup>This liability relates to potential cost of settling the silicosis and TB class actions that were instituted against the Group in South Africa. See

Item 3: "*Key Information - Risk Factors - Risks Related to ESG - The cost of occupational health care services and the potential liabilities* 

*related to occupational health diseases may increase in future and may be substantial*" and note 25 "*Other provisions"* to our consolidated

financial statements set forth beginning on page F-1.

<sup>4</sup>The liability was included as part of the consideration transferred for the acquisition of the Mponeng operations and related assets and Eva

Copper. See note 27 *"Contingent consideration" to our consolidated financial statements set forth beginning on page F-1.*

***Commercial Commitments***

The following table provides details regarding our commercial commitments as of 30 June 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amount of Commitments Expiring by Period** | **Amount of Commitments Expiring by Period** | **Amount of Commitments Expiring by Period** | **Amount of Commitments Expiring by Period** | **Amount of Commitments Expiring by Period** |
|  | **Total** | **Less Than 12** <br>**Months 1 July** <br>**2025 to 30** <br>**June 2026**<br>| **12-36 Months** <br>**1 July 2026 to** <br>**30 June 2028**<br>| **36-60 Months** <br>**1 July 2028** <br>**To 30 June** <br>**2030**<br>| **After 60** <br>**Months** <br>**Subsequent** <br>**30 June 2030**<br>|
|  | **(R'millions)** | **(R'million)** | **(R'million)** | **(R'million)** | **(R'millions)** |
| Guarantees<sup>1</sup>........................................................ | 1296 |  |  |  | 1296 |
| Capital commitments<sup>2</sup>....................................... | 4329 | 4329 |  |  |  |
| **Total commitments expiring by period** **......** | **5625** | **4329** | **—** | **—** | **1296** |

---

<sup>1</sup>R539 million of these guarantees relate to our environmental and rehabilitation obligations.

<sup>2</sup>Capital commitments consist only of amounts committed to external suppliers, although a total of R22,791 million has been approved by the

board for capital expenditures for the next three years.

See note 36*"Commitments and contingencies"* to our consolidated financial statements set forth beginning on page F-1.

***Off-balance Sheet Arrangements***

The Group does not have any off-balance sheet arrangements, as defined by the SEC for the purposes of the Form 20-F,

that have or are reasonably likely to have a material current or future effect on the Group's financial position or results of

operations.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Recent Developments***

See Item 4: *"Information on the Company - History and Development of the Company - Recent Developments -* 

*Developments since 30 June 2025"*.

***Related Party Transactions***

For a detailed discussion of related party transactions, seeItem 7: *"Related Party Transactions"*.

***Recent Accounting Pronouncements***

Recently adopted accounting policies, as well as recent accounting pronouncements with the potential for impact on the

consolidated financial statements, are described in note 2*"Accounting policies"* to our consolidated financial statements set forth

beginning on page F-1.

***Accounting Policies***

Harmony's accounting policies are described in note 2*"Accounting policies"* to our consolidated financial statements set

forth beginning on page F-1.

***Use of Estimates and Making of Assumptions***

The preparation of the financial statements in conformity with IFRS requires management to make estimates and

assumptions that affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at

the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual

results could differ from those estimates. Some of our accounting policies require the application of significant judgment and

estimates by management in selecting the appropriate assumptions for calculating financial estimates. By their nature, these

judgments are subject to an inherent degree of uncertainty and are based on our historical experience, terms of existing

contracts, management's view on trends in the gold mining industry and information from outside sources.

Our critical accounting estimates and judgments are described in more detail in note3*"Critical accounting estimates and* 

*judgments"*, to our consolidated financial statements set forth beginning on page F-1. This discussion and analysis should be

read in conjunction with such consolidated financial statements and the relevant notes.

**C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.**

Not applicable.

**D. TREND INFORMATION** 

The information set forth under the heading: *"– Delivering profitable ounces* - *Performance by operation*" on pages 46 to 84

of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference.

Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands,

commitments or events for the year ended 30 June 2025 that are reasonably likely to have a material and adverse effect on our

net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not

necessarily indicative of future results of operations or financial conditions.

**E. CRITICAL ACCOUNTING ESTIMATES** 

Not applicable

**ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**A. DIRECTORS AND SENIOR MANAGEMENT**

The information set forth under the heading:

• *"– Harmony – Our leadership"* on pages 6 to 7.

of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference.

**B. COMPENSATION** 

The information set forth under the heading:

• *"– Governance – Remuneration report"* on pages 202 to 220

of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference.

**C. BOARD PRACTICES**

The information set forth under the headings:

• *"– Governance – Ethical leadership and sound corporate governance"* on pages 186 to 196;

• *"– Governance – Board committees"* on pages 197 to 201

• *"– Governance – Remuneration report"* on pages 202 to 220 and

• *"– Governance – Audit and risk committee: chairperson's report"* on pages 221 to 224.

of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**D. EMPLOYEES**

The information set forth under the heading:

• *"– Social stewardship – An engaged workforce"* on pages 154 to 165

of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference.

**E. SHARE OWNERSHIP** 

See note 35 "*Related Parties*" of our consolidated financial statements, set forth beginning on page F-1.

**F. DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION**

Not applicable.

**ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**A. MAJOR SHAREHOLDERS**

We are an independent gold producer, with no single shareholder exercising control. As of 24 October 2025 our issued

share capital consisted of 636 798 966 ordinary shares. To our knowledge, (a) we are not directly or indirectly owned or

controlled: (i) by another corporation; or (ii) by any foreign government, and (b) there are no arrangements (including any

announced or expected takeover bid), the operation of which may at a subsequent date result in a change in our control.

The voting rights of our major shareholders do not differ from the voting rights of other holders of the same class of shares.

A list of the beneficial holders that hold 5% or more of our securities as at 30 June 2025 is set forth below:

---

| | | |
|:---|:---|:---|
| **Holder** | **Number of shares** | **Percentage** |
| Public Investment Corporation of South Africa....................................................................... | 100527434 | 15.84% |
| African Rainbow Minerals Limited<sup>1</sup>........................................................................................... | 67665545 | 10.66% |
| Van Eck Associates Corporation............................................................................................... | 54647079 | 8.61% |
| BlackRock Inc............................................................................................................................... | 34853391 | 5.49% |

---

<sup>1</sup> Patrice Motsepe, our Chairman, has an indirect holding in African Rainbow Minerals Limited.

The table below shows the significant changes in the percentage ownership held by major shareholders, to the knowledge

of Harmony's management, during the past three years.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beneficial ownership as at 30 June 2025** | **Beneficial ownership as at 30 June 2025** | **Beneficial ownership as at 30 June 2025** |
|  | 2025 | 2024 | 2023 |
|  | % | % | % |
| Public Investment Corporation of South Africa................................................... | 15.84 | 14.72 | 12.68 |
| African Rainbow Minerals Limited......................................................................... | 10.66 | 11.80 | 12.08 |
| Van Eck Associates Corporation........................................................................... | 8.61 | 11.92 | 9.53 |
| BlackRock Inc........................................................................................................... | 5.49 | 4.08 | 4.69 |

---

**B. RELATED PARTY TRANSACTIONS**

Between 1 July 2024 and 30 June 2025, none of the directors or major shareholders of Harmony or, to the knowledge of

Harmony, their families, had an interest, directly or indirectly, in any transaction or in any proposed transaction that has affected

or will materially affect Harmony or its subsidiaries, other than as stated in note 35 "*Related Parties*" of our consolidated financial

statements, set forth beginning on page F-1. Also see note 16 (b) "*Other non-current assets*", note 19 "*Investments in* 

*associates*" and note 20 "*Investment in joint operations*" of our consolidated financial statements, set forth beginning on page

**C. INTERESTS OF EXPERTS AND COUNSEL**

Not applicable.

**ITEM 8. FINANCIAL INFORMATION**

**A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION**

Please refer to Item 18: "*Financial Statements".* For a discussion of our export sales, see Item 5: *"Operating and Financial* 

*Review and Prospects".*

**Legal Proceedings**

None of our properties is the subject of pending material legal proceedings. We have been involved in a number of claims

and legal and arbitration proceedings incidental to the normal conduct of our business, such as the ones described below.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*Provision for silicosis settlement*

At 30 June 2025 and 30 June 2024 a provision of R261 million and R255 million respectively was recognised for

Harmony's potential cost to settle the silicosis and TB class actions that have been instituted against it in South Africa. The

increase in fiscal 2025 is due to the time value of money accretion (R21 million) and a change in estimate (R2 million). The

increase was partially offset by payments of R17 million which were made to the trust overseeing the processing and payment of

claims during the year.

The provision recorded in the financial statements is subject to adjustment or reversal in the future, depending on a

number of factors, including changes in benefit take-up.

See Item 3: "*Key Information - Risk Factors - Risks related to ESG - The cost of occupational health care services and the* 

*potential liabilities related to occupational health diseases may increase in future and may be substantial*" and to note 25 "*Other* 

*Provisions - Provision for silicosis settlement"* of our consolidated financial statements set forth beginning on page F-1.

**Dividend Policy**

Dividends are proposed by and approved by our board of directors based on our financial performance and compliance

with applicable laws, including in respect of the solvency and liquidity test contemplated in the Companies Act. Dividends are

recognised when declared by the board. Our board may exercise its discretion on an annual basis, taking into consideration the

prevailing market conditions, balance sheet flexibility and future capital commitments of the Group. Our dividend policy is to pay

a return of 20% on net free cash generated to shareholders. Under South African law, we may declare and pay dividends from

any reserves included in total shareholder's equity (including share capital and share premium) calculated in accordance with

IFRS, subject to the solvency and liquidity test.

See Item 3: "*Key Information – Risk Factors – Risks Related to Our Corporate and Financing Structure and Strategy – We* 

*may not pay dividends or make similar payments to our shareholders in the future"* and *"– Market Risks – Fluctuations in the* 

*exchange rate of currencies may reduce the market value of our securities, as well as the market value of any dividends or* 

*distributions paid by us".* Also see Item 10: "*Additional Information – Exchange Controls – Introduction", "– Exchange Controls –* 

*Government Regulatory Considerations – Dividends", "– Taxation - Certain South African Tax Considerations – Dividends" and* 

*"– Certain Material United States Federal Income Tax Considerations – Taxation of Dividends"*.

**B. SIGNIFICANT CHANGES**

See Item 4: "*Information on the Company - History and Development of the Company - Recent Developments -*

*Developments since 30 June 2025.*"

**ITEM 9 THE OFFER AND LISTING**

**A. OFFER AND LISTING DETAILS** 

The principal trading market for our ordinary shares is the JSE, where they trade under the symbol "HAR". Our ordinary

shares trade on the New York Stock Exchange Inc. ("**NYSE**") in the form of ADSs, under the symbol "HMY".

**B. PLAN OF DISTRIBUTION**

Not applicable.

**C. MARKETS**

***The Securities Exchange in South Africa***

The JSE is the premier stock exchange in Africa and is based in South Africa where it has operated as a marketplace for

the trading of financial products for over 130 years.

The JSE connects buyers and sellers in a variety of financial markets that include equities and equity derivatives,

commodity derivatives, currency derivatives and interest rate instruments. It is one of the top 20 exchanges in the world in terms

of market capitalisation and a member of the World Federation of Exchanges.

The market capitalisation of the JSE equities index (FTSE/JSE Africa All Shares Index) was R7,188 billion (US$404 billion)

at 30 June 2025. The JSE mining index (FTSE/JSE Precious Metals and Mining Index) market capitalisation was R1,194 billion

(US$67 billion)<sup>1</sup> at 30 June 2025, 16.6% of the overall JSE market capitalisation.

<sup>1</sup>Source: JP Morgan

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Strate Settlement***

Under Strate Pty Limited, South Africa's Central Securities Depository ("**CSD**"), there are essentially two types of clients:

controlled and non-controlled. A controlled client is one who elects to keep his shares and cash with his broker and these shares

are held in custody at the broker's chosen Custodian Bank, the CSD Participant ("**CSDP**"). A non-controlled client is one who

appoints his own CSDP to act as custodian on his behalf. Equity settlements take place on a contractual T+3 (where T= trade

date) settlement cycle. Securities and funds become due for settlement three business days after the trade. Contractual

settlement is a market convention embodied in the rules of the JSE which states that a client has a contractual obligation to

cause a JSE trade to settle on settlement day. The JSE, in its capacity as Settlement Authority, ensures that all on-market trades

entered into by two JSE member firms settle three days after the trade date.

**D. SELLING SHAREHOLDERS**

Not applicable.

**E. DILUTION**

Not applicable.

**F. EXPENSES OF THE ISSUE**

Not applicable.

**ITEM 10. ADDITIONAL INFORMATION**

**A. SHARE CAPITAL**

Not applicable.

**B. MEMORANDUM OF INCORPORATION**

Information on our Memorandum of Incorporation can be found in Exhibit 1.1 filed with this Harmony 2025 Form 20-F.

***Voting Rights***

There are no limitations imposed by South African law or by our charter on the right of non-resident or foreign owners to

hold or vote our ordinary shares.

**C. MATERIAL CONTRACTS**

***R1.5 Billion Green Term Loan***

On 25 May 2022, Harmony and a syndicate of local and international lenders entered into a R1.5 billion six and a half year

syndicated green term loan. The R1.5 Billion Green Term Loan matures in November 2028.

Under the terms of the R1.5 Billion Green Term Loan, funds borrowed must be used in respect of "eligible green projects",

which relate to the construction, development, acquisition, maintenance, and/or operation of renewable energy installations.

The R1.5 Billion Green Term Loan bears interest at 2.65% over the three-month JIBAR.

Harmony was permitted to draw down on the R1.5 Billion Green Term Loan commencing after November 2022. As at

30 June 2025, R176 million was drawn and outstanding on the facility.

***US$400 Million Syndicated Facility***

On 25 May 2022, Harmony and a syndicate of local and international lenders, which was jointly arranged by Nedbank

Limited and ABSA Bank Limited, concluded the US$400 Million Syndicated Facility comprising a US$100 million term facility and

a US$300 million revolving credit facility. The US$400 Million Syndicated Facility matures in May 2027.

Under the terms of the US$400 Million Syndicated Facility funds borrowed must be used (i) in repayment of the September

2019 US$400 million three-year syndicated term loan and revolving credit facility and (ii) for exploration activities, feasibility

costs, capital costs, operational costs, other corporate expenses and other strategic objectives relating to the Group outside of

South Africa.

The US$100 million term loan facility bears interest of 2.85% over the three-month SOFR; the US$300 million revolving

credit facility bears interest of 2.7% over the three month SOFR. The US$400 Million Syndicated Facility is unsecured.

During fiscal 2025, no drawdowns were made on the US$400 Million Syndicated Facility. US$100 million (R1,775 million)

remained outstanding as at 30 June 2025

***R2.5 Billion Syndicated Revolving Credit Facility***

On 25 May 2022, Harmony and a syndicate of local and international lenders entered the R2.5 Billion Syndicated

Revolving Credit Facility. The R2.5 Billion Syndicated Revolving Credit Facility matures in May 2027.

Under the terms of the R2.5 Billion Syndicated Revolving Credit Facility, funds borrowed must be used (i) in repayment of

the November 2018 R2 billion four-year syndicated term loan and revolving credit facility and (ii) for ongoing general corporate

costs, working costs and working capital requirements of the Group.

The R2.5 Billion Syndicated Revolving Credit Facility bears interest at 2.40% over the three-month JIBAR. The R2.5 Billion

Syndicated Revolving Credit Facility is unsecured.

As at 30 June 2025, the total R2.5 billion was available under the R2.5 Billion Syndicated Revolving Credit Facility.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***US$1.25 Billion Bridge Facility***

On 26 June 2025, Harmony and its wholly-owned Australian subsidiary HGA entered into the US$1.25 Billion Bridge

Facility to finance the acquisition of MAC and related costs. The US$1.25 Billion Bridge Facility comprises a US$250 million

term facility and a US$1 billion term facility.

The facility bears interest at the following rates: 2.0% over SOFR first 6 months starting 26 May, 2.8% over SOFR next 6

months starting 26 November 2025 and 4.0% over SOFR last 6 months starting 26 May 2026.

The maturity date of the facility is 25 June 2026, but harmony has a six month extension option that could be exercised in

the future. The US$1.25 Billion Bridge Facility is unsecured.

***The equity-settled Katleho ya Moruo Employee Share Ownership Plan (Katleho ya Moruo ESOP)***

Following the expiration of the Sisonke Employee Share Ownership Plan (''**ESOP**'') in 2022, Harmony approved the

establishment of the Katleho ya Moruo ESOP in January 2024. The scheme aims to continue facilitating beneficial interest and

ownership by non-managerial employees in South Africa (the beneficiaries) of Harmony shares to:

• Facilitate economic empowerment of Harmony's employees;

• Incentivise Harmony's employees, so as to promote the shared interests of employees and shareholders in the value

growth of Harmony; and

• Further align the interests of the Harmony shareholders and those of the employees of Harmony.

The shares were issued to the Harmony ESOP Trust (the ''**Trust**'') on 31 January 2024. Each beneficiary under the

scheme was awarded 360 Participation Units (''**PU**'') if they qualified for the scheme upon its formation or within six months of

the formation thereof. Thereafter, qualifying employees will be awarded PU on a pro-rata basis in line with the scheme rules.

The PU will vest after a service period of five years commencing on 4 April 2024. The Katleho ya Moruo ESOP is equity-settled.

***MAC Acquisition***

Implementation Deed

On 27 May 2025, Harmony and MAC, together with certain subsidiaries, entered into a definitive arrangement by which

Harmony would acquire all outstanding common shares in the capital of MAC for cash consideration of US$12.25 per share (the

"Transaction"). The Transaction would be implemented by way of a Jersey court-approved scheme of arrangement (the

"Scheme") pursuant to a scheme implementation deed entered into among Harmony, MAC and certain subsidiaries, dated 27

May 2025 (the "**Implementation Deed**"). Outstanding MAC equity awards will be cancelled for cash; MAC warrants are to be

cancelled pursuant to a separate warrant cancellation deed. The total consideration for the transaction is US$1.01 billion

(approximately R17.90 billion as at 30 June 2025). The Board of Directors of MAC ("**MAC Board**") unanimously approved the

Transaction and recommended to MAC shareholders that they vote in favour of the Transaction.

Completion of the Scheme is subject to customary conditions, including MAC shareholder approval, sanction by the Royal

Court of Jersey, specified regulatory approvals (including SARB and Australian approvals), absence of restraints or material

adverse change, counterpart consents/waivers in respect of specified stream, royalty and contingent payment arrangements,

and cancellation of MAC warrants. The Scheme is not subject to financing or due diligence conditions. The Implementation

Deed includes customary deal-protection provisions (no-shop and no-talk, subject to customary fiduciary exceptions, notification

and matching right in favour of Harmony), a break fee of US$23.6 million payable to Harmony in certain circumstances,

including where MAC has accepted and implemented a competing proposal, and a reverse break fee equal to 50% of the break

fee payable to MAC in specified circumstances.

Either party may terminate if the Scheme has not become effective by 31 January 2026, among other termination rights

(including Harmony's right to terminate if any MAC director fails to recommend the Scheme or the MAC Board determines that a

competing proposal is a superior proposal, or in any circumstances, MAC becomes obligated to pursue, give effect to and/or

implement a competing proposal). The Implementation Deed contains customary guarantee and indemnity provisions in favour

of MAC under which, Harmony unconditionally and irrevocably guarantees due and punctual performance of Harmony's

obligations under the Implementation Deed and indemnifies MAC against all loss, actions, proceedings and judgements arising

from any default or delay in the due and punctual performance of Harmony's obligations under the Implementation Deed and the

Scheme.

The Implementation Deed is governed by the law of Western Australia and provides for Western Australian courts'

jurisdiction, with matters relating to the Scheme subject to the Royal Court of Jersey. The foregoing summary does not purport

to be complete and is qualified in its entirety by reference to the Implementation Deed, which is filed as an exhibit to this this

report on Form 20-F.

On 24 October 2025 all conditions were satisfied and the Scheme became effective. See Item 4 *"History and Development* 

*of the Company - Recent Developments - Developments since 30 June 2025".*

**D. EXCHANGE CONTROLS**

***Introduction***

The following is a general outline of South African exchange controls. Investors should consult a professional adviser

pertaining to the exchange control implications of their particular investments.

The Republic of South Africa's exchange control regime provide for restrictions on the exportation of capital from a

Common Monetary Area member, consisting of South Africa, the Republic of Namibia, the Kingdoms of Lesotho and Eswatini.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Transactions between South African residents (including corporations) and non-residents are subject to these exchange control

regulations, which are administered by the Financial Surveillance Department of the SARB.

Since 1995 a number of exchange control regulations have been relaxed with regard to both residents and non-residents.

Following the initial reforms, ongoing relaxations have been introduced with the aim of achieving a macroprudential risk-based

approach to the management of foreign exchange. The reforms are being made to, among other things, enable international

firms to make investments through South Africa to the rest of Africa and to further enhance opportunities for offshore portfolio

diversification for resident investors.

A considerable degree of flexibility is built into the system of exchange controls, and the SARB possesses substantial

discretionary powers in approving or rejecting the applications that fall outside the authority granted to authorised dealers.

These comments relate to exchange controls in force at 30 June 2025. These controls are subject to change at any time

(including retrospectively), however, the government has previously announced most changes during the annual budget

statement in February. It is not possible to predict whether existing exchange controls will be changed or relaxed by the South

African government in the future. Investors are urged to consult a professional adviser as to the exchange control implications of

their particular investments.

***Government Regulatory Considerations***

*Shares* 

A foreign investor may invest freely in shares in a South African company, whether listed on the JSE or not, through normal

banking channels against settlement in foreign currency or Rand from a non-resident Rand account. A foreign investor may also

sell its share investment in a South African company and transfer the proceeds out of South Africa without restriction. However,

when the Company is not listed on the JSE, the supporting confirmation must be provided to the SARB that the sale price of any

shares reflects fair market value.

Under present South African exchange control regulations, our ordinary shares and ADSs are freely transferable outside

the Common Monetary Area between non-residents of the Common Monetary Area. No prior SARB approval is required for the

transfer of proceeds to South Africa, in respect of shares listed on the JSE, provided these funds enter the country through the

normal banking channels. In addition, the proceeds from the sale of ordinary shares on the JSE on behalf of those holders of

ordinary shares who are not residents of the Common Monetary Area are freely remittable to those holders. Share certificates

and warrant certificates held by non-residents will be endorsed with the words "non-resident."

*Loans* 

Generally, the granting of loans to us or our subsidiaries, and our ability to borrow from non-South African sources and the

repatriation of dividends, interest and royalties by us are regulated by the Financial Surveillance Department of the SARB. If a

foreign investor wishes to lend capital to a South African company, the prior approval of the SARB must be sought mainly in

respect of the interest rate and terms of repayment applicable to such loan.

Interest on foreign loans is subject to a withholding tax of 15% and freely remittable abroad, provided that the terms of the

loans received prior approval from the SARB. However, this rate may be reduced depending on the applicability of a double

taxation treaty.

*Investments* 

We are required to seek approval from the SARB to use funds held in South Africa to make investments outside of South

Africa.

*Dividends* 

Dividends declared by a listed company are subject to a withholding tax of 20% and freely transferable out of South Africa

from both trading and non-trading profits earned in South Africa through a major bank as agent for the SARB to non-resident

shareholders. However, this rate may be reduced depending on the applicability of a double taxation treaty.

Where 75% or more of a South African company's capital, voting power, power of control or earnings is directly or indirectly

controlled by non-residents, such a company is designated an "affected person" by the SARB, and certain restrictions are

placed on its ability to obtain local financial assistance. We are not, and have never been, designated an "affected person" by

the SARB.

If an affected entity made use of local borrowing facilities, the affected entity must apply for SARB approval prior to

remitting dividends offshore. As a general rule, an affected entity that has accumulated historical losses may not declare

dividends out of current profits unless and until such time that the affected entity's local borrowings do not exceed the local

borrowing limit.

**E. TAXATION**

**Certain South African Tax Considerations** 

The summary set out in this section is based on current tax law and our interpretation thereof. Amendments to the tax law

may change the tax treatment of acquiring, holding or disposing of our ordinary shares or ADSs, as applicable, which changes

may possibly occur on a retrospective basis. The following summary is not a comprehensive description of all of the tax

considerations that may be relevant to a decision to purchase, own or dispose of our ordinary shares or ADSs, and does not

cover the tax consequences that depend upon your particular tax circumstances. This summary is not intended to constitute tax

advice. This summary does not address the foreign tax consequences for persons that are not residents of South Africa and

specifically excludes the tax consequences for persons (a) who are not residents of South Africa whose holding of shares or

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

ADSs is effectively connected with a permanent establishment in South Africa through which the holder carries on business

activities, or (b) who is not the beneficial recipient of the dividends, or (c) who are not resident but where the source of the

transaction or dividends is deemed to be in South Africa. In addition, it does not cover the tax consequences for a holder that is

not entitled to the benefits of the double taxation agreement concluded between the Republic of South Africa and the United

States of America signed on 17 February 1997 ("**US Treaty**"). It also assumes that the holders hold the ordinary shares or ADSs

on capital account (that is, for investment purposes) as opposed to on revenue account (that is for speculative purposes or as

trading stock). The Supreme Court of Appeal in South Africa indicated that gains will be on revenue account if they are derived

as part of a business in carrying out a scheme of profit making. We recommend that you consult your own tax adviser

concerning the consequences of holding our ordinary shares or ADSs, as applicable, in your particular situation in the case of

treaties South Africa assigned to the Multilateral Instruments on 1 January 2023.

***Dividends***

With effect from 1 April 2012, South Africa introduced a Dividends Tax, which is a withholding tax on dividends effectively

borne by the shareholder receiving the dividend. The rate at which Dividends Tax is levied is 20% effective from 22 February

2017 (previously 15%). Dividends Tax is imposed on, amongst others, non-resident shareholders, and it is withheld by the

company declaring and paying the dividend to its shareholders or the regulated intermediary, as the case may be, as a

withholding agent. Dividends Tax is not payable to the extent that the recipient is, amongst others, a South African resident

company that has provided the relevant declaration and undertaking to the company declaring and paying the dividend.

Article 10 of the US Treaty provides that a dividend paid by a company that is a resident of South Africa for tax purposes to

a resident of the US for tax purposes may be taxed in the US. Article 10 of the US Treaty further provides that such a dividend

may also be taxed in South Africa. However, the tax charged in South Africa may not exceed 5% of the gross amount of the

dividends if the beneficial owner is a company that holds directly at least 10% of the voting stock of the South African company

paying the dividends. In all other cases, the US Treaty provides for a withholding tax of 15% of the gross amount of the

dividends.

It is deemed that an amount will be derived by a person from a source within South Africa if the amount constitutes a

dividend received by or accrued to that person. Residents of the US can make use of the lower rate as provided for in the US

Treaty if the relevant declaration and undertaking are provided to Harmony or the regulated intermediary beforehand. The

declaration and undertaking should be renewed after a five-year period effective from 1 July 2020. No time limitation imposed on

the validity of the declarations and undertakings if a regulated intermediary applies the Financial Intelligence Centre legislation,

the common reporting standard regulations in relation to the declarations or the agreement between the Government of South

Africa and the Government of the US to improve International Tax Compliance and to Implement the US Foreign Account Tax

Compliance Act.

***Capital Gains Tax***

Capital Gains Tax ("**CGT**") was introduced in South Africa with effect from 1 October 2001. In the case of an individual,

40% in respect of years of assessment commencing 1 March 2016 (previously 33.3%) of the capital gain is included in the

individual's taxable income (effectively 18%) should the individual pay tax at the marginal rate of 45% from 1 March 2017. In the

case of a corporate entity or trust, 80% in respect of years of assessment commencing 1 March 2016 of such gain is included in

its taxable income (effectively a rate of 22.4% previously and currently 21.6% for years of assessments ending on or after 31

March 2023 for a corporate entity and 36% for a trust). The conduit principle that enabled trusts to transfer the tax liability to a

beneficiary no longer applies to trusts with foreign beneficiaries and these trusts are taxed in South Africa on the amounts

concerned. CGT is only applicable to non-residents if the proceeds from the sale of the shares or ADSs are sourced in South

Africa or are attributable to a permanent establishment of the non-resident shareholder. The US Treaty (which will prevail in the

event of a conflict) provides that the US holder of ordinary shares or ADSs will not be subject to CGT if the assets have been

held as capital assets, unless they are linked to a permanent establishment of such non-resident shareholder in South Africa. To

the extent that shares or ADSs are held on revenue account, a similar principle applies with reference to the payment of income

tax. Subject to Article 13 of the US Treaty (as indicated below), income tax is only payable to the extent that the gain is

attributable to the carrying on of a business in South Africa through a permanent establishment situated in South Africa. The

current corporate rate is equal to 27%. This results in the effective CGT rate of a corporate entity being 21.6%. Any gains

realised on the disposal of equity shares are automatically deemed to be of a capital nature if the equity shares have been held

for a continuous period of at least three years. Such provision applies automatically and is not elective. However, this deeming

provision does not include an ADS.

Generally, the domestic laws of South Africa provide that an amount received or accrued in respect of the disposal of an

asset that constitutes immovable property held by that person or any interest or right of whatever nature of that person to or in

intellectual property where that property is situated in South Africa is deemed to have been sourced in South Africa and be

subject to South African tax. It includes the disposal of any equity shares held by a person in a company if:

• 80% or more of the market value of the equity shares, ownership or right to ownership or vested interest, as the case may

be, at the time of disposal thereof is attributable directly or indirectly to immovable property held otherwise than as trading

stock. This requirement will include rights to variable or fixed payments as consideration for the working of, or the right to

work mineral deposits, sources and other natural resources in South Africa; and

• the person directly or indirectly holds at least 20% of the equity shares in the company or ownership or right to ownership

of the other entity.

The provisions of the US Treaty override the deemed source rules to the extent applicable. Article 13 of the US Treaty

provides that South Africa is entitled to tax a capital gain that is attributable to the alienation of real property situated in South

Africa, which concept includes the equivalent of a US real property interest, even if held through means of shares.

***Securities Transfer Tax***

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Securities Transfer Tax ("**STT**") is payable in respect of the transfer of any security issued by a South African company.

STT is levied at a rate of 0.25% of the taxable amount of the security concerned (generally the market value). A security is

defined to include a depository receipt in a company, in addition to shares in a company. STT is not payable on the issue of any

security.

Although ADSs in respect of our shares are not listed on the JSE, reference is specifically made in the legislation to the

transfer of depository receipts in a South African company. As a consequence, STT will therefore be payable on the transfer of

ADSs. In addition, the process of depositing shares listed on the JSE in return for ADSs, or withdrawing such shares from the

deposit facility, will attract STT as and when the shares are transferred to or from the depository institution.

STT is payable by the broker or participant if a transaction is effected through a stockbroker or an exchange participant, but

it may be recovered from the person acquiring the beneficial ownership of the rights concerned. In other instances, STT is

payable by the person acquiring beneficial ownership.

STT is also payable on the subsequent redemption or cancellation of shares or ADSs.

***Interest***

South Africa has imposed a withholding tax on interest paid by any person to or for the benefit of any foreign person to the

extent that the interest is regarded as having been received or accrued from a source within South Africa at the rate of 15% with

effect from 1 March 2015. In terms of the US Treaty this rate is reduced to zero. However, the rate may change to 5% or 10%

once the US Treaty is renegotiated. US residents can only make use of the lower rate as provided for in the US Treaty if the

relevant declaration and undertaking are provided to the company paying the interest. It was recently enacted that the

declaration and undertaking should be renewed after a five-year period effective from 1 July 2020. No time limitation is imposed

on the validity of the declarations and undertakings if a regulated intermediary applies the Financial Intelligence Centre

legislation, the common reporting standard regulations in relation to the declarations or the agreement between the Government

of South Africa and the Government of the US to improve International Tax Compliance and to Implement the US Foreign

Account Tax Compliance Act.

In terms of the latest amendments to the income tax laws that are effective from 1 January 2026 interest that is incurred by

a holder of debt (lender) on a loan that the lender raised to acquire the debt issued by Harmony is only deductible up to the

interest accrued in circumstances where the interest is incurred in the income of that person even though that person may not

be carrying on a trade.

***Withholding tax on Service Fees***

There is no separate withholding tax on service fees. The monitoring of service fees is now dealt with on the basis that

these types of arrangements must be reported to South African Revenue Service ("**SARS**"). Transactions between residents and

non-residents must thus be reported if they relate to consultancy, construction, engineering, installation, logistical, managerial,

supervisory, technical or training services, in circumstances where the expenditure exceeds or is anticipated to exceed

R10 million in aggregate and does not otherwise qualify as remuneration.

***Capitalisation Shares***

Capitalisation shares or bonus shares issued to holders of shares in lieu of cash dividends do not constitute dividends and

are currently not subject to Dividends Tax. However, these shares have a base cost of zero for income tax purposes.

**Certain Material United States Federal Income Tax Considerations** 

The following is a discussion of certain material US federal income tax consequences of acquiring, holding and disposing

of the ordinary shares (for purposes of this summary, references to the ordinary shares include the ADSs, unless the context

otherwise requires).

You will be a "**US holder**" if you are a beneficial owner of ordinary shares and you are:

• an individual who is a citizen or resident of the United States;

• a corporation (or other entity taxable as a corporation for US federal income tax purposes) organised under the laws of the

United States, any state thereof, or the District of Columbia;

• an estate whose income is subject to US federal income tax regardless of its source; or

• a trust if: (i) a US court can exercise primary supervision over the trust's administration and one or more US persons are

authorised to control all substantial decisions of the trust or (ii) it has a valid election in effect under applicable US Treasury

regulations to be treated as a US person.

This summary only applies to US holders that hold ordinary shares or ADSs as capital assets. This summary is based on

the US Internal Revenue Code of 1986, as amended, (the "**Code**"), its legislative history, existing and proposed US Treasury

regulations, published Internal Revenue Service ("**IRS**") rulings, the US Treaty and court decisions that are now in effect, any

and all of which are subject to differing interpretations and which could be materially and adversely changed. Any such change

could apply retroactively and could affect the continued validity of this summary. This summary does not consider the potential

effects, both adverse and beneficial, of any proposed legislation which, if enacted, could be applied, possibly on a retroactive

basis, at any time.

This summary does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a

decision to purchase the ordinary shares. In particular, this summary deals only with US holders that will hold the ordinary

shares as capital assets within the meaning of Section 1221 of the Code. It does not address considerations that may be

relevant to you if you are an investor that is subject to special tax rules, such as a bank, real estate investment trust, regulated

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

investment company, insurance company, dealer in securities or currencies, trader in securities or commodities that elects mark-

to-market treatment, person that will hold the ordinary shares as a hedge against currency risk or as a position in a "straddle" or

conversion transaction, tax-exempt organisation, person whose "functional currency" is not the US dollar, person liable for

alternative minimum tax, person required to accelerate the recognition of any item of gross income with respect to shares or

ADSs as a result of such income being recognised on an applicable financial statement or a person who owns directly, indirectly

or by attribution, at least 10% of our stock. This summary also does not address any aspect of US federal non-income tax laws,

such as gift or estate tax laws, or state, local, or non-US tax laws, or, except as discussed below, any tax reporting obligations of

a holder of our ordinary shares.

If a partnership (including for this purpose any entity treated as a partnership for US federal income tax purposes) is a

beneficial owner of the ordinary shares, the US federal income tax treatment of a partner in the partnership generally will depend

on the status of the partner and the activities of the partnership. A holder of the ordinary shares that is a partnership and

partners in such a partnership should consult their own tax advisors about the US federal income tax consequences of

acquiring, holding, and disposing of the ordinary shares.

We believe that we will not be a passive foreign investment company ("**PFIC**"), for US federal income tax purposes for the

current taxable year and do not expect to become a PFIC in the foreseeable future. However, we cannot assure you that we will

not be considered a PFIC in the current or future years. If Harmony were to be treated as a PFIC, US holders of ordinary shares

or ADSs would be required (i) to pay a special US addition to tax on certain distributions and gains on sale and (ii) to pay tax on

any gain from the sale of ordinary shares or ADSs at ordinary income (rather than capital gains) rates in addition to paying the

special addition to tax on this gain. Such holder may also be required to file IRS Form 8621. Additionally, dividends paid by

Harmony would not be eligible for the reduced rate of tax described below under "*- Taxation of Dividends*". The remainder of this

discussion assumes that Harmony is not a PFIC for US federal income tax purposes. ***You should consult your own tax***

***advisers regarding the potential application of the PFIC regime.***

Each prospective purchaser should consult his or her tax advisor with respect to the US federal, state, local and non-US

tax consequences of acquiring, owning, or disposing of shares or ADSs.

***US holders of ADSs***

For US federal income tax purposes, a US holder of ADSs generally will be treated as the owner of the corresponding

number of underlying ordinary shares held by The Bank of New York Mellon as depositary ("**Depositary**") for the ADSs, and

references to ordinary shares in the following discussion refer also to ADSs representing the ordinary shares.

Deposits and withdrawals of ordinary shares by US holders in exchange for ADSs will in general not result in the realisation

of gain or loss for US federal income tax purposes. Your tax basis in withdrawn ordinary shares will be the same as your tax

basis in the ADSs surrendered, and your holding period for the ordinary shares will include the holding period of the ADSs.

***Taxation of Dividends***

Distributions paid out of Harmony's current or accumulated earnings and profits (as determined for US federal income tax

purposes), before reduction for any South African withholding tax paid by Harmony with respect thereto, will generally be taxable

to you as dividend income, and will not be eligible for the dividends received deduction allowed to corporations. Distributions that

exceed Harmony's current and accumulated earnings and profits will be treated as a non-taxable return of capital to the extent

of your basis in the ordinary shares and thereafter as capital gain. However, we do not maintain calculations of our earnings and

profits in accordance with US federal income tax accounting principles. You should therefore assume that any distribution by us

with respect to the shares will be reported as ordinary dividend income. You should consult your own tax advisers with respect

to the appropriate US federal income tax treatment of any distribution received from us.

Dividends paid by Harmony generally will be taxable to non-corporate US holders at the reduced rate normally applicable

to long-term capital gains, provided that either (i) Harmony qualifies for the benefits of the US Treaty, or (ii) with respect to

dividends paid on the ADSs, the ADSs are considered to be "readily tradable" on the NYSE, and certain other conditions are

met. You will be eligible for this reduced rate only if you are an individual, and have held the ordinary shares or ADSs for more

than 60 days during the 121 day period beginning 60 days before the ex-dividend date.

For US federal income tax purposes, the amount of any dividend paid in Rand will be included in income in a US dollar

amount calculated by reference to the exchange rate in effect on the date the dividends are received by you or the Depositary

(in the case of ADSs), regardless of whether they are converted into US dollars at that time. If you or the Depositary, as the case

may be, convert dividends received in Rand into US dollars on the day they are received, you generally will not be required to

recognise foreign currency gain or loss in respect of this dividend income.

***Effect of South African Withholding Taxes***

As discussed above in "*- Taxation - Certain South African Tax Considerations - Dividends*", under current law, South Africa

imposes a withholding tax of 20% on dividends paid by Harmony. A US holder will generally be entitled, subject to certain

limitations, to a foreign tax credit against its US federal income tax liability, or a deduction in computing its US federal taxable

income, for South African income taxes withheld by Harmony (at a rate not exceeding any applicable Treaty rate). The rules

governing foreign tax credits are complex and recently issued final US Treasury Regulations ("**Final FTC Regulations**") have

imposed additional requirements that must be met for a foreign tax to be creditable and Harmony does not intend to determine

whether such requirements will be met in the case that non-US taxes are withheld (if any). However, recent notices from the IRS

(the "**Notices**") indicate that the US Treasury and the IRS are considering proposing amendments to the Final FTC Regulations

and allow taxpayers, subject to certain conditions, to defer the application of many aspects of the Final FTC Regulations until

the date when a notice or other guidance withdrawing or modifying this temporary relief is issued (or any later date specified in

such notice or other guidance).

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

US holders that receive payments subject to South African withholding tax will be treated, for US federal income tax

purposes, as having received the amount of South African taxes withheld by Harmony, and as then having paid over the

withheld taxes to the South African taxing authorities. As a result of this rule, the amount of dividend income included in gross

income for US federal income tax purposes by a US holder with respect to a payment of dividends may be greater than the

amount of cash actually received (or receivable) by the US holder from Harmony with respect to the payment.

The rules governing foreign tax credits are complex.***You should consult your tax adviser concerning the foreign tax***

***credit implications of the payment of South African withholding taxes.***

***Taxation of a Sale or other Disposition***

Upon a sale or other disposition of ordinary shares or ADSs, other than an exchange of ADSs for ordinary shares and vice

versa, you will generally recognise US source capital gain or loss for US federal income tax purposes equal to the difference

between the amount realised and your adjusted tax basis in the ordinary shares or ADSs. Your tax basis in an ordinary share or

ADS will generally be its US dollar cost. This capital gain or loss will be long-term capital gain or loss if your holding period in the

ordinary shares or ADSs exceeds one year. However, regardless of your actual holding period, any loss may be treated as long-

term capital loss to the extent you receive a dividend that qualifies for the reduced rate described above under "*- Taxation of* 

*Dividends*" and also exceeds 10% of your basis in the ordinary shares. The deductibility of capital losses is subject to significant

limitations.

Foreign currency received on the sale or other disposition of an ordinary share will have a tax basis equal to its US dollar

value on the settlement date. Foreign currency that is purchased will generally have a tax basis equal to the US dollar value of

the foreign currency on the date of purchase. Any gain or loss recognised on a sale or other disposition of a foreign currency

(including its use to purchase ordinary shares or upon exchange for US dollars) will be US source ordinary income or loss.

To the extent you incur STT in connection with a transfer or withdrawal of ordinary shares as described under "- *Certain* 

*South African Tax Considerations - Securities Transfer Tax*" above, such securities transfer tax will not be a creditable tax for

US foreign tax credit purposes.

*Information with Respect to Foreign Financial Assets* 

US holders of "specified foreign financial assets" with an aggregate value in excess of US$50,000 at the end of the taxable

year, or US$75,000 at any time during the taxable year, are generally required to file an information report with respect to such

assets with their tax returns. "Specified foreign financial assets" may include financial accounts maintained by foreign financial

institutions, as well as the following, but only if they are not held in accounts maintained by financial institutions: (i) stocks and

securities issued by non-United States persons, (ii) financial instruments and contracts held for investment that have non-United

States issuers or counter parties and (iii) interests in foreign entities. US holders are urged to consult their tax advisors regarding

the application of this reporting requirement to their ownership of the ordinary shares.

***US Information Reporting and Backup Withholding Rules***

Payments of dividends and other proceeds with respect to ordinary shares or ADSs by US persons will be reported to you

and to the IRS as may be required under applicable regulations. Backup withholding may apply to these payments if you fail to

provide an accurate taxpayer identification number or certification of exempt status or fail to comply with applicable certification

requirements. Some holders are not subject to backup withholding. You should consult your tax adviser as to your qualification

for an exemption from backup withholding and the procedure for obtaining an exemption.

**F. DIVIDENDS AND PAYING AGENTS**

Not applicable.

**G. STATEMENT BY EXPERTS**

Not applicable.

**H. DOCUMENTS ON DISPLAY**

Our current Memorandum of Incorporation may be examined at our principal place of business at: Randfontein Office Park,

Corner of Main Reef Road and Ward Avenue, Randfontein, 1759, South Africa.

We file annual reports on Form 20-F with, and furnish periodic reports on Form 6-K to, the SEC. You can obtain access to

the documents filed via the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system on the SEC's website (*http://*

*www.sec.gov*).

This Harmony 2025 Form 20-F reports information primarily regarding Harmony's business, operations and financial

information relating to the fiscal year ended 30 June 2025. For more recent updates regarding Harmony, you may inspect any

reports, statements or other information that Harmony files with the SEC.

No material referred to in this annual report as being available on our website is incorporated by reference into, or forms

any part of, this annual report. References herein to our website shall not be deemed to cause such incorporation.

**I. SUBSIDIARY INFORMATION**

Not applicable.

**ITEM 11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

The information set forth under the heading *"Cautionary statement about forward-looking statements"* on the inside front

cover is incorporated herein by reference.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**General**

We are exposed to market risks, including credit risk, foreign exchange risk, commodity price risk, other price risk and

interest rate risk associated with underlying assets, liabilities and anticipated transactions. Following periodic evaluation of these

exposures, we may enter into derivative financial instruments to manage these exposures. We have policies in areas such as

counterparty exposure and hedging practices, which have been approved by our audit and risk committee. We do not hold or

issue derivative financial instruments for trading or speculative purposes.

We did not apply hedge accounting to incidental hedges held in the past.

In accordance with IFRS 9 - *Financial Instruments*, we account for our derivative financial instruments as hedging

transactions if the following criteria are met:

• in the case of a hedge of an anticipated future transaction, there is a high probability that the transaction will occur, and

• in the case of a cash flow hedge, the hedging instrument is expected to be highly effective.

During fiscal 2025 and 2024, we designated all of the gold forward sales as well as (from April 2024) gold zero cost collar

contracts as cash flow hedging instruments and applied hedge accounting to these transactions. See "*- Commodity Price* 

*Sensitivity"* below.

**Foreign Currency Exchange Risk and Sensitivity** 

In the ordinary course of business, we enter into transactions denominated in foreign currencies (primarily US dollars,

Australian dollars and PNG Kina). In addition, we incur investments and liabilities in US dollars, Australian dollars and PNG Kina

from time to time. As a result, we are subject to transaction and translation exposure from fluctuations in foreign currency

exchange rates.

Harmony enters into foreign exchange hedging contracts to manage these risks. This can take the form of zero cost

collars, which establish a minimum (floor) and maximum (cap) Rand/US dollar exchange rate at which to convert the US dollars

we receive on our gold sales to Rand or outright forward contracts that fix the forward exchange rate. The limit currently set by

the board is 25% of the group's foreign exchange risk exposure for a period of 24 months. At 30 June 2025, the nominal amount

of the zero cost collars is US$226 million spread over a 24-month period with a weighted average cap price of US$1=R20.54

and weighted average floor price of US$1=R18.54. Additionally, at 30 June 2025 Harmony had open foreign exchange forward

contracts which had a nominal amount of US$53 million spread over a 12-month period at an average exchange rate of

US$1=R19.98.

**Commodity Price Risk and Sensitivity** 

***General***

Our revenue is sensitive to the spot price of gold as newly mined gold production is typically sold at the ruling market price

of gold, and in the case of Hidden Valley, our revenue is sensitive to the spot price of silver as well. During fiscal 2025 and 2024,

Harmony entered into forward sales to establish the sales price in advance of its future gold production. During April 2024

Harmony introduced gold collar hedging contracts to its derivative programme to hedge the risk of lower gold prices and a new

limit for gold hedging was approved by the Board as 30%, 20% and 10% of production in a 12-, 24- and 36-month period,

respectively, for contracts going forward.

The market price of gold has a significant effect on our results of operations, our ability to pay dividends and undertake

capital expenditures, and the market price of our ordinary shares.

Gold prices have historically fluctuated widely and are affected by numerous industry factors over which we do not have

any control. See Item 3: *"Key Information* - *Risk Factors* - *Strategic and Market Risks - The profitability of our operations, and* 

*cash flows generated by those operations, are affected by changes in the price of gold and other metals; a fall in the gold price* 

*below our cash cost of production and capital expenditure required to sustain production for any sustained period may lead to* 

*losses and require us to curtail or suspend certain operations"*. The aggregate effect of these factors, all of which are beyond our

control, is impossible for us to predict.

***Harmony's Hedging Policy***

As a general rule, we sell our gold production at market prices. However, commencing in fiscal 2017, Harmony started

entering into derivative contracts to manage the variability in cash flows from the Group's production, to create cash certainty

and protect the Group against lower commodity prices. See Item 5: *"Operating and Financial Review and Prospects* - O*perating* 

*Results* - *Revenue".* 

***Commodity Sales Agreements***

At 30 June 2025, the open Rand gold forward sale contracts amounted to 314,000 ounces spread over 30 months at an

average of R1,510,000/kg. The open US$ gold forward contracts amounted to 45,000 ounces spread over 30 months at an

average of US$2,468/oz. The open Rand gold zero cost collar contracts amounted to 432,000 ounces at a weighted average

floor of R1,757,000/kg and a weighted average cap of R1,996,000/kg spread over 36 months. The open US$ gold zero cost

collar contracts amounted to 72,000 ounces spread over 36 months at a weighted average floor of US$2,796/oz and a weighted

average cap of US$3,118/oz.

The open US$ silver zero cost collars amounted to 2,480,000 ounces spread over 24 months at a weighted average floor

of US$31.22/oz and a weighted average cap of US$35.04/oz.

At 30 June 2024, the open Rand gold forward sale contracts amounted to 638,000 ounces spread over 36 months at an

average of R1,373,000/kg. The open US$ gold forward contracts amounted to 75,000 ounces spread over 36 months at an

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

average of US$2,273/oz. The open Rand gold zero cost collar contracts amounted to 170,000 ounces at a weighted average

floor of R1,524,000/kg and a weighted average cap of R1,722,000/kg spread over 36 months. The open US$ gold zero cost

collar contracts amounted to 31,000 ounces spread over 36 months at a weighted average floor of US$2,447/oz and a

weighted average cap of US$2,721/oz. The open US$ silver zero cost collars amounted to 2,230,000 ounces spread over 24

months at a weighted average floor of US$27.22/oz and a weighted average cap of US$30.20/oz.

**Other Price Risk**

The group is exposed to the risk of fluctuations in the fair value of fair value through profit or loss financial assets as a

result of changes in market prices (other than changes in interest rates and foreign currencies). Harmony generally does not use

any derivative instruments to manage this risk.

**Interest Rate Risk** 

Our interest rate risk arises mainly from borrowings. The group has variable interest rate borrowings. Variable rate

borrowings expose the group to cash flow interest rate risk.

With inflation rates easing and economies recovering, central banks started to reduce interest rates during the year ended

30 June 2025. The reduced interest rates had a positive impact on Harmony's cost of borrowings compared to the prior year.

The group has therefore not entered into interest rate swap agreements as the interest rate risk continues to be assessed as

low. Further to this, the decreased interest rates have lowered outstanding bond yields and this has resulted in a decrease in

discount rates.

**Credit Risk** 

Credit risk is the risk that a counterparty may default or not meet its obligations in a timely manner. Financial instruments

which are subject to credit risk are restricted cash and investments, derivative financial assets and cash and cash equivalents,

as well as trade and other receivables (excluding non-financial instruments).

In assessing the creditworthiness of local institutions, management uses the national scale long-term ratings. The credit

risk arising from restricted cash and investments, derivative financial assets and cash and cash equivalents is managed by

ensuring amounts are only invested with financial institutions of good credit quality based on external credit ratings and by

assessing the underlying source of where the funds are invested. The group has policies that limit the amount of credit exposure

to any one financial institution. The audit and risk committee reviews the exposure on a quarterly basis. Exposure to credit risk

on trade and other receivables is monitored on a regular basis by management.

At 30 June 2025, the national scale investment grade rating of the major South African banks remained unchanged at AA+

and the group's Australian counterparts remained at AA-, which is in line with the group's credit risk policy.

**Liquidity Risk**

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, and the availability of

funding through an adequate amount of committed credit facilities.

In the ordinary course of business, the group receives cash from its operations and is required to fund working capital and

capital expenditure requirements. Management prepares cash flow forecasts weekly and ensures that surplus funds are

invested in a manner to achieve market-related returns and to provide sufficient liquidity at the minimum risk. The group

maintains and refinances committed credit facilities as medium-term forecasts require. The audit and risk committee reviews the

updated forecasts quarterly. The group is able to actively source financing at competitive rates. Where necessary, funds will be

drawn from its revolving credit facilities.

For further information on financial, credit and liquidity risks and sensitivities, see note 37 "*Financial Risk Management*" to

our consolidated financial statements set forth beginning on page F-1.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES** 

**A. DEBT SECURITIES**

Not applicable.

**B. WARRANTS AND RIGHTS**

Not applicable.

**C. OTHER SECURITIES**

Not applicable.

**D. AMERICAN DEPOSITARY SHARES**

On 7 October 2011, Harmony appointed Deutsche Bank Trust Company Americas in place of The Bank of New York

Mellon as its Depositary for the ADSs evidenced by American Depositary Receipts ("**ADRs**"). A copy of our form of amended

and restated deposit agreement (the "**Deposit Agreement**") among the Depositary, owners and beneficial owners of ADSs and

Harmony was filed with the SEC as an exhibit to our Form F-6 filed on 15 August 2024.

The Depositary collects fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering

ADSs for the purpose of withdrawal or from intermediaries acting for them. In addition, the Depositary collects an annual fee, or

Depositary Service Fee for the operation and maintenance costs in administering the ADSs. The Depositary collects fees for

making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of the distributable

property to pay the fees.

The principal terms regarding fees and charges that an ADS holder might have to pay, as well as any fee and other

payments made by the Depositary to us as part of the Deposit Agreement, are summarised below:

***Fees and Expenses***

---

| | |
|:---|:---|
| **Persons depositing shares or withdrawing shares** <br>**holders must pay:**<br>| **For:** |
| $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | •The execution and delivery of ADSs |
|  | •The surrender of ADSs |
| $0.02 (or less) per ADS  | •Any cash distributions |
| $0.02 (or less) per ADS  | •Annual Depositary Service Fee for the operation and <br>maintenance costs in administering the ADSs <br>•$0.01 currently being administered as a fee<br>|
| A fee equivalent to the fee that would be payable if securities <br>distributed to you had been shares and the shares had been <br>deposited for issuance of ADSs<br>| •Distribution of securities distributed to holders of <br>deposited securities which are distributed by the <br>Depositary to ADS holders<br>|
| Registration or transfer fees | •Transfer and registration of equity shares on our share <br>register to or from the name of the Depositary or its <br>agent when you deposit or withdraw shares<br>• |
| Expenses of the Depositary | •Cable, telex and facsimile transmissions (when <br>expressly provided in the Deposit Agreement)<br>•Converting foreign currency<br>|
| Taxes and other governmental charges the Depositary or the <br>custodian have to pay on any ADS or share underlying an <br>ADS, for example, stock transfer taxes, stamp duty or <br>withholding taxes<br>| •As necessary |
| Any charges incurred by the Depositary or its agents for <br>servicing the deposited securities<br>| •As necessary |

---

In addition, ADS holders must pay any tax or other governmental charge payable by the Depositary or its custodian on any ADS,

deposited security or distribution. If an ADS holder owes any tax or other governmental charge, the Depositary may:

• refuse to effect any transfer of such ADSs or any withdrawal of ADSs;

• withhold any dividends or other distributions; or

• sell part or all of the ADSs evidenced by such ADS,

and may apply dividends or other distributions or the proceeds of any sale in payment of the outstanding tax or other

governmental charge. The ADS holder remains liable for any shortfall.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Fees and payments made by the Depositary***

The Depositary has agreed to reimburse Harmony for expenses Harmony incurs that are related to the maintenance

expenses of our ADR facility. The Depositary has agreed to pay the standard out-of-pocket maintenance costs for the ADRs,

which consist of the expenses of printing and distributing dividend checks, electronic filing of US federal tax information, mailing

required tax forms, stationery, postage, facsimile, and telephone calls. The amount of reimbursement available to Harmony is

not necessarily tied to the amount of fees the Depositary collects from investors.

During the fiscal year ended 30 June 2025, Harmony received net direct and indirect payments of R58,398,834 from the

Depositary.

**PART II**

**ITEM 13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

Not applicable.

**ITEM 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**

Not applicable.

**ITEM 15 CONTROLS AND PROCEDURES**

**A. DISCLOSURE CONTROLS AND PROCEDURES** 

We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act,

that are designed to ensure that information required to be disclosed in the reports we file or furnish under the Exchange Act is

recorded, processed, summarised and reported within the time periods specified in the SEC's rules and forms and that such

information is accumulated and communicated to management, including our Chief Executive Officer ("**CEO**") and Financial

Director ("**FD**"), as appropriate, to allow timely decisions regarding required disclosure.

In designing and evaluating our disclosure controls and procedures, our management necessarily is required to apply its

judgment. The design of our disclosure controls and procedures also is based in part upon certain assumptions about the

likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all

potential future conditions. Thus, in designing and evaluating our disclosure controls and procedures, our management,

including our CEO and FD, recognises that any controls and procedures, no matter how well designed and operated, can

provide only reasonable, not absolute, assurance of achieving the desired objectives of the disclosure controls and procedures.

As of 30 June 2025, Harmony's management, with the participation of our CEO and FD, carried out an evaluation, pursuant to

Rule 13a-15 promulgated under the Exchange Act of the effectiveness of our "disclosure controls and procedures" (as defined in

Rule 13a-15(e) under the Exchange Act).

As part of this evaluation, management identified material weaknesses in our internal control over financial reporting, as

further described below in "Management's Annual Report on Internal Control over Financial Reporting."

Based on the identification of material weaknesses in our internal control over financial reporting, our management,

including the CEO and FD, concluded that our disclosure controls and procedures were ineffective as of 30 June 2025.

Notwithstanding such material weaknesses in internal control over financial reporting, our management, including our CEO and

FD, has concluded that our consolidated financial statements present fairly, in all material respects, our financial position, results

of our operations and our cash flows for the periods presented in this Annual Report, in conformity with IFRS as issued by the

IASB.

**B. MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING** 

Harmony's management is responsible for establishing and maintaining adequate internal control over financial reporting

as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act. Under Section 404 of the Sarbanes-Oxley Act of 2002 (the

"Sarbanes-Oxley Act"), management is required to assess the effectiveness of our internal control over financial reporting as of

the end of each financial year and report, based on that assessment, whether Harmony's internal control over financial reporting

is effective.

Harmony's internal control over financial reporting is a process designed under the supervision of the CEO and FD to

provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for

external purposes in accordance with IFRS issued by the IASB.

Harmony's internal control over financial reporting includes those policies and procedures that (i) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of

the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial

statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are

being made only in accordance with authorisations of management and directors of the Company; and (iii) provide reasonable

assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company's assets that

could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial

statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the

risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies

or procedures may deteriorate.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Management assessed the effectiveness of Harmony's internal control over financial reporting as of 30 June 2025. In

making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the

Treadway Commission in "Internal Control – Integrated Framework (2013)".

Based on this evaluation, our management has concluded that, as of 30 June 2025, the Company's internal control over

financial reporting was not effective due to the material weaknesses in internal control over financial reporting in the areas

described below.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that

there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented

or detected on a timely basis.

Management identified a material weakness in our internal control over financial reporting due to the fact that we did not

design control activities to adequately address identified risks or operate at a sufficient level of precision, that would identify

material misstatements to our consolidated financial statements.

This material weakness contributed to the following additional material weaknesses:

• Inadequate and insufficient evidence of review (including the precision of the review) of Management Review Controls

("**MRCs**") as well as controls that contain an element of review. MRCs are the reviews conducted by management of

estimates and other kinds of information for reasonableness.

• Inadequate and insufficient evidence of the procedures performed to verify the completeness and accuracy of Information

Produced by the Entity ("**IPE**") used in the execution of controls. IPE is any information that is produced internally by a

company and provided as evidence supporting controls of such company.

• Ineffective information technology general controls ("**ITGCs**") in the areas of user access, change-management and IT

operations, over certain IT systems that support the Company's financial reporting processes. Automated and manual

business process controls that are dependent on the affected ITGCs were also deemed ineffective because they could

have been adversely impacted to the extent that they rely upon information and configurations from the affected IT

systems.

The MRC, IPE and ITGC material weaknesses arose because of the aggregation of numerous individual control

deficiencies, which impacted multiple significant accounts and business processes and as a result, there is a reasonable

possibility that a material misstatement in our consolidated financial statements would not have been prevented or detected on a

timely basis, if such a misstatement had in fact occurred. These control deficiencies did not result in identified material

misstatements in our consolidated financial statements presented in this annual report on Form 20-F.

Our management, under the oversight of the Audit and Risk Committee, has begun to implement a remediation plan to

address the material weaknesses. The key components of our plan include:

• Reassessing our Sarbanes-Oxley Act controls: We are actively reassessing our Sarbanes-Oxley Act processes to improve

the identification of the appropriate controls to respond to the matters we have identified, as described above, to improve

the evidence prepared and retained for key controls to ensure it meets the necessary standards, include formal IPE

considerations and are executed and documented at the appropriate level of precision. This includes the development of

standardised review templates and checklists.

• Defining and commencing implementation of a plan to remediate ITGCs, regarding access management, change

management and IT operations.

• Training: We will develop and deploy training for personnel responsible for the operation of MRCs and controls dependent

on IPE. This training will focus on enhancing such personnel's understanding of internal control over financial reporting,

including documentation standards and preparation of the appropriate evidence of review, in particular as related to MRCs,

and IPE procedures performed.

The Company's management believes that the measures above, as well as other measures that may be implemented, will

remediate the material weaknesses. However, the material weaknesses will not be considered remediated until the remediation

plan has been implemented to a sufficient degree for management to conclude, through testing, that the controls are designed,

implemented and operating effectively to provide reasonable assurance that a material misstatement to the consolidated

financial statements would be prevented, or detected and corrected. Management will continue to monitor the effectiveness of

the remedial measures in their future assessments of the effectiveness of internal control over financial reporting and disclosure

controls and procedures and will make necessary changes to the design of the remedial plan and take other actions that is

deemed appropriate given the circumstances.

**C. ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM** 

Ernst & Young Incorporated, an independent registered public accounting firm that audited the consolidated financial

statements included in this annual report on Form 20-F, has issued an adverse opinion on the effectiveness of Harmony's

internal control over financial reporting as of 30 June 2025.

See – Annual Financial Report – Report of independent registered public accounting firm.

**D. CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING** 

There have been no changes in our internal control over financial reporting during the period ended 30 June 2025 that

have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, other than the

remediation activities described above.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT**

Mr. Martin Prinsloo, independent non-executive chairman of the audit and risk committee, is regarded as being the

Company's "audit committee financial expert" as defined by the rules of the SEC.

In addition, the audit and risk committee members through their collective experience meet a majority of the definitions of

the SEC for an "audit committee financial expert" in both the private and public sectors. The members have served as directors

and officers of numerous public companies and have over the years developed a strong knowledge and understanding of IFRS,

overseeing the preparation, audit and evaluation of financial statements. We believe that the combined knowledge, skills and

experience of the audit and risk committee, and their authority to engage outside experts as they deem appropriate to provide

them with advice on matters related to their responsibilities, enable them, as a group and under the guidance of Mr. Prinsloo, to

act effectively in the fulfilment of their tasks and responsibilities required under the Sarbanes-Oxley Act.

**ITEM 16B. CODE OF ETHICS**

The information set forth under the heading:

• "- *Governance – Ethical leadership and sound corporate governance*" on pages 186 to 196 of the Integrated Annual Report

for the 20-F 2025 is incorporated herein by reference.

**ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

PwC resigned as independent principal accountant of the Group on conclusion of its responsibilities relating to the

30 June 2023 financial year audit. This after having served as Harmony's independent principal accountant for the one financial

year ended 30 June 2023, of which audited financial statements appear in this annual report on Form 20-F. EY was appointed

as the Company's independent principal accountant for the financial years ending 30 June 2025 and 30 June 2024.

**A. AUDIT FEES**

The following sets forth the aggregate fees billed for each of the last two fiscal years for professional fees to our principal

accountants for the audit of the annual financial statements or for services normally provided by the accountant in connection

with statutory and regulatory filings or engagements for those fiscal years.

---

| | | |
|:---|:---|:---|
| Fiscal year ended 30 June 2024.................................................................................................... | Rand | 55 million |
| Fiscal year ended 30 June 2025.................................................................................................... | Rand | 72 million |

---

**B. AUDIT-RELATED FEES**

The following sets forth additional aggregate fees to those reported under "Audit Fees" in each of the last two fiscal years

that were provided by the principal accountant that are reasonably related to the performance of the audit or review of the

financial statements:

---

| | | |
|:---|:---|:---|
| Fiscal year ended 30 June 2024.................................................................................................... | Rand | 8 million |
| Fiscal year ended 30 June 2025.................................................................................................... | Rand | 8 million |

---

Fees related to interim reviews.

**C. TAX FEES**

The following sets forth the aggregate fees billed in each of the last two fiscal years for professional services rendered by

the principal accountant for tax compliance, tax advice and tax planning:

---

| | |
|:---|:---|
| Fiscal year ended 30 June 2024.................................................................................................... | Rand |
| Fiscal year ended 30 June 2025.................................................................................................... | Rand |

---

Not applicable

**D. ALL OTHER FEES**

The following sets forth the aggregate fees billed in each of the last two fiscal years for products and services provided by

the principal accountant not described above:

---

| | |
|:---|:---|
| Fiscal year ended 30 June 2024.................................................................................................... | Rand |
| Fiscal year ended 30 June 2025.................................................................................................... | Rand |

---

**E. AUDIT AND RISK COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES**

Our audit and risk committee pre-approves our engagement of the independent principal accountant to render audit or

non-audit services in terms of its non-audit services policy. All of the services described above were approved in terms of the

Company's delegation of authority framework and the audit and risk committee's policy on non-audit services.

**ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**

Not applicable.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**ITEM 16E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**

None.

**ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**

Not applicable.

**ITEM 16G. CORPORATE GOVERNANCE**

**Significant ways in which Harmony's corporate governance practices differ from practices followed by US domestic** 

**companies under the listing standards of the NYSE**

Foreign private issuers, such as Harmony, must briefly highlight any significant ways in which their corporate governance

practices differ from those followed by US domestic companies subject to the listing standards of the NYSE. Set out below is a

brief summary of the significant differences.

US domestic companies are required to have a nominating/corporate governance committee and all members of this

committee must be non-executive directors. The JSE Listing Requirements also require the appointment of such a committee,

and stipulate that all members of this committee must be non-executive directors, the majority of whom must be independent.

Harmony has a nomination committee comprised of four non-executive board members, three of whom are independent. The

lead independent non-executive director serves as chairman of the nomination committee. For US domestic companies, all

members of this committee are required to be independent. The current chairman of our board of directors, Dr Patrice Motsepe,

is a member of the nomination committee and is also chairman of one of Harmony's largest shareholders, African Rainbow

Minerals Limited, and is thus not independent. He is, however, in terms of South African governance practices, permitted to be a

member of the nomination committee.

US domestic companies are required to have a compensation committee composed entirely of independent directors.

Harmony has appointed a remuneration committee, comprised of three independent non-executive board members.

The non-executive directors of US domestic companies must meet at regularly scheduled executive sessions without

management. Although the JSE Listing Requirements do not require such meetings, the board meets without executives after

each board meeting. The board also has unrestricted access to all company information, records, documents and property.

Directors may, if necessary, take independent professional advice at the Company's expense and non-executive directors have

access to management and may meet separately with management, without the attendance of executive directors.

US domestic companies are required to have an audit committee composed entirely of independent directors. The

Companies Act requires that the members of the audit committee be approved by shareholders on an annual basis at a

company's annual general meeting. Both the Companies Act and the JSE Listings Requirements require that the audit

committee be composed entirely of independent directors. Harmony has appointed an audit and risk committee, currently

comprising five non-executive directors, all of whom are independent, as defined under the Companies Act, the JSE Listings

Requirements and the listing standards of the NYSE.

The listing standards of the NYSE generally require shareholder approval for the adoption of, or any material revisions to,

equity compensation plans. However, under the listing standards of the NYSE, Harmony is permitted to follow home country

practice in lieu of such requirements and has elected to do so.

The Companies Act and the JSE Listings Requirements require the appointment of a Social and Ethics Committee.

Harmony has appointed a Social Ethics and Sustainability Committee, currently comprised of four independent non-executive

directors. There is no such requirement under the listing standards of the NYSE.

**ITEM 16H. MINE SAFETY DISCLOSURE**

Not applicable.

**GLOSSARY OF MINING TERMS**

The following explanations are not intended as technical definitions, but rather are intended to assist the general reader in

understanding certain terms as used in this annual report.

*Alluvial*: the product of sedimentary processes in rivers, resulting in the deposition of alluvium (soil deposited by a river).

*All-in sustaining costs*: all-in sustaining costs include mine production costs, transport and refinery costs, applicable

general and administrative costs, costs associated with movements in production inventories, ore stockpiles, as well as ongoing

environmental rehabilitation costs as well as transfers for stripping activities and costs associated with royalties. Employee

termination costs are included, however employee termination costs associated with major restructuring and shaft closures are

excluded. The following costs are also included: LED expenditure for continuing operations, share-based payments for

continuing operations, corporate costs, sustaining exploration costs and sustaining capital expenditure including OCD

expenditure and rehabilitation accretion and amortisation for continuing operations. Depreciation costs are excluded. All-in

sustaining costs per ounce and per kilogram are attributable all-in sustaining costs divided by attributable ounces or kilograms of

gold sold.

*Auriferous:* a substance that contains gold ("**Au**").

*Beneficiation*: the process of adding value to gold products by transforming gold bullion into fabricated gold products.

*By-products*: Any products emanating from the core process of producing gold, including silver and uranium in South Africa

and copper, silver and molybdenum in Papua New Guinea.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*Carbon in leach ("****CIL****")*: Gold is leached from a slurry of gold ore with cyanide in agitated tanks and adsorbed on to carbon

granules in the same circuit. Granules are separated from the slurry and treated to remove the gold.

*Carbon in pulp ("****CIP****")*: Gold is leached conventionally from a slurry of gold ore with cyanide in agitated tanks. The leached

slurry passes into the CIP circuit where carbon granules are mixed with the slurry and gold is absorbed onto the carbon.

Granules are separated from the slurry and treated to remove gold.

*Carbon in solution ("****CIS****")*: a process similar to CIP except that the gold, which has been leached by the cyanide into

solution, is separated by the process of filtration (solid/liquid separation). The solution is then pumped through six stages where

the solution comes into contact with the activated carbon granules.

*Cash costs*: total cash costs include site costs for all mining, processing and administration, reduced by contributions from

by-products and include royalties and production taxes. Depreciation, rehabilitation, corporate administration, retrenchment,

capital and exploration costs are excluded. Total cash costs per ounce and per kilogram are attributable total cash costs divided

by attributable ounces or kilogram of gold produced.

*Conglomerate*: a coarse-grained classic sedimentary rock, composed of rounded to sub-angular fragments larger than

2mm in diameter (granules, pebbles, cobbles, boulders) set in a fine-grained matrix of sand or silt, and commonly cemented by

calcium carbonate, iron oxide, silica or hardened clay.

*Cut-off grade*: the grade (i.e. the concentration of metal or mineral in rock) that determines the destination of the material

during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes

material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its

destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be

a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even

stripping ratio.

*Decline*: an inclined underground access way.

*Depletion*: the decrease in quantity of ore in a deposit or property resulting from extraction or production.

*Development*: process of accessing an orebody through shafts or tunnelling in underground mining.

*Dilution*: unmineralised rock that is by necessity, removed along with ore during the mining process that effectively lowers

the overall grade of the ore.

*Economically viable:* when used in the context of Mineral Reserve determination, means that the qualified person has

determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral

Reserve is economically viable under reasonable investment and market assumptions.

*Electro-winning:* the process of removing gold from solution by the action of electric currents.

*Elution*: removal of the gold from the activated carbon before the zinc precipitation stage.

*Exploration:* activities associated with ascertaining the existence, location, extent or quality of mineralised material,

including economic and technical evaluations of mineralised material.

*Fabricated gold*: gold on which work has been performed to turn it into a product, such as jewellery, which differs from a

pure investment product, such as a gold bullion bar.

*Footwall*: the underlying side of a fault, orebody or stope.

*Forward sale*: the sale of a commodity for delivery at a specified future date and price.

*Gold reserves*: the gold contained within proven and probable reserves on the basis of recoverable material (reported as

mill delivered tons and head grade).

*Gold produced*: refined gold derived from the mining process, measure in ounces or kilograms in saleable form.

*Grade*: quantity of gold contained in a unit weight of gold-bearing material, generally expressed in ounces per short ton of

ore or in kilograms per metric tonne.

*Greenfield:* a potential mining site of unknown quality.

*Head grade*: the grade of the ore as delivered to the metallurgical plant.

*Indicated Mineral Resource:* that part of a Mineral Resource for which quantity and grade or quality are estimated on the

basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral

Resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and

evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than

the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a probable

Mineral Reserve.

*Inferred Mineral Resource:* that part of a Mineral Resource for which quantity and grade or quality are estimated on the

basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral

Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in

a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological

confidence of all Mineral Resources, which prevents the application of the modifying factors in a manner useful for evaluation of

economic viability, an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining

project and may not be converted to a Mineral Reserve.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*Leaching*: dissolution of gold from crushed or milled material, including reclaimed slime, prior to absorption on to activated

carbon.

*Level*: the workings or tunnels of an underground mine that are on the same horizontal plane.

*Measured Mineral Resource:* that part of a Mineral Resource for which quantity and grade or quality are estimated on the

basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral

Resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to

support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral

Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred

Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral

Reserve.

*Measures*: conversion factors from metric units to US units are provided below.

---

| | | |
|:---|:---|:---|
| **Metric unit** |  | **US equivalent** |
| 1 tonne | = 1 t | = 1.10231 short tons |
| 1 gram | = 1 g | = 0.03215 ounces |
| 1 gram per tonne | = 1 g/t | = 0.02917 ounces per short ton |
| 1 kilogram per tonne | = 1 kg/t | = 29.16642 ounces per short ton |
| 1 kilometre | = 1 km | = 0.621371 miles |
| 1 meter | = 1 m | = 3.28084 feet |
| 1 centimetre | = 1 cm | = 0.3937 inches |
| 1 millimetre | = 1 mm | = 0.03937 inches |
| 1 hectare | = 1 ha | = 2.47105 acres |

---

*Metallurgical plant*: a processing plant used to treat ore and extract the contained gold.

*Mill delivered tons*: a quantity, expressed in tons, of ore delivered to the metallurgical plant.

*Milling/mill:* the comminution of the ore, although the term has come to cover the broad range of machinery inside the

treatment plant where the gold is separated from the ore.

*Mine Call Factor:*the ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product

after processing with the amount estimated in the ore based on sampling.

*Mineralisation:* the presence of a target mineral in a mass of host rock.

*Mineralised material*: a mineralised body that has been delineated by appropriately spaced drilling and/or underground

sampling to support a sufficient tonnage and average grade of metals to warrant further exploration. Such a deposit does not

qualify as a reserve until a comprehensive evaluation based upon unit cost, grade, recoveries, and other material factors

conclude legal and economic feasibility.

*Mineral Reserves*: an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resources that, in the

opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically

mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that

may occur when the material is mined or extracted.

*Mineral Resource:* a concentration or occurrence of material of economic interest in or on the Earth's crust in such form,

grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable

estimate of mineralisation, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or

continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become

economically extractable. It is not merely an inventory of all mineralisation drilled or sampled.

*Modifying factors:* the factors that a qualified person must apply to Indicated and Measured Mineral Resources and then

evaluate to establish the economic viability of Mineral Reserves. A qualified person must apply and evaluate modifying factors to

convert Measured and Indicated Mineral Resources to Proven and Probable Mineral Reserves. These factors include but are

not restricted to: mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans,

negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific

characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or

project.

*Open-pit/Opencast/Open cut*: mining in which the ore is extracted from a pit. The geometry of the pit may vary with the

characteristics of the orebody.

*Ore*: a mixture of mineralised material from which at least one of the contained minerals can be mined and processed at an

economic profit.

*Ore grade*: the average amount of gold contained in a ton of gold bearing ore expressed in ounces per ton or grams per

tonne.

*Orebody*: a well-defined mass of mineralised material of sufficient mineral content to make extraction economically viable.

*Ounce*: one Troy ounce, which equals 31.1035 grams.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*Overburden*: the soil and rock that must be removed to expose an ore deposit.

*Placer*: a sedimentary deposit containing economic quantities of valuable minerals mainly formed in alluvial environments.

*Pre-feasibility study:* a comprehensive study of a range of options for the technical and economic viability of a mineral

project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred

mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of

mineral processing and an effective plan to sell the product. A pre-feasibility study includes a financial analysis based on

reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant

factors that are sufficient for a qualified person to determine if all or part of the Indicated and Measured Mineral Resources may

be converted to Mineral Reserves at the time of reporting. The financial analysis must have the level of detail necessary to

demonstrate, at the time of reporting, that extraction is economically viable. A pre-feasibility study is less comprehensive and

results in a lower confidence level than a feasibility study. A pre-feasibility study is more comprehensive and results in a higher

confidence level than an initial assessment.

*Precipitate:* the solid product of chemical reaction by fluids such as the zinc precipitation referred to below.

*Probable Mineral Reserves*: the economically mineable part of an Indicated and, in some cases, a Measured Mineral

Resource

*Prospect*: an area of land with insufficient data available on the mineralisation to determine if it is economically

recoverable, but warranting further investigation.

*Prospecting license*: an area for which permission to explore has been granted.

*Proven Mineral Reserves*: (i) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes;

grade and/or quality are computed from the results of detailed sampling; and (ii) the sites for inspection, sampling and

measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of

reserves are well-established.

*Pyrite*: a brassy-coloured mineral of iron sulphide (compound of iron and sulphur).

*Qualified Person*: (i) a mineral industry professional with at least five years of relevant experience in the type of

mineralisation and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of

the registrant and (ii) an eligible member or licensee in good standing of a recognised professional organisation at the time the

technical report is prepared. Regulation S-K 1300 details further recognised professional organisations and also relevant

experience.

*Quartz*: a mineral compound of silicon and oxygen.

*Recovery grade*: the actual grade of ore realised after the mining and treatment process.

*Reef*: a gold-bearing sedimentary horizon, normally a conglomerate band, which may contain economic levels of gold.

*Refining*: the final stage of metal production in which final impurities are removed from the molten metal by introducing air

and fluxes. The impurities are removed as gases or slag.

*Rehabilitation:* the process of restoring mined land to a condition approximating its original state.

*Sampling*: taking small pieces of rock at intervals along exposed mineralisation for assay (to determine the mineral

content).

*Shaft*: a shaft provides principal access to the underground workings for transporting personnel, equipment, supplies, ore

and waste. A shaft is also used for ventilation and as an auxiliary exit. It is equipped with a surface hoist system that lowers and

raises conveyances for men, materials and ore in the shaft. A shaft generally has more than one conveyancing compartment.

*Slimes*: the finer fraction of tailings discharged from a processing plant after the valuable minerals have been recovered.

*Slurry*: a fluid comprising fine solids suspended in a solution (generally water containing additives).

*Smelting*: thermal processing whereby molten metal is liberated from beneficiated mineral or concentrate with impurities

separating as lighter slag.

*Spot price*: the current price of a metal for immediate delivery.

*Stockpile:* a store of unprocessed ore.

*Stope*: the underground excavation within the orebody where the main gold production takes place.

*Stripping*: the process of removing overburden to expose ore.

*Sulphide*: a mineral characterised by the linkages of sulphur with a metal or semi-metal, such as pyrite, FeS.

*Syncline*: a basin-shaped fold.

*Tailings*: finely ground rock of low residual value from which valuable minerals have been extracted is discarded and stored

in a designed dam facility.

*Tailings dam (slimes dam)*: Dam facilities designed to store discarded tailings.

*Ton*: one ton is equal to 2,000 pounds (also known as a "short" ton).

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

*Tonnage*: quantities where the ton or tonne is an appropriate unit of measure. Typically used to measure reserves of gold-

bearing material in situ or quantities of ore and waste material mined, transported or milled.

*Tonne*: one tonne is equal to 1,000 kilograms (also known as a "metric" tonne).

*(in this Annual Report we have used metric tonnes unless specified otherwise and we may have used Ton(s) and Tonne(s)* 

*interchangeably)*

*Trend*: the arrangement of a group of ore deposits or a geological feature or zone of similar grade occurring in a linear

pattern.

*Unconformity:* the structural relationship between two groups of rock that are not in normal succession.

*Waste*: ore rock mined with an insufficient gold content to justify processing.

*Waste rock*: the non-mineralised rock and/or rock that generally cannot be mined economically that is hoisted to the

surface for disposal on the surface normally close to the shaft on an allocated dump.

*Yield*: the actual grade of ore realised after the mining and treatment process.

*Zinc precipitation*: a chemical reaction using zinc dust that converts gold solution to a solid form for smelting into unrefined

gold bars.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**CERTAIN ABBREVIATIONS**

---

| | |
|:---|:---|
| Ag.......................................................................................................... | Silver |
| Au.......................................................................................................... | Gold |
| b............................................................................................................. | Barrs |
| Bi........................................................................................................... | Bismuth |
| cm.......................................................................................................... | Centimetre |
| cmg/t..................................................................................................... | Centimetre-grams per metric tonne |
| Cu.......................................................................................................... | Copper |
| dmt........................................................................................................ | Dry metric tonne |
| Fe.......................................................................................................... | Iron |
| g............................................................................................................. | Gram |
| g/t.......................................................................................................... | Grams per metric tonne |
| ha.......................................................................................................... | Hectare |
| kg........................................................................................................... | Kilogram |
| kg/t........................................................................................................ | Kilogram per metric tonne |
| km.......................................................................................................... | Kilometre |
| km<sup>2</sup>........................................................................................................ | Square kilometre |
| koz......................................................................................................... | Thousand troy ounces |
| ktpm...................................................................................................... | Thousand kilograms per month |
| lb............................................................................................................ | Pound |
| m............................................................................................................ | Meter |
| M............................................................................................................ | Million |
| mm........................................................................................................ | Millimetre |
| Moz....................................................................................................... | Million troy ounces |
| Mt.......................................................................................................... | Million metric tonnes |
| Mtpa...................................................................................................... | Million metric tonnes per annum |
| Ni........................................................................................................... | Nickel |
| oz........................................................................................................... | Troy ounce |
| oz/kg..................................................................................................... | Ounce per kilogram |
| ppm....................................................................................................... | Parts per million |
| Pb.......................................................................................................... | Lead |
| R/kg....................................................................................................... | South African Rand per kilogram |
| R/t.......................................................................................................... | South African Rand per tonne |
| t.............................................................................................................. | Metric tonne |
| t/m<sup>3</sup>........................................................................................................ | Metric tonne per cubic meter |
| U............................................................................................................ | Uranium |
| US$/oz.................................................................................................. | United States dollars per troy ounce |
| Zn.......................................................................................................... | Zinc |

---

**ITEM 16I: DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**ITEM 16J: INSIDER TRADING POLICIES**

Harmony has adopted a formal Insider Trading Policy that governs the purchase, sale, and other dealings in the

Company's securities by directors, prescribed officers, company secretaries, employees involved in financial reporting, and

other designated insiders. The policy is designed to promote compliance with the South African Financial Markets Act, 2012, and

the JSE Listings Requirements.

The policy prohibits trading in Harmony securities while in possession of material non-public information and includes

provisions to prevent the unlawful disclosure of such information. It also requires pre-clearance of trades by directors and

prescribed officers and imposes mandatory blackout periods around the release of financial results and other sensitive corporate

events.

The policy is communicated to all relevant employees and is enforced through internal compliance procedures, including

training, monitoring, and disciplinary measures for violations.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

***Differences from US. Domestic Issuer Practices***

While Harmony's insider trading policy is broadly aligned with the principles underlying US securities laws, there are

several notable differences:

---

| | | |
|:---|:---|:---|
| **Aspect** | **Harmony Gold (South Africa)** | **Typical US Practice** |
| **Legal Framework** | Financial Markets Act ("**FMA**") and JSE Listings <br>Requirements<br>| US Securities Exchange Act of 1934, as <br>amended and SEC Rule 10b-5 thereunder<br>|
| **Blackout Periods** | From end of reporting period until results are <br>published; during cautionary announcements<br>| Typically 30 days before earnings release until 2 <br>days after<br>|
| **Pre-Clearance Requirements** | Required for directors, prescribed officers, <br>company secretary, and major subsidiary <br>directors<br>| Applies to Section 16 officers and key <br>employees<br>|
| **Scope of Covered Persons** | Includes associates, family members, controlled <br>entities, and investment managers<br>| Generally includes officers, directors, and <br>certain employees; associates less emphasised<br>|
| **Policy Filing** | Not filed with regulators; disclosed in narrative <br>form<br>| Often filed or referenced in proxy statements or <br>on an annual report on Form 10-K<br>|
| **Disclosure of Trades** | Within 3 business days to company secretary; <br>public disclosure via SENS within 24 hours<br>| Typically within 2 business days via Form 4 or <br>Form 5 filings with the SEC<br>|
| **Enforcement Mechanism** | Internal compliance and disciplinary action <br>under South African labour law; criminal <br>penalties<br>| Internal compliance plus SEC enforcement and <br>civil penalties<br>|
| **Notification to Associates** | Formal written notification required; disclosure <br>obligations imposed<br>| Not commonly required in US policies |
| **Validity of Clearance to Trade** | Valid for 5 business days unless within a closed <br>period<br>| Typically valid until next blackout period or <br>material event<br>|

---

**ITEM 16K: CYBERSECURITY**

***Risk Management and Strategy***

See "*Integrated Annual Report for the 20-F 2025 – Harmony – Operating context"*on pages 16 to 25.

Harmony's cybersecurity governance employs a comprehensive and integrated approach to risk management, engaging

both internal teams and third-party service providers. Harmony has established protocols for continuous monitoring and

proactive management of cybersecurity threats through daily and weekly meetings and continuous interactions with its 24X7

outsourced Security Operations Centre ("SOC"). The SOC regularly engages with Harmony's internal cybersecurity team to

address identified threats and vulnerabilities.

Harmony's strategy includes monthly cross-departmental management meetings where cyber risk is discussed. External

penetration tests and internal phishing simulations are conducted bi-annually to evaluate and enhance incident response

capabilities and employee awareness. Cyber incident response plans are documented including detailed playbooks designed to

enable timely response and recovery in the event of a cyber incident. Cybersecurity processes are fully integrated into

Harmony's broader enterprise risk management system.

The continuous engagement between Harmony's internal cybersecurity team, technology stakeholders, and the SOC

underscores Harmony's comprehensive approach to risk assessment and mitigation. The head of the department for

cybersecurity (''Manager: CyberSecurity''), meets with the Group Chief Technology and Information Officer ("GCTIO") on a

weekly basis. In addition, quarterly Technology and Information Systems Steering Committee meetings including representatives

from Group Internal Audit, Enterprise Risk Management, Security, Operations, Safety, and Compliance.

Harmony routinely engages third parties in its cybersecurity operations. These engagements include:

• Consulting with external experts to provide specialized cybersecurity services, including penetration testing.

• Utilising an internal training platform to deliver and monitor cyber awareness training modules ensuring employees remain

current on best practices.

• Collaborating with operational technology to address specific cybersecurity challenges in operational environments; and

• Outsourcing its 's SOC to a managed service provided that operates continuously, providing round-the-clock monitoring

and response to cybersecurity threats.

• Periodic reviews are also conducted by Group Internal Audit using the National Institute of Standards and Technology

framework (''NIST framework") and the Center for Internet Security Framework ("CIS framework") as benchmarks to

assess cybersecurity readiness.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

Harmony engages with vendors that have access to the its network, requiring their compliance with Harmony's

Cybersecurity Awareness Training mandate. This initiative emphasizes completion of training campaigns and awareness of key

cyber risks, such as phishing. Harmony has also introduced a process to include cybersecurity clauses in all new vendor

contracts to ensure service level agreements, roles and responsibilities for managing cyber threats are clearly defined. For

existing contracts , these clauses are incorporated upon amendment or renewal. This initiative is part of a broader effort to

embed Harmony's cybersecurity standards into all third-party relationships.

***Governance***

Harmony has established governance procedures to manage cybersecurity threats. Senior management , including the

GCTIO, the Manager: Cybersecurity and various management committees,such as the Enterprise Architecture, Change/Project

Delivery, and Technology Steering Committees, are responsible for assessing cybersecurity risks and formulating mitigation

strategies. These forums align with the Group Technology Strategy to ensure a coordinated and consistent approach.

The GCTIO is accountable for Harmony's technology and information functions, while the Manager: Cybersecurity leads

the cybersecurity strategy and related initiatives. Harmony also engages external legal counsel to provide specialised advice on

cybersecurity compliance and risk management. This combination of internal and external expertise ensures proactive oversight

and continuous improvement of the cybersecurity framework.

Structured reporting and communication processes ensure that management remains informed on cybersecurity matters,

including threat prevention, detection, mitigation and remediation. The Manager: Cybersecurity provides . regular updates to the

GCTIO during weekly one-on-one meetings and monthly Group Technology Management Committee sessions. This structured

communication flow enables the GCTIO to provide updates to the Executive Committee and the Audit and Risk Committee.

Group Enterprise Risk Management and Group Internal Audit have incorporated cybersecurity within their mandates,

reinforcing its importance across the organisation. Representatives from Group Internal Audit, Group Risk Management,

Security and Compliance participate in quarterly Technology and Information Steering Committee meetings. From a disclosure

perspective, the Executive Committee assesses the materiality of reported cybersecurity incidents in accordance with applicable

disclosure standards.

***Key Cybersecurity Personnel***

**Dr Hendrik Kotze – Group CTIO**

B Com (Commercial Computer Science) - University of Pretoria

MBA International Business

Doctor of Philosophy – Kairos University, USA

The Group CIO is responsible for managing the entire technology infrastructure of Harmony, including hardware, software,

networks, and data centres, ensuring that these systems are reliable, secure, and scalable to meet the organisation's evolving

needs.

**Stanley Pautz – Manager: Cybersecurity**

B Com (Internal Audit), University of Pretoria

Certified Information Systems Auditor - ISACA

Certified in Risk and Information Systems Control - ISACA

CIA – Certified Internal Auditor (IIA – not maintained)

The HOD: CyberSecurity ensures that the entire technology landscape is overseen, secure and safe in line with the business

and technology strategies.

**Dr Christiaan Roos - Lead: Cybersecurity operations**

D Com (PhD), IT Audit, IT Governance and Ethical Hacking, University of Johannesburg

CEH – Certified Ethical Hacker

Project Management Professional (PMP), Project Management Institute

Dr Roos was contracted as vCISO of Harmony with effect from 1 March 2021

***Board Oversight***

Harmony has established mechanisms to ensure that both the Board of Directors and the Audit and Risk Committee are

regularly informed of cybersecurity threats and the measures taken to address them. The GCTIO, supported by the Manager:

Cybersecurity, provides regular updates to these bodies, including discussions of material cybersecurity incidents,

vulnerabilities, defences, and planned response strategies.

The GCTIO attends Audit and Risk Committee meetings and reports back any feedback or recommendations to

management. Together, the GCTIO and the Manager: Cybersecurity ensure that material cyber risks are appropriately escalated

to the Board via the Audit and Risk Committee. Additionally, the Chief Audit Executive, whose mandate includes cybersecurity,

maintains a direct reporting line to both the Audit and Risk Committee and the Chairperson of the Board, providing multiple

channels for oversight and assurance.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

As of the date hereof, Harmony is not aware of any cybersecurity threats or incidents that have materially affected or are

reasonably likely to materially affect its business strategy, results of operations or financial condition. Harmony continually

assesses and monitors threats and vulnerabilities.

For further discussion of cybersecurity risks that may materially affect Harmony's business, financial condition, results of

operations, cash flows, ability to pay dividends and stock price, "*Item 3D: Risk Factors—Other Regulatory and Legal Risks -* 

*Breaches in our IT security processes and violations of data protection laws may adversely impact our business activities and* 

*lead to public and private censure, regulatory penalties, fines and/or sanctions and may damage our reputation'' o*f this Form

20-F.

**PART III**

**ITEM 17 FINANCIAL STATEMENTS**

Not applicable.

**ITEM 18 FINANCIAL STATEMENTS**

The following consolidated financial statements, together with the report of Ernst & Young Inc., Johannesburg, Republic of

South Africa (PCAOB ID No. 1698) and the report of PricewaterhouseCoopers Inc., Johannesburg, Republic of South Africa

(PCAOB ID No. 1308), are incorporated by reference to exhibit 99.1 and shall be deemed filed as part of the Harmony 2025

Form 20-F:

• Index to Financial Statements;

• Reports of Independent Registered Public Accounting Firms; and

• Consolidated Financial Statements.

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**ITEM 19. EXHIBITS**

---

| | |
|:---|:---|
| 1.1 | Amended Memorandum of Incorporation of Harmony dated 1 February 2018 (incorporated by reference to Harmony's annual <br>report for the fiscal year ended 30 June 2019 filed on 24 October 2019) <br><u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828019012525/exhibit1amendedmoi.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828019012525/exhibit1amendedmoi.htm)</u><br>|
| 2.1 | <u>[Notice of annual general meeting dated 24 October 2025 to be held on 26 November 2025](exhibit21nom25.htm)</u> (filed herewith) |
| 2.2 | Amended and Restated Deposit Agreement among Harmony, Deutsche Bank Trust Company Limited, as Depositary, and owners <br>and holders of American Depositary Receipts, dated as of 7 October 2011 (incorporated by reference to Harmony's Annual Report <br>on Form 20-F for the fiscal year ended 30 June 2011, filed on 24 October 2011) <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1023514/000119312511278584/d242812dex22.htm)</u><br><u>[data/1023514/000119312511278584/d242812dex22.htm](https://www.sec.gov/Archives/edgar/data/1023514/000119312511278584/d242812dex22.htm)</u><br>|
| 2.3 | Form of ADR (included in Exhibit 2.2) (incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year <br>ended 30 June 2011, filed on 24 October 2011) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000119312511278584/](https://www.sec.gov/Archives/edgar/data/1023514/000119312511278584/d242812dex22.htm)</u><br><u>[d242812dex22.htm](https://www.sec.gov/Archives/edgar/data/1023514/000119312511278584/d242812dex22.htm)</u><br>|
| 4.1 | Deed of Extinguishment of Royalty (Wafi-Golpu Project) dated 16 February 2009 (incorporated by reference to Harmony's Annual <br>Report on Form 20-F for the fiscal year ended 30 June 2009, filed on 26 October 2009) <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1023514/000095012309053204/u07679exv4w25.htm)</u><br><u>[data/1023514/000095012309053204/u07679exv4w25.htm](https://www.sec.gov/Archives/edgar/data/1023514/000095012309053204/u07679exv4w25.htm)</u><br>|

---

---

| | |
|:---|:---|
| 4.2 | Common terms agreements for Harmony Gold Mining Company Limited with Nedbank Limited (acting through its Nedbank <br>Corporate and Investment Banking division) (as Original Lender, Original Hedge Provider, Global coordinator and Bookrunner, <br>Mandated Lead Arranger and Sustainability Coordinator) and Nedbank Limited (London Branch) (as Original Lender) and Absa <br>Bank Limited (acting through its Corporate and Investment Banking Division) (as Original Lender, Original Hedge Provider, Global <br>Goordinator and Bookrunner, Mandated Lead Arranger, Sustainability Coordinator, Sustainability Agent and Facility Agent) and <br>Firstrand Bank Limited (acting through its Rand Merchant Bank Division) (as Mandated Lead Arranger, Original Hedge Provider <br>and Original Lender) and J.P. Morgan Securities PLC (as Lead Arranger) and Citibank, N.A., South African branch (as Lead <br>Arranger and Original Lender) and HSBC Bank PLC - Johannesburg branch (as Arranger and Original Lender) and State Bank of <br>India (acting through its Johannesburg Branch) (as Mandated Lead Arranger and Original Lender) and JPMORGAN Chase Bank, <br>N.A., London branch (Original Lender) and Project and Trade Finance core fund (as Original Lender) and Federated Hermes <br>Project and Trade Finance Tender Fund (as Original Lender) and Federated Hermes Project and Trade Finance Master Fund (as <br>Original Lender) and Bank of China Limited, Johannesburg branch (as Mandated Lead Arranger and Original Lender) and <br>Goldman Sachs International Bank (as Original Lender) and Industrial Development Corporation of South Africa Limited (as <br>Original Lender) and Investec Bank Limited (acting through its Investment Banking division: Corporate Solutions) (as Original <br>Lender and Lead Arranger) and Ninety One SA Proprietary Limited (acting as agent and portfolio manager of Ninety One <br>Assurance Limited) (as Original Lender) and HSBC Bank PLC (as Original Hedge Provider) and JPMORGAN Chase Bank, N.A. <br>(as Original Hedge Provider) and Citibank N.A., London branch (as Original Hedge Provider).<br>(incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2022, filed on 31 October <br>2022) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/commontermsagreement_execu.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/commontermsagreement_execu.htm)</u><br>|
| 4.3 | Common terms agreements for Harmony Gold Mining Company Limited with Nedbank Limited (acting through its Nedbank <br>Corporate and Investment Banking division) (as Original Lender, Original Hedge Provider, Global coordinator and Bookrunner, <br>Mandated Lead Arranger and Sustainability Coordinator) and Nedbank Limited (London Branch) (as Original Lender) and Absa <br>Bank Limited (acting through its Corporate and Investment Banking Division) (as Original Lender, Original Hedge Provider, Global <br>Goordinator and Bookrunner, Mandated Lead Arranger, Sustainability Coordinator, Sustainability Agent and Facility Agent) and <br>Firstrand Bank Limited (acting through its Rand Merchant Bank Division) (as Mandated Lead Arranger, Original Hedge Provider <br>and Original Lender) and J.P. Morgan Securities PLC (as Lead Arranger) and Citibank, N.A., South African branch (as Lead <br>Arranger and Original Lender) and HSBC Bank PLC - Johannesburg branch (as Arranger and Original Lender) and State Bank of <br>India (acting through its Johannesburg Branch) (as Mandated Lead Arranger and Original Lender) and JPMORGAN Chase Bank, <br>N.A., London branch (Original Lender) and Project and Trade Finance core fund (as Original Lender) and Federated Hermes <br>Project and Trade Finance Tender Fund (as Original Lender) and Federated Hermes Project and Trade Finance Master Fund (as <br>Original Lender) and Bank of China Limited, Johannesburg branch (as Mandated Lead Arranger and Original Lender) and <br>Goldman Sachs International Bank (as Original Lender) and Industrial Development Corporation of South Africa Limited (as <br>Original Lender) and Investec Bank Limited (acting through its Investment Banking division: Corporate Solutions) (as Original <br>Lender and Lead Arranger) and Ninety One SA Proprietary Limited (acting as agent and portfolio manager of Ninety One <br>Assurance Limited) (as Original Lender) and HSBC Bank PLC (as Original Hedge Provider) and JPMORGAN Chase Bank, N.A. <br>(as Original Hedge Provider) and Citibank N.A., London branch (as Original Hedge Provider).<br>(incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2022, filed on 31 October <br>2022) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/commontermsagreement_execu.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/commontermsagreement_execu.htm)</u><br>|
| 4.4 | Revolving USD Facility Agreement, amongst Harmony Gold Mining Company Limited (as Borrower and (Obligors' Agent) with The <br>Financial Institutions Listed In Schedule 1 and Absa Bank Limited (acting through its Corporate and Investment Banking division) <br>(as Facility Agent) (incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2022, <br>filed on 31 October 2022) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/revolvingusdfacilityagreem.htm)</u><br><u>[revolvingusdfacilityagreem.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/revolvingusdfacilityagreem.htm)</u><br>|
| 4.5 | Term Facility A Agreement amongst Harmony Gold Mining Company Limited (as Borrower and Obligors' Agent) with The Financial <br>Institutions Listed in Schedule 1 and Absa Bank Limited (acting through its Corporate and Investment Banking division) (as Facility <br>Agent) (incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2022, filed on 31 <br>October 2022) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/termfacilityaagreement_exe.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/termfacilityaagreement_exe.htm)</u><br>|
| 4.6 | Term Facility B Agreement amongst Harmony Gold Mining Company Limited (as Borrower and Obligors' Agent) with The Financial <br>Institutions Listed in Schedule 1 and Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division) (as <br>Sustainability Coordinator) and Absa Bank Limited (acting through its Corporate and Investment Banking division) (as Sustainability <br>Agent, Sustainability Coordinator and Facility Agent) (incorporated by reference to Harmony's Annual Report on Form 20-F for the <br>fiscal year ended 30 June 2022, filed on 31 October 2022) <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/termfacilitybagreement_exe.htm)</u><br><u>[data/1023514/000162828022027359/termfacilitybagreement_exe.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027359/termfacilitybagreement_exe.htm)</u><br>|
| 4.7 | Wafi-Golpu Joint Venture Agreement, dated 22 May 2008 between Wafi Mining Limited, Newcrest PNG 2 Limited and Wafi-Golpu <br>Services Limited (incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2017, <br>filed on 26 October 2017) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828017010249/exhibit439wafi-golpujointv.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828017010249/exhibit439wafi-golpujointv.htm)</u><br>|

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | |
|:---|:---|
| 4.8 | Harmony Gold Mining Company Limited Deferred Share Plan 2018 Scheme Rules (incorporated by reference to Harmony's Annual <br>Report on Form 20-F for the fiscal year ended 30 June 2019, filed on 24 October 2019) <br><u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828019012525/exhibit452deferredsharepla.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828019012525/exhibit452deferredsharepla.htm)</u><br>|
| 4.9 | ARM - BBEE Loan Agreement, dated 28 June 2021, entered between Harmony Gold Mining Limited and the trustees for the time <br>being ofARM - Broad Based Economy Empowerment Trust (incorporated by reference to Harmony's Annual Report on Form 20-F <br>for the fiscal year ended 30 June 2021, filed on 29 October 2021) <br><u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828021020809/exhibit418hmyloanagreement.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828021020809/exhibit418hmyloanagreement.htm)</u><br>|
| 4.10 | Share sale deed, dated 6 October 2022 entered into between Copper Mountain Mining Corporation (Seller), Harmony Gold <br>(Australia) Pty Limited (Buyer) and Harmony Gold Mining Company Limited (Buyer's Guarantor) (incorporated by reference to <br>Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2023, filed on 31 October 2023) <u>[https://www.sec.gov/](https://www.sec.gov/Archives/edgar/data/1023514/000162828023035632/sharesaledeed.htm)</u><br><u>[Archives/edgar/data/1023514/000162828023035632/sharesaledeed.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828023035632/sharesaledeed.htm)</u><br>|
| 4.11 | Harmony ESOP trust subscription and contribution agreement (filed herewith) (incorporated by reference to Harmony's Annual <br>Report on Form 20-F for the fiscal year ended June 30, 2024, filed on October 31, 2024) <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/harmonyesoptrustagreemen.htm)</u><br><u>[data/1023514/000162828024044479/harmonyesoptrustagreemen.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/harmonyesoptrustagreemen.htm)</u><br>|
| 4.12 | <u>[Consolidated Scheme Implementation Documents – 27 May 2025. Includes the Scheme Implementation Deed, Implementation](consolidatedredactedimpl.htm)</u><br><u>[Deed, and Side Letter – collectively entered into by MAC Copper Limited, Harmony Gold (Australia) Pty Limited, and Harmony](consolidatedredactedimpl.htm)</u><br><u>[Gold Mining Company Limited,](consolidatedredactedimpl.htm)</u> (filed herewith)<br>|
| 4.13 | <u>[The Syndicated Facilities Agreement, dated 26 June 2025, among Harmony Gold Mining Company Limited, Harmony Gold](syndicatedfacilitiesagre.htm)</u><br><u>[(Australia) Pty Limited, Citibank N.A., London Branch, J.P. Morgan Securities Plc, Macquarie Bank Limited, Absa Bank Limited](syndicatedfacilitiesagre.htm)</u><br><u>[(acting through its Corporate and Investment Banking division), FirstRand Bank Limited (acting through its Rand Merchant Bank](syndicatedfacilitiesagre.htm)</u><br><u>[division), Nedbank Limited, acting through its Nedbank Corporate and Investment Banking division, J.P. Morgan SE and others](syndicatedfacilitiesagre.htm)</u><br><u>[relating to a US$250,000,000 dollar term bridge loan facility and a US$1,000,000,000 dollar term bridge loan facility](syndicatedfacilitiesagre.htm)</u>(filed herewith)<br>|
| 8.1 | <u>[Significant subsidiaries of Harmony Gold Mining Company Limited](exhibit81significantsubsid.htm)</u> (filed herewith) |
| †12.1 | <u>[Certification of the principal executive officer required by Rule 13a-14(a) or Rule 15(d)-14(a), pursuant to Section 302 of the](exhibit121-beyersnelfy25.htm)</u><br><u>[Sarbanes-Oxley Act of 2002](exhibit121-beyersnelfy25.htm)</u> (submitted herewith)<br>|
| †12.2 | <u>[Certification of the principal financial officer required by Rule 13a-14(a) or Rule 15(d)-14(a), pursuant to Section 302 of the](exhibit122-boipelolekubofy.htm)</u><br><u>[Sarbanes-Oxley Act of 2002](exhibit122-boipelolekubofy.htm)</u> (submitted herewith)<br>|
| †13.1 | <u>[Certification of the principal executive officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit131-beyersnelfy25.htm)</u> (submitted herewith) |
| †13.2 | <u>[Certification of the principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit132-boipelolekubofy.htm)</u> (submitted herewith) |
| ††15.1 | <u>[Integrated Annual Report for the 20-F 2025 dated 31 October 2025](fy25_exhibit151iar2025.htm)</u> (filed herewith) |
| 15.2 | Letter from PricewaterhouseCoopers Inc. to the Securities and Exchange Commission regarding a change in registrant's certifying <br>accountant <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828023035632/changeinauditors.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828023035632/changeinauditors.htm)</u><br>|
| 96.1 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Target Gold Mine, Free State Province, South <br>Africa (incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2024, filed on 31 <br>October 2024) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/trgt-sxk1300trs2024.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/trgt-sxk1300trs2024.htm)</u><br>|
| 96.2 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Joel Mine, Free State Province, South Africa <br>(incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2022, filed on 31 October <br>2022) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828022027351/joel-sxk1300trs2022.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027351/joel-sxk1300trs2022.htm)</u><br>|
| 96.3 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Free State Surface Operations, Free State <br>Province, South Africa (incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June <br>2022, filed on 31 October 2022) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828022027351/](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027351/freestatesurfaceoperations.htm)</u><br><u>[freestatesurfaceoperations.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027351/freestatesurfaceoperations.htm)</u><br>|
| 96.4 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Moab Khotsong Operations, Free State Province, <br>South Africa (incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2024, filed on <br>31 October 2024) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/moabkhotsongs-k1300trs2024.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/moabkhotsongs-k1300trs2024.htm)</u><br>|
| 96.5 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Mponeng Mine, Carletonville, South Africa <br>(incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2024, filed on 31 October <br>2024) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/mponeng-sxk1300trs2024.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/mponeng-sxk1300trs2024.htm)</u><br>|
| 96.6 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Kalgold Mine, North West Province, South Africa <br>(incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2024, filed on 31 October <br>2024)<u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/kalgold-sxk1300trs2024.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/kalgold-sxk1300trs2024.htm)</u><br>|
| 96.7 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Mine Waste Solutions (MWS) and West Wits <br>Operations, North West and Gauteng Provinces, South Africa (incorporated by reference to Harmony's Annual Report on Form 20-<br>F for the fiscal year ended 30 June 2024, filed on 31 October 2024) <u>[https://www.sec.gov/Archives/edgar/](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/mws-sxk1300trs2024.htm)</u><br><u>[data/1023514/000162828024044479/mws-sxk1300trs2024.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/mws-sxk1300trs2024.htm)</u><br>|
| 96.8 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Kusasalethu Mine, Gauteng Province, South Africa <br>(incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2022, filed on 31 October <br>2022) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828022027351/kusasalethu-sxk1300trs2022.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027351/kusasalethu-sxk1300trs2022.htm)</u><br>|
| 96.9 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Doornkop Mine Gauteng Province, South Africa <br>(incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2024, filed on 31 October <br>2024) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/doornkop-sxk1300trs2024.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/doornkop-sxk1300trs2024.htm)</u><br>|

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

---

| | |
|:---|:---|
| 96.10 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Hidden Valley Mine, Morobe Province, Papua New <br>Guinea (incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2022, filed on 31 <br>October 2022) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828022027351/hiddenvalley-sxk1300trs2022.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828022027351/hiddenvalley-sxk1300trs2022.htm)</u><br>|
| 96.11 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Wafi-Golpu Project, Morobe Province, Papua New <br>Guinea (incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2024, filed on 31 <br>October 2024)<u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/wafi-golpuxsxk1300trs2024.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/wafi-golpuxsxk1300trs2024.htm)</u><br>|
| 96.12 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Tshepong North, Free State Province, South Africa <br>(incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2024, filed on 31 October <br>2024) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/tshepongnorthtshepong-sxk1.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/tshepongnorthtshepong-sxk1.htm)</u><br>|
| 96.13 | Technical Report Summary of the Mineral Resources and Mineral Reserves for Tshepong South, Free State Province, South Africa <br>(incorporated by reference to Harmony's Annual Report on Form 20-F for the fiscal year ended 30 June 2024, filed on 31 October <br>2024) <u>[https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/tshepongsouthphakisas-k130.htm](https://www.sec.gov/Archives/edgar/data/1023514/000162828024044479/tshepongsouthphakisas-k130.htm)</u><br>|
| 96.14 | <u>[Technical Report Summary of the Eva Copper Project, North West Queensland, Australia](evacopperproject-sxk1300tr.htm)</u> (filed herewith) |
| 97.1 | <u>[Executive Compensation Recovery Policy](harmonyincentive-basedco.htm)</u> (filed herewith) |
| 99.1 | <u>[Consolidated Financial Statements 2025 dated 31 October 2025](hmy-20250630_d2.htm)</u> (filed herewith) |

---

†This certification will not be deemed "filed" for purposes of Section 18 of the of 1934, as amended (the "**Exchange Act"**), or otherwise

subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the

Securities Act of 1933, as amended (the "**Securities Act**"), or the Exchange Act, except to the extent that the Registrant specifically

incorporates it by reference.

††Certain of the information included in Exhibit 15.1 is incorporated by reference into the Harmony 2025 Form 20-F, as specified elsewhere

in this report, in accordance with Rule 12b-23(a) of the Exchange Act. With the exception of the items so specified, the Integrated Annual

Report for the 20-F 2025 is not deemed to be filed as part of Harmony 2025 Form 20-F.

---

| | |
|:---|:---|
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Linkbase Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

<u>[Table of contents](#i5febaf72c14e40f9aeb53fb21ff2ec62_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 12 of the Exchange Act, we hereby certify that we meet all of the requirements for

filing on Form 20-F and that we have duly caused this annual report to be signed on our behalf by the undersigned, thereunto

duly authorised.

**HARMONY GOLD MINING COMPANY LIMITED**

By: /s/ Beyers Nel

Beyers Nel

Chief Executive Officer

Date: 31 October 2025

## Exhibit 2.1

**Notice of annual general meeting**

Notice is hereby given to shareholders that the annual general meeting ("**AGM**") of Harmony Gold Mining <br>Company Limited ("**Harmony**" or "**Company**") will, as contemplated by section 63(2)(a) of the Companies <br>Act 71 of 2008, as amended ("**Act**") and clause 19 of the Company's memorandum of incorporation ("**MOI**"), <br>be held entirely by electronic communication on Wednesday, 26 November 2025 at 11:00 (SA time), to <br>conduct the business set out below and to consider, and adopt, if deemed fit, with or without modification, <br>the ordinary and special resolutions set out in this Notice of AGM ("**Notice**").<br>

For more information about the online facility and the prescribed procedures and means of connecting thereto, please see the section titled

"Electronic Participation" below in this Notice of AGM.

In terms of section 59(1)(a) and (b) of the Act, the board of directors of the Company ("**Board**") has set the record date for the purpose of

determining which shareholders of the Company are entitled to:

▪receive this Notice of AGM (being the date on which a shareholder must be registered in the Company's securities register to receive this Notice

of AGM) as Friday, 17 October 2025; and

▪participate in and vote at the AGM (being the date on which a shareholder must be registered in the Company's securities register to participate

in and vote at the AGM) as Friday, 21 November 2025. Accordingly, the last date to trade in order to participate in and vote at the meeting is

Tuesday, 18 November 2025.

As the AGM will cater for Electronic Participation only, it will not be desirable nor practical for voting to take place by way of show of hands.

Accordingly, the chairman has already determined that all voting will be by way of poll through the facility provided by the electronic online

facilities. See further the section titled: "Electronic Participation" below in this Notice of AGM.

Presentation of annual financial statements

The audited consolidated annual financial statements of the Company, incorporating the reports of the external auditors, the audit and risk

committee, and the directors for the year ended 30 June 2025 will be presented to the shareholders of the Company at the AGM as required in

terms of section 30(3)(d) of the Act, read with section 61(8)(a) of the Act.

The complete audited consolidated annual financial statements of the Company are available on Harmony's website at ***www.har.co.za***.

Presentation of remuneration report

The remuneration report for the financial year ended 30 June 2025, as required in terms of section 61(8)(a)(v) of the Companies Act, available on

Harmony's website at ***www.har.co.za***.

Presentation of group social and ethics committee report

In accordance with section 61(8)(a)(iv) and regulation 43(5)(c) of the Act, the social and ethics committee's report on pages 33 to 34 of

the *Sustainability report* 2025 (available on Harmony's website at ***www.har.co.za***) will be presented to shareholders at the AGM.

Resolutions for consideration and adoption

The percentage of voting rights required for ordinary resolution numbers 1 to 20 to be adopted: more than 50% (fifty percent) of the voting rights

exercised on the resolution by shareholders of the Company present at the AGM or represented by proxy and entitled to exercise voting rights on

ordinary resolution numbers 1 to 20.

**1. Ordinary resolution number 1:**

*Election of a new director*

"RESOLVED THAT Beyers Nel (appointed by the Board on 1 January 2025) be and is hereby elected as a director of the Company with immediate

effect." (See Beyers Nel's resumé on page ## of this Notice of AGM).

**2. Ordinary resolution number 2:**

*Election of a new director*

"RESOLVED THAT Zanele Matlala (appointed by the Board on 17 January 2025) be and is hereby elected as a director of the Company with

immediate effect." (See Zanele Matlala's resumé on page ## of this Notice of AGM).

**3. Ordinary resolution number 3:**

*Election of a new director*

"RESOLVED THAT Mametja Moshe (appointed by the Board on 17 January 2025) be and is hereby elected as a director of the Company with

immediate effect." (See Mametja Moshe's resumé on page ## of this Notice of AGM).

**4. Ordinary resolution number 4:**

*Election of a new director*

"RESOLVED THAT Mangisi Gule (appointed by the Board on 17 January 2025) be and is hereby elected as a director of the Company with immediate

effect." (See Mangisi Gule's resumé on page ## of this Notice of AGM).

**5. Ordinary resolution number 5:**

*Election of a new director*

"RESOLVED THAT Frans ("Faan") Lombard (appointed by the Board on 14 August 2025) be and is hereby elected as a director of the Company with

immediate effect." (See Frans ("Faan") Lombard's resumé on page ## of this Notice of AGM).

**6. Ordinary resolution number 6:**

*Re-election of a director*

"RESOLVED THAT Given Sibiya, who retires by rotation at this AGM in accordance with the MOI, and who is eligible and available for re-election, be

and is hereby re-elected as a director of the Company with immediate effect." (See Given Sibiya's resumé on page ## of this Notice of AGM).

**7. Ordinary resolution number 7:**

*Re-election of a director*

"RESOLVED THAT Martin Prinsloo, who retires by rotation at this AGM in accordance with the MOI, and who is eligible and available for re-election,

be and is hereby re-elected as a director of the Company with immediate effect." (See Martin Prinsloo's resumé on page ## of this Notice of AGM).

**8. Ordinary resolution number 8:**

*Re-election of a director*

"RESOLVED THAT Bongani Nqwababa, who retires by rotation at this AGM in accordance with the MOI, and who is eligible and available for re-

election, be and is hereby re-elected as a director of the Company with immediate effect." (See Bongani Nqwababa's resumé on page ## of this

Notice of AGM).

**9. Ordinary resolution number 9:**

*Election of audit and risk committee member*

"RESOLVED THAT, subject to ordinary resolution number 2 being passed, Zanele Matlala, who is a non-executive director of the Company, be and is

hereby elected as a member of the Company's audit and risk committee with immediate effect to hold office until the next AGM." (See Zanele

Matlala's resumé on page ## of this Notice of AGM).

**10. Ordinary resolution number 10:**

*Election of audit and risk committee member*

"RESOLVED THAT, subject to ordinary resolution number 3 being passed, Mametja Moshe, who is a non-executive director of the Company, be and

is hereby elected as a member of the Company's audit and risk committee with immediate effect to hold office until the next AGM." (See Mametja

Moshe's resumé on page ## of this Notice of AGM).

**11. Ordinary resolution number 11:**

*Election of audit and risk committee member*

"RESOLVED THAT, subject to ordinary resolution number 5 being passed, Faan Lombard, who is a non-executive director of the Company, be and is

hereby elected as a member of the Company's audit and risk committee with immediate effect to hold office until the next AGM." (See Frans

("Faan") Lombard's resumé on page ## of this Notice of AGM).

**12. Ordinary resolution number 12:**

*Re-election of audit and risk committee member*

"RESOLVED THAT, subject to ordinary resolution number 6 being passed, Given Sibiya, who is a non-executive director of the Company, be and is

hereby re-elected as a member of the Company's audit and risk committee with immediate effect to hold office until the next AGM." (See Given

Sibiya's resumé on page ## of this Notice of AGM).

**13. Ordinary resolution number 13:**

*Re-election of audit and risk committee member*

"RESOLVED THAT, subject to ordinary resolution number 7 being passed, Martin Prinsloo, who is a non-executive director of the Company, be and is

hereby re-elected as a member of the Company's audit and risk committee with immediate effect to hold office until the next AGM." (See Martin

Prinsloo's resumé on page ## of this Notice of AGM).

**14. Ordinary resolution number 14:**

*Re-election of audit and risk committee member*

"RESOLVED THAT, subject to ordinary resolution number 8 being passed, Bongani Nqwababa, who is a non-executive director of the Company, be

and is hereby re-elected as a member of the Company's audit and risk committee with immediate effect to hold office until the next AGM." (See

Bongani Nqwababa's resumé on page ## of this Notice of AGM).

**15. Ordinary resolution number 15:**

*Election of social and ethics committee member*

"RESOLVED THAT, subject to ordinary resolution number 2 being passed, Zanele Matlala, who is a non-executive director of the Company, be and is

hereby elected as a member of the Company's social and ethics committee with immediate effect to hold office until the next AGM." (See Zanele

Matlala's resumé on page ## of this Notice of AGM).

**16. Ordinary resolution number 16:**

*Election of social and ethics committee member*

"RESOLVED THAT, subject to ordinary resolution number 3 being passed, Mametja Moshe, who is a non-executive director of the Company, be and

is hereby elected as a member of the Company's social and ethics committee with immediate effect to hold office until the next AGM." (See

Mametja Moshe's resumé on page ## of this Notice of AGM).

**17. Ordinary resolution number 17:**

*Election of social and ethics committee member*

"RESOLVED THAT, subject to ordinary resolution number 6 being passed, Given Sibiya, who is a non-executive director of the Company, be and is

hereby elected as a member of the Company's social and ethics committee with immediate effect to hold office until the next AGM." (See Given

Sibiya's resumé on page ## of this Notice of AGM).

**18. Ordinary resolution number 18:**

*Election of social and ethics committee member*

"RESOLVED THAT Dr Mavuso Msimang, who is a non-executive director of the Company, be and is hereby elected as a member of the Company's

social and ethics committee, with immediate effect, to hold office until the next AGM." (See Dr Mavuso Msimang's resumé on page ## of this

Notice of AGM).

**19. Ordinary resolution number 19:**

*Election of social and ethics committee member*

"RESOLVED THAT Karabo Nondumo, who is a non-executive director of the Company, be and is hereby elected as a member of the Company's social

and ethics committee, with immediate effect, to hold office until the next AGM." (See Karabo Nondumo's resumé on page ## of this Notice of

AGM).

**20. Ordinary resolution number 20:**

*Re-appointment of external auditors*

"RESOLVED THAT Ernst & Young Incorporated be and is hereby reappointed as the external auditor of the Company to hold office from this AGM

until conclusion of the next AGM."

**21. Ordinary resolution number 21:**

*Approval of remuneration policy*

"RESOLVED, as a non-binding advisory vote in accordance with the recommendations of King IV Report on Corporate Governance for South Africa,

2016 (**King** **IV**<sup>TM\*</sup>), that the remuneration policy of the Company, as set out in the remuneration report (available on Harmony's website at

***www.har.co.za***), be and is hereby approved."

As this matter is non-binding, no minimum voting threshold is needed. However, in the event that 25% (twenty-five percent) or more of the voting

rights exercised on ordinary resolution number 21 are against such resolution, the Company shall engage with dissenting shareholders and

implement measures, in the manner set out in the remuneration policy read with King IV.

**22. Ordinary resolution number 22:**

*Approval of the implementation report*

"RESOLVED, as a non-binding advisory vote in accordance with the recommendations of King IV, that the implementation report of the Company, as

set out in the remuneration report (available on Harmony's website at ***www.har.co.za***) be and is hereby approved."

As this matter is non-binding, no minimum voting threshold is needed. However, in the event that 25% (twenty-five percent) or more of the voting

rights exercised on ordinary resolution number 22 are against such resolution, the Company shall engage with dissenting shareholders and

implement measures, in the manner set out in the implementation report read with King IV.

*\*Copyright and trademarks are owned by the Institute of Directors, South Africa and all its rights are reserved.*

**23. Ordinary resolution number 23:**

*General authority to issue shares for cash*

"RESOLVED THAT the Board be and is hereby authorised as a general authority to issue authorised but unissued shares in the capital of the

Company (including the grant or issue of options or convertible securities that are convertible into an existing class of equity securities) for cash (or

the extinction of a liability, obligation or commitment, restraint or settlement of expenses) on such terms and conditions as the board may, from

time to time, in its sole discretion deem fit, subject to the provisions of the Act and the Listings Requirements of the JSE Limited ("**JSE Listings** 

**Requirements**" and "**JSE**" respectively), provided that:

(a)the equity securities which are the subject of the issue for cash must be of a class already in issue, or where this is not the case, must be limited

to such securities or rights that are convertible into a class already in issue;

(b)the equity securities must be issued to public shareholders, as defined in the JSE Listings Requirements, and subject to (e) below not to related

parties;

(c)securities which are the subject of general issues for cash in the aggregate may not exceed 5% (five percent) of the Company's shares in issue as

at the date of this Notice of AGM, excluding treasury shares – the number of shares available for the issue of shares for cash will therefore be

limited to 31 127 608 shares, provided that;

(i)this authority shall be valid until the Company's next AGM or for 15 (fifteen) months from the date on which this resolution is passed,

whichever period is shorter, subject to the requirements of the JSE and any other restrictions set out in this authority;

(ii)the calculation of the Company's listed equity securities must be a factual assessment of the Company's listed equity securities as at the

date of this Notice of AGM, excluding treasury shares;

(iii)any equity securities issued for cash under this authority during the period contemplated in (i) shall be deducted from the number set out

in (c); and

(iv)in the event of sub-division or consolidation of issued equity securities during the period contemplated in (i), the existing authority will be

adjusted accordingly to represent the same allocation ratio;

(v)the maximum discount at which equity securities may be issued is 10% (ten percent) of the weighted average traded price of such equity

securities measured over the 30 (thirty) business days prior to the date that the price of the issue is agreed between the Company and the

party subscribing for the securities; and

(d)this approval expressly allows related parties (including any such parties who also fall within the ambit of section 41(1) of the Act) to participate

in a general issue for cash through a bookbuild process provided that;

(i)related parties may only participate with a maximum bid price at which they are prepared to take-up shares or at book close price. In the

event of a maximum bid price and the book closes at a higher price, the relevant related party will be "out of the book" and not be

allocated shares; and

(ii)equity securities must be allocated equitably "in the book" through the bookbuild process and the measures to be applied must be

disclosed in the SENS announcement launching the bookbuild.

In terms of the JSE Listings Requirements, the passing of ordinary resolution number 23 requires the approval of at least a 75% (seventy-five

percent) majority of the votes cast by shareholders of the Company present at the AGM or represented by proxy at this AGM, and entitled to

exercise voting rights on ordinary resolution number 23. Although this resolution is an "ordinary resolution" for JSE Listings Requirements purposes,

its requisite threshold of 75% of votes exercised has the effect that it will also suffice as the requisite authority under section 41(1) of the Act to the

extent that section is also applicable in a given case.

The percentage of voting rights required for special resolution numbers 1 to 2 to be adopted: at least 75% (seventy-five percent) of the voting rights

exercised on the resolution by shareholders of the Company present at the AGM or represented by proxy and entitled to exercise voting rights on

special resolution numbers 1 to 2.

**24. Special resolution number 1:**

*Approval of financial assistance in terms of section 45 of the Act*

"RESOLVED THAT, in terms of section 45(3)(a)(ii) of the Act, the provision by the Company, at any time during the period of 2 (two) years from the

date of passing of this special resolution, of any direct or indirect financial assistance ('financial assistance' having the meaning attributed to such

term in section 45(1) of the Companies Act), as contemplated in section 45 of the Act, to any one or more related or inter-related ('related' and

'inter-related' having the meaning as attributed to those terms in section 2 of the Companies Act) companies (whether domestic or foreign) or

corporations of the Company and/or to any one or more juristic persons who are members of any such related or inter-related company or

corporation and/or to any one or more juristic persons related or inter-related to any such company, corporation or member, be and is hereby

approved, provided that:

(a)the identity of the recipient of such financial assistance, the form, nature and extent of such financial assistance and the terms and conditions

under which such financial assistance is to be provided, are determined by the Board from time to time;

(b)the Board may not authorise the Company to provide any financial assistance pursuant to this special resolution unless the Board fulfils all the

requirements of section 45 of the Act, which it is required to fulfil in order to authorise the Company to provide such financial assistance; and

(c)such financial assistance to a recipient is, in the opinion of the Board, required for the purpose of (i) meeting all or any of such recipient's

operating expenses (including capital expenditure), and/or (ii) funding the growth, expansion, reorganisation or restructuring of the businesses

or operations of such recipient, and/or (iii) providing any form of financial assistance to such recipient for any other purpose which, in the

opinion of the Board, is directly or indirectly in the interests of the Company."

The above authority is not relevant or applicable in respect of financial assistance which is exempted under section 45(2A) of the Companies Act.

Notice is hereby given to shareholders of the Company in terms of section 45(5) of the Act of a resolution adopted by the Board, authorising the

Company to provide such direct or indirect financial assistance as specified in special resolution number 1 on the basis that:

(a)by the time that this Notice of AGM is delivered to shareholders of the Company, the Board will have adopted a resolution ("**Section 45 Board** 

**Resolution**") authorising the Company to provide, subject to the shareholders approving special resolution 1, at any time and from time to time

during the period of 2 (two) years commencing on the date on which special resolution number 1 is adopted, any direct or indirect financial

assistance ('financial assistance' having the meaning attributed to such term in section 45(1) of the Companies Act) as contemplated in section

45 of the Companies Act to any one or more related or inter-related ('related' and 'inter-related' having the meaning as attributed to those

terms in section 2 of the Companies Act) companies (whether domestic or foreign) or corporations of the Company and/or to any one or more

juristic persons who are members of any such related or inter-related company or corporation and/or to any one or more juristic persons

related to any such company, corporation or member;

(b)the Section 45 Board Resolution will be effective only if and to the extent that special resolution number 1 is adopted by the shareholders of

the Company, and the provision of any such direct or indirect financial assistance by the Company, pursuant to such resolution, will always be

subject to the Board being satisfied that (i) immediately after providing such financial assistance, the Company will satisfy the solvency and

liquidity test as referred to in section 45(3)(b)(i) of the Act, and that (ii) the terms under which such financial assistance is to be given are fair

and reasonable to the Company as referred to in section 45(3)(b)(ii); and

(c)in as much as the Section 45 Board Resolution contemplates that such financial assistance will in the aggregate exceed 1/10 (one tenth) of 1%

(one percent) of the Company's net worth at the date of adoption of such resolution, the Company hereby provides notice of the Section 45

Board Resolution to shareholders of the Company. Such notice will also be provided to any trade union representing any employees of the

Company.

**25. Special resolution number 2:**

*Pre-approval of non-executive directors' remuneration*

"RESOLVED, in terms of section 66(8), read with section 66(9) of the Act, that the Company be and is hereby authorised to pay the following annual

remuneration to its non-executive directors for their services as non-executive directors (together with the value added tax thereon, if applicable)

for a period of (two) 2 years from the date of this AGM or until the non-executive directors' remuneration is amended by way of special resolution

of the shareholders, whichever comes first:

*Directors' remuneration (R'000)*

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Board** | **Board** | **Board** | **Board** | **Board** | **Committee** | **Committee** | **Committee** | **Committee** | **Committee** | **Committee** | **Committee** | **Committee** | **Committee** | **Committee** | **Committee** | **Committee** |
|  |  |  |  |  | **Attendance**  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Annual Retainer** | **Annual Retainer** | **Annual Retainer** | **Annual Retainer** | **Fee**<sup>1</sup> | **Audit and risk** | **Audit and risk** | **Social and ethics** | **Social and ethics** | **Remuneration** | **Remuneration** | **Nomination** | **Nomination** | **Investment** | **Investment** | **Technical** | **Technical** |
|  | **Chairman** | **Deputy** <br>**chair**<br>| **LID**<sup>2</sup> | **Member** | **Member**  | **Chair** | **Member** | **Chair** | **Member** | **Chair** | **Member** | **Chair** | **Member** | **Chair** | **Member** | **Chair** | **Member** |
| Current | 1993.3 | 731.2 | 854.9 | 438.6 | 34.5 | 425.7 | 214.3 | 298.2 | 169.8 | 298.2 | 162.4 | 298.2 | 162.4 | 298.2 | 162.4 | 298.2 | 162.4 |
| Proposed | 2112.9 | 855.5 | 766.2 | 507.9 | 40.0 | 498.1 | 249.9 | 322.9 | 181.7 | 333.6 | 178.0 | 311.6 | 178.0 | 311.6 | 169.7 | 311.6 | 169.7 |
| Increase | 6.0% | 17.0% | 17.0% | 15.8% | 15.9% | 17.0% | 16.6% | 8.3% | 7.0% | 11.9% | 9.6% | 4.5% | 9.6% | 4.5% | 4.5% | 4.5% | 4.5% |

---

<sup>1</sup>*Only payable per board meeting attended.*

<sup>2</sup>*Lead independent director.*

*Ad hoc fees: R24 639 ad hoc meeting/attendance to company business per day (4.5% increase).*

The directors' remuneration set out above excludes value-added tax which the Company is authorised to pay, in addition to the above directors'

remuneration, to those non-executive directors who are obliged to charge value added tax on their directors' remuneration.

***Note:*** *The accompanying explanatory notes can be found on page 9.*

Electronic participation

In accordance with the provisions of the Act and the MOI, the AGM will be conducted entirely through electronic communication. The electronic

meeting facilities will permit all participants to be able to communicate concurrently with each other without an intermediary, and to participate

reasonably effectively in the meeting. Voting via the electronic facility will be the only method available to shareholders to vote their shares at the

AGM.

Shareholders who wish to electronically participate in and/or vote at the AGM are required to complete the Electronic Participation Application

Form attached hereto and email same to The Meeting Specialist Proprietary Limited ("**TMS**") at ***proxy@tmsmeetings.co.za*** or contact them on

+2781 711 4255/+2784 433 4836/+2761 440 0654 as soon as possible, but in any event no later than 11:00 (SA time) on Monday, 24 November

2025. If shareholders who hold dematerialised shares without own name registration wish to participate in the AGM, they should instruct their central

securities depository participant ("**CSDP**") or broker to issue them with the necessary letter of representation to participate in the AGM, in the

manner stipulated in their Custody Agreement. These instructions must be provided to the CSDP or broker by the cut-off time and date advised by

the CSDP or broker, to accommodate such requests.

TMS will assist shareholders with the requirements for electronic participation in, and/or voting at the AGM. TMS is further obliged to validate (in

correspondence with Harmony and, in particular, Harmony's transfer secretaries, JSE Investor Services Proprietary Limited ("**Transfer Secretaries**")

and shareholders' CSDPs) each such shareholder's entitlement to participate in and/or vote at the AGM, before providing it with the necessary

means to access the AGM and/or the associated voting platform.

Shareholders will be liable for their own network charges in relation to electronic participation in and/ or voting at the AGM. Any such charges will

not be for the account of the JSE, Harmony, the Transfer Secretaries and/or TMS.

None of Harmony, the Transfer Secretaries or TMS can be held accountable in the case of loss of network connectivity or other network failure due

to insufficient airtime, internet connectivity, internet bandwidth and/or power outages which prevents any such shareholder from participating in

and/or voting at the AGM.

Shareholders are strongly encouraged to have a stable internet connection with sufficient bandwidth capabilities to participate in the AGM.

Shareholders are strongly encouraged to submit their proxies beforehand, even if they intend to participate in the AGM, to ensure that their votes

are counted in the event of any delays or disruptions to the shareholder's network connectivity and/or loss of network connectivity by such

shareholder during any part of the AGM.

Identification, proxies and voting

Shareholders are reminded that:

▪a shareholder eligible to participate in and vote at the AGM is entitled to appoint a proxy (or proxies) to participate in and vote at the AGM in

place of the shareholder – shareholders are referred to the proxy form attached to this Notice of AGM in this regard;

–a proxy need not also be a shareholder of the Company;

–in terms of section 63(1) of the Act, any person participating in a meeting of shareholders must present reasonably satisfactory identification

and the person presiding at the AGM must be reasonably satisfied that the right of any person to participate in and vote (whether as

shareholder or as proxy for a shareholder) has been reasonably verified – acceptable forms of verification include a green bar-coded or smart

card identification document issued by the South African Department of Home Affairs, a South African driver's licence or a valid passport; and

–this Notice of AGM includes the attached form of proxy.

All beneficial owners whose shares have been dematerialised through a CSDP or broker, other than with "own name" registration, must provide

their CSDP or broker with their voting instructions in terms of their custody agreement should they wish to vote at the AGM. Alternatively, they may

request their CSDP or broker to provide them with a letter of representation, in terms of their custody agreements, should they wish to participate

in the AGM.

Unless you advise your CSDP or broker, in terms of your agreement, by the cut-off time stipulated therein, that you wish to participate in the AGM

or send a proxy to represent you, your CSDP or broker may assume that you do not wish to participate in the AGM or send a proxy.

**Forms of proxy attached hereto must be dated and signed by the shareholder of the Company appointing a proxy and, for the sake of good** 

**order, are urged (but not required) to be submitted to the offices of the Transfer Secretaries by no later than 11:00 (SA time) on Monday, 24** 

**November 2025.**

**In compliance with section 58(8)(b)(i) of the Act, a summary of the rights of a shareholder to be represented by proxy is set out immediately** 

**below:**

**▪An ordinary shareholder entitled to participate in and vote at the AGM may appoint any individual (or individuals) as a proxy or proxies to** 

**participate in and vote at the AGM in the place of such shareholder. A proxy need not be a shareholder of the Company.**

**▪A proxy appointment must be in writing, dated and signed by the shareholder of the Company appointing a proxy and, subject to the rights of** 

**a shareholder to revoke such appointment (as set out below), remains valid only until the end of the AGM.**

**▪A proxy may delegate its authority to act on behalf of a shareholder of the Company to another person, subject to any restrictions set out in** 

**the instrument appointing the proxy.**

**▪Irrespective of the form of instrument used to appoint a proxy, the appointment of a proxy is suspended at any time and to the extent that** 

**the shareholder of the Company who appointed such proxy chooses to act directly and in person in exercising any rights as a shareholder of** 

**the Company.**

**▪Unless the proxy appointment expressly provides otherwise, the appointment of a proxy is revocable by the shareholder of the Company in** 

**question cancelling it in writing, or making a later inconsistent appointment of a proxy, and delivering a copy of the revocation instrument to** 

**the proxy and to the Company. The revocation of a proxy appointment constitutes a complete and final cancellation of the proxy's authority** 

**to act on behalf of the shareholder of the Company as of the later of (a) the date stated in the revocation instrument, if any; and (b) the date** 

**on which the revocation instrument is delivered to the Company as required in the first sentence of this paragraph.**

**▪If the instrument appointing the proxy or proxies has been delivered to the Company, as long as that appointment remains in effect, any** 

**notice required by the Act or the MOI to be delivered by the Company to the shareholder of the Company, must be delivered by the Company** 

**to (a) the shareholder of the Company, or (b) the proxy or proxies, if the shareholder of the Company has (i) directed the Company to do so in** 

**writing; and (ii) paid any reasonable fee charged by the Company for doing so.**

**Attention is also drawn to the notes to the form of proxy.**

**Completing a form of proxy does not preclude any shareholder of the Company from participating in the AGM.**

**By order of the Board**

**Harmony Gold Mining Company Limited**

**S Mohatla**

*Group company secretary* 

24 October 2025

Annual general meeting explanatory notes

**Presentation of annual financial statements**

At the AGM, the directors must present the annual financial

statements for the year ended 30 June 2025 to shareholders as

required in terms of section 30(3)(d) of the Act, together with the

reports of the directors, audit and risk committee and the

external auditors.

**Presentation of group social and ethics committee report**

At the AGM, the social and ethics committee must report, through

one of its members, on matters within its mandate as required in

terms of section 61(8)(a)(iv) and regulation 43(5)(c) of the Act.

**Ordinary Resolution Number 1 to 5:**

*Election of a directors*

In accordance with the JSE Listings Requirements, the MOI, section

68(1) read with section 70(3)(b)(i) of the Act, Beyers Nel, Zanele

Matlala, Mametja Moshe, Mangisi Gule and Faan Lombard's

appointments by the Board as directors of the Company must be

confirmed at this AGM of the Company by new elections. (See their

resumés from page ## of this Notice of AGM).

**Ordinary Resolution Number 6 to 8:**

*Re-election of a directors*

In accordance with the MOI, one third of directors are required to

retire at each AGM and may offer themselves for re-election. As such

Given Sibiya, Martin Prinsloo and Bongani Nqwababa who retire by

rotation are eligible and have availed themselves for re-election (See

their resumés from page ## of this Notice of AGM). However, John

Wetton who also retires by rotation, although eligible, has not availed

himself for re-election and will be retiring from the Board effective as

of the conclusion of the 2025 AGM.

**Ordinary Resolutions Numbers 9 to 14:**

*Re-election and election of audit and risk committee*

In terms of section 94(2) of the Act, a public company must, at each

AGM, elect an audit committee comprising at least 3 (three) members

who are directors and who meet the criteria of section 94(4) of the

Act. Regulation 42 to the Act specifies that one third of the members

of the audit committee must have appropriate academic qualifications

or experience in the areas as listed in the regulation.

The Board reviewed the proposed composition of the committee

against these requirements, and in terms of the JSE Listings

Requirements, and has confirmed that, if all the individuals mentioned

above are elected, the committee will meet all necessary

requirements to effectively perform its duties. (See their resumés

from page ## of this Notice of AGM).

**Ordinary Resolutions Numbers 15 to 19:**

*Election of social and ethics committee*

In accordance with sections 61 and 72(9A)(a) of the Act, the Board

reviewed the proposed composition of this committee and has

confirmed that, if all the individuals mentioned above are elected, the

committee will meet all relevant requirements to effectively perform

its duties. (See their resumés from page ## of this Notice of AGM).

**Ordinary Resolution Number 20:**

*Re-appointment of external auditors*

Ernst & Young Incorporated has indicated its willingness to continue in

office and ordinary resolution 20 proposes the re-appointment of that

firm as the Company's auditors. Section 90(3) of the Act requires the

designated audit partner to meet the criteria as set out in section

90(2) of the Act.

The Board is satisfied that Ernst & Young Incorporated meets all

relevant requirements.

**Ordinary Resolution Number 21:**

*Remuneration policy*

King IV recommends that the remuneration policy of the Company be

submitted to shareholders for consideration and for an advisory, non-

binding vote to give shareholders an opportunity to indicate their

support for or opposition to the material provisions of the

remuneration policy.

**Ordinary Resolution Number 22:**

*Approval of Implementation report*

King IV recommends that the implementation report of the Company

be submitted to shareholders for consideration and for an advisory,

non-binding vote to give shareholders an opportunity to indicate their

support for or opposition to the material provisions of the

implementation of the remuneration policy.

At the time of finalising the remuneration policy and the

implementation report in terms of ordinary resolutions 21 and 22, the

effective implementation date of certain provisions of the Companies

Amendment Act, No 16 of 2024, are yet to be announced. Upon

implementation of relevant provisions of the Companies Amendment

Act, the Board will ensure compliance with the required provisions of

the Act as amended by such relevant provisions of the Companies

Amendment Act. Although the aforementioned amendments to the

Companies Act are not yet effective, the ratio of the total

remuneration of the top paid 5% (five percent) of our employees

compared to that of the lowest paid 5% (five percent) has been

disclosed in the implementation report on a voluntary basis, in line

with the disclosure in 2024.

In the event that 25% (twenty-five percent) or more of the votes are

cast against ordinary resolutions number 21 and/or 22, the Company

undertakes to engage with dissenting shareholders in the manner

stipulated in the remuneration report read with King IV.

**Ordinary Resolution Number 23:**

*General authority to issue shares for cash*

Ordinary resolution number 23 seeks to give the directors authority to

issue the Company's listed securities for cash as permitted by the Act,

the MOI and the JSE Listings Requirements.

The Board considers it advantageous to have the flexibility to take

advantage of any business opportunity that may arise.

**Special Resolution Number 1:**

*Approval of financial assistance*

In terms of section 45 of the Act, the Company may, amongst others,

provide loans and other financial assistance to any one or more

related or inter-related companies (whether domestic or foreign) or

corporations of the Company and/or to any one or more juristic

persons who are members of any such related or inter-related

company or corporation and/or to any one or more juristic persons

related or inter-related to any such company, corporation or member.

Shareholders are required to pass special resolution number 1 in order

to grant the Board the authority to authorise the Company's provision

of such financial assistance, subject to the Board being satisfied that

the Company meets the solvency and liquidity test (as per section 4 of

the Act) and subject further to the financial assistance falling within

the category of assistance mentioned in sub-paragraph (c) of special

resolution number 1 above. This authority is not relevant or applicable

in respect of financial assistance which is exempted under section

45(2A) of the Companies Act.

**Special Resolution Number 2:**

*Pre-approval of non-executive directors' remuneration*

In terms of section 66(8) read with section 66(9) of the Act,

companies may pay remuneration to directors for their services as

directors unless otherwise provided by the MOI and on approval of

shareholders by way of a special resolution.

Executive directors are not specifically remunerated for their

services as directors but as employees of the Company and, as such,

the resolution, as included in this Notice of AGM, requests approval

only for the remuneration paid to non-executive directors for their

service as directors of the Company. The proposed fees are

recommended for approval for a period of 2 (two) years from the

date of this AGM or until such time as the non-executive directors'

remuneration is amended by way of special resolution of

shareholders, whichever comes first.

Non-executive directors' fees are reviewed annually and compared

to the market median of companies of comparable size and

complexity to ensure they remain fair and competitive.

The Board, through the Remuneration Committee, conducted a

benchmarking review, using the same comparator group as for the

executive benchmarking to reflect the growth in scale and global

complexity of the company, which confirmed that Harmony's non-

executive director fees continue to lag the market significantly in

certain roles. The Board thus proposes a two-year "catch-up"

process, involving above-inflation increases for certain roles, to

bring overall NED fees in line with the market median by FY27. The

Board believes that ensuring competitive fees is critical to attract

and retain directors with the depth of knowledge and experience

required to oversee a growing, globally diversified business.

General

Shareholders and proxies participating in the AGM are reminded

that section 63(1) of the Act requires that reasonably satisfactory

identification be presented for such shareholder or proxy to be

allowed to participate in the AGM.

**Form of proxy**

![fsridynmyoja6yzq2odmxnjnkma.gif](fsridynmyoja6yzq2odmxnjnkma.gif)

---

| | |
|:---|:---|
| *To be completed by certificated*<br>*shareholders and dematerialised*<br>*shareholders with "own-name"* <br>*registration only*<br>![fsridynmyoja6yzq2odmxnjnkma.gif](fsridynmyoja6yzq2odmxnjnkma.gif)<br>| **Harmony Gold Mining Company Limited**<br>(Incorporated in South Africa)<br>(Registration number: 1950/038232/06)JSE share code: HAR ISIN: <br>ZAE000015228 JSE share code: HAR NYSE: HMY<br>("**Harmony**" or the "**Company**")<br>![fsridynmyoja6yzq2odmxnjnkma.gif](fsridynmyoja6yzq2odmxnjnkma.gif)<br>|

---

For use by certificated shareholders and dematerialised shareholders with "own-name" registration who are unable to attend and vote at the AGM to be held entirely

by electronic communication on Wednesday, 26 November 2025 at 11:00 (South African Standard Time) or at any adjournment thereof.

Dematerialised shareholders without "own-name" registration must not complete this Form of Proxy but should timeously inform their nominee, or, if applicable, their

CSDP or stockbroker of their intention to participate in and vote at the AGM electronically and request such nominee, CSDP or stockbroker to issue them with the

necessary letter of representation to attend or provide such nominee, CSDP or stockbroker with their voting instructions should they not wish to attend the AGM

electronically but wish to be represented by proxy at such meeting. Such shareholders must not return this Form of Proxy to the Transfer Secretaries.

Each Shareholder is entitled to appoint a proxy (who need not be a member of the Company) to attend, speak and vote in place of that shareholder at the AGM. Please

read the notes to this form of proxy below.

---

| | |
|:---|:---|
| I/We (please print names in full) | I/We (please print names in full) |
| of (address) | of (address) |
| being the holder/s of | shares in the Company, do hereby appoint: |
| 1 | or, failing him/her |
| 2 | or, failing him/her |

---

The chairman of the annual general meeting, as my/our proxy to attend, speak and, on a poll or ballot, vote on my/our behalf at this annual general meeting of

members or at any adjournment, and to vote or abstain from voting as follows on the ordinary and special resolutions to be proposed at such meeting:

---

| | | | |
|:---|:---|:---|:---|
| **ORDINARY RESOLUTIONS** | **For** | **Against** | **Abstain** |
| **Ordinary Resolution Number 1:** To elect Beyers Nel as a director |  |  |  |
| **Ordinary Resolution Number 2:** To elect Zanele Matlala as a director |  |  |  |
| **Ordinary Resolution Number 3:** To elect Mametja Moshe as a director |  |  |  |
| **Ordinary Resolution Number 4:** To elect Mangisi Gule as a director |  |  |  |
| **Ordinary Resolution Number 5:** To elect Frans ("Faan") Lombard as a director |  |  |  |
| **Ordinary Resolution Number 6:** To re-elect Given Sibiya as a director |  |  |  |
| **Ordinary Resolution Number 7:** To re-elect Martin Prinsloo as a director |  |  |  |
| **Ordinary Resolution Number 8:** To re-elect Bongani Nqwababa as a director |  |  |  |
| **Ordinary Resolution Number 9:** To elect Zanele Matlala as a member of the audit and risk committee |  |  |  |
| **Ordinary Resolution Number 10**: To elect Mametja Moshe as a member of the audit and risk committee |  |  |  |
| **Ordinary Resolution Number 11**: To elect Frans ("Faan") Lombard as a member of the audit and risk committee |  |  |  |
| **Ordinary Resolution Number 12**: To re-elect Given Sibiya as a member of the audit and risk committee |  |  |  |
| **Ordinary Resolution Number 13:** To re-elect Martin Prinsloo as a member of the audit and risk committee |  |  |  |
| **Ordinary Resolution Number 14:** To re-elect Bongani Nqwababa as a member of the audit and risk committee |  |  |  |
| **Ordinary Resolution Number 15:** To elect Zanele Matlala as a member of the social and ethics committee |  |  |  |
| **Ordinary Resolution Number 16:** To elect Mametja Moshe as a member of the social and ethics committee |  |  |  |
| **Ordinary Resolution Number 17:** To elect Given Sibiya as a member of the social and ethics committee |  |  |  |
| **Ordinary Resolution Number 18:** To elect Dr Mavuso Msimang as a member of the social and ethics committee |  |  |  |
| **Ordinary Resolution Number 19:** To elect Karabo Nondumo as a member of the social and ethics committee |  |  |  |
| **Ordinary Resolution Number 20:** To re-appoint the external auditors  |  |  |  |
| **Ordinary Resolution Number 21:** To approve the remuneration policy |  |  |  |
| **Ordinary Resolution Number 22:** To approve the implementation report |  |  |  |
| **Ordinary Resolution Number 23:** To approve a general authority to issue shares for cash |  |  |  |
| **SPECIAL RESOLUTIONS** |  |  |  |
| **Special Resolution Number 1:** Approval of financial assistance in terms of section 45 of the Act |  |  |  |
| **Special Resolution Number 2:** Pre-approval of non-executive directors' remuneration |  |  |  |

---

Please indicate with an 'X' in the appropriate spaces above how you wish your vote to be cast. If no indication is given, the proxy may vote or abstain as he/she sees fit.

---

| | | | |
|:---|:---|:---|:---|
| Signed at | this | day of | 2025 |
| Signature | Signature | Signature | Signature |
| Assisted by me, where applicable (name and signature) | Assisted by me, where applicable (name and signature) | Assisted by me, where applicable (name and signature) | Assisted by me, where applicable (name and signature) |

---

Completed Forms of Proxy must be dated and signed by the shareholder appointing a proxy and must be lodged electronically with Transfer Secretaries. Shareholders are urged

(but not required) to electronically deliver their completed Form of Proxy by no later than **11:00 (South African Standard Time)** on Monday, 24 November 2025 to

***meetingservices@jseinvestorservices.co.za***.

**Please read the notes and instructions on the reverse side.**

**Notes to form of proxy**

1. A Form of Proxy is only to be completed by those shareholders who are:

(a)registered holders of shares in certificated form; or

(b)holders of dematerialised shares of the Company in their own name.

2. If you have already dematerialised your shares through a CSDP or broker and wish to participate in and vote at the AGM, you must request

your CSDP or broker to provide you with a letter of representation or instruct your CSDP or broker to vote by proxy on your behalf in terms of

the agreement entered into between yourself and your CSDP or broker.

3. A shareholder may insert the name of a proxy or the names of two alternative proxies of the shareholder's choice in the space provided. The

person whose name stands first on the Form of Proxy and who is present at the AGM will be entitled to act to the exclusion of those whose

names follow.

4. On a poll, a shareholder who is present or represented by proxy will be entitled to that proportion of the total votes in the Company which

the aggregate amount of the nominal value of the shares held by him/her bears to the aggregate amount of the nominal value of all the

shares issued by the Company.

5. A shareholder's instructions to the proxy must be indicated by inserting the relevant numbers of votes exercisable by the shareholder in the

appropriate box. Failure to comply will be deemed to authorise the proxy to vote or to abstain from voting at the AGM as he/ she deems fit in

respect of all the shareholder's votes exercisable. A shareholder or the proxy is not obliged to use all the votes exercisable by the shareholder

or by the proxy, but the total of votes cast and in respect of which abstention is recorded may not exceed the total of votes exercisable by the

shareholder or by the proxy.

6. Forms of Proxy (enclosed) must be dated and signed by the shareholder appointing a proxy and must be lodged electronically with JSE

Investor Services Proprietary Limited. Shareholders are urged (but not required) to electronically deliver their completed Form of Proxy by no

later than 09:00 (South African Standard Time) on Monday, 24 November 2025 to the offices of the Transfer Secretaries, JSE Investor Services

Proprietary Limited, One Exchange Square, Gwen Lane, Sandown, Sandton, 2196 (PO Box 4844, Johannesburg, 2000 email:

***meetingservices@jseinvestorservices.co.za***).

7. Completing and lodging this Form of Proxy will not preclude the relevant shareholder from electronically attending the AGM and speaking

and voting electronically to the exclusion of any proxy appointed in terms hereof.

8. Documentary evidence establishing the authority of a person signing this Form of Proxy in a representative capacity or other legal capacity

must be attached to this Form of Proxy, unless previously recorded by the Transfer Secretaries or waived by the chairman of the AGM.

9. The completion of blank spaces overleaf need not be initialled. Any alteration or correction made to this Form of Proxy must be initialled by

the signatory(ies).

10. Despite the aforegoing, the chairman of the AGM may waive any formalities that would otherwise be a prerequisite for a valid proxy.

11. If any shares are jointly held, all joint shareholders must sign this Form of Proxy. If more than one of those shareholders is present at the AGM

either electronically or by proxy, the person whose name appears first in the Register will be entitled to vote.

![fsridynmyoja6yzq2odmxnjnkma.gif](fsridynmyoja6yzq2odmxnjnkma.gif)

**Electronic participation form**

---

| | |
|:---|:---|
| *Electronic participation in the Harmony* <br>*Gold Mining Company Limited electronic* <br>*annual general meeting to be held on* <br>*26 November 2025*<br>| **Harmony Gold Mining Company Limited**<br>(Incorporated in South Africa)<br>(Registration number: 1950/038232/06)JSE share code: HAR ISIN: <br>ZAE000015228 JSE share code: HAR NYSE: HMY<br>("**Harmony**" or the "**Company**")<br>|

---

▪Shareholders or their proxies who wish to participate in the annual general meeting via electronic communication ("**Participants**"), must apply to the Company's

meeting scrutineers to do so by emailing the form below ("**the application**") to the email address of the Company's meeting scrutineers, The Meeting Specialist

(Proprietary) Limited ("**TMS**"), by no later than 11:00 (SA time) on Monday, 24 November 2025. The email address is as follows: **proxy@tmsmeetings.co.za**.

▪Shareholders who have dematerialised their shares, other than those shareholders who have dematerialised their shares with "own-name" registration, should

contact their Central Securities Depository Participant ("**CSDP**") or broker in the manner and time stipulated in their agreement with their CSDP or Broker:

–to furnish them with their voting instructions; and

▪in the event that they wish to participate in the meeting, to obtain the necessary authority to do so.

▪participants will be able to vote during the annual general meeting through an electronic participation platform. Such participants, should they wish to have

their vote(s) counted at the annual general meeting, must provide TMS with the information requested below.

▪Each shareholder, who has complied with the requirements below, will be contacted between 24 and 26 November 2025 via email/mobile with a unique link to

allow them to participate in the electronic annual general meeting.

▪The cost of the participant's phone call or data usage will be at his/her own expense and will be billed separately by his/her own telephone service provider.

▪The cut-off time, for administrative purposes, to participate in the meeting will be 11:00am (SA time) on 26 November 2025.

▪The participant's unique access credentials will be forwarded to the email/mobile telephone provided below.

<u>Application form</u>

---

| |
|:---|
| Name and surname of shareholder |
| Name and surname of shareholder representative (if applicable) |
| ID number of shareholder or representative  |
| Email address |
| Mobile/cell number/Telephone number |
| Name of CSDP or Broker<br>(if shares are held in dematerialised format)<br>|
| SCA number/Broker account number or Own-name account number |
| Number of shares |
| Signature |

---

By signing this form, I agree and consent to the processing of my personal information above for the purpose of participation in the annual general meeting.

Terms and conditions for participation at the Harmony Gold Mining Company Limited annual general meeting to be held on

26 November 2025 via electronic communication

▪The cost of dialling in using a telecommunication line/webcast/web-streaming to participate in the annual general meeting is for the expense of the participant and

will be billed separately by the participant's own telephone service provider.

▪The participant acknowledges that the telecommunication lines/webcast/web-streaming are provided by a third party and indemnifies Harmony Gold Mining

Company Limited, the JSE Limited and TMS and/or their third-party service providers against any loss, injury, damage, penalty or claim arising in any way from the

use or possession of the telecommunication lines/webcast/web-streaming, whether or not the problem is caused by any act or omission on the part of the

participant or anyone else. In particular, but not exclusively, the participant acknowledges that he/she will have no claim against Harmony Gold Mining Company

Limited, the JSE Limited and TMS and/or its third-party service providers, whether for consequential damages or otherwise, arising from the use of the

telecommunication lines/webcast/web-streaming or any defect in it or from total or partial failure of the telecommunication lines/webcast/web-streaming and

connections linking the telecommunication lines/webcast/web-streaming to the annual general meeting.

▪Participants will be able to vote during the annual general meeting through an electronic participation platform. Such participants, should they wish to have their

vote(s) counted at the annual general meeting, must act in accordance with the requirements set out above.

▪Once the participant has received the link, the onus to safeguard this information remains with the participant.

▪The application will only be deemed successful if this application form has been fully completed and signed by the participant and delivered or emailed to TMS at

***proxy@tmsmeetings.co.za****.*

---

| |
|:---|
| Shareholder name: |
| Signature: |
| Date: |

---

**Important: You are required to attach a copy of your identity document/driver's licence/passport when submitting the application.**

**Resumés**

**Beyers Nel**<br>*Chief executive officer*<br>**Appointed:**<br>1 January 2025<br>**Qualifications:**<br>▪BEng (Mining Engineering)<br>▪MBA (cum laude) <br>▪DPMM, BLDP, CPBPM <br>▪Mine Manager's Certificate of Competency<br>Beyers was appointed group chief executive officer and executive director with effect from 1 January 2025. Prior to that, he was group chief <br>operating officer from 1 February 2023. Before that he held the position of chief operating officer of the South African operations since 1 March <br>2016. Beyers joined Harmony with the merger with African Rainbow Minerals Gold in 2003. He has 24 years' experience in various operational, <br>management and executive roles in gold mining, gained on opencast, deep and ultra-deep level mines. Beyers is a past president of the <br>Association of Mine Managers of South Africa. He has previously served as chairman and director on the board of Mines Rescue Services (Pty) <br>Ltd.<br>

**Zanele Matlala**<br>*Independent non-executive director*<br>**Appointed:**<br>17 January 2025<br>**Qualifications:**<br>▪BCom<br>▪BCompt (Hons)<br>▪CA(SA)<br>Zanele was appointed to the board on 17 January 2025. She is a Chartered Accountant with a depth of experience at executive management <br>and board of directors level. Zanele is currently the CEO of Merafe Resources, a position she has held for more than a decade, after initially <br>being appointed as CFO. Her previous roles include serving as Group Financial Director of Kagiso Trust Investments and CFO of the Development <br>Bank of Southern Africa. She is an independent director of Stefanutti Stocks Limited, Dipula Income Fund and Gold Rush Holdings.<br>

**Mametja Moshe** <br>*Independent non-executive director*<br>**Appointed:**<br>17 January 2025<br>**Qualifications:**<br>▪MBA<br>▪CA(SA)<br>▪BCom (Honours) Accounting<br>▪BCom Accounting<br>Mametja was appointed to the board on 17 January 2025. Mametja brings extensive financial experience and expertise to the board having <br>worked previously as an investment banker at Morgan Stanley and UBS AG, and as an auditor at KPMG. Her expertise spans audit, mergers <br>and acquisitions, equity and debt, capital markets, corporate tax as well as BEE transaction advisory in a number of industries including <br>mining, telecommunication, financial services and manufacturing. She is the founder and CEO of Moshe Capital (Pty) Ltd, a South African <br>advisory and investment firm. She also serves as non-executive director of Impala Platinum Holdings Limited and Impala Canada Ltd.<br>

**Mangisi Gule**<br>*Independent non-executive director*<br>**Appointed:**<br>17 January 2025<br>**Qualifications:**<br>▪BA (Hons)<br>▪PDM<br>Mangisi was appointed to the board on 17 January 2025. He has extensive management and board experience in the mining sector, at both <br>operational and board levels. From 2007 to 2012, he was chief executive at ARMcoal and, from 2005 and 2012, chief executive at ARMplatinum. <br>Prior to that, he was an executive director at Harmony Gold Mining Company Limited in 2005. In 2002, Mangisi was appointed an executive <br>director at African Rainbow Minerals (ARM) and before that, in 1999, he was appointed executive director of African Rainbow Minerals Gold.<br>Mangisi's other board experience was gained at African Rainbow Minerals, ARM Mining Consortium (Pty) Ltd and Richards Bay Coal Terminal. <br>Currently, he is an independent non-executive director of Ubuntu-Botho Investment, Kalagadi Manganese Mine and Harmony. <br>In addition, Mangisi is a trustee of Ubuntu-Botho Investments Young Persons Development Trust, Churches Support Trust and Women's <br>Upliftment Trust. <br>

**Frans (**"**Faan**"**) Lombard**<br>*Independent non-executive director*<br>**Appointed:**<br>14 August 2025<br>**Qualifications:**<br>▪BComm Hons Acc<br>Frans was appointed to the board as an independent non-executive director with effect from 14 August 2025. <br>He has extensive experience across the metals, mining, engineering, and construction industries, coupled with his understanding of <br>governance, audit, and regulatory environments.<br>

**Given Sibiya**<br>*Independent non-executive director*<br>**Appointed:**<br>13 May 2019<br>**Qualifications:**<br>▪BComm<br>▪BAcc<br>▪CA(SA)<br>Given was appointed to the board on 13 May 2019. She is a Chartered Accountant and until 31 August 2014 was Head: Internal Audit at <br>SekelaXabiso Proprietary Limited. She has over 30 years' experience in internal and external auditing, risk management, management <br>consulting, corporate governance and forensic auditing. Prior to joining SekelaXabiso Proprietary Limited, she spent nine years at <br>SizweNtsaluba VSP where she was Director: Forensics and where from 2005 she headed the Corporate Governance Services Division. She <br>also worked for Anglo American Corporation as an internal auditor in the Group Audit Services Department from April 1994 to May 1996. <br>Prior to that, she served articles at KPMG Aiken & Peat from 1991 to early 1994.<br>She has served as a member of the audit and risk committee for a number of entities, including as chairperson of the audit committee for <br>Basil Read Holdings Limited, South African Express Airways SOC Limited and Brand South Africa. Previously a non-executive director of <br>Chapter Zero Southern Africa, she now assists temporarily as a part-time Chief Operating Officer. She is a non-executive board member of <br>Ithala SOC Limited, where she chairs both the audit and compliance committee and the social, ethics and sustainability committee. She <br>served as an audit committee member of the Presidency for three years and as chairperson for a further 3 years until December 2022 and <br>until December 2024 also chaired the audit and risk committee of the Composers, Authors and Publishers Association (CAPASSO). She is a <br>member of the advisory committee of the Gauteng Provincial Legislature and with effect from October 2025, she has been appointed a non-<br>executive director of Divercity Urban Property Group (Pty) Ltd.<br>

**Martin Prinsloo**<br>*Independent non-executive director*<br>**Appointed:**<br>18 May 2022<br>**Qualifications:**<br>▪CA(SA)<br>Martin was appointed to the board on 18 May 2022. He has 30 years of corporate, project and structured finance experience, including eight <br>years as financial director (CFO) of a JSE-listed company. Martin's early career progressed from KPMG through the Industrial Development <br>Corporation after which he joined BoE Merchant Bank as director of Specialised Finance where he implemented several listing and funding <br>transactions predominantly in the resources industry.<br>In 2003, he was appointed to Anglo Platinum as head of Corporate Finance and Business Development and acted in the capacity of executive <br>head Finance (CFO) for just over a year before joining Royal Bafokeng Platinum as CFO in 2009. Martin invested into a private equity <br>business, Fledge Capital in March 2019 and is also a non-executive director of a number of unlisted companies.<br>

**Bongani Nqwababa**<br>*Independent non-executive director*<br>**Appointed:**<br>18 May 2022<br>**Qualifications:**<br>▪BAcc (Hons)<br>▪FCA<br>▪MBA<br>Bongani was appointed to the board on 18 May 2022. He was Joint CEO of Sasol Limited. Prior to that, he was CFO and executive director at <br>Sasol, Anglo American Platinum, Eskom and Shell Southern Africa. <br>He has over 30 years' experience in the mining, petrochemicals, and energy sectors globally and in South Africa. <br>Bongani is currently an independent non-executive director of the Development Bank of Southern Africa (DBSA), Discovery Bank Limited and <br>African Rainbow Minerals Limited. He is Chairman of Babcock Ntuthuko Engineering and Babcock Plant Services in South Africa. He previously <br>served on the board of Old Mutual plc as an independent non-executive director and chaired the SARS Audit Committee.<br>

**Dr Mavuso Msimang**<br>*Lead independent non-executive director*<br>**Appointed:**<br>26 March 2011<br>**Qualifications:**<br>▪MBA (Project Management)<br>▪BSc<br>Mavuso was appointed to the board on 26 March 2011. He has 28 years of experience in management at the executive level and was <br>involved in the successful transformation and restructuring of several state-owned entities over 16 years, until 2010. <br>He held several senior positions in public sector organisations, including South African Tourism, South African National Parks, and the State <br>IT Agency (SITA), where he successively served as Chief Executive Officer. He also worked for a couple of South African non-governmental <br>organisations. Mavuso retired from the civil service in 2010 following a three-year stint as Director-General at the Department of Home <br>Affairs. He served as the CEO of the Oliver and Adelaide Tambo Foundation.<br>

**Karabo Nondumo**<br>*Independent non-executive deputy chairperson*<br>**Appointed:**<br>3 May 2013<br>**Qualifications:**<br>▪BAcc<br>▪HDip (ACC)<br>▪CA(SA)<br>Karabo was appointed to the board on 3 May 2013. She is an entrepreneur who has interests in mining, provision of industrial supplies and <br>investments. She held Executive Head roles within Vodacom Business and mergers and acquisitions at the Vodacom Group. She is a previous <br>CEO of AWCA Investment Holdings Limited (AIH). She was an associate as well as executive assistant to Chairman at Shanduka Group.<br>She has extensive experience in Telecommunications, Financial Services and Mining sectors. She is also an independent non-executive <br>director of:<br>▪Sanlam Ltd<br>▪TCI-Tiso (Pty) Ltd<br>▪Chair of Audit and Risk Committees in MTN Group Operating companies:<br>–MTN Uganda Ltd (listed on Uganda Securities Exchange)<br>–MTN Rwandacell Plc (listed on Rwanda Stock Exchange)<br>–MTN eSwatini<br>–MTN Zambia<br>Advisory member of Senatla Capital, a trustee of Mabindu and Ubuntu-Botho Women's Trusts<br>Previous Board roles include:<br>▪MTN Group Operating companies in Sudan and South Sudan <br>▪Brightrock Holdings Ltd, Merafe Resources Ltd, SA Express Airways SOC Ltd, Rolfes Holdings Ltd, Richards Bay Coal Terminal.<br>

**Administrative and contact details**

Harmony Gold Mining Company Limited

Harmony 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)

BB Nel\*\* (chief executive officer)

BP Lekubo\*\* (financial director)

Dr HE Mashego\*\* (executive director)

M Gule\*^

FJ Lombard\*^

Z Matlala\*^

M Moshe\*^

B Nqwababa\*^

VP Pillay\*^

MJ Prinsloo\*^

GR Sibiya\*^

PL Turner \*^

JL Wetton\*^

*\*Non-executive*

*\*\*Executive*

*^Independent*

Investor relations

Email: ***HarmonyIR@harmony.co.za***

Telephone: +27 11 411 6073 or

+27 82 746 4120

Website: ***www.harmony.co.za***

Company secretary

SS Mohatla

Email: ***companysecretariat@harmony.co.za***

Telephone: +27 11 411 2359

Transfer secretaries

**JSE Investor Services South Africa Proprietary Limited**

(Registration number 2000/007239/07)

19 Ameshoff Street, 13th Floor, Hollard House,

Braamfontein, Johannesburg, South Africa

PO Box 4844, Johannesburg, 2000, South Africa

Email: info@jseinvestorservices.co.za

Telephone: +27 861 546 572 (South Africa)

Fax: +27 86 674 4381

American Depositary Receipts (ADRs)

**Deutsche Bank Trust Company Americas**

**c/o Equiniti Trust Company LLC, Peck Slip Station**

PO Box 2050, New York,

NY10271-2050

Email queries: db@astfinancial.com

Toll free (within 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, South Africa

Private Bag X9936, Sandton, 2146, South Africa

Telephone: +27 11 507 0300

Fax: +27 11 507 0503

Trading symbols

JSE: HAR

NYSE: HMY

ISIN: ZAE000015228

## Exhibit 4.12

![](consolidatedredactedimpl001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Implementation deed MAC Copper Limited Harmony Gold (Australia) Pty Limited Harmony Gold Mining Company Limited Gilbert + Tobin page \| i Contents Page 1 Defined terms and interpretation 1 2 Agreement to proceed with Transaction 1 3 Conditions precedent 3 4 Implementation of the Transaction 9 5 Treatment of Equity Awards 15 6 Conduct of business and transitional matters 16 7 Exclusivity 25 8 Break fee 31 9 Reverse Break Fee 35 10 Warranties 38 11 Releases 40 12 Termination 41 13 Public announcements 43 14 Confidentiality 44 15 Duty, costs and expenses 46 16 GST 46 17 Foreign resident CGT withholding 46 18 Guarantee 48 19 General 50 Schedule 1 Dictionary 54 Schedule 2 MAC Warranties 68 Schedule 3 Harmony Warranties 72 Schedule 4 Prescribed Occurrences 74 Schedule 5 MAC Tenements 76 Execution page 77 Attachment A Public announcement 79 Gilbert + Tobin 3456-3878-4814 page \| 2 (i) all of the Scheme Shares will be transferred to Harmony; and (ii) the Scheme Shareholders will be entitled to receive, for each Scheme Share held at the Record Date, the Scheme Consideration. 2.2 Scheme Consideration (a) If the Scheme becomes Effective, each Scheme Shareholder will be entitled to receive the Scheme Consideration in respect of each of their Scheme Shares, on and subject to the terms of the Scheme and this deed. (b) Subject to the Scheme becoming Effective, Harmony undertakes and warrants to MAC (in MAC's own right and separately as trustee for each of the Scheme Shareholders) that, in consideration of the transfer to Harmony of all Scheme Shares pursuant to the terms of the Scheme, Harmony will: (i) accept that transfer on the Implementation Date; and (ii) deposit (or procure the deposit) in cleared funds an amount equal to the Aggregate Scheme Consideration into a trust account operated by or on behalf of MAC as trustee for the Scheme Shareholders before 12 noon on the Business Day immediately before the Implementation Date, in each case, on and subject to the terms of the Scheme. 2.3 Cash Funding Requirement (a) Harmony represents, warrants and undertakes that sufficient resources will, at the Effective Date, be available for use to satisfy, and Harmony shall satisfy in full, the Aggregate Scheme Consideration to be paid on the Implementation Date in respect of each Scheme Share (the Cash Funding Requirement). (b) In the event that the Cash Funding Requirement is increased, references in this deed to the Cash Funding Requirement and to the amount required to enable Harmony to satisfy the Cash Funding Requirement in full shall be to the amount as so increased. 2.4 No amendment to Scheme without consent MAC may not consent to any modification of, or amendment to, or the making or imposition by the Court of any condition in respect of, the Scheme without the prior written consent of Harmony, such consent not to be unreasonably withheld, conditional or delayed. 2.5 MAC Board recommendation and director voting intentions (a) MAC represents and warrants to Harmony that, as at the date of this deed, each MAC Director: (i) has confirmed that his or her recommendation in respect of the Scheme is that MAC Shareholders vote, at the Scheme Meeting, in favour of the Scheme Resolution; and (ii) he or she intends to vote, or cause to be voted, at the Scheme Meeting, all MAC Shares which he or she controls or the voting of which he or she controls, in favour of the Scheme Resolution,

------

![](consolidatedredactedimpl002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 3 in each case, subject to there being no Superior Proposal. (b) MAC must use its best endeavours to procure that each MAC Director: (i) recommends (unanimously with all the other MAC Directors) that, subject to there being no Superior Proposal, MAC Shareholders vote at the Scheme Meeting, in favour of the Scheme Resolution (a Recommendation); and (ii) participates in reasonable efforts to promote the Scheme. (c) MAC must use its best endeavours to procure that no MAC Director withdraws, qualifies or adversely changes, modifies or revises (including, without limitation, by making any public statement supporting, endorsing or recommending any Competing Proposal or to the effect that he or she no longer supports the Scheme) his or her Recommendation prior to the Implementation Date, unless: (i) MAC has received, other than as a result of a breach of clause 7, a Competing Proposal and the MAC Board has determined in accordance with clause 7 (after all of Harmony's rights under clause 7.7(a) have been exhausted) that such Competing Proposal constitutes a Superior Proposal; or (ii) the withdrawal, qualification or adverse change, modification or revision is required by the Court. (d) Without limiting clause 7, if MAC becomes aware that a MAC Director proposes to withdraw, qualify or adversely change, modify or revise his or her Recommendation: (i) MAC must notify Harmony in writing of that fact, and, to the extent known, the reasons for the proposed withdrawal, change, modification, revision or qualification to the MAC Director's Recommendation, as soon as practicable; and (ii) to the extent practicable and reasonable in the circumstances, the parties must consult in good faith to consider and determine whether the MAC Director's Recommendation can be maintained. 3 Conditions precedent 3.1 Conditions Subject to this clause 3, the Scheme will not become Effective, and the obligations of Harmony under clause 2.2 are not binding, until and unless each of the following Conditions are satisfied or waived in accordance with clause 3.4: (a) MAC Shareholder approval: That: (i) MAC Shareholders approve the Scheme by a resolution of a majority in number of MAC Shareholders representing 75% or more of the voting rights of the MAC Shares voted by those MAC Shareholders who (being entitled to do so) voted in person or by proxy at the Scheme Meeting (or at any adjournment or postponement of such meeting); and Gilbert + Tobin 3456-3878-4814 page \| 4 (ii) MAC Shareholders approve the Shareholder Resolutions by the requisite majority of the MAC Shareholders at the General Meeting (or at any adjournment or postponement of such meeting). (b) Court approval: The Scheme has been sanctioned by the Court with or without modification (but subject to any non-de minimus modification being acceptable to MAC and Harmony, each acting reasonably and in good faith) and a copy of the Court Order having been delivered to the Registrar. (c) FIRB: Either: (i) Harmony has received a written notice under FATA, by or on behalf of the Treasurer, stating that the Commonwealth Government of Australia does not object to the acquisition by Harmony of the Scheme Shares pursuant to the Scheme, either unconditionally or subject only to conditions acceptable to Harmony, acting reasonably and in good faith having regard to the Australian Foreign Investment Review Board's Guidance Notes published as at the date of this deed; (ii) the Treasurer becomes precluded from making an order under Division 2 of Part 3 of the FATA in relation to the acquisition by Harmony of the Scheme Shares pursuant to the Scheme and the acquisition by Harmony of the Scheme Shares is not prohibited under the FATA; or (iii) if an interim order is made under FATA in respect of the acquisition by Harmony of the Scheme Shares, the subsequent period for making a final order prohibiting the acquisition of the Scheme Shares by Harmony elapses without a final order being made. (d) SARB: Before 8.00am on the Second Court Date, Harmony and any applicable Harmony subsidiaries have received unconditional approval, or approval subject to conditions acceptable to Harmony (acting reasonably and in good faith) for the implementation of the Scheme and any intended funding of the Scheme Consideration, in accordance with South African Exchange Control Regulations and the Currency and Exchanges Manual for Authorised Dealers issued by the Financial Surveillance Department of the SARB. (e) ASIC and ASX: Before 8.00am on the Second Court Date, ASIC and ASX issue or provide any consents, waivers, relief or approvals, or have done any other acts, which MAC considers are reasonably necessary or desirable to implement the Scheme, and those consents, waivers, relief, approvals or other acts have not been withdrawn or revoked at that time. (f) No Restraints: As at 8:00am on the Second Court Date, there is not in effect any: (i) permanent or temporary restraining order, permanent or temporary injunction or other final or preliminary decision, order, decree or ruling issued by any court of competent jurisdiction or Government Agency; (ii) action or investigation by any Government Agency; (iii) law, rule or regulation; or (iv) other legal restraint or prohibition, that restrains, prohibits or materially impedes the implementation of the Scheme (each a Restraint). Gilbert + Tobin 3456-3878-4814 page \| 5 (g) No Prescribed Occurrence: No Prescribed Occurrence occurs between the date of this deed and 8:00am on the Second Court Date, other than as permitted under clauses 5 or 6.2. (h) No Material Adverse Change: No Material Adverse Change occurs between the date of this deed and 8:00am on the Second Court Date. (i) Relevant consents: Before 8.00am on the Second Court Date, MAC has obtained from each counterparty to a Relevant Consent Contract all necessary consents, approvals, amendments, exemptions or waivers in respect of the Transaction (in a form and subject to such conditions which are satisfactory to Harmony (acting reasonably), and such consent, approval, amendment, exemption or waiver have not been withdrawn or revoked at that time. (j) Cancellation of Warrants: Before 8.00am on the Second Court Date, the holder of the MAC Warrants has entered into the Warrant Cancellation Deed, so that all MAC Warrants will be cancelled in accordance with clause 5.5. 3.2 Satisfaction of Conditions (a) Harmony must, to the extent within its power to do so, procure that the Conditions in clauses 3.1(c) (FIRB) and 3.1(d) (SARB) are satisfied and continue to be satisfied at all times until the last time that the relevant clause provides that such Condition is to be satisfied, provided that this clause 3.2 does not oblige Harmony to accept any proposed condition imposed by a Government Agency other than to the extent expressly contemplated by this deed. (b) MAC must, to the extent within its power to do so, use best endeavours to procure that each of the Conditions in clauses 3.1(a) (MAC Shareholder Approval), 3.1(e) (ASIC and ASX), 3.1(g) (No Prescribed Occurrence) and 3.1(h) (No Material Adverse Change) are satisfied and continues to be satisfied at all times until the last time that the relevant clause provides that such Condition is to be satisfied. (c) Each of MAC and Harmony must, to the extent within its power to do so, use reasonable endeavours to procure that: (i) the Conditions in clauses 3.1(b) (Court Approval), 3.1(f) (No Restraints), 3.1(i) (Relevant Consents) and 3.1(j) (Cancellation of Warrants): (A) are satisfied as soon as practicable after the date of this deed; (B) continue to be satisfied at all times until the last time it is to be satisfied (as the case may require); (ii) there is not in effect any Restraint as at 8:00am on the Second Court Date; and (iii) there is no occurrence within its control or the control of any of its Related Bodies Corporate that would prevent or materially delay, or would be reasonably likely to prevent or materially delay, any of those Conditions being satisfied or there not being in effect any Restraint as at 8:00am on the Second Court Date, provided that this clause 3.2(c) does not require either party to undertake material expenditure for the benefit of the other parties. (d) Each of MAC and Harmony, in respect of matters within its knowledge, must keep the other reasonably informed of the progress towards satisfying the Conditions. Gilbert + Tobin 3456-3878-4814 page \| 6 (e) MAC will not be in breach of its obligations under clause 3.2(b) or 3.2(c) to the extent that it takes or omits to take any action expressly permitted by clauses 6.2 or 6.5. (f) Nothing in this clause 3.2 prevents MAC or the MAC Board from taking, or failing to take, action (including to withdraw, qualify or adversely change, modify or revise the Recommendation) where to do so otherwise would, in the opinion of the MAC Board (determined in good faith) constitute a breach of a MAC Director's fiduciary or statutory duties. 3.3 Regulatory Approvals (a) Without limiting clause 3.2, but subject to clause 3.4, a party responsible for making an application for a Regulatory Approval must: (i) give the other a copy of an advanced draft of each application for a Regulatory Approval at least 5 Business Days prior to the date on which it is intended to be lodged, and must consider in good faith any reasonable comments provided by or on behalf of the other party at least 2 Business Days prior to the date on which it is intended to be lodged; (ii) unless otherwise agreed by the parties in writing, apply for each Regulatory Approval as soon as practicable (and, in any event, within 15 Business Days) after the date of this deed and give the other party a final copy of each such application; (iii) take all steps reasonably required to obtain each Regulatory Approval as soon as practicable, including responding to requests for information at the earliest practicable time; (iv) keep the other party reasonably informed of the progress towards obtaining each Regulatory Approval, including promptly notifying the other party of any material issues or matters raised, or any conditions or other arrangements proposed, by a relevant Government Agency; (v) not, and must ensure that its Related Bodies Corporate and Representatives do not, do any of the following: (A) apply to any Government Agency for any approval, consent, clearance, waiver, concession or similar in connection with the Transaction; or (B) send any submission, notification or communication to, or otherwise contact, any Government Agency in connection with the Transaction, in each case other than: (C) in respect of a Regulatory Approval and in accordance with this clause 3.3; or (D) where the relevant party has first consulted with the other party; (vi) give the other party a reasonable opportunity to review an advanced draft of each material submission or communication proposed to be sent to a Government Agency in connection with the Transaction, and consider in good faith any reasonable comments provided by or on behalf of the other party; and

------

![](consolidatedredactedimpl003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 7 (vii) promptly notify the other party and provide reasonable details (including, where applicable, copies) of all communications or discussions between it (or any of its Related Bodies Corporate or Representatives) and any Government Agency in connection with the Transaction (whether or not such communications or discussions relate to a Regulatory Approval and whether or not such communications or discussions were initiated by it (or any of its Related Bodies Corporate or Representatives) or by a Government Agency). (b) Each party must cooperate with, and provide any assistance or information reasonably requested by, the other party or its Representatives, in connection with an application for a Regulatory Approval and must use its best endeavours to assist the relevant party to obtain such Regulatory Approvals as soon as practicable after the date of this deed. (c) For the avoidance of doubt and notwithstanding any other provision of this deed, the parties' obligations in this clause 3.3 only apply in respect of communications relating to the satisfaction of the Conditions in clause 3.1(c) or 3.1(d) and any other engagement with a Government Agency from which an approval may be required in connection with this Transaction (except as contemplated in clause 4). (d) Before providing a copy of an advanced draft of an application for a Regulatory Approval to MAC under clause 3.3(a), Harmony may redact any part of that document to the extent that it contains commercially or competitively sensitive information or privileged information, in each case relating to the existing business or affairs of Harmony Parent and its subsidiaries. If Harmony seeks to rely on this clause 3.3(d) it must inform MAC of the basis upon which it has been redacted under this clause 3.3(d). 3.4 Waiver of Conditions (a) The Conditions in clauses 3.1(a) (MAC Shareholder Approval), 3.1(b) (Court Approval), 3.1(c) (FIRB) and 3.1(d) (SARB) are for the benefit of both MAC and Harmony and cannot be waived. (b) The Conditions in clauses, 3.1(e) (ASIC and ASX), 3.1(f) (No restraints), 3.1(i) (Relevant Consents) and 3.1(j) (Cancellation of Warrants) are for the benefit of both MAC and Harmony and any breach or non-fulfilment of such Condition may only be waived by written agreement between MAC and Harmony. (c) The Conditions in clauses 3.1(g) (No Prescribed Occurrence) and 3.1(h) (No Material Adverse Change) are for the sole benefit of Harmony and any breach or non-fulfilment of such Condition may only be waived by Harmony in writing. (d) A party entitled to waive the breach or non-fulfilment of a Condition under clauses 3.4(b) or 3.4(c) may do so in its absolute discretion, subject to the provision of written notice to the other party. Any such waiver by a party for whose benefit the relevant Condition applies must take place on or prior to 8:00am on the Second Court Date. (e) If either MAC or Harmony waives the breach or non-fulfilment of a Condition in accordance with this clause 3.4, then: (i) subject to clause 3.4(e)(ii), that waiver precludes that party from suing the other for any breach of this deed arising as a result of the breach or non- fulfilment of that Condition or arising from the same event which gave rise to the breach or non-fulfilment of that Condition; but Gilbert + Tobin 3456-3878-4814 page \| 8 (ii) if the waiver of the Condition is itself conditional and the other party: (A) accepts the condition on the waiver, then the terms of that condition on waiver apply notwithstanding any inconsistency with clause 3.4(e)(i); or (B) does not accept the condition on the waiver, then the Condition has not been waived. (f) Waiver of breach or non-fulfilment of a Condition does not constitute: (i) a waiver of breach or non-fulfilment of any other Condition resulting from the same event; or (ii) a waiver of breach or non-fulfilment of that Condition resulting from any other event. 3.5 Failure of Condition (a) If: (i) there is a breach or non-fulfilment of a Condition that has not been waived in accordance with clause 3.4 by the time or date specified in this deed for the satisfaction of that Condition and 11:59pm on the End Date; (ii) a Condition becomes incapable of satisfaction and the breach or non- fulfilment of that Condition that has occurred, or would otherwise occur, has not been waived in accordance with clause 3.4 by the earlier of the time or date specified in this deed for the satisfaction of that Condition and 11:59pm on the End Date; or (iii) the Scheme has not become Effective by 11:59pm on the End Date, then either party may give the other party written notice (a Consultation Notice) and MAC and Harmony must then promptly consult in good faith to: (iv) consider extending, and if agreed, extend, the time and date for satisfaction of the relevant Condition and/or the End Date (as applicable); (v) consider changing, and if agreed, change, the date on which an application is made to the Court for an order sanctioning the Scheme or adjourning that application (as applicable) to a date agreed in writing between MAC and Harmony (being a date no later than five (5) Business Days before the End Date); (vi) consider whether the Transaction may proceed by way of alternative means or methods so as to achieve an outcome that is commercially substantially the same as the Scheme, and if agreed, proceed by way of that alternative means or method; or (vii) any combination of the matters listed in clauses 3.5(a)(iv) to 3.5(a)(vi). (b) If MAC and Harmony have not reached agreement under clause 3.5(a) within 10 Business Days of a Consultation Notice being given (or any shorter period ending at 5:00pm on the day before the earlier of the End Date and the Second Court Date) then, subject to this clause 3.5(b), either of MAC or Harmony (Terminating Gilbert + Tobin 3456-3878-4814 page \| 9 Party) may terminate this deed by giving written notice (Termination Notice) to the other party, provided that: (i) the Terminating Party may only exercise such termination right if the relevant circumstances did not arise due to a material breach of this deed by the Terminating Party or a deliberate act or omission of the Terminating Party, and provided that in relation to the Condition in clause 3.1(c) and 3.1(d) that act or omission had no material impact on the relevant Regulatory Approval not being obtained; and (ii) if a Condition may be waived and exists for the benefit of one party only, that party is the Terminating Party. (c) Where a Termination Notice is validly given under this clause 3.5, this deed will terminate with immediate effect and clause 12.4 will apply. 3.6 Certain notices Each of MAC and Harmony must promptly notify the other party in writing if it becomes aware: (a) that any Condition has been satisfied; or (b) of any fact, matter or circumstance that has resulted or is reasonably likely to result in: (i) a Condition being breached, not being satisfied or becoming incapable of satisfaction or otherwise not being satisfied in accordance with its terms; (ii) a breach of a Warranty provided by that party under this deed or such a Warranty ceasing to be true and correct in all material respects; or (iii) a material breach of this deed by that party, and provide such evidence or details as may be reasonably requested by the other party. 4 Implementation of the Transaction 4.1 General (a) Each party will use best endeavours: (i) to do and execute, or procure the doing and executing of, each necessary or desirable act, document and thing reasonably within its power to implement the Transaction on the terms and subject to the conditions set out or referred to in this Deed and to give effect to the matters specified in, this deed and the Scheme Circular; and (ii) to finalise the Scheme Circular and to agree and fix a date or dates with the Court for the First Court Hearing and, so far as is practicable, the Second Court Hearing. (b) MAC will seek to book at least a half day with the Court for the First Court Hearing and the Second Court Hearing unless, acting reasonably, the parties agree otherwise in writing. Gilbert + Tobin 3456-3878-4814 page \| 10 (c) The notice convening the Scheme Meeting, proxy forms, CDI Voting Instruction Forms and other documents related to the Scheme will be dispatched to MAC Shareholders and MAC CDI Holders as soon as is reasonably practicable after the First Court Hearing and, in any event, within 3 Business Days after the First Court Hearing or as otherwise agreed in writing between the parties. Notice for the Scheme Meeting will be at least 21 clear days (taking into account applicable provisions for the deemed receipt of the notice covering the Scheme Meeting) and shall not be greater than 25 clear days, unless the parties otherwise agree in writing, each acting reasonably and without undue delay. (d) The parties agree that the conditions to the Scheme set out in the Scheme Circular shall be the same as the Conditions set out in this deed. 4.2 MAC obligations Subject to the occurrence of a change of recommendation by the MAC Directors permitted by this deed, MAC must take all steps reasonably necessary to implement the Scheme as soon as reasonably practicable and otherwise on and subject to the terms of this deed. Without limiting the foregoing, MAC must: (a) Preparation of Scheme Circular: (i) prepare the Scheme Circular (other than Harmony Information) in accordance with applicable laws; (ii) provide Harmony with a reasonable opportunity to review and make comments on drafts of the Scheme Circular, and consider in good faith any reasonable comments promptly provided by or on behalf of Harmony; (iii) obtain Harmony's consent to the inclusion of Harmony Information (including in respect of the form and context in which Harmony Information appears in the Scheme Circular), such consent not to be unreasonably withheld or delayed; (iv) finalise and (where required) settle with the Court the Scheme Circular, all necessary advertisements, forms of proxy and the CDI Voting Instruction Form; and (v) once the Scheme Circular is approved by the Court, not seek to revise the Scheme Circular, to amend the terms of the Transaction or (unless required by the Court) to adjourn the Meetings, in each case, without the prior written consent of Harmony (not to be unreasonably withheld or delayed); (b) Data Room: until the end of the Exclusivity Period, continue to provide Harmony with access to the Data Room (containing all documents and material in the Data Room at the date of this deed); (c) Court Documents: provide Harmony with a reasonable opportunity to review and make comments on drafts of the Court Documents, and consider in good faith any reasonable comments promptly provided by or on behalf of Harmony; (d) Government Agencies (i) to the extent required by any applicable law, the NYSE Rules or the ASX Listing Rules, consult with and lodge copies of the Scheme Circular or any other relevant document with any Government Agency; and

------

![](consolidatedredactedimpl004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 11 (ii) keep Harmony reasonably informed of any material issues raised by any Government Agency; (e) First Court Hearing: as soon as reasonably practicable apply to the Court for leave to convene the First Court Hearing and prepare and file such Court Documents and take such steps as may be necessary in connection with the First Court Hearing; (f) Representation: ensure that it is represented by counsel (including an advocate of the Court) at the First Court Hearing and the Second Court Hearing and does not object to the appearance by Harmony via its representative appointed for the purposes of clause 4.3(f); (g) Despatch: within 3 Business Days of: (i) the Court making the order necessary for the purpose of convening the Scheme Meeting; and (ii) any necessary advertisements, the Scheme Circular, forms of proxy and the CDI Voting Instruction Form being finalised, publish the requisite advertisements and arrange for the posting of the Scheme Circular to MAC Shareholders and MAC CDI Holders; (h) Supplementary disclosure: if, after despatch of the Scheme Circular and before the date of the Scheme Meeting, MAC becomes aware of: (i) a misleading or deceptive statement in the Scheme Circular; or (ii) an omission from the Scheme Circular of information required to have been included in it by applicable laws, MAC must: (iii) promptly consult with Harmony in good faith as to the need for, and the form of, any supplementary disclosure to Scheme Shareholders; and (iv) subject to obtaining any necessary order of the Court, and subject to applicable laws and Harmony complying with its obligations under clauses 4.2(a) and 4.3, make in an appropriate and timely manner such supplementary disclosure to Scheme Shareholders as MAC considers necessary; (i) Extension of time: not (unless required by the Court) agree to an extension of time in connection with, or to any variation, amendment, withdrawal or non- enforcement (in whole or in part) of, the Scheme without the prior written consent of Harmony (not be unreasonably withheld or delayed); (j) Meetings: convene, hold and transact the relevant business at each of the Meetings at the time and date specified in the Scheme Circular (or as soon as practicable thereafter) and propose the resolutions set out in the notices of those Meetings (as appropriate) without amendments; (k) Second Court Hearing: subject to the Conditions being satisfied or waived in accordance with clause 3.4, seek the sanction by the Court of the Scheme as soon as practicable after the Meetings and prepare and file such Court Documents and Gilbert + Tobin 3456-3878-4814 page \| 12 take such steps as may be necessary in connection with the Second Court Hearing; (l) Quotation of MAC Shares on NYSE and ASX listing: (i) prior to the Effective Date, take, or cause to be taken all actions, and do or cause to be done all things, reasonably necessary, proper or advisable to: (A) cause the delisting of the MAC Shares from NYSE and the termination of the registration of the MAC Shares under the US Exchange Act as promptly as practicable after the Effective Date, provided that such delisting and termination shall not be effective until after the Effective Date; and (B) apply to have trading in MAC CDIs on the ASX suspended from the close of trading on the Effective Date; and (ii) as soon as practicable after the Effective Date, take all actions reasonably necessary, proper or advisable to apply to have MAC removed from the official list of ASX, and quotation of MAC Shares on ASX terminated, by the close of trading on the trading day immediately following the Implementation Date or such other date after the Implementation Date as agreed in writing by MAC and Harmony; (m) Lodgement of Court Order: at such time as the parties may agree, but in any event no more than 1 day following sanction by the Court of the Scheme, cause copies of the Court Order and any other necessary documents to be filed with the Registrar such that the Scheme becomes Effective; and (n) Instruments of transfer: subject to the Scheme becoming Effective and Harmony paying the Aggregate Scheme Consideration in accordance with the terms of the Scheme: (i) on the Implementation Date, execute, on behalf of MAC Shareholders, one or more proper instruments of transfer and effect the transfer of MAC Shares to Harmony in accordance with the Scheme; and (ii) on the Implementation Date, procure the registration of all transfers of MAC Shares held by Scheme Shareholders to Harmony; and (o) Effecting Transaction: subject to the Conditions being satisfied, do everything reasonably within its power to ensure that the Transaction is effected in accordance with the terms of this deed and applicable laws. 4.3 Harmony obligations Harmony must take all steps reasonably necessary to implement the Scheme as soon as reasonably practicable and otherwise on and subject to the terms of this deed. Without limiting the foregoing, Harmony must: (a) Prepare Harmony Information: as soon as practicable after the date of this deed: (i) prepare the Harmony Information for inclusion in the Scheme Circular in accordance with all applicable laws; Gilbert + Tobin 3456-3878-4814 page \| 13 (ii) provide MAC with a reasonable opportunity to review and make comments on drafts of the Harmony Information and consider in good faith any reasonable comments provided by or on behalf of MAC; and (iii) provide MAC the final form of the Harmony Information for inclusion in the Scheme Circular; (b) Assistance with Scheme Circular and Court Documents: promptly provide any assistance or information reasonably requested by MAC or its Representatives in connection with the preparation of the Scheme Circular or any Court Documents, including reviewing drafts of the Scheme Circular and Court Documents provided by or on behalf of MAC and promptly providing comments in good faith; (c) Confirmation of Harmony Information: promptly after MAC requests that it does so (and in any event prior to 5:00pm on the Business Day prior to the First Court Date), confirm in writing to MAC that: (i) it consents to the inclusion of Harmony Information in the Scheme Circular, in the form and context in which Harmony Information appears; (ii) where required under applicable laws and regulations, procure that its directors accept responsibility for the relevant Harmony Information; (iii) the Harmony Information, in that form and context, is not false or misleading in any material respect (whether by omission or otherwise) and otherwise complies with all applicable laws; and (iv) the Harmony Information is in a form appropriate for inclusion in the Scheme Circular; (d) Provide comments promptly: promptly provide any comments on documents on which MAC and Harmony are required to consult in accordance with clause 4.2(a) (including the Scheme Circular and all material documents required to be given to the Court in relation to the Scheme); (e) Update Harmony Information: promptly notify MAC in writing if it becomes aware: (i) of information which should have been but was not included in Harmony Information previously provided to MAC, and promptly provide MAC with all such information; or (ii) that any Harmony Information previously provided to MAC is or has become false or misleading in any material respect (whether by omission or otherwise), or otherwise does not comply with applicable laws, and promptly provide MAC with all information necessary to ensure the Harmony Information complies with applicable laws and is not false or misleading in any material respect (whether by omission or otherwise); (f) Representation at Court: ensure that it is represented by counsel (including an advocate of the Court) at the First Court Hearing and the Second Court Hearing; (g) Scheme Consideration: if the Scheme becomes Effective, pay or procure the payment of the Scheme Consideration in the manner and in the amount contemplated by clause 2.2(b)(ii) and the terms of the Scheme; (h) Share transfer: if the Scheme becomes Effective, accept a transfer of the Scheme Shares as contemplated by clause 2.2(b)(i); and Gilbert + Tobin 3456-3878-4814 page \| 14 (i) Compliance with laws: do everything reasonably within its power to ensure that the Transaction is effected in accordance with the terms of this deed and applicable laws. 4.4 Scheme Circular (a) If MAC and Harmony are unable to agree (acting in good faith) on the form or content of a particular part of the Scheme Circular, then: (i) if the relevant part of the Scheme Circular is Harmony Information, MAC will make such amendments to that part of the Scheme Circular as required by Harmony (acting reasonably and in good faith); and (ii) in any other case, MAC (acting reasonably and in good faith) will decide the form and content of that part of the Scheme Circular. (b) MAC and Harmony agree that the Scheme Circular will contain a responsibility statement to the effect that: (i) MAC has prepared and is responsible for the MAC Information contained in the Scheme Circular, and none of Harmony or its Related Bodies Corporate or their respective directors, officers or employees assumes any responsibility or liability for the accuracy or completeness of the MAC Information; and (ii) Harmony has prepared and is responsible for Harmony Information contained in the Scheme Circular, and none of MAC or its Related Bodies Corporate or their respective directors, officers or employees assumes any responsibility or liability for the accuracy or completeness of Harmony Information. 4.5 Verification Each party must undertake appropriate processes to verify the information supplied by that party in the Scheme Circular. 4.6 Conduct of Court proceeding (a) MAC and Harmony are entitled to separate representation at all Court proceedings relating to the Scheme. (b) This deed does not give MAC or Harmony any right or power to give undertakings to the Court for or on behalf of the other party without that party's written consent. (c) Subject to clause 4.6(d), MAC and Harmony must give all undertakings to the Court in all Court proceedings which are reasonably required to obtain Court approval and confirmation of the Scheme as contemplated by this deed. (d) If the Court requests MAC or Harmony to give an undertaking to the Court and the party requested to give the undertaking does not believe this is reasonable or usual in the circumstance, the parties must: (i) consult with each other in good faith as to whether to appeal the Court's decision or otherwise seek a variation of the Court's decision; and (ii) appeal or seek a variation of the Court's decision unless the parties agree otherwise under clause 4.6(d)(i) or an independent senior counsel opines

------

![](consolidatedredactedimpl005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 15 that, in his or her view, an appeal of or request to vary (as the case may be) the Court's decision would have no reasonable prospect of success. 4.7 Appeal process If the Court refuses to make orders to convene the Scheme Meeting or to sanction the Scheme, MAC must consult with Harmony in good faith as to whether to appeal the Court's decision and MAC and Harmony must appeal the Court's decision to the fullest extent possible except to the extent that: (a) following consultation, the parties agree otherwise; or (b) an independent advocate of the Court who is a member of the Law Society of Jersey (agreed by the parties) advises that, in their opinion, an appeal would have no reasonable prospect of success before the End Date, in which case either party may terminate this deed in accordance with clause 12. 5 Treatment of Equity Awards 5.1 Treatment of Restricted Stock Units Each RSU, whether vested or unvested, that is outstanding immediately prior to the Effective Date shall, by virtue of the Transaction and without any action on the part of any Person, as of the Effective Date, automatically be cancelled and converted into the right to receive an amount in cash (in either US Dollars or Australian Dollars at the election of each holder of RSUs) equal to the product of: (a) the Scheme Consideration; and (b) the total number of MAC Shares subject to the RSU. 5.2 Treatment of Performance Based Restricted Stock Units Each PSU, whether vested or unvested, that is outstanding immediately prior to the Effective Date shall, by virtue of the Transaction and without any action on the part of any Person, as of the Effective Date, automatically be cancelled and converted into the right to receive an amount in cash (in either US Dollars or Australian Dollars at the election of each holder of PSUs) equal to the product of: (a) the Scheme Consideration; and (b) the total number of MAC Shares subject to the PSU multiplied by 2.25. 5.3 Treatment of Deferred Share Units Each DSU, whether vested or unvested, that is outstanding immediately prior to the Effective Date shall, by virtue of the Transaction and without any action on the part of any Person, as of the Effective Date, automatically be cancelled and converted into the right receive an amount in cash (in either US Dollars or Australian Dollars at the election of each holder of DSUs) equal to the product of: (a) the Scheme Consideration; and (b) the total number of MAC Shares subject to the DSU. Gilbert + Tobin 3456-3878-4814 page \| 16 5.4 Payment MAC must pay the holders of the RSUs, PSUs and DSUs the cash payments described in clauses 5.1, 5.2 and 5.3 without interest on or as soon as reasonably practicable after the Effective Date, but in any event within two (2) Business Days of the Effective Date. 5.5 MAC Warrants (a) As soon as possible after the date of this deed, MAC and Harmony must take all actions necessary to ensure that there are no outstanding MAC Warrants on or after the Effective Date. (b) Without limiting the generality of clause 5.5(a), MAC and Harmony must cause all outstanding MAC Warrants to be cancelled in accordance with a Warrant Cancellation Deed by no later than the Effective Date, and, if applicable, make any necessary waiver applications or requests for ASX consent under the ASX Listing Rules in respect of the actions under this clause 5.5(b). 6 Conduct of business and transitional matters 6.1 Conduct of business (a) Subject to clause 6.2, from the date of this deed until the Implementation Date, MAC must: (i) conduct, and cause to the extent with its control, each MAC Group Member to conduct, its businesses and operations (including the business of the MAC Group as a whole) in all material respects: (A) in the usual and ordinary course; (B) in a manner generally consistent with the manner in which such business has been conducted during the period beginning on the date that is 12 months prior to the date of this deed and ending on the date of this deed; (C) in accordance with all applicable laws; and (D) in accordance with all Authorisations that are binding on the MAC Group; (ii) promptly notify Harmony in writing of any events, facts, matters or circumstances which would or would be reasonably be likely to constitute a Material Adverse Change, a Prescribed Occurrence or a material breach of any MAC Warranty; (iii) make all reasonable efforts, and procure to the extent within its control, that each other MAC Group Member makes all reasonable efforts, to: (A) preserve and maintain the value of the businesses and assets (including existing insurance policies) of the MAC Group; (B) maintain and preserve their relationships with Government Agencies, contractors, franchisees, customers, suppliers and others having material business dealings with any MAC Group Member other than in Gilbert + Tobin 3456-3878-4814 page \| 17 respect of actions arising out of the enforcement or termination of such arrangements in the ordinary course; and (C) comply in all material respects with all Material Contracts to which any MAC Group Member is a party; and (iv) maintain, and cause each MAC Group Member (where applicable) to maintain the MAC Tenements in good standing and in full force and effect. (b) Subject to clause 6.2, MAC must not, and must ensure that each MAC Group Member does not, from the date of this deed until the Implementation Date: (i) voluntarily terminate, relinquish, or dispose of, or fail to renew, any MAC Tenement or any part of a MAC Tenement; (ii) sell or grant any option, or grant any interest (including an Encumbrance) over any MAC Tenement; (iii) allow any of its insurances to lapse without renewal or replacement or increase the amount of cover under any of its insurances by any material amount; (iv) enter into or amend any agreement with, or incur any commitment to, a related party; (v) acquire, invest or dispose of any business, asset or other undertaking (whether by way of a single transaction or series of related transactions) the value of which exceeds US$2 million in aggregate; (vi) enter into any agreement, or incur any commitment, involving any expenditure which is not in the ordinary course, or in the Budget: (A) of more than US$2 million in aggregate in respect of any single item or any series of related items; or (B) with a term, or period during which a MAC Group Member owes any obligation to, or is entitled to any rights as against, a counterparty, of more than two (2) years (from the date of entry into that agreement or commitment); (vii) terminate, suspend or waive any material right under or amend in a material manner any Material Contract; (viii) dispose of any shares in MAC Group companies held by any other MAC Group Member; (ix) subject to clause 6.5, do any of the following: (A) materially increase the remuneration of or benefits provided to any of its directors or employees except as provided in the Budget or as a result of promotions of employees as at the date of this deed in the ordinary course and consistent with prior practice; (B) pay any bonus or issue any securities, rights or options to any of its directors or employees or other Third Party other than as required by law, in accordance with an existing contract in place at the date of this deed or as permitted under clause 6.5; Gilbert + Tobin 3456-3878-4814 page \| 18 (C) materially vary the agreements with, or policies applicable to, any of its directors or employees; or (D) pay any of its directors or employees a termination or retention payment (otherwise than in accordance with an existing agreement in place at the date of this deed or as approved by MAC Shareholders) other than as permitted under clause 6.5. (x) announce, declare or pay any dividends, other than a dividend between wholly-owned MAC Group Member; (xi) incur any Financial Indebtedness in excess of US$2 million in aggregate, other than: (A) intragroup loans, trade creditors, employee liabilities and items of a similar nature incurred in the usual and ordinary course of business and consistent with past practice; (B) in connection with ordinary course vehicle and equipment financing and leasing; (C) drawing or re-drawing down on any existing debt facilities; and (D) any Financial Indebtedness expressly contemplated and Fairly Disclosed in the Disclosure Materials; (xii) make any material Tax elections or change any material Tax methodologies relating to Tax applied by it, other than as required by law; (xiii) commence (other than by cross-claim or counterclaim), compromise, settle or offer to settle any legal proceeding, claim, investigation, arbitration or similar proceeding, without the express prior written consent of Harmony where the claimed or settled amount exceeds US$2 million; (xiv) make any material amendment to its accounting policies, principles, practices or procedures or any of its methods for the reporting of income, deductions or other material items for accounting purposes, except as required to comply with applicable laws, the NYSE Rules and the ASX Listing Rules; (xv) create, grant or agree to create or grant any Encumbrances over all or substantially all, or a material subset, of the assets of any MAC Group Member; or (xvi) agree to do any of the matters set out above. 6.2 Exceptions (a) Nothing in clause 6.1(a) or 6.1(b) restricts any MAC Group Member from doing or not doing (or agreeing to do or not do) anything which: (i) is expressly contemplated, required or permitted by this deed or the Scheme or is required by the Transaction; (ii) is Fairly Disclosed in the Disclosure Materials; (iii) is Fairly Disclosed in:

------

![](consolidatedredactedimpl006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 19 (A) any announcement prior to the date of this deed made by MAC to ASX or any document filed or furnished by MAC with the SEC (so long as such document furnished with the SEC is publicly available via the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system or has been made available to Harmony) and other than any statements: (i) solely in the "Risk Factors" sections of MAC SEC Reports and (ii) in any forward-looking statements in MAC SEC Reports or other disclosures that are cautionary, predicative, forward- looking or that speculate about future developments); (B) the Australian Searches; or (C) the Jersey Searches; (iv) is required by any applicable law, regulation, the NYSE Rules, the ASX Listing Rules, Accounting Standards, contract (but only to the extent that such contract was entered into before the date of this deed, and a copy of which was Fairly Disclosed in the Disclosure Materials, or consented to by Harmony pursuant to this clause 6.2) or by an order, rules, injunction or undertaking of a court or Government Agency (including any applicable modern awards); (v) is required to reasonably and prudently respond to changes in market and operating conditions affecting the operations or businesses of MAC or the MAC Group; (vi) is specifically accounted for, or expressly contemplated by, in the Budget; (vii) is required to drawdown on funds available to the MAC Group under an existing debt facility as at the date of this deed; (viii) is required to reasonably and prudently respond to regulatory or legislative changes (including changes to subordinate legislation) which require a change to the operation of the businesses of the MAC Group, subject to MAC consulting in good faith with Harmony before such change is implemented; (ix) is a reasonably necessary and prudent response to any emergency or disaster (including a situation giving rise to a risk of personal injury or damage to property); (x) is required to pay any Tax when due; (xi) relates to payment of any Transaction costs and expenses (including GST on any such costs and expenses) incurred by MAC including all fees payable to external Advisers of MAC; (xii) is the repayment of any Financial Indebtedness, including any Permitted Financial Indebtedness, as and when such Financial Indebtedness becomes due and payable; or (xiii) has been consented to in writing by Harmony (such consent not to be unreasonably withheld or delayed). (b) If MAC requests Harmony's consent for the purposes of clause 6.2(a)(xiii) and Harmony does not notify MAC within: Gilbert + Tobin 3456-3878-4814 page \| 20 (i) 3 Business Days of the request being made; or (ii) such reasonable shorter period (if any) as specified in the request where, in the reasonable opinion of MAC, a shorter period is required to avoid prejudice to the interests of the MAC Group which period must be no shorter than 1 Business Day, then Harmony will be deemed to have consented to the relevant matters the subject of the request. 6.3 Access to information and management (a) Subject to clauses 6.3(b) and 6.3(c) and applicable competition laws, on and from the date of this deed until the Implementation Date, MAC must: (i) subject to Harmony providing reasonable notice, use reasonable endeavours to procure that Harmony is provided with reasonable access to information and the Mine during normal business hours, provided that (A) access to the Mine under this clause 6.3(a)(i)is: (1) subject to MAC receiving a written notice from Harmony at least 5 Business Days in advance of a requested Mine visit; and (2) limited to no more than two Mine visits per month during the period prior to the Scheme becoming Effective; (B) MAC or its Representatives may supervise any access to the Mine by Harmony or its Representatives under this clause 6.3(a)(i); (C) Harmony and its Representatives will not be permitted to consult with or otherwise maintain communications with any employees of the MAC Group other than: (1) for the purposes of ensuring continuity of the workforce of the MAC Group following the Scheme becoming Effective, provided this is conducted on the terms proposed by MAC (acting reasonably) and under the supervision of the MAC's Representatives; and (2) unless expressly permitted by MAC in writing; (D) access to the Data Room must continue to be made available from the date of this deed; and (E) requests for information must be made via the Data Room; and (ii) provide Harmony with a copy of the monthly management report MAC provides to its financiers at the time such reports are approved by MAC management which is not to exceed 30 calendar days after the end of each calendar month. (b) MAC will not be required to provide access to Harmony or its Representatives under clause 6.3(a) to the extent that doing so would, in the reasonable opinion of MAC: Gilbert + Tobin 3456-3878-4814 page \| 21 (i) cause disruption to the MAC Group's operations and businesses or have an adverse effect on the day to day conduct of such operations and businesses, it being acknowledged and agreed by Harmony that the businesses of the MAC Group will need to continue to operate with requisite management attention; (ii) will require MAC to provide, or procure the provision of, information concerning the MAC Group's business that is, in the reasonable opinion of MAC, commercially sensitive, including any specific pricing and margin information or supplier, franchisee, customer or client details; (iii) result in any MAC Group Member breaching any existing contractual obligations, applicable law or requirement of any Government Agency, or any obligation of confidentiality owed to a Third Party; or (iv) compromise legal professional privilege. (c) Nothing in clause 6.3 requires MAC to provide to Harmony or its Representatives any information concerning its directors' or management's consideration of the Scheme or any actual, potential or proposed Competing Proposal other than as expressly required by this deed. 6.4 Change of control provisions (a) As soon as practicable after the date of this deed, MAC and Harmony must seek to identify any change of control or unilateral termination rights in the contracts to which MAC or another MAC Group Member is party which the parties consider, acting reasonably, are material to the business of the MAC Group taken as a whole which may be triggered by or exercised in response to the implementation of the Scheme (Change of Control Rights). (b) In respect of contracts containing Change of Control Rights: (i) the parties will use reasonable endeavours to agree a proposed course of action (which, among other things, will have due regard to applicable legal restrictions) for notification to be made to, or consent or waiver to be sought from, all counterparties to contracts with Change of Control Rights, which may include joint discussions if requested by MAC; and (ii) Harmony and MAC must work together to take all reasonable actions necessary to obtain such consents or confirmations as soon as practicable, including by providing any information reasonably required by counterparties as soon as practicable. (c) Harmony must not, and must procure that its Related Bodies Corporate and Representatives do not, contact or hold discussions with any party from whom consent or confirmation is required without the prior written consent of MAC. (d) Harmony must cooperate with, and provide reasonable assistance to, MAC to obtain such consents or confirmations in respect of the Change of Control Rights as soon as practicable after the proposed course of action is agreed in accordance with clause 6.4(b). (e) Notwithstanding any other provision of this deed, the failure to obtain any consent pursuant to a Change of Control Right will not constitute or contribute to a breach of this deed by MAC nor a breach of any Condition, provided that MAC has acted Gilbert + Tobin 3456-3878-4814 page \| 22 in good faith in seeking to obtain the relevant consents under the Change of Control Rights. (f) Harmony must take, and must procure that its Related Bodies Corporate take, all actions necessary to comply with any reasonable requirements of any party from whom a consent is required under a Change of Control Right to the extent reasonably necessary to obtain such consent, including providing any information as may be reasonably required by such party. 6.5 Employee Incentives and benefits (a) On or before the Implementation Date, MAC must not increase the remuneration of, compensation of, or benefits provided to any employee or non-executive director of the MAC Group other than: (i) increasing the total remuneration payable to employees of the MAC Group to whom an award or enterprise agreement applies to the minimum amount required to comply with such award or enterprise agreement or to otherwise comply with applicable laws; (ii) paying any cash bonus or short-term incentive payment to employees of the MAC Group: (A) consistent with the requirements of any employment agreements under which any employee of the MAC Group is employed as at the date of this deed; or (B) in the ordinary course of business consistent with prior practice, or existing policies in place, over the 12 months prior to the date of this deed up to the amount described in the Incentive Schedule; (iii) adopting a retention bonus plan in replacement of, and on substantially similar terms as, the retention bonus plan in place as at the date of this deed and Fairly Disclosed in the Data Room, and making retention offers (and issues or payments pursuant to those offers) under that plan up to an amount disclosed in the Incentive Schedule; (iv) making any reasonable retention cash offers to employees, and making payments pursuant to those offers, provided that those cash offers: (A) do not exceed the amount described in the Incentive Schedule; or (B) are agreed to in writing by Harmony; and (v) issuing RSUs or PSUs under the Incentive Plan: (A) consistent with the requirements of any employment agreements under which any employee of the MAC Group is employed as at the date of this deed; or (B) in the ordinary course of business consistent with prior practice, or existing policies in place, over the 12 months prior to the date of this deed up to the amount described in the Incentive Schedule, provided that any RSUs or PSUs issued will be dealt with in accordance with clause 5;

------

![](consolidatedredactedimpl007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 23 (vi) issuing DSUs to non-executive MAC Directors under the DSU Plan in the ordinary course of business consistent with prior practice, or existing policies in place, over the 12 months prior to the date of this deed up to the amount described in the Incentive Schedule, provided that any DSUs issued will be dealt with in accordance with clause 5. (b) For the avoidance of doubt, Harmony acknowledges and agrees that, notwithstanding any other provision of this deed: (i) the MAC Board can exercise such discretions and authorise such actions under the terms of the Incentive Plan and the DSU Plan (or otherwise) as it considers necessary or desirable to give effect to the arrangements and payments contemplated by this clause 6.5; (ii) to the extent that the MAC Board has a discretion under the terms of the Equity Awards as to whether to settle vested Equity Awards in cash or MAC Shares, the MAC Board retains full discretion in respect of that decision; and (iii) no action or matter contemplated in this clause 6.5 will give rise to, or in any way contribute to, any breach of a Condition or any breach of the conduct of business provisions in clause 6.1 or any other provision of this deed. 6.6 Resignation and appointment of officers (a) Harmony will: (i) nominate in writing persons to be appointed as new directors of MAC and each MAC Group Member; (ii) obtain Director Identification Numbers (if required) and consents to act signed by such persons before the Record Date; and (iii) nominate in writing persons to resign as directors of MAC and each MAC Group Member; and upon receipt of such, MAC undertakes, subject to implementation of the Scheme in accordance with its terms, including Harmony having paid the Scheme Consideration, to procure that, with effect on and from the Implementation Date: (iv) those persons nominated by Harmony are appointed to the MAC Board and/or the boards of other members of the MAC Group; and (v) those persons nominated for resignation by Harmony resign as directors of MAC and/or other members of the MAC Group and provide written notice to the effect that they have no Claim outstanding for loss of office, remuneration or otherwise against MAC (other than in their capacity as an employee of, or consultant to, a MAC Group Member, if applicable), in each case, in accordance with the Articles of Association, applicable law, the ASX Listing Rules and the NYSE Rules. (b) Harmony will: (i) nominate in writing persons to be appointed as company secretary, public officer, nominated person, registered office provider, local agent and Jersey corporate administrator of MAC and each MAC Group Member (as applicable); and Gilbert + Tobin 3456-3878-4814 page \| 24 (ii) obtain consents to act signed by such persons, and on receipt of such, MAC undertakes, subject to implementation of the Scheme in accordance with its terms including Harmony having paid the Aggregate Scheme Consideration, to procure that, with effect on and from the Implementation Date: (iii) those persons nominated by Harmony are appointed as company secretary, public officer, nominated person, registered office provider, local agent and Jersey corporate administrator (as applicable) of the relevant members of the MAC Group; and (iv) the persons acting as company secretary, public officer, nominated person, registered office provider, local agent and/or Jersey corporate administrator (as applicable) of each MAC Group Member prior to the Implementation Date resign as company secretary, public officer, nominated person, registered office provider, local agent and/or Jersey corporate administrator (as applicable) of the relevant MAC Group Member and provide written notice to the effect that they have no Claim outstanding for loss of office, remuneration or otherwise against MAC (other than in their capacity as an employee of, or consultant to, a MAC Group Member, if applicable), in each case, in accordance with the Articles of Association, applicable law, the ASX Listing Rules and the NYSE Rules. (c) Any nomination by Harmony under clauses 6.6(a)(i), 6.6(a)(iii) or 6.6(b)(i) must be made by written notice to MAC, and such notice must be given before the Effective Date. (d) Nothing in clause 6.6(a) requires any director of a MAC Group Member to forego any rights he or she may have under any deed of access and indemnity or policy of directors' and officers' insurance relating to his or her position as a director of a MAC Group Member. 6.7 Deeds of indemnity and insurance (a) Subject to the Scheme becoming Effective and to clause 6.7(b), Harmony undertakes in favour of MAC and each other person who is a MAC Indemnified Party that it will: (i) procure that MAC and each other MAC Group Member complies with any deeds of indemnity, access and insurance (or equivalent) entered into by them in favour of their respective directors and officers from time to time, including to ensure that directors' and officers' run-off insurance or equivalent cover for such directors and officers obtained in accordance with clause 6.8 is established or maintained from the Implementation Date for a period of no less than seven (7) years or a period of seven (7) years from the retirement date of each director and officer so long as it is available on commercially reasonable terms; (ii) for a period of 7 years from the Implementation Date, ensure that the Articles of Association and the constitutions of each other MAC Group Member continue to contain rules which are no less favourable overall than the rules contained in those constitutions at the date of this deed that provide for each company to indemnify each of its current and previous directors and officers against any liability incurred by that person in his or her capacity as a director or officer of the company to any person other than a MAC Group Member; and Gilbert + Tobin 3456-3878-4814 page \| 25 (iii) without limiting clause 6.7(a)(i), ensure that that to the extent MAC has not done so prior to the Implementation Date, MAC puts in place directors' and officers' run off insurance cover for the current and former directors and officers of the MAC Group in accordance with clause 6.8, and confirm in writing once that cover is ready to be put in place. (b) The undertakings contained in clause 6.7(a) are subject to any Corporations Act restriction and/or the restrictions imposed by the laws of relevant jurisdiction in which the particular MAC Group Member is incorporated (as applicable) and will be read down accordingly. (c) MAC receives and holds the benefit of this clause 6.7 to the extent it relates to the other MAC Indemnified Parties as trustee for them. (d) The undertakings contained in clause 6.7(a) are given until the earlier of the end of the relevant period specified in clause 6.7(a) or the relevant MAC Group Member ceases to be part of the MAC Group. 6.8 D&O insurance Each party acknowledges that, notwithstanding any other provision of this deed, MAC must, prior to the Implementation Date, enter into arrangements to secure and place a directors' and officers' run-off insurance policy on terms and conditions acceptable to Harmony (acting reasonably having regard to the place of incorporation of each MAC Group Member and the quotation of MAC Shares and MAC CDIs on the NYSE and ASX) in respect of any current or former director or officer of any MAC Group Member that applies for no less than a 7-year period following the Implementation Date. 6.9 Intentions for MAC personnel This matter is dealt with in the side letter between the parties executed on the date of this deed. 6.10 Transaction Litigation – Notices (a) MAC shall promptly notify Harmony of any Transaction Litigation and shall keep Harmony reasonably informed regarding any Transaction Litigation. (b) Harmony, at its own expense, has the right to participate in, but not control, the defence of any Transaction Litigation brought against MAC, any MAC Group Member, their directors or officers and MAC will take into consideration all of Harmony's reasonable comments or requests with respect to such Transaction Litigation. (c) Prior to the Implementation Date, neither MAC nor any MAC Group Member shall settle, offer to settle or otherwise permit or participate in, directly or indirectly, the settlement or offer or settlement of any such Transaction Litigation without the prior written consent of Harmony, such consent not to be unreasonably withheld or delayed. 7 Exclusivity 7.1 Existing Discussions (a) MAC represents and warrants to Harmony that, as at the time of execution of this deed: Gilbert + Tobin 3456-3878-4814 page \| 26 (i) other than with respect to non-disclosure agreements that were entered into before the date of this deed, MAC is not, and, to the knowledge of MAC, none of its Representatives are party to any agreement, arrangement or understanding with any person in each case in connection with, with a view to obtaining, or which could reasonably be expected to encourage or lead to, an actual, proposed or potential Competing Proposal; and (ii) MAC is not, and has procured that its Representatives are not, participating in any negotiations, discussions or other communication with, ceased any existing negotiations, discussions or other communications with, have ceased to continue to provide any Non-public Information to, and have terminated all Data Room access granted to, any person in connection with or with a view to obtaining, or which could reasonably be expected to encourage or lead to, an actual, proposed or potential Competing Proposal and will promptly procure the return or destruction of any Non-public Information provided to such person. (b) MAC must, and must procure that its Related Bodies Corporate and their respective Representatives, promptly enforce: (i) the terms of any non-disclosure or confidentiality agreement, deed or undertaking (or similar document) entered into with any person in connection with, with a view to obtaining, or which could reasonably be expected to encourage or lead to, an actual, proposed or potential Competing Proposal; and (ii) the terms of any standstill (or similar) obligation of any Third Party under a non-disclosure agreement entered into before the date of this deed. (c) MAC must not, and must procure that its Related Bodies Corporate and Representatives do not, terminate, waive, amend or modify any provision of any existing non-disclosure or confidentiality agreement, deed or undertaking (or similar document) entered into with any Third Party in connection with, with a view to obtaining, or which could reasonably be expected to encourage or lead to, an actual proposed or potential Competing Proposal, or any standstill (or similar) obligation, provided that, subject to and without limiting Harmony's rights, and MAC's obligations, under this clause 7, nothing in this clause 7.1(c) will affect the ability of MAC to implement a Superior Proposal. 7.2 No shop During the Exclusivity Period, MAC must not, and must procure that each other MAC Group Member and their Representatives do not directly or indirectly: (a) solicit, encourage, initiate or invite any enquiries, expressions of interest, offers, discussions or negotiations in relation to, or that could reasonably be expected to lead to the making of, an actual, proposed or potential Competing Proposal; or (b) communicate to any person any intention to do any of the things referred to in clause 7.2(a). 7.3 No talk (a) Subject to clause 7.6, during the Exclusivity Period, MAC must not, and must procure that each other MAC Group Member and their Representatives do not indirectly or directly:

------

![](consolidatedredactedimpl008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 27 (i) negotiate, accept or enter into, or offer or agree to negotiate, accept or enter into with, any person in relation to, or which would reasonably be expected to lead to the making of; or (ii) facilitate, participate or continue in any negotiations or discussions with any other person regarding, a Competing Proposal or any expression of interest, offer or proposal by any person in relation to any agreement, understanding or arrangement that may be reasonably expected to lead to a Competing Proposal, even if that person's Competing Proposal was not directly or indirectly solicited, invited, encouraged or initiated by MAC or any of its Representatives. (b) For the avoidance of doubt, nothing in this clause 7.3 prohibits MAC or its Representatives from communicating with another person for the purpose of informing that person that MAC and its Representatives will not enter into any discussions or negotiations in relation to a Competing Proposal to the extent prohibited by this deed. 7.4 No due diligence (a) Subject to clause 7.6, during the Exclusivity Period, MAC must not, and must procure that no other MAC Group Member nor any of their Representatives directly or indirectly, provide to any person (other than Harmony or any of its Representatives) or facilitate any such person receiving any Non-public Information, which they have not previously been provided with, with a view to obtaining, or which would reasonably be expected to encourage or lead to such person formulating, developing or finalising, or assisting in the formulation, development or finalisation of, a Competing Proposal. (b) This clause 7.4 does not prevent MAC from providing information to ASX, NYSE or to MAC's actual or bona fide potential financiers, auditors and advisers in the ordinary course of business or to otherwise effect the negotiation and entry into and performance of this deed. 7.5 Notification of approaches (a) During the Exclusivity Period, MAC must as soon as reasonably practicable (but in any event within 48 hours) notify Harmony in writing if MAC or any of its Representatives becomes aware of: (i) any approach, enquiry, expression of interest, offer or proposal made to, or received by, or any discussion, negotiation, communication or other contact with, MAC or any of its Representatives in connection with, or which may reasonably be expected to lead to, any actual, proposed or potential Competing Proposal; (ii) any request made by any person to, or received by, MAC or any of its Representatives for any Non-public Information which MAC or any of its Representatives has reasonable grounds to suspect may be in connection with, or which may reasonably be expected to lead to, any actual, proposed or potential Competing Proposal; or (iii) without limiting MAC's obligations under clause 7.4, the provision by MAC or any of its Representatives of any Non-public Information to any person in connection with, or which may reasonably be expected to lead to any actual, proposed or potential Competing Proposal, Gilbert + Tobin 3456-3878-4814 page \| 28 whether direct or indirect, solicited or unsolicited, and in writing or otherwise. (b) A notification given under clause 7.5(a) must include (i) the material terms and conditions of the actual, proposed or potential Competing Proposal (including, but not limited to and to the extent known by MAC, the price and form of consideration, proposed timing, any condition precedent, any break fee, financing, due diligence and other deal protection provisions); and (ii) subject to clause 7.6, the identity of the person making the approach (and, if different, the identity of the person making the actual, proposed or potential Competing Proposal). (c) During the Exclusivity Period, MAC must as soon as reasonably practicable (but in any event within 48 hours) notify Harmony in writing if MAC or any of its Representatives becomes aware of any material development in relation to: (i) any actual, proposed or potential Competing Proposal; and/or (ii) any information which was previously notified to Harmony under clause 7.5(a). 7.6 Fiduciary exception Clauses 7.3, 7.4 and 7.5(b)(ii) do not apply to the extent that they restrict MAC or the MAC Board from taking or refusing to take any action with respect to an actual, proposed or potential Competing Proposal (in relation to which there has been no contravention of clause 7.1) provided that the MAC Board has determined, in good faith after: (a) consultation with its financial Advisers, that the actual, proposed or potential Competing Proposal is, or could reasonably be expected to lead to, a Superior Proposal; and (b) receiving written advice from its Legal Advisers that compliance with clause 7.3, or failing to respond to such an actual, proposed or potential Competing Proposal would (or may be reasonably likely to) constitute a breach of the MAC Board's fiduciary or statutory duties or obligations. 7.7 Matching Right (a) Without limiting clauses 7.1 to 7.5, during the Exclusivity Period, MAC: (i) must ensure that no MAC Director: (A) publicly withdraws, qualifies or adversely changes, modifies, revises his or her Recommendation, excluding any Confidential Director Statement made (in and of itself); (B) publicly recommends, or otherwise publicly supports, any actual, proposed or potential Competing Proposal (or publicly indicates an intention to do so subject to following the process in this clause 7.7); or (C) publicly recommends against the Scheme; and Gilbert + Tobin 3456-3878-4814 page \| 29 (ii) must not, and must procure that each other MAC Group Member and their Representatives do not, indirectly or directly, enter into any agreement, arrangement or understanding (whether or not in writing) or otherwise become obliged to undertake or give effect to, or for the implementation of, any actual, proposed or potential Competing Proposal, unless: (iii) the MAC Board has, in good faith and acting reasonably, made the determinations set out in clauses 7.6(a) and 7.6(b); (iv) MAC has provided Harmony with a written notice stating that it is given for the purposes of this clause 7.7 and setting out: (A) all material terms and conditions of such Competing Proposal (including, to the extent known by MAC, the price and form of consideration, proposed timing, any conditions precedent, details of any break fee, due diligence and financing requirements, cost recovery or cost sharing arrangement, and the identity of the person or persons who were involved in such discussion, negotiation, communication or other contact, who made such approach, enquiry, expression of interest, offer or proposal); (B) the determinations made under clauses 7.6(a) and 7.6(b); and (C) the reasons for the MAC Board's determination that such Competing Proposal is, or could reasonably be expected to become or lead to, a Superior Proposal. To avoid doubt, nothing under this clause 7.7(a)(iv)(C) obliges MAC to do anything which will result in the loss of legal professional privilege in respect of the legal advice obtained under clause 7.6(b); (v) MAC has given Harmony at least until 11:59pm on the fifth Business Day after the information referred to in clause 7.7(a)(iv) was provided to Harmony (the Matching Period) to announce or formally provide to MAC a matching, equivalent or superior proposal or other counter-proposal to the terms of such Competing Proposal (Counterproposal); and (vi) either: (A) Harmony has not announced or formally provided MAC with a Counterproposal before the expiry of the Matching Period; or (B) Harmony has announced or formally provided MAC with a Counterproposal before the expiry of the Matching Period, and the MAC Board has determined, in good faith and acting reasonably, that such Counterproposal would not produce an equivalent or superior outcome for MAC Shareholders (as a whole) as compared to the outcome that would be provided by such Competing Proposal, taking into account all respective terms and conditions and other aspects of such Counterproposal (including, the price, value and form of consideration, funding, proposed timing, any condition precedent and other matters affecting the probability of the Counterproposal being completed compared to the Competing Proposal or other relevant matters) and such Competing Proposal. Gilbert + Tobin 3456-3878-4814 page \| 30 (b) If MAC has provided Harmony with a notice under clause 7.7(a)(iv) and Harmony has announced or formally provided MAC with a Counterproposal before the expiry of the Matching Period, MAC must procure that MAC Board: (i) promptly considers and determines as soon as reasonably practical (and in any event, within three (3) Business Days of receiving the Counterproposal), in good faith and acting reasonably, after consultation with its financial advisers and after receiving written legal advice from its Legal Advisers, whether such Counterproposal would (or would reasonably be expected to) provide an equivalent or superior outcome for MAC Shareholders (as a whole) as compared to the outcome that would be provided by such Competing Proposal, taking into account all respective terms and conditions and other aspects of such Counterproposal (including, the price, value and form of consideration, funding, proposed timing, any condition precedent and other matters affecting the probability of the Counterproposal being completed compared to the Competing Proposal) and such Competing Proposal; and (ii) promptly, and in any event within 24 hours after making the determination in clause 7.7(b)(i), delivers Harmony a notice in writing setting out such determination and the reasons for such determination. (c) If the MAC Board determines in accordance with clause 7.7(b)(i) that such Counterproposal would provide an equivalent or superior outcome for MAC Shareholders (as a whole) as compared to the outcome that would be provided by such Competing Proposal, MAC must use its best endeavours to: (i) agree all amendments to this deed (and, if applicable, the Scheme) which are necessary to implement such Counterproposal, in each case as soon as reasonably practicable and for a period of not less than three (3) Business Days after MAC delivers the notice under clause 7.7(b)(ii) to Harmony; and (ii) procure each MAC Director recommends (unanimously with all the other MAC Directors) such Counterproposal to MAC Shareholders and does not recommend such Competing Proposal to MAC Shareholders. (d) MAC acknowledges and agrees that: (i) each new Competing Proposal or successive material variation or modification of a Competing Proposal will constitute a new Competing Proposal for the purposes of this clause 7.7; and (ii) the process set out in this clause 7.7 must again be followed in respect of each new Competing Proposal or successive material variation or modification of a Competing Proposal prior to: (A) any MAC Director taking any of the actions referred to in clause 7.7(a)(i); or (B) MAC or any of its Representatives entering into any agreement, arrangement or understanding or otherwise becoming obliged referred to in clause 7.7(a)(ii). 7.8 Compliance with law (a) If it is finally determined by a court of competent jurisdiction, or any Government Agency, that the agreement by the parties under this clause 7 or any part of it:

------

![](consolidatedredactedimpl009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 31 (i) constitutes a breach of the fiduciary or statutory duty of any member of the MAC Board; or (ii) is unlawful for any other reason, then, to that extent (and only to that extent) MAC will not be obliged to comply with that provision or that relevant part of that provision (as applicable) of this clause 7. (b) The parties must not make, or cause to be made, any application to a court or any Government Agency for, or in relation to, a determination or declaration referred to in clause 7.8 regarding any provision of this clause 7. 7.9 Normal provision of information Nothing in this clause 7 prevents MAC or a Representative of MAC from (directly or indirectly): (a) providing information regarding MAC, the MAC Group, any MAC Group Member or any business, asset or affairs of MAC, the MAC Group or any MAC Group Member: (i) to its Representatives provided it is not done in a manner which is intended to circumvent the intention of this clause 7; (ii) to any Government Agency; (iii) to its auditors, contractors, customers, financiers, franchisees and suppliers acting in that capacity in the ordinary course of business and consistent with past practice; (b) providing information required to be provided by law, including to satisfy its obligations of disclosure under the ASX Listing Rules, the NYSE Rules or to any Government Agency; (c) making presentations or providing information to brokers, portfolio investors, analysts and other third parties in the ordinary course of business and consistent with past practice; or (d) engaging with MAC Shareholders and MAC CDI Holders; (e) responding to any person in relation to any offer, inquiry, expression of interest or proposal by that person to make, or that may reasonably be expected to encourage or lead to the making of, an actual, proposed or potential Competing Proposal strictly for the purpose of: (i) acknowledging receipt; or (ii) advising that person that MAC is bound by the provisions of this clause 7 and is only able to engage in negotiations or discussions if the fiduciary exception in clause 7.6 applies. 8 Break fee 8.1 Background This clause 8 has been agreed to in circumstances where: Gilbert + Tobin 3456-3878-4814 page \| 32 (a) MAC believes it and its shareholders will derive significant benefits from the implementation of the Scheme; (b) Harmony has incurred and will further incur significant costs in connection with the Scheme, which will include significant opportunity costs if the Scheme is not implemented; (c) Harmony has requested that provision be made for the payment outlined in clause 8.2, and would not have entered into this deed had such provision not been made; (d) the MAC Board believes that: (i) it is reasonable and appropriate to agree to pay the Break Fee to secure Harmony's entry into this deed; and (ii) the Break Fee represents a genuine and reasonable estimate of costs that would be incurred by Harmony if the Scheme is not implemented; and (e) MAC has received separate legal advice from its Legal Advisers in relation to this deed and the operation of this clause 8 and believes it is reasonable that MAC agrees to the Break Fee in accordance with this clause 8 in order to secure Harmony's participation in the Transaction. 8.2 Payment of Break Fee Subject to clauses 8.5 and 8.6, MAC must pay Harmony the Break Fee, without set-off or withholding and within fifteen (15) Business Days after receipt of a written demand from Harmony, if any of the following events occur: (a) during the Exclusivity Period, any MAC Director: (i) fails to make his or her Recommendation as contemplated by clause 2.5; (ii) withdraws, qualifies or adversely changes, modifies or revises (including, without limitation, by making any public statement supporting, endorsing or recommending any Competing Proposal and/or to the effect that he or she no longer supports the Scheme) his or her Recommendation, excluding any Confidential Director Statement made (in and of itself); or (iii) makes a public statement indicating that they no longer recommend the Scheme or recommend that MAC Shareholders accept or vote in favour of, or otherwise publicly recommends, supports or endorses, a Competing Proposal, in each case, other than in circumstances where: MAC has validly terminated this deed in accordance with clause 12.1; (b) Harmony validly terminates this deed in accordance with clause 12.1(b); or (c) at any time before the End Date (or, if earlier, the date this deed is terminated in accordance with clause 12), a Competing Proposal is announced and, within 12 months after the date of such announcement, that Competing Proposal is completed, implemented or consummated. For the avoidance of doubt, a statement made by MAC or the MAC Board to the effect that no action should be taken by MAC Shareholders pending the assessment of a Gilbert + Tobin 3456-3878-4814 page \| 33 Competing Proposal by the MAC Board will not, by itself, require MAC to pay Harmony the Break Fee. 8.3 Nature of payment MAC acknowledges and agrees that the amount of the Break Fee has been calculated to reimburse and compensate Harmony for costs and expenses incurred, including: (a) external advisory costs (excluding success fees); (b) internal costs such as costs of management and directors' time, risk management costs and capital costs; (c) out-of-pocket expenses; (d) reputational damage associated with a failed transaction and the implications of that damage to a party's business; and (e) opportunity costs incurred in pursuing the Transaction or in not pursuing other alternative acquisitions or strategic initiatives which otherwise could have been developed, and MAC agrees that: (f) the costs actually incurred by Harmony will be of such a nature that they cannot all be accurately ascertained; and (g) the Break Fee is a genuine and reasonable pre-estimate of those costs. 8.4 Content of demand A demand by Harmony for payment of the Break Fee under clause 8.2 must: (a) be in writing; (b) be made after the occurrence of the event in that clause giving rise to the right to payment; (c) state the circumstances which give rise to the demand; and (d) nominate an account in the name of Harmony into which MAC must pay the Break Fee. 8.5 Qualifications to Break Fee (a) No amount is payable by MAC under this clause 8 if the Transaction or any transaction with Harmony which has a similar effect as the Transaction becomes Effective or otherwise takes effect. (b) This clause 8 imposes obligations on MAC to pay the Break Fee only to the extent that the performance of those obligations is not otherwise unlawful or held to be unenforceable by a court or Government Agency (including as a result of a breach of any MAC Director's fiduciary or statutory duties), provided that: (i) all lawful avenues of appeal and review have been exhausted; Gilbert + Tobin 3456-3878-4814 page \| 34 (ii) the period for lodging an appeal or commencing review proceedings has expired without an appeal having been lodged or review proceedings commenced; or (iii) Harmony and MAC agree in writing not to appeal or seek review of the decision to impose that requirement. (c) The parties must not make, or cause to be made (including by inaction), any application to a court or Government Agency for, or in relation to, an order, determination, judgement, decree or a declaration referred to in or in connection with clause 8.5(b). (d) If the Break Fee has been paid by MAC and clauses 8.5(a) or 8.5(b) would have prohibited the payment of the Break Fee, Harmony must reimburse all or the relevant part of the Break Fee (as the case may be) within ten (10) Business Days after receipt of a written demand for reimbursement from MAC. (e) Where the Break Fee becomes payable to Harmony and is actually paid to Harmony, Harmony cannot make any demand to, or Claim against, MAC for payment of any subsequent Break Fee. 8.6 Modifications following regulatory intervention (a) If a court of competent jurisdiction or Government Agency finds that all or any part of the payments required to be made under this clause 8 or clause 9 unenforceable, then: (i) the parties must amend clause 8 and/or clause 9 (as relevant) to the extent required to give effect to the requirements of the court or Government Agency (as the case may be); and (ii) neither the occurrence of any of the events referred to in clause 8.6(a) nor the amendment of clause 8 and/or clause 9 will be taken to be a breach of, or permit any party to terminate, this deed. (b) The parties must not make or cause or permit to be made any application to a court or any Government Agency for or in relation to a determination referred to in clause 8.6(a). (c) The parties are only required to take steps under clause 8.6(a)(i) in relation to any requirement of a court of competent jurisdiction or Government Agency if: (i) no appeal or review proceeding is available from the decision to impose that requirement or the period for lodging an appeal or commencing review proceedings has expired without an appeal having been lodged or review proceedings commenced; or (ii) Harmony and MAC agree in writing not to appeal or seek review of the decision to impose that requirement. 8.7 Other claims (a) Subject to clause 8.7(c), but notwithstanding any other provision of this deed, the maximum aggregate amount which MAC may be required to pay in relation to this deed (including any breach of this deed by MAC, including breach of the MAC Warranties) is the amount of Break Fee, and in no event will the aggregate liability of MAC under or in connection with this deed exceed the amount of the Break Fee

------

![](consolidatedredactedimpl010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 35 other than in relation to fraud or wilful or intentional breach by MAC of this deed (where this clause 8.7(a) will not operate to limit MAC's liability). (b) If an amount is paid by MAC to Harmony in the amount of the Break Fee in accordance with clause 8.2: (i) payment of that amount is the sole and exclusive remedy for Harmony; (ii) payment of that amount is the sole and exclusive obligation of MAC under or in connection with this deed (including, to the maximum extent permitted by law, for any Claims under this deed), including for any breach of this deed by MAC; (iii) no further damages, fees, expenses or reimbursements will be payable by MAC; (iv) that amount is received by Harmony in complete settlement of any and all Claims under this deed or otherwise that Harmony may have against MAC; and (v) neither Harmony nor any of its Related Bodies Corporate may make any claim whatsoever for specific performance, injunctive relief, damages, loss, liability, compensation, payments, fees, expenses or reimbursements against MAC or any other MAC Indemnified Party under this deed in respect of such breaches, in each case, in respect of the matter giving rise to the payment and otherwise under this deed or in connection with the Transaction or Scheme, to the maximum extent permitted by law. (c) Nothing in this clause 8.7 limits the liability of Harmony in connection with the Scheme or the obligations under clause 2.2. 9 Reverse Break Fee 9.1 Background This clause 9 has been agreed to in circumstances where: (a) Harmony believes it and its shareholders will derive significant benefits from the implementation of the Scheme; (b) MAC has incurred and will further incur significant costs in connection with the Scheme, which will include significant opportunity costs if the Scheme is not implemented; (c) MAC has requested that provision be made for the payment outlined in clause 9.2, and would not have entered into this deed had such provision not been made; (d) Harmony Board believes that: (i) it is reasonable and appropriate to agree to pay the Reverse Break Fee to secure MAC's entry into this deed; and (ii) the Reverse Break Fee represents a genuine and reasonable estimate of costs that would be incurred by MAC if the Scheme is not implemented; and Gilbert + Tobin 3456-3878-4814 page \| 36 (e) Harmony has received separate legal advice from its Legal Advisers in relation to this deed and the operation of this clause 9 and believes it is reasonable that Harmony agrees to the Reverse Break Fee in accordance with this clause 9 in order to secure MAC's participation in the Transaction. 9.2 Payment of Reverse Break Fee Subject to clauses 8.6 and 9.5, Harmony must pay MAC the Reverse Break Fee, without set-off or withholding and within fifteen (15) Business Days after receipt of a written demand from MAC, if MAC validly terminates this deed pursuant to clause 12.1(b). 9.3 Nature of payment Harmony acknowledges and agrees that the amount of the Reverse Break Fee has been calculated to reimburse and compensate MAC for costs and expenses incurred, including: (a) external advisory costs (excluding success fees); (b) internal costs such as costs of management and directors' time, risk management costs and capital costs; (c) out-of-pocket expenses; (d) reputational damage associated with a failed transaction and the implications of that damage to a party's business; and (e) opportunity costs incurred in pursuing the Transaction or in not pursuing other alternative acquisitions or strategic initiatives which otherwise could have been developed, and Harmony agrees that: (f) the costs actually incurred by MAC will be of such a nature that they cannot all be accurately ascertained; and (g) the Reverse Break Fee is a genuine and reasonable pre-estimate of those costs. 9.4 Content of demand A demand by MAC for payment of the Reverse Break Fee under clause 9.2 must: (a) be in writing; (b) be made after the occurrence of the event in that clause giving rise to the right to payment; (c) state the circumstances which give rise to the demand; and (d) nominate an account in the name of MAC into which Harmony must pay the Reverse Break Fee. 9.5 Qualifications to Reverse Break Fee (a) No amount is payable by Harmony under this clause 9 if the Transaction or any transaction with MAC which has a similar effect as the Transaction becomes Effective or otherwise takes effect. Gilbert + Tobin 3456-3878-4814 page \| 37 (b) This clause 9 imposes obligations on Harmony to pay the Reverse Break Fee only to the extent that the performance of those obligations is not otherwise unlawful or held to be unenforceable by a court or Government Agency (including as a result of a breach of any Harmony Director's fiduciary or statutory duties), provided that: (i) all lawful avenues of appeal and review have been exhausted; (ii) the period for lodging an appeal or commencing review proceedings has expired without an appeal having been lodged or review proceedings commenced; or (iii) MAC and Harmony agree in writing not to appeal or seek review of the decision to impose that requirement. (c) The parties must not make, or cause to be made (including by inaction), any application to a court or Government Agency for, or in relation to, an order, determination, judgement, decree or a declaration referred to or in connection with clause 9.5(b). (d) If the Reverse Break Fee has been paid by Harmony and clauses 9.5(a) or 9.5(b) would have prohibited the payment of the Reverse Break Fee, MAC must reimburse all or the relevant part of the Reverse Break Fee (as the case may be) within ten (10) Business Days after receipt of a written demand for reimbursement from Harmony. (e) Where the Reverse Break Fee becomes payable to MAC and is actually paid to MAC, MAC cannot make any demand to, or Claim against, Harmony for payment of any subsequent Reverse Break Fee. 9.6 Other claims (a) Subject to clause 9.6(c) but notwithstanding any other provision of this deed, the maximum aggregate amount which Harmony may be required to pay in relation to this deed (including any breach of this deed by Harmony, including breach of Harmony Warranties) is the amount of Reverse Break Fee, and in no event will the aggregate liability of Harmony under or in connection with this deed exceed the amount of the Reverse Break Fee other than in relation to fraud or wilful or intentional breach by Harmony of this deed (where this clause 9.6(a) will not operate to limit Harmony's liability). (b) If an amount is paid by Harmony to MAC in the amount of the Reverse Break Fee in accordance with clause 9.2: (i) payment of that amount is the sole and exclusive remedy for MAC; (ii) payment of that amount is the sole and exclusive obligation of Harmony under or in connection with this deed (including, to the maximum extent permitted by law, for any Claims under this deed), including for any breach of this deed by Harmony; (iii) no further damages, fees, expenses or reimbursements will be payable by Harmony; (iv) that amount is received by MAC in complete settlement of any and all Claims under this deed or otherwise that MAC may have against Harmony; and Gilbert + Tobin 3456-3878-4814 page \| 38 (v) neither MAC nor any of its Related Bodies Corporate may make any claim whatsoever for specific performance, injunctive relief, damages, loss, liability, compensation, payments, fees, expenses or reimbursements against Harmony or any other Harmony Indemnified Party under this deed in respect of such breaches, in each case, in respect of the matter giving rise to the payment and otherwise under this deed or in connection with the Transaction or Scheme, to the maximum extent permitted by law. (c) Nothing in this clause 9.6 limits the liability of Harmony in connection with the Scheme or the obligations under clause 2.2. 10 Warranties 10.1 MAC Warranties MAC represents and warrants to Harmony that each of the MAC Warranties is true and correct and not misleading in any material respect. 10.2 MAC's indemnity Subject to clause 10.5, MAC agrees to indemnify Harmony against any Claim of whatever nature and however arising that Harmony or any of the other Harmony Indemnified Parties suffers, incurs or is liable as a result of any breach of any of the MAC Warranties. 10.3 Harmony Warranties Harmony represents and warrants to MAC that that each of the Harmony Warranties is true and correct and not misleading in any material respect. 10.4 Harmony's indemnity Subject to clause 10.6, Harmony agrees to indemnify MAC against any Claim of whatever nature and however arising that MAC or any of the other MAC Indemnified Parties suffers, incurs or is liable as a result of any breach of any of Harmony Warranties. 10.5 Qualifications on MAC Warranties (a) The MAC Warranties and the indemnity in clause 10.2 are each subject to matters that: (i) are expressly required or permitted by this deed or the Scheme the Transaction; (ii) have been Fairly Disclosed in the Disclosure Materials; (iii) have been Fairly Disclosed in: (A) any announcement prior to the date of this deed made by MAC to ASX or any document filed or furnished by MAC with the SEC (so long as such document furnished with the SEC is publicly available via the EDGAR system or has been made available to Harmony) and other than any statements (i) solely in the "Risk Factors" sections of MAC SEC Reports and (ii) in any forward-looking statements in MAC SEC

------

![](consolidatedredactedimpl011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 39 Reports or other disclosures that are cautionary, predicative, forward- looking or that speculate about future developments); (B) the Australian Searches; or (C) the Jersey Searches. (iv) are within the actual knowledge of Harmony or any of their respective Related Bodies Corporate or Representatives as at the date of this deed. (b) Any matters in this deed that are subject to the awareness, knowledge or belief of MAC are given solely by reference to the actual knowledge of the following individuals as at the date of this deed: (i) Chief Executive Officer – Michael (Mick) James McMullen; (ii) Chief Financial Officer – Morné Engelbrecht; and (iii) General Counsel and Joint Company Secretary – Chris Rosario. 10.6 Qualifications on Harmony Warranties (a) The Harmony Warranties and the indemnity in clause 10.4 are each subject to matters that are required or permitted by this deed or the Scheme or the Transaction. (b) Any matters in this deed that are subject to the awareness, knowledge or belief of Harmony are given solely by reference to the actual knowledge of the following individuals as at the date of this deed: (i) Chief Development Officer – Johannes van Heerden; (ii) Chief Financial Officer – Aubrey Testa; (iii) Executive General Manager – Growth & Resource Development - Greg Job; and (iv) Head of Legal – Stuart MacKenzie. 10.7 Survival of Warranties Each Warranty: (a) is severable; (b) survives the termination of this deed; and (c) is to be construed independently of all other MAC Warranties or Harmony Warranties (as applicable). 10.8 Survival of indemnities Each indemnity in this deed (including those in clauses 10.2 and 10.4): (a) is severable; (b) is a continuing obligation; Gilbert + Tobin 3456-3878-4814 page \| 40 (c) constitutes a separate and independent obligation of the party giving the indemnity from any other obligations of that party under this deed; and (d) survives the termination of this deed. 10.9 Timing of Warranties Each Warranty is given: (a) at the date of this deed; (b) at the date the Scheme Circular is despatched to MAC Shareholders; and (c) at 8:00am on the Second Court Date and at the Effective Date, unless such Warranty is expressed to be given at a particular time, in which case it is given at that time. 10.10 No representations made on economic or future matters Each party acknowledges and agrees that: (a) the other party makes no representation or warranty other than as given or made in this deed and the Scheme; and (b) at no time has the other party given or made any representation or warranty in relation to the achievability of: (i) any economic, fiscal or other interpretations or evaluations by it; or (ii) future or forecast costs, prices, revenues or profits, other than to the extent the relevant information is Fairly Disclosed in an announcement to ASX or filed or furnished with the SEC that is made by that other party prior to the date of this deed. 11 Releases 11.1 Release of MAC Indemnified Parties (a) Subject to clauses 11.1(b) and 11.1(d), Harmony releases any and all rights that it has or may have or that may otherwise accrue to it after the date of this deed, and agrees with MAC that it will not make, and waives any right it might have to make, any Claim, against any MAC Indemnified Party (other than MAC and its Related Bodies Corporate) except where such MAC Indemnified Party has engaged in fraud or wilful misconduct. (b) The releases in clause 11.1(a) are subject to any restriction imposed by law and will be read down to the extent that any such restriction applies. (c) MAC receives and holds the benefit of clause 11.1(a) on behalf of, and as trustee for, each other MAC Indemnified Parties. (d) Nothing in this clause 11.1 limits Harmony's rights to terminate this deed under clause 12 or demand payment of the Break Fee under clause 8. Gilbert + Tobin 3456-3878-4814 page \| 41 11.2 Release of Harmony Indemnified Parties (a) Subject to clause 11.2(b) and 11.2(d), MAC releases any and all rights that it has or may have or that may otherwise accrue to it after the date of this deed, and agrees with Harmony that it will not make any Claim, against any Harmony Indemnified Party (other than Harmony and its Related Bodies Corporate) as at the date of this deed in connection with: (i) any breach of any covenant, representation or warranty given by Harmony under this deed; (ii) any disclosures or information provided in connection with this deed or the Scheme containing any statement which is false or misleading (whether by omission or otherwise); or (iii) any failure to provide information in connection with this deed or Scheme, except where such Harmony Indemnified Party has engaged in fraud or wilful misconduct. (b) The releases in clause 11.2(a) are subject to any restriction imposed by law and will be read down to the extent that any such restriction applies. (c) Harmony receives and holds the benefit of clause 11.2(a) on behalf of, and as trustee for, each other Harmony Indemnified Parties. (d) Nothing in this clause 11.2 limits MAC's rights to terminate this deed under clause 12 or demand payment of the Reverse Break Fee under clause 9. 12 Termination 12.1 Termination by MAC or Harmony (a) MAC or Harmony may terminate this deed in accordance with clause 3.5. (b) MAC or Harmony (the Terminating Party) may terminate this deed any time before 8:00am on the Second Court Date where the other party (the Defaulting Party) commits a breach of this deed (including the Warranties), provided that: (i) the breach is material in the context of this deed and the Scheme (taken as a whole); (ii) the Terminating Party has given written notice to the other party setting out the relevant circumstances and stating an intention to terminate this deed; (iii) the Terminating Party is not in material breach of this deed; and (iv) the relevant circumstances, if capable of remedy, have not been remedied to the reasonable satisfaction of the Terminating Party within 5 Business Days from the date such notice is given (or any shorter period ending at 5:00pm (Perth time) on the Business Day immediately before the Second Court Date), in which case such termination will take effect at the expiry of the period referred to in clause 12.1(b)(iv). Gilbert + Tobin 3456-3878-4814 page \| 42 (c) MAC or Harmony may terminate this deed in accordance with and pursuant to clause 4.7, provided that the party purporting to terminate this deed has complied in all material respects with its obligations under that clause. (d) MAC or Harmony may terminate this deed by written notice to the other party if the Scheme has not become Effective on or before the End Date. 12.2 Termination by Harmony Harmony may terminate this deed, with immediate effect, by notice in writing to MAC at any time before 8:00am on the Second Court Date if: (a) any MAC Director: (i) fails to recommend the Scheme in the manner described in clause 2.5 (including for the avoidance of doubt, whether or not MAC has used its best endeavours to procure the Recommendation); (ii) withdraws, adversely publicly changes, qualifies or modifies his or her Recommendation as set out in clause 2.5 (including for the avoidance of doubt, whether or not MAC has used its best endeavours to procure that no MAC Director takes such action); or (iii) makes a public statement to the effect that they no longer recommend the Scheme or publicly recommend, endorse or support another transaction (including any Competing Proposal), in each case, provided that a statement made by MAC or the MAC Directors to the effect that no action should be taken by MAC Shareholders pending the assessment of a Competing Proposal by the MAC Directors will not of itself give rise to a termination right under this clause; or (b) the MAC Board determines that a Competing Proposal is a Superior Proposal, or in any circumstances, a MAC Group Member enters into an agreement, arrangement or understanding pursuant to which MAC becomes obliged to pursue, give effect to and/or implement a Competing Proposal. 12.3 Termination by MAC MAC may terminate this deed, with immediate effect, by notice in writing to Harmony at any time before 8:00am on the Second Court Date if a majority of the MAC Directors publicly: (a) withdraw or adversely change their recommendation as set out in clause 2.5; or (b) recommend a Competing Proposal, in each case, provided that: (c) MAC has received a Competing Proposal; (d) the MAC Board has determined that the Competing Proposal constitutes a Superior Proposal; (e) clause 7 has been complied with and all of Harmony's rights under clause 7 have been fully exhausted (including, to avoid doubt, if clause 7.7(a)(vi)(B) applies); and

------

![](consolidatedredactedimpl012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 43 (f) if the Break Fee will become payable, MAC has first paid the Break Fee. 12.4 Effect of termination If this deed is terminated in accordance with this clause 12, this deed will cease to have force and effect without any liability or obligation on the part of any party and all future obligations of the parties under this deed will immediately terminate and be of no further force and effect including any further obligations in respect of the Scheme, except that: (a) this clause 12, clauses 1, 8, 9, 10, 11 and clauses 14 through 19 (inclusive) (other than clause 19.8) will survive termination; and (b) except as set out in clauses 8.7(b)(i) and 9.6(b)(i), each party will retain any rights and remedies that accrued prior to termination, including any rights and remedies in respect of any past breach of this deed or (if applicable) in respect of the breach giving rise to termination. 13 Public announcements 13.1 Public announcement of Scheme Immediately after execution of this deed (or as otherwise agreed between MAC and Harmony), MAC and Harmony must issue a joint public announcement substantially in the form contained in Attachment A. 13.2 Other disclosure (a) Where MAC proposes to make any public announcement or disclosure directly in connection with the Scheme, it must use reasonable endeavours, to the extent practicable in the circumstances and subject to applicable law, the ASX Listing Rules and the NYSE Rules, to consult with Harmony prior to making the relevant announcement or disclosure and MAC must: (i) provide the Harmony with a draft copy of the proposed public announcement as soon as reasonably practicable before such announcement is made; (ii) give Harmony a reasonable opportunity to comment on the form and content of the draft proposed public announcement; and (iii) consider all reasonable comments from Harmony and its Representatives (that are provided in a timely manner) on the draft. (b) The obligations in clause 13.2(a) do not apply: (i) to the extent that the proposed announcement or disclosure substantially repeats some or all matters contained in prior announcements or disclosures or is essentially process or administrative in nature; (ii) to any announcements relating to an actual, proposed or potential Competing Proposal; or (iii) to any announcements relating to the termination of this deed in accordance with its terms. Gilbert + Tobin 3456-3878-4814 page \| 44 (c) Nothing in this clause 13.2 requires the giving of prior notice or the taking of any action if doing so would lead to MAC breaching an applicable law, the ASX Listing Rules or the NYSE Rules. 14 Confidentiality 14.1 Confidentiality obligations (a) The Recipient: (i) agrees to keep confidential the Confidential Information and to use it solely for the Approved Purpose; and (ii) must not use any Confidential Information for its own commercial purposes or to the competitive disadvantage of the Discloser or its Related Bodies Corporate, except to the extent necessary for the Approved Purpose. (b) Subject to clause 14.1(c), the Recipient may disclose Confidential Information to its Representatives to the extent that the relevant person needs that information for the Approved Purpose. (c) The Recipient must: (i) use its reasonable endeavours to ensure that such Representative complies with the terms of this clause 14 as if it were the Recipient; and (ii) on request by the Discloser, provide written notice to the Discloser of the identity of any Representative of the Recipient that has received, or is to receive, the Confidential Information. (d) With respect to each subclause of this clause 14 that relates to a Representative of the Recipient, the Recipient is responsible to the Discloser for any act or omission of that Representative of the Recipient which would have breached that subclause if the act or omission had been by the Recipient. (e) The Recipient must take reasonable steps to protect the Confidential Information and keep it secure from unauthorised persons. (f) The Recipient must inform the Discloser as soon as reasonably practicable if the Recipient becomes aware of, or suspects that there has been a breach of this clause 14. The Recipient must promptly do anything which the Discloser reasonably requires to prevent or restrain a suspected or actual breach of this clause 14. (g) This clause 14 does not give the Recipient or any other person any right, title or interest in the Confidential Information. (h) Nothing in this clause 14 prevents the use or disclosure by the Recipient or any of its Representatives of Confidential Information to the extent that it is required by law, regulation, legal process, order of any government agency or the rules of a recognised stock exchange, including any law or regulation concerning the contents of a bidder's statement or any other disclosure document, and provided that, in all cases, the Recipient or its relevant Representative or Associate must only disclose the minimum amount of information necessary to comply with the Gilbert + Tobin 3456-3878-4814 page \| 45 requirement and, to the extent permitted by law and reasonable in the circumstances, the Recipient must: (i) promptly notify the Discloser of the requirement to disclose the Confidential Information and provide details of the circumstances of the proposed disclosure; and (ii) consult with the Discloser as to the form of disclosure to be made and take account of any reasonable comments of the Discloser which are provided to it. (i) The Recipient acknowledges that its obligations under this clause 14.1 are in addition to, and nothing in this clause 14 limits, any common law or equitable obligations of confidence owed to the Discloser or its Related Bodies Corporate by the Recipient or its Representatives. 14.2 Return of Confidential Information (a) Subject to clause 14.2(b), the Recipient must on the written request of the Discloser promptly either (at the election of the Recipient): (i) return to the Discloser all copies and extracts of the Confidential Information and, if in electronic form, erase such Confidential Information; or (ii) destroy all copies and extracts of the Confidential Information and, if in electronic form, erase such Confidential Information, and in either case, an authorised signatory of the Recipient must confirm in writing to the Discloser that the Recipient and its Representatives have complied with the requirements of this clause 14. (b) Clause 14 does not apply to: (i) any records of, or documents prepared for, a meeting of the board of the Recipient or its Related Bodies Corporate, or a committee of the board or an investment or advisory committee, to the extent that such records or documents contain the level of detail consistent with the normal practices of the relevant board or committee; (ii) documents stored on a back-up server for bona fide back-up, security and data recovery purposes, which is not readily accessible; or (iii) the Recipient or any Representative of the Recipient holding Confidential Information is required by law or the rules of any government agency or any mandatory rule of professional standards or bona fide internal compliance or audit policy or procedure applying to the Recipient or the relevant Representative to retain a copy of the Confidential Information, provided that such information that is retained remains subject to the confidentiality obligations set out in this clause 14 and, if in the possession or control of an adviser, financier or proposed financier, is not accessed by the Recipient or its Related Bodies Corporate. Gilbert + Tobin 3456-3878-4814 page \| 46 15 Duty, costs and expenses 15.1 Stamp duty Harmony: (a) must pay all stamp duties and any related fines and penalties in respect of this deed or the Scheme or any transaction effected or steps taken under this deed or the Scheme; and (b) indemnifies MAC against any liability arising from or in connection with any failure by Harmony to comply with clause 15.1(a). 15.2 Costs and expenses Except as otherwise provided in this deed, each party must pay its own costs and expenses in connection with the negotiation, preparation, execution and performance of this deed and the proposed, attempted or actual implementation of the Transaction. 16 GST (a) In this clause 16, a word or expression defined in the A New Tax System (Goods and Services Tax) Act 1999 (Cth) of Australia has the meaning given to it in that legislation. (b) Subject to clauses 16(c) and 16(e), if a party makes a supply under or in connection with this deed in respect of which GST is payable, the consideration for the supply but for the application of this clause 17.2 (GST exclusive consideration) is increased by an amount equal to the GST exclusive consideration multiplied by the rate of GST prevailing at the time the supply is made. (c) Clause 16(b) does not apply to any consideration that is expressed in this deed to be inclusive of GST. (d) If a party must reimburse or indemnify the other party for a loss, cost or expense, the amount to be reimbursed or indemnified is first reduced by the amount equal to any input tax credit the other party (or any representative member of a GST group of which the other party is a member) is entitled to with respect to the loss, cost or expense, and then increased in accordance with clause 16(b). (e) A party need not make a payment for a taxable supply made under or in connection with this deed until it receives a tax invoice for the supply to which the payment relates. 17 Foreign resident CGT withholding (a) For the purpose of this clause 17: (i) Declaration means a declaration provided by a Scheme Shareholder in accordance with section 14-225 and section 14-210(3) of Schedule 1 to the Taxation Administration Act;

------

![](consolidatedredactedimpl013.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 47 (ii) Variation means a notice of variation as granted by the Commissioner of Taxation under subsection 14-235(2) of Schedule 1 to the Taxation Administration Act; and (iii) Subdivision 14-D means Subdivision 14-D of Schedule 1 to the Taxation Administration Act. (b) Subject to the remainder of this clause 17, Harmony must make all payments that become due under the Transaction free and clear and without deduction of all present and future withholdings (including Taxes), unless required by applicable law. (c) The parties acknowledge that they anticipate that none of the Scheme Shares should comprise 'indirect Australian real property interests' as defined in section 855-25 of the Income Tax Assessment Act 1997 (Cth) (on the basis that the 'non- portfolio interest test' referred to in paragraph 855-25(1)(a) of the Income Tax Assessment Act 1997 (Cth) should not be satisfied) as no non-Australian tax resident shareholder (together with associates) owns 10% or more of the Scheme Shares. Therefore, Harmony should not be required by Subdivision 14-D to pay an amount to the Australian Commissioner of Taxation under section 14-200 in Subdivision 14-D in respect of the acquisition of Scheme Shares from any MAC Shareholders under the Transaction. (d) Notwithstanding clause 17(b) and subject to clause 17(h), if Harmony is required by Subdivision 14-D to pay amounts (each being a FRCGW Amount) to the Commissioner of Taxation in respect of the acquisition of the Scheme Shares from certain Scheme Shareholders (each being a FRCGW Holder), Harmony shall be entitled to deduct or withhold from the Scheme Consideration otherwise payable to the FRCGW Holder and remit such amounts to the Australian Commissioner of Taxation. The aggregate sum payable to the FRCGW Holder shall not be increased to reflect the deduction and the net aggregate sum payable to the FRCGW Holder shall be taken to be in full and final satisfaction of the amounts owing to the FRCGW Holder. Before applying FRCGW, Harmony will consult with MAC as to which Scheme Shares it considers FRCGW to apply to and will work with MAC and any impacted Scheme Shareholder to determine if an exemption or Variation can be sought form the Australian Commissioner of Taxation or if a Declaration from the Scheme Shareholder is appropriate. (e) Harmony acknowledges and agrees that it will reduce the FRCGW Amount with respect to a Scheme Shareholder where that Scheme Shareholder provides a Variation to Harmony prior to the Implementation Date and Harmony does not know or reasonably suspect the Variation to be false or invalid. (f) Harmony acknowledges and agrees that it shall not pay any amounts to the Commissioner of Taxation under clause 17(c) with respect to a Scheme Shareholder where that Scheme Shareholder provides a Declaration to Harmony prior to the Implementation Date and the Declaration is made in accordance with the requirements in section 14-225 of Subdivision 14-D and applies to a period that includes the Implementations Date and Harmony does not know or suspect that the Declaration is false. (g) If Harmony forms the view that it knows or suspects that a Declaration it has received is false, and Harmony received the Declaration more than 30 days before the Implementation Date, Harmony agrees that it shall not pay any amounts to the Commissioner of Taxation in respect of that Scheme Shareholder until it has: Gilbert + Tobin 3456-3878-4814 page \| 48 (i) provided information upon which it relied to form that view to the Scheme Shareholder who has provided that Declaration no less than 20 days before the Implementation Date; (ii) provided the Scheme Shareholder by notice in writing the opportunity to review the information provided to it and respond with their views no less than ten (10) days before the Implementation Date; and (iii) reviewed any response from the Scheme Shareholder and, after having reconsidered its view, still be of the view that it has knowledge or suspicion that the Declaration it has received is false. (h) MAC agrees that Harmony may approach the ATO to obtain clarification as to the application of Subdivision 14-D to the Scheme and will provide all information and assistance that Harmony reasonably require in making any such approach. Harmony agrees: (i) to provide MAC a reasonable opportunity to review the form and content of all materials to be provided to the ATO, and must incorporate MAC's reasonable comments on those materials, and more generally to take into account MAC's comments in relation to Harmony's engagement with the ATO, and provide MAC a reasonable opportunity to participate in any discussions and correspondence between Harmony and the ATO in connection with the application of Subdivision 14-D to the Transaction; and (ii) subject to clause 17(g), not to contact any Scheme Shareholders in connection with the application of Subdivision 14-D to the Scheme without MAC's prior written consent. (i) The parties agree to consult in good faith as to the application of Subdivision 14-D, including taking into account any clarification provided by the ATO following any process described in clause 17(g). The parties agree to take all actions that they agree (each acting reasonably) are necessary or desirable following that consultation. 18 Guarantee 18.1 Guarantee and Indemnity Harmony Parent: (a) unconditionally and irrevocably guarantees to MAC (in its own right and separately as trustee or nominee for each of the other MAC Indemnified Parties and each Scheme Shareholder) on demand, the due and punctual performance of Harmony's obligations under this deed and the Scheme; and (b) as a separate and additional liability, indemnifies MAC (in its own right and separately as trustee or nominee for each of the other MAC Indemnified Parties and each Scheme Shareholder) against all Loss, actions, proceedings and judgments of any nature, incurred by, brought, made or recovered against Harmony, a Harmony Indemnified Party or a Scheme Shareholder arising from any default or delay in the due and punctual performance of Harmony's obligations under this deed and the Scheme. 18.2 Extent of Guarantee and Indemnity Gilbert + Tobin 3456-3878-4814 page \| 49 The liability of Harmony Parent under this clause 18 is not affected by anything that, but for this clause 18, might operate to release or exonerate Harmony Parent in whole or in part from its obligations including any of the following, whether with or without the consent of the Harmony: (a) the grant to Harmony Parent, Harmony or any other person of any time, waiver or other indulgence, or the discharge or release of Harmony, Harmony Parent or any other person from any liability or obligation; (b) any transaction or arrangement that may take place between MAC, Harmony, Harmony Parent or any other person (including a MAC Shareholder or MAC Group Member); (c) MAC exercising or refraining from exercising its rights under any security or any other rights, powers or remedies against Harmony, Harmony Parent or any other person; (d) the amendment, replacement, extinguishment, unenforceability, failure, loss, release, discharge, abandonment or transfer either in whole or in part and either with or without consideration, of any security now or in the future held by MAC from Harmony, Harmony Parent or any other person or by the taking of or failure to take any security; (e) the failure or omission or any delay by MAC or Harmony to give notice to Harmony Parent of any default by Harmony or any other person under this deed; and (f) any legal limitation, disability, incapacity or other circumstances related to Harmony, Harmony Parent or any other person. 18.3 Principal and independent obligation This clause 18 is a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation and extends to cover this deed as amended, varied, supplemented, renewed or replaced. 18.4 Continuing guarantee and indemnity This clause 18 is a continuing obligation of Harmony Parent despite the Scheme becoming Effective or the completion or implementation of the Scheme or the Transaction, and remains in full force and effect for so long as Harmony has any liability or obligation to MAC or a Scheme Shareholder under this deed or the Scheme and until all of those liabilities or obligations have been fully discharged. 18.5 No withholdings (a) Harmony Parent must make all payments that become due under this clause 18 or the Scheme (including the Scheme Consideration), free and clear and without deduction of all present and future withholdings (including taxes, duties, levies, imposts, deductions and charges of Australia, Jersey, the United States or any other jurisdiction). (b) If Harmony Parent is compelled by law to deduct any withholding, then in addition to any payment due under this clause 18, it must pay to MAC and each Scheme Shareholder such amount as is necessary to ensure that the net amount received by MAC or the Scheme Shareholder after withholding equals the amount MAC or the Scheme Shareholder would otherwise been entitled to if not for the withholding. Gilbert + Tobin 3456-3878-4814 page \| 50 18.6 Currency Harmony Parent must pay all moneys that it becomes liable to pay under this clause 18 or the Scheme in the currency in which they are payable under this deed and the Scheme and free of any commissions and expenses relating to foreign currency conversion or any other charges or expenses. 18.7 No set off Harmony Parent has no right to set off, deduct or withhold any moneys that it may be or become liable to pay under this clause 18 against any moneys that Harmony or any of its Related Bodies Corporate may be, or become, liable to pay to a MAC Group Member or Scheme Shareholder whether under this deed, the Scheme or otherwise. 18.8 Harmony Parent's liability Harmony Parent's liability in respect of any Claim made pursuant to this clause 18 will not exceed Harmony's liability in respect of that Claim. 19 General 19.1 Notices (a) A notice, consent, approval, waiver or other communication sent by a party under this deed (Notice) must be: (i) in writing; (ii) sent by an authorised representative of the sender; and (iii) marked for the attention of the person named below, and must be: (iv) left at, or sent by commercial courier to, the address set out below; or (v) sent by email to the address set out below. MAC Attention: Mick McMullen Address: Level 1, 33 Richardson St, West Perth, WA 6005 Email: mick.mcmullen@metalsacqcorp.com Attention: Chris Rosario Address: Level 1, 33 Richardson St, West Perth, WA 6005 Email: chris.rosario@metalsacqcorp.com with a copy (for information purposes only) to srear@gtlaw.com.au

------

![](consolidatedredactedimpl014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin 3456-3878-4814 page \| 51 Harmony Attention: Greg Job, Executive General Manager – Growth & Resource Development Address: Level 2, 189 Coronation Drive, Milton QLD 4064 Email: greg.job@harmonyseasia.com.au with a copy (for information purposes only) to hmya.legal@harmonyseasia.com, ratha.nabanidham@ashurst.com and andrew.kim@ashurst.com (b) Subject to clause 19.1(c), a Notice is taken to be received: (i) if sent by delivery, when it is delivered; (ii) if sent by email: (A) when the sender receives an automated message confirming delivery; or (B) one hour after the time sent (as recorded on the device from which the email was sent), provided that the sender does not receive an automated message that the email has not been delivered, whichever happens first. (c) If a Notice is taken to be received under clause 19.1(b): (i) before 9:00am on a Business Day, it will be taken to be received at 9:00am on that Business Day; or (ii) after 5:00pm on a Business Day or on a non-Business Day, it will be taken to be received at 9:00am on the next Business Day. 19.2 Governing law and jurisdiction (a) This deed is governed by the laws of Western Australia, Australia without regard to its choice of law rules, provided however that matters of Jersey law (including for avoidance of doubt matters concerning the fiduciary duties of the MAC Directors) including the Scheme (which shall be implemented subject to and in accordance with the procedural requirements as per the laws applicable in Jersey) shall to the extent required by the laws of Jersey, be governed by the laws of Jersey and shall be subject to the exclusive jurisdiction of the Court. (b) Except as set out in clause 19.2(a) with respect to matters within the jurisdiction of the Court, each party irrevocably submits to the non-exclusive jurisdiction of the courts of Western Australia, Australia and courts competent to hear appeals from those courts. Each party irrevocably waives any objection to the venue of any legal process in these courts on the basis that the process has been brought in an inconvenient forum. (c) To the extent permissible by applicable law, each party to this deed waives, and covenants that such party will not assert (whether as plaintiff, defendant or otherwise), any right to trial by jury in any forum in respect of any issue, action or proceeding arising out of this deed, in each case whether now existing or hereafter arising and whether in contract, tort or otherwise. Gilbert + Tobin 3456-3878-4814 page \| 52 19.3 No representation or reliance (a) Each party acknowledges that no party (nor any person acting on its behalf) has made any representation or other inducement to it to enter into this deed, except for representations or inducements expressly set out in this deed and (to the maximum extent permitted by law) all other representations, warranties and conditions implied by statute or otherwise in relation to any matter relating to this deed, the circumstances surrounding the parties' entry into it and the transactions contemplated by it are expressly excluded. (b) Each party acknowledges and confirms that it does not enter into this deed in reliance on any representation or other inducement by or on behalf of any other person, except for any representation or inducement expressly set out in this deed. 19.4 No merger The rights and obligations of the parties do not merge on the Scheme becoming Effective or completion of the Transaction. They survive the execution and delivery of any assignment or other document entered into for the purpose of implementing the Transaction. 19.5 Waivers and consents (a) Failure to exercise or enforce, a delay in exercising or enforcing, or the partial exercise or enforcement of any right, power or remedy provided by law or under this deed by any party does not in any way preclude, or operate as a waiver of, any exercise or enforcement, or further exercise or enforcement, of that or any other right, power or remedy provided by law or under this deed. (b) Any waiver or consent given by a party under this deed is only effective and binding on that party if it is given or confirmed in writing by that party. (c) No waiver of a breach of any term of this deed operates as a waiver of another breach of that term or of a breach of any other term of this deed. (d) Except where this deed expressly provides otherwise, where the consent of a party is required under this deed, such consent may be given or withheld in that party's absolute discretion. 19.6 Variation (a) Subject to clause 19.6(b), this deed may only be varied by a document signed by or on behalf of MAC and Harmony. (b) On and from the Implementation Date, the parties may not amend or vary this deed in a manner that adversely affects any right or benefit conferred on a MAC Indemnified Party (other than MAC) or Harmony Indemnified Party (as the case may be) under this deed without the prior written consent of the majority of directors of MAC at the date of this deed or Harmony Indemnified Party (as the case may be). 19.7 Assignment A party may not assign, novate, declare a trust over or otherwise transfer or deal with any of its rights or obligations under this deed without the prior written consent of the other party or as expressly provided in this deed. Gilbert + Tobin 3456-3878-4814 page \| 53 19.8 Further action Each of the parties will do all things and execute all further documents necessary to give full effect to this deed. 19.9 Entire agreement This deed and any other document agreed by the parties in writing for the purposes of this clause 19.9 supersede all previous agreements, understandings, negotiations or deeds in respect of their subject matter, including the Confidentiality Deed (which is hereby terminated), and embody the entire agreement between the parties. 19.10 Severability (a) If the whole or any part of a provision of this deed is void, unenforceable or illegal in a jurisdiction, it is severed for that jurisdiction but only to the extent that it is void, unenforceable or illegal and provided that it will have full force and effect in any other jurisdiction. (b) Where a provision (or any part thereof) is severed in a jurisdiction, the remainder of this deed will have full force and effect in that (and any other) jurisdiction. (c) This clause 19.10 does not apply to any severance that alters the basic nature of this deed or is contrary to public policy. 19.11 Counterparts This deed may be executed in any number of counterparts. All counterparts together will be taken to constitute one instrument. 19.12 No limitation of cover under Insurance Policies It is expressly understood and agreed that nothing in this deed shall be understood to affect or limit the obligations of any insurer for any loss, damage, cost, expense or liability under any insurance policy issued to or covering any MAC Group Member and, if and to the extent that any contrary and final, non-appealable ruling is made by any court or body, any such provision shall be invalidated and severed to the extent, but only to the extent, necessary to eliminate its impact in affecting or limiting such insurer obligations. Gilbert + Tobin Schedule 1 – Dictionary \| page \| 54 Schedule 1 Dictionary 1 Dictionary Accounting Standards means the International Financial Reporting Standards. as issued by the International Accounting Standards Board. Adviser means a financier (whether debt or equity, or an existing or prospective financier), financial adviser, corporate adviser, accounting adviser, auditor, legal adviser (including any legal adviser to a debt financier), management consultant or other adviser, consultant or expert engaged by a party (or a Related Body Corporate) in connection with the Transaction. Aggregate Scheme Consideration means the Scheme Consideration multiplied by the total number of Scheme Shares. Applicable Anti-Bribery and Corruption Laws means the United States Foreign Corrupt Practices Act of 1977 as amended, the U.K. Bribery Act 2010, the Criminal Code Act 1995 (Cth), the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), or any other applicable legislation or regulation relating to anti-bribery or anti- corruption (governmental or commercial), in each case insofar as it relates to anti-bribery or anti-corruption. Approved Purpose means the purpose of evaluating, negotiating, financing and implementing the Transaction. Articles of Association means MAC's articles of association adopted by special resolution dated 23 May 2023, as amended. ASIC means the Australian Securities and Investments Commission. Associate has the meaning given in section 12 of the Corporations Act. ASX means ASX Limited (ABN 98 008 624 691) or, where the context requires, the securities exchange operated by it. ASX Listing Rules means the official listing rules of ASX. ATO means the Australian Taxation Office. Australian Dollars means the lawful currency of Australia. Australian Searches means: (a) a publicly available document lodged with ASIC by or on behalf of MAC or the MAC Group (which would be disclosed in a search of ASIC's records that are open to public inspection) prior to the date of this deed; or (b) a PPSR search before the date of this deed. Authorisation means: (a) any authorisation, consent, approval, registration, filing, agreement, notice of non- objection, notarisation, certificate, licence, permit, authority or exemption from, by

------

![](consolidatedredactedimpl015.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin Schedule 1 – Dictionary \| page \| 55 or with a Government Agency, however it is described, and including any condition attaching to it; and (b) in relation to anything that would be prohibited or restricted by law if a Government Agency acts in any way within a specified period, the expiry of that period without that action being taken, including any renewal or amendment. Break Fee means US$23,557,692. Budget means the documents contained at 03.11 in the Data Room. Business Day means a day other than a Saturday, a Sunday or a day on which banks are authorised or required by applicable laws to be closed in the Bailiwick of Jersey, London, United Kingdom, Perth, Australia or New York, New York, United States of America. Cash Funding Requirement has the meaning given in clause 2.3. CDI Voting Instruction Form means the voting instruction form in respect of MAC CDIs in relation to the Scheme Meeting and the General Meeting. Change of Control Rights has the meaning given in clause 6.4(a). Claim means any allegation, cause of action, claim or demand of any nature howsoever arising and whether present or future, fixed or unascertained, actual or contingent whether at law, in equity, under statute or otherwise. Competing Proposal means a bona fide inquiry offer, proposal, expression of interest, transaction, agreement or arrangement (whether existing before, on or after the date of this deed) which, if entered into or completed substantially in accordance with its terms, would: (a) result in a person (other than Harmony or any of its Subsidiaries), directly or indirectly in a single transaction or a series of related transactions, acquiring, receiving, becoming the holder of, having the right to acquire, or otherwise obtaining more than 20% actual, economic, or contractual interests in relation to the issued MAC Shares; (b) acquiring, receiving, becoming the holder of, having the right to acquire, or otherwise obtain: (i) a legal, beneficial or economic interest (including by way of one or more derivative contracts, an equity or economic swap, contract for difference or other derivative, or similar transaction or arrangement) in; or (ii) control of, all or a majority of the business, property or assets of the MAC Group (taken as a whole); (c) acquiring control of MAC or any material Related Body Corporate of MAC; or (d) otherwise acquiring or merging with MAC or any material Related Body Corporate of MAC; or Gilbert + Tobin Schedule 1 – Dictionary \| page \| 56 (e) require MAC to abandon or otherwise fail to proceed with any aspect of the Transaction, in each case, whether by way of takeover bid, scheme of arrangement, reverse takeover, shareholder approved acquisition, capital reduction, buy back, lease, sale or purchase of shares, other securities or assets, assignment of assets and liabilities, incorporated or unincorporated joint venture, deed of company arrangement, any debt for equity arrangement, recapitalisation, refinancing or other transaction or arrangement. For the avoidance of doubt, each successive material modification or variation of any proposal, offer, expression of interest, agreement, arrangement or transaction in relation to a Competing Proposal will constitute a new Competing Proposal. Condition means a condition set out in clause 3.1. Confidential Director Statement means a statement by a MAC Director that is made confidentially, during a meeting of the MAC Board, to MAC's Legal Advisers, to the effect that the MAC Director proposes to withdraw, qualify, or adversely change, modify or revise his or her Recommendation (but has not done so). To avoid doubt, a statement of this kind does not include: (a) a withdrawal, qualification, adverse change, modification or revision to the MAC Director's Recommendation (including where that withdrawal, qualification, adverse change, modification or revision is made during a meeting of the MAC Board or to MAC's Legal Advisers); or (b) a proposal to withdraw, qualify, or adversely change, modify or revise his or her Recommendation where that proposal is not, or ceases to be, confidential. Confidential Information in relation to the Discloser, means: (a) all information (whether written or oral and regardless of form) relating to the Discloser and its Related Bodies Corporate disclosed or made available (whether before or after the date of this deed) by the Discloser or its Representatives to the Recipient or its Representatives in connection with this deed; and (b) all information (regardless of form) prepared by or on behalf of the Recipient or its Representatives which is based on or derived from, or which includes, incorporates or refers to, any of the foregoing information, but excludes: (c) information which is or becomes part of the public domain (other than as a result of a breach of this deed or Confidentiality Deed); (d) information which the Recipient can prove was in its possession before the Discloser disclosed it to the Recipient, and which the Recipient did not acquire directly or indirectly from the Discloser or from any person who owed an obligation of confidence to the Discloser; (e) information which is received in good faith by the Recipient from a third party entitled to disclose it; or (f) information which is independently developed by the Recipient or any of its Representatives without use of or reference to the Confidential Information. Gilbert + Tobin Schedule 1 – Dictionary \| page \| 57 Confidentiality Deed means the confidentiality deed between MAC and Harmony Australasia Services Pty Ltd (ACN 083 828 853), a wholly owned subsidiary of Harmony, dated 24 October 2024. Consultation Notice has the meaning given in clause 3.5(a). Copper Stream means the Copper Purchase Agreement dated 20 March 2023 between MAC, Osisko Bermuda Limited and certain MAC Group Members, as amended. Corporations Act means the Corporations Act 2001 (Cth). Court means the Royal Court of Jersey. Court Documents means the documents required for the purposes of the First Court Hearing and the Second Court Hearing, including (as applicable) originating process, affidavits, submissions and draft minutes of Court orders. Court Hearing means the First Court Hearing and Second Court Hearing (as applicable). Court Order means the order of the Court sanctioning the Scheme under article 125 of the Jersey Companies Law. Data Room means the electronic data room established by MAC in connection with the Transaction and made available to Harmony and its Representatives, including the information (including, for the avoidance of doubt, information and responses to questions or requests for information from MAC and its Representatives provided by Harmony or its Representatives via the "Q&A" function) contained therein to which Harmony and its Representatives were given access prior to the date of this deed. Discloser means the party disclosing Confidential Information. Disclosure Materials means: (a) Incentives Schedule; (b) the written information, documents and responses disclosed or made available to Harmony or its Representatives by or on behalf of MAC in the Data Room no later than 26 May 2025 (an index of which has been provided by MAC's Representatives to Harmony's Representatives before execution of this deed for the purposes of identification). DSU means a deferred share unit issued under the DSU Plan. DSU Plan means the Non-Employee Directors Deferred Share Unit Plan adopted by the MAC Board on or about 6 June 2023. EDGAR has the meaning given in clause 6.2(a)(iii)(A). Effective means the Scheme becoming effective in accordance with its terms and the Jersey Companies Law. Effective Date means the date on which the Scheme becomes Effective. Encumbrance means any security for the payment of money or performance of obligations, including a mortgage, charge, lien, pledge, power or title retention or flawed deposit arrangement and any "security interest" as defined in sections 12(1) or 12(2) of the PPSA. Gilbert + Tobin Schedule 1 – Dictionary \| page \| 58 End Date means 31 January 2026 or such later date as MAC and Harmony agree in writing. Equity Awards means the RSUs, PSUs and DSUs. Exclusivity Period means the period from the date of this deed until the earlier of: (a) the termination of this deed in accordance with clause 12; and (b) the End Date. FATA means the Foreign Acquisitions and Takeovers Act 1975 (Cth). Fairly Disclosed means, in relation to a matter, such matter being disclosed in sufficient detail to enable a reasonable and sophisticated person experienced in M&A transactions similar to the Transaction and the Scheme to identify the nature of that fact, matter, circumstance or information. Financial Indebtedness means any debt or other monetary liability (whether actual or contingent) for or in respect of: (a) monies borrowed and any debit balance at any financial institution; (b) the issue of any bill, bond, debenture, notes, loan stock or other similar instrument or any note purchase facility; (c) any acceptance, endorsement or discounting arrangement; (d) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; (e) any financial or capital lease or hire purchase contract which would, in accordance with the Accounting Standards, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would, in accordance with the Accounting Standards in force prior to 1 January 2019, have been treated as an operating lease); (f) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); (g) any redeemable shares where the holder has the right, or the right in certain conditions, to require redemption; (h) swap, hedge arrangement, option, futures contract, derivative or analogous transaction; (i) agreement for the deferral of a purchase price or other payment in relation to the acquisition of any asset or business; (j) agreement for the deferral of a purchase price or other payment in relation to the provision of services payable more than 90 days after the provision of those services; (k) obligation to deliver goods or provides services paid for in advance by any financer;

------

![](consolidatedredactedimpl016.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin Schedule 1 – Dictionary \| page \| 59 (l) any amount raised under any other transaction of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing; or (m) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (l) above, but excludes Permitted Financial Indebtedness. First Court Date means the first day of the hearing by the Court to order the convening of the Scheme Meeting, with such hearing being the First Court Hearing. General Meeting means the meeting of MAC Shareholders (and any adjournment, postponement or reconvention of that meeting) to be convened in connection with the Scheme in order for MAC Shareholders to consider, and if thought fit approve, certain matters in connection with the Scheme and the Transaction, notice of which is to be set out in the Scheme Circular. Government Agency means any government or governmental, semi-governmental, administrative, fiscal, statutory or judicial body, department, commission, authority, tribunal, agency or entity, or any other federal, state, provincial, local or other government, whether established in Jersey, the United States, Australia or any other country. It also includes any semi-regulatory organisation established under statute or otherwise discharging substantially public or regulatory functions (including the Jersey Financial Services Commission, NYSE, SEC, ASX and ASIC). GST exclusive consideration has the meaning given in clause 16(b). Harmony Indemnified Parties means Harmony and its Related Bodies Corporate and their respective directors, officers, employees and Advisers. Harmony Information means information relating to Harmony and its Related Bodies Corporate required to be provided by or on behalf of Harmony to MAC or its Representatives for inclusion in the Scheme Circular. Harmony Warranties means the representations and warranties of Harmony set out in Schedule 3. Implementation Date means the fifth Business Day after the Record Date or such other day as MAC and Harmony agree in writing. Incentive Plan means the 2023 long-term incentive plan adopted by the MAC Board on 6 June 2023. Incentives Schedule means the document titled 'Incentives Schedule" provided to Harmony by MAC's Advisers on 26 May 2025 and included in the Data Room. Insolvency Event means, in relation to any entity: (a) the entity resolving that it be wound up, a creditor making an application for its winding up or a court making an order for the winding up or dissolution of the entity; (b) a liquidator, provisional liquidator, administrator, receiver, receiver and manager or other insolvency official including the Viscount in Jersey, being appointed to the entity or in relation to the whole, or a substantial part, of its assets; (c) the entity executing a deed of company arrangement; Gilbert + Tobin Schedule 1 – Dictionary \| page \| 60 (d) the entity ceases, or threatens to cease to, carry on substantially all the business conducted by it as at the date of this deed; (e) the entity is or becomes unable to pay its debts when they fall due within the meaning of the Corporations Act (or, if appropriate, legislation of its place of incorporation); (f) the entity being deregistered as a company or otherwise dissolved; or (g) something having a substantially similar effect to any of the things described in paragraphs (a) to (f) happens in connection with the entity under the law of any foreign jurisdiction. Jersey Companies Law means the Companies (Jersey) Law 1991, as amended. Jersey Searches means: (a) a search of the security interests register established pursuant to Part 8 of the Security Interests (Jersey) Law 2012, as amended; (b) a search of the public records on file and available for inspection at the Registrar; (c) a written litigation search made to the Judicial Greffe in Jersey; (d) a written enquiry to the Judicial Greffe in Jersey relating to whether or not an application has been made for a Creditors' Winding Up under Article 157A of the Jersey Companies Law; and (e) a written enquiry to the Viscount's Department in Jersey relating to whether or not a declaration "en désastre" within the meaning of the Bankruptcy (Désastre) (Jersey) Law 1990 has been made. Legal Adviser means MAC's external legal advisers experienced in transactions of the nature of the Transaction. MAC Board means the board of directors of MAC. MAC CDI means a CHESS Depositary Interest representing a beneficial interest in a MAC Share. MAC CDI Holder means a registered holder of one or more MAC CDIs, as shown in the Share Register. MAC Director means a director of MAC. MAC Group means MAC and each of its Related Bodies Corporate, and a reference to a MAC Group Member is to MAC or any of its Related Bodies Corporate. MAC Indemnified Parties means MAC and its Related Bodies Corporate and their respective current and former directors, officers, employees and Advisers. MAC Information means all the information in the Scheme Circular other than Harmony Information. MAC SEC Reports means all registration statements, forms, statements, certifications, reports and other documents required to be filed or furnished by MAC with the U.S. Securities and Exchange Commission Gilbert + Tobin Schedule 1 – Dictionary \| page \| 61 MAC Share means a fully paid ordinary share in MAC. MAC Shareholder means a registered holder of one or more MAC Shares, as shown in the Share Register. MAC Tenements means the mineral tenements and other rights and interests listed in Schedule 5, and any tenement applied for or granted in renewal or extension of any such tenement or in substitution or replacement for any such tenement. MAC Warrants means the 3,187,500 warrants granted to Sprott Private Resource Lending II (Collector-2) LP in connection with the mezzanine debt facility loan note subscription agreement dated 10 March 2023 (as amended) and pursuant to the warrant agreement dated 15 June 2023. MAC Warranties means the representations and warranties of MAC set out in Schedule 2. Material Adverse Change means an event, occurrence or matter that occurs after the date of this deed (each, a Specified Event), and which (individually or when aggregated with other Specified Events) has had or is reasonably likely to have the effect of diminishing the net present value of MAC based on the Model by US$110 million or more (where any potential or actual proceeds of insurance in relation to the Specified Event will be ignored), in each case other than an event, change, condition, circumstance, thing, occurrence or matter: (a) expressly required to be done or procured or permitted by this deed, the Scheme or the Transaction; (b) Fairly Disclosed in the Disclosure Materials; (c) Fairly Disclosed in: (i) any announcement prior to the date of this deed made by MAC to ASX or any document filed or furnished by MAC with the SEC (so long as such document furnished with the SEC is publicly available via the EDGAR system or has been made available to Harmony) and other than any statements (i) solely in the "Risk Factors" sections of MAC SEC Reports and (ii) in any forward-looking statements in MAC SEC Reports or other disclosures that are cautionary, predicative, forward-looking or that speculate about future developments); (ii) the Australian Searches; or (iii) the Jersey Searches. (d) to the extent it was actually known to Harmony, Harmony Parent or their respective executive directors prior to the date of this deed (which does not include knowledge of the risk of an event, matter or circumstance occurring); (e) which Harmony or any of their respective Related Bodies Corporate or Representatives has previously approved, consented to or requested in writing; (f) relating to costs or expenses (including any GST) incurred by MAC or any of its Related Bodies Corporate associated with the Transaction, including all fees payable to external Advisers of MAC; or Gilbert + Tobin Schedule 1 – Dictionary \| page \| 62 (g) which result or arise from or in connection with: (i) the announcement of, or the entry into or performance of, this deed or the Scheme or the Transaction; (ii) changes in rates relating to Tax or changes in exchange rates or interest rates; (iii) general economic, political, trading or business conditions, or changes to them, including changes or disruptions to, or fluctuations in, domestic or international financial markets or consumer demand, or changes in interest rates, foreign currency exchange rates or commodity prices; (iv) acts of terrorism, war (whether or not declared and including without limitation the current Russia-Ukraine and Israel-Palestine conflicts), natural disaster or adverse weather conditions or the like; (v) general outbreaks of illness (including COVID-19 or any mutation, variation or derivative) or the like, or from any law, order, rule or direction of any Government Agency in relation thereto; or (vi) any actual or proposed change in any law, regulation or policy, or in any accounting principle or standard, or in the interpretation or application of any of the foregoing, including for the avoidance of doubt, any payroll tax determination. Material Contract means the contracts having references or are otherwise contained in folders 03.04.02, 03.04.03, 05.01.01, 05.13.13.03, 05.13.13.04, 03.01.09.06 and 08.04.03 to 08.04.17 in the Data Room. Meetings means the Scheme Meeting and the General Meeting. Mine means the CSA underground copper (silver by-product) mine located approximately 12km north of Cobar, New South Wales. Model means the document contained at 01.04 in the Data Room. Notice has the meaning given in clause 19.1(a). Non-public Information means any non-public information in relation to MAC, the MAC Group or any MAC Group Member or any business, asset or affairs of MAC, the MAC Group or any MAC Group Member. NYSE means the New York Stock Exchange. NYSE Rules means the rules and regulations of the New York Stock Exchange. Permitted Financial Indebtedness means (a) any existing facilities made under the Syndicated Facilities Agreement and each other "Finance Document" as contemplated by the that facility agreement, including (but not limited to) security documentation for security to be granted by the borrower and guarantors, and ISDA documentation with commercial banks who are lenders (or affiliates of lenders) for hedging transactions (on a secured basis) with the borrower or guarantor;

------

![](consolidatedredactedimpl017.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin Schedule 1 – Dictionary \| page \| 63 (b) the existing arrangements under the Copper Stream, the Silver Stream and the Royalty Deed; (c) the First Contingent Copper Payment and the Second Contingent Copper Payment; (d) existing bank guarantees as at the date of this deed to the extent Fairly Disclosed in the Disclosure Materials (including any replacements of those bank guarantees on substantially equivalent terms). PPSA means the Personal Property Securities Act 2009 (Cth). PPSR means the Personal Property Securities Register. Prescribed Occurrence means the occurrence of any of the matters set out in Schedule 4. PSU means a performance-based restricted share unit issued under the Incentive Plan. Recipient means the party receiving Confidential Information. Recommendation has the meaning given in clause 2.5. Record Date means 7:00pm on the fifth Business Day after the Effective Date of the Scheme, or such other time and date as MAC and Harmony agree in writing. Registrar means the Jersey Registrar of Companies. Regulatory Approvals means an approval, consent or notification required to satisfy the Condition Precedent in clause 3.1(c) or 3.1(d). Related Body Corporate has the meaning given in section 50 of the Corporations Act. Relevant Consent Contract means each agreement that Harmony and MAC agree in writing for the purposes of clause 3.1(i). Representative means, in respect of a party, an employee, agent, officer, director, adviser or financier of that party (or of a Related Body Corporate of that party), and, in the case of advisers and financiers, includes employees, officers and agents of the adviser or financier (as applicable). Restraint has the meaning given in clause 3.1(f). Reverse Break Fee means 50% of the Break Fee. Royalty Deed means the royalty deed between MAC, Cobar Management Pty. Limited ACN 083 171 546 and Glencore Operations Australia Pty Ltd ACN 128 115 140 dated 16 June 2023. RSU means a restricted share unit issued under the Incentive Plan. SARB means the South African Reserve Bank. Scheme means the scheme of arrangement to be proposed under article 125 of the Jersey Companies Law by MAC to the MAC Shareholders to implement the Transaction, with or subject to any modification, addition or condition approved or imposed by the Court and agreed to by Harmony. Gilbert + Tobin Schedule 1 – Dictionary \| page \| 64 Scheme Circular means the document to be despatched to MAC Shareholders and others by MAC containing, amongst other things, the Scheme, the Conditions and other relevant terms and conditions, certain information about Harmony and MAC and the notices convening the Meetings and, where the context so admits, includes any form of proxy, CDI Voting Instruction Form, notice, meeting advertisement or other document reasonably required in connection with the Scheme; Scheme Consideration means US$12.25 per Scheme Share. Scheme Meeting means the meeting of MAC Shareholders (and any adjournment, postponement or reconvention of that meeting) to be convened by order of the Court pursuant to article 125 of the Jersey Companies Law in order for MAC Shareholders to consider, and if thought fit approve, the Scheme, notice of which is to be set out in the Scheme Circular. Scheme Resolution means the resolutions of MAC Shareholders to be proposed at the Scheme Meeting in order to approve the Scheme. Scheme Share means a MAC Share held by a Scheme Shareholder. Scheme Shareholder means a MAC Shareholder as at the Record Date. SEC means the United States Securities and Exchange Commission. Second Court Date means the first day of the hearing by the Court of the representation to sanction the Scheme (and to grant the Court Order), with such hearing being the Second Court Hearing. Senior Lenders means the lenders under the Syndicated Facilities Agreement from time to time. Share Register means the register of MAC Shareholders maintained in accordance with the Jersey Companies Law, including any branch register located outside of Jersey. Shareholder Resolutions means the resolutions of MAC Shareholders to be proposed at the General Meeting in order to approve certain other matters in connection with the Transaction. Silver Stream means the Silver Purchase Agreement dated 20 March 2023 between MAC, Osisko Bermuda Limited and certain MAC Group Members, as amended. South African Exchange Control Regulations means the Exchange Control Regulations, 1961 as promulgated under the Currency and Exchanges Act, 1933, by Government Notice R.1111 of 1961-12-01, as amended from time to time. Superior Proposal means a bona fide Competing Proposal which the MAC Board, acting in good faith after having obtained written advice from its Legal Advisers and financial advisers, determines: (a) is reasonably capable of being completed in accordance with its terms within a reasonable timeframe; (b) would be reasonably likely to result in a transaction that is more favourable to MAC Shareholders as a whole than the Transaction (as may be amended or varied following the application of the matching rights set out in clause 7.7), Gilbert + Tobin Schedule 1 – Dictionary \| page \| 65 taking into account all aspects of the Competing Proposal, including its conditions, the identity and the financial condition of the person making such proposal and all relevant legal, regulatory and financial matters. Syndicated Facilities Agreement means the Facilities Agreement dated 28 February 2023 between MAC, the Senior Lenders and certain MAC Group Members, as amended Tax means any tax, levy, charge, impost, fee, deduction, goods and services tax, compulsory loan or withholding, that is assessed, levied, imposed (whether jointly, severally or on a secondary or indirect basis) or collected by any Government Agency and includes any interest, fine, charge, fee or any other amount imposed on, or in respect of the above. Tax Act means the Income Tax Assessment Act 1997 (Cth), the Income Tax Assessment 1936 (Cth) and/or the Taxation Administration Act. Taxation Administration Act means the Taxation Administration Act 1953 (Cth). Termination Notice has the meaning given in clause 3.5(b). Terminating Party has the meaning given in clause 3.5(b). Third Party means a person other than Harmony and its Related Bodies Corporate. Transaction means the acquisition of MAC Shares by Harmony by means of the Scheme. Transaction Litigation means any demands, litigations, arbitrations or other similar Claims (including derivative claims) commenced against MAC, any MAC Group Member or their respective directors or officers from any MAC Shareholder relating to this deed or the Transaction. Treasurer means the Treasurer of the Commonwealth of Australia. US means the Unites States of America, its territories and possessions, any State of the United States of America and the District of Columbia and United States has a corresponding meaning. US Dollars means the lawful currency of the United States. US Exchange Act means the United States Securities Exchange Act of 1934, as amended. US Securities Act means the United States Securities Act of 1933, as amended Warranty means a MAC Warranty or Harmony Warranty (as applicable). Warrant Cancellation Deed means a deed between, among others, MAC and the holder of MAC Warrants (on terms acceptable to Harmony, acting reasonably) under which those parties agree to cancel all of the Warrants with effect on the Effective Date, conditional on the Scheme becoming Effective. Gilbert + Tobin Schedule 1 – Dictionary \| page \| 66 2 Interpretation In this deed, the following rules of interpretation apply unless the contrary intention appears. (a) Headings are for convenience only and do not affect the interpretation of this deed. (b) The singular includes the plural and vice versa. (c) Words that are gender neutral or gender specific include each gender. (d) Where a word or phrase is given a particular meaning, other parts of speech and grammatical forms of that word or phrase have corresponding meanings. (e) The words 'include', 'including', 'such as', 'for example' and similar expressions are not words of limitation and do not limit what else might be included. (f) A reference to: (i) a person includes a natural person, partnership, joint venture, government agency, association, corporation or other body corporate or entity (as that term is defined in section 64A of the Corporations Act); (ii) a thing (including a chose in action or other right) includes a part of that thing; (iii) a party includes its successors and permitted assigns; (iv) a document includes all amendments or supplements to that document; (v) a clause, term, party, schedule or attachment is a reference to a clause or term of, or a party, schedule or attachment to, this deed (as applicable); (vi) this deed includes all schedules and attachments to it; (vii) a law includes a constitutional provision, treaty, decree, convention, statute, regulation, ordinance, by-law, judgment, rule of common law or equity, an ASX Listing Rule or NYSE Rule and is a reference to that law as amended, consolidated or replaced; (viii) an agreement (other than this deed) includes an undertaking or legally enforceable arrangement or understanding (whether or not in writing); (ix) a time period includes the date referred to as that on which the period begins and the date referred to as that on which the period ends; (x) US Dollars or US$ are references to the lawful currency of the United States; and (xi) Australian Dollars or A$ are references to the lawful currency of Australia. (g) An agreement on the part of two or more persons binds them jointly and severally. (h) When the day on which something must be done is not a Business Day, that thing must be done on the following Business Day.

------

![](consolidatedredactedimpl018.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin Schedule 1 – Dictionary \| page \| 67 (i) A reference to time is to the time in the Bailiwick of Jersey. (j) No rule of construction applies to the disadvantage of a party because that party was responsible for the preparation of this deed or any part of it. Gilbert + Tobin Schedule 2 \| page \| 68 Schedule 2 MAC Warranties (a) Validly existing: MAC is a validly existing private limited company registered under the laws of its place of incorporation. (b) Power: MAC has full capacity, corporate power and lawful authority to execute, deliver and perform this deed. (c) Corporate action: MAC has taken the necessary corporate action to authorise the entry into this deed and has taken or will take all necessary corporate action to authorise the performance of this deed. (d) Authorisations: MAC has in full force and effect each authorisation necessary for it to enter into this deed, to comply with its obligations and exercise its rights under it, and to allow them to be enforced. (e) Binding: This deed is a legal, valid and binding obligation on MAC, enforceable in accordance with its terms. (f) Performance: The execution and performance by MAC of this deed does not and will not violate or breach any provision of: (i) any writ, order or injunction, judgment, law, rule or regulation to which MAC is party or by which it is bound; or (ii) the Articles of Association, and MAC is not otherwise bound by any agreement or deed that would prevent or restrict MAC from entering into and/or performing this deed. (g) Capital structure: As at the date of this deed, there are on issue: (i) 82,488,196 MAC Shares, including 41,260,437 MAC Shares underpinning the MAC CDIs; (ii) 3,187,500 MAC Warrants; (iii) 521,216 RSUs; (iv) 517,676 PSUs; and (v) 109,504 DSUs, and MAC has not issued or agreed to issue any other securities which are still outstanding and may convert into MAC Shares (including for the avoidance of doubt any performance rights) other than as set out in the Incentives Schedule. (h) MAC Information: The MAC Information included in the Scheme Circular (excluding any Harmony Information) has been prepared in good faith and acting reasonably and, as at the date of the Scheme Circular: (i) is not misleading or deceptive in any material respect (whether by omission or otherwise); and (ii) complies in all material respects with the requirements of applicable law. Gilbert + Tobin Schedule 2 \| page \| 69 (i) Insolvency event or regulatory action: No MAC Group Member is the subject of an Insolvency Event, nor has any regulatory action of any nature of which MAC is aware been taken or threatened that would prevent or in any way restrict its ability to fulfil its obligations under this deed. (j) Disclosure and SEC Requirements: As at the date of this deed: (i) MAC is in compliance in all material respects with its continuous disclosure obligations under Listing Rule 3.1 and MAC is not withholding from disclosure to ASX any material information in reliance on Listing Rule 3.1A other than in relation to the Transaction or any potential or actual Competing Proposal; (ii) MAC has filed or furnished (as applicable) on a timely basis, all MAC SEC Reports required to be filed or furnished by MAC with the SEC since 16 June 2023 (the Lookback Date) and all such MAC SEC Reports: (A) as at their respective date of being filed or furnished (or, if amended, the date of the last such amendment) complied, as to form in all material respects with the requirements of the US Securities Act and the US Exchange Act, in each case including the rules thereunder, applicable to such MAC SEC Reports; and (B) did not, contain any untrue statement of a material fact or omit to state a material fact required to be stated in such MAC SEC Reports or necessary in order to make the statements in such MAC SEC Reports, in the light of the circumstances under which they were made, not misleading; (iii) there are no outstanding or unresolved comments received from the SEC with respect to the MAC SEC Reports; (iv) MAC has not received any written notification that any of the MAC SEC Reports and, to the knowledge of MAC, none of the MAC SEC Reports is, is the subject of any SEC review, inquiry, investigation or challenge or the subject of outstanding or unresolved SEC comments; (v) none of MAC's subsidiaries is required to file with or furnish to the SEC any forms, reports or other documents or is otherwise subject to any reporting obligation under Section 13 or 15(d) of the Exchange Act; (vi) each of the consolidated financial statements (including, in each case, any related notes and schedules) contained in or incorporated by reference into the MAC SEC Reports at the time filed (i) complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, (ii) were prepared in accordance with the Accounting Standards applied on a consistent basis throughout the periods involved (except as may be indicated therein or in the notes to such financial statements or, in the case of unaudited interim financial statements, as permitted by the SEC on Form 10-Q under the Exchange Act), and (iii) fairly present in all material respects the consolidated financial position of MAC and its subsidiaries as of the dates indicated and the consolidated results of its operations and cash flows for the periods indicated, except that the unaudited interim financial statements were or are subject to normal and recurring year-end adjustments; Gilbert + Tobin Schedule 2 \| page \| 70 (vii) each required form, report and document containing financial statements that has been filed with or furnished to the SEC (SEC Documents), as of their respective dates, or if amended, as of the date of such last amendment, are in material compliance with the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder (Sarbanes Oxley Act); (viii) MAC has established, and since the Lookback Date, maintains disclosure controls and procedures required by Rule 13a-15 or 15d-15 under the Exchange Act. MAC has reasonably designed such disclosure controls and procedures to ensure that all material information concerning MAC and its subsidiaries that is required to be disclosed in the SEC Documents is made known on a timely basis to the individuals responsible for the preparation of the SEC Documents that MAC files or submits under the Exchange Act or Securities Act and enable MAC's principal executive and principal financial officer to make the certifications required under the Exchange Act with respect to such SEC Documents; (ix) MAC has established and maintains a system of internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) as required by Rules 13a-15 and 15d-15 under the Exchange Act; and (x) since the Lookback Date, neither MAC nor any of its subsidiaries has entered into any transaction, or series of transactions, agreements, arrangements or understandings that would be subject to disclosure pursuant to Item 404 of Regulation S-K that has not been disclosed in the MAC SEC Reports. (k) Disclosure Materials: (i) The Disclosure Materials were compiled and made available to Harmony and its Representatives in response to Harmony's requests for due diligence information in good faith and with reasonable care, and the Disclosure Materials are not misleading in any material respect (whether by omission or otherwise). (ii) MAC has not, prior to the date of this deed, intentionally withheld or omitted material information: (A) that a reasonable financial sponsor in the Australian market would require to undertake confirmatory legal, financial, accounting, commercial and tax due diligence investigations on a listed target company; or (B) in response to requests for information by Harmony, and in respect of which both MAC and Harmony agreed a response would be given, that have been communicated by Harmony to MAC via the 'Question and Answer' facility in the Data Room from the Disclosure Materials, for the purpose of securing the agreement of Harmony to proceed with the Transaction on the terms of this deed and the Scheme. (l) Compliance with laws: As far as MAC is aware, the MAC Group has complied in all material respects with all material applicable laws and regulations (including the Applicable Anti-Bribery and Corruption Laws) applicable to the MAC Group and orders of Government Agencies having jurisdiction over the MAC Group.

------

![](consolidatedredactedimpl019.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin Schedule 2 \| page \| 71 (m) Material Contracts: As at the date of this deed, each MAC Group Member that is a party to a Material Contract is materially in compliance with the terms of that Material Contract and nothing has occurred which is (or would with the giving of notice or the lapse of time constitute) a material event of default or similar event, or give another party a termination right under, any such Material Contract.. (n) No knowledge of Material Adverse Change: As at the date of this deed, MAC is not aware of any information relating to the MAC Group or its respective businesses or operations as at the date of this deed that has or could reasonably be expected to give rise to a Material Adverse Change that has not been Fairly Disclosed to Harmony. (o) No material litigation or enforcement: Other than as disclosed in the Disclosure Materials: (i) no MAC Group Member is party to a Claim which could reasonably be expected to give rise to a material liability for, or have a material adverse effect on, the MAC Group; or (ii) so far as MAC is aware, as at the date of this deed, there is no pending or threatened Claim, dispute, demand, action, litigation, prosecution, arbitration, investigation, mediation or other proceeding against any MAC Group Member: (A) which could reasonably be expected to result in an award, settlement, fine, penalty, order, loss or other liability to the MAC Group that will or is likely to have an impact of equal or greater than US$2 million; or (B) involving an actual or alleged breach of Applicable Anti-Bribery and Corruption Laws; and (iv) so far as MAC is aware, no enforcement action or investigation has been announced or commenced by any Government Agency against or involving a MAC Group Member which could reasonably be expected to give rise to a material liability for, or a Material Adverse Change in relation to the MAC Group. (p) Insurance: In respect of the insurances effected in respect of the MAC Group, the insurances are as disclosed in the Disclosure Materials and the policies and the coverage provided thereunder are in full force and effect. (q) No Encumbrances: Other than as disclosed in the Disclosure Materials, there are no Encumbrances over all or substantially all of MAC's assets or revenues. (r) Material licences: As at the date of this deed, the MAC Group has all material licences, Authorisations and permits necessary for it to conduct the business of the MAC Group as it is being conducted as at the date of this deed and no MAC Group Member is in material breach of, or material default under, any such licence, Authorisation or permit or has received any notice in respect of the termination, revocation, variation or non-renewal of any such licence, authorisation or permit. Gilbert + Tobin page \| 72 Schedule 3 Harmony Warranties (a) Validly existing: Harmony is a validly existing corporation registered under the laws of its place of incorporation. (b) Power: Harmony has full corporate power and lawful authority to execute, deliver and perform this deed. (c) Corporate action: Harmony has taken all necessary corporate action to authorise the entry into this deed and has taken or will take all necessary corporate action to authorise the performance of this deed. (d) Binding: This deed is a valid and binding obligation on Harmony, enforceable in accordance with its terms. (e) Performance: The execution and performance by Harmony of this deed did not and will not violate or breach any provision of: (i) any writ, order or injunction, judgment, law, rule or regulation to which Harmony is party or by which it is bound; or (ii) Harmony's constitution or other constituent documents. (f) No interest: neither Harmony nor its Related Bodies Corporate has: (i) has any interest in MAC Shares or MAC CDIs; or (ii) entered into any agreement or arrangement with any person involving the conferring of rights, the economic effect of which is equivalent or substantially equivalent to the acquisition, holding or disposal of MAC Shares (including cash- settled derivatives, contracts for difference and other derivatives). (g) Harmony Information: The Harmony Information included in the Scheme Circular, and any other information provided by Harmony pursuant to clause 4.3(e), has been prepared in good faith and, as at the date of the Scheme Circular or the date on which such information is so provided (as applicable): (i) is not misleading or deceptive in any material respect (whether by omission or otherwise); and (ii) complies in all material respects with the requirements of applicable law. (h) Insolvency Event or regulatory action: Harmony is not the subject of an Insolvency Event, nor has any regulatory action of any nature of which Harmony is aware been taken or threatened that would prevent or in any way restrict its ability to fulfil its obligations under this deed. (i) No other regulatory approvals: Other than the Regulatory Approvals required to be sought in accordance with clause 3.1(c) and clause 3.1(d), no Authorisation is required to be obtained from, or made to, any Government Agency in order for Harmony to execute and perform this deed. (j) No dealings with MAC Shareholders or MAC CDI Holders: Neither Harmony nor any of its Associates has any agreement, arrangement or understanding with any MAC Shareholder or MAC CDI Holders under which: Gilbert + Tobin page \| 73 (i) that MAC Shareholder or MAC CDI Holder (or an Associate of that MAC Shareholder or MAC CDI Holder) would or may be or become entitled to receive: (A) consideration for the MAC Shares they hold or have a beneficial interest in that is different from the Scheme Consideration; or (B) any benefit that is not also offered to all other MAC Shareholders or MAC CDI Holders on the same terms; or (ii) that MAC Shareholder or MAC CDI Holder agrees to vote in favour of the Scheme or against any Competing Proposal. (k) No dealings with MAC Directors or employees: Neither Harmony nor any of its Associates has any agreement, arrangement or understanding with any director, officer or employee of MAC or any other MAC Group Member relating in any way to the Transaction or the business or operations of the MAC Group after the Effective Date. (l) No shareholder approvals: No approvals are required from Harmony's shareholders (or any class of them), co-investors or investment committee in connection with the execution or performance of this deed. Gilbert + Tobin page \| 74 Schedule 4 Prescribed Occurrences (a) MAC converting all or any of its securities into a larger or smaller number of securities; (b) MAC resolving to reduce its share capital in any way or reclassifying, combining, splitting, redeeming, or repurchasing, directly or indirectly, any of its securities; (c) any MAC Group Member: (i) entering into a buy-back agreement; or (ii) resolving to approve the terms of a buy-back agreement under the any applicable law; (iii) a MAC Group Member issuing shares, or granting a performance right or an option over its shares, or agreeing to make such an issue or grant such a performance right or an option other than in a manner which is consistent with the Incentives Schedule, including on vesting or exercise of, or in respect of, an Equity Award existing as at the date of this deed or issued after the date of this deed in accordance with the Incentives Schedule. (d) any MAC Group Member issuing, or agreeing to issue, securities convertible into shares; (e) MAC announcing, making or determining as payable, or declaring, paying or distributing any distribution, bonus or other share of its profits or assets, or incurring any liability to do so, whether by way of dividend, capital reduction or otherwise and whether in cash or in specie; (f) a MAC Group Member disposing, or agreeing to dispose, of the whole, or a substantial part, of the MAC Group's business or property; (g) a MAC Group Member granting, or agreeing to grant, a security interest over the whole, or a substantial part, of the MAC Group's business or property; (h) any MAC Group Member permanently ceasing, or threatening to permanently cease, the whole or a material part of its business; (i) an operating MAC Group Member resolving that it be wound up; (j) a liquidator or provisional liquidator of a MAC Group Member being appointed; (k) a court making an order for the winding up of an operating MAC Group Member; (l) an administrator of a MAC Group Member being appointed under any applicable law; (m) a MAC Group Member executing a deed of company arrangement; (n) a receiver, or a receiver and manager, being appointed in relation to the whole, or a substantial part, of the MAC Group's business or property; (o) the MAC Shares and MAC CDIs ceasing quotation on ASX and NYSE (as applicable); or

------

![](consolidatedredactedimpl020.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilbert + Tobin page \| 75 (p) a MAC Group Member, authorising, agreeing, offering, committing or resolving to do any of the matters set out in above, whether conditionally or otherwise, but does not include any occurrence: (q) expressly required or permitted by this deed or the Scheme or transactions contemplated by either; (r) the issue of securities in accordance with clause 6.5; (s) Fairly Disclosed in the Disclosure Materials; (t) Fairly Disclosed in: (i) any announcement prior to the date of this deed made by MAC to ASX or any document filed or furnished by MAC with the SEC (so long as such document furnished with the SEC is publicly available via the EDGAR system or has been made available to Harmony) and other than any statements (i) solely in the "Risk Factors" sections of MAC SEC Reports and (ii) in any forward-looking statements in MAC SEC Reports or other disclosures that are cautionary, predicative, forward-looking or that speculate about future developments); (ii) the Australian Searches; or (iii) the Jersey Searches; (u) within the actual knowledge of Harmony or any of their respective Related Bodies Corporate as at the date of this deed; or (v) approved, consented to or requested by Harmony or any of its Related Bodies Corporate in writing. G1/ber1 + T ob1 n Executed as a deed. Signed, sealed (Australia) P accordance 1th Act Sig delivered by Harmony Gold imited (ACN 091 439 333) in ' of the Co,porahons Signed sealed and delivered by Harmony Gold Mining Company Limited (Registration Number 1950/038232/06) by its duly authorised signatory with authority to sign in the presence of �nitd by Shela Moha�a SlgM

------

![](consolidatedredactedimpl021.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;3452-0091-8073 v10 page \| 2 (d) Documents means each of the Copper Purchase Agreement, the Silver Purchase Agreement and the Glencore Royalty Deed, as the context requires; (e) Excluded Shares has the meaning given in the Silver Purchase Agreement; (f) Glencore means Glencore Operations Australia Pty Limited; (g) Glencore Royalty Deed means the royalty deed dated 16 June 2023 between MAC, Cobar Management Pty Ltd and Glencore, as amended from time to time and related security documents; (h) Harmony Group Lenders has the meaning given to that term in clause 2(b) of this letter; (i) Intercreditor Deed means the intercreditor deed dated 9 June 2023 between, amongst others, MAC, Glencore and Osisko, as amended from time to time; (j) Jersey Subsidiary has the meaning given to that term in clause 2(b) of this letter; (k) MAC Australia means Metals Acquisition Corp. Australia Pty Ltd; (l) Osisko means Osisko Bermuda Limited; (m) Reimbursable Costs Cap means an amount of US$1,000,000; (n) Restructuring Principles has the meaning given to the term in clause 2(b) of this letter; (o) Royalty Tenements has the meaning given to the term 'Tenements' in the Glencore Royalty Deed; (p) Senior Debt means the senior debt obligations of MAC, including a US$159 million term loan facility, a US$125 million revolving credit facility and a A$45 million environmental bond; (q) Silver Purchase Agreement means the silver purchase agreement dated 20 March 2023 between MAC, Osisko and certain MAC Group Members, as amended and restated and related security documents; (r) Silver Stream Obligations has the meaning given to that term in the Silver Purchase Agreement; and (s) Stream Properties has the meaning given to that term in the Silver Purchase Agreement and the Copper Purchase Agreement. 2 Relevant Consent Contracts (a) For the purposes of the definition of 'Relevant Consent Contracts' in Schedule 1 of the Implementation Deed, the parties agree that the following agreements are Relevant Consent Contracts: (i) the Silver Purchase Agreement; (ii) the Copper Purchase Agreement; (iii) the Cobar Royalty Deed; and (iv) the Intercreditor Deed.

------

![](consolidatedredactedimpl022.jpg)

------

![](consolidatedredactedimpl023.jpg)

3452-0091-8073 v10 page \| 10 (i) as part of contemplated amendments to the Documents, Harmony is not required to accept any amendment requested by a Counterparty which is prejudicial to Harmony and which is not expressly contemplated by the Restructuring Principles (and no guarantee, indemnity or other form of credit support will be provided by any member of the Harmony Group (other than a member of the MAC Group) for any obligation of any member of the MAC Group under any Document); and (ii) Harmony will not be in breach of clause 3.2 of the Implementation Deed in circumstances where it decides not to accept any unreasonable amendment or any amendment which is prejudicial to Harmony which is not expressly contemplated by the Restructuring Principles requested by a Counterparty to a Document. 4 Cost Reimbursement (a) If the Implementation Deed is terminated in accordance with clause 3.5 of the Implementation Deed because the condition in clause 3.1(i) of the Implementation Deed is not satisfied, MAC must provide Harmony with: (i) a statement which sets out a calculation of the external advisory costs and out-of-pocket expenses incurred by MAC and Osisko in relation to or in connection with the condition in clause 3.1(i) of the Implementation Deed (Cost Reimbursement Amount); and (ii) supporting documentation which evidences the Costs Reimbursement Amount, (the Cost Reimbursement Statement) (b) Harmony must, within fifteen (15) Business Days of receiving the Cost Reimbursement Statement from MAC, pay to MAC an amount equal to the Reimbursable Costs Amount which has been reasonably evidenced by MAC in the Cost Reimbursement Statement in cleared funds (without withholding or set off) into a bank account nominated in writing by MAC. (c) Despite anything contrary in this letter: (i) the Reimbursable Costs Amount will not be payable to MAC if the Transaction becomes Effective; and (ii) Harmony will only be required to pay the Reimbursable Costs Amount up to the Reimbursable Costs Cap. Harmony will not be liable for any Reimbursable Costs Amount which are in excess of the Reimbursable Costs Cap; and (iii) Harmony will not be liable to pay the Reimbursable Costs Amount in the event that the Harmony is required to pay the Reverse Break Fee in accordance with the Implementation Deed. (d) Harmony will only be liable to pay the Reimbursable Costs Amount in accordance with clause 4(b) once. 5 General (a) This letter is executed as a deed. (b) This letter is governed by the laws applying in Western Australia. (c) Each party irrevocably submits to the non-exclusive jurisdiction of courts exercising jurisdiction in Western Australia and courts of appeal from them in respect of any proceedings arising out of or in connection with this letter. Each party irrevocably waives any objection to the venue of any 3452-0091-8073 v10 page \| 11 legal process in these courts on the basis that the process has been brought in an inconvenient forum. (d) This letter may be executed in any number of counterparts. All counterparts together will be taken to constitute one instrument. (e) Clause 14 (Confidentiality) and clause 19 (General) (other than clauses 19.2 (Governing law and jurisdiction) and clause 19.9 (Entire Agreement)) of the Implementation Deed apply to this letter as if set out in full herein with references to 'this deed' to be read as 'this letter' and such other alterations as necessary for such provisions to apply.

------

![](consolidatedredactedimpl024.jpg)

Executed as a deed. Signed sealed and delivered by Harmony Gold Mining Company Limited (Registration Number 1950/038232/06) by its duly authorised signatory with authority to sign in the presence of: Signature of witness S Mohatla Signed by Shela Mohalla s,gned at 2025-05-25 17 os 11 •02 00 Reason Witnessing Srieta Mohalla Name of witness (print) Signed, sealed and delivered by Harmony Gold (Australia) P. Limited (ACN 091 439 333) in accordanc ith ion 127 of the Corporations Act2 Sign Name of director (print) 3452-0091-8073 v10 Signed by 801pelo Pnde Lekubo Signed at 2025-05-25 15 07 07 •02 00 Reason Witnessing B01pelo Pnde Lekubo Signature of authorised signatory B Nel B Lekubo Name of authorised signatory (print) Signature of director/secretary Name of director/secretary (print) pageJ 13

------

![](consolidatedredactedimpl025.jpg)

3471-3728-5944 v10 page \| 4 2.3 Trust MAC, Harmony and Harmony Parent acknowledge and agree that MAC holds each of the entitlements set out in section 2.2 of this letter on trust for the benefit of each of the respective Executives. 3 General (a) This letter is executed as a deed. (b) This letter is governed by the laws applying in Western Australia. (c) Each party irrevocably submits to the non-exclusive jurisdiction of courts exercising jurisdiction in Western Australia and courts of appeal from them in respect of any proceedings arising out of or in connection with this letter. Each party irrevocably waives any objection to the venue of any legal process in these courts on the basis that the process has been brought in an inconvenient forum. (d) This letter may be executed in any number of counterparts. All counterparts together will be taken to constitute one instrument. (e) Clause 14 (Confidentiality) and clause 18 (General) (other than clauses 18.2 (Governing law and jurisdiction) and clause 18.9 (Entire Agreement)) of the Implementation Deed apply to this letter as if set out in full herein with references to 'this deed' to be read as 'this letter' and such other alterations as necessary for such provisions to apply. Executed as a deed. Signed sealed and delivered by Harmony Gold Mining Company Limited (Registration Number 1950/038232/06) by its duly authorised signatory with authority to sign in the presence of: Signed by·Sheta Mohalla Signature of witness s,gn•d ••·202s-os-251101.25 •02 oo Reason:Wnnessmg Shela MohaUa S Mohatla Name of witness (print) Signed, sealed and delivered by Harmony Gold (Austrar ited (ACN 091 439 333) in ace ctio 27 of the Corporations Act z:,:;....._,p..,jl'-'t'1J' Sign Name of di/ector (print) 3471-3728-5944 v10 S1gned by Botpelo Pode Lekubo Signed 01 2025-05-25 t 5 02 32 •02 00 Reason•Wflnessing B01pelo Pnde Lekubo Signature of authorised signatory B Nel BI ekubo Name of authorised signatory (print) Signature of director/secretary Name of director/secretary (print) page 16

------

## Exhibit 4.13

![](syndicatedfacilitiesagre001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 EMEA 154791766 Dated 26 June 2025 Syndicated Facilities Agreement between Harmony Gold Mining Company Limited as Parent Harmony Gold (Australia) Pty Limited as Company Citibank, N.A., London Branch and J.P. Morgan Securities Plc as Global Co-Ordinators and Initial Mandated Lead Arrangers and Bookrunners Macquarie Bank Limited as Initial Mandated Lead Arranger Absa Bank Limited (acting through its Corporate and Investment Banking division) and FirstRand Bank Limited (acting through its Rand Merchant Bank division) and Nedbank Limited, acting through its Nedbank Corporate and Investment Banking division as Mandated Lead Arrangers J.P. Morgan SE as Agent and others EXECUTED VERSION 3 EMEA 154791766 **Table of Contents**

1. Definitions and Interpretation .................................................................................................... 4 2. The Facilities ............................................................................................................................ 40 3. Purpose ..................................................................................................................................... 43 4. Conditions of Utilisation .......................................................................................................... 43 5. Utilisation ................................................................................................................................. 45 6. Repayment ............................................................................................................................... 47 7. Voluntary Prepayment and Cancellation ................................................................................. 47 8. Mandatory Prepayment and Cancellation ................................................................................ 48 9. Restrictions .............................................................................................................................. 51 10. Interest ..................................................................................................................................... 53 11. Interest Periods ........................................................................................................................ 54 12. Changes to the Calculation of Interest ..................................................................................... 54 13. Fees .......................................................................................................................................... 56 14. Tax Gross-Up and Indemnities ................................................................................................ 57 15. Increased Costs ........................................................................................................................ 60 16. Other Indemnities..................................................................................................................... 61 17. Mitigation by the Lenders ........................................................................................................ 64 18. Costs and Expenses .................................................................................................................. 64 19. Guarantee and Indemnity ......................................................................................................... 65 20. Representations ........................................................................................................................ 69 21. Information Undertakings ........................................................................................................ 76 22. Financial Covenants ................................................................................................................. 81 23. General Undertakings .............................................................................................................. 81 24. Application of Sanctions Provisions to the Lenders ................................................................ 92 25. Events of Default ..................................................................................................................... 93 26. Changes to the Lenders ............................................................................................................ 98 27. Restriction on Debt Purchase Transactions ........................................................................... 103 28. Changes to the Obligors ......................................................................................................... 104 29. Role of the Agent, the Arranger and the MLA ...................................................................... 106 30. Conduct of Business by the Finance Parties .......................................................................... 115 31. Sharing among the Finance Parties ........................................................................................ 115 32. Payment Mechanics ............................................................................................................... 117 33. Set-Off ................................................................................................................................... 120 34. Notices ................................................................................................................................... 120 35. Calculations and Certificates ................................................................................................. 123 2 EMEA 154791766 36. Partial Invalidity .................................................................................................................... 123 37. Remedies and Waivers ........................................................................................................... 123 38. Amendments and Waivers ..................................................................................................... 123 39. Confidential Information ....................................................................................................... 130 40. Confidentiality of Funding Rates ........................................................................................... 133 41. Bail-In .................................................................................................................................... 135 42. Acknowledgement regarding US QFC Rules ........................................................................ 136 43. Counterparts ........................................................................................................................... 137 44. Governing Law ...................................................................................................................... 138 45. Enforcement ........................................................................................................................... 138 Schedule 1 The Original Parties ................................................................................................ 139 Part 1 The Original Obligors ............................................................................................... 139 Part 2 The Original Lenders ................................................................................................ 140 Schedule 2 Conditions Precedent .............................................................................................. 141 Part 1 Initial Conditions Precedent ...................................................................................... 141 Part 2 Conditions Precedent Required to be Delivered by an Additional Guarantor .......... 144 Part 3 Target Group Material Companies ........................................................................... 146 Schedule 3 Requests ................................................................................................................... 147 Utilisation Request .............................................................................................................................. 147 Schedule 4 Form of Transfer Certificate .................................................................................. 149 Schedule 5 Form of Assignment Agreement ............................................................................ 151 Schedule 6 Form of Accession Deed .......................................................................................... 154 Schedule 7 Form of Resignation Letter .................................................................................... 156 Schedule 8 Form of Compliance Certificate ............................................................................ 157 Schedule 9 LMA Form of Confidentiality Undertaking ......................................................... 158 Schedule 10 Timetables ................................................................................................................ 163 Schedule 11 Material Group Companies.................................................................................... 164 Schedule 12 Form of Increase Confirmation ............................................................................. 165 Schedule 13 Forms of Notifiable Debt Purchase Transaction Notice ...................................... 167 Part 1 Form of Notice on Entering into Notifiable Debt Purchase Transaction .................. 167 Part 2 Form of Notice on Termination of Notifiable Debt Purchase Transaction / Notifiable Debt Purchase Transaction Ceasing to be with Sponsor Affiliate ........... 168 Schedule 14 Disclosed Potential Environmental Claim ............................................................ 169 Schedule 15 Permitted Transferees ............................................................................................ 170 Schedule 16 Companies to be Wound Up/Reorganised ............................................................ 174 Schedule 17 Existing Security...................................................................................................... 175 Part 1 Existing Security ....................................................................................................... 175 Part 2 Existing Security ....................................................................................................... 176 Schedule 18 Inter-Company Loans ............................................................................................. 177 Part 1 ZAR Intercompany Loans......................................................................................... 177 Part 2 Australian Dollar (AUD) Intercompany Loans ........................................................ 178 Part 3 Target Group Intercompany Loans ........................................................................... 179 3 EMEA 154791766 Schedule 19 Reference Rate Terms ............................................................................................. 180 Schedule 20 Daily Non-Cumulative Compounded RFR Rate .................................................. 184 Schedule 21 Cumulative Compounded RFR Rate..................................................................... 186

------

![](syndicatedfacilitiesagre002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 EMEA 154791766 This Syndicated Facilities Agreement is dated 26 June 2025 and made: Between (1) Harmony Gold Mining Company Limited, a company registered in accordance with the laws of South Africa under registration number 1950/038232/06, as parent (the "Parent"); (2) Harmony Gold (Australia) Pty Limited, a proprietary limited liability company incorporated under the laws of the Commonwealth of Australia with Australian company number 091 439 333 (the "Company"); (3) The Subsidiaries of the Parent listed in Part 1 of Schedule 1 (The Original Parties) as original guarantors (together with the Parent, the "Original Guarantors"); (4) Citibank, N.A., London Branch and J.P. Morgan Securities Plc as global co-ordinators and mandated lead arrangers and bookrunners (whether acting individually or together, the "Global Co-ordinators" and the "IMLABs"); (5) Macquarie Bank Limited as initial mandated lead arranger (the "IMLA"); (6) Absa Bank Limited (acting through its Corporate and Investment Banking division), FirstRand Bank Limited (acting through its Rand Merchant Bank division) and Nedbank Limited, acting through its Nedbank Corporate and Investment Banking division as mandated lead arrangers (whether acting individually or together, the "MLAs"); (7) The Financial Institutions listed in Part 2 of Schedule 1 (The Original Parties) as original lenders (the "Original Lenders"); and (6) J.P. Morgan SE as agent of the other Finance Parties (the "Agent"). It is agreed as follows: Section 1 Interpretation 1. Definitions and Interpretation 1.1 Definitions In this Agreement: "Acceptable Bank" means: (a) any of the Lenders; (b) Bank of South Pacific Limited, Australia and New Zealand Banking Group Limited, Westpac Banking Corporation, Westpac Bank PNG Ltd, The Standard Bank of South Africa Limited, FirstRand Bank Limited and Investec Bank Limited; (c) a bank or financial institution which has a rating for its long-term unsecured and non- credit enhanced debt obligations of BBB- or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or baa3 or higher by Moody's Investor Services Limited or a comparable rating from an internationally recognised credit rating agency; or (d) any other bank or financial institution approved by the Agent; "Accession Deed" means a document substantially in the form set out in Schedule 6 (Form of Accession Deed). "Accounting Principles" means IFRS. 5 EMEA 154791766 "Acquisition" means the acquisition by the Company of the Target Shares on the terms of the Acquisition Documents. "Acquisition Costs" means all fees, costs and expenses, stamp, registration, Taxes and other amounts incurred by the Company or any other member of the Group under, or in connection with, the Acquisition or the Transaction Documents. "Acquisition Documents" means: (a) the Scheme Implementation Deed; (b) the Scheme Circular; (c) the Disclosure Materials; (d) any deed poll (as described in the Scheme Implementation Deed); and (e) and any other document designated as an "Acquisition Document" by the Agent and the Parent. "Acquisition Purpose" means any purpose set out in Clause 3.1(a)(Purpose). "Additional Business Day" means any day specified as such in the Reference Rate Terms. "Additional Guarantor" means a company which becomes an Additional Guarantor in accordance with Clause 28 (Changes to the Obligors). "Affiliate" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. "Agent's Spot Rate of Exchange" means: (a) the spot rate of exchange as displayed by ICE Data Services; or (b) (if the spot rate of exchange as displaced by ICE Data Services is not available) any other publicly available spot rate of exchange selected by the Agent (acting reasonably), for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11.00 a.m. on a particular day. "Agreed Form" means, in relation to a document, the form of that document which has been agreed between the Company and the IMLABs and the IMLA on or before the date of the Commitment Letter. "Agreed Syndication Lenders" means the "Syndication Lenders" that are listed in the Agreed Syndication Strategy. "Agreed Syndication Strategy" has the meaning given to that term in the Syndication Letter. "Announcement" means the joint public announcement made by or on behalf of the Company and the Target of their agreement to implement the Scheme and the terms of the Scheme. "Annual Financial Statements" has the meaning given to that term in Clause 21 (Information Undertakings). "Anti-Corruption Laws" means all laws, rules and regulations of any jurisdiction applicable to the Parent or its Subsidiaries from time to time concerning or relating to bribery or corruption. "Arranger" means each of the Global Co-ordinators, the IMLABs and the IMLA. 6 EMEA 154791766 "Assignment Agreement" means an agreement substantially in the form set out in Schedule 5 (Form of Assignment Agreement) or any other form agreed between the relevant assignor and assignee. "ASX" has the meaning given to that term in the Agreed Form of the Scheme Implementation Deed. "AUD Environmental Guarantees" means any Financial Indebtedness incurred by a Target Obligor relating to compliance with environmental and mining legislation in Australia arising from rehabilitation operations in the form of environmental guarantees and financial security under such legislation in an aggregate amount not exceeding AUD45,000,000 (forty-five million Australian Dollars) at any time. "Auditors" means one of PricewaterhouseCoopers, Ernst & Young, KPMG or Deloitte & Touche or any other firm approved in advance by the Majority Lenders (such approval not to be unreasonably withheld or delayed). "Australian Corporations Act" means the Corporations Act 2001 (Cth) of the Commonwealth of Australia. "Australian Withholding Tax" means any Australian Tax required to be withheld or deducted from any interest or other payment under Division 11A of Part III of the Tax Act or Subdivision 12-F of Schedule 1 to the Taxation Administration Act 1953 (Cth). "Authorisation" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration. "Availability Period" means the period from and including the date of this Agreement to and including the end of the Certain Funds Period. "Available Commitment" means, in relation to a Facility, a Lender's Commitment under that Facility minus (subject as set out below): (a) the amount of its participation in any outstanding Loans under that Facility; and (b) in relation to any proposed Loan, the amount of its participation in any other Loans that are due to be made under that Facility on or before the proposed Utilisation Date. "Available Facility" means, in relation to a Facility, the aggregate for the time being of each Lender's Available Commitment in respect of that Facility. "Base Case Model" means each of: (a) the financial model in agreed form relating to the Group (excluding the Target Group), prepared by the Parent; and (b) the financial model in agreed form relating to the Target Group, prepared by Macquarie Capital. "Basel III" means: (a) the agreements on capital requirements, a leverage ratio and liquidity standards contained in Basel III: A global regulatory framework for more resilient banks and banking systems, Basel III: International framework for liquidity risk measurement, standards and monitoring and Guidance for national authorities operating the countercyclical capital buffer published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated; (b) the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology and the additional loss absorbency 7 EMEA 154791766 requirement – Rules text" published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and/or (c) any further guidance or standards published by the Basel Committee on Banking Supervision relating to Basel III. "BEE" means broad-based black economic empowerment, as contemplated in the BEE Act. "BEE Act" means the Broad-Based Black Economic Empowerment Act, 53 of 2003 of South Africa, as amended, together with any regulations promulgated thereunder, the BEE Codes, and any relevant sector charter(s) or codes applicable to the business of the BEE Entity published in terms thereof, all as amended from time to time. "BEE Codes" means the Codes of Good Practice on Black Economic Empowerment gazetted on 9 February 2007 by the Department of Trade and Industry in terms of the BEE Act and the Codes of Good Practice on Black Economic Empowerment gazetted on 11 October 2013 by the Department of Trade and Industry in terms of the BEE Act, and in each case, any replacement or amended Codes of Good Practice. "BEE Entity" means a special purpose entity incorporated under the laws of South Africa and established in order to consummate a BEE transaction pursuant to which such entity may acquire up to 3% (three per cent) of the issued ordinary shares of Harmony Moab. "Blocking Law" has the meaning given to that term in Clause 20.23 (Sanctions and Anti- Corruption Laws). "Borrowers" means: (a) in respect of Facility A, the Company; and (b) in respect of Facility B, the Parent. "Break Costs" means any amount specified as such in the Reference Rate Terms. "Business Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in Johannesburg, New York, Frankfurt (or the principal financial centre in the jurisdiction from which the Agent performs its obligations under this Agreement from time to time), London and in relation to: (a) any date for payment or purchase of an amount relating to a Loan or Unpaid Sum; or (b) the determination of the first day or the last day of an Interest Period for a Loan or Unpaid Sum, or otherwise in relation to the determination of the length of such an Interest Period), which is an Additional Business Day relating to that Loan or Unpaid Sum. "Buy-In Option" means the right of Papua New Guinea exercisable at any time prior to the commencement of mining to make a single purchase of up to a 30% (thirty per cent) equitable interest in any mineral discovery arising from any or all of Exploration Licences No EL 440 and EL 1105 and Exploration Licence Application ELA 1927 at a price pro-rata to the accumulated exploration expenditure thereon. "Cash" means, at any time, cash denominated in ZAR, USD, AUSD or PNGK in hand or in a bank account and (in the latter case) credited to an account in the name of a member of the Group with an Acceptable Bank and to which a member of the Group is alone (or together with other members of the Group) beneficially entitled and for so long as: (a) that cash is repayable within 90 (ninety) days after the relevant date of calculation;

------

![](syndicatedfacilitiesagre003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 EMEA 154791766 (b) repayment of that cash is not contingent on the prior discharge of any other indebtedness of any member of the Group or of any other person whatsoever or on the satisfaction of any other condition; (c) there is no Security over that cash except for any Permitted Security constituted by a netting or set-off arrangement entered into by members of the Group in the ordinary course of their banking arrangements; and (d) the cash is freely and (except as mentioned in paragraph (a) above) immediately available to be applied in repayment or prepayment of the Facilities; "Cash Equivalent Investments" means at any time: (a) certificates of deposit maturing within 1 (one) year after the relevant date of calculation, issued by an Acceptable Bank; (b) any investment in money market funds which (i) have a credit rating of either A-1 or higher by Standard & Poor's Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investor Services Limited, (ii) which invest substantially all their assets in securities of the types described in paragraph (a) above and (iii) can be turned into cash on not more than 90 days' notice; or (c) any other debt security or investment approved by the Majority Lenders, (d) in each case, denominated in ZAR, USD, AUSD or PNGK and to which any member of the Group is alone (or together with other members of the Group) beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security; "Central Bank Rate" has the meaning given to that term in the Reference Rate Terms. "Central Bank Rate Adjustment" has the meaning given to that term in the Reference Rate Terms. "Certain Funds Period" means the period from and including the date of this Agreement and ending on the earlier of 11:59 p.m. (Jersey Time) on: (a) the Closing Date; and (b) the Collapse Date. "Certain Funds Utilisation" means Utilisation made or to be made under the Facilities during the Certain Funds Period where such Utilisation is to be made solely for an Acquisition Purpose. "Clean-Up Date" means the date falling 90 days after the Closing Date. "Closing Date" means the "Implementation Date" as defined in the Scheme Implementation Deed. "Closing Date Authorisations" means: (a) the approval of the Financial Surveillance Department of the South African Reserve Bank; and (b) the approval of the Commonwealth Government of Australia having regard to the Australian Foreign Investment Review Board's Guidance Notes published as at the date of the Scheme Implementation Deed, each as further described in the Scheme Implementation Deed. 9 EMEA 154791766 "CMPL" means Cobar Management Pty Ltd, incorporated in Australia with company number 083 171 546. "Code" means the US Internal Revenue Code of 1986. "Collapse Date" means the earlier of: (a) if the Announcement has not been released by such time, 11.59p.m., London time, on the date falling five Business Days following the date of the countersignature of the Commitment Letter; (b) the date on which the Scheme Implementation Deed is terminated (in accordance with the provisions set out in the Scheme Implementation Deed); (c) 8.00 a.m. (Jersey time) on the Second Court Date (as defined in the Scheme Implementation Deed) if, by that time, any Scheme Condition Precedent (other than clause 3.1(b) (Court approval) of the Scheme Implementation Deed) has not been satisfied or waived in accordance with the terms of the Scheme Implementation Deed and Clause 23.21 (Acquisition Undertakings); (d) 5.00 p.m. (Jersey time) on the Second Court Date (as defined in the Scheme Implementation Deed) if the Scheme Condition Precedent stipulated in clause 3.1(b) (Court approval) of the Scheme Implementation Deed is not satisfied on that date; and (e) 11.59p.m. (Jersey Time) on 31 January 2026 if at that time any Scheme Condition Precedent has not been satisfied or waived in accordance with the Scheme Implementation Deed and Clause 23.21 (Acquisition Undertakings) or the Scheme has not become Effective (as defined in the Scheme Implementation Deed) in accordance with the Scheme Implementation Deed. "Commitment Letter" means the letter dated 26 May 2025 between the Global Co-ordinators, the IMLABs, the IMLA, the Parent and the Company. "Commitments" means the Facility A Commitments or the Facility B Commitments. "Compliance Certificate" means a certificate substantially in the form set out in Schedule 8 (Form of Compliance Certificate). "Compounded Reference Rate" means, in relation to any RFR Banking Day during the Interest Period of a Loan, the percentage rate per annum equal to the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day. "Compounding Methodology Supplement" means, in relation to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which: (a) is agreed in writing by the Parent, the Agent (in its own capacity) and the Agent (acting on the instructions of the Majority Lenders); (b) specifies a calculation methodology for that rate; and (c) has been made available to the Parent and each Finance Party. "Confidential Information" means all information relating to the Parent, any Obligor, the Group, the Target Group, the Joint Ventures, the Transaction Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or a Facility from either: (a) any member of the Group, the Target Group or any of its advisers; or 10 EMEA 154791766 (b) another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or the Target Group or any of its advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes: (i) information that: (A) is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 39 (Confidential Information); or (B) is identified in writing at the time of delivery as non-confidential by any member of the Group or the Target Group or any of its advisers; or (C) is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group or the Target Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and (ii) any Funding Rate. "Confidentiality Undertaking" means a confidentiality undertaking substantially in a recommended form of the LMA as set out in Schedule 9 (LMA Form of Confidentiality Undertaking) or in any other form agreed between the Parent and the Agent. "Consideration" means the "Aggregate Scheme Consideration" as defined in the Scheme Implementation Deed. "Control" means: (a) in relation to a company the shares of which are not listed on a stock exchange, where another company or legal entity or person (whether alone or pursuant to an agreement with others): (i) holds or controls more than 50% (fifty per cent) of the voting rights (taking into account when such voting rights can be exercised) in that company; or (ii) has the right to appoint or remove the majority of that company's board of directors; or (iii) has the power to ensure the majority of that company's board of directors will act in accordance with its wishes; or (b) in relation to a company the shares of which are listed on a stock exchange: (i) the holding of shares or the aggregate of holdings of shares or other securities in a company entitling the holder thereof to exercise, or cause to be exercised 35% (thirty five per cent) or more of the voting rights at shareholder meetings of the company irrespective of whether such holding or holdings confers de facto control, provided that should there be other shareholders holding more than 35% (thirty five per cent), 35% (thirty five per cent) shall be read to refer to the largest percentage shareholding held at the time; 11 EMEA 154791766 (ii) the holding or control by a shareholder or member, alone or pursuant to an agreement with other shareholders or members, of more than 35% (thirty five per cent) of the voting rights in the company irrespective of whether such holding or holdings confers de facto control, provided that should there be other shareholders holding more than 35% (thirty five per cent), 35% (thirty five per cent) shall be read to refer to the largest percentage shareholding held at the time; provided that if the prescribed percentage of securities for the making of a mandatory offer under section 123 (Mandatory offers) of the South African Companies Act is changed to a threshold higher or lower than 35% (thirty five per cent), then the references above to 35% (thirty five per cent) shall be to that higher or lower prescribed percentage. "Court Order" has the meaning given to that term in the Scheme Implementation Deed "CP Satisfaction Notice" has the meaning given in Clause 4.1(a) (Initial conditions precedent). "CRD IV" means EU CRD IV/CRR and UK CRD IV. "CRD V" means: (a) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 575/2013 and Regulation (EU) No 648/2012; and (b) Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU V as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures; and (c) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements and Regulation (EU) No 648/2012 as it forms part of domestic law of the United Kingdom by virtue of European Union (Withdrawal) Act 2018; (d) the law of the United Kingdom or any part of it, which immediately before IP completion day (as defined in the European Union (Withdrawal Agreement) Act 2020) implemented Directive 2019/878/EU of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures and its implementing measures; and (e) direct EU legislation (as defined in European Union (Withdrawal) Act 2018), which immediately before IP completion day (as defined in the European Union (Withdrawal Agreement) Act 2020) implemented EU CRD V as it forms part of domestic law by virtue of European Union (Withdrawal) Act 2018. "CTA" means the Corporation Tax Act 2009. "Cumulative Compounded RFR Rate" means, in relation to an Interest Period for a Loan, the percentage rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 22 (Cumulative Compounded RFR Rate) or in any relevant Compounding Methodology Supplement.

------

![](syndicatedfacilitiesagre004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 EMEA 154791766 "Daily Non-Cumulative Compounded RFR Rate" means, in relation to any RFR Banking Day during an Interest Period for a Loan, the percentage rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 21 (Daily Non-Cumulative Compounded RFR Rate) or in any relevant Compounding Methodology Supplement. "Daily Rate" means the rate specified as such in the Reference Rate Terms. "DAC6" means the Council Directive of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU. "Debt Purchase Transaction" means, in relation to a person, a transaction where such person: (a) purchases by way of assignment or transfer; (b) enters into any sub-participation in respect of; or (c) enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation in respect of, any Commitment or amount outstanding under this Agreement. "Default" means an Event of Default or any event or circumstance specified in Clause 25 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. "Defaulting Lender" means any Lender: (a) which has failed to make its participation in a Loan available (or has notified the Agent or the Parent (which has notified the Agent) that it will not make its participation in a Loan available) by the Utilisation Date of that Loan in accordance with Clause 5.4 (Lenders' Participation); or (b) which has otherwise rescinded or repudiated a Finance Document; (c) with respect to which an Insolvency Event has occurred and is continuing; unless , in the case of paragraph (a) above: (i) its failure to pay is caused by: (A) administrative or technical error; or (B) a Disruption Event, and payment is made within three (3) Business Days of its due date; or (ii) the Lender is disputing in good faith whether it is contractually obliged to make the payment in question. "Derivatives Transaction" means a contract, agreement or transaction which is a forward, swap, option, rate swap, basis swap, forward rate transaction, bond option, interest rate option, cap, collar or floor, gold derivative, foreign exchange transaction or any other similar transaction and/or any combination of such transaction, in each case, whether on-exchange or otherwise, and which shall include the Gold Price Derivative Transactions concluded under the Hedging Documents, in each case entered into in the ordinary course of business and not for speculative purposes. 13 EMEA 154791766 "Disclosure Materials" has the meaning given to that term in the Scheme Implementation Deed. "Disruption Event" means either or both of: (a) a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or (b) the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: (i) from performing its payment obligations under the Finance Documents; or (ii) from communicating with other Parties in accordance with the terms of the Finance Documents, and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. "Distribution" means any payment by way of interest, principal, dividend, fee, royalty or other distribution or payment by or on behalf of the Parent to or for the account of any shareholder or member of the Parent or any person that directly or indirectly controls or is controlled by any shareholder or member of the Parent. "EBITDA" means, in respect of any person, and any period, the consolidated operating profit before income tax for such period, adjusted to reflect the position in relation to operating leases that would have applied immediately prior to 1 January 2019 and the adoption of IFRS 16 (Leases): (a) (to the extent not already excluded) before interest received or receivable and interest paid or payable; (b) (to the extent not already excluded) adjusted to exclude any gain or loss realised on the disposal of fixed assets (whether tangible or intangible); (c) (to the extent not already excluded) before deducting any extraordinary costs and before including extraordinary income, plus: (d) dividends received in cash from companies consolidated by the equity accounted method to the extent not already taken into account; and (e) depreciation and amortisation of any property plant and equipment and Intangible Assets. "Eligible Institution" means any Lender or other bank, financial institution, trust, fund or other entity selected by the Parent and which, in each case, is not a member of the Group. "Environment" means humans, animals, plants and all other living organisms including the ecological systems of which they form part and the following media: (a) air (including, without limitation, air within natural or man-made structures, whether above or below ground); 14 EMEA 154791766 (b) water (including, without limitation, territorial, coastal and inland waters, water under or within land and water in drains and sewers); and (c) land (including, without limitation, land under water). "Environmental Claim" means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law. "Environmental Law" means any applicable law or regulation which relates to: (a) the pollution or protection of the Environment; (b) the conditions of the workplace; or (c) the generation, handling, storage, use, release or spillage of any substance which, alone or in combination with any other, is capable of causing harm to the Environment, including, without limitation, any waste. "Environmental Permits" means any permit and other Authorisation and the filing of any notification, report or assessment required under any Environmental Law for the operation of the business of any member of the Group conducted on or from the properties owned or used by any member of the Group. "Equator Principles" means the standards entitled "The Equator Principles: A financial industry benchmark for determining, assessing and managing environmental and social risk in projects" dated July 2020 and adopted by certain financial institutions, as the same may be amended or supplemented from time to time. "Eskom Guarantees" means any guarantees or indemnities given by or on behalf of the Parent or any member of the Group to Eskom Holdings SOC Limited in an aggregate amount not exceeding ZAR900,000,000 (nine hundred million Rand) at any time. "EU CRD IV/CRR" means: (a) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms; and (b) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms. "Event of Default" means any event or circumstance specified as such in Clause 25 (Events of Default). "Existing CTA" means the common terms agreement dated 25 May 2022 between, amongst others, the Parent as borrower and Absa Bank Limited (acting through its Corporate and Investment Banking division) as facility agent. "Existing CTA Finance Documents" means the "Finance Documents" as defined in the Existing CTA. "Existing CTA Relevant Breach" means any breach or default under the Existing CTA or any of the other Existing CTA Finance Documents as a result of any of the transactions contemplated by the Transaction Documents not being permitted by, or conflicting with, the Existing CTA Finance Documents. "Existing Financial Indebtedness" means Financial Indebtedness incurred pursuant to the Existing CTA Finance Documents. "Facility" means Facility A or Facility B. 15 EMEA 154791766 "Facility A" means the term bridge loan facility made available under this Agreement as described in Clause 2.1(a) (The Facilities). "Facility A Commitment" means: (a) in relation to an Original Lender, the amount set opposite its name under the heading "Facility A Commitment" in Part 2 of Schedule 1 (The Original Parties) and the amount of any other Facility A Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase); and (b) in relation to any other Lender, the amount of any Facility A Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase), to the extent not cancelled, reduced or transferred by it under this Agreement. "Facility A Loan" means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan. "Facility B" means the term bridge loan facility made available under this Agreement as described in Clause 2.1(b) (The Facilities). "Facility B Commitment" means: (a) in relation to an Original Lender, the amount set opposite its name under the heading "Facility B Commitment" in Part 2 of Schedule 1 (The Original Parties) and the amount of any other Facility B Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase); and (b) in relation to any other Lender, the amount of any Facility B Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase), to the extent not cancelled, reduced or transferred by it under this Agreement. "Facility B Loan" means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan. "Facility Office" means: (a) in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement; or (b) in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes. "FATCA" means: (a) sections 1471 to 1474 of the Code or any associated regulations; (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or (c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

------

![](syndicatedfacilitiesagre005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 EMEA 154791766 "FATCA Application Date" means: (a) in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or (b) in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA. "FATCA Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA. "FATCA Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction. "Fee Letter" means any letter or letters dated on or about the date of this Agreement between any Arranger and the Parent (or the Agent and the Parent) setting out any of the fees referred to in Clause 13 (Fees). "Finance Document" means this Agreement, the Commitment Letter, the Syndication Letter, any Accession Deed, any Compliance Certificate, any Fee Letter, any Extension Request, any Resignation Letter, any Reference Rate Supplement, any Compounding Methodology Supplement, any Utilisation Request, any other document designated as a "Finance Document" by the Agent and the Parent and any amendment or restatement agreement to any Finance Document listed in this definition. "Finance Party" means the Agent, the Arranger or a Lender. "Financial Close" means the date on which the Agent notifies the Obligors' Agent that each of the conditions precedent contained in Clause 4.1 (Initial Conditions Precedent) have been fulfilled, deferred or waived to the satisfaction of the Agent. "Financial Indebtedness" means any indebtedness for or in respect of: (a) moneys borrowed and debit balances at banks or other financial institutions; (b) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with IFRS, be treated as a balance sheet liability; (e) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); (f) any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; (g) any Derivatives Transaction (and, when calculating the value of any derivative transaction, only the marked to market value or actual net amount payable thereunder shall be taken into account); (h) any amount raised by the issue of shares which are redeemable; 17 EMEA 154791766 (i) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and (j) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in Clauses (a) to (i) above; "Financial Quarter" means each period of 3 (three) Months commencing on: (a) 1 July and ending on 30 September; and (b) 1 January and ending on 31 March; "Financial Year" means, at any time, the annual accounting period of the Group ending on 30 June in each calendar year; "Fundamental Control Event" means any of the following: (a) any person or group of persons acting in concert gain(s) Control of the Parent or the Parent is no longer listed on the JSE Securities Exchange; (b) the Parent ceases to directly or indirectly beneficially own 100% of the issued share capital of any other Guarantor; or (c) a change in ownership or interests in any of the Joint Ventures from such ownership or interests as constituted at the date of this Agreement, but shall exclude: (i) a change in ownership or interests which arises as a result of the relevant Obligor that holds such ownership or interests at the date of this Agreement subsequently transferring such ownership or interests to another Obligor (including to a person that becomes a Obligor in accordance with the provisions of this Agreement on or before the date of such transfer of ownership), to the extent it is permitted to do so; and (ii) a change in ownership or interests resulting from Papua New Guinea exercising its Buy-In Option. For the purpose of this definition, a change of ownership or interests shall include any dilution in the interest of either of the joint venture parties to a Joint Venture as such interests are constituted at the date of this Agreement. For the purpose of paragraph (b) above acting in concert means, a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the Parent by any of them, either directly or indirectly, to obtain or consolidate Control of the Parent. "Funding Rate" means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 12.3 (Cost of Funds). "Funds Flow Statement" means a funds flow statement in agreed form. "GST" has the meaning given in the GST Act. "GST Act" means the A New Tax System (Goods and Services Tax) Act 1999 (Cth). "GST Group" has the same meaning as in the GST Law. "GST Law" means the same as "GST law" in GST Act. "Gold Price Derivative Transaction(s)" has the meaning given to that term in the Existing CTA. 18 EMEA 154791766 "Group" means the Parent, (with effect from the Closing Date) the Target and each of their respective Subsidiaries for the time being. For the avoidance of uncertainty, Wafi-Golpu Services Limited is not a member of the Group. "Group Structure Chart" means the group structure chart in the agreed form. "Guarantor" means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 28 (Changes to the Obligors). "Hedging Documents" has the meaning given to that term in the Existing CTA. "Historic RFR" means, in relation to an RFR Banking Day, the most recent RFR for a day which is no more than 3 (three) RFR Banking Days before that RFR Banking Day. "Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary. "IFRS" means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. "Impaired Agent" means the Agent at any time when: (a) it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment; (b) the Agent otherwise rescinds or repudiates a Finance Document; or (c) (if the Agent is also a Lender) it is a Defaulting Lender under paragraphs (a) or (b) of the definition of "Defaulting Lender"; or (d) an Insolvency Event has occurred and is continuing with respect to the Agent; unless, in the case of paragraph (a) above: (i) its failure to pay is caused by: (A) administrative or technical error; or (B) a Disruption Event; and payment is made within five Business Days of its due date; or (ii) the Agent is disputing in good faith whether it is contractually obliged to make the payment in question. "Increase Confirmation" means a confirmation substantially in the form set out in Schedule 12 (Form of Increase Confirmation). "Increase Lender" has the meaning given to that term in Clause 2.2 (Increase). "Indirect Tax Funding Agreement" means an indirect tax funding agreement to which each member of a GST Group is a party, which includes reasonably appropriate arrangements for the funding by members of the GST Group of indirect tax liabilities (being amounts payable to the Australian Commissioner of Taxation under the GST Law) payable by the representative member having regard to the stand-alone indirect tax position of each member of the GST Group. "Indirect Tax Sharing Agreement" means an agreement of the type referred to in section 444- 90 of Schedule 1 to the Taxation Administration Act 1953 (Cth) to which each member of the GST Group is a party and which has the effect that each "indirect tax amount" is covered by that agreement within the meaning of that section. 19 EMEA 154791766 "Information Memorandum" means the document in the form approved by the Parent concerning the Original Obligors and the Target Group which, at the request of the Parent and on its behalf was prepared in relation to this transaction and distributed by the Arranger before the date of this Agreement. "Information Package" means the Reports and the Base Case Model. "Insolvency Event" in relation to an entity means that the entity: (a) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (b) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (c) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (d) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official; (e) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and: (i) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or (ii) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (f) has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a bank administration proceeding pursuant to Part 3 of the Banking Act 2009; (g) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (h) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above); (i) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;

------

![](syndicatedfacilitiesagre006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 EMEA 154791766 (j) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (i) above; or (k) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts. "Intangible Assets" means intangible assets as per the financial statements delivered in terms of Clause 21.1 (Financial statements); "Intellectual Property Rights" means: (a) any patents, trade marks, service marks, designs, business names, copyrights, database rights, design rights, domain names, moral rights, inventions, confidential information, knowhow and other intellectual property rights and interests (which may now or in the future subsist), whether registered or unregistered; and (b) the benefit of all applications and rights to use such assets of each member of the Group (which may now or in the future subsist). "Interest Cover Ratio" means, in respect of any Ratio Test Period: (a) EBITDA; (b) divided by Total Interest. "Interest Payment" means the aggregate amount of interest that is, or is scheduled to become, payable under any Finance Document. "Interest Period" means, in relation to a Loan, each period determined in accordance with Clause 11 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 10.3 (Default Interest). "Ipso Facto Event" means an Obligor incorporated under the laws of Australia is the subject of: (a) an announcement, application, compromise, arrangement, managing controller, or administration as described in section 415D(1), 434J(1) or 451E(1) of the Australian Corporations Act; or (b) any process which under any law with a similar purpose may give rise to a stay on, or prevention of, the exercise of contractual rights. "Jersey NewCo" means a newly-incorporated SPV to be incorporated under the laws of Jersey in connection with the novation of the Permitted Stream Agreements to that person from any member of the Target Group. "Joint Venture" means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity. "Legal Due Diligence Report" means the "Project Macchiato Legal Due Diligence Report" dated 28 March 2025 prepared by Ashurst LLP relating to the Acquisition. "Legal Opinion" means any legal opinion delivered to the Agent under Clause 4.1 (Initial Conditions Precedent) or Clause 28 (Changes to the Obligors). 21 EMEA 154791766 "Legal Reservations" means: (a) the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; (b) the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim; (c) similar principles, rights and defences under the laws of the jurisdiction of incorporation of any Obligor; and (d) any other matters which are set out as qualifications or reservations as to matters of law of general application in the Legal Opinions. "Lender" means: (a) any Original Lender; and (b) any bank, financial institution, trust, fund or other entity which has become a Party as a "Lender" in accordance with Clause 2.2 (Increase) or Clause 26 (Changes to the Lenders), which in each case has not ceased to be a Party as such in accordance with the terms of this Agreement. "Leverage Ratio" means, at any time, the ratio of Total Net Debt to EBITDA. "Limitation Acts" means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984. "LMA" means the Loan Market Association. "Loan" means a Facility A Loan or a Facility B Loan. "Lookback Period" means the number of days specified as such in the Reference Rate Terms. "MAC AU" means Metals Acquisition Corp. Australia Pty Ltd, incorporated in Australia with company number 657 799 758. "Major Default" means, with respect to any Obligor (and disregarding (a) any other member of the Group and any member of the Target Group that is not an Obligor or their respective assets, liabilities or obligations or (b) any procuring obligation on the part of an Obligor in respect of any other person), any event or circumstance constituting a Default under any of: (a) Clause 25.1 (Non-Payment) (to the extent resulting from a failure by an Obligor to pay (i) any amount of principal or interest due under the Finance Documents, or (ii) any amount payable under Clause 13 (Fees); (b) Clause 25.2 (Financial covenants); (c) Clause 25.3 (Other Obligations) (but only insofar as it relates to a failure to observe or perform a Major Undertaking or a failure to deliver a Compliance Certificate in accordance with Clause 21.3 (Provision and contents of Compliance Certificate)); (d) Clause 25.6 (Misrepresentation) (but only insofar as it relates to a representation or warranty that is a Major Representation); (e) Clause 25.7 (Cross Default); 22 EMEA 154791766 (f) Clause 25.8 (Insolvency); (g) Clause 25.9 (Insolvency and Business Rescue Proceedings) ; (h) Clause 25.10 (Creditors' Process); (i) Clause 25.11 (Unlawfulness); (j) Clause 25.12 (Cessation of Business); (k) Clause 25.14 (Repudiation); and (l) Clause 25.15 (Government Intervention). "Major Representation" means, with respect to any Obligor (and disregarding (a) any other member of the Group and any member of the Target Group that is not an Obligor or (b) any procuring obligation on the part of an Obligor in respect of any other person), a representation or warranty under any of: (a) Clause 20.2 (Status); (b) Clause 20.3 (Binding Obligations); (c) Clause 20.4 (Non-Conflict with other Obligations); (d) Clause 20.5 (Power and Authority); (e) Clause 20.6 (Benefit); (f) Clause 20.7 (Validity and Admissibility in Evidence); (g) Clause 20.15 (Assets and Intellectual Property Rights); (h) Clause 20.16 (Pari Passu Ranking); (i) Clause 20.19 (No Breach of Laws); (j) Clause 20.22 (No Immunity); (k) Clause 20.23 (Sanctions and Anti-Corruption); and (l) Clause 20.26 (Acquisition Documents, Disclosures and other Documents). "Major Undertaking" means, with respect to any Obligor (and disregarding (a) any other member of the Group and any member of the Target Group that is not an Obligor or their respective assets, liabilities or obligations or (b) any procuring obligation on the part of an Obligor in respect of any other person), an undertaking under any of: (a) Clause 23.1 (Authorisations); (b) Clause 23.2 (Compliance with Laws); (c) Clause 23.6 (Negative Pledge); (d) Clause 23.7 (Disposals); (e) Clause 23.8 (Change of Business); (f) Clause 23.9 (Loans or Credit); (g) Clause 23.10 (No Guarantees or Indemnities); (h) Clause 23.11 (Financial Indebtedness); 23 EMEA 154791766 (i) Clause 23.13 (Sanctions and Anti-Corruption); (j) Clause 23.14 (Distributions); (k) Clause 23.16 (Acquisitions); (l) Clause 23.18 (Share Capital); (m) Clause 23.19 (Guarantor Coverage); (n) Clause 23.20 (Ownership); and (o) Clause 23.21 (Acquisition Undertakings). "Majority Lenders" means a Lender or Lenders whose Commitments aggregate more than 66⅔ per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66⅔ per cent. of the Total Commitments immediately prior to that reduction). "Margin" means 2.00% per annum, provided that, for any period specified in column 1 of the table below, the Margin shall increase and shall be the percentage rate per annum specified in column 2 of the table below opposite that period: Column 1 Period Column 2 Margin (% per annum) From (and including) the date that falls six Months after 26 May 2025 to (but excluding) the date that falls twelve Months after 26 May 2025 2.80 From (and including) the date that falls twelve Months after 26 May 2025 onwards 4.00 "Market Disruption Rate" means the rate (if any) specified as such in the Reference Rate Terms. "Material Adverse Effect" means a material adverse effect on: (a) the business, operations, property or condition (financial or otherwise) of the Parent, any Guarantor and/or the Group taken as a whole; (b) the ability of any Obligor to perform any of its obligations under the Finance Documents; or (c) the validity or enforceability of any of the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents. "Material Assets" means: (a) the mining operations comprising the following mine shafts namely the Mponeng Mine (conducted under mining right GP30/5/1/2/2/01 MR), Kusasalethu (DMR Ref no. GP30/5/1/2/07MR), Tshepong and Phakisa (DMR Ref no. FS30/5/1/2/2/84MR), Doornkop (DMR Ref no. GP30/5/1/2/2/09MR), Masimong (DMR Ref no. FS30/5/1/2/2/82MR), Target 1 (DMR Ref no. FS30/5/1/2/2/14MR), Bambanani (DMR Ref no. FS30/5/1/2/2/83MR), Joel (DMR Ref no. FS30/5/1/2/2/13MR) and Harmony Moab (License No. NW30/5/1/2/2/15MR & 16MR);

------

![](syndicatedfacilitiesagre007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 EMEA 154791766 (b) the interests of Wafi Mining Limited in the Wafi-Golpu Joint Venture, being its rights under the Wafi-Golpu Joint Venture Agreement, its participating interest therein and its right to take its share in production thereof; and (c) the interests of Morobe Consolidated Goldfields Limited in the Hidden Valley Mine. "Material Group Company" means, at any time: (a) an Obligor; and (b) any member of the Group which has earnings before interest, tax, depreciation and amortisation calculated on the same basis as EBITDA representing 10% (ten per cent) or more of EBITDA of the Group or has gross assets or turnover (excluding intra-group items) representing 10% (ten per cent) or more of the gross assets or turnover of the Group, in each case, calculated on a consolidated basis (a "Material Subsidiary"), Compliance with the conditions set out in this definition shall be determined by reference to the most recent Compliance Certificate supplied by the Parent and/or the latest audited financial statements of that Subsidiary (consolidated in the case of a Subsidiary which itself has Subsidiaries) and the latest audited consolidated financial statements of the Group. However, if a Subsidiary has been acquired or disposed of since the date as at which the latest audited consolidated financial statements of the Group were prepared, the financial statements shall deemed to be adjusted in order to take into account the acquisition or disposal of that Subsidiary (that adjustment being certified by the Auditors as representing an accurate reflection of the revised EBITDA, gross assets or turnover of the Group). A report by the Auditors that a Subsidiary is or is not a Material Subsidiary shall, in the absence of manifest error, be conclusive and binding on all Parties. "MINEFI" means the French Ministry of Finance. "Mining Law" means any applicable law or regulation which relates to the conduct of prospecting, exploration and mining operations, including (in respect of operations in South Africa) the Mineral and Petroleum Resources Development Act, 2002, (in respect of operations in Papua New Guinea) the Mining Act 1992 (PNG), (in respect of operations in New South Wales, Australia), the Mining Act 1992 No. 29 and (in respect of operations in Queensland, Australia), the Mineral Resources Act 1989 (Qld). "Month" means, in relation to an Interest Period (or any other period for the accrual of commission or fees), a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, subject to adjustment in accordance with the rules specified as Business Day Conventions in the Reference Rate Terms. "Net Proceeds" means, in relation to any Relevant Issuance, an amount equal to the cash proceeds received by any member of the Group pursuant to that Relevant Issuance net of any reasonable fees, costs and expenses and any Taxes incurred by any member of the Group in relation to that Relevant Issuance. "New Lender" has the meaning given to that term in Clause 26 (Changes to the Lenders). "Non-Consenting Lender" has the meaning given to that term in Clause 38.6 (Replacement of Lender). "Obligor" means a Borrower or a Guarantor. "Obligors' Agent" means the Parent, appointed to act on behalf of each Obligor in relation to the Finance Documents pursuant to Clause 2.4 (Obligors' Agent). "OFAC" means the Department of the Treasury's Office of Foreign Assets Control of the United States of America. 25 EMEA 154791766 "Original Financial Statements" means: (a) in relation to the Parent, the consolidated audited financial statements of the Group for its Financial Year ended 30 June 2024; and; (b) in relation to the Target, the consolidated audited financial statements of the Target Group for the financial year ended 31 December 2024; and (c) in relation to each Original Obligor other than the Parent, its audited financial statements for its financial year ended 30 June 2024. "Original Obligor" means a Borrower or an Original Guarantor. "Party" means a party to this Agreement. "Permitted Debt Incurrence" means any loan, convertible instrument or other Financial Indebtedness raised by a member of the Group from any person who is not a member of the Group after the Signature Date: (a) by way of any short term working capital facility up to a maximum aggregate amount of USD10,000,000; or (b) by way of any other Financial Indebtedness for the purpose of refinancing any Financial Indebtedness of the Group existing as at the Signature Date (and excluding the Financial Indebtedness under the Finance Documents) provided that: (i) the principal amount of such existing Financial Indebtedness is not increased as a result of the refinancing; and (ii) in respect of the refinancing of any Financial Indebtedness of the Target Group: (A) the proceeds of that Financial Indebtedness must be used to refinance the Financial Indebtedness of the Target Group before the proceeds can be applied to any other purpose; (B) any borrower or guarantor of such Financial Indebtedness must be an Obligor under the Finance Documents; and (C) the claims of the creditors of such Financial Indebtedness of the Target Group must rank in right of payment and priority pari passu with or subordinate to the claims of the Finance Parties under the Finance Documents. "Permitted Guarantees" means, subject to Clause 23.19(c) (Guarantor Coverage) and Clause 23.22 (Restrictions on Relevant PNG Entities): (a) any guarantee under, or given in connection with, the Existing CTA Finance Documents; (b) any guarantees or indemnities given by the Parent or any member of the Group on behalf of any member of the Group in the ordinary course of its operational business requirements in an aggregate amount not exceeding USD35,000,000 (thirty five million United States Dollars) or its equivalent in any other currency or currencies; (c) any indemnity or guarantee granted under the Finance Documents; (d) any indemnity or guarantee which constitutes Permitted Indebtedness; (e) the Eskom Guarantees; 26 EMEA 154791766 (f) the Silicosis Settlement Guarantee; (g) the USD Environmental Guarantees; (h) the ZAR Environmental Guarantees; (i) the AUD Environmental Guarantees; (j) any guarantee or indemnity granted by the Target, MAC AU, Jersey Newco or CMPL in connection with the Permitted Stream Agreements or the Permitted Royalty Agreement, provided the principal amount is not increased after the date of this Agreement; (k) any guarantee given by the Company in favour of any of the Relevant Subsidiaries to enable such Relevant Subsidiary to obtain a class order that will reduce the IFRS and statutory audit requirements applicable to it; and (l) any other guarantee or indemnity granted with the prior written approval of the Agent; "Permitted Indebtedness" means, subject to Clause 23.22 (Restrictions on Relevant PNG Entities): (a) any Financial Indebtedness arising under any of the Existing CTA Finance Documents; (b) any Financial Indebtedness arising under the Finance Documents; (c) any Financial Indebtedness in respect of a lease or hire purchase contract concluded in the ordinary course of trading which would, in accordance with IFRS in force prior to 1 January 2019, have been treated as an operating lease; (d) any Financial Indebtedness of a member of the Group in respect of Permitted Guarantees; (e) any Financial Indebtedness of a member of the Group in respect of Permitted Loans; (f) any Financial Indebtedness incurred pursuant to the Hedging Documents; (g) any Financial Indebtedness of a member of the Group in respect of a Permitted Debt Incurrence; (h) any Financial Indebtedness arising under or in connection with the Permitted Royalty Agreement or the Permitted Stream Agreements provided that the principal amount raised by the Group is not increased after the date of this Agreement; (i) any Financial Indebtedness of an Obligor not included in paragraphs (a) to (h) above in an aggregate amount not exceeding USD1,250,000,000 (one billion two hundred and fifty million United States Dollars) for the purpose of refinancing the Facilities and where the proceeds of such Financial Indebtedness must be applied to that purpose alone before (or simultaneous with) any other permitted use of proceeds; (j) any Financial Indebtedness not included in paragraphs (a) to (i) above, that does not result in Total Net Debt exceeding the aggregate of ZAR3 500 000 000 (three billion five hundred million Rand) plus the ZAR equivalent of USD550 000 000 (five hundred and fifty million United States Dollars), converted into ZAR at the then prevailing Agent's Spot Rate of Exchange at any time during the term of the Facilities; and (k) any other Financial Indebtedness incurred with the prior written approval of the Agent, which in either case is not otherwise prohibited or restricted in accordance with Clause 23.11 (Financial Indebtedness); 27 EMEA 154791766 "Permitted Loans" means: (a) loans made by any member of the Group (including an Obligor) to any Obligor, provided that such loan is subordinated in favour of the Finance Parties on terms satisfactory to the Majority Lenders; (b) loans made by the Company to, directly or indirectly, make an intercompany loan to the Target and/or MAC AU to repay, discharge or otherwise refinance any Target Group Closing Date Financial Indebtedness; (c) loans made by a member of the Group which is not an Obligor to any other member of the Group which is not an Obligor; (d) loans made by: (i) any member of the Group (including an Obligor) to any third party that is not a member of the Group; and (ii) an Obligor to any member of the Group which is not an Obligor, which do not, at any time during the term of the Facilities (on a consolidated basis taking into account all loans contemplated in paragraphs (d)(i) and (d)(ii), exceed ZAR1,000,000,000 (one billion Rand) or its equivalent in any other currency or currencies; (e) trade credit granted in the ordinary course of an Obligor's day-to-day business upon terms usual for such trade; (f) loans by an Obligor existing prior to the Signature Date and which have been disclosed in the Original Financial Statements; (g) a loan made by any member of the Group to an employee or director of any member of the Group if the amount of that loan when aggregated with the amount of all loans to employees and directors by members of the Group does not exceed ZAR40,000,000 (forty million Rand) or its equivalent in any other currency or currencies, or to an employee or director of the Parent in terms of an approved employee share option scheme provided that on establishment, such scheme does not involve a net outflow of cash from the Group; (h) loans made by the Parent to Harmony Moab and on-lent by Harmony Moab, or loans made directly by the Parent or Harmony Moab, to the BEE Entity for the purpose of financing the acquisition by the BEE Entity of up to 3% (three per cent) of the issued ordinary share capital of Harmony Moab pursuant to a BEE transaction in respect of Harmony Moab, provided that the amount of such loans shall not exceed ZAR100,000,000 (one hundred million Rand) or its equivalent in any other currency or currencies in aggregate; (i) loans made by the Parent to any entity acquiring shares in a Group company pursuant to a BEE transaction in respect of that Group company, provided that the amount of such loans shall not exceed ZAR150,000,000 (one hundred and fifty million Rand) in aggregate; and (j) any other loans made with the prior written approval of the Agent;

------

![](syndicatedfacilitiesagre008.jpg)

------

![](syndicatedfacilitiesagre009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 EMEA 154791766 (b) the Financial Sanctions: Consolidated List of Targets and the Ukraine: list of persons subject to restrictive measures in view of Russia's actions destabilising the situation in Ukraine and Sanctions Against Persons Contributing to The Situation in Ukraine and Prohibiting Certain Transactions With Respect to The Crimea Region of Ukraine, in each case administered and enforced by HMT; or (c) any other list or public announcement or sanctions designation made by OFAC, HMT or any Sanctions Authority, in respect of the targets or scope of the Sanctions that are administered and enforced by a Sanctions Authority. "Sanctions Authority" means each of: (a) the United Nations Security Council; (b) the European Union; (c) the Council of Europe (founded under the Treaty of London, 1946); (d) the government of the United States of America; (e) the government of the United Kingdom; (f) the government of the Republic of France; (g) the Hong Kong Monetary Authority; (h) the government of the Commonwealth of Australia, and any of their Governmental Authorities, institutions or agencies, including, without limitation, OFAC, the US Department of Commerce, the US Department of State or the US Department of the Treasury, HMT and MINEFI. "Sanctions List" means any of the lists maintained by any Sanctions Authority and any similar list maintained, or a public announcement of a Sanctions designation made, by any Sanctions Authority, in each case as amended, supplemented or substituted from time to time. "Scheme" means the scheme as referred to in the Scheme Implementation Deed, being the steps by which the Company will acquire all of the Target Shares. "Scheme Circular" has the meaning given to that term in the Scheme Implementation Deed. "Scheme Condition Precedent" means a condition set out in clause 3 (Conditions precedent) of the Scheme Implementation Deed. "Scheme Effective Date" means the "Effective Date" as defined under the Scheme Implementation Deed. "Scheme Implementation Deed" means the Scheme Implementation Deed dated May 2025 among the Parent, the Company and the Target setting out the terms upon which the Company is to acquire all of the Target Shares pursuant to the Scheme. "Scheme Shareholders" has the meaning given to that term in the Scheme Implementation Deed. "Security" means a mortgage, notarial bond, bond, cession in security, charge, security assignment, pledge, hypothec, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. "Senior Management" means each and all of: (a) Beyers Nel – Chief Executive Officer; 33 EMEA 154791766 (b) Boipelo Lekubo – Financial Director; (c) Herman Perry – Chief financial Officer (Treasury); (d) Johannes van Heerden - Chief Development Officer; (e) Greg Job – Executive General Manager - Growth & Resource Development SEA. "Settlement Agreement" means the written settlement agreement concluded on or about 3 May 2018 between, amongst others, the Parent and the lawyers representing the claimants in the silicosis class action litigation referred to in such agreement. "Signature Date" means the date of this Agreement. "Silicosis Settlement Guarantee" means the guarantee facility of ZAR1,083,000,000 (one billion and eighty three million Rand) in terms of which a guarantee has been issued on behalf of the Parent in favour of a trust that has been established pursuant to the Settlement Agreement. "South African Companies Act" means the Companies Act 71 of 2008 of South Africa. "Specified Time" means a day or time determined in accordance with Schedule 10 (Timetables). "Subsidiary" means a subsidiary as defined in the South African Companies Act and shall include any person who would, but for not being a company under the South African Companies Act, qualify as a subsidiary as defined in the South African Companies Act, including any subsidiary as defined in the Australian Corporations Act (but in such case as if body corporate includes any entity). "Syndication Letter" has the meaning given to that term in the Commitment Letter. "Target" means MAC Copper Limited ARBN 671 963 198, incorporated in Jersey with registration number 144625. "Target Group" means the Target and its Subsidiaries. "Target Group Closing Date Financial Indebtedness" means any Financial Indebtedness of the Target Group existing as at the Closing Date. "Target Obligor" means a member of the Target Group that accedes to the Finance Documents as an Additional Guarantor pursuant to the requirements of Clause 23.24(c)(iii) (Conditions Subsequent). "Target Trust Account" means the trust account referred to in clause 2.2(b)(ii) (Scheme Consideration) of the Scheme Implementation Deed operated by or on behalf of the Target as trustee for the Scheme Shareholders. "Target Shares" means all of the shares in Target. "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). "Tax Act" means the Income Tax Assessment Act 1936 (Cth) or the Income Tax Assessment Act 1997 (Cth) as applicable. "Tax Consolidated Group" means a Consolidated Group or an MEC Group as defined in the Tax Act. 34 EMEA 154791766 "Tax Due Diligence Report" means the "Project Macchiato Tax Due Diligence Report" dated 21 May 2025 prepared by Deloitte Tax Services Pty Ltd. "Tax Funding Agreement" means an agreement to which each member of the Tax Consolidated Group is a party and which provides: (a) reasonably appropriate arrangements for the funding by members of the Tax Consolidated Group of tax liabilities payable by the Head Company having regard to the stand-alone tax position of each member of the group; (b) an undertaking from each group member to compensate each other member of the Tax Consolidated Group adequately for loss of tax attributes (including tax losses and tax offsets) as a result of being a member of the group; and (c) an undertaking from the Head Company to pay all Australian income tax liabilities for the group, and which is otherwise on terms that are customary for such an agreement. "Tax Sharing Agreement" means an agreement to which each member of the Tax Consolidated Group is a party and that complies with and takes effect under section 721-25 of the Tax Act and is otherwise in terms that are customary for such an agreement, including that the agreement covers all tax-related liabilities provided in section 721-10 of the Tax Act and makes provision for a Tax Consolidated Group member to leave the Tax Consolidated Group clear of group liabilities for the purposes of section 721-35 of the Tax Act. "Termination Date" means, subject to Clause 6.2 (Extension Option), the date which falls 364 days after the date of this Agreement. "Total Commitments" means the aggregate of the Total Facility A Commitments and the Total Facility B Commitments, being USD1,250,000,000 at the date of this Agreement. "Total Facility A Commitments" means the aggregate of the Facility A Commitments, being USD250,000,000 at the date of this Agreement. "Total Facility B Commitments" means the aggregate of the Facility B Commitments, being USD1,000,000,000 at the date of this Agreement. "Total Interest" means, in respect of any period, the aggregate accruing during such period (without duplication and whether or not paid or payable within such period) of, in respect of the Group on a consolidated basis (and whether or not the principal or capital obligation by reference to which any of the following are determined is an obligation of the Group): (a) all interest, acceptance commission, guarantee fees and any other continuing, regular or periodic costs and expenses in the nature of interest (whether paid, payable or capitalised) incurred in effecting, servicing or maintaining Financial Indebtedness, provided that, when calculating the amount of the obligation of any member of the Group under the Permitted Royalty Agreement or the Permitted Stream Agreements, or any of them, only the value specified in the latest financial statements of the Parent delivered pursuant to Clause 21.1(a) (Financial Statements) in respect of any such obligations as interest on "Borrowings" or similar but excluding, for the avoidance of doubt, any accounting treatment as a trade payable, shall be taken into account; (b) amounts payable (as reduced by amounts receivable) in respect of any Derivatives Transaction which is an interest rate hedging arrangement entered into to hedge risks arising in the normal course of business; and (c) the interest element of, and ancillary fees payable under, any finance leases (other than a lease or hire purchase contract which would, in accordance with IFRS in force prior to 1 January 2019, have been treated as an operating lease). 35 EMEA 154791766 "Total Net Debt" means, at any time, the aggregate amount of all obligations of members of the Group for or in respect of Financial Indebtedness but: (a) excluding any such obligations to any other member of the Group; (b) excluding any liability of any member of the Group relating to the AUD Environmental Guarantees; (c) excluding any liability of any member of the Group relating to the ZAR Environmental Guarantees; (d) excluding any liability of any member of the Group relating to the USD Environmental Guarantees; (e) excluding any liability of any member of the Group arising from the Eskom Guarantees; (f) excluding any liability of any member of the Group arising from the Silicosis Guarantee; (g) excluding a lease or hire purchase contract which would, in accordance with IFRS in force prior to 1 January 2019, have been treated as an operating lease; (h) deducting the aggregate amount of Cash and Cash Equivalent Investments held by any member of the Group at that time; and (i) when calculating the amount of the obligation of any member of the Group under the Permitted Royalty Agreement or the Permitted Stream Agreements, or any of them, only the value specified in the latest financial statements of the Parent delivered pursuant to Clause 21.1(a) (Financial Statements) in respect of any such obligations as "Borrowings" or similar but excluding, for the avoidance of doubt, any accounting treatment as a trade payable, shall be taken into account. "Transaction Documents" means the Finance Documents and the Acquisition Documents. "Transfer Certificate" means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between the Agent and the Parent. "Transfer Date" means, in relation to an assignment or a transfer, the later of: (a) the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and (b) the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate. "Treasury Transactions" means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price. "Unpaid Sum" means any sum due and payable but unpaid by an Obligor under the Finance Documents. "UK CRD IV" means: (a) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the "Withdrawal Act");

------

![](syndicatedfacilitiesagre010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 EMEA 154791766 (b) the law of the United Kingdom or any part of it, which immediately before IP completion day (as defined in the European Union (Withdrawal Agreement) Act 2020) implemented Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC and its implementing measures; and (c) direct EU legislation (as defined in the Withdrawal Act), which immediately before IP completion day (as defined in the European Union (Withdrawal Agreement) Act 2020) implemented EU CRD IV/CRR as it forms part of domestic law of the United Kingdom by virtue of the Withdrawal Act. "UKPTIL" has the meaning given to that term in Clause 20.23 (Sanctions and Anti-Corruption Laws). "US" means the United States of America. "US Tax Obligor" means: (a) a Borrower which is resident for tax purposes in the US; or (b) an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax purposes. "USD Environmental Guarantees" means any Financial Indebtedness relating to compliance with environmental and mining legislation in Papua New Guinea arising from rehabilitation operations in the form of environmental guarantees and financial security under such legislation in an aggregate amount not exceeding USD100,000,000 (one hundred million United Stated Dollars) at any time. "Utilisation" means a utilisation of a Facility. "Utilisation Date" means the date of a Utilisation, being the date on which the relevant Loan is to be made. "Utilisation Request" means a notice substantially in the form set out in Schedule 3 (Request). "VAT" means: (a) any value added tax imposed by the Value Added Tax Act 1994; (b) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and (c) any other tax of a similar nature, whether imposed in the United Kingdom or in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraphs (a) or (b) above, or imposed elsewhere (including the GST as defined in the GST Law). "ZAR Environmental Guarantees" means any Financial Indebtedness relating to compliance with environmental legislation in South Africa arising from rehabilitation operations in the form of environmental guarantees in an aggregate amount not exceeding ZAR1,300,000,000 (one billion three hundred million Rand) at any time. 37 EMEA 154791766 1.2 Construction (a) Unless a contrary indication appears, a reference in this Agreement to: (i) the "Agent", the "Arranger", any "Finance Party", any "Lender", the "MLA", any "Obligor", any "Party" or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents; (ii) a document in "agreed form" is a document which is previously agreed in writing by or on behalf of the Parent and the Agent or, if not so agreed, is in the form specified by the Agent; (iii) an "amendment" includes an amendment, modification, supplement, novation, re-enactment, replacement, restatement or variation and amend will be construed accordingly; (iv) an "authority" includes any court or any governmental, intergovernmental or supranational body, agency, department or any regulatory, self-regulatory or other authority; (v) a Lender's "cost of funds" in relation to its participation in a Loan is a reference to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in that Loan for a period equal in length to the Interest Period of that Loan; (vi) "assets" includes present and future properties, revenues and rights of every description; (vii) a "Finance Document" or a "Transaction Document" or any other agreement or instrument is a reference to that Finance Document or Transaction Document or other agreement or instrument as amended, novated, supplemented, extended or restated; (viii) a "group of Lenders" includes all the Lenders; (ix) "guarantee" means (other than in Clause 19 (Guarantee and Indemnity)) any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness; (x) "indebtedness" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; (xi) a "person" includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality); (xii) a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but if not having the force of law, being one with which the relevant person is accustomed to comply) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation; 38 EMEA 154791766 (xiii) a provision of law is a reference to that provision as amended or re-enacted from time to time; and (xiv) a time of day is a reference to London time. (b) Section, Clause and Schedule headings are for ease of reference only. (c) Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. (d) A Default (other than an Event of Default) is "continuing" if it has not been remedied or waived and an Event of Default is "continuing" if it has not been waived. (e) A reference in this Agreement to a page or screen of an information service displaying a rate shall include: (i) any replacement page of that information service which displays that rate; and (ii) the appropriate page of such other information service which displays that rate from time to time in place of that information service, and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Agent after consultation with the Parent. (f) A reference in this Agreement to a Central Bank Rate shall include any successor rate to, or replacement rate for, that rate. (g) The determination of the extent to which a rate is "for a period equal in length" to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement. (h) Any Reference Rate Supplement overrides anything in: (i) Schedule 19 (Reference Rate Terms); or (ii) any earlier Reference Rate Supplement. (i) A Compounding Methodology Supplement relating to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate overrides anything relating to that rate in: (i) Schedule 20 (Daily Non-Cumulative Compounded RFR Rate) or Schedule 21 (Cumulative Compounded RFR Rate), as the case may be; or (ii) any earlier Compounding Methodology Supplement. 1.3 Currency Symbols and Definitions (a) "AUSD" means Australian Dollars, the lawful currency of Australia. (b) "PNGK" means Papua New Guinea Kina, the lawful currency of Papua New Guinea. (c) "$", "USD" and "dollars" denote the lawful currency of the United States of America. (d) "ZAR" and "Rand" denote the lawful currency of South Africa. 39 EMEA 154791766 1.4 Third Party Rights (a) Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or enjoy the benefit of any term of this Agreement. (b) Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time. 1.5 Jersey terms In each Finance Document a reference to: (a) "winding up", "liquidation", "dissolution" or "administration" includes, without limitation, "bankruptcy" (as that term is interpreted pursuant to Article 8 of the Interpretation (Jersey) Law 1954) and any "procedure" or "process" referred to in Part 21 of the Companies (Jersey) Law 1991; (b) a "composition", "compromise", "assignment" or "arrangement with any creditor" includes, without limitation a "compromise" or "arrangement" with a creditor of the type referred to in Article 125 of the Companies (Jersey) Law 1991; and (c) a "liquidator", "receiver", "administrative receiver", or "administrator" includes, without limitation, the Viscount of the Royal Court of Jersey.

------

![](syndicatedfacilitiesagre011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 EMEA 154791766 Section 2 The Facilities 2. The Facilities 2.1 The Facilities Subject to the terms of this Agreement, the Lenders make available: (a) to the Company, a dollar term bridge loan facility in an aggregate amount equal to the Total Facility A Commitments; and (b) to the Parent, a dollar term bridge loan facility in an aggregate amount equal to the Total Facility B Commitments. 2.2 Increase (a) The Parent may by giving prior notice to the Agent by no later than the date falling ten Business Days after the effective date of a cancellation of the Commitment of a Lender in accordance with: (i) Clause 8.1 (Mandatory Prepayment - Illegality); or (ii) paragraph (a) of Clause 7.3 (Right of Cancellation and Repayment in Relation to a Single Lender), request that the Commitments relating to any Facility be increased (and the Commitments relating to that Facility shall be so increased) in an aggregate amount of up to the amount of the Commitments relating to that Facility so cancelled as follows: (iii) the increased Commitments will be assumed by one or more Eligible Institutions (each an "Increase Lender") each of which confirms in writing (whether in the relevant Increase Confirmation or otherwise) its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments which it is to assume, as if it had been an Original Lender in respect of those Commitments; (iv) each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of that part of the increased Commitments which it is to assume; (v) each Increase Lender shall become a Party as a "Lender" and any Increase Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of that part of the increased Commitments which it is to assume; (vi) the Commitments of the other Lenders shall continue in full force and effect; and (vii) any increase in the Commitments relating to a Facility shall take effect on the date specified by the Parent in the notice referred to above or any later date on which the Agent executes an otherwise duly completed Increase Confirmation delivered to it by the relevant Increase Lender. 41 EMEA 154791766 (b) The Agent shall, subject to paragraph (c) below, as soon as reasonably practicable after receipt by it of a duly completed Increase Confirmation appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Increase Confirmation. (c) The Agent shall only be obliged to execute an Increase Confirmation delivered to it by an Increase Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender. (d) Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it been an Original Lender. (e) The Company shall promptly on demand pay the Agent the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with any increase in Commitments under this Clause 2.2. (f) The Increase Lender (if it is not already a party to this Agreement as a Lender) shall, on the date upon which the increase takes effect, pay to the Agent (for its own account) a fee in an amount equal to the fee which would be payable under Clause 26.5 (Assignment or Transfer fee) if the increase was a transfer pursuant to Clause 26 (Changes to the Lenders) and if the Increase Lender was a New Lender. (g) The Company may pay to the Underwriters (as defined in the Commitment Letter) a fee in respect of the increase Commitments in the amount and at the times agreed between the Company and the Underwriters (as defined in the Commitment Letter) in a Fee Letter. A reference in this Agreement to a Fee Letter shall include any letter referred to in this paragraph (g). (h) Neither the Agent nor any Lender shall have any obligation to find an Increase Lender and in no event shall any Lender whose Commitment is replaced by an Increase Lender be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents. (i) Clause 26.6 (Limitation of Responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation to an Increase Lender as if references in that Clause to: (i) an "Existing Lender" were references to all the Lenders immediately prior to the relevant increase; (ii) the "New Lender" were references to that "Increase Lender"; and (iii) a "re-transfer" and "re-assignment" were references to respectively a "transfer" and "assignment". 2.3 Finance Parties' Rights and Obligations (a) The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 42 EMEA 154791766 (b) The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party's participation in a Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor. (c) A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents. 2.4 Obligors' Agent (a) Each Obligor (other than the Parent) by its execution of this Agreement or an Accession Deed irrevocably appoints the Parent to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises: (i) the Parent on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions, to execute on its behalf any document, to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and (ii) each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Parent, and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation, any Utilisation Request) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. (b) Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Obligors' Agent or given to the Obligors' Agent under any Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. (c) The respective liabilities of each of the Obligors under the Finance Documents shall not be in any way affected by: (i) any actual or purported irregularity in any act done, or failure to act, by the Obligors' Agent; (ii) the Obligors' Agent acting (or purporting to act) in any respect outside any authority conferred upon it by any Obligor; or (iii) any actual or purported failure by, or inability of, the Obligors' Agent to inform any Obligor of receipt by it of any notification under the Finance Documents. (d) In the event of any conflict between any notices or other communications of the Obligors' Agent and any other Obligor, those of the Obligors' Agent shall prevail. 43 EMEA 154791766 3. Purpose 3.1 Purpose Each Borrower shall apply all amounts borrowed by it under the Facilities directly or indirectly towards: (a) payment of the Consideration under the Scheme by payment directly to the Target Trust Account; (b) payment of the Acquisition Costs; (c) following the Closing Date, refinancing certain Financial Indebtedness of the Target and its Subsidiaries to third parties, in each case, as described in the Funds Flow Statement. 3.2 Monitoring No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 4. Conditions of Utilisation 4.1 Initial Conditions Precedent (a) The Lenders will only be obliged to comply with Clause 5.4 (Lenders' Participation) in relation to any Utilisation if on or before the Utilisation Date for that Utilisation, the Agent has received all of the documents and other evidence listed in Part 1 (Initial Conditions Precedent) of Schedule 2 (Conditions precedent) in form and substance satisfactory to the Agent (acting on behalf of each Finance Party). The Agent (acting on behalf of each Finance Party) shall notify the Parent and the Lenders promptly upon being so satisfied or, where applicable, on receipt or waiver (such notification, the "CP Satisfaction Notice"). (b) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 4.2 Further Conditions Precedent Subject to Clause 4.1 (Initial Conditions Precedent), a Lender will only be obliged to comply with Clause 5.4 (Lenders' Participation) in relation to a Utilisation other than one to which Clause 4.4 (Utilisations during the Certain Funds Period) applies, if on the date of the Utilisation Request and on the proposed Utilisation Date: (a) no Default is continuing or would result from the proposed Utilisation; and (b) in relation to any Utilisation on the Closing Date, all the representations and warranties in Clause 20 (Representations) or, in relation to any other Utilisation, the Repeating Representations to be made by each Obligor are true.

------

![](syndicatedfacilitiesagre012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 EMEA 154791766 4.3 Maximum Number of Loans A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation: (a) two or more Facility A Loans would be outstanding; or (b) two or more Facility B Loans would be outstanding. 4.4 Utilisations during the Certain Funds Period (a) Subject to Clause 4.1 (Initial Conditions Precedent), during the Certain Funds Period, a Lender will only be obliged to comply with Clause 5.4 (Lenders' Participation) in relation to a Certain Funds Utilisation if, on the date of the Utilisation Request and on the proposed Utilisation Date: (i) no Major Default is continuing or would result from the proposed Utilisation; and (ii) all the Major Representations are true in all material respects (or, to the extent that such Major Representations, or any of them, are subject to a concept of materiality, in all respects); and (iii) the Scheme Implementation Deed has not terminated for any reason whatsoever. (b) During the Certain Funds Period (save in circumstances where, pursuant to paragraph (a) above, a Lender is not obliged to comply with Clause 5.4 (Lenders' Participation) and subject as provided in Clause 8.1 (Mandatory Prepayment - Illegality) and Clause 8.2 (Mandatory Prepayment – Fundamental Control Event), none of the Finance Parties shall be entitled to: (i) cancel any of its Commitments to the extent to do so would prevent or limit the making of a Certain Funds Utilisation; (ii) rescind, terminate or cancel this Agreement or the Facilities or exercise any similar right or remedy or make or enforce any claim under the Finance Documents it may have to the extent to do so would prevent or limit the making of a Certain Funds Utilisation; (iii) refuse to participate in the making of a Certain Funds Utilisation; (iv) exercise any right of set-off or counterclaim in respect of a Utilisation to the extent to do so would prevent or limit the making of a Certain Funds Utilisation; or (v) cancel, accelerate or cause repayment or prepayment of any amounts owing under this Agreement or under any other Finance Document to the extent to do so would prevent or limit the making of a Certain Funds Utilisation, provided that immediately upon the expiry of the Certain Funds Period all such rights, remedies and entitlements shall be available to the Finance Parties notwithstanding that they may not have been used or been available for use during the Certain Funds Period. 45 EMEA 154791766 Section 3 Utilisation 5. Utilisation 5.1 Delivery of a Utilisation Request A Borrower (or the Parent on its behalf) may utilise a Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time. 5.2 Completion of a Utilisation Request (a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: (i) it identifies the Facility to be utilised; (ii) the proposed Utilisation Date is: (A) a Business Day within the Availability Period; and (B) in respect of the Loan to be utilised on the first Utilisation Date for the purpose at Clause 3.1(a) (Purpose), no less than one Business Day prior to the date on which the aggregate Consideration must be funded to the Target Trust Account in accordance with clause 2.2(b)(ii) of the Scheme Implementation Deed; (iii) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and Amount); and (iv) the proposed Interest Period complies with Clause 11 (Interest Periods). (b) Multiple Loans may be requested in a Utilisation Request. 5.3 Currency and Amount (a) The currency specified in a Utilisation Request must be dollars. (b) The amount of the proposed Loan must be an amount which is not more than the applicable Available Facility and which is a minimum of USD50,000,000. 5.4 Lenders' Participation (a) If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office. (b) The amount of each Lender's participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making the Loan. (c) The Agent shall notify each Lender of the amount of each Loan and the amount of its participation in that Loan by the Specified Time. 5.5 Limitation on Utilisations A Facility may only be utilised to the extent that the other Facility is utilised pro rata on the proposed Utilisation Date. 46 EMEA 154791766 5.6 Cancellation of Commitment The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period. 47 EMEA 154791766 Section 4 Repayment, Prepayment and Cancellation 6. Repayment 6.1 Repayment of the Loans The Borrowers shall repay the aggregate Loans in full on the Termination Date. 6.2 Extension Option (a) The Borrowers may, at their discretion, on one occasion only, by notice to the Agent (the "Extension Notice") not more than 60 days and not less than 30 days before the originally applicable Termination Date, extend the Termination Date for a further period of six months from the originally applicable Termination Date. (b) The Agent shall promptly notify the Lenders of any Extension Notice. (c) Subject to Clause 6.3 (Extension fee), following delivery of the Extension Notice, the Termination Date will be extended for a further period of six months from the originally applicable Termination Date. (d) The Extension Notice is irrevocable. 6.3 Extension fee (a) The Parent shall pay to the Agent for each Lender an extension fee of 0.40 per cent. of the Lender's Commitments which is/are to be extended. (b) Each extension fee is payable on the date that the Termination Date is extended. (c) Extension of the Termination Date under Clause 6.2 is conditional on payment of the extension fee on or before the originally applicable Termination Date. 7. Voluntary Prepayment and Cancellation 7.1 Voluntary Cancellation The Parent may, if it gives the Agent not less than five RFR Banking Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of USD50,000,000) of the Available Facilities. Any cancellation under this Clause 7.1 shall reduce the Commitments of the Lenders rateably. 7.2 Voluntary Prepayment of Loans (a) A Borrower to which a Loan has been made may, if it or the Parent gives the Agent not less than five RFR Banking Days' (or such shorter period as the Majority Lenders and the Agent may agree) prior notice, prepay the whole or any part of that Loan (but, if in part, being an amount that reduces the amount of that Loan by a minimum amount of USD10,000,000). (b) A Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the day on which the applicable Available Facilities is zero).

------

![](syndicatedfacilitiesagre013.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 EMEA 154791766 7.3 Right of Cancellation and Repayment in relation to a Single Lender (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax Gross-Up); or (ii) any Lender claims indemnification from the Parent or an Obligor under Clause 14.3 (Tax Indemnity) or Clause 15.1 (Increased Costs), the Parent may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender's participation in the Loans or give the Agent notice of its intention to replace that Lender in accordance with Clause 38.6 (Replacement of Lender). (b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Available Commitment of that Lender shall be immediately reduced to zero. (c) On the last day of each Interest Period which ends after the Parent has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Parent in that notice), each Borrower to which a Loan is outstanding shall repay that Lender's participation in that Loan together with all interest and other amounts accrued under the Finance Documents and that Lender's corresponding Commitment(s) shall be immediately cancelled in the amount of the participations repaid. 7.4 Right of cancellation in relation to a Defaulting Lender (a) If any Lender becomes a Defaulting Lender, the Parent may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent three (3) Business Days' notice of cancellation of each Available Commitment of that Lender. (b) On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of the Defaulting Lender shall be immediately reduced to zero. (c) The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders. 8. Mandatory Prepayment and Cancellation 8.1 Mandatory Prepayment - Illegality If, in any applicable jurisdiction, it becomes unlawful for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so (including in connection with any Anti-Corruption Laws and any Sanctions): (a) that Lender shall promptly notify the Agent upon becoming aware of that event; (b) upon the Agent notifying the Parent, the Commitments of that Lender or its Affiliate will be immediately cancelled; and (c) to the extent that the Lender's participation has not been transferred pursuant to Clause 38.6 (Replacement of Lender), the Borrower shall repay that Lender's participation in the Loans on the last day of the Interest Period for each Loan occurring after the Agent has notified the Parent or, if earlier, the date specified by the Lender in 49 EMEA 154791766 the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's corresponding Commitment(s) shall be cancelled in the amount of the participations repaid. 8.2 Mandatory Prepayment - Fundamental Control Event (a) If any Fundamental Control Event occurs: (i) the Parent shall promptly notify the Agent upon becoming aware of that event; (ii) a Lender shall not be obliged to fund a Utilisation; and (iii) if the Majority Lenders so require, the Agent shall, by notice to the Parent, cancel the Total Commitments and declare all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Total Commitments will be cancelled and all such outstanding amounts will become immediately due and payable or due and payable on the date referred to in the notice. (b) Notwithstanding Clause 8.2(a)(iii), if a Fundamental Control Event described in Clause (a) occurs and if any Lender so requires, the Agent shall, by notice to the Parent cancel the Commitments of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitments of that Lender will be cancelled and all such outstanding amounts will become immediately due and payable or due and payable on the date referred to in the notice. 8.3 Mandatory Prepayment - Material Disposal Proceeds (a) The Parent shall: (i) notify the Agent of the receipt of any Material Disposal Proceeds promptly upon the relevant member of the Group becoming entitled to receive such Material Disposal Proceeds; and (ii) subject to Clause 9 (Restrictions), be obliged to procure that the Borrowers repay the Loans (so that they are reduced by the same proportions and rateably amongst the applicable Lenders) in an amount equal to the Material Disposal Proceeds on the last day of the Interest Period of each such Loan, provided that if an Event of Default has occurred prior to the last day of an Interest Period of a Loan and is continuing, the amount of the relevant prepayment shall be due and payable within 3 (three) Business Days of receipt by the Parent of the Material Disposal Proceeds. (b) All Material Disposal Proceeds shall, for the purposes of making the prepayments contemplated in Clause 8.3(a)(ii) and to the extent required, be converted into dollars at the Agent's Spot Rate of Exchange. (c) For purposes of this Clause 8.3: (i) Disposal Proceeds means the cash consideration received by any member of the Group in respect of the Disposal of (x) a Material Asset or any portion or part of a Material Asset or (y) the shares in a company or interests in any other entity which owns the Material Asset (including any amount received in repayment of intercompany debt pursuant to the Disposal of a Material Asset and any amount received by any member of the Group pursuant to an exercise by Papua New Guinea of the Buy-In Option) or (z) all or any portion or part of 50 EMEA 154791766 the joint venture property of the Wafi-Golpu Joint Venture, at any time after the Signature Date but prior to the date of full and final repayment of the Loans, and after deducting: (A) any reasonable expenses which are incurred by any member of the Group with respect to that Disposal to persons who are not members of the Group; and (B) any Tax incurred and required to be paid by the seller in connection with that Disposal (as reasonably determined by the seller, on the basis of existing rates and taking account of any available credit, deduction or allowance). (ii) Disposal means a sale, lease, license, transfer, loan or other disposal by a person (whether by a voluntary or involuntary single transaction or series of transactions). (iii) Material Disposal Proceeds means that portion of Disposal Proceeds which, when aggregated with any other Disposal Proceeds previously received by any member of the Group, is in excess of ZAR2,000,000,000 (two billion Rand) or the equivalent thereof in any other currency or currencies, excluding any Disposal Proceeds received by any member of the Group pursuant to an exercise by Papua New Guinea of the Buy-In Option but only to the extent that such Disposal Proceeds are reinvested by the relevant member of the Group in the relevant operations relating to the Buy-In Option or in the business of another Obligor or otherwise retained by an Obligor and not used to make any Distribution. (d) The Borrowers are entitled to use the Material Disposal Proceeds to prepay the Facilities. Any portion of a Facility prepaid pursuant to this Clause 8.3 will be cancelled. 8.4 Mandatory Prepayment - Sanctioned Transaction Upon any breach of Clause 20.23 (Sanctions and Anti-Corruption), Clause 23.13 (Sanctions and Anti-Corruption) or Clause 23.2(b) (Compliance with Laws): (a) any Lender may elect to cancel its Commitments by notice to the Parent; (b) upon a Lender notifying the Parent, each Available Facility of that Lender will be immediately cancelled; and (c) each Borrower shall repay that Lender's participation in the Loans made to the relevant Borrower on the last day of the Interest Period occurring after the Lender has notified the Parent or, if earlier, the date specified by the Lender in the notice delivered to the Parent (being no earlier than the last day of any applicable grace period permitted by law or, if earlier, any other legal obligation) and that Lender's corresponding Commitments shall be cancelled in the amount of the participations repaid. 8.5 Mandatory Prepayment – failure to implement Scheme (a) The Parent must promptly notify the Agent if the Collapse Date occurs. (b) After notification under paragraph (a) above, the Agent may, and must if so directed by the Majority Lenders, by notice to the Parent: (i) cancel the Total Commitments whereupon they are immediately cancelled; 51 EMEA 154791766 (ii) declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they become immediately due and payable; and/or (iii) declare that all or part of the Loan be payable on demand, whereupon it immediately becomes payable on demand by the Agent on the instructions of the Majority Lenders. (c) Any notice given under this Clause will take effect in accordance with its terms and each Obligor must comply with any such notice. 8.6 Mandatory Prepayment – Relevant Issuance The Borrowers must: (a) promptly notify the Agent of receipt of any Net Proceeds; and (b) other than in respect of any Lender who waives the requirement to have its Loans prepaid under this Clause 8.6 (Mandatory Prepayment – Relevant Issuance) promptly, and in any event within 3 Business Days of receipt of such Net Proceeds, apply or must procure there is applied promptly an amount equal to any Net Proceeds in or towards the prepayment of the Loans. 8.7 Application of Mandatory Prepayments and Cancellations (a) A prepayment of Loans or cancellation of Available Commitments made under Clause 8 (Mandatory Prepayment and Cancellation) shall be applied in prepayment of Loans in the following order: (i) firstly, against the Loans on a pro rata basis between each Loan; and (ii) secondly, if applicable, in cancellation of Available Commitments under the Facilities. (b) The Borrowers shall prepay Loans, in the case of any prepayment relating to the amounts of Material Disposal Proceeds or Net Proceeds , promptly upon receipt of those proceeds. (c) A prepayment under Clause 8 (Mandatory Prepayment and Cancellation) shall prepay the Loans in amounts which reduce the Loans by the same proportion. 9. Restrictions 9.1 Notices of Cancellation or Prepayment Any notice of cancellation, prepayment, authorisation or other election given by any Party under Clause 7 (Voluntary Prepayment and Cancellation), Clause 8 (Mandatory Prepayment and Cancellation) shall (subject to the terms of those Clauses) be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 9.2 Interest and other Amounts Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.

------

![](syndicatedfacilitiesagre014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 EMEA 154791766 9.3 No Reborrowing of Facilities No Borrower may reborrow any part of the Facilities which is repaid or prepaid. 9.4 Prepayment in accordance with Agreement No Borrower shall repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. 9.5 No Reinstatement of Commitments Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 9.6 Agent's Receipt of Notices If the Agent receives a notice under Clause 7 (Voluntary Prepayment and Cancellation) or Clause 8.1 (Mandatory Prepayment – Illegality), it shall promptly forward a copy of that notice or election to either the Parent or the affected Lender, as appropriate. 9.7 Effect of Repayment and Prepayment on Commitments If all or part of any Lender's participation in a Loan under the Facilities is repaid or prepaid, an amount of that Lender's Commitment (equal to the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. 9.8 Application of Prepayments (a) Any prepayment of a Loan (other than a prepayment pursuant to Clause 8.1 (Mandatory Prepayment - Illegality) or Clause 7.3 (Right of Cancellation and Repayment in relation to a Single Lender)) shall be applied pro rata to each Lender's participation in that Loan. (b) For any prepayment under Clause 8.3 (Mandatory Prepayment - Material Disposal Proceeds) or Clause 8.6 (Mandatory Prepayment – Relevant Issuance), the aggregate amount required to be applied in prepayment shall be applied first in payment of accrued interest on the amount to be prepaid and second to the prepayment of principal. 53 EMEA 154791766 Section 5 Costs of Utilisation 10. Interest 10.1 Calculation of Interest (a) The rate of interest on each Loan for any day during an Interest Period is the percentage rate per annum which is the aggregate of the applicable: (i) Margin; and (ii) Compounded Reference Rate for that day. (b) If any day during an Interest Period for a Loan is not an RFR Banking Day, the rate of interest on that Loan for that day will be the rate applicable to the immediately preceding RFR Banking Day. 10.2 Payment of Interest The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period. 10.3 Default Interest (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is two per cent. per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 15.4 shall be immediately payable by the Obligor on demand by the Agent. (b) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable. 10.4 Notifications (a) The Agent shall promptly upon an Interest Payment being determinable notify: (i) the relevant Borrower of that Interest Payment; (ii) each relevant Lender of the proportion of that Interest Payment which relates to that Lender's participation in the relevant Loan; and (iii) the relevant Lenders and the relevant Borrower of: (A) each applicable rate of interest relating to the determination of that Interest Payment; and (B) to the extent it is then determinable, the Market Disruption Rate (if any) relating to the relevant Loan. This paragraph (a) shall not apply to any Interest Payment determined pursuant to Clause 12.3 (Cost of funds) (b) The Agent shall promptly notify the relevant Borrower (or the Parent) of each Funding Rate relating to a Loan. 54 EMEA 154791766 (c) The Agent shall promptly notify the relevant Lenders and the relevant Borrower of the determination of a rate of interest relating to a Loan to which Clause 12.3 (Cost of funds) applies (d) This Clause 10.4 shall not require the Agent to make any notification to any Party on a day which is not a Business Day. 11. Interest Periods 11.1 Interest Periods (a) Subject to this Clause 11.1, each Interest Period will be 1 Month, or any other period agreed between the Parent and the Agent (acting on the instructions of all the Lenders). (b) The first Interest Period for any Loan to be borrowed on the first Utilisation Date shall start on the first Utilisation Date and shall end on the date falling one (1) Month after the first Utilisation Date. The first Interest Period for any Loan other than any Loan borrowed on the first Utilisation Date shall start on the Utilisation Date for that new Loan and end on the last day of the then current Interest Period for the Loans borrowed on the first Utilisation Date (and any such Loans shall be consolidated in accordance with Clause 11.3 (Consolidation of Loans)). Each subsequent Interest Period shall start on the last day of its preceding Interest Period. (c) An Interest Period for a Loan shall not extend beyond the Termination Date. 11.2 Non-Business Days Any rules specified as "Business Day Conventions" in the Reference Rate Terms shall apply to each Interest Period. 11.3 Consolidation of Loans If two or more Interest Periods relate to Loans made to the same Borrower and end on the same date, those Loans will, be consolidated into, and treated as, a single Loan on the last day of the Interest Period. 12. Changes to the Calculation of Interest 12.1 Interest calculation if no RFR or Central Bank Rate If: (a) there is no applicable RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Loan; and (b) "Cost of funds will apply as a fallback" is specified in the Reference Rate Terms, Clause 12.3 (Cost of funds) shall apply to that Loan for that Interest Period. 12.2 Market disruption If: (a) a Market Disruption Rate is specified in the Reference Rate Terms; and (b) before the Reporting Time the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 % (thirty five) per cent. of that Loan) that its 55 EMEA 154791766 cost of funds relating to its participation in that Loan would be in excess of that Market Disruption Rate, then Clause 12.3 (Cost of funds) shall apply to that Loan for the relevant Interest Period. 12.3 Cost of funds (a) If this Clause 12.3 applies to a Loan for an Interest Period, Clause 10.1 (Calculation of interest) shall not apply to that Loan for that Interest Period and the rate of interest on that Loan for that Interest Period shall be the percentage rate per annum which is the sum of: (i) the applicable Margin; and (ii) the weighted average of the rates notified to the Agent by each Lender as soon as practicable and in any event by the Reporting Time, to be that which expresses as a percentage rate per annum its cost of funds relating to its participation in that Loan. (b) If this Clause 12.3 applies and the Agent or the Parent so requires, the Agent and the Parent shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest. (c) Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and the Parent, be binding on all Parties. (d) If this Clause 12.3 applies pursuant to Clause 12.2 (Market disruption) and: (i) a Lender's Funding Rate is less than the Market Disruption Rate; or (ii) a Lender does not notify a rate to the Agent by the Reporting Time, that Lender's cost of funds relating to its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be the Market Disruption Rate. (e) Subject to paragraph (d) above if this Clause 12.3 applies but any Lender does not notify a rate to the Agent by the Reporting Time the rate of interest shall be calculated on the basis of the rates notified by the remaining Lenders. (f) If this Clause 12.3 applies the Agent shall, as soon as is practicable, notify the Company. 12.4 RFR Banking Day / SIFMA Notwithstanding any other provision of this Agreement, the Agent may at any time (without the consent of the other Parties) make modifications to certain provisions of this Agreement relating to Loans for which interest is calculated by reference to the Compounded Reference Rate in line with commentary or guidance from the Loan Market Association published on or after the date of the Agreement to address potential mismatches between a day on which the Securities Industry and Financial Markets Association is open (and which is therefore a RFR Banking Day) but SOFR is not published for that day. The Agent shall promptly notify the other Parties of any such modifications. 12.5 Break Costs (a) If an amount is specified as Break Costs in the Reference Rate Terms, each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs (if any) attributable to all or any part of a Loan or Unpaid Sum

------

![](syndicatedfacilitiesagre015.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 EMEA 154791766 being paid by that Borrower on a day prior to the last day of an Interest Period for that Loan or Unpaid Sum. (b) Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in respect of which they become, or may become, payable. 13. Fees 13.1 Commitment Fee (a) The Parent shall pay (or procure there is paid) to the Agent (for the account of each Lender) a fee in dollars computed at the percentage rate per annum equal to the percentage of the Margin as set out in the table below on that Lender's Available Commitment for the Availability Period: Days since 26 May 2025 % of Margin 0-30 inclusive 0 31-60 inclusive 20 61-90 inclusive 30 91+ 35 (b) The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the Availability Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation is effective. (c) No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment of that Lender for any day on which that Lender is a Defaulting Lender. 13.2 Underwriting and Arrangement Fee The Parent shall pay to the Arrangers underwriting and/or arrangement fees in the amount and at the times agreed in a Fee Letter. 13.3 Agency Fee The Parent shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter. 57 EMEA 154791766 Section 6 Additional Payment Obligations 14. Tax Gross-Up and Indemnities 14.1 Definitions In this Agreement: "Protected Party" means a Finance Party which is or will be subject to any liability or required to make any payment for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. "Tax Credit" means a credit against, relief or remission for, or repayment of, any Tax. "Tax Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. "Tax Payment" means an additional payment made by an Obligor to a Finance Party under Clause 14.2 (Tax Gross-Up) or a payment under Clause 14.3 (Tax Indemnity). Unless a contrary indication appears, in this Clause 14 a reference to "determines" or "determined" means a determination made in the absolute discretion of the person making the determination. 14.2 Tax Gross-Up (a) Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. (b) The Parent shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Parent and that Obligor. (c) If a Tax Deduction is required by law to be made by an Obligor, the Obligor shall pay an additional amount together with the payment so that, after making any Tax Deduction, the amount of the payment is equal to the payment which would have been due if no Tax Deduction had been required. (d) If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. (e) Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. 14.3 Tax Indemnity (a) The Obligor shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 58 EMEA 154791766 (b) Paragraph (a) above shall not apply: (i) with respect to any Tax assessed on a Finance Party: (A) under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or (B) under the law of the jurisdiction in which that Finance Party's Facilities Office is located in respect of amounts received or receivable in that jurisdiction, if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or (ii) to the extent a loss, liability or cost: (A) is compensated for by an additional payment under Clause 14.2 (Tax Gross-Up); or (B) relates to a FATCA Deduction required to be made by a Party. (c) A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Parent. (d) A Protected Party shall, on receiving a payment from an Obligor under this Clause 14.3, notify the Agent. 14.4 Tax Credit If an Obligor makes a Tax Payment and the relevant Finance Party determines in its absolute discretion that: (a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and (b) that Finance Party has obtained and utilised that Tax Credit, the Finance Party shall pay an amount to the Obligor which that Finance Party determines in its absolute discretion will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor. 14.5 Stamp Taxes The Obligors shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 14.6 VAT (a) All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same 59 EMEA 154791766 time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party). (b) If VAT is or becomes chargeable on any supply made by any Finance Party (the "Supplier") to any other Finance Party (the "Recipient") under a Finance Document, and any Party other than the Recipient (the "Relevant Party") is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration): (i) (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and (ii) (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. (c) Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. (d) Any reference in this Clause 14.6 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such group at such time (the term "representative member" to have the same meaning as in the Value Added Tax Act 1994 or other applicable local law equivalent, including under the GST Law). (e) In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party's VAT registration and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such supply. 14.7 FATCA Information (a) Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party: (i) confirm to that other Party whether it is: (A) a FATCA Exempt Party; or (B) not a FATCA Exempt Party;

------

![](syndicatedfacilitiesagre016.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 EMEA 154791766 (ii) supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and (iii) supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information regime. (b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. (c) Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: (i) any law or regulation; (ii) any fiduciary duty; or (iii) any duty of confidentiality. (d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 14.8 FATCA Deduction (a) Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. (b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Parent and the Agent and the Agent shall notify the other Finance Parties. 15. Increased Costs 15.1 Increased Costs (a) Subject to Clause 15.3 (Exceptions) the Borrowers shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of: (i) the introduction of or any change in (or in the interpretation, administration or application by any authority or by financial institutions generally of) any law or regulation, after the Signature Date; or (ii) the interpretation, administration or application by any authority or by financial institutions generally after the Signature Date of any law or regulation introduced prior to the Signature Date; or (iii) compliance 61 EMEA 154791766 with any law or regulation made after the Signature Date, and shall include without any limitation, Basel III, CRD IV and/or CRD V. (b) In this Agreement "Increased Costs" means: (i) a reduction in the rate of return from the Facilities or on a Finance Party's (or its Affiliate's) overall capital; (ii) an additional or increased cost; or (iii) a reduction of any amount due and payable under any Finance Document, which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. (c) The terms law and regulation in this Clause 15.1 (Increased costs) shall include, without limitation, any law or regulation concerning capital adequacy, prudential limits, liquidity, reserve assets or Tax. 15.2 Increased Cost Claims (a) A Finance Party intending to make a claim pursuant to Clause 15.1 (Increased Costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Parent and the Obligors' Agent. (b) Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs, a copy of which shall be provided to the Obligors' Agent. 15.3 Exceptions (a) Clause 15.1 (Increased Costs) does not apply to the extent any Increased Cost is: (i) attributable to a Tax Deduction required by law to be made by an Obligor; (ii) attributable to a FATCA Deduction required to be made by a Party; (iii) compensated for by Clause 14.3 (Tax Indemnity) (or would have been compensated for under Clause 14.3 (Tax Indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 14.3 (Tax Indemnity) applied); or (iv) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation or the failure by the relevant Finance Party to make any required filing with any regulatory authority. (b) In this Clause 15.3, a reference to a "Tax Deduction" has the same meaning given to that term in Clause 14.1 (Definitions). 16. Other Indemnities 16.1 Currency indemnity (a) If any sum due from an Obligor under the Finance Documents (a "Sum"), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the "First Currency") in which that Sum is payable into another currency (the "Second Currency") for the purpose of: (i) making or filing a claim or proof against that Obligor; or 62 EMEA 154791766 (ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. (b) Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 16.2 Environmental Indemnity The Obligors hereby, unconditionally and irrevocably, indemnify each Finance Party, each Affiliate of a Finance Party and their respective directors, officers, employees, agents, advisors and representatives (together, the "Indemnified Parties") on demand against any losses, claims, damages, liabilities or other costs or expenses suffered or incurred by that Indemnified Party (except to the extent solely caused by such Indemnified Party's own gross negligence or wilful default) as a result of: (a) any breach of any Environmental Law (whether by a Borrower or any other member of the Group); (b) an Environmental Claim; or (c) any enquiry, investigation, subpoena (or similar order) or litigation with respect to any Environmental Claim and any other enquiry, investigation, subpoena (or similar order) or litigation in respect of any breach of any Environmental Law that has or is reasonably likely to give rise to a liability for any Indemnified Party, which relates to any member of the Group, any assets of any member of the Group or the operation of all or part of the business of any member of the Group and which would not have arisen if the Finance Documents or any of them had not been executed by that Finance Party. Any Affiliate or any director, officer or employee of a Finance Party or its Affiliate may rely on this Clause 16.2 as a stipulation for its or his or her benefit, capable of acceptance at any time. 16.3 Other Indemnities (a) The Parent shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify the Arranger and each other Finance Party against any cost, loss or liability incurred by it as a result of: (i) the occurrence of any Event of Default; (ii) any information produced or approved by any Borrower/any Obligor/any member of the Group being misleading and/or deceptive in any respect; (iii) any enquiry, investigation, subpoena (or similar order) or litigation with respect to any Obligor or with respect to the transactions contemplated or financed under this Agreement except as may otherwise be ordered by a court of competent jurisdiction in circumstances where the relevant Finance Party was the plaintiff or applicant in such proceedings; 63 EMEA 154791766 (iv) a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 31 (Sharing among the Finance Parties); (v) funding, or making arrangements to fund, its participation in a Loan requested by the Parent or a Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); (vi) a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Parent. (b) The Parent shall promptly indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate, against any cost, loss or liability incurred by that Finance Party or its Affiliate (or officer or employee of that Finance Party or Affiliate) in connection with or arising out of the Acquisition or the funding of the Acquisition (including but not limited to those incurred in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry concerning the Acquisition), unless such loss or liability is caused by the gross negligence or wilful misconduct of that Finance Party or its Affiliate (or employee or officer of that Finance Party or Affiliate). (c) The Parent shall promptly indemnify and hold harmless each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate, against any cost, loss or liability incurred by that Finance Party or its Affiliate (or officer or employee of that Finance Party or Affiliate) in connection with or arising out of any Existing CTA Relevant Breach. (d) No Obligor shall take any proceedings against the Finance Parties, or any of them (and the Parent shall promptly indemnify the Finance Parties against any cost, loss or liability incurred by a Finance Party as a result of any such proceedings) in respect of any Existing CTA Relevant Breach. (e) Any Affiliate or any officer or employee of a Finance Party or its Affiliate may rely on this Clause 16.2 subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 16.4 Indemnity to the Agent The Parent shall promptly indemnify the Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of: (a) investigating any event which it reasonably believes is a Default; or (b) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised. 16.5 Default At any time after the occurrence of a Default and for so long as it is continuing or where the Agent reasonably believes there is a Default, upon the written request of the Agent with reasonable prior notice, each Obligor shall permit representatives of the Finance Parties during normal office hours, to visit and inspect any of the premises where its business is conducted, to have access to (and copies of) accounts and records and shall afford reasonable co-operation at all times to the Finance Parties and such representatives.

------

![](syndicatedfacilitiesagre017.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 EMEA 154791766 17. Mitigation by the Lenders 17.1 Mitigation (a) Each Finance Party shall, in consultation with the Parent, take all reasonable steps to mitigate any circumstances which arise and which would result in the Facilities ceasing to be available or any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 8.1 (Mandatory Prepayment - Illegality) or Clause 15 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facilities Office. (b) Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 17.2 Limitation of Liability (a) The Parent shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 17.1 (Mitigation). (b) A Finance Party is not obliged to take any steps under Clause 17.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably): (i) any law or regulation would not allow or permit it; or (ii) to do so might be prejudicial to it. 18. Costs and Expenses 18.1 Transaction Expenses The Parent shall, promptly on demand, pay the Agent, the Arranger and the Original Lenders the amount of all properly evidenced costs and expenses (including agreed or reasonable legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication of: (a) this Agreement and any other documents referred to in this Agreement; and (b) any other Finance Documents executed after the date of this Agreement. 18.2 Amendment Costs If an Obligor requests an amendment, waiver or consent, the Parent shall, within 3 (three) Business Days of demand, reimburse each Finance Party for the amount of all costs and expenses (including legal fees) reasonably incurred by that Finance Party in responding to, evaluating, negotiating or complying with that request or requirement. 18.3 Enforcement Costs The Parent shall, within 3 (three) Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 65 EMEA 154791766 Section 7 Guarantee 19. Guarantee and Indemnity 19.1 Guarantee and Indemnity Each Guarantor irrevocably and unconditionally jointly and severally: (a) guarantees to each Finance Party punctual performance by each other Obligor of all that Obligor's obligations under the Finance Documents; (b) undertakes with each Finance Party that: (i) whenever another Obligor does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and (ii) if an Ipso Facto Event is continuing, then immediately on demand by the Agent that Guarantor shall pay all Loans, accrued interest and any other amounts referred to in Clause 25.19 (Acceleration) as if it was the principal obligor; and (c) agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability that Finance Party incurs as a result of an Obligor not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by that other Obligor under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 19 if the amount claimed had been recoverable on the basis of a guarantee. 19.2 Continuing Guarantee This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 19.3 Reinstatement If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 19 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 19.4 Waiver of Defences The obligations of each Guarantor under this Clause 19 will not be affected by an act, omission, matter or thing which, but for this Clause 19, would reduce, release or prejudice any of its obligations under this Clause 19 (without limitation and whether or not known to it or any Finance Party) including: (a) any time, waiver or consent granted to, or composition with, any Obligor or other person; 66 EMEA 154791766 (b) the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; (c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; (d) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person; (e) any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or increase in any Facilities or the addition of any new Facilities under any Finance Document or other document or security; (f) any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or (g) any insolvency, business rescue or similar proceedings. 19.5 Guarantor Intent Without prejudice to the generality of Clause 19.4 (Waiver of Defences), each Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to: (a) the obligations of each other Obligor under the Finance Documents following any extension of the Termination Date under Clause 6.2 (Extension Option) and remain in full force and effect and continue and extend to the liabilities and obligations of the Borrowers under this Agreement and the other Finance Documents following that extension; and (b) any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any Facilities or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such Facilities or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 19.6 Immediate Recourse Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 19. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 19.7 Appropriations Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: (a) refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, 67 EMEA 154791766 or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and (b) hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor's liability under this Clause 19. 19.8 Deferral of Guarantors' Rights Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19: (a) to be indemnified by an Obligor; (b) to claim any contribution from any other guarantor of any Obligor's obligations under the Finance Documents; (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; (d) to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 19.1 (Guarantee and Indemnity); (e) to exercise any right of set-off against any Obligor; and/or (f) to claim or prove as a creditor of any Obligor in competition with any Finance Party. If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 32 (Payment Mechanics). 19.9 Release of Guarantors' Right of Contribution If any Guarantor (a "Retiring Guarantor") ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor: (a) that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any other Guarantor of its obligations under the Finance Documents; and (b) each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

------

![](syndicatedfacilitiesagre018.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 EMEA 154791766 19.10 Additional Security This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party. 19.11 Waiver and abandonment of Jersey customary law rights Without prejudice to the generality of any other waiver granted in any Finance Document, each Obligor irrevocably abandons and waives any right it may have at any time under Jersey law whether existing or future: (a) whether by virtue of the droit de division or otherwise, to require that any liability under any Finance Document be divided or apportioned with any other person or reduced in any manner whatsoever; and (b) whether by virtue of the droit de discussion or otherwise, to require that recourse be had to the assets of any other person before any claim is enforced against that Obligor under any Finance Document. 69 EMEA 154791766 Section 8 Representations, Undertakings and Events of Default 20. Representations 20.1 General (a) Each Obligor makes the representations and warranties set out in this Clause 20 to each Finance Party. (b) In relation to the representations and warranties made on the date of this Agreement and any other date on or before the Closing Date, it is assumed that: (i) the Scheme has become Effective; (ii) transfer to the Company of the Scheme Shares on the Closing Date has occurred; and (iii) the Parent has the knowledge of Senior Management. 20.2 Status (a) It is a limited liability corporation, duly incorporated and validly existing under the laws of its jurisdiction of incorporation. (b) It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 20.3 Binding Obligations The obligations expressed to be assumed by it in each Transaction Document to which it is a party are, subject to the Legal Reservations, legal, valid, binding and enforceable obligations. 20.4 Non-Conflict with other Obligations (a) Subject to paragraph (b) below, the entry into and performance by it of, and the transactions contemplated by, the Transaction Documents to which it is a party do not and will not conflict with: (i) any law or regulation applicable to it; (ii) its constitutional documents; or (iii) any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries' assets and where this applies to its Subsidiaries or its Subsidiaries' assets only, in a manner which would have a Material Adverse Effect. (b) Paragraph (a)(iii)above applies in respect of the Existing CTA with effect from the Closing Date only. 20.5 Power and Authority It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Transaction Documents to which it is a party and the transactions contemplated by those Transaction Documents and no limits on its powers will be exceeded or breached as a result. 70 EMEA 154791766 20.6 Benefit The entry into the Transaction Documents to which it is a party is for its commercial benefit. 20.7 Validity and Admissibility in Evidence (a) Subject to paragraph (b) below, all Authorisations required: (i) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party; (ii) to make the Transaction Documents to which it is a party admissible in evidence in its jurisdiction of incorporation; (iii) for it to carry on its business; and (iv) for its Subsidiaries to carry on their respective businesses, but only to the extent such are material Authorisations, have been obtained or effected and are in full force and effect or will be obtained or effected prior to its entry into the relevant Transaction Documents, save that in respect of Clauses 20.7(a)(iii) and 20.7(a)(iv) above, only to the extent failure to obtain or effect those Authorisations would have a Material Adverse Effect. (b) Paragraph (a) above shall apply to the Closing Date Authorisations on and with effect from the Closing Date. 20.8 Governing Law and Enforcement Subject to the Legal Reservations: (a) the choice of English law as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation; (b) any judgment obtained in England in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation. 20.9 Deduction of Tax It is not required to make any deduction for or on account of Tax from any payment it may make under any Finance Document to which it is a party. 20.10 No Filing or Stamp Taxes Under the law of its jurisdiction of incorporation, it is not necessary that the Transaction Documents to which it is a party be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to those Transaction Documents or the transactions contemplated by those Transaction Documents. 20.11 No Default (a) Subject to paragraph (b) below: (i) no Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Transaction Document; and (ii) no other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries') assets are subject which might have a Material Adverse Effect. 71 EMEA 154791766 (b) Paragraph (a) above applies in respect of the Existing CTA with effect from the Closing Date only. 20.12 No Misleading Information Each Obligor makes the representations and warranties in this Clause 20.12 so far as it is aware after making reasonable enquiries in respect of information provided by it. (a) All information supplied by the Parent, any Obligor or any other member of the Group to the Agent or any other Finance Party is true, complete and accurate in all material respects as at the date it was given and is not misleading in any respect. (b) It has not knowingly withheld information which, if disclosed, would reasonably be expected to materially and adversely affect the decisions of the Lenders to provide finance to the Borrowers. (c) The Base Case Model has been prepared in accordance with the Accounting Principles as applied to the Original Financial Statements of the Parent, and the financial projections contained in the Base Case Model have been prepared on the basis of recent historical information, are fair and based on reasonable assumptions and have been approved by the board of directors of the Parent. (d) Any financial projection or forecast contained in the Information Memorandum or the Information Package has been prepared on the basis of recent historical information and on the basis of reasonable assumptions and was fair (as at the date of the relevant report or document containing the projection or forecast) and arrived at after careful consideration. (e) The expressions of opinion or intention provided by or on behalf of an Obligor for the purposes of the Information Memorandum or the Information Package were made after careful consideration and (as at the date of the relevant report or document containing the expression of opinion or intention) were fair and based on reasonable grounds. (f) No event or circumstance has occurred or arisen and no information has been omitted from the Information Memorandum or the Information Package and no information has been given or withheld that results in the information, opinions, intentions, forecasts or projections contained in the Information Memorandum or the Information Package being untrue or misleading in any material respect. (g) All material information provided to a Finance Party by or on behalf of the Parent or the Company in connection with the Acquisition and/or the Target Group on or before the date of this Agreement and not superseded before that date is accurate and not misleading in any material respect and all projections provided to any Finance Party on or before the date of this Agreement have been prepared in good faith on the basis of assumptions which were reasonable at the time at which they were prepared and supplied. The representations and warranties made with respect to the Reports are made by each Obligor in this Clause 20.12 (No Misleading Information) only so far as it aware after making due and careful enquiry. 20.13 Financial Statements (a) Its Original Financial Statements were prepared in accordance with IFRS consistently applied.

------

![](syndicatedfacilitiesagre019.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 EMEA 154791766 (b) Its Original Financial Statements fairly present its financial condition and operations (consolidated in the case of the Parent and the Target) during the relevant Financial Year. (c) The most recent financial statements delivered pursuant to Clause 21.1 (Financial Statements) have been prepared in accordance with IFRS as applied to the Original Financial Statements and give a true and fair view of (if audited) or fairly present (if unaudited) the Group's consolidated financial condition and each Obligor's financial condition as at the end of, and consolidated results of operations for, the period to which they relate. (d) Since the date of the Original Financial Statements there has been no material adverse change in the business, assets or financial condition of the Group. 20.14 Insurance It maintains insurances itself (or though Group insurances which it benefits from as co-insured) on and in relation to its business and assets against those risks and to the extent as is usual for companies carrying on the same or substantially similar business with reputable underwriters or insurance companies. 20.15 Assets and Intellectual Property Rights (a) It has good title to or valid leases or licenses over all of the assets necessary and material to carry on its business. (b) As far as it is aware, it will not nor will any of its Subsidiaries, in carrying on its business, infringe any Intellectual Property Rights of any third party in any way which is likely to have a Material Adverse Effect. 20.16 Pari Passu Ranking Its payment obligations under the Finance Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 20.17 No Proceedings Pending or Threatened Save to the extent disclosed in Schedule 14 (Disclosed Potential Environmental Claim), no litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries. 20.18 Insolvency and Financial Distress (a) No: (i) corporate action, legal proceeding or other procedure or step described in Clause 25.9 (Insolvency and Business Rescue Proceedings); or (ii) creditors' process described in Clause 25.10 (Creditor's Process), has been taken by it or in relation to it or to the best of its knowledge and belief (having made due and careful enquiry) by or in relation to any other member of the Group; and none of the circumstances described in Clause 25.8 (Insolvency) applies to it or to the best of its knowledge and belief (having made due and careful enquiry) any other member of the Group. 73 EMEA 154791766 (b) Neither it nor any member of the Group is Financially Distressed (as defined in section 128 of the South African Companies Act), or, given similar meaning under any applicable company legislation and regulations, in Australia or Papua New Guinea). (c) The representations and warranties set out in this Clause 20.18 do not apply to the members of the Group listed in Schedule 16 (Companies to be Wound Up/Reorganised). 20.19 No Breach of Laws (a) Subject to Clause 20.23 (Sanctions and Anti-Corruption), it has not (and to the best of its knowledge and belief (having made due and careful enquiry) none of its Subsidiaries has) breached any law or regulation which breach has or might reasonably be expected to have a Material Adverse Effect. (b) No labour disputes or industrial action are current or, to the best of its knowledge and belief (having made due and careful enquiry), threatened against any member of the Group which have or might reasonably be expected to have a Material Adverse Effect. 20.20 Environmental Laws (a) Save to the extent disclosed in Schedule 14 (Disclosed Potential Environmental Claim), each member of the Group is in compliance with Clause 23.3 (Environmental Compliance) and to the best of its knowledge and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or to an extent which has or might reasonably be expected to have a Material Adverse Effect. (b) Save to the extent disclosed in Schedule 14 (Disclosed Potential Environmental Claim), no Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due and careful enquiry)) is threatened against any member of the Group where that claim has or might reasonably be expected, if determined against that member of the Group, to have a Material Adverse Effect. 20.21 Authorised Signatories Any person specified as its authorised signatory in the documents delivered under Schedule 2 (Conditions precedent) or paragraph (i) of Clause 21.7 (Information: Miscellaneous) is authorised to sign Utilisation Requests (in relation to the Parent or the Company only) and other notices on its behalf. 20.22 No Immunity In any proceedings taken in South Africa, Australia or Papua New Guinea or in any other jurisdiction, it will not be entitled to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process in relation to this Agreement or any other Finance Document. 20.23 Sanctions and Anti-Corruption (a) Neither the Parent, nor any other member of the Group: (i) is a Sanctioned Entity and nor, to the knowledge of the Parent (having made due and careful enquiry), any other member of the Group or any of their directors, officers or employees, is any agent of the Parent or any other member of the Group that will act in any capacity in connection with or benefit from the credit Facilities established hereby, a Sanctioned Entity; 74 EMEA 154791766 (ii) is using, nor will use the proceeds of the Facilities for the purpose of financing or making funds available directly or indirectly to any Sanctioned Entity, to the extent such financing or provision of funds would currently be prohibited by Anti-Corruption Laws or applicable Sanctions or would otherwise cause any person to be in breach of Anti-Corruption Laws or Sanctions; or (iii) is contributing, nor will contribute or otherwise make available the proceeds of the Facilities to any other person or entity for the purpose of financing the activities of any Sanctioned Entity, to the extent such contribution or provision of proceeds would currently be prohibited by Sanctions or would otherwise cause any person to be in breach of Sanctions. (b) None of the Parent, any member of the Group, any director or officer of the Parent or any other member of the Group: (i) has been or is targeted under any Sanctions, or has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with respect to Sanctions by any Sanctions Authority; or (ii) has violated or is violating any applicable Sanctions. (c) The Parent has and maintains in effect policies and procedures designed to ensure compliance by the Parent, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. (d) None of the Parent, any member of the Group, any director or officer, or any employee, agent, or Affiliate, of the Parent or any member of the Group: (i) is a person that is, or is owned or controlled by persons that are, the subject of any Sanctions; (ii) has knowingly engaged in any activity that would reasonably be expected to result in the Parent, any member of the Group, any director or officer, or any employee, agent, or Affiliate, of the Parent or any member of the Group being designated as a Sanctioned Entity; or (iii) is located, organised or resident in a country or territory that is, or whose government is, the subject of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria). (e) The foregoing representations in this Clause 20.23 will not apply to any party hereto to which (i) Council Regulation (EC) 2271/96 (or any law or regulation implementing such Regulation in any member state of the European Union) and/or Section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung) (the "Blocking Law") or (ii) the UK Protection of Trading Interests Legislation ("UKPTIL") applies, if and to the extent that such representations are or would be unenforceable by or in respect of that party pursuant to, or would otherwise result in a breach and/or violation of any provision of, the Blocking Law or the UKPTIL, as applicable. 20.24 Guarantors (a) The Parent and each other Material Group Company (other than a member of the Target Group) is or will be a Guarantor on the date of this Agreement and on Financial Close. (b) The aggregate of earnings before interest, tax, depreciation and amortisation (calculated on the same basis as EBITDA), the aggregate gross assets and the aggregate turnover of the Obligors on Financial Close (calculated on an unconsolidated basis and excluding all intra-Group items) is equal to or exceeds 80% (eighty per cent) of the 75 EMEA 154791766 aggregate of EBITDA, the consolidated gross assets and the consolidated turnover of the Group. 20.25 Intercompany Loans As of the first Utilisation Date, save for: (a) the intercompany loans contemplated in Schedule 18 (Inter-Company Loans); and (b) the intercompany loans under paragraph (b) of the definition of "Permitted Loans", no other intercompany loans exist between the members of the Group. 20.26 Acquisition Documents, Disclosures and other Documents (a) The Acquisition Documents contain all the relevant terms of and disclosures in relation to the Acquisition. (b) There is no disclosure made in the Disclosure Materials or any other disclosure to the Acquisition Documents which has or may have a material adverse effect on any of the information, opinions, intentions, forecasts and projections contained or referred to in the Information Package. (c) To the best of its knowledge no representation or warranty (as qualified by the Disclosure Materials) given by any party to the Acquisition Documents is untrue or misleading in any material respect. 20.27 Implementation As at the date of this Agreement and Financial Close, it intends that the Acquisition will be implemented in accordance with the terms of the Scheme Implementation Deed. 20.28 Taxes (a) It has paid all Taxes due and payable by it. (b) Each head company, representative member or equivalent entity of any Tax group of which it has been a member (including any Tax Consolidated Group and GST Group) has paid all Tax due and payable by it. (c) At all times during which it has been a member of a Tax Consolidated Group, it has been a party to a validly executed Tax Sharing Agreement and Tax Funding Agreement. 20.29 Related Party Benefit and Financial Assistance The entry into and delivery by it of, and the transactions contemplated by, the Transaction Documents to which it is a party does not contravene Chapter 2E or 2J.3 of the Australian Corporations Act in any material respect. 20.30 Trustee It does not enter into any Finance Document as a trustee. 20.31 Times When Representations Made (a) All the representations and warranties in this Clause 20 are made by each Original Obligor on the date of this Agreement. (b) All the representations and warranties in this Clause 20 are deemed to be made by each Obligor on the Closing Date.

------

![](syndicatedfacilitiesagre020.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 EMEA 154791766 (c) Subject to paragraph (d) below, the Repeating Representations are deemed to be made by each Obligor: (i) on the date of each Utilisation Request; (ii) on each Utilisation Date; (iii) on the first day of each Interest Period; (iv) the date of any Extension Request; and (v) in the case of an Additional Guarantor, the day on which the company becomes (or it is proposed that the company becomes) an Additional Guarantor. (d) Each representation or warranty deemed to be made after the date of this Agreement shall be deemed to be made by reference to the facts and circumstances existing at the date the representation or warranty is deemed to be made. 21. Information Undertakings The undertakings in this Clause 21 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 21.1 Financial Statements The Parent shall supply to the Agent in sufficient copies for all the Lenders: (a) as soon as the same become available, but in any event within 120 (one hundred and twenty) days after the end of each of its Financial Years, its audited consolidated financial statements for that Financial Year; (b) as soon as the same became available, but in any event within 150 (one hundred and fifty) days after the end of each of its Financial Years, the audited financial statements of each Obligor for that Financial Year; and (c) as soon as the same become available, but in any event within 60 (sixty) days after the end of each half of each of its Financial Years, its consolidated financial statements for that financial half year. 21.2 Management Accounts The Parent shall supply to the Agent in sufficient copies for all Lenders, as soon as the same become available, but in any event within 60 (sixty) days of the end of each Financial Quarter, the management accounts, in form and substance acceptable to the Agent, reflecting the financial position of the Obligors, in respect of such Financial Quarter. 21.3 Provision and Contents of Compliance Certificate (a) The Parent shall supply to the Agent, with each set of financial statements delivered pursuant to Clause 21.1 (Financial Statements) and with each set of management accounts delivered pursuant to Clause 21.2 (Management Accounts), a Compliance Certificate: (i) setting out (in reasonable detail) computations as to compliance with Clause 22.1 (Financial Covenants) as at the date as at which those financial statements were drawn up; 77 EMEA 154791766 (ii) certifying whether there has been any change in the members of the Group which are Material Group Companies as at the date as at which those financial statements were drawn up; (iii) confirming compliance with the requirements of Clause 23.19 (Guarantor Coverage) as at the date as at which those financial statements were drawn up together with computations setting out such compliance in reasonable detail, provided that the obligation to confirm compliance with the requirements of Clause 23.19 (Guarantor Coverage) pursuant to such Compliance Certificate shall only apply in relation to a Compliance Certificate delivered in respect of a period for which financial statements are delivered in terms of Clause 21.1 (Financial Statements); and (iv) confirming that no Default has occurred and is continuing or, if a Default has occurred, what Default has occurred and the steps being taken to remedy that Default. (b) Each Compliance Certificate shall be signed by the chief financial officer or the financial director of the Parent. (c) In the event that a set of financial statements delivered pursuant to Clauses 21.1(a) and 21.1(b) is restated, the Parent must submit a new Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 22.1 (Financial Covenants) as at the date at which those financial statements were restated. 21.4 Requirements as to Financial Statements (a) Each set of financial statements delivered by the Parent pursuant to Clause 21.1 (Financial Statements) shall be certified by a director of the relevant company as giving a true and fair view if audited, or fairly presenting, if unaudited, its financial condition as at the date as at which those financial statements were drawn up. (b) The Parent shall procure that each set of consolidated financial statements delivered pursuant to Clause 21.1 (Financial Statements) is prepared using IFRS. (c) The Parent shall procure that each set of financial statements delivered pursuant to Clause 21.1 (Financial Statements) is prepared using IFRS (to the extent IFRS was applied), accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in IFRS (to the extent IFRS was applied), the accounting practices or reference periods, and its Auditors (or, if appropriate, the Auditors of the Obligor) deliver to the Agent: (i) a description of any change necessary for those financial statements to reflect the IFRS (to the extent IFRS was applied), accounting practices and reference periods upon which that Obligor's Original Financial Statements were prepared; and (ii) sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 22.1 (Financial Covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligor's Original Financial Statements. (d) Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. 78 EMEA 154791766 21.5 Financial Year-End The Parent shall ensure that its Financial Year and the Financial Year of each other member of the Group does not change without the prior written consent of the Agent. 21.6 Environmental Report (a) Within ten (10) Business Days of becoming aware of such non-compliance or any breach, the Parent shall provide to the Agent: (i) details of any non-compliance with applicable Environmental Law or any Environmental Permit; (ii) details of any suspension, revocation, cancellation, annulment or amendment of any Environmental Permit; and (iii) details of any breach of any Environmental Permit. (b) The Parent shall provide the Agent (in sufficient copies for all the Lenders, if the Agent so requests) all supplemental information to the Parent's Integrated Annual Report, which includes information regarding, without limitation: (i) environmental and social progress in the relevant reporting period; (ii) results of environmental monitoring, including dust fallout monitoring, stack emission monitoring, fugitive dust monitoring, potable water analysis (including taps and game reserve boreholes), discharge effluent analysis (including sewerage and settling dams), monitoring boreholes and noise monitoring; (iii) confirmation of compliance with all Environmental Laws and Environmental Permits (as and when they become applicable); (iv) details of any non-compliances/partial-compliances with any Environmental Laws and associated rectification actions; (v) details and updates as to the status of any water use licence applications made by the Parent or any other member of the Group in terms of the National Water Act, 1998 of South Africa; and (vi) a copy of any exemption, and the conditions related thereto, issued by the National Nuclear Regulator of South Africa to the Parent or any other member of the Group. 21.7 Information: Miscellaneous The Parent shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests): (a) all documents dispatched by the Parent to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; (b) promptly upon becoming aware of them, details and copies of any material and substantive changes (excluding for the avoidance of doubt, administrative or procedural changes) proposed to or made to its constitutional documents or the constitutional documents of it or any other Obligor, including the filing of any Memorandum of Incorporation under the South African Companies Act or under any applicable company legislation and regulations in Australia or Papua New Guinea; 79 EMEA 154791766 (c) as soon as reasonably practicable, but in any event within 7 (seven) Business Days of becoming aware of them, the details of any litigation, arbitration, administrative proceedings, liquidation applications, winding up applications or business rescue applications which are current, threatened or pending against it or any other member of the Group, and which may, if adversely determined, have a Material Adverse Effect; (d) as soon as reasonably practicable, but in any event within 7 (seven) Business Days of being requested by the Agent, such further information regarding the financial condition, business and operations of it or any other member of the Group as any Finance Party (through the Agent) may reasonably request in order to assess the Parent's or any other Obligor's ability to perform its obligations under the Finance Documents; (e) as soon as reasonably practicable, but in any event within 7 (seven) Business Days of it becoming aware of any transfer or issue or proposed transfer or issue of shares of any member of the Group or other corporate action or proposed corporate action that would constitute a Fundamental Control Event; (f) regular updates (at intervals of no less than 6 (six) months or sooner as and when such information becomes available) on the progress of applications for all Environmental Permits and Authorisations required for its operations or proposed operations in Papua New Guinea; (g) promptly, notice of any suspension or cancellation of any Authorisation relating to its operations where given by the relevant Minister under the Mineral and Petroleum Resources Development Act, 2002 or other Mining Law (other than temporary stoppages under the Mine Health and Safety Act, 1996) or similar legislation in Papua New Guinea;] (h) such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any other Finance Party) in order for the Agent and each other Finance Party to demonstrate compliance with the Equator Principles in respect of their lending or any other financial exposure to the Parent under the Finance Documents; (i) as soon as reasonably practicable, but in any event within 7 (seven) Business Days of (but in any event prior to any notices being given by an authorised signatory) any change in authorised signatories of it or any other Obligor signed by a director or company secretary of it or such other Obligor (as the case may be) accompanied by specimen signatures of any new authorised signatories; (j) as soon as reasonably practicable, but in any event within 7 (seven) Business Days of request by the Agent such additional information or documentation as the Agent may require in order to verify that any signatory referred to in paragraph (i) above has been duly authorised; (k) as soon as reasonably practicable, but in any event within 1 (one) Month after the end of each of its Financial Years, its annual business plan as approved by the board of directors of the Parent; and (l) promptly, such further information as may be required by applicable banking supervisory laws and regulations and/or in line with standard banking practice. 21.8 Notification of Default (a) The Parent shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless the Parent is aware that a notification has already been provided by another Obligor).

------

![](syndicatedfacilitiesagre021.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 EMEA 154791766 (b) Promptly upon a request by the Agent, the Parent shall supply to the Agent a certificate signed by 2 (two) of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 21.9 DAC6 The Parent shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests): (a) promptly upon the making of such analysis or the obtaining of such advice, any analysis made or advice obtained on whether any transaction contemplated by the Finance Documents or any transaction carried out (or to be carried out) in connection with any transaction contemplated by the Finance Documents contains a hallmark as set out in Annex IV of DAC6; and (b) promptly upon the making of such reporting and to the extent permitted by applicable law and regulation, any reporting made to any governmental or taxation authority by or on behalf of any member of the Group or by any adviser to such member of the Group in relation to DAC6 or any law or regulation which implements DAC6 and any unique identification number issued by any governmental or taxation authority to which any such report has been made (if available). 21.10 "Know Your Customer" Checks (a) If: (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; (ii) any change in the status of an Obligor (or of a Holding Company of an Obligor) or the composition of the shareholders of an Obligor (or of a Holding Company of an Obligor) after the date of this Agreement; or (iii) a proposed assignment or transfer by a Lender of any of its rights and/or obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. (b) Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 81 EMEA 154791766 (c) The Parent shall, by not less than 10 Business Days' prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Guarantor pursuant to Clause 28 (Changes to the Obligors). (d) Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Guarantor obliges the Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Parent shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Guarantor. 22. Financial Covenants 22.1 Financial Covenants The Parent shall ensure that: (a) the Interest Cover Ratio shall not be less than 5 times in respect of any Ratio Test Period; and (b) the Leverage Ratio shall be less than 2.5 times for any Ratio Test Date. 22.2 Financial Testing For the purpose of testing compliance with the requirements of 22.1 (Financial Covenants): (a) subject to the remaining provisions of this Clause 22, the financial covenants set out in Clause 22.1 (Financial Covenants) shall be calculated in accordance with IFRS and tested by reference to each of the financial statements delivered pursuant to Clause 21.1 (Financial Statements) and/or such other information required in relation to certain of the components of the financial covenants where required and/or each Compliance Certificate delivered pursuant to Clause 21.3 (Compliance Certificate); and (b) the Parent shall deliver a reconciliation between the financial statements delivered pursuant to Clause 21.1 (Financial Statements) and such financial statements as adjusted so as to exclude Financial Indebtedness in respect of a lease or hire purchase contract which would, in accordance with IFRS in force prior to 1 January 2019, have been treated as an operating lease and calculate the financial covenants pursuant to this Clause. 23. General Undertakings The undertakings in this Clause 23 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 23.1 Authorisations Each Obligor shall (and the Parent shall ensure that each other Obligor will) promptly: (a) obtain, comply with and do all that is necessary to maintain in full force and effect; and 82 EMEA 154791766 (b) supply certified copies to the Agent on request of, any Authorisation required to enable it to conduct its business and to perform its obligations under the Transaction Documents and to ensure (subject to the Legal Reservations to the extent they may make it impossible to do so) the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Transaction Document. 23.2 Compliance with Laws (a) Subject to Clause 23.2(b), each Obligor shall (and the Parent shall ensure that each other member of the Group will) comply in all respects with all laws to which it may be subject where failure to do so has or might reasonably be expected to have a Material Adverse Effect. (b) Each Obligor shall (and the Parent shall ensure that each other member of the Group will) comply in all respects with all Anti-Corruption Laws and any Sanctions. (c) The Parent will maintain in effect and enforce policies and procedures designed to ensure compliance by the Parent, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 23.3 Environmental Compliance Each Obligor shall (and the Parent shall ensure that each other member of the Group will): (a) comply with all Environmental Law; (b) obtain, maintain and ensure compliance with all requisite Environmental Permits; (c) implement procedures to monitor compliance with and to prevent liability under any Environmental Law, where failure to do so has or might reasonably be expected to have a Material Adverse Effect. 23.4 Environmental Claims Each Obligor shall (through the Parent), promptly upon becoming aware of the same, inform the Agent in writing of: (a) any Environmental Claim against it or any other member of the Group which is current, pending or threatened; and (b) any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against it or any other member of the Group. 23.5 Insurance Each Obligor shall (and the Parent shall ensure that each member of the Group shall) maintain insurances itself (or though Group insurances which it benefits from as co-insured) on and in relation to its business and assets against those risks and to the extent as is usual for companies carrying on the same or substantially similar business with reputable underwriters or insurance companies. 23.6 Negative Pledge (a) No Obligor shall (and the Parent shall ensure that no other member of the Group will) create or permit to subsist any Security over any of its assets and/or shares. 83 EMEA 154791766 (b) No Obligor shall (and the Parent shall ensure that no other member of the Group will): (i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group; (ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms; (iii) enter into or permit to subsist any title retention arrangement; (iv) enter into or permit to subsist any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or (v) enter into or permit to subsist any other preferential arrangement having a similar effect, in circumstances where the arrangement or transaction is entered into primarily as a method of securing the raising of Financial Indebtedness or of securing the financing of the acquisition of an asset. (c) Clauses 23.6(a) and 23.6(b) above do not apply to any Permitted Security. 23.7 Disposals (a) No Obligor shall (and the Parent shall ensure that no other member of the Group will), enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset. (b) Clause 23.7(a) above does not apply to any sale, lease, transfer or other disposal: (i) made in the ordinary course of business of the disposing entity; (ii) of assets in exchange for other assets comparable or superior as to type, value and quality and for a similar purpose; (iii) made between the Obligors; (iv) of Cash or Cash Equivalent Investments not prohibited by the Finance Documents; (v) of obsolete or redundant assets; (vi) made pursuant to the Buy-In Option; (vii) made pursuant to a Permitted Security; (viii) made pursuant to the Permitted Royalty Agreement or any Permitted Stream Agreement, provided that the principal amount raised by the Group is not increased after the date of this Agreement; (ix) of shares in any member of the Group listed in Schedule 16 (Companies to be Wound Up/Reorganised) in order to bring about a solvent corporate restructure or winding up of that member of the Group; (x) by way of a Permitted Loan; (xi) of any other assets (including any Material Assets) on arm's length terms, for full market value and for cash consideration which is not deferred beyond a period of 1 (one) year from the date of effective transfer or conditional transfer

------

![](syndicatedfacilitiesagre022.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 EMEA 154791766 and subject always to the Parent's obligations under Clause 8.3 (Material Disposal Proceeds); or (xii) made with the prior written approval of the Agent (acting on behalf of the Lenders). 23.8 Change of Business The Parent shall procure that no substantial change is made to the general nature of the business of the Parent or the Group from that carried on at the Signature Date. 23.9 Loans or Credit (a) Except as permitted under Clause 23.9(b) below, no Obligor shall (and the Parent shall ensure that no other member of the Group will) be a creditor in respect of any Financial Indebtedness. (b) Clause 23.9(a) above does not apply to: (i) such arrangements existing as at the Signature Date and disclosed in Schedule 17 (Inter-Company Loans) or in the Original Financial Statements; (ii) Permitted Loans; (iii) any guarantee or indemnity given in respect of Permitted Indebtedness; or (iv) Financial Indebtedness owed by one Obligor to another Obligor. 23.10 No Guarantees or Indemnities (a) Except as permitted under Clause 23.10(b) below, no Obligor shall (and the Parent shall ensure that no other member of the Group will) incur or allow to remain outstanding any guarantee in respect of any obligation of any person or grant any indemnity in favour of any person. (b) Clause 23.10(a) above does not apply to a guarantee or indemnity: (i) falling within the definition of Financial Indebtedness and which constitutes Permitted Indebtedness; or (ii) which constitutes a Permitted Guarantee. 23.11 Financial Indebtedness (a) Except as permitted under Clause 23.11(b) below, no Obligor shall (and the Parent shall ensure that no other member of the Group will) incur or allow to remain outstanding any Financial Indebtedness. (b) None of Morobe Consolidated Goldfields Limited, Wafi Mining Limited or Morobe Exploration Limited shall incur or allow to remain outstanding any Financial Indebtedness other than: (i) in an aggregate amount at any time not exceeding USD30,000,000 (thirty million United States Dollars) or its equivalent in any other currency or currencies (when aggregated across all three abovementioned entities); (ii) in respect of Permitted Loans where Morobe Consolidated Goldfields Limited, Wafi Mining Limited or Morobe Exploration Limited is the borrower and another member of the Group the lender and the ultimate source of such funds is not directly or indirectly derived from Financial Indebtedness incurred by a 85 EMEA 154791766 member of the Group towards a person other than the lenders under the Existing CTA. (c) Clause 23.11(a) above does not apply to Financial Indebtedness which is Permitted Indebtedness. 23.12 Auditors No Obligor shall (and the Parent shall ensure that no other member of the Group will) change its auditor to a person other than KPMG, PricewaterhouseCoopers, Ernst & Young or Deloitte without the prior written consent of the Agent. 23.13 Sanctions and Anti-Corruption (a) Each Obligor (and each Obligor shall ensure that each other member of the Group) shall maintain in effect and enforce policies and procedures designed to ensure compliance by the Parent, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. (b) Each Obligor (and each Obligor shall ensure that each other member of the Group) shall not use (or otherwise make available) the proceeds of any Loan (i) for the purpose of financing directly or indirectly the activities of any Sanctioned Entity, to the extent such contribution or provision of proceeds would at that time be prohibited by Sanctions or would otherwise cause any person to be in breach of Sanctions, (ii) in furtherance of an offer, payment, promise to pay or authorisation of the payment or giving of money, or anything else of value, to any person in violation of any Anti- Corruption Laws or (iii) in any manner that would result in the violation of any Sanctions applicable to any party to this Agreement. The foregoing sub-paragraphs (ii) and (iii) of this paragraph (b) will not apply to any party hereto to which (A) the Blocking Law or (B) the UKPTIL applies, if and to the extent that such representations are or would be unenforceable by or in respect of that party pursuant to, or would otherwise result in a breach and/or violation of any provision of, the Blocking Law or the UKPTIL, as applicable. (c) Each Obligor (and each Obligor will ensure that each other member of the Group) shall ensure that appropriate controls and safeguards are in place designed to prevent any proceeds of any Loan from being used contrary to Clause 23.13(a) above. 23.14 Distributions The Parent shall not declare, make or pay any Distributions if an Event of Default is continuing at the time. 23.15 Tax and Tax Grouping (a) Each Obligor shall, and shall ensure that each head company of a Tax Consolidated Group and representative member of a GST Group or equivalent entity of a Tax group of which it is or becomes a member, will: (i) file all Tax returns and other information required to be filed by it with any relevant Tax authority to ensure that it complies with all of its obligations to pay Tax; (ii) pay all Tax due and payable by it by the due date; (iii) not change the jurisdiction in which it is treated as a resident for tax purposes. (b) Each Obligor that is or becomes a member of a Tax Consolidated Group must ensure that: 86 EMEA 154791766 (i) it has entered into and is a party to a validly executed Tax Sharing Agreement and Tax Funding Agreement; (ii) the Tax Sharing Agreement and Tax Funding Agreement referred to in (i) above is not: (A) terminated, repudiated, rescinded or revoked while it is a member of that Tax Consolidated Group; or (B) amended, restated, supplemented, waived or otherwise modified in any way which would result in it ceasing to fall within the requirements of the definition of a Tax Sharing Agreement or Tax Funding Agreement, as applicable; (iii) it will provide (or will ensure that the head company provides) a copy of the Tax Sharing Agreement to the Australian Commissioner of Taxation within the period required by subparagraph 721-25(3)(b) of the Tax Act if the Australian Taxation Office gives a notice under subsection 721-25(3) of the Tax Act; (iv) must enforce all of its rights under the Tax Sharing Agreement and Tax Funding Agreement in a manner consistent to that which a reasonable, prudent person in its position would do so as if the other parties to those agreements were independent persons with whom it was dealing with at arm's length and not related parties; (v) take all action available to it to ensure that the Tax Sharing Agreement and Tax Funding Agreement remain in full force and effect; (vi) not grant any waiver, time or indulgence in respect of any obligations owed to it by any other person under the Tax Sharing Agreement and/or the Tax Funding Agreement without the prior written consent of each Finance Party; (vii) notify each Finance Party of any actual or alleged breach of a term of the Tax Sharing Agreement or Tax Funding Agreement promptly after its occurrence. (c) If required by the GST Act or any other law, each Obligor that is or becomes a member of a GST Group must ensure that: (i) it has entered into and is a party to a validly executed Indirect Tax Sharing Agreement and Indirect Tax Funding Agreement; (ii) the Indirect Tax Sharing Agreement and Indirect Tax Funding Agreement referred to in (i) above is not: (A) terminated, repudiated, rescinded or revoked while it is a member of that GST Group; or (B) amended, restated, supplemented, waived or otherwise modified in any way which would result in it ceasing to fall within the requirements of the definition of an Indirect Tax Sharing Agreement or Indirect Tax Funding Agreement, as applicable; (iii) the representative member gives the Australian Taxation Office a copy of the Existing Indirect Tax Sharing Agreement within the period required by subsection 444-90(1D) of Schedule 1 of the Taxation Administration Act 1953 (Cth) if the Australian Taxation Office gives a notice requiring it to do so; 87 EMEA 154791766 (iv) must enforce all of its rights under the Indirect Tax Sharing Agreement and Indirect Tax Funding Agreement in a manner consistent to that which a reasonable, prudent person in its position would do so as if the other parties to those agreements were independent persons with whom it was dealing with at arm's length and not related parties; (v) take all action available to it to ensure that the Indirect Tax Sharing Agreement and Indirect Tax Funding Agreement remain in full force and effect; (vi) not grant any waiver, time or indulgence in respect of any obligations owed to it by any other person under the Indirect Tax Sharing Agreement and/or the Indirect Tax Funding Agreement without the prior written consent of each Finance Party; (vii) notify each Finance Party of any actual or alleged breach of a term of the Indirect Tax Sharing Agreement or Indirect Tax Funding Agreement promptly after its occurrence. (d) Except to the extent contemplated by the Tax Sharing Agreement, Tax Funding Agreement, Indirect Tax Sharing Agreement or Indirect Tax Funding Agreement, each Obligor must take all necessary steps to ensure that it is not at any time liable for any Tax related liability other than in respect of its own assets and activities. 23.16 Acquisitions (a) No Obligor shall (and the Parent shall ensure that no other member of the Group shall) acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest in any of them) in excess of: (i) in relation to South African acquisitions, ZAR1,000,000,000 (one billion Rand) (or its equivalent in any other currency) in aggregate prior to the Termination Date; or (ii) in relation to acquisitions anywhere outside of South Africa, USD80,000,000 (eighty million United States Dollars) (or its equivalent in any other currency) in aggregate prior to the Termination Date. (b) Clause 23.16(a) above does not apply to: (i) the Acquisition; (ii) an acquisition of securities or investments which are Cash Equivalent Investments; (iii) an acquisition by an Obligor of an asset, business or undertaking from another Obligor; (iv) an acquisition of shares or securities pursuant to a Permitted Share Issue; (v) any acquisition financed by issuing shares of the Parent as consideration for the purchase price of the acquired asset; and (vi) an acquisition made with the prior written approval of the Agent. 23.17 Gold Price Derivative Transactions No Obligor shall (and the Parent shall ensure than no other member of the Group shall) conclude any Gold Price Derivative Transactions without the prior written consent of the Agent, other than Gold Price Derivative Transactions which are Permitted Indebtedness in terms of

------

![](syndicatedfacilitiesagre023.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 EMEA 154791766 paragraph (f) of the definition of "Permitted Indebtedness" and provided that the Parent shall only be entitled to enter into gold price derivative transactions for: (a) a maximum amount of up to the lower of: (i) 30% (thirty per cent) of its total annual gold production as per its most recent Financial Year, per annum; and (ii) 4000kg (four thousand kilograms) of gold per quarter; (b) a maximum period of 36 (thirty six) Months from the date of entering into each gold price derivative transaction; and (c) a minimum price of: (i) ZAR550,000 (five hundred and fifty thousand Rand) per kilogram of gold for ZAR gold price derivative transactions; or (ii) USD1,200 (one thousand two hundred United States Dollars) per ounce of gold for USD gold price derivative transactions. 23.18 Share Capital No Obligor, other than the Parent, shall: (a) issue any shares except pursuant to a Permitted Share Issue; (b) alter any rights attaching to its issued shares in existence at the Signature Date without the prior written consent of the Agent; (c) take any action to convert its shares into uncertificated shares without the prior written consent of the Agent; (d) repurchase, cancel, redeem, reduce or otherwise acquire any of its share capital or grant or acquire any option, warrant or other right over its share capital without the prior written consent of the Agent; (e) permit any sale or other transfer of its shares (other than as permitted under this Agreement) without the prior written consent of the Agent. 23.19 Guarantor Coverage (a) The Parent shall ensure that: (i) each Material Group Company as at Financial Close is a Guarantor; and (ii) any member of the Group which becomes a Material Group Company after Financial Close (including, for the avoidance of doubt, the Target and its Subsidiaries) becomes a Guarantor in accordance with Clause 28 (Changes to the Obligors). (b) The Parent shall ensure that the aggregate of earnings before interest, tax, depreciation and amortisation (calculated on the same basis as EBITDA) and the aggregate gross assets and the aggregate turnover of the Obligors (calculated on an unconsolidated basis and excluding all intra-Group items) is not less than 80% (eighty per cent) of the aggregate of EBITDA, the consolidated gross assets and turnover of the Group (excluding the Relevant PNG Entities) (the "Guarantor Coverage Test"), provided that in relation to an acquisition of an entity permitted under Clause 23.15 (Acquisitions) (an "Acquired Entity") it reasonably appears that the Guarantor 89 EMEA 154791766 Coverage Test will not be satisfied immediately following such acquisition, such Acquired Entity, shall promptly, but by no later than: (i) in respect of the Target, MAC AU and CMPL, the date falling 45 days or 90 days, as applicable, in accordance with Clause 23.24 (Conditions subsequent); or (ii) in respect of any other Acquired Entity, the date falling 30 days, after date on which it becomes a member of the Group become a Guarantor in accordance with Clause 28 (Changes to the Obligors) to ensure that the Guarantor Coverage Test is satisfied (calculated as if such Acquired Entity had been a Guarantor for the purposes of the relevant test and provided that, if the Guarantor Coverage Test is satisfied within such time period, no Default, Event of Default or other breach of the Finance Documents shall arise in respect thereof). (c) The Parent shall ensure that, to the extent that any member of the Group becomes a "Guarantor" under (and as defined in) the Existing CTA or a guarantor in respect of any other Permitted Indebtedness after the date of this Agreement, that member of the Group must become an Additional Guarantor under the Finance Documents. 23.20 Ownership The Parent shall (and each Obligor shall ensure that the Parent will) legally and beneficially own directly or indirectly 100% of the issued shares of each Guarantor (other than the Parent) at all times, except as expressly permitted under this Agreement or unless specifically agreed otherwise in writing between the Parent and the Agent. 23.21 Acquisition Undertakings The Borrowers shall: (a) comply in all material respects, with: (i) all applicable laws and regulations in respect of the Acquisition; and (ii) the terms of the Acquisition Documents; (b) promptly supply to the Agent: (i) all information in connection with the Acquisition (including information regarding progress of the Acquisition) that any Finance Party may reasonably request; (ii) notification of any amendment to any Acquisition Document; and (iii) notification of any waiver of a Scheme Condition Precedent or other condition of or in relation to the Acquisition; (c) ensure that there is no increase in the Consideration or the consideration payable per Target Share under the Scheme from that set out in the Agreed Form of the Scheme Implementation Deed, other than as may be agreed in writing between the Arrangers and the Parent; (d) ensure that there is no amendment, waiver and/or revocation to any term of the Acquisition Documents which would be reasonably expected to be materially prejudicial to the interests of the Lenders, except: (i) to the extent required by any applicable law, regulation or regulatory body (including any court); 90 EMEA 154791766 (ii) increasing the Consideration or the consideration payable per Target Share in accordance with paragraph (c) above; (iii) in relation to extending the period in which holders of Target Shares may consider the terms of the Scheme, including (1) in relation to an extension to any date for any meeting or court hearing and/or (2) by reason of the adjournment of any meeting or court hearing, in each case, in connection with the Scheme; and/or (iv) where the Agent has given its consent (not to be unreasonably withheld, conditioned or delayed and acting on the instructions of all the Lenders), provided that, for the avoidance of doubt, no extension of any period contemplated in this paragraph (d) shall operate or be construed as an extension of the Availability Period; (e) take all reasonable and practical steps to preserve and enforce its rights (or the rights of any other member of the Group) and pursue any claims and remedies arising under any Acquisition Documents; and (f) ensure that it shall not and no member of the Group shall make any public statement which refers to the Finance Documents, the Lenders or the financing of the Scheme that would be material to the interests of the Finance Parties (taken as a whole) without the consent of the Arrangers (such consent not to be unreasonably withheld, delayed or conditioned); and (g) use its reasonable endeavours to de-list the Target Shares from the New York Stock Exchange and the Target Shares (or related MAC CDIs as defined in the Agreed Form of the Scheme Implementation Deed) are removed from their listing on ASX within 30 days of the Scheme Effective Date. 23.22 Restrictions on Relevant PNG Entities (a) Each Obligor shall ensure that, for so long as any of: (i) Morobe Consolidated Goldfields Limited; and/or (ii) Wafi Mining Limited, (the "Relevant PNG Entities") have not become Additional Guarantors under the Finance Documents, notwithstanding any other provision of the Finance Documents to the contrary, the Relevant PNG Entities shall not: (A) incur or allow to remain outstanding any Financial Indebtedness; or (B) incur or allow to remain outstanding any guarantee in respect of any obligation of any person or grant any indemnity in favour of any person, other than in respect of: (1) any Financial Indebtedness or any guarantee outstanding as at the date of this Agreement; (2) finance leases incurred in the ordinary course of business of the Relevant PNG Entity which are either: (I) existing finance leases under paragraph (d) of the definition of "Financial Indebtedness" and which are in place as at the Signature Date; or 91 EMEA 154791766 (II) additional finance leases up to an aggregate maximum amount of USD20,000,000 at all times prior to the Termination Date. (b) Each Obligor shall ensure there is no change to shareholding of the Relevant PNG Entities as at the Closing Date. 23.23 Permitted Royalty Agreement and Permitted Stream Agreements (a) The Parent shall ensure that, in respect of any variation after the date of this Agreement to the terms of the Permitted Royalty Agreement and/or the Permitted Stream Agreements: (i) no member of the Group other than the Target, MAC AU, CMPL or Jersey Newco shall be or become the principal debtor and/or guarantors, or otherwise provide any credit support, for the obligations owed in respect of the Permitted Royalty Agreement and/or the Permitted Stream Agreements; (ii) no Security will be granted over assets of any member of the Group other than: (A) the assets of the Target, MAC AU and/or CMPL that are subject to existing Security under the Permitted Royalty Agreement and/or the Permitted Stream Agreements as at the date of this Agreement; or (B) any Security granted by Jersey Newco over its assets in connection with the Permitted Royalty Agreement and/or the Permitted Stream Agreements; and (iii) no material assets of any member of the Group shall be transferred to Jersey Newco other than the contractual rights and/or obligations under or in connection with the Permitted Royalty Agreement and/or the Permitted Stream Agreements. (b) The Parent shall promptly deliver to the Agent copies of the definitive documents evidencing the Permitted Royalty Agreement and/or the Permitted Stream Agreements (subject to any fee or similar arrangements that are required to be kept confidential) following completion of any variation permitted in paragraph (a) above. (c) The Finance Parties agree to enter into discussions in good faith with the relevant counterparty to the Permitted Royalty Agreement and/or the Permitted Stream Agreements in relation to any requirement for the Finance Parties to enter into any agreement with the counterparty to the Permitted Royalty Agreement and/or the Permitted Stream Agreements under which the Finance Parties agree to the release by the Finance Parties of any of the Target, MAC AU or CMPL as a Guarantor in circumstances where: (i) the shares in that Guarantor or a Holding Company of that Guarantor are the subject of Security permitted under paragraph (k) of the definition of "Permitted Security" in favour of the relevant counterparty to the Permitted Royalty Agreement and/or the Permitted Stream Agreements; and (ii) the relevant counterparty is seeking to enforce its Security over the shares in that Guarantor or its Holding Company. 23.24 Conditions subsequent (a) The Parent shall procure that each member of the Target Group identified in Part 3 (Target Group Material Companies) of Schedule 2 (Conditions precedent) becomes an Additional Guarantor by no later than 45 days after the Closing Date.

------

![](syndicatedfacilitiesagre024.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 EMEA 154791766 (b) The Parent shall procure each member of the Target Group that is a Material Company and incorporated under the laws of Australia will comply in all respects with Chapter 2E and 2J.3 of the Australian Corporations Act and any equivalent legislation in other jurisdictions in relation to the execution of the Accession Deed to which it is a party and payment of amounts due under this Agreement. (c) The Parent shall procure, in relation to any Target Group Closing Date Financial Indebtedness, that by no later than 90 days after the Closing Date either: (i) that Target Group Closing Date Financial Indebtedness is repaid and cancelled in full; or (ii) the obligations of any member of the Group that is a principal debtor or guarantor of that Target Group Closing Date Financial Indebtedness must be novated or otherwise transferred to an Obligor under the Finance Documents; or (iii) to the extent that any amount of that Target Group Closing Date Financial Indebtedness will not be repaid or transferred in accordance with paragraph (i) or (ii) above within 90 days of the Closing Date, in respect of: (A) the Permitted Royalty Agreement and/or the Permitted Streaming Agreements, subject to Clause 23.23 (Permitted Royalty Agreement and Permitted Stream Agreements) each of the Target, MAC AU and CMPL; or (B) any other Target Group Closing Date Financial Indebtedness with an aggregate value equal to or greater than USD15,000,000, all members of the Target Group that are guarantors or debtors of such Financial Indebtedness becomes an Additional Guarantor (a "Target Obligor") by no later than 90 days after the Closing Date. (d) The Parent shall procure that a copy of each of: (i) the Scheme Circular; and (ii) any deed poll (as described in the Scheme Implementation Deed), is delivered to the Agent by no later than the First Court Date (as defined in the Scheme Implementation Deed). (e) The Parent shall procure that: (i) a certified copy of the Court Order; and (ii) evidence that a copy of the Court Order has been delivered to the Jersey Registrar of Companies, is delivered to the Agent as soon as reasonably practicable following the Court issuing the Court Order. 24. Application of Sanctions Provisions to the Lenders (a) A Lender shall notify the Agent if the representations and undertakings under Clause 20.23 (Sanctions and Anti-Corruption) and Clause 23.13 (Sanctions and Anti- Corruption) (together the "Sanctions Provisions") result in a violation of or conflict 93 EMEA 154791766 with any anti-boycott laws or regulations applicable to that Lender ("Anti-Boycott Regulations"). (b) In relation to each Lender that notifies the Agent pursuant to Clause (a) above (each a "Restricted Lender"), the Sanctions Provisions shall apply only for the benefit of that Restricted Lender to the extent that it would not result in any violation of, conflict with or liability under any Anti-Boycott Regulations. (c) In connection with any amendment, waiver, determination or direction relating to any part of a Sanctions Provision of which a Restricted Lender does not have the benefit pursuant to Clause (b) above, the Commitments of that Restricted Lender will be excluded for the purpose of determining whether the consent of the Majority Lenders has been obtained or whether the determination or direction of the Majority Lenders has been made. 25. Events of Default Each of the events or circumstances set out in this Clause 25 is an Event of Default (save for Clause 25.19 (Acceleration) and Clause 25.20 (Clean-Up Period)). 25.1 Non-Payment An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable, unless its failure to pay is caused by: (a) administrative or technical error; or (b) a Disruption Event, and payment is made within 3 (three) Business Days of its due date. 25.2 Financial Covenants Any requirement of Clause 22.1 (Financial Covenants) is not satisfied. 25.3 Other Obligations (a) An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 25.1 (Non-Payment), Clause 25.2 (Financial Covenants) or Clause 25.4 (Anti-Corruption Laws and Sanctions)). (b) No Event of Default under Clause 25.3(a) above will occur if the failure to comply is capable of remedy and is remedied within 15 (fifteen) Business Days of the earlier of (A) the Agent giving notice to the Parent and (B) the board of directors of the Parent becoming aware of the failure to comply. 25.4 Anti-Corruption Laws and Sanctions An Obligor does not comply with any provision of Clause 23.2(b) (Compliance with Laws) and/or Clause 23.13 (Sanctions and Anti-Corruption). 25.5 Misrepresentation Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 94 EMEA 154791766 25.6 Cross Default (a) Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable grace period or in respect of Financial Indebtedness between members of the Group in respect of Permitted Loans, within any relevant grace period agreed to by the relevant members of the Group. (b) Any Financial Indebtedness of any member of the Group: (i) is declared to be or otherwise becomes due and payable; or (ii) becomes capable of being declared due and payable, prior to its specified maturity as a result of an event of default (however described). (c) Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a creditor of any member of the Group as a result of an event of default (however described). (d) No Event of Default will occur under this Clause 25.7 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within Clauses 25.7(a) to 25.7(c) above is less than ZAR10,000,000 (ten million Rand) (or its equivalent in any other currency or currencies).. (e) Prior to (and excluding) the Closing Date, no Event of Default will occur under paragraph (b)(ii) above as a result of any default or event of default under the Existing CTA Finance Documents as a result of an Existing CTA Relevant Breach. 25.7 Insolvency (a) A member of the Group is or is deemed by any authority or legislation to be unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. (b) A member of the Group is or is deemed by any authority or legislation to be Financially Distressed (as defined in section 128 of the South African Companies Act, or, given similar meaning under any applicable company legislation and regulations in Australia or Papua New Guinea). (c) The value of the assets of any member of the Group is less than its liabilities (taking into account contingent and prospective liabilities). (d) A moratorium is declared in respect of any indebtedness of any member of the Group. 25.8 Insolvency and Business Rescue Proceedings (a) Other than in relation to the members of the Group listed in Schedule 16 (Companies to be Wound Up/Reorganised) any corporate action, legal proceedings or other procedure or step is taken in relation to: (i) the suspension of payments, a moratorium of any indebtedness, liquidation, winding-up, dissolution, administration, business rescue or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor; (ii) the deregistration of any member of the Group under the Australian Corporations Act; 95 EMEA 154791766 (iii) a composition, compromise, assignment or arrangement with any creditor of any member of the Group; (iv) the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor), receiver, administrative receiver, administrator, compulsory manager, business rescue practitioner or other similar officer in respect of any member of the Group or any of its assets; or (v) enforcement of any Security over any assets of any member of the Group, or any analogous procedure or step is taken in any jurisdiction, other than (in respect of any service of an application, or taking of any similar step for the liquidation, bankruptcy, business rescue, winding up, dissolution or administration of a member of the Group) where such action is dismissed, withdrawn or discharged within 5 (five) Business Days of its presentation or commencement or such step being taken, as applicable or if the member of the Group demonstrates to the Agent's satisfaction within such 5 (five) Business Day period that such action is frivolous or vexatious. (b) Other than in relation to the members of the Group listed in Schedule 16 (Companies to be wound up/reorganised) a meeting is proposed or convened by the directors of any member of the Group, a resolution is proposed or passed, application is made or an order is applied for or granted, to authorise the entry into or implementation of any business rescue proceedings (or any similar proceedings) in respect of any member of the Group or any analogous procedure or step is taken in any jurisdiction. 25.9 Creditors' Process Any expropriation, attachment, sequestration, implementation of any business rescue plan, distress or execution affects any asset or assets of a member of the Group having an aggregate value of ZAR10,000,000 (ten million Rand) (or its equivalent in any other currency or currencies) and is not discharged within 10 (ten) Business Days other than if the member of the Group demonstrates to the Agent's satisfaction within such 10 (ten) Business Day period that such action is frivolous or vexatious. 25.10 Unlawfulness It is or becomes unlawful (including in connection with any Anti-Corruption Laws and any Sanctions) for an Obligor to perform any of its obligations under the Finance Documents to which it is a party other than any obligations which the Agent considers to be not material or which it is satisfied is adequately provided for in any other Finance Document (including a Finance Document which is entered into in replacement of the document under which it was unlawful for such Obligor to perform its obligations) or unless the Obligor and the Agent agree within a period of 30 (thirty) days after the occurrence of such unlawfulness or such unlawfulness comes to the attention of the Agent, whichever is the earlier, to the amendment or restructuring of such Finance Document in order to avoid such unlawfulness. 25.11 Cessation of Business Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business other than a suspension as a result of a strike or other industrial action provided that it does not continue for more than 90 (ninety) days (or such longer period as the Agent may agree) or pursuant to a stoppage required under the Mine Health and Safety Act, 1996 or similar legislation in Papua New Guinea which does not continue for more than 90 (ninety) days, or if it does continue for more than 90 (ninety) days, in respect of which adequate business interruption insurance is in place to cover such stoppage.

------

![](syndicatedfacilitiesagre025.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 EMEA 154791766 25.12 Audit Qualification The Auditors of the Group qualify the audited annual consolidated financial statements of the Parent or any other Obligor. 25.13 Repudiation An Obligor repudiates a Finance Document. 25.14 Governmental Intervention By or under the authority of any government: (a) the management of any Obligor is wholly or substantially replaced or the authority of any Obligor in the conduct of its business is wholly or substantially curtailed; (b) all or a majority of the issued shares of any Obligor, or the whole or any part of its revenues or assets is seized, nationalised, expropriated or compulsorily acquired; or (c) the management of any joint venture (including any Joint Venture) in respect of which an Obligor is a joint venture participant is wholly or substantially replaced or the authority of the joint venture participants in the conduct of the business of the joint venture (including any Joint Venture) is wholly or substantially curtailed. 25.15 Failure to Maintain Authorisations At any time any Authorisation, act, condition or thing required to be done, fulfilled or performed in order: (a) to enable any Obligor to lawfully conduct its business, or enter into, exercise its rights under and perform the obligations expressed to be assumed by it in any Finance Document to which it is a party; (b) to ensure that the obligations expressed to be assumed by any Obligor in any Finance Document to which it is a party are legal, valid and binding; or (c) to make any Finance Document to which any Obligor is a party admissible in evidence, is not done, fulfilled or performed or is suspended or cancelled, including in relation to a suspension or cancellation of any Authorisation pursuant to applicable Mining Law, but excluding any outstanding actions required to resume ordinary mining operations pursuant to a stoppage under the Mine Health and Safety Act, 1996 or similar legislation in Papua New Guinea or Australia which stoppage does not continue for more than 90 (ninety) days, or if it does continue for more than 90 (ninety) days adequate business interruption insurance is in place to cover such stoppage. 25.16 Material Adverse Effect Any event or circumstance occurs which the Majority Lenders reasonably believe has or is reasonably likely to have a Material Adverse Effect. 25.17 Material Litigation Any litigation, arbitration, administrative proceedings or governmental or regulatory investigations or proceedings against any Material Group Company or its respective assets or revenues is commenced or threatened and is reasonably expected to be adversely determined, and if so determined, could reasonably be expected to have a Material Adverse Effect. 97 EMEA 154791766 25.18 Acceleration Subject to Clause 4.4 (Utilisation during the Certain Funds Period), on and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders by notice to the Parent: (a) cancel each Available Commitment of each Lender at which time each such Available Commitment shall immediately be cancelled and the Facilities shall immediately cease to be available for further utilisation; (b) declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately due and payable; (c) declare that all or part of the Loans be payable on demand, at which time they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders. 25.19 Clean-Up Period Notwithstanding any other provision of any Finance Document: (a) any breach of a representation under Clause 20 (Representations) or an undertaking under Clauses 21 (Information Undertakings) or 23 (General Undertakings); or (b) any Default or Event of Default, which occurs prior to the Clean-Up Date will be deemed not to be a breach of representation or warranty, a breach of covenant or an Event of Default (as the case may be) if: (i) it would have been (if it were not for this Clause 25.19) a breach of representation or warranty, a breach of covenant or an Event of Default only by reason of circumstances relating exclusively to any member of the Target Group (or any obligation to procure or ensure in relation to a member of the Target Group); (ii) it is capable of remedy and reasonable steps are being taken by the Parent to remedy it; (iii) the circumstances giving rise to it have not been procured by or approved by the Parent; (iv) it is not reasonably likely to have a Material Adverse Effect; and (v) the circumstances giving rise to it do not exist after the Clean-Up Date. If the relevant circumstances are continuing on or after the Clean-Up Date, there shall be a breach of representation or warranty, breach of covenant or Event of Default, as the case may be notwithstanding the above (and without prejudice to the rights and remedies of the Finance Parties). 98 EMEA 154791766 Section 9 Changes to Parties 26. Changes to the Lenders 26.1 Assignments and Transfers by the Lenders Subject to this Clause 26 and to Clause 27 (Restriction on Debt Purchase Transactions, a Lender (the "Existing Lender") may: (a) assign any of its rights; or (b) transfer by novation any of its rights and obligations, under any Finance Document to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "New Lender"). 26.2 Assignment and Transfers by the Lenders during the Certain Funds Period Notwithstanding any other provision of this Clause 26.2 and Clause 27 (Restriction on Debt Purchase Transactions), from the date of this Agreement up to the expiry of the Certain Funds Period, the Existing Lender may only: (a) assign any of its rights; or (b) transfer by novation any of its rights and obligations, under any Finance Document to a New Lender if: (i) such New Lender is: (A) an Existing Lender; (B) any Affiliate or Related Fund of an Existing Lender; or (C) an Agreed Syndication Lender; (ii) a Major Default has occurred and is continuing; (iii) where such assignment or transfer is in connection with primary syndication of the Facilities, such assignment or transfer referred to in paragraphs (a) and (b) above of this Clause 26.2 complies in all respects with the terms of the Syndication Letter; or (iv) as otherwise consented to by the Parent acting reasonably (such consent not to be unreasonably withheld or delayed). 26.3 Parent consent (a) After the expiry of the Availability Period, the consent of the Parent is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is: (i) to any Permitted Transferee; (ii) to any other Existing Lender or an Affiliate or a Related Fund of an Existing Lender; or (iii) to any other prospective transferee whilst an Event of Default is continuing. 99 EMEA 154791766 (b) Subject to paragraph (a) above, the consent of the Parent to an assignment or transfer must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent five Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. 26.4 Other Conditions of Assignment or Transfer (a) An assignment will only be effective on: (i) receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance Parties and the other Finance Parties as it would have been under if it had been an Original Lender; and (ii) performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. (b) A transfer will only be effective if the procedure set out in Clause 26.7 (Procedure for transfer) is complied with. (c) If: (i) a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facilities Office; and (ii) as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facilities Office under Clause 14 (Tax Gross-Up and Indemnities) or Clause 15 (Increased Costs), then the New Lender or Lender acting through its new Facilities Office is only entitled to receive payment under that Clause to the same extent as the Existing Lender or Lender acting through its previous Facilities Office would have been if the assignment, transfer or change had not occurred. This paragraph (c) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facilities or where the payment is in relation to Australian Withholding Tax. (d) Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. 26.5 Assignment or Transfer Fee (a) Subject to paragraph (b) below, the New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of USD3,500. (b) No fee is payable pursuant to paragraph (a) above if: (i) the Agent agrees that no fee is payable; or

------

![](syndicatedfacilitiesagre026.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 EMEA 154791766 (ii) the assignment or transfer is made by an Existing Lender: (A) to an Affiliate of that Existing Lender; (B) to a fund which is a Related Fund of that Existing Lender; or (C) in connection with primary syndication of the Facilities. 26.6 Limitation of Responsibility of Existing Lenders (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: (i) the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents or any other documents; (ii) the financial condition of any Obligor; (iii) the performance and observance by any Obligor or any other member of the Group of its obligations under the Transaction Documents or any other documents; or (iv) the accuracy of any statements (whether written or oral) made in or in connection with any Transaction Document or any other document, and any representations or warranties implied by law are excluded. (b) Each New Lender confirms to the Existing Lender, the other Finance Parties and the Finance Parties that it: (i) has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Transaction Document; and (ii) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. (c) Nothing in any Finance Document obliges an Existing Lender to: (i) accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 26; or (ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Transaction Documents or otherwise. 26.7 Procedure for Transfer (a) Subject to the conditions set out in Clause 26.2 (Parent consent) and Clause 26.4 (Other Conditions of Assignment or Transfer) a transfer is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 101 EMEA 154791766 (b) The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. (c) Subject to Clause 26.11 (Pro Rata Interest Settlement), on the Transfer Date: (i) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the "Discharged Rights and Obligations"); (ii) each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor or other member of the Group and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; (iii) the Agent, the Arranger, the MLA, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights, and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arranger, the MLA and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and (iv) the New Lender shall become a Party as a "Lender". 26.8 Procedure for Assignment (a) Subject to the conditions set out in Clause 26.2 (Parent consent)and Clause 26.4 (Other Conditions of Assignment or Transfer) an assignment may be effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. (b) The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. (c) Subject to Clause 26.11 (Pro Rata Interest Settlement), on the Transfer Date: (i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; (ii) the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (the "Relevant Obligations") and expressed to be the subject of the release in the Assignment Agreement; and (iii) the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations. 102 EMEA 154791766 (d) Lenders may utilise procedures other than those set out in this Clause 26.8 to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 26.7 (Procedure for Transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in Clause 26.2 (Parent consent) and Clause 26.4 (Other Conditions of Assignment or Transfer). 26.9 Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or an Increase Confirmation, send to the Parent a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation. 26.10 Security over Lenders' Rights In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: (a) any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and (b) any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities, except that no such charge, assignment or Security shall: (i) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or (ii) require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents. 26.11 Pro Rata Interest Settlement (a) If the Agent has notified the Lenders that it is able to distribute interest payments on a "pro rata basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 26.7 (Procedure for Transfer) or any assignment pursuant to Clause 26.8 (Procedure for Assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period): (i) any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date ("Accrued Amounts") and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period; and (ii) the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts so that, for the avoidance of doubt: (A) when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and 103 EMEA 154791766 (B) the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 26.11, have been payable to it on that date, but after deduction of the Accrued Amounts. (b) In this Clause 26.11 references to "Interest Period" shall be construed to include a reference to any other period for accrual of fees. (c) An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 26.11 but which does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents. 27. Restriction on Debt Purchase Transactions 27.1 Prohibition on Debt Purchase Transactions by the Group The Parent shall not, and shall procure that each other member of the Group shall not, enter into any Debt Purchase Transaction or beneficially own all or any part of the share capital of a company that is a Lender or a party to a Debt Purchase Transaction of the type referred to in paragraphs (b) or (c) of the definition of "Debt Purchase Transaction". 27.2 Disenfranchisement of members of the Group (a) For so long as any member of the Group: (i) beneficially owns a Commitment; or (ii) has entered into a sub-participation agreement relating to a Commitment or other agreement or arrangement having a substantially similar economic effect and such agreement or arrangement has not been terminated, in ascertaining: (A) the Majority Lenders; or (B) whether: (1) any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or (2) the agreement of any specified group of Lenders, has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents such Commitment shall be deemed to be zero and such member of the Group or the person with whom it has entered into such sub- participation, other agreement or arrangement shall be deemed not to be a Lender for the purposes of paragraphs (A) and (B) above (unless in the case of a person not being a member of the Group it is a Lender by virtue otherwise than by beneficially owning the relevant Commitment). (b) Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly notify the Agent in writing if it knowingly enters into a Debt Purchase Transaction with a member of the Group (a "Notifiable Debt Purchase Transaction"), such notification to be substantially in the form set out in Part 1 of Schedule 13 (Forms of Notifiable Debt Purchase Transaction Notice).

------

![](syndicatedfacilitiesagre027.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 EMEA 154791766 (c) A Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which it is a party: (i) is terminated; or (ii) ceases to be with a member of the Group, such notification to be substantially in the form set out in Part 2 of Schedule 13 (Forms of Notifiable Debt Purchase Transaction Notice). (d) Each member of the Group that is a Lender agrees that: (i) in relation to any meeting or conference call to which all the Lenders are invited to attend or participate, it shall not attend or participate in the same if so requested by the Agent or, unless the Agent otherwise agrees, be entitled to receive the agenda or any minutes of the same; and (ii) in its capacity as Lender, unless the Agent otherwise agrees, it shall not be entitled to receive any report or other document prepared at the behest of, or on the instructions of, the Agent or one or more of the Lenders. 27.3 Notification to other Lenders of Debt Purchase Transactions Any member of the Group which is or becomes a Lender and which enters into a Debt Purchase Transaction as a purchaser or a participant shall, by 5.00 pm on the Business Day following the day on which it entered into that Debt Purchase Transaction, notify the Agent of the extent of the Commitment(s) or amount outstanding to which that Debt Purchase Transaction relates. The Agent shall promptly disclose such information to the Lenders. 28. Changes to the Obligors 28.1 Assignment and Transfers by Obligors No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 28.2 Additional Guarantors (a) Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 21.10 ("Know Your Customer" Checks), the Parent may request that any of its Subsidiaries become an Additional Guarantor. (b) The Parent shall procure that any member of the Group which is a Material Group Company (including, for the avoidance of doubt, the Target and its Subsidiaries) shall become an Additional Guarantor in accordance with Clause 23.19 (Guarantor Coverage). (c) A member of the Group shall become an Additional Guarantor if: (i) the Parent and the proposed Additional Guarantor deliver to the Agent a duly completed and executed Accession Deed; and (ii) the Agent has received all of the documents and other evidence listed in Part 2 of Schedule 2 (Conditions Precedent) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent. (d) The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part 2 of Schedule 2 (Conditions Precedent). 105 EMEA 154791766 (e) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (d) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 28.3 Resignation of a Guarantor (a) The Parent may request that a Guarantor (other than the Parent or the Company) ceases to be a Guarantor by delivering to the Agent a Resignation Letter. (b) The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if: (i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent has confirmed this is the case); (ii) all the Lenders have consented to the Parent's request. (iii) no payment is due from the Guarantor under Clause 19.1 (Guarantee and Indemnity); and (iv) where a Guarantor is resigning in accordance with this Clause because it is the subject of a Disposal to which Clause 8.3 (Material Disposal Proceeds) relates, the Parent has confirmed that it shall ensure that any Material Disposal Proceeds will be applied in accordance with Clause 8.3 (Material Disposal Proceeds). (c) The resignation of that Guarantor shall not be effective until the date of the relevant Disposal at which time that company shall cease to be a Guarantor and shall have no further rights or obligations under the Finance Documents as a Guarantor. 28.4 Repetition of Representations Delivery of an Accession Deed constitutes confirmation by the relevant Subsidiary that the representations and warranties referred to in Clause 20.27 (Times When Representations Made) are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 106 EMEA 154791766 Section 10 The Finance Parties 29. Role of the Agent, the Arranger and the MLA 29.1 Appointment of the Agent (a) Each of the Arranger, the MLA and the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents. (b) Each of the Arranger, the MLA and the Lenders authorises the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. (c) Each of the Arranger, the MLA and the Lenders hereby exempts the Agent from the restrictions pursuant to section 181 Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible to such Finance Party. A Finance Party which cannot grant such exemption shall notify the Agent accordingly and, upon request of the Agent, either act in accordance with the terms of this Agreement, any other Finance Document as required pursuant to this Agreement, such other Finance Document or grant a special power of attorney to a party acting on its behalf, in a manner that is not prohibited pursuant to section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and/or any other applicable laws. 29.2 Instructions (a) The Agent shall: (i) unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by: (A) all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; (B) in all other cases, the Majority Lenders; and (ii) not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above. (b) The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested. (c) Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties. 107 EMEA 154791766 (d) The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. (e) In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders. (f) The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration proceedings relating to any Finance Document. 29.3 Duties of the Agent (a) The Agent's duties under the Finance Documents are solely mechanical and administrative in nature. (b) Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. (c) Without prejudice to Clause 26.9 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent), paragraph (b) above shall not apply to any Transfer Certificate, any Assignment Agreement or any Increase Confirmation. (d) Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. (e) If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties. (f) If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the Arranger) under this Agreement, it shall promptly notify the other Finance Parties. (g) The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied). 29.4 Role of the Arranger and the MLA Except as specifically provided in the Finance Documents, neither the Arranger nor the MLA has no obligations of any kind to any other Party under or in connection with any Finance Document. 29.5 No Fiduciary Duties (a) Nothing in any Finance Document constitutes the Agent, the Arranger or the MLA as a trustee or fiduciary of any other person. (b) None of the Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 29.6 Business with the Group Each of the Agent, the Arranger and the MLA may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

------

![](syndicatedfacilitiesagre028.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 EMEA 154791766 29.7 Rights and Discretions (a) The Agent may: (i) rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised; (ii) assume that: (A) any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and (B) unless it has received notice of revocation, that those instructions have not been revoked; and (iii) rely on a certificate from any person: (A) as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or (B) to the effect that such person approves of any particular dealing, transaction, step, action or thing, as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate. (b) The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: (i) no Default has occurred (unless it has actual knowledge of a Default arising under Clause 25.1 (Non-Payment)); (ii) any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; (iii) any notice or request made by the Parent (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors; and (c) The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts. (d) Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable. (e) The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. (f) The Agent may act in relation to the Finance Documents through its officers, employees and agents and the Agent shall not: (i) be liable for any error of judgment made by any such person; or (ii) be bound to supervise, or be in any way responsible for, any loss incurred by reason of misconduct, omission or default on the part of any such person, 109 EMEA 154791766 unless such error or such loss was directly caused by the Agent's gross negligence or wilful misconduct. (g) Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. (h) Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent, the Arranger or the MLA is obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. (i) Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 29.8 Responsibility for Documentation None of the Agent, the Arranger or the MLA is responsible or liable for: (a) the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, an Obligor or any other person in or in connection with any Finance Document or the Information Memorandum or the Reports or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; (b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; or (c) any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise. 29.9 No Duty to Monitor The Agent shall not be bound to enquire: (a) whether or not any Default has occurred; (b) as to the performance, default or any breach by any Party of its obligations under any Finance Document; or (c) whether any other event specified in any Finance Document has occurred. 29.10 Exclusion of Liability (a) Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent), the Agent will not be liable for: (i) any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct; 110 EMEA 154791766 (ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document; or (iii) without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of: (A) any act, event or circumstance not reasonably within its control; or (B) the general risks of investment in, or the holding of assets in, any jurisdiction, including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. (b) No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent, in respect of any claim it might have against the Agent, or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Transaction Document and any officer, employee or agent of the Agent may rely on this paragraph (b) subject to Clause 1.4 (Third Party Rights) and the provisions of the Third Parties Act. (c) The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. (d) Nothing in this Agreement shall oblige the Agent, the Arranger or the MLA to carry out: (i) any "know your customer" or other checks in relation to any person; or (ii) any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender or for any Affiliate of any Lender, on behalf of any Lender and each Lender confirms to the Agent, the Arranger and the MLA that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent, the Arranger or the MLA. (e) Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent 111 EMEA 154791766 be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages. 29.11 Lenders' Indemnity to the Agent (a) Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 32.11 (Disruption to Payment Systems Etc.), notwithstanding the Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document). (b) Subject to paragraph (c) below, the Parent shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to paragraph (a) above. (c) Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Agent to an Obligor. 29.12 Resignation of the Agent (a) The Agent may resign and appoint one of its Affiliates acting through an office in the United Kingdom or Germany as successor by giving notice to the Lenders and the Parent. (b) Alternatively the Agent may resign by giving 30 days' notice to the Lenders and the Parent, in which case the Majority Lenders (after consultation with the Parent) may appoint a successor Agent. (c) If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Parent) may appoint a successor Agent (acting through an office in the United Kingdom or Germany, as applicable). (d) If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent under paragraph (c) above, the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as Agent) agree with the proposed successor Agent amendments to this Clause 29 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Agent's normal fee rates and those amendments will bind the Parties. (e) The retiring Agent shall, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. The Parent shall, within three Business Days of demand, reimburse the retiring Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance.

------

![](syndicatedfacilitiesagre029.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 EMEA 154791766 (f) The Agent's resignation notice shall only take effect upon the appointment of a successor. (g) Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the benefit of Clause 16.4 (Indemnity to the Agent) and this Clause 29 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. (h) The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: (i) the Agent fails to respond to a request under Clause 14.7 (FATCA Information) and the Parent or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; (ii) the information supplied by the Agent pursuant to Clause 14.7 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or (iii) the Agent notifies the Parent and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; and (in each case) the Parent or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Parent or that Lender, by notice to the Agent, requires it to resign. 29.13 Replacement of the Agent (a) After consultation with the Parent, the Majority Lenders may, by giving 30 days' notice to the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority Lenders) replace the Agent by appointing a successor Agent (acting through an office in the United Kingdom). (b) The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. (c) The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) above) but shall remain entitled to the benefit of Clause 16.4 (Indemnity to the Agent) and this Clause 29 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). (d) Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 113 EMEA 154791766 29.14 Confidentiality (a) In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments. (b) If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it. 29.15 Relationship with the Lenders (a) Subject to Clause 26.11 (Pro Rata Interest Settlement), the Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facilities Office: (i) entitled to or liable for any payment due under any Finance Document on that day; and (ii) entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, unless it has received not less than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement. (b) Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address and (where communication by electronic mail or other electronic means is permitted under Clause 34.6 (Electronic Communication)) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 34.2 (Addresses) and paragraph (a)(ii) of Clause 34.6 (Electronic Communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender. 29.16 Credit Appraisal by the Lenders Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent,the Arranger and the MLA that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: (a) the financial condition, status and nature of each member of the Group; (b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; (c) whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other 114 EMEA 154791766 agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and (d) the adequacy, accuracy or completeness of the Information Memorandum, the Reports and any other information provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 29.17 Agent's Management Time Any amount payable to the Agent under Clause 16.4 (Indemnity to the Agent), Clause 18 (Costs and Expenses) and Clause 29.11 (Lenders' Indemnity to the Agent) shall include the cost of utilising the Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Parent and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 13 (Fees). 29.18 Deduction from Amounts Payable by the Agent If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 29.19 Reliance and Engagement Letters Each Finance Party confirms that each of the Arranger and the Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Arranger or Agent) the terms of any reliance letter or engagement letters relating to the Reports or any reports or letters provided by accountants in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those Reports, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters. 29.20 Amounts Paid in Error (a) If the Agent pays an amount to another Party and within thirty (30) Business Days of the date of payment the Agent notifies that Party that such payment was an Erroneous Payment then the Party to whom that amount was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. (b) Neither: (i) the obligations of any Party to the Agent; nor (ii) the remedies of the Agent, (whether arising under this Clause 29.20 or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing which, but for this paragraph (b), would reduce, release or prejudice any such obligation or remedy (whether or not known by the Agent or any other Party). 115 EMEA 154791766 (c) All payments to be made by a Party to the Agent (whether made pursuant to this Clause 29.20 or otherwise) which relate to an Erroneous Payment shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. (d) In this Agreement, "Erroneous Payment" means a payment of an amount by the Agent to another Party which the Agent determines (in its sole discretion) was made in error. 30. Conduct of Business by the Finance Parties No provision of this Agreement will: (a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; (b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or (c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 31. Sharing among the Finance Parties 31.1 Payments to Finance Parties If a Finance Party (a "Recovering Finance Party") receives or recovers any amount from an Obligor other than in accordance with Clause 34 (Payment Mechanics) (a "Recovered Amount") and applies that amount to a payment due under the Finance Documents then: (a) the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent; (b) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 34 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and (c) the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 33.6 (Partial Payments). 31.2 Redistribution of Payments The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the "Sharing Finance Parties") in accordance with Clause 33.6 (Partial Payments) towards the obligations of that Obligor to the Sharing Finance Parties. 31.3 Recovering Finance Party's rights On a distribution by the Agent under Clause 31.2 (Redistribution of Payments), of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.

------

![](syndicatedfacilitiesagre030.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 EMEA 154791766 31.4 Reversal of Redistribution If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: (a) each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the "Redistributed Amount"); and (b) as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor. 31.5 Exceptions (a) This Clause 32 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor. (b) A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if: (i) it notified the other Finance Party of the legal or arbitration proceedings; and (ii) the other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. 117 EMEA 154791766 Section 11 Administration 32. Payment Mechanics 32.1 Payments to the Agent (a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. (b) Payment shall be made to such account in the principal financial centre of the country of that currency and with such bank as the Agent, in each case, specifies. 32.2 Distributions by the Agent Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 32.3 (Distributions to an Obligor) and Clause 32.4 (Clawback and Pre- Funding) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facilities Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency. 32.3 Distributions to an Obligor The Agent may (with the consent of the Obligor or in accordance with Clause 33 (Set-Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 32.4 Clawback and Pre-Funding (a) Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. (b) Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. (c) If the Agent has notified the Lenders that it is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower: (i) the Agent shall notify the Parent of that Lender's identity and the Borrower to whom that sum was made available shall on demand refund it to the Agent; and (ii) the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to whom that sum was made available, shall 118 EMEA 154791766 on demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender. 32.5 Impaired Agent (a) If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 32.1 (Payments to the Agent) may instead either: (i) pay that amount direct to the required recipient(s); or (ii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment (the "Paying Party") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the "Recipient Party" or "Recipient Parties"). In each case such payments must be made on the due date for payment under the Finance Documents. (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements. (c) A Party which has made a payment in accordance with this Clause 32.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account. (d) Promptly upon the appointment of a successor Agent in accordance with Clause 29.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 32.2 (Distributions by the Agent). (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent: (i) that it has not given an instruction pursuant to paragraph (d) above; and (ii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party. 32.6 Partial Payments (a) If the Agent receives a payment for application against amounts due in respect of any Finance Documents that is insufficient to discharge all the amounts then due and payable by an Obligor under those Finance Documents, the Agent shall apply that 119 EMEA 154791766 payment towards the obligations of that Obligor under the Finance Documents in the following order: (i) first, in or towards payment pro rata of any unpaid amount owing to the Agent under the Finance Documents; (ii) secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under those Finance Documents; (iii) thirdly, in or towards payment pro rata of any principal due but unpaid under those Finance Documents; and (iv) fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. (b) The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (a)(iv) above. (c) Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 32.7 Set-Off by Obligors All payments to be made by an Obligor under the Finance Documents shall be calculated and be made in immediately available, freely transferable and cleared funds without (and free and clear of any deduction for) set-off or counterclaim. 32.8 Business Days (a) Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). (b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 32.9 Currency of Account (a) Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document. (b) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. (c) Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency. 32.10 Change of Currency (a) Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: (i) any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Parent); and (ii) any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of

------

![](syndicatedfacilitiesagre031.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 EMEA 154791766 that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably). (b) If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Parent) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency. 32.11 Disruption to Payment Systems Etc. If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Parent that a Disruption Event has occurred: (a) the Agent may, and shall if requested to do so by the Parent, consult with the Parent with a view to agreeing with the Parent such changes to the operation or administration of the Facilities as the Agent may deem necessary in the circumstances; (b) the Agent shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; (c) the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances; (d) any such changes agreed upon by the Agent and the Parent shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 38 (Amendments and Waivers); (e) the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 32.11; and (f) the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 33. Set-Off Subject to Clause 4.4 (Utilisation during the Certain Funds Period), a Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set- off. 34. Notices 34.1 Communications in Writing Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by letter. 121 EMEA 154791766 34.2 Addresses The address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: (a) in the case of the Parent, the Company or any other Obligor, that identified with the name of the Parent below: Address: Block 27 Randfontein Office Park Cnr Main Reef Road and Ward Avenue Randfontein For the attention of: The Company Secretary (b) in the case of each Lender, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and (c) in the case of the Agent, that identified with its name below, or any substitute address or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days' notice. 34.3 Delivery (a) Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address and, if a particular department or officer is specified as part of its address details provided under Clause 34.2 (Addresses), if addressed to that department or officer. (b) Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent's signature below (or any substitute department or officer as the Agent shall specify for this purpose). (c) All notices from or to an Obligor shall be sent through the Agent. (d) Any communication or document made or delivered to the Parent in accordance with this Clause 34.3 will be deemed to have been made or delivered to each of the Obligors. (e) Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above, after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day. 34.4 Notification of Address Promptly upon changing its address, the Agent shall notify the other Parties. 34.5 Communication when Agent is Impaired Agent If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made 122 EMEA 154791766 or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed. 34.6 Electronic Communication (a) Any communication or document to be made or delivered by one Party to another under or in connection with the Finance Documents may be made or delivered by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those two Parties: (i) notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and (ii) notify each other of any change to their address or any other such information supplied by them by not less than five Business Days' notice. (b) Any such electronic communication or delivery as specified in paragraph (a) above to be made between an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication or delivery. (c) Any such electronic communication or document as specified in paragraph (a) above made or delivered by one Party to another will be effective only when actually received (or made available) in readable form and in the case of any electronic communication or document made or delivered by a Party to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. (d) Any electronic communication or document which becomes effective, in accordance with paragraph (c) above, after 5:00 p.m. in the place in which the Party to whom the relevant communication or document is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day. (e) Any reference in a Finance Document to a communication being sent or received or a document being delivered shall be construed to include that communication or document being made available in accordance with this Clause 34.6. 34.7 Direct Electronic Delivery by Parent The Parent may satisfy its obligation under this Agreement to deliver any information in relation to a Lender by delivering that information directly to that Lender in accordance with Clause 34.6 (Electronic Communication) to the extent that Lender and the Agent agree to this method of delivery. 34.8 English Language (a) Any notice given under or in connection with any Finance Document must be in English. (b) All other documents provided under or in connection with any Finance Document must be: (i) in English; or (ii) if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 123 EMEA 154791766 35. Calculations and Certificates 35.1 Accounts In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 35.2 Certificates and Determinations Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 35.3 Day Count Convention and Interest Calculation (a) Any interest, commission or fee accruing under a Finance Document will accrue from day to day and the amount of any such interest, commission or fee is calculated: (i) on the basis of the actual number of days elapsed and a year of 360 days (or, in any case where the practice in the Relevant Market differs, in accordance with that market practice); and (ii) subject to paragraph (b) below, without rounding. (b) The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by an Obligor under a Finance Document shall be rounded to 2 decimal places. 36. Partial Invalidity If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 37. Remedies and Waivers No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law. 38. Amendments and Waivers 38.1 Required Consents (a) Subject to Clause 38.2 (All Lender matters) and Clause 38.3 (Other Exceptions), any term of the Finance Documents (other than the Commitment Letter, any Fee Letter or the Syndication Letter, which may be amended by the parties thereto in accordance with their terms) may be amended or waived only with the consent of the Majority Lenders and the Parent and any such amendment or waiver will be binding on all Parties.

------

![](syndicatedfacilitiesagre032.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 EMEA 154791766 (b) The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 38. (c) Without prejudice to the generality of paragraphs (c), (d) and (e) of Clause 29.7 (Rights and Discretions), the Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement. (d) Each Obligor agrees to any such amendment or waiver permitted by this Clause 38 which is agreed to by the Parent. This includes any amendment or waiver which would, but for this paragraph (d), require the consent of all of the Guarantors. (e) Paragraph (c) of Clause 26.11 (Pro Rata Interest Settlement) shall apply to this Clause 38. 38.2 All Lender Matters Subject to Clause 38.4 (Changes to Reference Rates), an amendment, waiver or a consent of, or in relation to, any term of any Finance Document that has the effect of changing or which relates to: (a) the definition of "Majority Lenders" in Clause 1.1 (Definitions); (b) an extension to the date of payment of any amount under the Finance Documents (other than in relation to Clause 8 (Mandatory Prepayment and Cancellation)); (c) a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; (d) a change in currency of payment of any amount under the Finance Documents; (e) an increase in any Commitment or the Total Commitments, an extension of the Availability Period or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably; (f) a change to any Borrower; (g) a change to any Guarantor other than in accordance with Clause 28 (Changes to the Obligors); (h) any provision which expressly requires the consent of all the Lenders; (i) Clause 2.3 (Finance Parties' Rights and Obligations), Clause 5.1 (Delivery of a Utilisation Request), Clause 8.1 (Mandatory Prepayment - Illegality), Clause 8 (Mandatory Prepayment and Cancellation) the definition of "Fundamental Control Event" in Clause 1.1 (Definitions), Clause 8.7 (Application of Mandatory Prepayments and Cancellation), Clause 9.8 (Application of Prepayments), Clause 26 (Changes to the Lenders), Clause 28 (Changes to the Obligors), Clause 31 (Sharing among the Finance Parties), this Clause 38, Clause 44 (Governing Law) or Clause 45.1 (Jurisdiction of English Courts); (j) (other than as expressly permitted by the provisions of any Finance Document) the nature or scope of the guarantee and indemnity granted under Clause 19 (Guarantee and Indemnity); or (k) the release of any guarantee and indemnity granted under Clause 19 (Guarantee and Indemnity) unless permitted under this Agreement or any other Finance Document; shall not be made, or given, without the prior consent of all the Lenders. 125 EMEA 154791766 38.3 Other Exceptions An amendment or waiver which relates to the rights or obligations of the Agent, the Arranger or the MLA (each in their capacity as such) may not be effected without the consent of the Agent, the Arranger or the MLA, as the case may be. 38.4 Changes to Reference Rates (a) Subject to Clause 38.3 (Other Exceptions), if an RFR Replacement Event has occurred, any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in place of the RFR; (ii) (A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; (B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); (C) implementing market conventions applicable to that Replacement Reference Rate; (D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Parent. (b) An amendment or waiver that relates to, or has the effect of, aligning the means of calculation of interest on a Loan under this Agreement to any recommendation of a Relevant Nominating Body which: (i) relates to the use of the RFR on a compounded basis in the international or any relevant domestic syndicated loan markets; and (ii) is issued on or after the date of this Agreement, may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Parent. (c) In this Clause 38.4: "RFR Replacement Event" means: (a) the methodology, formula or other means of determining the RFR has, in the opinion of the Majority Lenders and the Parent, materially changed; 126 EMEA 154791766 (b) (i) (A) the administrator of the RFR or its supervisor publicly announces that such administrator is insolvent; or (B) information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of the RFR is insolvent, provided that, in each case, at that time, there is no successor administrator to continue to provide the RFR; (ii) the administrator of the RFR publicly announces that it has ceased or will cease to provide the RFR permanently or indefinitely and, at that time, there is no successor administrator to continue to provide the RFR; (iii) the supervisor of the administrator of the RFR publicly announces that the RFR has been or will be permanently or indefinitely discontinued; (iv) the administrator of the RFR or its supervisor announces that the RFR may no longer be used; or (v) the administrator of the RFR determines that the RFR should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either: (A) the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders and the Parent) temporary; or (B) the RFR is calculated in accordance with any such policy or arrangement for a period no less than the period specified as the "RFR Contingency Period" in the Reference Rate Terms; or (C) in the opinion of the Majority Lenders and the Obligors, the RFR is otherwise no longer appropriate for the purposes of calculating interest under this Agreement. "Relevant Nominating Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board. "Replacement Reference Rate" means a reference rate which is: (a) formally designated, nominated or recommended as the replacement for the RFR by: (i) the administrator of the RFR (provided that the market or economic reality that such reference rate measures is the same as that measured by the RFR); or (ii) any Relevant Nominating Body, 127 EMEA 154791766 and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Reference Rate" will be the replacement under paragraph (ii) above; (b) in the opinion of the Majority Lenders and the Parent, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to the RFR; or (c) in the opinion of the Majority Lenders and the Parent, an appropriate successor to the RFR. 38.5 Excluded Commitments If: (a) any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within ten (10) Business Days of that request being made; or (b) any Lender, which is not a Defaulting Lender, fails to respond to such a request (other than an amendment, waiver or consent referred to in paragraphs (b), (c) and (e) of Clause 38.2 (All Lender matters)) or such a vote within 15 Business Days of that request being made (unless, in either case, the Parent and the Agent agree to a longer time period in relation to any request): (i) its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the relevant Facilities when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request; and (ii) its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request. 38.6 Replacement of Lender (a) If: (i) any Lender becomes a Non-Consenting Lender (as defined in paragraph (d) below); or (ii) an Obligor becomes obliged to repay any amount in accordance with Clause 8.1 (Mandatory Prepayment - Illegality) or to pay additional amounts pursuant to Clause 14.2 (Tax Gross-Up), Clause 14.3 (Tax Indemnity) or Clause 15.1 (Increased Costs), to any Lender, then the Parent may, on five Business Days' prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 26 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution (a "Replacement Lender") which is acceptable to the Agent and which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 26 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under

------

![](syndicatedfacilitiesagre033.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 EMEA 154791766 Clause 26.11 (Pro Rata Interest Settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents. (b) The replacement of a Lender pursuant to this Clause 38.6 shall be subject to the following conditions: (i) the Parent shall have no right to replace the Agent; (ii) neither the Agent nor the Lender shall have any obligation to the Parent to find a Replacement Lender; (iii) in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 10 (ten) Business Days after the date on which that Lender is deemed a Non-Consenting Lender; (iv) in no event shall the Lender replaced under this Clause 38.6 be required to pay or surrender to such Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents; and (v) the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (a) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer. (c) A Lender shall perform the checks described in paragraph (b)(iv) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Parent when it is satisfied that it has complied with those checks. (d) In the event that: (i) the Parent or the Agent (at the request of the Parent) has requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents; (ii) the consent, waiver or amendment in question requires the approval of all the Lenders; and (iii) Lenders whose Commitments aggregate in the case of a consent, waiver or amendment requiring the approval of all the Lenders, more than 80 (eighty) per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 80 (eighty) per cent. of the Total Commitments prior to that reduction), have consented or agreed to such waiver or amendment, then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a "Non-Consenting Lender". 38.7 Disenfranchisement of Defaulting Lender (a) For so long as a Defaulting Lender has any Available Commitment, in ascertaining: (i) the Majority Lenders; or (ii) whether: (A) any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under the relevant Facilities; or 129 EMEA 154791766 (B) the agreement of any specified group of Lenders, has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents, that Defaulting Lender's Commitments under the relevant Facilities will be reduced by the amount of its Available Commitments under the relevant Facilities and, to the extent that that reduction results in that Defaulting Lender's Total Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of paragraphs (i) and (ii) above. (b) For the purposes of this Clause 38.7, the Agent may assume that the following Lenders are Defaulting Lenders: (i) any Lender which has notified the Agent that it has become a Defaulting Lender; (ii) any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c) of the definition of "Defaulting Lender" has occurred, unless it has received notice to the contrary from the Lender concerned(together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 38.8 Replacement of a Defaulting Lender (a) The Parent may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five (5) Business Days' prior written notice to the Agent and such Lender replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 26 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution (a "Replacement Lender")which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender in accordance with Clause 26 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer which is either: (i) in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Utilisations (to the extent that the Agent has not given a notification under Clause 26.11 (Pro Rata Interest Settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents; or (ii) in an amount agreed between that Defaulting Lender, the Replacement Lender and the Parent and which does not exceed the amount described in paragraph (i) above. (b) Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 38.8 shall be subject to the following conditions: (i) the Parent shall have no right to replace the Agent or Security Agent; (ii) neither the Agent nor the Defaulting Lender shall have any obligation to the Parent to find a Replacement Lender; (iii) the transfer must take place no later than five (5) Business Days after the notice referred to in paragraph (a) above ; 130 EMEA 154791766 (iv) in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents; and (v) the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (a) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender. (c) The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Parent when it is satisfied that it has complied with those checks. 39. Confidential Information 39.1 Confidentiality Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 39.2 (Disclosure of Confidential Information) and Clause 39.3 (Disclosure to Numbering Service Providers), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 39.2 Disclosure of Confidential Information Any Finance Party may disclose: (a) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; (b) to any person: (i) to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers; (ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional advisers; (iii) appointed by any Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf 131 EMEA 154791766 (including, without limitation, any person appointed under paragraph (b) of Clause 29.15 (Relationship with the Lenders)); (iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; (v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; (vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; (vii) to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 26.10 (Security over Lenders' Rights); (viii) who is a Party; or (ix) with the consent of the Parent, in each case, such Confidential Information as that Finance Party shall consider appropriate if: (A) in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; (B) in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; (C) in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; and (c) to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of

------

![](syndicatedfacilitiesagre034.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 EMEA 154791766 confidentiality undertaking agreed between the Parent and the relevant Finance Party; and (d) to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price- sensitive information. 39.3 Disclosure to Numbering Service Providers (a) Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors the following information: (i) names of Obligors; (ii) country of domicile of Obligors; (iii) place of incorporation of Obligors; (iv) date of this Agreement; (v) Clause 44 (Governing Law); (vi) the names of the Agent, the Arranger and the MLA; (vii) date of each amendment and restatement of this Agreement; (viii) amount of, and name of, the Facilities; (ix) amount of Total Commitments; (x) currency of the Facilities; (xi) type of Facilities; (xii) ranking of Facilities; (xiii) Termination Date for the Facilities; (xiv) changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and (xv) such other information agreed between such Finance Party and the Parent, to enable such numbering service provider to provide its usual syndicated loan numbering identification services. (b) The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. (c) The Parent represents that none of the information set out in paragraphs (i) to (xv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information. 133 EMEA 154791766 (d) The Agent shall notify the Parent and the other Finance Parties of: (i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities and/or one or more Obligors; and (ii) the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more Obligors by such numbering service provider. 39.4 Entire Agreement This Clause 39 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 39.5 Inside information Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 39.6 Notification of Disclosure Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Parent: (a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 39.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and (b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 39. 39.7 Continuing Obligations The obligations in this Clause 39 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve months from the earlier of: (a) the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and (b) the date on which such Finance Party otherwise ceases to be a Finance Party. 40. Confidentiality of Funding Rates 40.1 Confidentiality and Disclosure (a) The Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b) and (c) below. (b) The Agent may disclose: (i) any Funding Rate to the relevant Borrower pursuant to Clause 10.4 (Notifications); and 134 EMEA 154791766 (ii) any Funding Rate to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender. (c) The Agent and each Obligor may disclose any Funding Rate, to: (i) any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it; (ii) any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation (including, without limitation, in any filings required to be made with the US Securities and Exchange Commission) if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price- sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; (iii) any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and (iv) any person with the consent of the relevant Lender. 40.2 Related Obligations (a) The Agent and each Obligor acknowledge that each Funding Rate is or may be price- sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose. (b) The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender: (i) of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 40.1 (Confidentiality and Disclosure) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 135 EMEA 154791766 (ii) upon becoming aware that any information has been disclosed in breach of this Clause 40. 40.3 No Event of Default No Event of Default will occur under Clause 26.2 (Other Obligations) by reason only of an Obligor's failure to comply with this Clause 40. 41. Bail-In 41.1 Contractual Recognition of Bail-In Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of: (a) any Bail-In Action in relation to any such liability, including (without limitation): (i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability; (ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and (iii) a cancellation of any such liability; and (b) a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 41.2 Bail-In Definitions In this Clause 41: "Article 55 BRRD" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms. "Bail-In Action" means the exercise of any Write-down and Conversion Powers. "Bail-In Legislation" means: (a) in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; (b) in relation to the United Kingdom, the UK Bail-In Legislation; and (c) in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation. "EEA Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway. "EU Bail-In Legislation Schedule" means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

------

![](syndicatedfacilitiesagre035.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 EMEA 154791766 "Resolution Authority" means any body which has authority to exercise any Write-down and Conversion Powers. "UK Bail-In Legislation" means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings). "Write-down and Conversion Powers" means: (a) in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; (b) in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and (c) in relation to any other applicable Bail-In Legislation: (i) any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and (ii) any similar or analogous powers under that Bail-In Legislation. 42. Acknowledgement regarding US QFC Rules (a) To the extent that the Finance Documents provide support, through a guarantee or otherwise, for any other agreement or instrument that is a QFC (such support, "QFC Credit Support" and each such QFC a "Supported QFC"), the Parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Finance Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): (b) in the event a Covered Entity that is party to a Supported QFC (each, a "Covered Party") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any 137 EMEA 154791766 interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Finance Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. (c) As used in this Clause 42, the following terms have the following meanings: "BHC Act Affiliate" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. "Covered Entity" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. "QFC" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 43. Counterparts Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 138 EMEA 154791766 Section 12 Governing Law and Enforcement 44. Governing Law This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 45. Enforcement 45.1 Jurisdiction of English Courts (a) The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "Dispute"). (b) The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 45.2 Service of process (a) Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales): (i) irrevocably appoints Law Debenture Corporate Service Limited, having its registered address at 8th Floor, 100 Bishopsgate, London, EC2N 4AG, as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and (ii) agrees that failure by an agent for service of process to notify the relevant Obligor of the process will not invalidate the proceedings concerned. (b) If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Parent (on behalf of all the Obligors) must immediately (and in any event within five days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose. This Agreement has been entered into on the date stated at the beginning of this Agreement. 139 EMEA 154791766 Schedule 1 The Original Parties Part 1 The Original Obligors Name of Borrower Registration number (or equivalent, if any) Jurisdiction of incorporation Harmony Gold Mining Company Limited 1950/038232/06, South Africa Harmony Gold (Australia) Pty Limited 091 439 333, Australia Name of Original Guarantor Registration number (or equivalent, if any) Jurisdiction of incorporation Harmony Gold Mining Company Limited 1950/038232/06, South Africa Harmony Gold (Australia) Pty Limited 091 439 333, Australia Golden Core Trade and Invest Proprietary Limited 2019/547039/07, South Africa African Rainbow Minerals Gold Limited 1997/015869/06, South Africa Freegold (Harmony) Proprietary Limited (formerly known as ARMgold/Harmony Freegold Joint Venture Company Proprietary Limited) 2001/029602/07, South Africa Randfontein Estates Limited 1889/000251/06, South Africa Avgold Limited 1990/007025/06, South Africa Harmony Copper Limited 2014/121930/06, South Africa Harmony Moab Khotsong Operations Proprietary Limited 2006/039120/07, South Africa Chemwes Proprietary Limited 1964/002378/07, South Africa

------

![](syndicatedfacilitiesagre036.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 EMEA 154791766 Part 2 The Original Lenders Name of Original Lender Facility A Commitment (USD) Facility B Commitment (USD) Citibank, N.A., Jersey Branch 0 275,000,000 JPMorgan Chase Bank, N.A., London Branch 0 275,000,000 Macquarie Bank Limited 250,000,000 0 Absa Bank Limited (acting through its Corporate and Investment Banking division) 0 150,000,000 FirstRand Bank Limited (acting through its Rand Merchant Bank division) 0 150,000,000 Nedbank Limited, acting through its Nedbank Corporate and Investment Banking division 0 150,000,000 Total 250,000,000 1,000,000,000 141 EMEA 154791766 Schedule 2 Conditions Precedent Part 1 Initial Conditions Precedent 1. Original Obligors (a) A copy of the constitutional documents of each Original Obligor. (b) A copy of a resolution of the board of directors of each Original Obligor: (i) approving the terms of, and the transactions contemplated by, the Transaction Documents to which it is a party and resolving that it execute, deliver and perform the Transaction Documents to which it is a party; (ii) authorising a specified person or persons to execute the Transaction Documents to which it is a party on its behalf; (iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Transaction Documents to which it is a party; (iv) in the case of an Original Obligor other than the Parent, authorising the Parent to act as its agent in connection with the Finance Documents; and (v) including such other matters as may be required to comply with Section 45 and 46 of the South African Companies Act. (c) A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above in relation to the Finance Documents and related documents. (d) To the extent required with reference to the constitutional documents of an Original Obligor or by law (including under Section 45 and 46 of the South African Companies Act), a copy of a resolution signed by all the holders of the issued shares in each Original Guarantor (other than the Parent), approving the terms of, and the transactions contemplated by, the Finance Documents to which the Original Guarantor is a party. (e) A certified copy of the register of members/shareholders of each Original Obligor other than the Parent. (f) A certificate of each Original Obligor (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guarantee or similar limit binding on that Original Obligor to be exceeded. (g) A certificate of an authorised signatory of each Original Obligor as at a date no earlier than the date of this Agreement certifying that each copy document relating to it specified in this Part 1 of Schedule 2 is correct, complete and in full force and effect and has not been amended or superseded as at the date of that certificate. 2. Transaction Documents (a) The Scheme Implementation Deed in the form approved by the Finance Parties prior to the date of this Agreement and subject to any variation permitted under Clause 23.21(d) (Acquisition Undertakings). 142 EMEA 154791766 (b) A copy of the final draft of the Scheme Circular. (c) A copy of each other document designated as an "Acquisition Document" by the Agent and the Parent. 3. Finance Documents (a) This Agreement, duly executed by the members of the Group party to this Agreement. (b) The Fee Letters, duly executed by the Parent. 4. Legal Opinions The following legal opinions, each addressed to the Agent and the Original Lenders and capable of being relied upon by any persons who become Lenders pursuant to the primary syndication of the Facilities. (a) A legal opinion of White & Case LLP, legal advisers to the Agent and the Arranger as to English law substantially in the form distributed to the Original Lenders prior to signing this Agreement. (b) A legal opinion of the following legal advisers to the Parent: (i) Cliffe Dekker Hofmeyr as to South African law; and (ii) White & Case LLP, Australia, as to the laws of Australia; each substantially in the form distributed to the Original Lenders prior to signing this Agreement. 5. Other Documents and Evidence (a) A copy of the application to, and approval of, the Financial Surveillance Department of the South African Reserve Bank in connection with the transactions contemplated by the Finance Documents. (b) Evidence that any process agent referred to in Clause 45.2 (Service of Process), if not an Original Obligor, has accepted its appointment. (c) The Group Structure Chart which shows the Group assuming the Closing Date has occurred. (d) The Base Case Model. (e) The Reports. (f) A copy of the Original Financial Statements of each Original Obligor. (g) A certificate of the Chief Financial Officer of the Parent in form and substance satisfactory to the Finance Parties addressed to the Finance Parties confirming which companies within the Group are Material Group Companies prior to the Closing Date and that the aggregate of earnings before interest, tax, depreciation and amortisation (calculated on the same basis as EBITDA) and the aggregate gross assets and the aggregate turnover of the Obligors (calculated on an unconsolidated basis and excluding all intra-Group items) is not less than 80% (eighty per cent) of the aggregate of EBITDA, the consolidated gross assets and turnover of the Group. 143 EMEA 154791766 (h) A copy of the Announcement issued in substantially the same form as the Agreed Form. (i) A certificate signed by an authorised signatory of the Company confirming that: (i) all Scheme Conditions Precedent have been satisfied or (if waiver is permissible) waived in accordance with paragraph (d) of Clause 23.21 (Acquisition Undertakings); (ii) completion of the Acquisition will occur in accordance with the Acquisition Documents (as the same may be amended in accordance with the terms of this Agreement); (iii) all material Authorisations required to complete the Acquisition have been obtained; (iv) no Acquisition Document has been amended, varied, novated, supplemented, superseded, waived or terminated in breach of the terms of this Agreement; (v) it is not aware of any breach of any warranty or any claim under the Acquisition Documents; (vi) there has been no termination of any Acquisition Document; (vii) the Company has sufficient cash resources available to pay the Consideration in full and that any amounts other than the proceeds of the Facilities necessary to fund the Consideration have been or will be applied, simultaneous with first utilisation under this Agreement, towards that purpose in accordance with this Agreement and the Scheme Implementation Deed; and (viii) the Scheme Effective Date has occurred. (j) Evidence that the "MAC Warrants" (as defined in the Scheme Implementation Deed) will be cancelled on or prior to the Closing Date. (k) Copies of the latest drafts of the amendments to each of the Permitted Stream Agreements and the Permitted Royalty Agreement prior to the Closing Date (for information purposes only and without a right of approval for the Finance Parties). (l) Evidence that the fees, costs and expenses then due from the Parent pursuant to (i) Clause 13 (Fees), Clause 14.5 (Stamp Taxes) and Clause 18 (Costs and Expenses) have been paid or will be paid by the first Utilisation Date. (m) The Funds Flow Statement prepared by the Parent in the pre-agreed form. (n) A certificate of the Company (signed by a director) detailing the estimated Acquisition Costs.

------

![](syndicatedfacilitiesagre037.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 EMEA 154791766 Part 2 Conditions Precedent Required to be Delivered by an Additional Guarantor 1. An Accession Deed executed by the Additional Guarantor and the Parent. 2. A copy of the constitutional documents of the Additional Guarantor. 3. A copy of a resolution of the board or, if applicable, a committee of the board of directors of the Additional Guarantor: (a) approving the terms of, and the transactions contemplated by, the Accession Deed and the Finance Documents and resolving that it execute, deliver and perform the Accession Deed and any other Finance Document to which it is party; (b) authorising a specified person or persons to execute the Accession Deed and other Finance Documents to which it is a party on its behalf; (c) authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party; and (d) authorising the Parent to act as its agent in connection with the Finance Documents. 4. If applicable, a copy of a resolution of the board of directors of the Additional Guarantor, establishing the committee referred to in paragraph 3 above. 5. A specimen of the signature of each person authorised by the resolution referred to in paragraph 3 above. 6. A copy of a resolution signed by all the holders of the issued shares of the Additional Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Guarantor is a party. 7. A copy of a resolution of the board of directors of each corporate shareholder of each Additional Guarantor approving the terms of the resolution referred to in paragraph 6 above. 8. A certified copy of the register of members/shareholders of the Additional Guarantor. 9. A certificate of the Additional Guarantor (signed by a director) confirming that guaranteeing the Total Commitments would not cause any guarantee or similar limit binding on it to be exceeded. 10. A certificate of an authorised signatory of the Additional Guarantor certifying that each copy document listed in this Part 2 of Schedule 2 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of the Accession Deed. 11. If available, the latest audited financial statements of the Additional Guarantor. 12. The following legal opinions, each addressed to the Agent and the Lenders: (a) A legal opinion of White & Case LLP, legal advisers to the Agent and the Arranger as to English law substantially in the form distributed to the Lenders prior to signing the Accession Deed. (b) If the Additional Guarantor is incorporated in a jurisdiction other than England and Wales or is executing a Finance Document which is governed by a law other than English law, a legal opinion of the legal advisers to the Agent in the jurisdiction of its incorporation or, as the case may be, the jurisdiction of the governing law of that Finance Document (the "Applicable Jurisdiction") as to the law of the Applicable 145 EMEA 154791766 Jurisdiction and in the form distributed to the Lenders prior to signing the Accession Deed. 13. If the proposed Additional Guarantor is incorporated in a jurisdiction other than England and Wales, evidence that the process agent specified in Clause 45.2 (Service of Process), if not an Obligor, has accepted its appointment in relation to the proposed Additional Guarantor. 14. Evidence that the Additional Guarantor has done all that is necessary (including, without limitation, by re-registering as a private company) to comply with any law in its jurisdiction relating to financial assistance or analogous process. 15. A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession Deed or for the validity and enforceability of any Finance Document. 146 EMEA 154791766 Part 3 Target Group Material Companies Name of company Registration number (or equivalent, if any) Original Jurisdiction Cobar Management Pty Ltd 083 171 546 147 EMEA 154791766 Schedule 3 Requests Utilisation Request From: [Borrower]/[Parent]\* To: [Agent] Dated: Dear Sirs Harmony Gold Mining Company Limited – USD1,250,000,000 Syndicated Facilities Agreement dated [●] 2025 (the "Syndicated Facilities Agreement") 1. We refer to the Syndicated Facilities Agreement. This is a Utilisation Request. Terms defined in the Syndicated Facilities Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 2. We wish to borrow a Loan on the following terms: (a) Borrower [●] (b) Facility [●] (c) Proposed Utilisation Date: [●] (or, if that is not a Business Day, the next Business Day) (d) Currency of Loan: dollars (e) Amount: [●] or, if less, the Available Facilities 3. We confirm that each condition specified in Clause 4.2 (Further Conditions Precedent) of the Syndicated Facilities Agreement [or, to the extent applicable, Clause 4.4 (Utilisations during the Certain Funds Period) of the Syndicated Facilities Agreement] is satisfied on the date of this Utilisation Request. 4. We confirm that no [Existing CTA Relevant Breach]1 / ["Default" or "Event of Default" as defined in the Existing CTA]2 is continuing as at the date of this Utilisation Request or would result from the borrowing of the Loan. 5. [The proceeds of this Loan should be credited to [account].] 6. This Utilisation Request is irrevocable. Yours faithfully Authorised Signatory for [The Parent on behalf of 1 Confirmation in respect of Utilisation for Acquisition Purpose during Certain Funds Period. 2 Confirmation for all Utilisations other than in respect of 1 above.

------

![](syndicatedfacilitiesagre038.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 EMEA 154791766 [insert name of relevant Borrower]] / [insert name of Borrower]\* _____________________________________ [●] Notes:  Amend as appropriate. The Utilisation Request can be given by the Borrower or by the Parent. 149 EMEA 154791766 Schedule 4 Form of Transfer Certificate To: [●] as Agent From: [The Existing Lender] (the "Existing Lender") and [The New Lender] (the "New Lender") Dated: Harmony Gold Mining Company Limited – USD1,250,000,000 Syndicated Facilities Agreement dated [●] 2025 (the "Syndicated Facilities Agreement") 1. We refer to the Syndicated Facilities Agreement (as defined in the Syndicated Facilities Agreement). This is a Transfer Certificate for the purposes of the Syndicated Facilities Agreement. Terms defined in the Syndicated Facilities Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 2. We refer to Clause 26.7 (Procedure for Transfer) of the Syndicated Facilities Agreement: (a) The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation and in accordance with Clause 26.7 (Procedure for Transfer) of the Syndicated Facilities Agreement all of the Existing Lender's rights and obligations under the Syndicated Facilities Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment(s) and participations in Loans under the Syndicated Facilities Agreement as specified in the Schedule. (b) The proposed Transfer Date is [●]. (c) The Facilities Office and address and attention details for notices of the New Lender for the purposes of Clause 34.2 (Addresses) of the Syndicated Facilities Agreement are set out in the Schedule. 3. The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of Clause 26.6 (Limitation of Responsibility of Existing Lenders) of the Syndicated Facilities Agreement. 4. [The New Lender expressly confirms that it [can/cannot] exempt the Agent from the restrictions pursuant to section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law as provided for in paragraph (c) of Clause 29.1 (Appointment of the Agent).] 5. This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate. 6. This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law. 7. This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate. 150 EMEA 154791766 The Schedule Commitment/rights and obligations to be transferred [Insert relevant details] [Facilities Office address and attention details for notices and account details for payments,] [Existing Lender] _____________________________________ By: [●] [New Lender] _____________________________________ By: [●] This Agreement is accepted as a Transfer Certificate for the purposes of the Syndicated Facilities Agreement by the Agent and the Transfer Date is confirmed as [●]. [Agent] _____________________________________ By: [●] 151 EMEA 154791766 Schedule 5 Form of Assignment Agreement To: [●] as Agent and [●], [●] as Parent, for and on behalf of each Obligor From: [the Existing Lender] (the "Existing Lender") and [the New Lender] (the "New Lender") Dated: Harmony Gold Mining Company Limited – USD1,250,000,000 Syndicated Facilities Agreement dated [●] 2025 (the "Syndicated Facilities Agreement") 1. We refer to the Facilities Agreement. This is an Assignment Agreement for the purposes of the Syndicated Facilities Agreement. Terms defined in the Syndicated Facilities Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement. 2. We refer to Clause 26.8 (Procedure for Assignment) of the Syndicated Facilities Agreement: (a) The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Syndicated Facilities Agreement and the other Finance Documents which correspond to that portion of the Existing Lender's Commitment(s) and participations in Loans under the Syndicated Facilities Agreement as specified in the Schedule. (b) The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender's Commitment(s) and participations in Loans under the Syndicated Facilities Agreement specified in the Schedule. (c) The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above. 3. The proposed Transfer Date is [●]. 4. On the Transfer Date the New Lender becomes Party to the relevant Finance Documents as a Lender. 5. The Facilities Office and address and attention details for notices of the New Lender for the purposes of Clause 34.2 (Addresses) of the Syndicated Facilities Agreement are set out in the Schedule. 6. The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of Clause 26.6 (Limitation of Responsibility of Existing Lenders) of the Syndicated Facilities Agreement. 7. This Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 26.9 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent), to the Parent (on behalf of each Obligor) of the assignment referred to in this Agreement. 8. [The New Lender expressly confirms that it [can/cannot] exempt the Agent from the restrictions pursuant to section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law as provided for in paragraph (c) of Clause 29.1 (Appointment of the Agent).] 9. This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

------

![](syndicatedfacilitiesagre039.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 EMEA 154791766 10. This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 11. This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement. 153 EMEA 154791766 The Schedule Commitment/rights and obligations to be transferred by assignment, release and accession [Insert relevant details] [Facilities Office address and attention details for notices and account details for payments] [Existing Lender] _____________________________________ By: [●] [New Lender] _____________________________________ By: [●] This Assignment Agreement is accepted as an Assignment Agreement for the purposes of the Syndicated Facilities Agreement by the Agent, and the Transfer Date is confirmed as [●]. Signature of this Assignment Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to in this Assignment Agreement, which notice the Agent receives on behalf of each Finance Party. [Agent] _____________________________________ By: [●] 154 EMEA 154791766 Schedule 6 Form of Accession Deed To: [●] as Agent From: [Subsidiary] and [Parent] Dated: Dear Sirs Harmony Gold Mining Limited – USD1,250,000,000 Syndicated Facilities Agreement dated [●] 2025 (the "Syndicated Facilities Agreement") 1. We refer to the Syndicated Facilities Agreement. This deed (the "Accession Deed") shall take effect as an Accession Deed for the purposes of the Syndicated Facilities Agreement. Terms defined in the Syndicated Facilities Agreement have the same meaning in this Accession Deed unless given a different meaning in this Accession Deed. 2. [Subsidiary] agrees to become an Additional Guarantor and to be bound by the terms of the Syndicated Facilities Agreement and the other Finance Documents as an Additional Guarantor pursuant to Clause 28.2 (Additional Guarantors) of the Syndicated Facilities Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of relevant jurisdiction] and is a limited liability company with registered number [●]. 3. This Accession Deed and any non-contractual obligations arising out of or in connection with it are governed by English law. This Accession Deed has been signed on behalf of the Parent and executed as a deed by [Subsidiary] and is delivered on the date stated above. [Subsidiary] [Executed as a Deed _____________________________________ By: [Subsidiary] Director [●] _____________________________________ Director/Secretary] Or 155 EMEA 154791766 [Executed as a Deed By: [Subsidiary] ................................................................ Signature of Director Name of Director in the presence of ................................................................ Signature of witness: [●] Name of witness: [●] Address of witness: [●] Occupation of witness]: [●] The Parent _____________________________________ By: [●]

------

![](syndicatedfacilitiesagre040.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 EMEA 154791766 Schedule 7 Form of Resignation Letter To: [●] as Agent From: [resigning Obligor] and [Parent] Dated: Dear Sirs Harmony Gold Mining Limited – USD1,250,000,000 Syndicated Facilities Agreement dated [●] 2025 (the "Syndicated Facilities Agreement") 1. We refer to the Syndicated Facilities Agreement. This is a Resignation Letter. Terms defined in the Syndicated Facilities Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter. 2. Pursuant to Clause 28.3 (Resignation of a Guarantor) of the Syndicated Facilities Agreement, we request that [resigning Guarantor] (the "Resigning Guarantor") be released from its obligations as a Guarantor under the Syndicated Facilities Agreement and the Finance Documents. 3. We confirm that: (a) no Default is continuing or would result from the acceptance of this request; and (b) no payment is due from the Resigning Guarantor under Clause 19.1 (Guarantee and Indemnity); (c) [the Guarantor is resigning because it is the subject of a Disposal to which Clause 8.3 (Material Disposal Proceeds) relates; the Material Disposal Proceeds have been or will be applied in accordance with Clause 8.3 (Mandatory Prepayment - Material Disposal Proceeds) of the Syndicated Facilities Agreement;] 4. This Resignation Letter and any non-contractual obligations arising out of or in connection with it are governed by English law. [Parent] _____________________________________ By: [●] [Resigning Guarantor] _____________________________________ By: [●] 157 EMEA 154791766 Schedule 8 Form of Compliance Certificate To: [●] as Agent From: Harmony Gold Mining Company Limited Dated: Dear Sirs Harmony Gold Mining Company Limited – USD1,250,000,000 Syndicated Facilities Agreement dated [●] 2025 (the "Syndicated Facilities Agreement") 1. We refer to the Syndicated Facilities Agreement. This is a Compliance Certificate. Terms defined in the Syndicated Facilities Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate. 2. We confirm that: (a) for the Ratio Test Period ended [●], the Interest Cover Ratio was [●]; (b) for the Ratio Test Date dated [●], the Leverage Ratio was [●] We attach calculations for the Financial Covenants listed above. 3. [We confirm that the following companies constitute Material Group Companies for the purposes of the Syndicated Facilities Agreement: [●].] 4. We confirm that the aggregate of earnings before interest, tax, depreciation and amortisation (calculated on the same basis as EBITDA) and the aggregate gross assets and the aggregate turnover of the Obligors (calculated on an unconsolidated basis and excluding all intra-Group items) is not less than 80% (eighty per cent) of the aggregate of EBITDA, the consolidated gross assets and turnover of the Group. 5. [We confirm that no Default is continuing.]3 Signed _____________________________________ Harmony Gold Mining Company Limited Name: Title: [chief financial officer] of the Parent / [financial director] of the Parent 3 • If this statement cannot be made, the Compliance Certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.. 158 EMEA 154791766 Schedule 9 LMA Form of Confidentiality Undertaking [Letterhead of Seller] Date: [ ] To: [insert name of Potential Purchaser] Re: The Agreement Company: (the "Company") Date: Amount: Facility Agent: Dear Sirs We understand that you are considering acquiring an interest in the Agreement which, subject to the Agreement, may be by way of novation, assignment, the entering into, whether directly or indirectly, of a sub-participation or any other transaction under which payments are to be made or may be made by reference to one or more Finance Documents and/or one or more Obligors or by way of investing in or otherwise financing, directly or indirectly, any such novation, assignment, sub-participation or other transaction (the "Acquisition"). In consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter you agree as follows: 1. CONFIDENTIALITY UNDERTAKING You undertake (a) to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 below and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to your own confidential information, and (b) until the Acquisition is completed to use the Confidential Information only for the Permitted Purpose. 2. PERMITTED DISCLOSURE We agree that you may disclose: 2.1 to any of your Affiliates and any of your or their officers, directors, employees, professional advisers and auditors such Confidential Information as you shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph 2.1 is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information, except that there shall be no such requirement to so inform if the recipient is subject to professional 159 EMEA 154791766 obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 2.2 subject to the requirements of the Agreement, to any person: (a) to (or through) whom you assign or transfer (or may potentially assign or transfer) all or any of your rights and/or obligations which you may acquire under the Agreement such Confidential Information as you shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph (a) of paragraph 2.2 has delivered a letter to you in equivalent form to this letter; (b) with (or through) whom you enter into (or may potentially enter into) any sub- participation in relation to, or any other transaction under which payments are to be made or may be made by reference to the Agreement or any Obligor such Confidential Information as you shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph (b) of paragraph 2.2 has delivered a letter to you in equivalent form to this letter; (c) to whom information is required or requested to be disclosed by any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation such Confidential Information as you shall consider appropriate; and 2.3 notwithstanding paragraphs 2.1 and 2.2 above, Confidential Information to such persons to whom, and on the same terms as, a Finance Party is permitted to disclose Confidential Information under the Agreement, as if such permissions were set out in full in this letter and as if references in those permissions to Finance Party were references to you. 3. NOTIFICATION OF DISCLOSURE You agree (to the extent permitted by law and regulation) to inform us: 3.1 of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (c) of paragraph 2.2 above except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 3.2 upon becoming aware that Confidential Information has been disclosed in breach of this letter. 4. RETURN OF COPIES If you do not enter into the Acquisition and we so request in writing, you shall return or destroy all Confidential Information supplied to you by us and destroy or permanently erase (to the extent technically practicable) all copies of Confidential Information made by you and use your reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to the extent that you or the recipients are required to retain any such Confidential Information by any applicable

------

![](syndicatedfacilitiesagre041.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 EMEA 154791766 law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under sub-paragraph (c) of paragraph 2.2 above. 5. CONTINUING OBLIGATIONS The obligations in this letter are continuing and, in particular, shall survive and remain binding on you until (a) if you become a party to the Agreement as a lender of record, the date on which you become such a party to the Agreement; (b) if you enter into the Acquisition but it does not result in you becoming a party to the Agreement as a lender of record, the date falling twelve months after the date on which all of your rights and obligations contained in the documentation entered into to implement that Acquisition have terminated ; or (c) in any other case the date falling twelve months after the date of your final receipt (in whatever manner) of any Confidential Information. 6. NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC You acknowledge and agree that: 6.1 neither we, nor any member of the Group nor any of our or their respective officers, employees or advisers (each a "Relevant Person") (i) make any representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or the assumptions on which it is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by us or be otherwise liable to you or any other person in respect of the Confidential Information or any such information; and 6.2 we or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you. 7. ENTIRE AGREEMENT: NO WAIVER; AMENDMENTS, ETC 7.1 This letter constitutes the entire agreement between us in relation to your obligations regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 7.2 No failure to exercise, nor any delay in exercising, any right or remedy under this letter will operate as a waiver of any such right or remedy or constitute an election to affirm this letter. No election to affirm this letter will be effective unless it is in writing. No single or partial exercise of any right or remedy will prevent any further or other exercise or the exercise of any other right or remedy under this letter. 7.3 The terms of this letter and your obligations under this letter may only be amended or modified by written agreement between us. 8. INSIDE INFORMATION You acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable 161 EMEA 154791766 legislation including securities law relating to insider dealing and market abuse and you undertake not to use any Confidential Information for any unlawful purpose. 9. NATURE OF UNDERTAKINGS The undertakings given by you under this letter are given to us and are also given for the benefit of the Company and each other member of the Group. 10. THIRD PARTY RIGHTS 10.1 Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to enjoy the benefit of any term of this letter. 10.2 The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 10 and the provisions of the Third Parties Act. 10.3 Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person to rescind or vary this letter at any time. 11. GOVERNING LAW AND JURISDICTION 11.1 This letter (including the agreement constituted by your acknowledgement of its terms) (the "Letter") and any non-contractual obligations arising out of or in connection with it (including any non-contractual obligations arising out of the negotiation of the transaction contemplated by this Letter) are governed by English law. 11.2 The courts of England have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this Letter (including a dispute relating to any non-contractual obligation arising out of or in connection with either this Letter or the negotiation of the transaction contemplated by this Letter). 12. DEFINITIONS In this letter (including the acknowledgement set out below) terms defined in the Agreement shall, unless the context otherwise requires, have the same meaning and: "Confidential Information" means all information relating to the Company, any Obligor, the Group, the Finance Documents, the Facility and/or the Acquisition which is provided to you in relation to the Finance Documents or the Facility by us or any of our affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that: (a) is or becomes public information other than as a direct or indirect result of any breach by you of this letter; or (b) is identified in writing at the time of delivery as non-confidential by us or our advisers; or (c) is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you after that date, from a source which 162 EMEA 154791766 is, as far as you are aware, unconnected with the Group and which, in either case, as far as you are aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. "Group" means the Company and its subsidiaries for the time being (as such term is defined in the Companies Act 2006). "Permitted Purpose" means considering and evaluating whether to enter into the Acquisition. Please acknowledge your agreement to the above by signing and returning the enclosed copy. Yours faithfully …................................ For and on behalf of [Seller] To: [Seller] The Company and each other member of the Group We acknowledge and agree to the above: …................................ For and on behalf of [Potential Purchaser] 163 EMEA 154791766 Schedule 10 Timetables Loans in USD Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)) U-3 9.30 a.m. Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders' Participation) U-3 Noon "U" = date of utilisation or, if applicable, in the case of a Loan that has already been borrowed, the first day of the relevant Interest Period for that Loan. "U - X" = X Business Days prior to date of utilisation.

------

![](syndicatedfacilitiesagre042.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 EMEA 154791766 Schedule 11 Material Group Companies 165 EMEA 154791766 Schedule 12 Form of Increase Confirmation To: [●] as Agent and Harmony Gold Mining Company Limited as Parent, for and on behalf of each Obligor From: [the Increase Lender] (the "Increase Lender") Dated: Harmony Gold Mining Company Limited – USD1,250,000,000 Syndicated Facilities Agreement dated [●] 2025 (the "Syndicated Facilities Agreement") 1. We refer to the Syndicated Facilities Agreement. This shall take effect as an Increase Confirmation for the purposes of the Syndicated Facilities Agreement. Terms defined in the Syndicated Facilities Agreement have the same meaning in this Agreement unless given a different meaning in this Increase Confirmation. 2. We refer to Clause 2.2 (Increase) of the Syndicated Facilities Agreement. 3. The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Commitment(s) specified in the Schedule (the "Relevant Commitment(s)") as if it had been an Original Lender under the Syndicated Facilities Agreement in respect of the Relevant Commitment(s). 4. The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment(s) is to take effect (the "Increase Date") is [●]. 5. On the Increase Date, the Increase Lender becomes party to the relevant Finance Documents as a Lender. 6. The Facilities Office and address and attention details for notices to the Increase Lender for the purposes of Clause 34.2 (Addresses) of the Syndicated Facilities Agreement are set out in the Schedule. 7. The Increase Lender expressly acknowledges the limitations on the Lenders' obligations referred to in paragraph (i) of Clause 2.2 (Increase) of the Syndicated Facilities Agreement. 8. [The Increase Lender expressly confirms that it [can/cannot] exempt the Agent from the restrictions pursuant to section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law as provided for in paragraph (c) of Clause 29.1 (Appointment of the Agent).] 9. This Increase Confirmation may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Increase Confirmation. 10. This Increase Confirmation and any non-contractual obligations arising out of or in connection with it are governed by English law. 11. This Increase Confirmation has been entered into on the date stated at the beginning of this Increase Confirmation. 166 EMEA 154791766 The Schedule Relevant Commitment(s)/rights and obligations to be assumed by the Increase Lender [Insert relevant details] [Facilities Office address and attention details for notices and account details for payments] [Increase Lender] _____________________________________ By: [●] This is accepted as an Increase Confirmation for the purposes of the Syndicated Facilities Agreement by the Agent and the Increase Date is confirmed as [●]. Agent _____________________________________ By: [●] 167 EMEA 154791766 Schedule 13 Forms of Notifiable Debt Purchase Transaction Notice Part 1 Form of Notice on Entering into Notifiable Debt Purchase Transaction To: [●] as Agent From: [The Lender] Dated: Harmony Gold Mining Company Limited – USD1,250,000,000 Syndicated Facilities Agreement dated [●] 2025 (the "Syndicated Facilities Agreement") 1. We refer to paragraph (b) of Clause 27.2 (Disenfranchisement of members of the Group) of the Syndicated Facilities Agreement. Terms defined in the Syndicated Facilities have the same meaning in this notice unless given a different meaning in this notice. 2. We have entered into a Notifiable Debt Purchase Transaction. 3. The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our Commitment(s) as set out below. Commitment Amount of our Commitment to which Notifiable Debt Purchase Transaction relates (Base Currency) Commitment [insert amount (of that Commitment) to which the relevant Debt Purchase Transaction applies] [Lender] _____________________________________ By: [●]

------

![](syndicatedfacilitiesagre043.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 EMEA 154791766 Part 2 Form of Notice on Termination of Notifiable Debt Purchase Transaction / Notifiable Debt Purchase Transaction Ceasing to be with Sponsor Affiliate To: [●] as Agent From: [The Lender] Dated: Harmony Gold Mining Company Limited – USD1,250,000,000 Syndicated Facilities Agreement dated [●] 2025 (the "Syndicated Facilities Agreement") 1. We refer to paragraph (c) of Clause 27.2 (Disenfranchisement of members of the Group) of the Syndicated Facilities Agreement. Terms defined in the Syndicated Facilities Agreement have the same meaning in this notice unless given a different meaning in this notice. 2. A Notifiable Debt Purchase Transaction which we entered into and which we notified you of in a notice dated [●] has [terminated]/[ceased to be with a member of the Group].\* 3. The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our Commitment(s) as set out below. Commitment Amount of our Commitment to which Notifiable Debt Purchase Transaction relates (Base Currency) Commitment [insert amount (of that Commitment) to which the relevant Debt Purchase Transaction applies] [Lender] _____________________________________ By: [●] \* Delete as applicable 169 EMEA 154791766 Schedule 14 Disclosed Potential Environmental Claim Potential environmental claims: No environmental claims currently existing. 170 EMEA 154791766 Schedule 15 Permitted Transferees 1. Local banks Absa Bank Limited FirstRand Limited The Standard Bank of South Africa Limited Nedbank Limited Investec Bank Limited Any fund managed and/or controlled by any of the aforesaid financial institutions. 2. Foreign banks ABN Amro Bank N.V. Deutsche Bank Group AG Standard Chartered Bank Barclays Bank PLC UBS Citibank SMBC (Sumitomo Mitsui Banking Corporation) Fortis Royal Bank of Scotland HSBC Bank plc Bank of China Limited, Johannesburg Branch Bank of Taiwan China Construction Bank China Development Bank Industrial & Commercial Bank of China (ICBC) Credit Agricole Bank of Taiwan BNP Paribas West LB Allied Irish Societe Generale 171 EMEA 154791766 Goldman Sachs JPMorgan Chase Bank, N.A., London Branch Credit Suisse Macquarie Bank Limited Westpac Banking Corporation National Australia Bank Australia and New Zealand Banking Group Limited State Bank of India Bank of America Merill Lynch Natixis The Bank of Tokyo-Mitsubishi Limited\ First Bank of Nigeria Ecobank Zenith Bank Bank of South Pacific Limited ICIC Bank Caterpillar Financial Services Corporation Bank of China Bank of Communications A.B. Asset Finance Company S.A. Any fund managed and/or controlled by any of the aforesaid financial institutions. 3. DFIs African Development Bank DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH Emerging Africa Infrastructure Fund European Investment Bank (EIB) NEDERLANDSE FINANCIERINGS-MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V. ("FMO") International Finance Corporation (IFC) Kreditanstalt fuer Wiederaufbau (KfW) Kreditanstalt fuer Wiederaufbau - IPEX OPEC Fund for International Development (OFID) Development Bank of Southern Africa (DBSA)

------

![](syndicatedfacilitiesagre044.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 EMEA 154791766 Industrial Development Corporation (IDC) Proparco African Finance Corporation (AFC) PTA Bank Any fund managed and/or controlled by any of the aforesaid financial institutions. 4. Other financial institutions Old Mutual Specialised Finance (Proprietary) Limited Old Mutual Life Assurance Company (South Africa) Limited Old Mutual Alternative Investments Sanlam Capital Markets Limited Sanlam Life Insurance Limited Futuregrowth Asset Management (Pty) Ltd Liberty Group Limited MMI Holdings Limited Momentum Metropolitan Holdings Limited Momentum Metropolitan Life Limited Mergence Investment Managers (Pty) Ltd Metropolitan Insurance Company Limited Metropolitan Life Limited Taquanta Asset Management Coronation Fund Managers Limited Mezzanine Partners 1 GP (Proprietary) Limited Titan Share Dealers (Proprietary) Limited Venfin Share Dealers (Proprietary) Limited Ninety One SA Proprietary Limited Public Investment Corporation Absa Asset Managers Stanlib Vantage Capital Group (Proprietary) Limited Prudential Portfolio Managers South Africa (Proprietary) Limited Fairtree Asset Management Saffron Asset Management 173 EMEA 154791766 Cadiz Asset Management Tantulum Asset Management Momentum Asset Managers Hollard Group Peregrine Holdings Aluwani Capital Partners Any fund managed and/or controlled by any of the aforesaid financial institutions. Any affiliates, subsidiaries or holding companies of and of the banks or financial institutions listed in this Schedule and any trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets. 174 EMEA 154791766 Schedule 16 Companies to be Wound Up/Reorganised 1. To be de-registered/wound up (South Africa): 1.1 Harmony Gold Management Services Proprietary Limited 1.2 Coreland Property Management Company Proprietary Limited 1.3 Potchefstroom Gold Areas Limited 1.4 Virginia Salvage Proprietary Limited 1.5 Harmony Engineering Proprietary Limited 1.6 Musuku Benefication Systems Proprietary Limited 1.7 Remaining Extent of Portion 15 Wildebeesfotein Proprietary Limited 1.8 Harmony Precision Casting Proprietary Limited 2. To be de-registered/wound up (Australia and/or PNG): 2.1 MAC AU 1 Pty Ltd ACN 665 573 875; 2.2 MAC AU 2 Pty Ltd ACN 665 574 167; 2.3 MAC AU 3 Pty Ltd ACN 665 574 210; 2.4 MAC AU 4 Pty Ltd ACN 665 574 327; 2.5 New Hampton Goldfields Limited ACN 53 009 193 999 2.6 Harmony Gold Securities Pty Limited ACN 099 119 909 2.7 Harmony Gold W.A. Pty Limited ACN 099 119 918 2.8 Harmony Gold Operations Limited ACN 005 482 842 175 EMEA 154791766 Schedule 17 Existing Security Part 1 Existing Security Name of Group Member Security Total Principal Amount of Indebtedness Secured at Signature Date Harmony Gold Mining Co Ltd Agreement for Sale of Interest in Royalty Deed dated 10 November 2008 between the Borrower, Abelle Limited, Wafi Mining Limited and Rio Tinto Limited (ABE0063003)(WAF0002013) Contingent Liability (Deferred Cash Consideration of US$10,000,000 payable on occurrence of decision to mine/commencement of infrastructure construction) Wafi Mining Ltd Deed of Extinguishment of Royalty - Wafi Golpu Project dd 16 February 2009 between Wafi Mining Limited and the Borrower (WAF0002015) Contingent Liability (Payment by Wafi Mining Limited to the Borrower of US$10,000,000 within 21 days after payment by the Borrower of Deferred Cash Consideration to Rio Tinto)

------

![](syndicatedfacilitiesagre045.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 EMEA 154791766 Part 2 Existing Security Name of Group Member Security Annual Letters of Comfort by the Borrower in favour of each member of the Group registered in Australia and Papua New Guinea Harmony Gold (PNG Services) Pty Ltd Lease security for leased premises at Level 2, 189 Coronation Drive, Milton, Queensland between Harmony Gold (PNG Services) Pty Limited and AVJF Holdings Pty Limited per Banker's Undertaking dated 22 February 2022 given by Westpac Banking Corporation to AVJF Holdings Pty Limited (Maximum liability: AU$342,081,46) Wafi Mining Ltd All Securities arising under or pursuant to the Wafi-Golpu Joint Venture Agreement, including without limitation: Deed of Cross Charge executed pursuant to Clause 11.1 thereof) (see below); and Trust in Sale provisions under Clause 18.3 thereof. Deed of Cross Charge dated 22 May 2008 between Wafi Mining Limited and Newcrest PNG 2 Limited (WAF0042001) Morobe Exploration Ltd All Securities arising under or pursuant to the Exploration Portfolio Joint Venture Agreement, including without limitation: Deed of Cross Charge executed pursuant to Clause 11.1 thereof) (see below); and Trust in Sale provisions under Clause 18.3 thereof. Deed of Cross Charge dated 22 May 2008 between Morobe Consolidated Goldfields Limited, Wafi Mining Limited, Morobe Exploration Limited and Newcrest PNG 3 Limited (M0R0101002)(WAF0038002)(MEL0005002) 177 EMEA 154791766 Schedule 18 Inter-Company Loans Part 1 ZAR Intercompany Loans Company registration number Company Name Net loans to/(from subsidiaries) as at 30 June 2024 (all amounts contemplated in this table are in ZAR) 2012/041001/07 Tswelopele Beneficiation Operation Proprietary Limited (287,669,857) 1999/014701/07 Harmony Engineering Proprietary Limited (3,693,212) 1999/014701/07 Unisel Gold Mines Limited (89,211,297) 1990/007025/06 Avgold Limited 4,163,120,107 1889/000251/06 Randfontein Estates Limited (179,728,396) 1889/000251/06 Harmony Moab Khotsong Operations Proprietary Limited (1,840,500,692) 1988/001853/06 Lydenburg Exploration Limited (106,053,988) 1903/001978/06 West Rand Consolidated Mines Limited (43,694,772) 1903/001978/06 Harmony Gold Exploration Proprietary Limited (21,841,656) 1982/002818/06 Kalahari Goldridge Mining Company Limited (692,896,765) 2019/547039/07 Golden Core Trade and Invest Proprietary Limited (3,607,570,938) 2005/033680/07 First Uranium Proprietary Limited 89,656,591 2000/001443/07 Mine Waste Solutions Proprietary Limited 29,075,512 1964/002378/07 Chemwes Proprietary Limited 403,957,582 2001/029602/07 Freegold (Harmony) Proprietary Limited (5,117,560,663) IT248/2013 Harmony Gold Community Trust (7,805,833) 2019/392805/07 Bokamoso Claims Management Systems Proprietary Limited 11,000,000 2014/121930/06 Harmony Copper Limited 6,539,688 (7,294,878,588) 178 EMEA 154791766 Part 2 Australian Dollar (AUD) Intercompany Loans Company registration number Company Name Net loans to/(from subsidiaries) as at 30 June 2024 (all amounts contemplated in this table are in AUD) 1-12047 Morobe Consolidated Goldfields Limited 416,712,568 1-11452 Wafi Mining Limited 557,211,992 179 EMEA 154791766 Part 3 Target Group Intercompany Loans 1. MAC AU / Target Intercompany Loans Company registration number Company Name Net loans to/(from subsidiaries) as at 30 June 2024 (all amounts contemplated in this table are in USD) 657 799 758 Metals Acquisition Corp. Australia Pty Ltd 301,000,000 657 799 758 Metals Acquisition Corp. Australia Pty Ltd 164,000,000 657 799 758 Metals Acquisition Corp. Australia Pty Ltd 121,000,000 2. MAC AU / CMPL Intercompany Loans Company registration number Company Name Net loans to/(from subsidiaries) as at 30 June 2024 (all amounts contemplated in this table are in USD) 657 799 758 Metals Acquisition Corp. Australia Pty Ltd 121,000,000

------

![](syndicatedfacilitiesagre046.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 EMEA 154791766 Schedule 19 Reference Rate Terms CURRENCY: Dollars. Cost of funds as a fallback Cost of funds will apply as a fallback. Definitions Additional Business Days: An RFR Banking Day. Break Costs: the amount (if any) by which: (a) the interest (excluding the applicable Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in the relevant Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; exceeds: (b) the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the relevant interbank lending market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. Business Day Conventions (definition of "Month" and Clause 11.2 (Non-Business Days)): (a) If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period: (i) subject to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if 181 EMEA 154791766 there is not, on the immediately preceding Business Day; (ii) if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and (iii) if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. (b) If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). Central Bank Rate: (a) The short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from time to time; or (b) if that target is not a single figure, the arithmetic mean of: (i) the upper bound of the short-term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and (ii) the lower bound of that target range. Central Bank Rate Adjustment: The mean of the spread of the RFR to the Central Bank Rate (expressed as a percentage rate per annum) over the previous five days on which a RFR has been published, excluding the highest spread (or if there is more than one highest spread, only one of those highest spreads) and lowest spread (or, if there is more than one lowest spread, only one of those lowest spreads) to the Central Bank Rate, rounded to five decimal places. 182 EMEA 154791766 Daily Rate: The "Daily Rate" for any RFR Banking Day is: (a) the RFR for that RFR Banking Day; (b) if the RFR for that RFR Banking Day is not available, the Historic RFR for that RFR Banking Day; or (c) if paragraph (b) above applies but the Historic RFR for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: (i) the Central Bank Rate for that RFR Banking Day; and (ii) the applicable Central Bank Rate Adjustment; or (d) if paragraph (c) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: (i) the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and (ii) the applicable Central Bank Rate Adjustment, rounded, in either case, to four decimal places and if, in either case, that rate is less than zero, the Daily Rate shall be deemed to be zero. Lookback Period: Five RFR Banking Days. Market Disruption Rate: The percentage rate per annum equal to the Cumulative Compounded RFR Rate for the Interest Period of the relevant Loan. Relevant Market: The market for overnight cash borrowing collateralised by US Government securities. Reporting Day: The Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period. RFR: The secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the 183 EMEA 154791766 administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate). RFR Banking Day: Any day other than: (a) a Saturday or Sunday; and (b) a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities. RFR Contingency Period: 1 Month Reporting Times Deadline for Lenders to report market disruption in accordance with Clause 12.2 (Market disruption) Close of business in London on the Reporting Day for the relevant Loan. Deadline for Lenders to report their cost of funds in accordance with Clause 12.3 (Cost of funds) Close of business on the date falling 5 (five) Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling 5 (five) Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan)

------

![](syndicatedfacilitiesagre047.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 EMEA 154791766 Schedule 20 Daily Non-Cumulative Compounded RFR Rate The "Daily Non-Cumulative Compounded RFR Rate" for any RFR Banking Day "i" during an Interest Period for a Loan is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below: (𝑈𝐶𝐶𝐷𝑅𝑖 - 𝑈𝐶𝐶𝐷𝑅𝑖-1) × 𝑑𝑐𝑐 𝑛𝑖 where: "UCCDRi" means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "i"; "UCCDRi-1" means, in relation to that RFR Banking Day "i", the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period; "dcc" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; "ni" means the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day; and the "Unannualised Cumulative Compounded Daily Rate" for any RFR Banking Day (the "Cumulated RFR Banking Day") during that Interest Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose): 𝐴𝐶𝐶𝐷𝑅 × 𝑡𝑛𝑖 𝑑𝑐𝑐 where: "ACCDR" means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day; "tni" means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period; "Cumulation Period" means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated RFR Banking Day; "dcc" has the meaning given to that term above; and 185 EMEA 154791766 the "Annualised Cumulative Compounded Daily Rate" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to four decimal places) calculated as set out below: ⎣ ⎢ ⎢ ⎡ ∏(1+ 𝐷𝑎𝑖𝑙𝑦𝑅𝑎𝑡𝑒i-LP × ni dcc) d0 i̇=1 - 1 ⎦ ⎥ ⎥ ⎤ × dcc tni where: "d0" means the number of RFR Banking Days in the Cumulation Period; "Cumulation Period" has the meaning given to that term above; "i" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period; "DailyRatei-LP" means, for any RFR Banking Day "i" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "i"; "ni" means, for any RFR Banking Day "i" in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day; "dcc" has the meaning given to that term above; and "tni" has the meaning given to that term above. 186 EMEA 154791766 Schedule 21 Cumulative Compounded RFR Rate The "Cumulative Compounded RFR Rate" for any Interest Period for a Loan is the percentage rate per annum (rounded to the same number of decimal places as is specified in the definition of "Annualised Cumulative Compounded Daily Rate" in Schedule 20 (Daily Non-Cumulative Compounded RFR Rate)) calculated as set out below: ⎣ ⎢ ⎢ ⎡ ∏(1+ 𝐷𝑎𝑖𝑙𝑦𝑅𝑎𝑡𝑒i-LP × ni dcc) d0 i̇=1 - 1 ⎦ ⎥ ⎥ ⎤ × dcc d where: "d0" means the number of RFR Banking Days during the Interest Period; "i" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order during the Interest Period; "DailyRatei-LP" means for any RFR Banking Day "i" during the Interest Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "i""; "ni" means, for any RFR Banking Day "i", the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day; "dcc" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; and "d" means the number of calendar days during that Interest Period. [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 Signatures The Parent Harmony Gold Mining Company Limited _____________________________________ By: Name: Title: _____________________________________ By: Name: Title: Boipelo Lekubo Financial Director Beyers Nel Chief Executive Officer

------

![](syndicatedfacilitiesagre048.jpg)

[Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 The Borrowers Harmony Gold Mining Company Limited _____________________________________ By: Name: Title: _____________________________________ By: Name: Title: Boipelo Lekubo Financial Director Beyers Nel Chief Executive Officer [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 The Original Guarantors Harmony Gold Mining Company Limited _____________________________________ By: Name: Title: _____________________________________ By: Name: Title: Boipelo Lekubo Financial Director Beyers Nel Chief Executive Officer

------

![](syndicatedfacilitiesagre049.jpg)

[Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 Golden Core Trade and Invest Proprietary Limited _____________________________________ By: Name: Title: Harry Mashego Director _____________________________________ By: Name: Neil Terblanc e Title: Director [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 African Rainbow Minerals Gold Limited ______________________________________ By: Name: Title: ______________________________________ By: Name: Title: Boipelo Lekubo Beyers Nel Director Director [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 Freegold (Harmony) Proprietary Limited (formerly known as ARMgold/Harmony Freegold Joint Venture Company Proprietary Limited _____________________________________ By: Name: Title: _____________________________________ By: Name: Title: Boipelo Lekubo Beyers Nel Director Director [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 Randfontein Estates Limited _____________________________________ By: Name: Title: _____________________________________ By: Name: Title: Boipelo Lekubo Beyers Nel Director Director

------

![](syndicatedfacilitiesagre050.jpg)

[Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 Avgold Limited _____________________________________ By: Name: Title: _____________________________________ By: Name: Title: Boipelo Lekubo Beyers Nel Director Director [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 Harmony Copper Limited _____________________________________ By: Name: Title: _____________________________________ By: Name: Title: Boipelo Lekubo Beyers Nel Director Director [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 Harmony Moab Khotsong Operations Proprietary Limited _____________________________________ By: Name: Title: _____________________________________ By: Name: Title: Herman Perry Harry Mashego Director Director [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 Limited _____________________________________ By: Name: Title: _____________________________________ By: Name: Title: Boipelo Lekubo Harry Mashego Director Director

------

![](syndicatedfacilitiesagre051.jpg)

[Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 J.P. Morgan Securities Plc _____________________________________ By: Address: 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom Email: CEEMEA_Loans@jpmorgan.com / cr_emea_ssa@jpmorgan.com Attention: CEEMEA Loans / CR EMEA SSA Martynas Saltenis Vice President [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 J.P. Morgan Securities Plc _____________________________________ By: Address: 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom Email: CEEMEA_Loans@jpmorgan.com / cr_emea_ssa@jpmorgan.com Attention: CEEMEA Loans / CR EMEA SSA Martynas Saltenis Vice President

------

![](syndicatedfacilitiesagre052.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 The IMLA Macquarie Bank Limited ACN 008 583 542 by its attorneys in Australia under power of attorney #3507 dated 15 January 2025: .............................................................. Signature of attorney .............................................................. Name of attorney (block letters))))))))))))) ............................................................... Signature of attorney ............................................................... Name of attorney (block letters) Address: 1 Elizabeth Street, Sydney NSW 2000, Australia Email: ficcmec-sydneymetalsfinancing@macquarie.com, tcgmecmiddleoffice@macquarie.com, cgmlegalcmffinance@macquarie.com, mectoronto@macquarie.com Attention: Executive Director, Mining Finance Division Docusign Envelope ID: 7FC45F02-83E4-4CBD-97E5-1B236E0A0DC4 Ben Mossemenear Executive Director Lynette Ladhams Division Director, CGM Legal [Project Macchiato – Syndicated Facilities Agreement- Signature Page] The MLAs Absa Bank Limited (cting through its Corporate and Investment Banking ivision) _____________________________________ __________________________________ By: By: Address: Attention: Ý¸»¬¿² Ö»»ª¿ ß«¬¸±®·»¼ É¿§²» Ú®¿²µ ß«¬¸±®·»¼ [Project Macchiato – Syndicated Facilities Agreement- Signature Page] FirstRand Bank Limited (acting through its Rand Merchant Bank division) _____________________________________ ________________________________ By: By: Capacity: Authorised Signatory Capacity: Authorised Signatory Address: 1 Merchant Place, Corner Fredman Drive and Rivonia Road, Sandton, 2196, South Africa Email: Shandu.Nefolovhodwe@rmb.co.za, Derick.Deale@rmb.co.za, Tshifhiwa.Shonisani@rmb.co.za, DLRMBIBDSupportDTSandRSS@rmb.co.za Attention: Shandu Nefolovhodwe, Derick Deale, Tshifhiwa Shonisani, Transaction Managers Docusign Envelope ID: 3DF7D01B-7A41-41F2-974C-A084D64DCE8F Julian Grieve Shandu Nefolovhodwe [Project Macchiato – Syndicated Facilities Agreement- Signature Page] Nedbank Limited, acting through its Nedbank Corporate and Investment Banking division _____________________________________ By: _________________________________ By: Karabo Moeletsi Address: Block F, 3rd floor, 135 Rivonia Road, Sandown, Sandton, 2196, Republic of South Africa Email: MiningFinance1@Nedbank.co.za, GregW@Nedbank.co.za karabomoe@nedbank.co.za Attention: Aspacia Lethepa (Senior Manager: Lending Middle Office), Greg Webber (Co-head: Mining and Resources) and Karabo Moeletsi (Principal: Mining and Resources) G.L. WEBBER

------

![](syndicatedfacilitiesagre053.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 The Agent J.P. Morgan SE _____________________________________ By: Address: 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom Telephone: Switchboard (+1) 212 270 6000 Fax: +44 (0)20 7777 2360 E-mail: emea.london.agency@jpmorgan.com Attention: Loans Agency Group Suzanne Sambell [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 JPMorgan Chase Bank, N.A., London Branch _____________________________________ By: Address: 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom Email: cr_emea_ssa@jpmorgan.com Attention: CR EMEA SSA Daniel Brown Executive Director [Project Macchiato – Syndicated Facilities Agreement- Signature Page] Absa Bank Limited (cting through its Corporate and Investment Banking ivision) _____________________________________ __________________________________ By: By: Address: Attention: Ý¸»¬¿² Ö»»ª¿ ß«¬±®·»¼ É¿§²» Ú®¿²µ ß«¬¸±®·»¼

------

![](syndicatedfacilitiesagre054.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Project Macchiato – Syndicated Facilities Agreement- Signature Page] FirstRand Bank Limited (acting through its Rand Merchant Bank division) _____________________________________ ________________________________ By: By: Capacity: Authorised Signatory Capacity: Authorised Signatory Address: 1 Merchant Place, Corner Fredman Drive and Rivonia Road, Sandton, 2196, South Africa Email: Shandu.Nefolovhodwe@rmb.co.za, Derick.Deale@rmb.co.za, Tshifhiwa.Shonisani@rmb.co.za, DLRMBIBDSupportDTSandRSS@rmb.co.za Attention: Shandu Nefolovhodwe, Derick Deale, Tshifhiwa Shonisani, Transaction Managers Docusign Envelope ID: 3DF7D01B-7A41-41F2-974C-A084D64DCE8F Julian Grieve Shandu Nefolovhodwe [Project Macchiato – Syndicated Facilities Agreement- Signature Page] Nedbank Limited, acting through its Nedbank Corporate and Investment Banking division _____________________________________ By: _________________________________ By: Karabo Moeletsi Address: Block F, 3rd floor, 135 Rivonia Road, Sandown, Sandton, 2196, Republic of South Africa Email: MiningFinance1@Nedbank.co.za, GregW@Nedbank.co.za karabomoe@nedbank.co.za Attention: Aspacia Lethepa (Senior Manager: Lending Middle Office), Greg Webber (Co-head: Mining and Resources) and Karabo Moeletsi (Principal: Mining and Resources) G.L. WEBBER [Project Macchiato – Syndicated Facilities Agreement - Signature Page] EMEA 154791766 Macquarie Bank Limited ACN 008 583 542 by its attorneys in Australia under power of attorney #3507 dated 15 January 2025: .............................................................. Signature of attorney .............................................................. Name of attorney (block letters))))))))))))) ............................................................... Signature of attorney ............................................................... Name of attorney (block letters) Address: 1 Elizabeth Street, Sydney NSW 2000, Australia Email: ficcmec-sydneymetalsfinancing@macquarie.com, tcgmecmiddleoffice@macquarie.com, cgmlegalcmffinance@macquarie.com, mectoronto@macquarie.com Attention: Executive Director, Mining Finance Division Docusign Envelope ID: 7FC45F02-83E4-4CBD-97E5-1B236E0A0DC4 Ben Mossemenear Executive DirectorDivision Director, CGM Legal Lynette Ladhams

------

## Exhibit 8.1

**SIGNIFICANT SUBSIDIARIES OF HARMONY GOLD MINING COMPANY LIMITED**

---

| | | |
|:---|:---|:---|
| **NAME OF SUBSIDIARY** | **PERCENTAGE** <br>**HELD**<br>| **COUNTRY OF** <br>**INCORPORATION**<br>|
| Freegold (Harmony) Proprietary Limited | 100% | South Africa |
| Avgold Limited | 100% | South Africa |
| Harmony Gold Australia Proprietary Limited | 100% | Australia |
| Kalahari Goldridge Mining Company Limited | 100% | South Africa |
| Randfontein Estates Limited | 100% | South Africa |
| African Rainbow Minerals Gold Limited | 100% | South Africa |
| Harmony Moab Khotsong Operations Proprietary Limited | 100% | South Africa |
| Golden Core Trade and Invest (Proprietary) Limited | 100% | South Africa |
| Chemwes (Proprietary) Limited | 100% | South Africa |

---

## Exhibit 12.1

CERTIFICATION

I, Beyers Nel, certify that:

1. I have reviewed this annual report on Form 20-F of Harmony Gold Mining Company Limited;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to

state a material fact necessary to make the statements made, in light of the circumstances under which

such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,

fairly present in all material respects the financial condition, results of operations and cash flows of the

Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer(s) and I are responsible for establishing and maintaining

disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and

internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for

the Company and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures

to be designed under our supervision, to ensure that material information relating to the Company,

including its consolidated subsidiaries, is made known to us by others within those entities,

particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial

reporting to be designed under our supervision, to provide reasonable assurance regarding the

reliability of financial reporting and the preparation of financial statements for external purposes in

accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in

this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the

end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the Company's internal control over financial reporting that

occurred during the period covered by the annual report that has materially affected, or is reasonably

likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of

internal control over financial reporting, to the Company's auditors and the audit committee of the

Company's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control

over financial reporting which are reasonably likely to adversely affect the Company's ability to

record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a

significant role in the Company's internal control over financial reporting.

Date: October 31, 2025

By: <u>/s/ Beyers Nel</u>

Beyers Nel

Chief Executive Officer

## Exhibit 12.2

CERTIFICATION

I, Boipelo Lekubo, certify that:

1. I have reviewed this annual report on Form 20-F of Harmony Gold Mining Company Limited;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to

state a material fact necessary to make the statements made, in light of the circumstances under which

such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,

fairly present in all material respects the financial condition, results of operations and cash flows of the

Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer(s) and I are responsible for establishing and maintaining

disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and

internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for

the Company and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures

to be designed under our supervision, to ensure that material information relating to the Company,

including its consolidated subsidiaries, is made known to us by others within those entities,

particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial

reporting to be designed under our supervision, to provide reasonable assurance regarding the

reliability of financial reporting and the preparation of financial statements for external purposes in

accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in

this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the

end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the Company's internal control over financial reporting that

occurred during the period covered by the annual report that has materially affected, or is reasonably

likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of

internal control over financial reporting, to the Company's auditors and the audit committee of the

Company's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control

over financial reporting which are reasonably likely to adversely affect the Company's ability to

record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a

significant role in the Company's internal control over financial reporting.

Date: October 31, 2025

By: <u>/s/ Boipelo Lekubo</u> 

Boipelo Lekubo

Financial Director

## Exhibit 13.1

CERTIFICATION

*(pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)*

In connection with the Annual Report on Form 20-F for the fiscal year ended June 30, 2025 of Harmony Gold

Mining Company Limited (the "**Company**") as filed with the U.S. Securities and Exchange Commission (the

"**Commission**") on the date hereof (the "**Report**") and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002, I, Beyers Nel, Chief Executive Officer of the Company, certify,

that:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange

Act of 1934, as amended; and

(2)the information contained in the Report fairly presents, in all material respects, the financial

condition and results of operations of the Company.

Date: October 31, 2025

By: <u>/s/ Beyers Nel</u> 

Beyers Nel

Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided and will be retained by the

Company and furnished to the Commission or its staff upon request.

## Exhibit 13.2

CERTIFICATION

*(pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)*

In connection with the Annual Report on Form 20-F for the fiscal year ended June 30, 2025 of Harmony Gold

Mining Company Limited (the "**Company**") as filed with the U.S. Securities and Exchange Commission (the

"**Commission**") on the date hereof (the "**Report**") and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002, I, Boipelo Lekubo, Financial Director of the Company,

certify, that:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange

Act of 1934, as amended; and

(2)the information contained in the Report fairly presents, in all material respects, the financial

condition and results of operations of the Company.

Date: October 31, 2025

By: <u>/s/ Boipelo Lekubo</u> 

Boipelo Lekubo

Financial Director

A signed original of this written statement required by Section 906 has been provided and will be retained by the

Company and furnished to the Commission or its staff upon request.

## Exhibit 15.1

**INTEGRATED ANNUAL REPORT FOR THE 20-F 2025**

**Contents**

---

| | |
|:---|:---|
| **Harmony** | Page |
| [About Harmony](#i33c44c3831e342b883e9ab36f0eef510_3324) | [3](#i33c44c3831e342b883e9ab36f0eef510_3324) |
| [Our leadership](#i33c44c3831e342b883e9ab36f0eef510_3386) | [6](#i33c44c3831e342b883e9ab36f0eef510_3386) |
| [Chairman's statement](#i33c44c3831e342b883e9ab36f0eef510_3412) | [8](#i33c44c3831e342b883e9ab36f0eef510_3412) |
| [Chief executive officer's review](#i33c44c3831e342b883e9ab36f0eef510_3430) | [10](#i33c44c3831e342b883e9ab36f0eef510_3430) |
| B[usiness model](#i33c44c3831e342b883e9ab36f0eef510_3454) | [12](#i33c44c3831e342b883e9ab36f0eef510_3454) |
| [Operating context](#i33c44c3831e342b883e9ab36f0eef510_3468) | [16](#i33c44c3831e342b883e9ab36f0eef510_3468) |
| [Risk and opportunity management](#i33c44c3831e342b883e9ab36f0eef510_3544) | [26](#i33c44c3831e342b883e9ab36f0eef510_3544) |
| [Stakeholder engagement](#i33c44c3831e342b883e9ab36f0eef510_3518) | [29](#i33c44c3831e342b883e9ab36f0eef510_3518) |
| [Material matters](#i33c44c3831e342b883e9ab36f0eef510_3572) | [35](#i33c44c3831e342b883e9ab36f0eef510_3572) |
| [Strategy](#i33c44c3831e342b883e9ab36f0eef510_3586) | [39](#i33c44c3831e342b883e9ab36f0eef510_3586) |
| **Delivering profitable ounces** |  |
| [Performance by operation](#i33c44c3831e342b883e9ab36f0eef510_2593) | [46](#i33c44c3831e342b883e9ab36f0eef510_2593) |
| [Exploration and projects](#i33c44c3831e342b883e9ab36f0eef510_1829) | [85](#i33c44c3831e342b883e9ab36f0eef510_1829) |
| **Environment stewardship** |  |
| [Building a lasting positive legacy](#i33c44c3831e342b883e9ab36f0eef510_3722) | [88](#i33c44c3831e342b883e9ab36f0eef510_3722) |
| [Land management](#i33c44c3831e342b883e9ab36f0eef510_3736) | [91](#i33c44c3831e342b883e9ab36f0eef510_3736) |
| [Climate and energy management](#i33c44c3831e342b883e9ab36f0eef510_3750) | [98](#i33c44c3831e342b883e9ab36f0eef510_3750) |
| [Water](#i33c44c3831e342b883e9ab36f0eef510_3777)stewardship | [105](#i33c44c3831e342b883e9ab36f0eef510_3777) |
| [Tailings management](#i33c44c3831e342b883e9ab36f0eef510_3790) | [110](#i33c44c3831e342b883e9ab36f0eef510_3790) |
| [Waste management](#i33c44c3831e342b883e9ab36f0eef510_3803) | [115](#i33c44c3831e342b883e9ab36f0eef510_3803) |
| [Air quality for community wellbeing](#i33c44c3831e342b883e9ab36f0eef510_3815) | [119](#i33c44c3831e342b883e9ab36f0eef510_3815) |
| [Biodiversity and conservation](#i33c44c3831e342b883e9ab36f0eef510_3828) | [122](#i33c44c3831e342b883e9ab36f0eef510_3828) |
| **Social stewardship** |  |
| [Our approach to social stewardship](#i33c44c3831e342b883e9ab36f0eef510_3848) | [127](#i33c44c3831e342b883e9ab36f0eef510_3848) |
| [Safety transformation towards zero harm](#i33c44c3831e342b883e9ab36f0eef510_3860) | [129](#i33c44c3831e342b883e9ab36f0eef510_3860) |
| [Holistic health and wellness](#i33c44c3831e342b883e9ab36f0eef510_3873) | [141](#i33c44c3831e342b883e9ab36f0eef510_3873) |
| [An engaged workforce](#i33c44c3831e342b883e9ab36f0eef510_3887) | [154](#i33c44c3831e342b883e9ab36f0eef510_3887) |
| [Empowering communities](#i33c44c3831e342b883e9ab36f0eef510_3902) | [166](#i33c44c3831e342b883e9ab36f0eef510_3902) |
| [Creating value along our supply chain](#i33c44c3831e342b883e9ab36f0eef510_3914) | [174](#i33c44c3831e342b883e9ab36f0eef510_3914) |
| [Combatting illegal mining and unauthorised access](#i33c44c3831e342b883e9ab36f0eef510_3928) | [181](#i33c44c3831e342b883e9ab36f0eef510_3928) |
| **Governance** |  |
| [Ethical leadership and sound corporate governance](#i33c44c3831e342b883e9ab36f0eef510_3947) | [186](#i33c44c3831e342b883e9ab36f0eef510_3947) |
| [Board committees](#i33c44c3831e342b883e9ab36f0eef510_3962) | [197](#i33c44c3831e342b883e9ab36f0eef510_3962) |
| [Remuneration report](#i33c44c3831e342b883e9ab36f0eef510_4008) | [202](#i33c44c3831e342b883e9ab36f0eef510_4008) |
| [Audit and risk committee: chairperson's report](#i33c44c3831e342b883e9ab36f0eef510_391) | [221](#i33c44c3831e342b883e9ab36f0eef510_391) |
| [Social and ethics committee: chairperson's report](#i33c44c3831e342b883e9ab36f0eef510_4059) | [225](#i33c44c3831e342b883e9ab36f0eef510_4059) |
| [Mining Charter III – compliance scorecard](#i33c44c3831e342b883e9ab36f0eef510_4074) | [227](#i33c44c3831e342b883e9ab36f0eef510_4074) |

---

![aboutharmony-ourstrategy.jpg](aboutharmony-ourstrategy.jpg)

**About Harmony**

Harmony is a gold mining specialist with a growing international copper footprint. We are South Africa's largest gold producer by volume and have

delivered safe, profitable ounces, shaped the mining landscape and supported communities for over 75 years. Today, we operate across South Africa,

Papua New Guinea and Australia. Our MAC Copper acquisition and Eva Copper Project alongside our Tier 1 Wafi-Golpu Project have positioned us to

become a significant gold-copper producer, ensuring long-term resilience and margin growth. We lead the world in gold tailings reclamation, unlocking

value from historic resources safely and responsibly. Sustainability is embedded in everything we do – driving operational excellence, community

development and environmental stewardship.

Headquartered in Randfontein, South Africa, Harmony has a primary listing on Johannesburg's stock exchange,

the JSE Limited (HAR) and an American depositary receipt programme listed on the New York Stock Exchange

(HMY). Our shareholder base is geographically diverse and includes some of the largest fund managers

globally. The largest shareholder base is in South Africa (49%), followed by the United States (32%).

What we do

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![fsridynmyoja6zduzmtfhzwjlm.gif](fsridynmyoja6zduzmtfhzwjlm.gif) | Exploring for and <br>evaluating economically <br>viable gold-bearing <br>orebodies and/or value-<br>accretive acquisitions <br>in gold and copper. | ![fsridynmyoja6ywm3ytu3mme4n.gif](fsridynmyoja6ywm3ytu3mme4n.gif) | Evaluating development <br>options to de-risk projects <br>before major capital outlays, <br>the design of efficient and <br>sustainable operations and <br>then the building of the <br>necessary infrastructure, <br>facilities and systems to enable <br>mining operations. | Evaluating development <br>options to de-risk projects <br>before major capital outlays, <br>the design of efficient and <br>sustainable operations and <br>then the building of the <br>necessary infrastructure, <br>facilities and systems to enable <br>mining operations. |
| ![fsridynmyoja6zgnmytzjzmu5m.gif](fsridynmyoja6zgnmytzjzmu5m.gif) | Generating revenue <br>through the sale <br>of gold, silver and <br>uranium produced <br>and optimising <br>efficiencies <br>to maximise <br>financial returns. |  | ![fsridynmyoja6otuxogfjm2u4z.gif](fsridynmyoja6otuxogfjm2u4z.gif) | Establishing, developing <br>and operating mines, <br>reclamation sites and <br>related processing <br>infrastructure. Ore <br>mined is milled and <br>processed by our gold <br>plants to produce gold <br>doré bar. |
| ![fsridynmyoja6y2e5mzbhothln.gif](fsridynmyoja6y2e5mzbhothln.gif) | Responsible for our environment during operations, committed to empowering communities and employees <br>throughout and beyond the life of our mines and restoring mining-impacted land for alternative economic use post-<br>mining, while adhering strictly to approved mine closure commitments. | Responsible for our environment during operations, committed to empowering communities and employees <br>throughout and beyond the life of our mines and restoring mining-impacted land for alternative economic use post-<br>mining, while adhering strictly to approved mine closure commitments. | Responsible for our environment during operations, committed to empowering communities and employees <br>throughout and beyond the life of our mines and restoring mining-impacted land for alternative economic use post-<br>mining, while adhering strictly to approved mine closure commitments. | Responsible for our environment during operations, committed to empowering communities and employees <br>throughout and beyond the life of our mines and restoring mining-impacted land for alternative economic use post-<br>mining, while adhering strictly to approved mine closure commitments. |

---

---

| | | | |
|:---|:---|:---|:---|
| 75 years' gold <br>mining experience in <br>South Africa, a 25-year <br>presence in Australia <br>and over 20 years in <br>Papua New Guinea.<br>| 1.48Moz produced <br>(FY24: 1.56Moz) with <br>11.2% (166 027oz) being <br>from reclamation <br>activities. <br>| 36.82Moz gold <br>and gold equivalent <br>Mineral Reserves <br>(FY24: 40.26Moz).<br>| Market capitalisation of <br>R155.4 billion<br>(US$8.7 billion) at <br>30 June 2025 <br>(FY24: R106.3 billion<br>(US$5.8 billion)).<br>|

---

How we do it

**Mining with purpose**

Our integrated, stakeholder-inclusive and risk-based approach to sustainable mining practices, combined with

meaningful investments in organic and inorganic growth, continues to enable the long-term success of our

business, and ultimately, sustained value creation for our stakeholders.

Sustainability is embedded in all we do and are committed to safe, ethical, social and ecologically responsible

mining. We believe we can deliver long-term, consistent results thanks to disciplined capital allocation and

operational excellence, and are well positioned to make a meaningful contribution to a low-carbon future

through our copper footprint.

**Our values**

We refer to ourselves as Harmonites – a community united by the hope of a greater future for ourselves, each

other and our communities. Our values are principle-centred, serving as a guide for decision making,

behaviour and our culture.

---

| | | |
|:---|:---|:---|
| ![fsridynmyoja6mtkzztqwnzdhn.gif](fsridynmyoja6mtkzztqwnzdhn.gif) | **No matter the circumstances, safety** <br>**is our main priority**<br>| Safety is our promise – not just compliance, but care. It is the <br>foundation of our culture, where every person matters.<br>|
| ![fsridynmyoja6yjjln2rmngmxn.gif](fsridynmyoja6yjjln2rmngmxn.gif) | **Achievement is core to our success** | Achievement is our fuel – driven by purpose, resilience and the <br>courage to turn risk into opportunity. It is the spirit behind our <br>empowerment programmes and performance culture.<br>|
| ![fsridynmyoja6ywq2ndazywe4n.gif](fsridynmyoja6ywq2ndazywe4n.gif) | **We are all accountable for** <br>**delivering on our commitments**<br>| Accountability is our compass – owning our impact and modelling <br>integrity. It is the backbone of our leadership development and risk <br>propensity coaching.<br>|
| ![fsridynmyoja6ztflmjaynjaxo.gif](fsridynmyoja6ztflmjaynjaxo.gif) | **We are all connected as one team** | Connectedness is our rhythm – bridging cultures, communities <br>and conversations. It is the essence of Thibakotsi: Unity in diversity, <br>inclusion in action.<br>|
| ![fsridynmyoja6zmjiytjkyjywm.gif](fsridynmyoja6zmjiytjkyjywm.gif) | **We uphold honesty in all** <br>**our business dealings and** <br>**communicate openly with** <br>**stakeholders**<br>| Honesty is our voice – clear, courageous and authentic. It is how we <br>build trust, foster psychological safety and lead with transparency.<br>|

---

**Our strategy**

To produce safe, profitable ounces and improve margins through operational excellence and value-accretive

acquisitions. This is made up of four pillars, detailed in the [Strategy](#i33c44c3831e342b883e9ab36f0eef510_3586) section:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **RS** | Responsible <br>stewardship<br>| **OE** | Operational <br>excellence<br>| **CC** | Cash <br>certainty<br>| **ECA** | Effective capital <br>allocation<br>|

---

**Mining with purpose**

For 75 years, Harmony has mined with purpose – creating long-term value for shareholders while building a sustainable business that benefits society and the economy, and promotes

responsible resource management, while expanding into copper for future resilience.

**Mining with purpose defined:**<br>We are a gold mining specialist with a growing international copper footprint with sustainability embedded in our business decisions. Building a lasting positive legacy involves creating shared value for our stakeholders. Caring for, protecting <br>and empowering employees is a core commitment. Stewardship of the environment, mining with a social conscience and sharing value with host communities guide our actions. Significant contributions to the economic development of host <br>countries remain a priority. A stakeholder-inclusive approach drives the delivery of our strategy while carefully managing the resources on which we rely. Efforts continue to enhance positive impacts and reduce negative ones.<br>

Mining with purpose informs and guides how we:

---

| | | | |
|:---|:---|:---|:---|
| **Build a profitable,** <br>**sustainable company**<br>| **Create and preserve value** | **Create and preserve value** | **Deliver on our sustainability** <br>**commitments**<br>|
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. | Engaging meaningfully with our stakeholders is essential to safeguard the value we create. To mine with purpose, we prioritise building trust, nurturing <br>long-term relationships and working collaboratively with key stakeholders. This approach supports the delivery of our strategic objectives and ESG <br>commitments, while carefully balancing stakeholder expectations with business priorities. <br>Our pursuit of positive impact and shared value beyond compliance is affected by dynamic internal and external factors. Mining with purpose allows us to <br>effectively navigate our complex operating environment and growing international footprint.<br>By unlocking value from a finite resource, we are able to generate lasting benefits for our stakeholders and the business.<br>Read about our engagement practices in the ***[Stakeholder needs and expectations](#i33c44c3831e342b883e9ab36f0eef510_3518)*** section.  | Engaging meaningfully with our stakeholders is essential to safeguard the value we create. To mine with purpose, we prioritise building trust, nurturing <br>long-term relationships and working collaboratively with key stakeholders. This approach supports the delivery of our strategic objectives and ESG <br>commitments, while carefully balancing stakeholder expectations with business priorities. <br>Our pursuit of positive impact and shared value beyond compliance is affected by dynamic internal and external factors. Mining with purpose allows us to <br>effectively navigate our complex operating environment and growing international footprint.<br>By unlocking value from a finite resource, we are able to generate lasting benefits for our stakeholders and the business.<br>Read about our engagement practices in the ***[Stakeholder needs and expectations](#i33c44c3831e342b883e9ab36f0eef510_3518)*** section.  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. | **Share value with all our stakeholders** | **Share value with all our stakeholders** | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. | **Investors and financiers**<br>Our investors and financial partners provide the capital that drives our <br>growth. Their support enables our ongoing expansion, allowing us to <br>maintain financial flexibility, deliver value to shareholders, and achieve <br>consistent earnings and share price appreciation.<br>| **Employees, contractors and unions**<br>Our employees are our greatest strength, and we are committed <br>to safeguarding and enabling their growth. Their expertise, insights and <br>contributions within our host communities are essential to our <br>success. We prioritise their wellbeing, professional development and <br>empowerment – fostering a workplace that is safe, healthy and highly <br>productive.<br>| Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. | **Communities, traditional authorities and NGOs**<br>To uphold our social licence to operate, we collaborate with our host <br>communities and develop shared solutions to local challenges. Through <br>these partnerships, we contribute to the long-term, socio-economic <br>advancement of the regions where we are active.<br>| **Governments and regulators**<br>Our operations are conducted in accordance with the legal frameworks of <br>the countries in which we operate, ensuring ethical and responsible <br>mining practices. The taxes and royalties we pay support national <br>development and help strengthen host country economies.<br>| Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. |  |  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |
| With 75 years of operational <br>experience in South Africa, 25 years' <br>presence in Australia and over <br>20 years in Papua New Guinea, we are <br>a gold mining specialist with a growing <br>international copper footprint.<br>Our disciplined capital allocation <br>approach includes the evaluating <br>and prioritisation of safe, sustainable, <br>organic growth opportunities and <br>value-accretive acquisitions to deliver <br>positive stakeholder returns and <br>increased margins. Our operational <br>excellence efforts improve the safety, <br>productivity and efficiency of <br>our operations while achieving <br>operational plans. These outcomes <br>enhance our margins and reduce <br>overall risk. As a result, we generate <br>long-term shared value, actively <br>contributing to the economic and social <br>progress of the countries where we <br>operate. Over the past 10 years, we <br>have met production guidance each <br>year. | **Suppliers**<br>Through procurement, job creation and enterprise development, we invest in strengthening supplier capabilities and drive meaningful transformation <br>within our host communities and the wider economy. Our upstream value chain supplies the essential goods and services that enable us to run our <br>operations.  | **Suppliers**<br>Through procurement, job creation and enterprise development, we invest in strengthening supplier capabilities and drive meaningful transformation <br>within our host communities and the wider economy. Our upstream value chain supplies the essential goods and services that enable us to run our <br>operations.  | Sustainability is embedded into our <br>strategic and operational decision-<br>making processes. Through ethical, <br>transparent and responsible <br>mining practices, we continue to <br>contribute positively to local <br>communities and societies and <br>proactively manage our <br>environmental footprint through <br>considered upfront planning and <br>ongoing efforts to optimise our <br>resource use. <br>This philosophy is central to <br>our sustainability framework, <br>which drives accountability and <br>supports our evolution into a <br>resilient, future-focused business. <br>It also aligns with our contribution <br>to the UN SDGs. To monitor our <br>progress, we track performance <br>against medium- and long-term <br>KPIs. |

---

MAC Copper acquisition

Harmony announced the acquisition of MAC Copper Limited in May 2025. MAC Copper is the owner of

the CSA mine in Cobar, New South Wales, Australia. The transaction, for a consideration of

US$1.03 billion, signifies a landmark achievement in our transformation into a global gold and copper

producer, as it introduces a high-grade, underground, copper asset that produced approximately 41kt of

high-quality copper in calendar year 2024. This investment fully aligns with our investment criteria

focused on enhancing free cash flow and improving margin quality.

CSA mine is recognised as one of Australia's highest-grade copper operations, offering long-life

production and low-cost operational advantages. This acquisition provides us with the opportunity

to optimise operational efficiencies and extend life-of-mine.

This transaction reinforces our strategic objective to build a resilient, low-cost, global gold and copper

mining company. CSA mine adds significant scale to our copper production, enhancing our commodity

diversification and reducing our reliance on gold price cyclicality. Copper's strategic importance as a

critical metal for global decarbonisation and energy transition further underscores the value of this

acquisition.

Harmony is financing the acquisition through a balanced mix of available cash resources, debt facilities and

potential debt instruments, leveraging our strong balance sheet to maintain financial flexibility and protect

shareholder returns. This disciplined capital allocation approach demonstrates our commitment to value-

accretive investments that strengthen our operational, financial and strategic foundation.

We are confident that our underground mining expertise will unlock additional operational value, and

this transaction marks a meaningful advance in de-risking our asset base and growing our long-term

value proposition.

The acquisition positions Harmony to capitalise on copper's rising demand in a Tier 1 mining jurisdiction.

It underscores our commitment to disciplined growth, operational excellence and long-term value

creation for all stakeholders. This acquisition marks a significant step in our transformation into a global

gold-copper producer.

**The transaction concluded and took effect on 24 October 2025. While guidance on this acquisition will** 

**be provided in H2 FY26, selected details on the CSA mine are included in this report.**

**Our leadership**

![leadership.jpg](leadership.jpg)

**Executive management**

Harmony's executive management team comprises the chief executive officer, financial director and an executive director (see above). Together with six prescribed officers, they serve as the group executive committee.

This committee is supported by four corporate executives, who make up the group chief executive's office.

There are also regional executive committees for South Africa and Australasia.

Detailed résumés of members of Harmony's executive management are available at www.harmony.co.za/who-we-are/executive.

![executive.jpg](executive.jpg)

**Chairman's statement** 

**Dear shareholders and** 

**stakeholders**

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.

Performance and financial strength

Harmony once again delivered strong

operational and financial results in FY25,

despite persistent currency volatility,

macroeconomic complexity, and geopolitical

uncertainty.

Gold production reached 1.48Moz at an

underground recovered grade of 6.27g/t, with

all-in sustaining costs of R1 054 346/kg

(US$1,806/oz). Supported by unprecedented

gold prices, excellent operational

performances, Harmony generated record

adjusted free cash flows of R11.1 billion at a

15.1% margin.

Headline earnings grew by 26.6% with the

highest dividend payout of R2.4 billion

(US$133 million) for FY25.

Harmony ended the year with a net cash

position of R11.1 billion (US$628 million) and

liquidity of R20.9 billion (US$1.18 billion),

providing the flexibility to fund growth, sustain

competitive dividends and maintain a robust

and resilient balance sheet.

This strong financial position will enable

continued investment in our portfolio of high-

quality, long-life gold and copper assets,

ensuring enduring value creation for our

shareholders and stakeholders.

Strategic growth: gold and copper

Gold remains the cornerstone of Harmony's

portfolio, underpinned by our world-class,

high-grade, long-life assets at Mponeng and

Moab Khotsong, which continue to generate

exceptional margins and cash flow.

Concurrently, copper has emerged as a central

pillar of our growth strategy, a critical metal

for the global energy transition and a natural

strategic complement to our gold portfolio.

In FY25, the Eva Copper, copper Mineral

Resources increased by 31%, underscoring its

quality and scale. We also announced the MAC

Copper acquisition, adding the CSA Mine in

Australia, a high-grade, cash-generating asset.

This acquisition brings over 40kt per annum of

immediate copper production. Our copper

portfolio which includes, Eva Copper and Wafi-

Golpu, firmly positions Harmony as an

emerging, globally competitive gold and

copper producer.

We expect copper to contribute around 40%

of group production by FY35, ensuring

structural resilience through commodity cycles

and aligning Harmony with global

decarbonisation trends.

Safety and sustainability

Safety remains our highest priority and a

fundamental pillar of our operational

philosophy. We are deeply saddened by the

loss of 11 colleagues during the year. We

extend our heartfelt condolences to their

families and loved ones. Every loss is one too

many.

Our commitment to zero harm remains

unwavering, supported by dedicated and

visible leadership, proactive risk management,

and technology-driven monitoring across all

operations. Our LTIFR improved to 5.39 in this

financial year.

Sustainability continues to underpin our long-

term competitiveness. In FY25, we advanced

our decarbonisation roadmap, targeting a 63%

reduction in Scope 1 and 2 emissions by 2036

and net zero by 2045. Nearly 600MW of

renewable energy projects are planned to be

commissioned by 2028, including a 100MW

solar plant under construction at Moab

Khotsong. We recorded no environmental

incidents above level 3, a reflection of

disciplined environmental management.

Refer to social and ethics chairperson's report.

Responsible mining and shared value

Harmony's objectives and commitment

extends beyond mining ounces; it is about

creating lasting socio-economic impact. In

FY25, we contributed R6.0 billion (US$331

million) in taxes and royalties in South Africa

and R304 million (US$16.7 million) in Papua

New Guinea. We continue to be a trusted

partner in the communities and countries

where we operate.

Employee salaries and benefits totalled

R20.2 billion (US$1.1 billion), complemented

by significant investment in local procurement

and community development. The five-year

wage agreement concluded in FY24 continues

to provide stability and strengthen our

partnership with employees and unions,

reinforcing our commitment to shared

prosperity.

Governance and leadership

Harmony's business is built on a strong ethical

foundation, underpinned by core values that

shape our organisational culture and guide

every decision we make.

We remain deeply committed to upholding

the highest standards of corporate

governance, transparency, integrity and

accountability across all aspects of our

business.

Our comprehensive governance framework

continues to guide strategic decision-making

and safeguards the long-term value we create

for all stakeholders.

During the year, we welcomed Mametja

Moshe, Zanele Matlala, Mangisi Gule, and

Frans ("Faan") Lombard to the Board. These

appointments strengthen the independence,

expertise and diversity necessary for robust,

well-informed decision-making and effective

oversight of strategy.

We also extend our sincere gratitude to John

Wetton, who retires by rotation this year.

After many years of dedicated service, John

will not be standing for re-election, though

eligible. This will be effective as of the

conclusion of the 2025 annual general

meeting.

The Board continues to review its composition

annually to ensure it retains the optimal

balance of skills, experience, and

independence required to support strategic

delivery.

As part of our ongoing transition plan, we are

aligning our governance practices with global

best standards to ensure accountability,

transparency, agility, and long-term

sustainability.

Looking ahead

As we mark 75 years of Harmony, our strategy

remains clear and focused and is to:

▪deliver safe, profitable ounces while

investing in value accretive growth;

▪generate strong cash flows and maintain a

robust balance sheet;

▪advance copper integration into our

portfolio, and thereby diversify earnings

▪support and benefit from the global energy

transition;

▪embed sustainability.

Acknowledgments

On behalf of the Board, I extend my heartfelt

gratitude to our employees, unions,

communities, partners, and shareholders for

their cooperation and continued support

throughout the year. Your dedication and

partnership are central to Harmony's

sustained success.

I also wish to express my personal gratitude to

my fellow Board members for their advice,

insight and steadfast commitment to the

highest standards of governance and ethical

leadership. Their collective wisdom and

oversight continue to strengthen Harmony's

strategic direction and resilience.

I would like to express our deep gratitude to

Peter Steenkamp for his outstanding

leadership and many years of success as CEO,

which have been pivotal to Harmony's

transformation and growth.

We warmly welcome Beyers Nel, who

succeeded Peter as Group CEO on

1 January 2025. Beyers brings deep

operational expertise, technical insight, and a

strong understanding of Harmony's strategic

priorities.

The Board has full confidence that, under

Beyers' leadership, Harmony will continue to

create sustainable value, advance copper

integration, and strengthen its position as a

diversified and globally competitive company.

The board, management and staff are

committed to continue building on Harmony's

proud legacy and to strengthen the company's

position as a leader in gold production while

expanding our copper portfolio to ensure

Harmony's global competitiveness.

**Dr Patrice Motsepe** 

*Chairman* 

24 October 2025

**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.

Our purpose – creating shared value through

responsible mining – continues to guide our

strategy. Safety, operational excellence and

disciplined capital allocation remain non-

negotiable. This approach has delivered a

decade of consistency and positioned us

for sustainable growth, robust cash flow

generation supported by quality orebodies,

expanding international assets and strong

stakeholder relationships.

Our progress over recent years owes much to

the vision and commitment of my

predecessor, Peter Steenkamp, whose

leadership laid a solid foundation for our

continued growth.

Safety and operational excellence

Safety remains our top priority. While our LTIFR

continues to trend lower and despite reaching

a record low of 5.39 per million hours worked,

we tragically lost 11 colleagues this year. We

continue to strengthen our safety culture,

guided by a robust strategy and proactive risk

management. Our humanistic transformation

journey is 79% complete, and we are investing

in relevant technologies, training and

leadership engagement to achieve zero harm.

Operationally, we met our production, cost

and grade guidance in FY25. Underground

recovered grades rose by 2.6% to 6.27g/t.

Although total production declined by 5.3% to

46 023kg (1 479 671oz) in line with plan, this

remained within guidance. Our high-grade

South African underground mines, particularly

Mponeng, alongside Hidden Valley in Papua

New Guinea, delivered exceptional results.

Higher grades and a 27.2% increase in the

average gold price to R1 529 358/kg

(US$2 620/oz) drove a 21.4% increase in gold

revenue. Headline earnings per share rose

by 26.2% to 2 337 SA cents, while basic

earnings per share increased by 66.9% to

2 313 SA cents.

Capital expenditure reached R11.0 billion,

a function of directing capital to assets and

projects that will deliver the best possible

returns. Capital expenditure in the past

financial year was driven mainly by the

extension projects at Moab Khotsong and

Mponeng, the 100MW renewable energy

project at Moab Khotsong, early works at the

Eva Copper Project and the Kareerand TSF

extension, which is largely complete.

---

| |
|:---|
| **In memoriam** |
| Mojalefa Segage<br>*Moab Khotsong mine – rock drill operator* <br>|
| Phakamani Khiphezakho Gumbi<br>*Doornkop mine – machine rock driller* <br>|
| Telang Nene<br>*Doornkop mine – machine rock driller*<br>|
| Moloja Samuel Leteketa<br>*Joel mine – rock drill operator* <br>|
| Morero Patric Taeli<br>*Joel mine – rock drill operator* <br>|
| Themba Ephraim Maloka<br>*Joel mine – stope team member* <br>|
| Fundile Mdungelwa<br>*Mponeng mine – scraper winch operator* <br>|
| Andile Goodman Toko <br>*Mponeng mine – mining team member* <br>|
| Joaquim Alfredo Chihobomo Cossa <br>*Moab Khotsong mine – loco operator*<br>|
| Lebamang Senetane <br>*Saaiplaas plant – general worker*<br>|
| Lebohang Mokiri <br>*Joel mine – stope team member* <br>|

---

---

| | | | |
|:---|:---|:---|:---|
| Consistent safety improvements | Total gold produced | Growth capital spent | Adjusted free cash flow |
| ▪Group LTIFR<sup>1</sup> at 5.39 from 5.53 in FY24 and <br>7.21 from FY17.<br>| ▪46 023kg (1 479 671oz)<br>▪This is down 5.3%, but still within the FY25 <br>production guidance.<br>| ▪R11.0 billion (US$606 million) allocated <br>towards projects.<br>| ▪+53.6% to R11.1 billion (US$614 million)<br>▪15.8% margin.<br>|
| Underground recovered grades | AISC<sup>2</sup> | Robust balance sheet | Final dividend |
| ▪+2.6% to 6.27g/t<br>▪Met our revised guidance of more than 6.00g/<br>t.<br>| ▪R1 054 346/kg (US$1 806/oz)<br>▪Costs remain contained and within guidance.<br>| ▪Net debt:EBITDA<sup>3</sup> ratio of <1x. | ▪155 SA cents<br>▪9 US cents<sup>4</sup>.<br>|
| <sup>1</sup> *LTIFR: Lost-time injury frequency rate.*<br><sup>2</sup> *AISC: All-in sustaining cost.*<br>|  | <sup>3</sup> *EBITDA: Earnings before interest, taxes, depreciation and amortisation.*<br><sup>4</sup> *Illustrative equivalent based on the closing exchange rate of R17.45/US$1 as at 22 August 2025.* | <sup>3</sup> *EBITDA: Earnings before interest, taxes, depreciation and amortisation.*<br><sup>4</sup> *Illustrative equivalent based on the closing exchange rate of R17.45/US$1 as at 22 August 2025.* |

---

Financial strength and cost discipline

Harmony maintained strong cost controls, with

AISC below guidance at R1 054 346/kg (US$1 806/

oz). Total labour costs, representing 51.6% of cash

operating costs, remained predictable due to our

five-year wage agreement. By investing in

renewable energy, the effects of escalating

electricity tariffs are being reduced and will

continue to be offset over time. Royalties increased

significantly as a result of higher revenue and

improved profitability, contributing 4.4% to SA cash

operating costs.

We ended FY25 with R20.9 billion (US$1.2 billion)

in available liquidity and net cash increased by

284.5% to R11.1 billion (US$628 million). Adjusted

free cash flow surged to a record level of

R11.1 billion (US$614 million), driven by higher

recovered grades, elevated gold prices and the

increased contributions from our high-margin

surface operations in South Africa and Papua New

Guinea as well as Mponeng. These strong cash

flows provide flexibility to fund growth, sustain

dividends, and pursue value-accretive acquisitions.

Sustainability embedded in strategy

Sustainability is central to our strategy and

decision making. Our framework addresses global

imperatives and local challenges, including safety,

reserve replacement, energy security, land

rehabilitation, water stewardship, and community

wellbeing.

We received external recognition for our

sustainability practices, including inclusion in

the FTSE4Good Index for the eighth consecutive

year, an A- rating for water management, and an

upgraded MSCI ESG rating to BB.

Our decarbonisation roadmap includes

investments in renewable energy and efficiency.

We have deployed 30MW of solar capacity, with a

further 100MW currently under construction. We

aim to install approximately 600MW of

renewables and an additional 200MW via short-

term power purchase agreements by FY28. These

investments will reduce scope 1 and 2 emissions

by 63% by FY36, lower our energy costs and

support our net-zero goal by FY45.

Tailings retreatment is a core part of our business

and offers attractive margins and ESG benefits. We

are advancing feasibility studies to convert 5.7Moz

of Mineral Resources in the Free State into

Reserves.

We invest significantly in community

development, benefiting thousands of people and

reinforcing our commitment to building trust and

lasting relationships.

Operational performance

Our operations are divided into four quadrants,

based on our capital allocation strategy: South

African underground high-grade, South African

underground optimised, South African surface,

and international gold and copper. Each plays a

vital role in generating cash, sustaining growth,

and diversifying risk ensuring we consistently

deliver to guidance. Importantly, in FY25, 64% of

our production, excluding SA optimised

underground business area, was at an AISC below

US$1 500/oz.

**South African high-grade underground operations** 

(Mponeng and Moab Khotsong) delivered a 9.7%

improvement in recovered grades to 9.89g/t.

These assets contributed 36% of production and

generated 46.1% of our adjusted free cash flows at

a margin of 34.6%. Mponeng's performance was

particularly strong, with a 13.4% increase in grade

to 11.27g/t. These long-life assets continue to

generate strong free cash flows and remain central

to our long-term strategy.

**International operations** at Hidden Valley

maintained gold production at 5 107kg

(164 193oz). This mine contributed 11.1% of total

production and generated 19.6% of total adjusted

free cash flows at a phenomenal 47.5% margin.

The life-of-mine was extended to March 2030 and

studies are underway to assess further extensions

beyond 2030.

**SA surface operations** performed in line with

expectations, though excessive rainfall impacted

production at Mine Waste Solutions. Despite

lower recovered grades, adjusted free cash flow

generation remained strong. These operations

contributed 17.1% of group production and

generated 22.4% of our adjusted cash flows

at a 36% margin.

**South African optimised underground operations**

(Doornkop, Tshepong North, Tshepong South, Joel,

Target 1, Kusasalethu and Masimong) contributed

35.8% to group production and generated 11.8%

of group adjusted free cash flows at a 9% margin.

Despite operational challenges and a 13.5%

decline in production, these assets delivered

positive adjusted free cash flows – supporting our

social licence and funding of our various projects.

**International gold and copper projects**

At Eva Copper in Australia, we have completed over

153 000 metres of drilling since acquisition,

increasing copper resources by 31% and gold by

11.8%. The feasibility study is in its final phase,

and we are exploring long-term power solutions.

Eva Copper was declared a prescribed project

by the Queensland Government, supporting our

environmental authority amendment application.

We are expecting to release the results of the

Feasibility Study update before the end of calendar

2025. We continue negotiations to secure the mining

lease for Wafi-Golpu, a transformational and key

asset in our international growth strategy.

Strategic capital allocation

Our capital allocation framework ensures

disciplined investment aligned with our four

strategic pillars: Responsible stewardship,

operational excellence, cash certainty and

effective capital allocation.

Group capital expenditure remains focused

on delivering safe, profitable ounces and

maintaining flexibility at our mines. Most of our

major capital is directed towards our high-grade

underground, high-margin surface assets and

international copper-gold growth projects.

We have maintained a consistent and clear

hedging strategy to lock-in margins and protect

our balance sheet as we execute on our

comprehensive project pipeline. In line with our

policy, we hedge up to 30% of gold production

over a rolling period of 36 months to protect

margins and ensure operational and financial

stability. This supports consistent performance

during elevated capital investment periods.

A final dividend of 155 SA cents (9 US cents)

per share was declared, bringing total FY25

shareholder payout to a record R2.4 billion

(US$133 million).

Outlook and priorities

We remain committed to protecting our balance

sheet and cash flow, ensuring growth is affordable

and sequenced. Our focus is on safety, portfolio

quality, profitability, growth and sustainable

mining.

FY26 guidance includes production of 1.4Moz

to 1.5Moz at an AISC of R1 150 000/kg to

R1 220 000/kg. Underground recovered grade

is guided above 5.8g/t. Capital expenditure is

expected to rise to R13.0 billion (US$699 million),

reflecting strategic investments in high-quality

ounces and long-term growth. Included in this is the

once-off fleet replacement at Hidden Valley due to

the life-of-mine extension.

We will revisit guidance in February 2026,

contingent on the successful MAC Copper

transaction and the updated Feasibility Study

for Eva Copper.

MAC Copper acquisition

In May 2025, we announced the US$1.03 billion

acquisition of MAC Copper Limited, owner of CSA

mine in Cobar, New South Wales.

This acquisition marks a significant step in our

transformation into a global gold-copper producer.

Regulatory approvals have been received and the

transaction is concluding and takes effect on 24

October 2025.

A note of thanks

I extend my heartfelt thanks to every Harmonite

for their dedication and hard work in FY25. As

I reflect on my first 10 months as CEO, I am proud

of what has been achieved as a team. I encourage

all employees to embrace a leadership mindset –

proactively shaping our future and driving

progress.

Thank you to our board, unions, shareholders, and

stakeholders for your continued support. Special

thanks to our chairman and again my predecessor,

Peter Steenkamp, for their leadership and vision.

As we celebrate 75 years of Harmony, we do so

with pride in our legacy and confidence in our

future as we transform into a high-quality,

geographically diversified gold and copper

producer. This is mining with purpose.

**Beyers Nel**

*CEO*

24 October 2025

**Business model**

Our business model explains how we create value through our inputs, the business activities we undertake and the outcomes we achieve.

We draw on different resources and relationships (our capitals) as inputs, and through our business activities, transform them into outputs that, in turn, lead to broader outcomes that impact our capitals. We recognise

that our outcomes impact our future inputs across the capitals. Together with other stakeholders and elements that make up our external environment, our outcomes influence capital availability, quality and

affordability. This continuous interplay influences the efficacy of our business model. The details that follow highlight how we mine with purpose, managing our inputs, delivering on our strategy while we manage

related risks and leverage opportunities.

---

| |
|:---|
| [Mining with purpose](#i33c44c3831e342b883e9ab36f0eef510_3353) |
| Harmony remains South Africa's largest gold producer, mining with purpose while strategically diversifying into copper to enhance resilience, improve margins, align with global decarbonisation trends, and deliver <br>enduring value for shareholders and stakeholders.<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Inputs | Inputs | Inputs | Inputs | Inputs | Inputs |
| **Our diverse internal and external capitals both depend on and impact the geographical, geopolitical and regulatory environments in which we operate. They differentiate us from our peers, strengthening Harmony's resilience in** <br>**the short, medium and long term. We also manage the interdependencies between the capitals, considering how their affordability, quality and availability could impact Harmony's long-term value creation.** | **Our diverse internal and external capitals both depend on and impact the geographical, geopolitical and regulatory environments in which we operate. They differentiate us from our peers, strengthening Harmony's resilience in** <br>**the short, medium and long term. We also manage the interdependencies between the capitals, considering how their affordability, quality and availability could impact Harmony's long-term value creation.** | **Our diverse internal and external capitals both depend on and impact the geographical, geopolitical and regulatory environments in which we operate. They differentiate us from our peers, strengthening Harmony's resilience in** <br>**the short, medium and long term. We also manage the interdependencies between the capitals, considering how their affordability, quality and availability could impact Harmony's long-term value creation.** | **Our diverse internal and external capitals both depend on and impact the geographical, geopolitical and regulatory environments in which we operate. They differentiate us from our peers, strengthening Harmony's resilience in** <br>**the short, medium and long term. We also manage the interdependencies between the capitals, considering how their affordability, quality and availability could impact Harmony's long-term value creation.** | **Our diverse internal and external capitals both depend on and impact the geographical, geopolitical and regulatory environments in which we operate. They differentiate us from our peers, strengthening Harmony's resilience in** <br>**the short, medium and long term. We also manage the interdependencies between the capitals, considering how their affordability, quality and availability could impact Harmony's long-term value creation.** | **Our diverse internal and external capitals both depend on and impact the geographical, geopolitical and regulatory environments in which we operate. They differentiate us from our peers, strengthening Harmony's resilience in** <br>**the short, medium and long term. We also manage the interdependencies between the capitals, considering how their affordability, quality and availability could impact Harmony's long-term value creation.** |
| **Financial capital** | **Manufactured capital** | **Intellectual capital** | **Human capital**  | **Social and relationship capital** | **Natural capital**  |
| Our financial capital comprises funds <br>sourced from investors, external <br>financing and internally generated <br>cash. These resources are <br>strategically invested in high-quality <br>assets and projects that drive <br>Harmony's sustainable growth. For <br>the 10th consecutive year, we have <br>met production and, this year, <br>generated record free cash flows. <br>With a strong cash position, prudent <br>hedging and available facilities, we <br>can fund capital projects while <br>protecting profit margins and <br>benefiting from gold price <br>movements.<br>| Our manufactured capital consists of <br>the physical, material and <br>technological infrastructure we own, <br>lease or manage to support the <br>production of gold, silver and <br>uranium. We are diversifying into <br>copper. With a strong presence <br>across multiple geographies that <br>includes a robust project pipeline, <br>our goal is to reduce risk and <br>improve margins. Our portfolio <br>includes long-life assets with <br>excellent resource-to-reserve <br>conversion potential.<br>| Our intellectual capital is the <br>intangible value of our deep industry <br>expertise and experience, including <br>mining, the circular economy, <br>leadership, acquisitions and project <br>development capabilities. As a <br>specialist gold mining company <br>evolving into copper, we have the <br>opportunity to transfer our deep <br>underground mining expertise, <br>safety systems and operational <br>excellence programmes to our <br>copper acquisitions.<br>| Our human capital includes our <br>employees and contractors who <br>enable the delivery of our business <br>activities through their collective <br>knowledge, capabilities and <br>experience that includes specialised <br>underground and open-pit <br>capabilities. Our human capital <br>strength also lies in the scale and <br>localisation of employment, robust <br>health and safety programmes, <br>commitment to gender equity and <br>inclusivity, and seasoned leadership.<br>| This capital includes the <br>relationships and partnerships <br>essential for our licence to operate <br>and to create shared value. Our <br>intent is to be a partner of choice by <br>building durable, trust-based <br>relationships with our employees, <br>suppliers, host communities and <br>governments. <br>Through impactful community <br>investments and inclusive socio-<br>economic transformation we <br>demonstrate our commitment to <br>being a socially responsible and <br>relationship-focused mining house.<br>| Our natural capital includes the <br>essential resources (water, land, <br>minerals and energy) required for <br>our operations with sustainability <br>embedded into our strategy and <br>business model. <br>We have a significant and diversified <br>Mineral Resource base, <br>strengthened by our expansion into <br>copper. Through acquisitions and <br>portfolio optimisation, we have <br>increased grade quality. <br>We are the world's largest tailings <br>retreatment operator.<br>|
| **Interdependencies and resource** <br>**constraints**<br>| **Interdependencies and resource** <br>**constraints**<br>| **Interdependencies and resource** <br>**constraints**<br>| **Interdependencies and resource** <br>**constraints**<br>| **Interdependencies and resource** <br>**constraints**<br>| **Interdependencies and resource** <br>**constraints**<br>|
| ▪We invest a significant amount of <br>financial capital into all other <br>capitals to secure the long-term <br>success of our business<br>▪Our financial capital is impacted <br>by factors beyond our control, <br>including gold price fluctuations, <br>inflation and rising electricity <br>tariffs<br>▪Our derivative and hedging <br>strategies remain responsive <br>to persistent macro-economic <br>instability.<br>| ▪The availability and quality of <br>manufactured capital depend on <br>a significant investment of <br>financial, intellectual and natural <br>capital <br>▪Maintaining and modernising our <br>operations are necessary for us <br>to operate safely, efficiently and <br>profitably.<br>| ▪Culture transformation to achieve <br>zero harm takes time, and <br>requires human, financial, <br>manufactured and social and <br>relationship capital<br>▪Securing mining rights and leases <br>can be challenging in the face of <br>an ever-changing political, social <br>and environmental landscape<br>▪Leveraging technology and <br>innovation to improve our <br>systems and processes will <br>consume other capitals and take <br>time to coordinate across <br>operations.<br>| ▪Our employees' safety, health <br>and wellbeing remain a top <br>priority and requires a significant <br>investment of social and <br>relationship and financial capital <br>▪Sound employee relations are <br>critical for us to succeed as a <br>business <br>▪General and specialised skills <br>in the mining sector need to <br>be developed continuously <br>to adapt to changing business <br>requirements<br>▪Diversifying our employee profile <br>remains challenging due to the <br>mining industry being male <br>dominated with <br>underrepresentation of women <br>at some levels.<br>| ▪Safeguarding our reputation as a <br>responsible miner is inextricably <br>linked to how we manage the <br>resources on which we rely, <br>requiring significant financial, <br>intellectual and human capital <br>investments<br>▪Building trust and credibility <br>in the multi-cultural and diverse <br>regions where we operate is <br>critical to maintain our social <br>licence to operate <br>▪Collaborating and partnering with <br>our key stakeholders is a business <br>and moral imperative.<br>| ▪Protecting the natural resources <br>on which we rely depends on the <br>availability of financial capital and <br>the quality of manufactured <br>capital, and could affect our <br>human and social and <br>relationship capital<br>▪Mining is an inherently <br>dangerous industry and has <br>significant potential to impact the <br>biophysical environment<br>▪Our operations heavily rely <br>on water, a scarce resource<br>▪Limited life-of-mines (LoMs) <br>and depleting Ore Reserves could <br>jeopardise our ability to create <br>value<br>▪We rely on fossil-fuel electricity, <br>negatively impacting our <br>environmental and increasing <br>operational costs.<br>|

---

![businessmodel.jpg](businessmodel.jpg)

Business activities and outputs<br>

---

| |
|:---|
| **Business activities** |
| Our business activities, guided by our [Strategy](#i33c44c3831e342b883e9ab36f0eef510_3586), are underpinned by an operational competency developed over the past 75 years. We have well-balanced production performance while amplifying efficiencies <br>thanks to ongoing business improvement initiatives across our operations.<br>|

---

---

| |
|:---|
| **Outputs** |
| Our primary product is the gold we produce and sell to the market, followed by silver and uranium. Our activities also result in by-products and waste that we aim to reduce and mitigate. |

---

---

| |
|:---|
| **Outputs: Products** |
| **Gold produced**<br>**1.48Moz**<br>(FY24: 1.56Moz)<br>|
| **Silver produced**<br>**3.14Moz**<br>(FY24: 3.67Moz)<br>|
| **Uranium produced**<br>**488.05klb**<br>(FY24: 590.10klb)<br>|
| **Renewable energy generated**<br>**64.3GWh**<br>(FY24: 65.4GWh)<br>|

---

---

| |
|:---|
| **Business activities** |
| For details on each of the business activities, refer back to [About Harmony](#i33c44c3831e342b883e9ab36f0eef510_3324). <br>For our locations refer back to [Operations](#i33c44c3831e342b883e9ab36f0eef510_2593).<br>|

---

---

| |
|:---|
| **Outputs: Other** |
| ⬛**By-products**<br>**Tonnes processed**<br>**50.90Mt**<br>(FY24: 51.32Mt)<br>|
| ⬛**Waste**<br>**Hazardous waste to landfill**<br>**558t**<br>(FY24: 1 261t)<br>|
| ⬛**Emissions**<br>**Total CO2 emissions**<br>**5 482 478t**<br>(FY24: 5 255 534t)<br>|

---

Each country we operate in has its unique geopolitical and socio-economic operating environment and a broad network of stakeholders with varying needs, interests and expectations. Stakeholder needs and <br>expectations both significantly influence, and are impacted by, our business activities and its outputs. They play a key role in shaping the creation and preservation of value, significantly influencing Harmony's <br>social licence to operate, risk management and sustainability practices. We therefore strive to stay connected to our stakeholders to understand their different needs, expectations and perceptions of Harmony. <br>For more details refer to [Stakeholder engagement](#i33c44c3831e342b883e9ab36f0eef510_3518). <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![plus2.jpg](plus2.jpg) | Value created (net increase in capital) | ![equals.jpg](equals.jpg) | Value preserved | ![minus.jpg](minus.jpg) | Value eroded (net decrease in capital) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Outcomes for Harmony and our stakeholders | Outcomes for Harmony and our stakeholders | Outcomes for Harmony and our stakeholders | Outcomes for Harmony and our stakeholders | Outcomes for Harmony and our stakeholders | Outcomes for Harmony and our stakeholders |
| Our four strategic pillars translate our purpose into outcomes, generating sustainable returns through our focus on value over volume. The outcomes across the six capitals follow, highlighting a company balancing <br>financial growth with social and environmental responsibilities, while strengthening the resilience of its business model and long-term value creation through effective governance. Our ***[Strategy](#i33c44c3831e342b883e9ab36f0eef510_3586)*** section details our <br>four pillars, key trade-offs, resources allocated and our focus going forward. | Our four strategic pillars translate our purpose into outcomes, generating sustainable returns through our focus on value over volume. The outcomes across the six capitals follow, highlighting a company balancing <br>financial growth with social and environmental responsibilities, while strengthening the resilience of its business model and long-term value creation through effective governance. Our ***[Strategy](#i33c44c3831e342b883e9ab36f0eef510_3586)*** section details our <br>four pillars, key trade-offs, resources allocated and our focus going forward. | Our four strategic pillars translate our purpose into outcomes, generating sustainable returns through our focus on value over volume. The outcomes across the six capitals follow, highlighting a company balancing <br>financial growth with social and environmental responsibilities, while strengthening the resilience of its business model and long-term value creation through effective governance. Our ***[Strategy](#i33c44c3831e342b883e9ab36f0eef510_3586)*** section details our <br>four pillars, key trade-offs, resources allocated and our focus going forward. | Our four strategic pillars translate our purpose into outcomes, generating sustainable returns through our focus on value over volume. The outcomes across the six capitals follow, highlighting a company balancing <br>financial growth with social and environmental responsibilities, while strengthening the resilience of its business model and long-term value creation through effective governance. Our ***[Strategy](#i33c44c3831e342b883e9ab36f0eef510_3586)*** section details our <br>four pillars, key trade-offs, resources allocated and our focus going forward. | Our four strategic pillars translate our purpose into outcomes, generating sustainable returns through our focus on value over volume. The outcomes across the six capitals follow, highlighting a company balancing <br>financial growth with social and environmental responsibilities, while strengthening the resilience of its business model and long-term value creation through effective governance. Our ***[Strategy](#i33c44c3831e342b883e9ab36f0eef510_3586)*** section details our <br>four pillars, key trade-offs, resources allocated and our focus going forward. | Our four strategic pillars translate our purpose into outcomes, generating sustainable returns through our focus on value over volume. The outcomes across the six capitals follow, highlighting a company balancing <br>financial growth with social and environmental responsibilities, while strengthening the resilience of its business model and long-term value creation through effective governance. Our ***[Strategy](#i33c44c3831e342b883e9ab36f0eef510_3586)*** section details our <br>four pillars, key trade-offs, resources allocated and our focus going forward. |
| **Financial capital** ![plus.jpg](plus.jpg)<br>| **Manufactured capital** ![equals1a.jpg](equals1a.jpg)<br>| **Intellectual capital** ![plus.jpg](plus.jpg)<br>| **Human capital** ![equals1a.jpg](equals1a.jpg)<br>| **Social and relationship capital** ![equals1a.jpg](equals1a.jpg)<br>| **Natural capital** ![plus.jpg](plus.jpg)<br>|
| ▪Over five years, with a favourable <br>gold price, revenue has grown <br>from R41.7 billion to R73.9 billion <br>(US$4.1 billion)<br>▪In FY25, revenue was partially <br>offset by a realised gold hedge <br>book loss of R4.6 billion <br>(US$253 million) <br>▪Production costs have risen from <br>R29.8 billion to R43.2 billion <br>(US$2.4 billion) over the past five <br>years, showing inflationary <br>pressures<br>▪Over five years, production profit <br>has improved substantially from <br>R12.0 billion to over R30.7 billion <br>(US$1.8 billion), with the <br>operating margin rising from <br>28.7% to 41.6%<br>▪Despite some variability over <br>the past five years, net profit <br>increased sharply in FY25 to R14.5 <br>billion (US$802 million) compared <br>to R5.1 billion in FY21<br>▪Headline earnings per share is up <br>26.6% year on year to 2 337 SA <br>cents (129 US cents)<br>▪A final dividend of 155 SA cents <br>(9 US cents) has been declared, <br>bringing the total FY25 payout to <br>a record R2.4billion <br>(US$133million)<br>▪Adjusted free cash flow is at <br>a record high of R11.1 billion <br>(US$614 million), up 53.6% <br>compared to FY24, driven by <br>a higher gold price and grades<br>▪Our net cash position has <br>increased by 284.5% to <br>R11.1billion (US$628 million) <br>while liquidity stands at <br>R20.9billion (US$1.2 billion) <br>in cash and undrawn facilities.<br>| ▪Ore milled has remained <br>relatively stable, ranging between <br>49.25Mt and 53.80Mt over the <br>past five years<br>▪Gold production has remained <br>relatively stable over the five <br>years, close to 1.50Moz <br>(∼47000kg) <br>▪Capital expenditure rose 32.1% <br>year on year to R11.0 billion <br>(US$606million), driven mainly <br>by the extension projects at <br>Moab Khotsong and Mponeng, <br>the 100 megawatts (MW) <br>renewable energy project at <br>Moab Khotsong, the Mine Waste <br>Solutions Kareerand tailings <br>storage facility (TSF) extension as <br>well as the Eva Copper Project.<br>.<br>| ▪Exploration spend trends <br>upwards, supporting the <br>sustainability of our Mineral <br>Reserves<br>▪Investment in training and <br>development programmes trends <br>upward, supporting our <br>leadership and management <br>capacity<br>▪Innovation in health and safety <br>improvements, evidenced by <br>lower lost-time injury frequency <br>rates (LTIFR) and better health <br>outcomes, reflect enhancement <br>of intellectual capital<br>▪Investment in renewable energy <br>projects and our digitalisation <br>efforts, aimed to support <br>operational efficiency and <br>sustainability, continue<br>▪Eva Copper Project's final <br>Feasibility Study update is <br>imminent with Mineral Resources <br>up by 31% to 1.93Mt of <br>contained copper, while gold is <br>also up by 11.8% to 492koz.<br>| ▪Our total workforce has stayed <br>relatively stable at about 47 000 <br>employees and contractors<br>▪We tragically lost 11 lives this <br>year<br>▪We achieved an all-time low <br>LTIFR of 5.39 for our South <br>African region, versus 5.53 <br>in FY24<br>▪With a five-year wage agreement <br>in its second year, no strike <br>action took place in FY25, <br>displaying a strong and mature <br>relationship with unions<br>▪Voluntary turnover decreased <br>to 1.9% from 2.3% in the prior <br>year<br>▪Health-related absenteeism in SA <br>improved to 7.3% from 7.5% in <br>FY24. We continue to implement <br>applicable best practice <br>healthcare programmes to <br>address occupational and non-<br>occupational health risks<br>▪Employment equity showed <br>positive trends, with <br>representation of historically <br>disadvantaged South Africans <br>in management increasing from <br>65% to 72% over the past five <br>years <br>▪Females in management has <br>slowly edged forward over a five-<br>year period, now at 23.3% <br>▪Training participation has <br>increased, underscoring our focus <br>on skills development.<br>| ▪Community investment increased <br>to R271 million (US$14.9 million) <br>from R266million (US$14.2 <br>million) last year, contributing to <br>local socio-economic <br>development<br>▪Over 33 000 people benefited <br>from our corporate social <br>investment (CSI) projects in the <br>current year, including women <br>and youth<br>▪In SA, preferential procurement <br>(BEE-compliant spend) has <br>increased from R5.7billion five <br>years ago to a current spend of <br>R16.3 billion (US$898 million)<br>▪In Papua New Guinea (PNG), total <br>local procurement spend over the <br>past five years trends upwards <br>with a current spend this year of <br>over R2.5 billion (US$138 million)<br>▪In SA, employees drawn from <br>local communities sit at 85%, <br>while in PNG, PNG nationals <br>make up in excess of 96% of our <br>permanent employees <br>▪We continue to maintain healthy <br>relationships with unions and <br>host communities, ensuring <br>stability and mutual benefit<br>▪Paid R6.1 billion (US$336million) <br>in income taxes and royalties <br>compared to a prior year <br>payment of R3.7billion.<br>| ▪We have globally significant <br>declared Mineral Resources <br>of 135.5Moz with a declared <br>Mineral Reserve of 36.8Moz <br>in gold and gold equivalents<br>▪Underground recovered grades <br>are up 2.6% to 6.27g/t from <br>6.11g/t in the prior year<br>▪We have been included in the <br>FTSE4Good index for the 8th <br>consecutive year<br>▪MSCI ESG rating upgraded <br>to "BB" this year, performing <br>better than the industry average<br>▪We received a CDP score of "A-" <br>for our best practice water <br>management strategy<br>▪Achieved three annual potable <br>water consumption targets to <br>FY25 reducing water usage from <br>20.0 to 19.3 to 18.4 million m<sup>3</sup><br>over the past three years<br>▪We reduced our energy <br>consumption through the energy <br>efficiency programme by a <br>cumulative 2.3TWh since 2016 <br>▪Our renewable energy <br>programme is expected to <br>generate close to 600MW <br>by 2028 through solar and <br>wheeled wind, with a potential of <br>another 200MW in short-term <br>PPA<br>▪Scope 1, 2 and 3 CO2 emissions <br>relatively stable over the past five <br>years.<br>|

---

**Operating context**

Influential economic, technological, political and sustainability factors at global and local levels directly and indirectly shape our operating context. The

interplay between our business model and operating context determine and shape our risks and opportunities. Strategic risk management aligned with our

business model and continuous assessment of our operating context allows us to mitigate threats effectively and capitalise on new growth possibilities.

Our operating context is made up of the following external factors or issues that influence[Stakeholder needs and expectations](#i33c44c3831e342b883e9ab36f0eef510_3518) and impact our [Material matters](#i33c44c3831e342b883e9ab36f0eef510_3572):

Sustainability factors and related business practices

---

| | | | |
|:---|:---|:---|:---|
| **Social impact** | **South Africa** | **Papua New Guinea** | **Australia** |
| Maintaining a social licence to operate is widely <br>recognised as a moral and business imperative <br>for companies globally. <br>Mining companies continue to face growing <br>pressure to exceed regulatory requirements by <br>operating sustainably, transparently and <br>in ways that benefit society. This includes by <br>contributing solutions to key challenges facing <br>host communities.<br>Businesses must also continuously navigate <br>complex social, economic and political <br>dynamics while sustaining strong and <br>constructive stakeholder relationships.<br>| South Africa faces many obstacles to social <br>upliftment, including insufficient service <br>delivery, poverty, inequality, widespread <br>unemployment, illegal mining and high levels <br>of crime. These issues, combined with the <br>government's immense responsibility to <br>provide infrastructure and essential services, <br>highlight the urgent need for both private and <br>public sector contributions to improve citizens' <br>quality of life. <br>These challenges also contribute to a population <br>of unskilled and unemployed individuals, <br>reducing the available talent pool.<br>| Papua New Guinea is rich in natural resources, <br>but development has been uneven since <br>gaining independence in 1975. Many people <br>still face poverty, unemployment, limited <br>access to services, and social challenges like <br>crime, gender-based violence and inequality. <br>Like other resource-rich countries, Papua New <br>Guinea is working to overcome these barriers <br>and move toward becoming a prosperous, <br>middle-income nation.<br>| By global standards, Australia ranks highly <br>in literacy, numeracy, employment, income <br>and wealth. However, challenges still remain. <br>These challenges include rising inequality, the <br>high cost of living (especially housing), <br>discrimination, and domestic and gender-<br>based violence. In rural and remote areas, <br>poorer health outcomes are compounded by <br>limited access to essential services such as <br>education, transport and digital connectivity. <br>People continue to expect real progress in <br>tackling these issues. <br>|

---

---

| | |
|:---|:---|
| **Impact on Harmony** | **Our response** |
| ▪Addressing systemic issues requires a collaboration between Harmony, government, civil society and <br>other stakeholders <br>▪Harmony can positively contribute to the lives of employees and host communities by understanding <br>their needs and implementing initiatives that contribute to community wellbeing<br>▪If we fail to respond constructively to societal expectations, we risk financial, reputational and <br>operational challenges, including legal and strike action, reduced investment and a disengaged <br>workforce.<br>| ▪Our social stewardship initiatives are critical to our business success and sustainability<br>▪Harmony's community development initiatives are guided by regulations and mining-related <br>agreements, allowing us to collaborate with government departments to deliver shared benefits and <br>value to our host communities, suppliers and landowners. This is supported by CSI initiatives, <br>enterprise and supplier development, and procurement practices that support job creation and <br>contribute to social development and economic empowerment with the SDGs in mind<br>▪As part of enterprise risk management (ERM), multiple organisational strategies enable us to care <br>for, protect and empower our employees, fostering a conducive, safe and inclusive workplace and <br>contributing to improved livelihoods. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Environmental impact** | **South Africa** | **Papua New Guinea** | **Australia** |
| **Urgent action to combat climate change and its impact** | **Urgent action to combat climate change and its impact** | **Urgent action to combat climate change and its impact** | **Urgent action to combat climate change and its impact** |
| Climate change's prevailing and increasing <br>effects, including extreme weather events, <br>continue to impact businesses, people and the <br>natural world.<br>Climate change regulations are evolving rapidly, <br>with new laws, expanded disclosure <br>requirements and increased litigation driving <br>accountability.<br>| South Africa frequently experiences drought <br>and floods, which significantly affect its <br>environment, economy, infrastructure and <br>people. Floods between February and March <br>2025 in KwaZulu-Natal, Free State, Gauteng <br>and Eastern Cape underscore the severity of <br>extreme climate-related events.<br>New regulations, including the Climate Change <br>Act 22 of 2024 that introduces binding carbon <br>budget limits and the National Treasury's <br>August 2024 phase two carbon tax paper <br>which signals higher tax rates from 2026.<br>| Papua New Guinea is vulnerable to natural <br>events. Some of these are expected to increase <br>in frequency, magnitude and intensity due to <br>climate change. High rainfall during the <br>summer months of FY25 caused flooding, <br>landslides, displacement of people and <br>significant damage in Enga province.<br>A brief period of La Niña conditions is predicted <br>in the southern hemisphere FY26 summer. La <br>Niña events can have the effect of bringing <br>increased rainfall to south and south-eastern <br>areas of the country, while the north-east and <br>New Guinea islands region can experience <br>lower rainfall and drier conditions.<br>| Climate change poses a growing risk in <br>Australia and is impacting communities, <br>ecosystems and industry. This results in hotter <br>temperatures, increased bushfires, prolonged <br>droughts and floods, higher sea levels and <br>erratic weather conditions.<br>Tropical Cyclone Alfred's landfall in South East <br>Queensland during March 2025 is consistent <br>with predictions that climate change is <br>expected to cause tropical cyclones to <br>penetrate further south.<br>Commencing from 1 July 2025, Australian-<br>registered companies are now required <br>to report on climate-related risks and <br>opportunities that could reasonably affect <br>their financial performance.<br>|
| **Threats to natural resources and biodiversity** | **Threats to natural resources and biodiversity** | **Threats to natural resources and biodiversity** | **Threats to natural resources and biodiversity** |
| Mismanagement, overexploitation and <br>pollution-related degradation of critical natural <br>resources such as food, minerals, air and water <br>continue to drive environmental risk and <br>contribute to severe global shortages in <br>commodities and natural resource supplies.<br>| Overwhelming development needs and <br>society's dependence on natural resources and <br>ecosystems to survive exacerbates South <br>Africa's water scarcity and natural resource <br>depletion. <br>| Deforestation and forest degradation <br>caused by agriculture expansion, including <br>cash crops, authorised and unauthorised <br>logging, artisanal and alluvial mining, and <br>expanding settlement footprints pose a threat <br>to the country's significant natural resources <br>and heritage.<br>| Climate change, unsustainable use of natural <br>resources, habitat loss, invasive species and <br>problematic native species and pollution have <br>been identified as driving a decline in the <br>condition of Australia's natural environment. <br>The Australian Government has introduced <br>Australia's Strategy for Nature 2024 – 2030 in <br>an effort to strengthen the country's response <br>to halt and reverse biodiversity loss.<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Environmental impact** continued | **South Africa** | **Papua New Guinea** | **Australia** |
| **Responsible tailings management**  | **Responsible tailings management**  | **Responsible tailings management**  | **Responsible tailings management**  |
| TSF failure could cause loss of life and severe <br>economic, environmental and societal damage, <br>underscoring the importance of effectively <br>managing risks associated with TSFs. Mining <br>companies are also exploring innovative <br>solutions to better manage these facilities.<br>| Mining is a key economic sector in the country. <br>As such, the high number of tailings dams <br>presents a significant safety risk. <br>The government has bolstered efforts to <br>enforce stricter regulations, independent <br>TSF audits and higher penalties, signalling <br>tougher oversight.<br>| Heavy rainfall and seismic activity heighten the <br>risk of dam failure. Our TSFs are designed and <br>operated per the Australian National <br>Committee of Large Dams (ANCOLD) <br>guidelines, with accepted risk-based deviations <br>and conservative factors of safety for seismic <br>and static conditions. <br>| With mining as a major economic sector, <br>Australia has a high number of tailings dams.<br>The ANCOLD guidelines play a key role in <br>setting standards for effective TSF design <br>and management.<br>|

---

---

| | |
|:---|:---|
| **Impact on Harmony** | **Our response** |
| ▪Harmony is susceptible to the physical and transitional impacts of climate change. Extreme weather <br>events such as flooding could damage equipment and infrastructure, while water shortages and <br>heatwaves present significant safety and health risk to our employees<br>▪Regulatory changes, along with market and technology shifts, influence the way we conduct our <br>business <br>▪Resource depletion could increase operational costs, affect our stakeholder relationships and <br>investor sentiment. Conversely, conserving natural resources drives sustainable mining practices <br>across the business<br>▪TSF failure has the potential to impact the environment and communities surrounding our <br>operations. Consequences may include loss of life, environmental fines due to non-compliance, <br>rehabilitation and operational costs, decreased market value and reputational damage. <br>| We are committed to environmentally responsible mining that respects natural ecosystems and <br>supports long-term sustainability. We manage and mitigate environmental risks and, where <br>appropriate, offset impacts by:<br>▪Decarbonising Harmony's energy profile through energy efficiency initiatives and transition to <br>lower-carbon sources, which presently include solar energy and battery storage projects<br>▪Using natural resources efficiently and responsibly, while managing water quality and quantity, and <br>monitoring impacts on waterways and the overall health of the watershed ecosystem<br>▪Reducing our environmental footprint by reclaiming legacy mining sites and lowering the risk of <br>long-term physical and chemical impacts<br>▪Addressing biodiversity and ecosystem impacts through rehabilitation and other initiatives<br>▪Capturing environmental risks, including TSF management, as part of our ERM process. |

---

---

| |
|:---|
| **Governance impact** |
| **Growing regulatory and stakeholder scrutiny** |
| Increasingly complex regulatory requirements and stakeholder expectations continue to put pressure on companies to reposition or accelerate their business strategies, take action to address a range of issues, <br>and transparently report and substantiate their sustainability claims and progress against commitments. Sound corporate governance practices are driven by ethical business practices, regulatory compliance <br>and best practice alignment, with increased scrutiny being placed on respecting and upholding human rights, preventing fraud and corruption and maintaining data integrity through robust assurance processes. <br>|

---

---

| | |
|:---|:---|
| **Impact on Harmony** | **Our response** |
| ▪Our market capitalisation, reputation and credibility could be affected by non-compliance with <br>regulatory and reporting requirements, failure to meet targets or address material stakeholder <br>concerns, and inadequate preparation for new disclosures, safety governance and equity <br>participation requirements in our key jurisdictions<br>▪Delivering responsible and sustainable business practices is fundamental to our ability to protect the <br>shared value we create and prevent value erosion. Critical to this is engaging and collaborating <br>effectively with our key stakeholders, maintaining their trust and preserving our social licence to <br>operate.<br>| ▪Harmony has adopted a Management Delegation of Authority and a comprehensive Compliance <br>Programme to underpin regular engagement with government and regulators. The company <br>responds to proposed legislative changes through the Minerals Council South Africa or direct <br>submissions, following consultation with relevant executives. We also work directly with regulators <br>and through Australian, Queensland, and Papua New Guinea industry bodies on policy matters<br>▪Our sustainability framework assists us to respond strategically to the sustainability issues facing our <br>business and host communities. The framework outlines the actions we are taking to further embed <br>sustainability in our business<br>▪We measure and track our progress against group-wide KPIs, and adopt regulatory and voluntary <br>reporting frameworks and guidelines<br>▪To facilitate the integrity of our reporting, we conduct internal and external assurance on our <br>reporting suite<br>▪Our employees, contractors and suppliers must adhere to our human rights policy and code <br>of conduct<br>▪Our formal corporate governance and compliance policy and framework outline the principles of <br>good corporate governance for the board and employees at all operational levels<br>▪The draft Mineral Resources Development Amendment Bill proposes several changes to South <br>Africa's mining laws. Harmony is closely monitoring the progress of the draft bill and will develop an <br>action plan to align our processes with the new regulations<br>We are actively preparing for compliance with the Australian Sustainability Reporting Standards (ASRS) <br>S2, which are new sustainability disclosures that largely align with IFRS S2. These requirements will <br>encompass our Australasia region and took effect for Australian-registered companies from 1 July <br>2025. |

---

---

| |
|:---|
| **Governance impact** continued |
| **Cybercriminality** |
| Cyberattacks continue to increase in frequency and severity, with the human, operational and financial impact of attacks rising in line with increasing infrastructure digitalisation. Similarly, the digitalisation of <br>critical national and mining infrastructure increases the risk of cyberattacks. A successful cyberattack can have severe consequences, including safety and economic impacts.<br>|

---

---

| | |
|:---|:---|
| **Impact on Harmony** | **Our response** |
| ▪Cybersecurity is a top strategic risk to our business. Digitalisation of technology exposes our systems <br>and processes to information security compromises, which could lead to the accidental or unlawful <br>use, destruction, loss, alteration or disclosure of data<br>▪In addition to the direct cost of an incident, regulatory fines under South Africa's POPIA and the <br>Critical Infrastructure Protection Act could reduce profitability, disrupt production and erode <br>stakeholder trust<br>▪Australia's Cyber Security Act 2024 introduces stricter obligations around incident reporting, <br>ransomware disclosures and privacy protections. These changes heighten regulatory risk and <br>demand stronger digital resilience across our operations. Non-compliance could lead to financial <br>penalties, operational disruptions and erosion of stakeholder trust, particularly where data integrity <br>and safety systems are critical to our licence to operate. <br>| ▪Our cybersecurity strategy focuses on proactive risk identification, technological defences, <br>governance oversight and workforce engagement. This approach aligns with the critical need for <br>robust cybersecurity in mining operations within regions facing sophisticated cyberthreats <br>▪We continue enhancing our cybersecurity by implementing state-of-the-art technologies and <br>processes to identify threats, protect our information and technology environment and respond to <br>cyberincidents<br>▪We conduct cybersecurity awareness training interventions and regularly communicate with <br>our employees about cyberthreats and how to prevent them. This year, we conducted focused <br>cybersecurity training to 1 200 users identified as high-risk and maintained consistent <br>communication on cybersecurity best practices across the organisation to strengthen our human <br>security layer and reduce vulnerability exposure. We also significantly increased our investment in <br>our cybersecurity software. |

---

---

| |
|:---|
| **Governance impact** continued |
| **Third-party risks** |
| Harmony's mining operations and growth projects are highly exposed to supply chain vulnerabilities, with shortages and extended lead times for strategic spares, critical consumables, mining equipment and <br>reagents posing risks to operational continuity and project delivery. This is amplified by reliance on foreign-sourced components and single suppliers for key inputs, such as sulphuric acid, cyanide, oxygen and <br>large-scale mining equipment, which limits alternative sourcing options. Geopolitical uncertainties and inflationary pressures have further increased consumable costs and logistical challenges, raising all-in <br>sustaining costs and potentially impact the commercial feasibility of certain operations.<br>|

---

---

| | |
|:---|:---|
| **Impact on Harmony** | **Our response** |
| ▪Financial difficulties faced by third-party contractors or suppliers can impair their ability to fulfil <br>contracts, leading to project delays and increased costs<br>▪If a supplier or contractor fails to adhere to safety and health protocols while on-site at our <br>operations, it could result in serious injuries and hinder our goal to achieve zero harm<br>▪Delays or shortages in critical consumables, reagents, strategic spares and equipment can disrupt <br>production, reduce output, create maintenance backlogs and negatively impact capital projects – <br>potentially threatening the financial viability of certain operations<br>▪Inflationary pressures, higher transport costs and supplier monopolies raise the cost of inputs, <br>increasing all-in sustaining costs<br>▪Country-specific issues, such as foreign exchange shortages in Papua New Guinea, can lead to supply <br>disruptions that may impact operational continuity.<br>| ▪Harmony's suppliers must adhere to our code of conduct, human rights policy, environmental <br>management policies and standards and observe laws and regulations of the countries in which we <br>operate<br>▪Supplier engagement helps us understand our suppliers' needs and how we can improve our <br>transactions for mutual benefit<br>▪Harmony has collaborative and transparent relationships with strategic suppliers to manage <br>disruptions, particularly where sole supplier risks exist. The company seeks out multiple reliable <br>suppliers for critical commodities and has strategic contracts with rise-and-fall mechanisms to <br>manage market escalations<br>▪Reviews of critical commodities and stock holdings are conducted by regional teams in South Africa <br>and Australasia<br>▪Efforts to engage local suppliers and integrate small, medium and micro-enterprises (SMMEs) into <br>the supply chain are ongoing. Long-term contracts with strategic suppliers include mechanisms to <br>secure supply and mitigate inflationary impacts. |

---

Macro-economic environment

---

| | | | |
|:---|:---|:---|:---|
| **Economic and geopolitical factors** | **South Africa** | **Papua New Guinea** | **Australia** |
| Ongoing geopolitical uncertainty, trade <br>tensions, subdued global growth and diverging <br>monetary policy paths continue to disrupt <br>supply chains, constrain capital access, <br>undermine economic growth, financial planning <br>in emerging markets, and the availability and <br>affordability of materials and equipment.<br>Trade disputes between major economies, <br>notably the United States and China, and <br>increasing export controls on critical minerals <br>have fragmented mineral supply chains. <br>This environment has resulted in more volatile <br>input costs, supply-timing challenges and <br>complicated project development for mining <br>companies.<br>| South Africa faces multiple economic and <br>geopolitical challenges, including high interest <br>rates, policy uncertainty, potential resource <br>nationalisation, infrastructural constraints, and <br>high borrowing costs that restrict investment <br>and economic growth.<br>| The region's macro-environment continues to <br>be impacted by political instability, regulatory <br>uncertainty, access to foreign exchange and <br>rising inflation.<br>| Australia's economy remains resilient and the <br>political environment stable. However, the <br>country is impacted by the volatile <br>international context.<br>|
| **Sovereign credit ratings** | **Sovereign credit ratings** | **Sovereign credit ratings** | **Sovereign credit ratings** |
| Sovereign credit ratings assess a government's <br>ability and willingness to meet its debt <br>obligations, reflecting economic fundamentals, <br>including fiscal health, debt sustainability, <br>political stability, institutional strength and <br>external financing capacity. Rating agencies <br>evaluate factors such as gross domestic product <br>(GDP) growth prospects, government <br>effectiveness, monetary policy credibility and <br>structural economic resilience when <br>determining sovereign ratings. These ratings <br>directly influence country risk premiums <br>embedded in equity valuations, corporate <br>borrowing costs, and foreign investment flows. <br>| South Africa's credit rating outlook was <br>re-affirmed as stable with long-term foreign <br>and local currency sovereign credit ratings <br>of BB-.<br>| Papua New Guinea's credit rating outlook <br>remains stable with long-term foreign (B-) and <br>local currency (B) sovereign credit ratings.<br>| Australia's credit rating outlook was affirmed <br>as stable with long-term foreign and local <br>currency sovereign credit ratings of AAA.<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Economic and geopolitical factors** continued | **South Africa** | **Papua New Guinea** | **Australia** |
| **Market volatility** | **Market volatility** | **Market volatility** |  |
| Global financial markets experienced heightened <br>volatility during FY25, reflecting divergent <br>monetary policy approaches, persistent <br>inflationary pressures and evolving geopolitical <br>tensions across key economies. Market volatility <br>manifests through fluctuations in commodity <br>prices and foreign exchange rates, creating both <br>operational challenges and strategic <br>opportunities. Central bank policy divergence <br>between developed and emerging market <br>economies amplified currency volatility, while <br>ongoing supply chain disruptions and energy <br>security concerns contributed to commodity <br>price volatility.<br>The gold price achieved record highs during the <br>second half of FY25. Prices peaked at US$3 432/<br>oz on 13 June 2025, significantly higher than <br>the US$2 332/oz at the beginning of FY25, and <br>ending at US$3303⁄oz at 30 June 2025.<br>Supply disruptions and strong demand kept <br>copper prices elevated. Prices peaked at US$10 <br>103/t on 2 October 2024, higher than the US$9 <br>636/t at the beginning of FY25, and decreasing <br>to US$9 878/t at year end. Based on trends in <br>the market, our internal planning processes <br>have determined a future copper price of US$9 <br>367/t, which is in line with long-term market <br>consensus.<br>| The rand experienced significant volatility <br>against major currencies, influenced by <br>domestic political developments following the <br>May 2024 elections, commodity price <br>fluctuations and global risk sentiment. The <br>currency strengthened following the formation <br>of a Government of National Unity but <br>remained vulnerable to external shocks, <br>sovereign rating considerations and shifts in <br>foreign investor confidence.<br>| The kina demonstrated relative stability <br>against the US dollar, supported by ongoing <br>International Monetary Fund programme <br>implementation and foreign exchange market <br>reforms. However, the currency remained <br>susceptible to commodity price movements <br>and external financing conditions affecting the <br>country's current account balance.<br>| The Australian dollar fluctuated against major <br>currencies, influenced by commodity price <br>movements, domestic monetary policy settings <br>and China's economic performance as a key <br>trading partner. The currency's correlation with <br>commodity prices provided both opportunities <br>and challenges for mining operations.<br>|

---

---

| | |
|:---|:---|
| **Impact on Harmony** | **Our response** |
| ▪Borrowing costs and economic growth were also affected by increased interest rates<br>▪Borrowing costs increase directly through higher credit spreads when sovereign ratings deteriorate<br>▪Investment returns on cash deposits and short-term investments fluctuate with sovereign risk-free <br>rates, impacting treasury management returns <br>▪Equity valuations face material impact through elevated country risk premiums incorporated in <br>discount rates used by investors. Research demonstrates that sovereign downgrades increase equity <br>risk premiums demanded by investors, mechanically reducing share price valuations through higher <br>required returns <br>▪Foreign investment flows respond asymmetrically to sovereign rating changes, with downgrades <br>triggering capital outflows that disproportionately affect equity markets. Conversely, rating upgrades <br>generate minimal positive flow effects, creating an asymmetric risk profile for share price <br>performance<br>▪Currency fluctuations impact both revenue realisation from US dollar-denominated gold and copper <br>sales and cost structures denominated in local currencies, creating natural hedging effects where <br>operating costs decrease in dollar terms when local currencies weaken. <br>▪Commodity price volatility affects revenue streams, influences capital allocation priorities across our <br>portfolio, and determines the economic viability of marginal ounces and development projects<br>▪The average level of the rand appreciated against the US dollar in FY25, with an average exchange <br>rate of R18.15/US$1 (FY24: R18.70/US$1). Although the rand appreciated, the significant increase in <br>the US$ gold price, positively impacted on revenue for the year as sales are US dollar-denominated.<br>| ▪Our derisked and diversified portfolio continues to perform well<br>▪Expansion in Australia, together with focus on gold-copper assets, is part of Harmony's deliberate <br>strategy to diversify geopolitical exposure, reducing risk concentration in a single region and <br>commodity<br>▪Through regular engagement with investors and financiers (a key stakeholder), we provide a realistic <br>understanding of our potential operating and financial performance<br>▪We invest our funds in financial institutions that meet the group's policy requirements for <br>credit quality. The credit ratings are continuously monitored, with adjustments made where <br>required <br>▪We apply conservative price assumptions in our business planning processes to maintain a <br>reasonable margin and strong cash flow. Even at the relatively lower exchange rate, our South <br>African operations are generating a positive margin and cash flows <br>▪We monitor market volatility through quarterly treasury committee assessments and employ <br>targeted risk management strategies, where appropriate, to manage exposure to adverse <br>movements while preserving upside participation in favourable market conditions <br>▪Our derivative and hedging strategies and capital allocation framework remain responsive to <br>persistent macro-economic instability, enabling us to analyse and manage potential positive <br>and negative impacts on our business proactively and appropriately<br>▪In response to high gold prices during the year, we continued to lock in more of the higher <br>gold prices, supporting our future cash flows and ability to fund projects. |

---

Energy challenges

---

| | | | |
|:---|:---|:---|:---|
| **Electricity supply, security, reliability** <br>**and costs**<br>| **South Africa** | **Papua New Guinea** | **Australia** |

---

---

| | |
|:---|:---|
| **Impact on Harmony** | **Our response** |
| ▪Our South African assets are predominantly deep underground <br>mining operations, which are more energy intensive than surface <br>mines and accounted for 76% of the group's total electricity <br>consumption<br>▪We incur additional operating costs due to rising electricity prices <br>and having to use diesel to prevent operational interruptions<br>▪Continued reliance on fossil fuel-based electricity challenges our <br>ability to meet our 2036 SBTi-aligned emissions reduction target and <br>ambition of achieving net zero by 2045<br>▪Regulatory changes have financial implications for our business. We <br>estimate the impact of the carbon tax to our South African <br>operations to be between R450 million (US$25.4 million) and R800 <br>million (US$45.1 million) by 2038 based on government's intent to <br>increase the price of carbon and reduce allowances. <br>| ▪The acceleration of our decarbonisation is in direct response to regulatory changes in South Africa. Our decarbonisation initiatives <br>include a renewable energy and energy efficiency roll-out plan, enabling us to systematically reduce our reliance on grid-supplied <br>electricity while improving energy efficiency and diversifying our energy mix. In FY25, we generated 64.3GWh of renewable energy <br>from our Sungazer 1 solar photovoltaic (PV) project and small-scale installations<br>▪We continue lobbying regulators in South Africa to contain electricity tariff increases and help electricity suppliers to secure power <br>through load curtailment and provide available land for renewable energy plants<br>▪In Australia, our Eva Copper site is located in an off-grid area of North West Queensland, presenting both challenges and opportunities <br>for its energy solution and GHG emissions profile. We have received environmental approval to integrate a 100MW solar farm and a <br>65MW battery energy storage system into the start-up energy solution for Eva Copper, enabling approximately 40% renewable <br>penetration. Future pathways to reduce emissions include connecting to CopperString 2032 or the addition of wind energy to the on-<br>site energy portfolio<br>▪In Papua New Guinea, we are exploring the feasibility of battery storage at Hidden Valley to mitigate frequent grid power outages and <br>deliver uninterrupted power supply to the mill until the backup diesel power station activates. |

---

Further details on our operating context are available throughout this report and other reports within our suite. Please consult the contents page of each report to find further, relevant details.

**Risk and opportunity management**

At Harmony, each Harmonite plays a role in managing risk – from upholding safety to protecting the organisation's long-term sustainability. Our enterprise

risk management (ERM) function empowers employees to deliver on strategic objectives by embedding effective risk treatment and fostering resilience.

As the global, regional and operational landscape continues to shift, our proactive and integrated approach to risk management remains central to our strategy. Our industry is shaped by safety imperatives, market

volatility and evolving regulation, making risk management a strategic enabler of value creation across all our capitals.

In line with the principles of King IV, Harmony recognises that good governance and integrated thinking require risk management to be embedded in all strategic decision-making processes. Aligned with the ISO

31000:2018 standard, our ERM process supports informed decision making, enhances resilience and ensures that risks and opportunities are considered holistically across all capitals. Our risk management framework is

integrated into Harmony's strategic and operational ecosystem, as shown below.

![strategicprocess.jpg](strategicprocess.jpg)

Risk governance

Harmony's risk governance model ensures effective risk identification and management at every level,

with clear escalation from operations to the board and strategic oversight flowing back down. This

integrated approach aligns risk management with our corporate objectives, delivering accountability,

consistency, and robust oversight across the business. The below figure is an illustration of the risk

governance structure:

![riskgovernance.jpg](riskgovernance.jpg)

Our most significant risks and opportunities

The board, executive steering committee, senior management and ERM team assessed global and

industry risks to which Harmony is exposed. Harmony's identified strategic risks were evaluated, and we

confirm that they are valid, accurate and complete. Risks should not be viewed in isolation. Designing

and implementing risk response strategies to address interlinked risks will require trade-offs that

address some risks and exacerbate others, while identifying opportunities.

**Group risk exposure**

▪Our business is gold, with a growing international copper footprint – a high-risk/high-reward business

▪We operate across the gold mining value chain – from exploration to feasibility studies, building

and buying mines, operating and closing mines, followed by land rehabilitation

▪We are exposed to gold price and exchange rate volatility and mitigate this through derivative

programmes

▪We operate well in emerging economies and manage associated socio-political impacts

▪We continue investing in exploration – one of the most effective ways to grow an orebody and create

value

▪We have an appetite for change and continuous improvement – we continuously look for innovative

ways to improve our existing mines and acquire assets that increase the quality of our assets and

improve margins.

**Risk appetite and tolerance**

Harmony's risk appetite and tolerance framework (RATF) ensures a measured and responsible approach

to risk-taking, prioritising safety while enabling informed decisions that align with long-term strategy.

The framework provides clear visibility of the risk landscape, supports agility in changing conditions and

fosters accountability and transparency across the organisation.

The RATF aligns with Harmony's strategic pillars to allow risk-based decision making to achieve

Harmony's strategic objectives. Each strategic pillar is supported by:

▪An overarching risk statement

▪Supporting risk categories, appetite and tolerance levels

▪Targets that track company performance aligned with our strategy, risk appetite and tolerance levels.

*Risk statements in support of each strategic pillar*

---

| | |
|:---|:---|
| **Responsible stewardship** | Zero harm to employees and partnering with stakeholders to <br>create sustainable value.<br>|
| **Operational excellence** | Meeting approved operational, project and infrastructure <br>plans in a safe and timely manner.<br>|
| **Cash certainty** | Operational and services budgets based on approved annual <br>planning parameters to be met.<br>|
| **Effective capital allocation** | Invest in projects (organic and inorganic) and acquisitions <br>aimed at improving the quality of Harmony's asset portfolio <br>and meeting investment and project criteria while returning <br>capital to shareholders in line with our dividend policy.<br>|

---

**Our top strategic risks**

Harmony is committed to thoroughly assess and report on risks and

opportunities. We manage all strategic risks with the necessary controls,

aligning our actions with our overall strategic objectives.

Harmony will continue to monitor the risk landscape and make sure that appropriate response

strategies and risk control measures are in place to modify the risk. The ERM team is supported by the

governance, risk and compliance committee, which includes most department heads, and serves as a

platform to self-assess controls for key strategic risks.

Our strategic risks and opportunities are based on our assessment of the residual rankings.

Harmony's risk response strategies

In managing our strategic and operational risks, Harmony applies one or a combination of the following

approaches – Treat, Tolerate, Transfer or Terminate – depending on the nature of the risk, its likelihood

and our appetite.

---

| | |
|:---|:---|
| **Treat** | We take action to reduce the likelihood or impact of the risk. |
| **Tolerate** | We consciously accept the risk because it is within appetite or we can <br>tolerate it, unavoidable, or the cost of mitigation outweighs the benefit. <br>|
| **Transfer** | We shift part or all of the financial or operational consequence of a risk to a <br>third party.<br>|
| **Terminate** | We eliminate the risk altogether by discontinuing or avoiding the activity <br>that creates it. <br>|

---

Some risks require both approaches. We may *tolerate* a portion of the risk that remains within

the appetite and tolerance threshold, while *treating* the portion that exceeds our tolerance by

strengthening controls. This combination recognises that not all risk can be fully removed, but

that residual exposure is managed responsibly.

**Stakeholder engagement**

**Our commitment to responsible** <br>**stewardship, a key strategic** <br>**pillar, is affirmed through our** <br>**proactive stakeholder** <br>**engagement approach, which** <br>**aims to build and maintain trust** <br>**through sustainable** <br>**and mutually beneficial** <br>**relationships and partnerships** <br>**with our stakeholders. Through** <br>**this approach, we manage** <br>**potential risks and** <br>**opportunities to enhance** <br>**our social purpose and** <br>**create shared value.**<br>**Each country we operate in has** <br>**its unique geopolitical** <br>**and socio-economic operating** <br>**environment and a broad** <br>**network of stakeholders with** <br>**varying needs, interests and** <br>**expectations. We therefore** <br>**strive to stay connected to our** <br>**stakeholders to understand** <br>**their different needs,** <br>**expectations and perceptions of** <br>**Harmony.** <br>

Our approach

Our stakeholder management approach guides proactive, collaborative

engagement with internal and external stakeholders.We have regional

and jurisdictional stakeholder engagement plans, which are supported by

the group's communication strategy and its implementation at regional

and asset level.

We have implemented targeted strategies to enhance stakeholder

engagement practices that will strengthen our approach and support the

social stewardship pillar of the company's strategy. This includes the

social cluster we have established to drive cross-functional coordination,

promote internal integration and embed a collaborative approach to

stakeholder engagement. This approach enhances the achievement of

social performance objectives, with outcomes to be reported in future

cycles.

We continue to apply a three-tiered stakeholder engagement model that

enables the company to stay connected and attuned to and have broad-

based engagements with stakeholders who form part of our key

stakeholder groupings:

▪Tier 1 includes engagements with host governments around

permitting, licensing and regulatory matters, and alignment with and

contribution to local, state/provincial and national developmental

agendas

▪Tier 2 constitutes engagements with landowners and traditional

leaders including, but not limited to, socio-economic development and

investment initiatives in host areas

▪Tier 3 includes broad-based engagements with all other stakeholders

affected by our exploration and mining activities, including NGOs and

other community groups, to discuss and manage concerns, interests

and expectations.

Engagements with our key stakeholders are structured, robust and

frequent, and guided by our values and strategic intent to:

▪Develop and maintain relationships founded on integrity, transparency

and trust

▪Co-create with government and communities through collaborative

partnerships

▪Balance and align our goals and stakeholders' interests and

expectations

▪Establish accountability

▪Manage stakeholders' concerns, complaints and grievances

▪Support shared value creation and meaningful contribution towards

sustainability issues.

---

| | |
|:---|:---|
| **SDGs impacted** | **SDGs impacted** |
| We collaborate with local governments to identify and pursue opportunities that <br>support and benefit our communities. | We collaborate with local governments to identify and pursue opportunities that <br>support and benefit our communities. |
| ![fsridynmyoja6zta1zdmxndezya.gif](fsridynmyoja6zta1zdmxndezya.gif) | Through ethical and responsible mining, we strive to uphold strong <br>business practices, exceed regulatory requirements, and strengthen <br>partnerships with key stakeholders.<br>|
| ![fsridynmyoja6ntqxyzexztmzya.gif](fsridynmyoja6ntqxyzexztmzya.gif) | Through structured and proactive engagement, we gain a deeper <br>understanding of stakeholder needs and expectations, address issues <br>promptly, and build trust, shared value and sustainable partnerships.<br>|

---

Our key stakeholders

We identify our key stakeholders based on their impact on Harmony's ability to

deliver on its strategy.

---

| |
|:---|
| Investors and financiers  |
| Employees, contractors and unions  |
| Communities, traditional leaders and NGOs  |
| Governments and regulators  |
| Suppliers  |

---

We unpack engagement with these stakeholders in the section that follows.

---

| | |
|:---|:---|
| Investors and financiers | Investors and financiers are providers of financial capital, enabling the growth of our business by investing capital in projects that will generate meaningful returns. <br>This stakeholder group includes current and prospective shareholders, capital providers, as well as indirect stakeholders such as investment analysts and financial <br>media, who shape market perception and support informed decision making.<br>|

---

---

| | |
|:---|:---|
| **Why we engage**<br>We engage meaningfully to maintain the confidence of existing investors and financiers, attract <br>investments in our business and manage expectations of financial, operating and sustainability <br>performance. <br>Engagements aim to inform these stakeholders about our progress on strategic objectives, inclusive <br>of our sustainability commitments.<br>Engaging with investors and financiers enables us to sustain our business and growth as we <br>can continue generating positive earnings and share price growth while delivering shareholder <br>returns.<br>| **How we engage**<br>▪Results presentations<br>▪Annual reporting<br>▪Website<br>▪One-on-one calls and industry conferences with banks and brokers (sell-side) and investors <br>and asset managers (buy-side)<br>▪Meetings and annual general meeting<br>▪Regulatory announcements<br>▪Responding to emails sent to our database<br>▪Site visits.<br>|
| **Stakeholder needs and interests**<br>▪Disciplined and effective capital allocation<br>▪Shareholder returns aligned with growth<br>▪Resource-to-Reserve conversion<br>▪Value-accretive mergers and acquisitions<br>▪Operational excellence<br>▪Balance sheet flexibility<br>▪Embedded sustainability.<br>| **Our response**<br>▪Embedded risk management and humanistic safety culture to improve our safety performance<br>▪Progressed against SBTi-aligned targets<br>▪Expanded solar energy infrastructure through both small-scale PV projects and larger integrated <br>solar facilities<br>▪Advanced the Eva Copper Project with a feasibility update targeted for end-2025 and a 31% <br>increase in copper resources<br>▪Achieved a key regulatory milestone in the acquisition process of MAC Copper Limited<br>▪Hosted our first CEO Sustainability Summit, aligning leadership on sustainability as a driver <br>of safety, resilience and long-term value.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** |
| ![fsridynmyoja6mtllodflzdu0o.gif](fsridynmyoja6mtllodflzdu0o.gif) | ▪Employee health and safety<br>▪Sustainable communities<br>▪Management of illegal mining.<br>| ![fsridynmyoja6zmmymgu1nmvlz.gif](fsridynmyoja6zmmymgu1nmvlz.gif) | ▪Climate change, adaptation and <br>resilience<br>▪Water management<br>▪TSF and waste management.<br>| ![fsridynmyoja6zmmymgu1nmvlz.gif](fsridynmyoja6zmmymgu1nmvlz.gif) | ▪Governance excellence. | ![fsridynmyoja6owm4ymqwmtljn.gif](fsridynmyoja6owm4ymqwmtljn.gif) | ▪Operational excellence and resilience<br>▪Capital allocation<br>▪Commodity price and exchange rate fluctuations<br>▪Execution of multiple significant projects<br>▪Innovation, technology and digitisation<br>▪Cybersecurity.<br>|

---

---

| | |
|:---|:---|
| Employees, contractors<br>and unions<br>| Across South Africa, Papua New Guinea and Australia, we have a total of 34 350 permanent employees and 12 761 contractors who are directly and indirectly involved <br>in mining operations and support functions.<br>In South Africa, Harmony recognises five unions (NUM, AMCU, NUMSA, Solidarity and UASA), and by virtue of their representativity, unions participate in all company-<br>wide collective bargaining for wages and conditions of employment. <br>|

---

---

| | | |
|:---|:---|:---|
| **Why we engage**<br>We prioritise constructive relationships through regular <br>and proactive engagements with unions, employees and <br>contractors at operational and managerial level. This approach <br>helps mitigate the risk of labour disputes that could lead to <br>industrial action. <br>Harmony believes in being a fair and responsible employer, <br>investing in and developing our workforce, and addressing <br>employees' needs and concerns through focused engagements.<br>| **How we engage**<br>▪Frequent engagement via mass meetings, briefs, intranet, <br>newsletters, emails, internal broadcasts and social media<br>▪Structured, formal and regular meetings with unions at all <br>levels<br>▪Structured regular meetings with employee representative <br>committee in Papua New Guinea.<br>| **Their needs and interests**<br>▪Job security<br>▪Fair remuneration<br>▪Safe and healthy work environments<br>▪Support for family, housing and living conditions <br>▪Skills development and training opportunities<br>▪Responsible business practices<br>▪Diversity, equity and inclusion.<br>|
| **Our response**<br>▪Safety:<br>–Continued safety initiatives, including golden/critical controls monitoring, ongoing communication to raise awareness and encourage a more engaged and proactive safety culture, and visible felt safety leadership<br>▪Health and mental wellbeing:<br>–Continued roll-out of healthcare programmes, including Harmony's lifestyle disease management programme with broader holistic initiatives, digitised risk-based medical surveillance and strengthened <br>occupational hygiene controls<br>–Continued provision of access to health and mental wellbeing programmes<br>▪Ongoing initiatives to improve transformation included: <br>–Advanced gender inclusion diagnostics and survey action plans with anti-harassment training, Women in Mining forums and broader DEI initiatives<br>–Achieving targets for historically disadvantaged persons (HDPs) in South Africa at all levels of management and progress continues towards achieving our target for females at junior management level<br>▪Employment, development and labour relations: <br>–Continued to formalise and scale structured training and graduate pipelines <br>–Ongoing employee recruitment and development efforts in line with MoA commitments in Papua New Guinea<br>–Continued engaging unions through employee relations central structures to monitor the implementation of the five-year wage agreement with all five representative unions in South Africa, for continued <br>labour stability<br>–Conducted annual human rights training and, in South Africa, rolled out anti-harassment and bullying awareness training to reinforce the Voluntary Principles on Security and Human Rights and prevailing <br>legislation.<br>Go to [Safety transformation towards zero harm](#i33c44c3831e342b883e9ab36f0eef510_3860), [Holistic health and wellness](#i33c44c3831e342b883e9ab36f0eef510_3873), and [An engaged workforce](#i33c44c3831e342b883e9ab36f0eef510_3887) for more details. | **Our response**<br>▪Safety:<br>–Continued safety initiatives, including golden/critical controls monitoring, ongoing communication to raise awareness and encourage a more engaged and proactive safety culture, and visible felt safety leadership<br>▪Health and mental wellbeing:<br>–Continued roll-out of healthcare programmes, including Harmony's lifestyle disease management programme with broader holistic initiatives, digitised risk-based medical surveillance and strengthened <br>occupational hygiene controls<br>–Continued provision of access to health and mental wellbeing programmes<br>▪Ongoing initiatives to improve transformation included: <br>–Advanced gender inclusion diagnostics and survey action plans with anti-harassment training, Women in Mining forums and broader DEI initiatives<br>–Achieving targets for historically disadvantaged persons (HDPs) in South Africa at all levels of management and progress continues towards achieving our target for females at junior management level<br>▪Employment, development and labour relations: <br>–Continued to formalise and scale structured training and graduate pipelines <br>–Ongoing employee recruitment and development efforts in line with MoA commitments in Papua New Guinea<br>–Continued engaging unions through employee relations central structures to monitor the implementation of the five-year wage agreement with all five representative unions in South Africa, for continued <br>labour stability<br>–Conducted annual human rights training and, in South Africa, rolled out anti-harassment and bullying awareness training to reinforce the Voluntary Principles on Security and Human Rights and prevailing <br>legislation.<br>Go to [Safety transformation towards zero harm](#i33c44c3831e342b883e9ab36f0eef510_3860), [Holistic health and wellness](#i33c44c3831e342b883e9ab36f0eef510_3873), and [An engaged workforce](#i33c44c3831e342b883e9ab36f0eef510_3887) for more details. | **Our response**<br>▪Safety:<br>–Continued safety initiatives, including golden/critical controls monitoring, ongoing communication to raise awareness and encourage a more engaged and proactive safety culture, and visible felt safety leadership<br>▪Health and mental wellbeing:<br>–Continued roll-out of healthcare programmes, including Harmony's lifestyle disease management programme with broader holistic initiatives, digitised risk-based medical surveillance and strengthened <br>occupational hygiene controls<br>–Continued provision of access to health and mental wellbeing programmes<br>▪Ongoing initiatives to improve transformation included: <br>–Advanced gender inclusion diagnostics and survey action plans with anti-harassment training, Women in Mining forums and broader DEI initiatives<br>–Achieving targets for historically disadvantaged persons (HDPs) in South Africa at all levels of management and progress continues towards achieving our target for females at junior management level<br>▪Employment, development and labour relations: <br>–Continued to formalise and scale structured training and graduate pipelines <br>–Ongoing employee recruitment and development efforts in line with MoA commitments in Papua New Guinea<br>–Continued engaging unions through employee relations central structures to monitor the implementation of the five-year wage agreement with all five representative unions in South Africa, for continued <br>labour stability<br>–Conducted annual human rights training and, in South Africa, rolled out anti-harassment and bullying awareness training to reinforce the Voluntary Principles on Security and Human Rights and prevailing <br>legislation.<br>Go to [Safety transformation towards zero harm](#i33c44c3831e342b883e9ab36f0eef510_3860), [Holistic health and wellness](#i33c44c3831e342b883e9ab36f0eef510_3873), and [An engaged workforce](#i33c44c3831e342b883e9ab36f0eef510_3887) for more details. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** |
| ![fsridynmyoja6mtllodflzdu0o.gif](fsridynmyoja6mtllodflzdu0o.gif) | ▪Employee health and safety<br>▪Supporting our people<br>▪Sound labour relations<br>▪Sustainable communities<br>▪Post-closure sustainability<br>▪Management of illegal mining.<br>| ![fsridynmyoja6zmmymgu1nmvlz.gif](fsridynmyoja6zmmymgu1nmvlz.gif) | ▪Governance excellence. | ![fsridynmyoja6owm4ymqwmtljn.gif](fsridynmyoja6owm4ymqwmtljn.gif) | ▪Operational excellence and resilience. |

---

---

| | |
|:---|:---|
| Communities, traditional leaders <br>and NGOs<br>| Harmony operates in eight local municipalities in South Africa, the Morobe Province in Papua New Guinea and Queensland in Australia. Landowners and landholders <br>are also included in this stakeholder group.<br>|

---

---

| | |
|:---|:---|
| **Why we engage**<br>The group stakeholder engagement policy is the guideline for forward-looking and consistent <br>stakeholder engagement, supported by country-specific community grievance mechanisms to enable <br>timely and context-appropriate resolution of concerns, complaints and grievances.<br>▪Gain perspective of issues valued by host communities<br>▪Identify, understand and manage our impacts and communities' expectations<br>▪Seek input and support for future projects and initiatives<br>▪Establish and maintain collaborative partnerships for shared value creation<br>▪Proactively identify and resolve stakeholders' concerns, complaints and grievances<br>▪Keep host communities informed of the company's activities and performance, including progress <br>on commitments made to our stakeholders<br>▪Co-create solutions to support lasting socio-economic development and growth in host <br>communities<br>▪Build an understanding of the risks associated with mining and the efforts to promote public health <br>and wellbeing<br>▪Identify areas where business interests intersect community needs. <br>| **How we engage**<br>Our measures to proactively engage with communities include:<br>▪Planned structured engagements through an annual stakeholder engagement plan<br>▪Targeted and issue-based meetings<br>▪Facilitated community dialogues <br>▪Regular updates to the community through variable communication mediums, including <br>social media and digital platforms<br>▪Defined processes to raise and resolve concerns, complaints and grievances <br>▪Benchmarking, alignment, collaboration and partnership on community engagements and <br>development with industry peers through resource sector peak bodies<br>▪Sessions to build the capacity of NGOs to address social needs that are not catered for by <br>government services<br>▪Outreach to roll out road safety and environmental education/awareness campaigns<br>▪Social cohesion-related CSI initiatives.<br>|
| **Stakeholder needs and interests**<br>▪Respectful and transparent engagement<br>▪Access to employment and business opportunities<br>▪Health and wellness, safety, and environmental impact<br>▪Socio-economic development.<br>| **Our response**<br>▪Continuing our stakeholder management strategy and engagement plans, and revising them <br>annually for continued relevance and responsiveness<br>▪Delivering on our regulatory and agreement-related commitments and our CSI programmes to help <br>address our host communities' key socio-economic challenges and create shared value.<br>Go to [Empowering communities](#i33c44c3831e342b883e9ab36f0eef510_3902) for further details.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** |
| ![fsridynmyoja6mtllodflzdu0o.gif](fsridynmyoja6mtllodflzdu0o.gif) | ▪Sustainable communities<br>▪Post-closure sustainability<br>▪Management of illegal mining.<br>| ![fsridynmyoja6zmmymgu1nmvlz.gif](fsridynmyoja6zmmymgu1nmvlz.gif) | ▪Water management<br>▪TSF and waste management<br>▪Biodiversity<br>▪Climate change, adaptation and <br>resilience.<br>| ![fsridynmyoja6owm4ymqwmtljn.gif](fsridynmyoja6owm4ymqwmtljn.gif) | ▪Governance excellence. | ![fsridynmyoja6zmmymgu1nmvlz.gif](fsridynmyoja6zmmymgu1nmvlz.gif) | ▪Impact of socio-economic challenges. |

---

---

| | |
|:---|:---|
| Governments and <br>regulators<br>| Government stakeholders include local, provincial and national elected representatives and departments as well as regulators. We focus on maintaining <br>their confidence and positive relations at all government levels to promote a conducive environment for long-term investing in Harmony. Our approach <br>to engagement with government recognises and respects government protocol at political and administrative levels.<br>|

---

---

| | |
|:---|:---|
| **Why we engage**<br>We engage with all spheres of government about legislation, regulations, policies and guidelines that <br>influence how we operate. Through these engagements, we maintain our government and regulatory <br>stakeholders' confidence and build a competitive advantage as a partner of choice for government.<br>Our objectives are to:<br>▪Align our socio-economic development interventions to government's growth and development <br>plans<br>▪Collaborate and partner on strategic socio-economic development initiatives<br>▪Proactively understand and manage risks and issues<br>▪Contribute to legislative and policy reform to mitigate negative impact<br>▪Meet or exceed regulatory requirements and report on operations/projects performance.<br>| **How we engage**<br>▪Planned, structured and targeted engagements facilitated through an annual engagement plan <br>▪Issue-specific interventions<br>▪Annual reports to our regulators and participation in regulatory audits<br>▪Through peak bodies in each jurisdiction on industry-wide issues and policy or regulatory changes<br>▪Engage largely at government administration leadership to mitigate changes in political office <br>bearers<br>▪Active engagement on regulatory approvals, licences and permits to advance project delivery.<br>|
| **Stakeholder needs and interests**<br>▪Responsible, compliant and transparent business practices<br>▪Job creation and socio-economic development<br>▪Contribution to gross domestic product.<br>| **Our response**<br>▪Aligning with leading practices and proactively monitoring regulatory changes<br>▪Contributing royalties, taxes, charges and fees as prescribed under law in each jurisdiction<br>▪Implementing robust safety strategies (refer to the employees stakeholder category of this report <br>for more details on safety)<br>▪Delivering on our regulatory and agreement-related commitments to communities and our <br>voluntary CSI programme to support our host communities to address key socio-economic <br>challenges.<br>Go to [Empowering communities](#i33c44c3831e342b883e9ab36f0eef510_3902) for further details.<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** |
| ![fsridynmyoja6mtllodflzdu0o.gif](fsridynmyoja6mtllodflzdu0o.gif) | ▪Employee health and safety<br>▪Sustainable communities<br>▪Management of illegal mining.<br>| ![fsridynmyoja6zmmymgu1nmvlz.gif](fsridynmyoja6zmmymgu1nmvlz.gif) | ▪Water management<br>▪Post-closure sustainability<br>▪Biodiversity<br>▪Climate change, adaptation and resilience<br>▪TSF and waste management.<br>| ![fsridynmyoja6zmmymgu1nmvlz.gif](fsridynmyoja6zmmymgu1nmvlz.gif) | ▪Governance excellence. |

---

---

| | |
|:---|:---|
| Suppliers  | Harmony supports the broader economy by procuring goods and services to operate our business from our upstream value chain. Suppliers include small, medium <br>and microenterprises (SMMEs), qualifying small enterprises (QSE) and generic enterprises.<br>|

---

---

| | |
|:---|:---|
| **Why we engage**<br>Strategic supplier engagement is crucial for meeting our procurement targets, fulfilling commitments <br>tied to our mining rights and agreements, managing costs, achieving our strategic objectives, and <br>maintaining long-term viability.<br>| **How we engage**<br>▪Annual supplier days<br>▪One-on-one, issue-based meetings<br>▪Email and website<br>▪Industry meetings, exhibitions and conferences<br>▪Contracts and service agreements.<br>|
| **Stakeholder needs and interests**<br>▪Inclusive access to procurement opportunities<br>▪Increased economic participation<br>▪Increase spend on black-women-owned and youth-owned companies<br>▪Community involvement and ownership<br>▪Business development<br>▪Local supplier and landowner focus. <br>| **Our response**<br>▪Strengthening fair and transparent tender processes for broader participation, especially from our <br>local host communities where we operate <br>▪Creating direct and indirect employment through our ongoing operations and growth projects<br>▪Continued connecting with potential suppliers to encourage participation in tender processes<br>▪Fostered partnerships between original equipment manufacturers (OEMs) and local SMMEs <br>for downstream opportunities to enhance participation of local SMMEs in supply chain<br>▪Continued progress towards our targets and advancing interventions for women-owned and youth-<br>owned companies to foster equity and sustainable growth<br>▪Continued effort to source locally and afford contract opportunities to landowner and local <br>businesses in Papua New Guinea<br>▪Continued engagement campaign across north-west region of Queensland to introduce Harmony, <br>the Eva Copper Project, and related supply opportunities.<br>Go to [Creating value along our supply chain](#i33c44c3831e342b883e9ab36f0eef510_3914) for more details on procurement.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** | **Related material matters** |
| ![fsridynmyoja6mtllodflzdu0o.gif](fsridynmyoja6mtllodflzdu0o.gif) | ▪Sustainable communities. | ![fsridynmyoja6zmmymgu1nmvlz.gif](fsridynmyoja6zmmymgu1nmvlz.gif) | ▪Climate change, adaptation and <br>resilience.<br>| ![fsridynmyoja6zmmymgu1nmvlz.gif](fsridynmyoja6zmmymgu1nmvlz.gif) | ▪Governance excellence. | ![fsridynmyoja6owm4ymqwmtljn.gif](fsridynmyoja6owm4ymqwmtljn.gif) | ▪Operational excellence and resilience<br>▪Execution of multiple significant projects<br>▪Innovation, technology and digitisation<br>▪Cybersecurity.<br>|

---

**Material matters**

Understanding our stakeholder needs and expectations and the manner in which we manage our strategic risks and opportunities shape what issues are

considered material, affecting our ability to create value over time. We apply a double-materiality lens to determine our reporting scope across our report

suite.

We assess key matters that affect or are likely to affect our ability to create value for the business and our stakeholders over the short, medium and long term. These matters are considered critical to our current and future

performance and the successful delivery of our strategy. Strategic risks and opportunities, stakeholder needs, and material matters are intrinsically linked and essential to strong governance and risk management. These

links ensure our strategy aligns with what matters most to stakeholders.

Our materiality determination approach

We confirm which matters are material by reviewing material events, our enterprise risk management

structure and processes, stakeholder engagements, board committee and executive discussions and our

annual, formal review process. This process considers our external environment factors, our stakeholders'

needs, interests and expectations and our business model's inputs and outcomes as they impact the six

capitals over time.

---

| | |
|:---|:---|
| **Step** | **Description** |
| **External,** <br>**independent** <br>**consultation**<br>| In 2023, we employed Deloitte to support our sustainability efforts. As part of its <br>scope, it facilitated a top-down, bottom-up, stakeholder-centric approach to <br>determine material matters for our business.<br>|
| **Prior year survey** | In 2024, we expanded our list of 25 material matters, identified and confirmed in <br>2023, to 29 material matters. We conducted an internal survey to determine the <br>completeness and rating of those material matters. <br>|
| **Current year** <br>**review**<br>| Our strategy and operating context have not changed significantly over the past <br>three years. Deloitte's analysis was considered relevant and appropriate for <br>continued use this year. However, certain material matters have become more <br>or less prominent compared to prior years.<br>|
| **Peer review** | We analysed several global peers, finding close alignment in terms of ESG themes <br>and reporting approaches (double-materiality assessment and stakeholder <br>engagement). Findings also showed a differentiated focus on copper (via our Eva <br>Copper acquisition) and our mining with purpose philosophy. <br>|
| **Consolidation of** <br>**material matters**<br>| We considered the contents of our strategic risk register, existing and future <br>GRI standards and the SASB Standards for metals and mining companies. <br>|
| **Ranking and** <br>**approval**<br>| We conducted a survey involving group and regional executives and managers. <br>Our group executive and social and ethics committee reviewed and analysed the <br>survey results and approved our material matters on behalf of the board. <br>|

---

<sup>1</sup>*The six capitals are stocks of value comprising financial, manufactured, intellectual, human, social and relationship, and* 

*natural.*

We consider strategic-, operational- and sustainability-oriented impacts, risks and opportunities,

reporting on matters that:

▪influence enterprise value (financial materiality) and

▪matters that affect the economy, environment and people (impact materiality).

To fully understand Harmony's ability to create value over the short, medium and long term, where

value is defined by an organisation's business activities increasing, decreasing or transforming the six

capitals<sup>1</sup>, then both our Sustainability and Integrated reports should be considered.

Our Integrated report, written with our providers of capital primarily in mind, focusing on strategic and

operational matters, applies a financial lens when considering Harmony's prospects. We therefore, only

report within our Integrated report, on matters which are financially material. Our Sustainability report

applies both impact and financial materiality in determining scope, with a focus on environmental and

social matters.

Material matters analysis

**Consolidation of material matters**

Using our prior year's list of 29 material matters as our starting point, we reviewed our strategic risk

register, inclusive of our strategic opportunities. We considered existing GRI universal standards

(including topic standards) and GRI 14 – the new mining sector standard applicable from 2026. We also

reviewed the SASB Standards for metals and mining companies, which provide industry-specific

guidance on sustainability topics and metrics. From this analysis we were able to consolidate our

material matters into a more manageable list of 17 items.

**Survey results**

Using the consolidated list of 17 material matters, group and regional executives and managers were

surveyed, requiring respondents to rank and rate material matters with the opportunity to identify any

further matters considered material.

Of the 17 items, there were six matters where only financial materiality apply and 11 matters where

both impact and financial materiality apply. Applying a financial lens, these 17 matters make up the

scope of our Integrated report (while the 11 matters where both impact and financial materiality apply,

make up our Sustainability report's scope).

Further details on each material matter follow including links to strategic risks and opportunities and to

the six capitals.

Financial material matters

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rank** | **Material matter** | **Description** | **Strategic risks and opportunities** | **Capitals** |
| **FY25: 1**<br>(FY24: 2)<br>| **Operational excellence** <br>**and resilience**<br>| Our focus remains on improving the safety, <br>productivity and efficiency of our operations while <br>managing risks proactively.<br>| ▪Not achieving operational plans at our critical operations<br>▪Security of electricity/power supply and the impact of higher electricity <br>costs<br>▪Political tensions (geopolitical and local)<br>▪Supply chain disruptions<br>▪The impact of climate change<br>▪Water management and impact on securing and safely maintaining our <br>water use licences and directive<br>▪The systemic failure of public infrastructure<br>▪Illegal mining, attacks on plants and gold theft<br>▪Replacing the depleting ore reserve base<br>▪Leveraging Harmony's water resources\*<br>▪Achieving more reliable and lower-emissions power\*<br>▪Fuel-efficient and low-emission technologies\*<br>▪Productivity improvement projects\*.<br>| ![fsridynmyoja6mmringyymdlmz.gif](fsridynmyoja6mmringyymdlmz.gif)<br>![fsridynmyoja6odrlzji2nwjjz.gif](fsridynmyoja6odrlzji2nwjjz.gif)<br>![fsridynmyoja6mgu2ywrjnmqyy.gif](fsridynmyoja6mgu2ywrjnmqyy.gif)<br>![fsridynmyoja6mmjlowy0yjhlz.gif](fsridynmyoja6mmjlowy0yjhlz.gif)<br>![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|
| **FY25: 2**<br>(FY24: 3)<br>| **Capital allocation** | Disciplined capital allocation enables us to deploy <br>funds to projects that meet strict investment <br>criteria, that addresses the risk of over-spending and <br>value destruction.<br>| ▪Organic growth opportunities to increase the quality of ounces and <br>drive down costs\*<br>▪Including copper in the production portfolio\*<br>▪Achieving more reliable and lower-emissions power\*<br>▪Value-accretive merger and acquisition and divestment opportunities\*.<br>| ![fsridynmyoja6mmringyymdlmz.gif](fsridynmyoja6mmringyymdlmz.gif)<br>![fsridynmyoja6odrlzji2nwjjz.gif](fsridynmyoja6odrlzji2nwjjz.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|
| **FY25: 3**<br>(FY24: 1)<br>| **Commodity price and** <br>**exchange rate** <br>**fluctuations**<br>| As commodity prices and exchange rates fluctuate, <br>guided by our derivative and hedging strategies, we <br>analyse potential outcomes to respond proactively <br>and appropriately.<br>| ▪Political tensions (geopolitical and local)<br>▪Gold price and forex fluctuations (varying from planned levels)<br>▪Including near-term copper in the business portfolio\*.<br>| ![fsridynmyoja6mmringyymdlmz.gif](fsridynmyoja6mmringyymdlmz.gif)<br>![fsridynmyoja6mgu2ywrjnmqyy.gif](fsridynmyoja6mgu2ywrjnmqyy.gif)<br>|
| **FY25: 4**<br>(FY24: 4)<br>| **Execution of multiple,** <br>**significant projects**<br>| Project management practices include a <br>standardised system, clear plans and responsibilities, <br>balanced workloads, transparent communications <br>and progress monitoring.<br>| ▪Unsuccessful project execution and funding ability<br>▪Retaining key skills and experience<br>▪Trackless mobile machinery (TMM)-related risks<br>▪Organic growth opportunities to increase the quality of ounces and <br>drive down costs\*.<br>| ![fsridynmyoja6mmringyymdlmz.gif](fsridynmyoja6mmringyymdlmz.gif)<br>![fsridynmyoja6odrlzji2nwjjz.gif](fsridynmyoja6odrlzji2nwjjz.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>![fsridynmyoja6mmjlowy0yjhlz.gif](fsridynmyoja6mmjlowy0yjhlz.gif)<br>|
| **FY25: 5**<br>(FY24: 6)<br>| **Innovation,** <br>**technology and** <br>**digitalisation**<br>| We pursue opportunities to improve safety and <br>enhance our ability to improve cost and productivity <br>efficiencies, as well as overall financial management.<br>| ▪Retaining key skills and experience<br>▪Achieving more reliable and lower-emissions power\*<br>▪Fuel-efficient and low-emission technologies\*<br>▪Leveraging Harmony's water resources\*<br>▪AI integration (disruption)\*<br>▪Productivity improvement projects\*.<br>| ![fsridynmyoja6mmringyymdlmz.gif](fsridynmyoja6mmringyymdlmz.gif)<br>![fsridynmyoja6odrlzji2nwjjz.gif](fsridynmyoja6odrlzji2nwjjz.gif)<br>![fsridynmyoja6mgu2ywrjnmqyy.gif](fsridynmyoja6mgu2ywrjnmqyy.gif)<br>![fsridynmyoja6mmjlowy0yjhlz.gif](fsridynmyoja6mmjlowy0yjhlz.gif)<br>![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|
| **FY25: 6**<br>(FY24: 5)<br>| **Cybersecurity** | An information security compromise or data breach <br>could lead to the accidental or unlawful use, <br>destruction, loss, alteration or disclosure of data.<br>| ▪Cybersecurity<br>▪AI disruption (integration)\*.<br>| ![fsridynmyoja6mmringyymdlmz.gif](fsridynmyoja6mmringyymdlmz.gif)<br>![fsridynmyoja6odrlzji2nwjjz.gif](fsridynmyoja6odrlzji2nwjjz.gif)<br>![fsridynmyoja6mgu2ywrjnmqyy.gif](fsridynmyoja6mgu2ywrjnmqyy.gif)<br>![fsridynmyoja6mmjlowy0yjhlz.gif](fsridynmyoja6mmjlowy0yjhlz.gif)<br>|

---

*\*These items are strategic opportunities, while others listed are strategic risks.*

Impact and financial material matters

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rank** | **Material matter** | **Description** | **Strategic risks and opportunities** | **Capitals** |
| **FY25: 1**<br>(FY24: 3)<br>| **Employee health and** <br>**safety**<br>| Mining and extraction activities pose significant health and safety <br>risks to our employees. We prioritise zero harm, and safety, health <br>and wellbeing are core values. We focus on protecting physical and <br>mental health through various wellness programmes to support our <br>people's wellbeing.<br>| ▪Safety and health. | ![fsridynmyoja6mmjlowy0yjhlz.gif](fsridynmyoja6mmjlowy0yjhlz.gif)<br>![fsridynmyoja6mgu2ywrjnmqyy.gif](fsridynmyoja6mgu2ywrjnmqyy.gif)<br>|
| **FY25: 2**<br>(FY24: 4)<br>| **Governance** <br>**excellence**<br>| Harmony is committed to strong corporate governance with clear <br>policies, effective management and active risk management. We go <br>beyond meeting regulations to create long-term sustainability, build <br>investor trust and maintain our social licence to operate.<br>| ▪Regulatory changes and/or compliance with regulatory <br>requirements.<br>| ![fsridynmyoja6mmringyymdlmz.gif](fsridynmyoja6mmringyymdlmz.gif)<br>![fsridynmyoja6mmjlowy0yjhlz.gif](fsridynmyoja6mmjlowy0yjhlz.gif)<br>![fsridynmyoja6mgu2ywrjnmqyy.gif](fsridynmyoja6mgu2ywrjnmqyy.gif)<br>![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|
| **FY25: 3**<br>(FY24: 2)<br>| **Sound labour relations** | We acknowledge our employees' right to freedom of association and <br>fair labour practices. Our employee relations are based on mutual <br>respect and trust, reflecting our firm belief that each person is critical <br>to our business strategy.<br>| ▪Retaining key skills and experience. | ![fsridynmyoja6mmjlowy0yjhlz.gif](fsridynmyoja6mmjlowy0yjhlz.gif)<br>![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>|
| **FY25: 4**<br>(FY24: 1)<br>| **Water management** | Water is critical for environmental, social and economic wellbeing. <br>We are committed to sustainable water management and long-term <br>resource stewardship.<br>| ▪Water management and impact on securing and safely <br>maintaining our water use licences and directive <br>▪The systemic failure of public infrastructure<br>▪Leveraging Harmony's water resources\*.<br>| ![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|
| **FY25: 5**<br>(FY24: 10)<br>| **Supporting our people** | Our commitment to employee wellbeing includes creating a safe <br>workplace where every voice is valued, every talent is cultivated, and <br>everyone has equal access to opportunities.<br>| ▪Retaining key skills and experience<br>▪Trackless mobile machinery-related risks.<br>| ![fsridynmyoja6mmjlowy0yjhlz.gif](fsridynmyoja6mmjlowy0yjhlz.gif)<br>![fsridynmyoja6mgu2ywrjnmqyy.gif](fsridynmyoja6mgu2ywrjnmqyy.gif)<br>![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>|
| **FY25: 6**<br>(FY24: 6)<br>| **Climate change,** <br>**adaptation and** <br>**resilience**<br>| We take action to adapt to climate change and reduce our carbon <br>footprint by using less fossil-fuel energy and increasing renewable <br>energy use. We work to limit air pollution and protect our <br>environment and communities from climate-related risks.<br>| ▪The impact of climate change<br>▪Security of electricity/power supply and the impact of <br>higher electricity costs<br>▪Fuel-efficient and low-emission technologies\*<br>▪Including near-term copper in the business portfolio\*<br>▪Achieving more reliable and lower-emissions power\*<br>▪Leveraging Harmony's water resources\*.<br>| ![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|
| **FY25: 7**<br>(FY24: 9)<br>| **Sustainable** <br>**communities**<br>| Our social initiatives, coordinated with government, businesses and <br>communities, aim to support employees and host communities by <br>enhancing access to social services, healthcare, education and <br>training, while also safeguarding public health and safety by <br>addressing risks such as dust and air emissions from mining activities.<br>| ▪The systemic failure of public infrastructure<br>▪Political tensions (geopolitical and local)<br>▪Leveraging Harmony's water resources\*.<br>| ![fsridynmyoja6mmjlowy0yjhlz.gif](fsridynmyoja6mmjlowy0yjhlz.gif)<br>![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|

---

*\*These items are strategic opportunities, while others listed are strategic risks.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rank** | **Material matter** | **Description** | **Strategic risks and opportunities** | **Capitals** |
| **FY25: 8**<br>(FY24: 5)<br>| **TSF and waste** <br>**management**<br>| We implement processes to maintain safe, stable and compliant <br>TSFs. Harmony supports the circular economy through TSF <br>retreatment and water recycling.<br>| ▪The impact of climate change. | ![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|
| **FY25: 9**<br>(FY24: 7)<br>| **Biodiversity** | We work to protect and restore land, prevent land degradation and <br>use ecosystems responsibly. We have biodiversity management plans <br>and run conservation projects, where possible, and look for ways to <br>offset our impact.<br>| ▪The impact of climate change<br>▪Illegal mining, attacks on plants and gold theft.<br>| ![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|
| **FY25: 10**<br>(FY24: 8)<br>| **Post-closure** <br>**sustainability**<br>| After mine operations cease, we work to keep the site safe, clean and <br>suitable for future use while managing any residual impacts. Our goal <br>is to support nature's recovery and provide ongoing social and <br>economic benefits for future generations.<br>| ▪Illegal mining, attacks on plants and gold theft<br>▪Political tensions (local).<br>| ![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|
| **FY25: 11**<br>(FY24: NA)<br>| **Management of illegal** <br>**mining**<br>| Harmony actively fights illegal mining to protect shared resources <br>and protect the safety of our business, employees, communities and <br>environment. We seal shafts, invest in security and work closely with <br>law enforcement and local communities to reduce the incidence of <br>illegal mining.<br>| ▪Illegal mining, attacks on plants and gold theft<br>▪Political tensions (local).<br>| ![fsridynmyoja6mmringyymdlmz.gif](fsridynmyoja6mmringyymdlmz.gif)<br>![fsridynmyoja6odrlzji2nwjjz.gif](fsridynmyoja6odrlzji2nwjjz.gif)<br>![fsridynmyoja6mmjlowy0yjhlz.gif](fsridynmyoja6mmjlowy0yjhlz.gif)<br>![fsridynmyoja6oge3zmmym2fhn.gif](fsridynmyoja6oge3zmmym2fhn.gif)<br>![fsridynmyoja6mgfmodixzjqzy.gif](fsridynmyoja6mgfmodixzjqzy.gif)<br>|

---

**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, 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** |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) | **Embedded sustainability**<br>▪Safety is always prioritised<br>▪Embedded ESG, supported by a clear sustainability framework<br>▪Largest tailings retreatment operator globally<br>▪Specialised and skilled underground and open-pit operators<br>▪Leadership continuity and broad management experience<br>▪Exceptional culture<br>▪Partner of choice.<br>| ![fsridynmyoja6yja3odjlownima.gif](fsridynmyoja6yja3odjlownima.gif) |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) | **Disciplined and responsible capital allocation framework**<br>▪Continuous improvement in quality of portfolio<br>▪Investment in higher-quality orebodies drives margin expansion<br>▪Balancing growth aspirations with shareholder returns<br>▪Consistent dividends in line with policy<br>▪Diversifying into copper<br>▪Diversified geographical exposure.<br>| ![fsridynmyoja6n2ewn2mznmuwo.gif](fsridynmyoja6n2ewn2mznmuwo.gif) |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) | **Higher-grade assets with long life**<br>▪Increased grade quality through acquisition and optimisation of existing portfolio<br>▪Long-life assets<br>▪Significant Mineral Resource base<br>▪Excellent resource-to-reserve conversion potential<br>▪Pipeline of projects to lower risk and increase margins<br>▪Significant operator of gold tailings retreatment facilities<br>▪Near-term copper production plus a Tier 1 copper-gold porphyry.<br>| ![fsridynmyoja6zde2njdknzy5oa.gif](fsridynmyoja6zde2njdknzy5oa.gif)<br>![fsridynmyoja6n2ewn2mznmuwo.gif](fsridynmyoja6n2ewn2mznmuwo.gif)<br>|
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) | **Operational excellence**<br>▪Consistently meeting production guidance for the 10th consecutive year<br>▪Exceptional performance from our high-grade South African underground mines<br>▪Strong contributions from complementary and diversified assets including Hidden Valley <br>and our tailings reclamation programmes<br>▪Predictable and stable cost structure<br>▪Better efficiencies through various business improvement initiatives<br>▪Demonstrated responsible project execution.<br>| ![fsridynmyoja6zde2njdknzy5oa.gif](fsridynmyoja6zde2njdknzy5oa.gif) |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) |  |  |
| ![strategicpillarsdiagramme.jpg](strategicpillarsdiagramme.jpg) | **Stellar cash flow generation**<br>▪Consistent positive free cash flow generation<br>▪Net cash position with excellent liquidity\*<br>▪Geared exposure to rand/kg gold price<br>▪Internally fund capital and approved projects at current gold prices\*<br>▪Conservative and clear hedging strategy aimed at margin protection.<br>| ![fsridynmyoja6nwzmmzyymzdjya.gif](fsridynmyoja6nwzmmzyymzdjya.gif) |

---

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

Our strategy unpacked and outlook

Through our four strategic pillars, we aim to consistently and effectively execute our strategy. We also consider the trade-offs inherent in our strategic decision making alongside the six capitals we need to create and

preserve value. For information on the risks associated with each strategic pillar, refer to [Risk and opportunity management](#i33c44c3831e342b883e9ab36f0eef510_3544).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Actions to achieve Harmony's strategic pillars** | **Actions to achieve Harmony's strategic pillars** | **Key trade-offs** | **Resources allocated** | **Future focus** |
| ![fsridynmyoja6yja3odjlownima.gif](fsridynmyoja6yja3odjlownima.gif) | **Responsible stewardship** |  | ![fsridynmyoja6ota4mwy3yji1y.gif](fsridynmyoja6ota4mwy3yji1y.gif)<br>![fsridynmyoja6odg1njk1mmi3za.gif](fsridynmyoja6odg1njk1mmi3za.gif)<br>![fsridynmyoja6zjq5nwuymwnmy.gif](fsridynmyoja6zjq5nwuymwnmy.gif)<br>![fsridynmyoja6n2i5njuxm2e4ya.gif](fsridynmyoja6n2i5njuxm2e4ya.gif)<br>![fsridynmyoja6ywe2mdfknty1n.gif](fsridynmyoja6ywe2mdfknty1n.gif)<br>![fsridynmyoja6nde0ztexmtbhz.gif](fsridynmyoja6nde0ztexmtbhz.gif)<br>|  |
| ![fsridynmyoja6yja3odjlownima.gif](fsridynmyoja6yja3odjlownima.gif) |  |  |  |  |
| ▪Embedding a proactive safety culture and risk <br>management <br>▪Advancing the objectives set out in our sustainability <br>framework, covering material imperatives<br>▪Adhering to sound corporate governance principles <br>▪Contributing to the SDGs, directly or indirectly<br>▪Proactively and meaningfully engaging with our <br>stakeholders. | ▪Embedding a proactive safety culture and risk <br>management <br>▪Advancing the objectives set out in our sustainability <br>framework, covering material imperatives<br>▪Adhering to sound corporate governance principles <br>▪Contributing to the SDGs, directly or indirectly<br>▪Proactively and meaningfully engaging with our <br>stakeholders. | Safety is our first priority. <br>Harmony balances operational <br>performance with responsible <br>stewardship, community <br>wellbeing, regulatory compliance <br>and the long-term protection of <br>natural resources, even when this <br>may affect short-term financial <br>returns or productivity.<br>| We allocate resources to deliver <br>on our ESG imperatives, enabling <br>us to leave a lasting positive <br>legacy in the countries and <br>communities where we operate.<br>| ▪Our journey toward zero loss of life continues with proactive <br>initiatives that are embedding personal ownership and <br>encouraging behaviour change<br>▪With Sungazer 2 now under construction, we are progressing <br>towards our scope 1 and 2 emissions reduction targets for FY36<br>▪We plan to conduct another gender survey in FY26/27 to assess <br>the impact of the interventions implemented based on the findings <br>from the 2022 survey<br>▪Investing in copper – a future-facing, green metal critical for the global <br>just energy transition<br>|
| ![fsridynmyoja6zde2njdknzy5oa.gif](fsridynmyoja6zde2njdknzy5oa.gif) | **Operational excellence** |  | ![fsridynmyoja6ota4mwy3yji1y.gif](fsridynmyoja6ota4mwy3yji1y.gif)<br>![fsridynmyoja6odg1njk1mmi3za.gif](fsridynmyoja6odg1njk1mmi3za.gif)<br>![fsridynmyoja6zjq5nwuymwnmy.gif](fsridynmyoja6zjq5nwuymwnmy.gif)<br>![fsridynmyoja6n2i5njuxm2e4ya.gif](fsridynmyoja6n2i5njuxm2e4ya.gif)<br>![fsridynmyoja6ywe2mdfknty1n.gif](fsridynmyoja6ywe2mdfknty1n.gif)<br>|  |
| ![fsridynmyoja6zde2njdknzy5oa.gif](fsridynmyoja6zde2njdknzy5oa.gif) |  |  |  |  |
| ▪Proactively manage safety and operational risks<br>▪Maintaining flexibility across our operations <br>▪Consistent delivery of guidance through safe predictable <br>production<br>▪Drive disciplined project execution and engineering <br>practices<br>▪Enhance efficiency through digitalisation and <br>infrastructure reliability<br>▪Control costs and optimise mined grades to reduce all-in <br>sustaining cost (AISC)<br>▪Sustain and grow our gold-copper Resource base. | ▪Proactively manage safety and operational risks<br>▪Maintaining flexibility across our operations <br>▪Consistent delivery of guidance through safe predictable <br>production<br>▪Drive disciplined project execution and engineering <br>practices<br>▪Enhance efficiency through digitalisation and <br>infrastructure reliability<br>▪Control costs and optimise mined grades to reduce all-in <br>sustaining cost (AISC)<br>▪Sustain and grow our gold-copper Resource base. | Harmony balances investing in <br>sustaining and development <br>projects to secure long-term <br>operational performance while <br>retaining cash to fund strategic <br>growth opportunities.<br>| We allocate financial, human and <br>intellectual capital to achieve <br>efficiencies and operate safely. <br>Manufactured and natural capital <br>investments enhance <br>infrastructure, digital capabilities <br>and resource efficiency.<br>| ▪We have met production guidance for the 10th consecutive year<br>▪We intend to revisit our guidance when we release our half-year <br>results in February 2026 (H1 FY26), to incorporate MAC Copper's <br>production for the FY26 and the updated Eva Copper feasibility study, <br>pending final investment decision (FID)<br>▪Our FY26 production is expected to be between 1 400 000oz and 1500 <br>000oz, underground recovered grade is guided at above 5.8g/t and <br>AISC is expected to be between R1 150 000/kg and R1220 000/kg. This <br>increase reflects a deliberate, disciplined approach to sustaining <br>capital, inflationary realities and updated mine plans.<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Actions to achieve Harmony's strategic pillars** | **Actions to achieve Harmony's strategic pillars** | **Key trade-offs** | **Resources allocated** | **Future focus** |
| ![fsridynmyoja6yzm0mgu5ndzkza.gif](fsridynmyoja6yzm0mgu5ndzkza.gif) | **Cash certainty** |  | ![fsridynmyoja6odg1njk1mmi3za.gif](fsridynmyoja6odg1njk1mmi3za.gif)<br>![fsridynmyoja6n2i5njuxm2e4ya.gif](fsridynmyoja6n2i5njuxm2e4ya.gif)<br>|  |
| ![fsridynmyoja6yzm0mgu5ndzkza.gif](fsridynmyoja6yzm0mgu5ndzkza.gif) |  |  |  |  |
| ▪Investing in quality ounces to expand margins, which <br>creates value<br>▪Generating and protecting robust cash flows across <br>commodity cycles<br>▪Locking in good margins through a clear hedging strategy<br>▪Maintaining net debt:EBITDA at less than one times<br>▪Consistently achieving operational excellence. | ▪Investing in quality ounces to expand margins, which <br>creates value<br>▪Generating and protecting robust cash flows across <br>commodity cycles<br>▪Locking in good margins through a clear hedging strategy<br>▪Maintaining net debt:EBITDA at less than one times<br>▪Consistently achieving operational excellence. | Harmony balances profitability <br>with the investments required for <br>responsible stewardship, <br>operational excellence and <br>disciplined capital allocation, <br>while also weighing funding for <br>organic and value-accretive <br>growth against short-term <br>shareholder returns.<br>| We allocate financial and <br>intellectual capital to maintain <br>cash certainty, allowing to invest <br>in a future-fit business and deliver <br>shareholder value at the same <br>time.<br>| ▪We aim for an optimal capital structure to ensure our balance sheet <br>remains robust and flexible, while pursuing opportunities to lower our <br>cost of capital<br>▪Diversification into copper, to enhance cash flows and lower portfolio <br>risk<br>▪Allocating capital towards quality production and improved margins<br>▪We continue to hedge up to 30% of our gold production over a rolling <br>36-month period to protect and lock-in margins.<br>|
| ![fsridynmyoja6n2ewn2mznmuwo.gif](fsridynmyoja6n2ewn2mznmuwo.gif) | **Effective capital allocation** |  | ![fsridynmyoja6ota4mwy3yji1y.gif](fsridynmyoja6ota4mwy3yji1y.gif)<br>![fsridynmyoja6odg1njk1mmi3za.gif](fsridynmyoja6odg1njk1mmi3za.gif)<br>![fsridynmyoja6zjq5nwuymwnmy.gif](fsridynmyoja6zjq5nwuymwnmy.gif)<br>![fsridynmyoja6n2i5njuxm2e4ya.gif](fsridynmyoja6n2i5njuxm2e4ya.gif)<br>![fsridynmyoja6ywe2mdfknty1n.gif](fsridynmyoja6ywe2mdfknty1n.gif)<br>![fsridynmyoja6nde0ztexmtbhz.gif](fsridynmyoja6nde0ztexmtbhz.gif)<br>|  |
| ![fsridynmyoja6n2ewn2mznmuwo.gif](fsridynmyoja6n2ewn2mznmuwo.gif) |  |  |  |  |
| ▪Investing in safety, productivity and flexibility across <br>all operations<br>▪Directing capital towards high-quality assets, including <br>our South African high-grade underground operations, <br>high-margin surface and surface retreatment <br>opportunities and international copper expansion<br>▪Adhering to investment criteria as outlined in our capital <br>allocation framework <br>▪Delivering consistent shareholder returns in line with our <br>dividend policy. | ▪Investing in safety, productivity and flexibility across <br>all operations<br>▪Directing capital towards high-quality assets, including <br>our South African high-grade underground operations, <br>high-margin surface and surface retreatment <br>opportunities and international copper expansion<br>▪Adhering to investment criteria as outlined in our capital <br>allocation framework <br>▪Delivering consistent shareholder returns in line with our <br>dividend policy. | Harmony balances long-term <br>growth aspirations with short- and <br>medium-term shareholder <br>returns, allocating capital <br>between projects that deliver <br>immediate returns and those that <br>secure future profitability while <br>derisking the business.<br>| We allocate financial, human and <br>intellectual capital to high-quality <br>investments, leveraging <br>manufactured, natural and social <br>capital to deliver sustainable <br>returns and strategic value.<br>| ▪Planned capital expenditure for FY26 will increase, reflecting our <br>strategic focus on investing in high-quality ounces and unlocking long-<br>term growth across the portfolio. Key initiatives include the extension <br>projects at Moab Khotsong, Mponeng and Eva Copper, as well as the <br>roll out of our renewable energy programme <br>▪Sustaining capital is also rising, with a significant contribution from the <br>once-off fleet replacement at Hidden Valley as we extend this mine life <br>to 2030<br>▪We remain committed to maintaining our dividend payout ratio of <br>20% of net cash generated in line with our stated dividend policy, at <br>the discretion of the board.<br>|

---

**Four business areas that enable our ability to create value in the long term**

Through our four business areas, Harmony is building a stronger, more resilient and future-focused business. By optimising operations, pursuing value-accretive growth, diversifying our portfolio, and securing robust free

cash flow, we create enduring profitability and long-term shareholder value. Anchored in safety and operational excellence as a non-negotiable foundation, we direct capital towards higher-grade gold mines, surface

retreatment expansion, and international gold and copper assets. These investments, combined with responsible stewardship and cash certainty, enable each mine and project to contribute to Harmony's transformation

and the shared value we deliver for our stakeholders.

---

| | | | |
|:---|:---|:---|:---|
| **South African underground high-grade** | **International gold and copper growth** | **South African surface high-margin** | **South African underground optimised** |
| ▪Moab Khotsong <br>▪Mponeng.<br>| **Papua New Guinea**<br>▪Hidden Valley<br>▪Wafi-Golpu Project.<br>**Australia**<br>▪Eva Copper Project<br>▪MAC Copper (acquisition concludes on <br>24 October 2025).<br>| ▪Kalgold<br>▪Mine Waste Solutions (MWS)<br>▪Phoenix<br>▪Savuka Tailings<br>▪Central Plant Reclamation (CPR)<br>▪Rock dumps.<br>| ▪Doornkop<br>▪Kusasalethu<br>▪Joel<br>▪Target 1<br>▪Tshepong North<br>▪Tshepong South <br>▪Masimong.<br>|
| ▪These assets produce approximately 36% of <br>group production<br>▪Moab Khotsong's LoM is approximately <br>20years; however, there will be a decline <br>in production at this mine from FY27 to FY31 <br>as we mine out the middle mine and <br>complete the Zaaiplaats Project<br>▪Mponeng is the world's deepest gold mine, <br>and the quality of ounces present significant <br>upside potential with a LoM of approximately <br>20 years from the extension project, which is <br>in execution.<br>| ▪Future-facing metals such as copper offer <br>counter-cyclical diversification to our existing <br>gold portfolio <br>▪We have extended the LoM at Hidden Valley <br>to 2030 and opportunities exist to further <br>extend its LoM beyond FY30<br>▪Eva Copper Project will add between 55kt <br>and 60kt of copper and approximately 14koz <br>of gold annually, over a 15-year LoM\*<br>▪CSA mine is one of the highest-grade copper <br>mines in Australia. <br>| ▪The Kareerand TSF extension is largely <br>complete and has enabled us to extend <br>the LoM of MWS by over 14 years<br>▪Feasibility studies are being conducted <br>to determine if we can extract 5.7Moz <br>in Mineral Resources from old Free State <br>tailings dams.<br>| These assets:<br>▪Generate roughly 36% of group production<br>▪Can be highly profitable due to their operating <br>leverage<br>▪Play a critical role in funding our growth <br>aspirations and securing our social licence to <br>operate, particularly in Welkom where we <br>contribute significantly to the socio-economic <br>development of local communities.<br>|

---

\* *Figures subject to feasibility study update and final investment decision.*

**How we measure sustained value creation**

---

| | |
|:---|:---|
| *Remuneration-linked performance drivers*<br>Harmony's reward strategy supports the delivery of our business strategy, guiding the creation of <br>value for both the company and its stakeholders. Our total incentive plan is tied to a Balanced <br>Scorecard, incorporating key short- and long-term performance measures to reward leadership <br>for driving value creation. <br>Further details on our approach and performance measurement can be found under <br>Managing performance through remuneration.<br>| *ESG-related KPIs*<br>We have five-year targets for all material sustainability KPIs, covering key environmental issues such <br>as GHG emissions, energy, water, waste and ecological impacts. KPIs are independently assured, with <br>three approved by the SBTi and aligned with our sustainability-linked bonds to support <br>decarbonisation.<br>|

---

How we allocate capital

Our balanced capital allocation framework guides how we prioritise investments, ensuring alignment with our strategic objectives, investment criteria and shareholder returns. This disciplined approach integrates

resource allocation with our growth aspirations, creates synergy across our four strategic quadrants and enables sustainable long-term value creation.

---

| |
|:---|
| **Capital allocation framework** |
| **Safety and production optimisation**<br>Aiming for zero loss of life<br>|
| **Organic growth and investment**<br>Focus on increasing grade and margins<br>|
| **Debt repayment**<br><1x net debt:earnings before interest, tax, depreciation and <br>amortisation (EBITDA)<br>|
| **Inorganic growth**<br>Value-accretive mergers and acquisitions<br>|
| **Shareholder returns**<br>Paying a dividend consistent with our policy and overall <br>growth strategy<br>|

---

---

| |
|:---|
| **Investment criteria** |
| **Lower-risk profile** <br>▪All ESG factors considered, especially safety and impact of climate change.<br>|
| **Improving margins**<br>▪Preference for larger, higher-margin assets to improve quality of the portfolio<br>▪AISC of less than US$1 750/oz.<br>|
| **Improve production profile**<br>▪Permitted, near-term production preferred, if not already operational<br>▪10-year LoM or longer at >100 000oz per annum in regions where we operate<br>▪10-year LoM or longer at >150 000oz per annum in new areas outside of operating hubs.<br>|
| **Affordability**<br>▪Capital intensity versus cash flows to be manageable.<br>|
| **Generating returns** <br>▪Acquisitions and projects that deliver a return exceeding our regional cost of capital, while compensating for risk.<br>|

---

To drive long-term shareholder value, we are prioritising capital allocation to our transformational assets and projects over the short and medium term as follows:

---

| | |
|:---|:---|
| **Higher-grade, higher-quality and lower-risk assets** <br>**(securing short- and long-term cash flow)** | **Higher-grade, higher-quality and lower-risk assets** <br>**(securing short- and long-term cash flow)** |
| **Projects in execution** | **Value realised** |
| **Moab Khotsong extension** | ▪The LoM has been extended to approximately 20 years, <br>with project completion expected in May 2033<br>▪The asset adds 2.70Moz to Mineral Reserves<br>▪We can maintain an annual steady state production <br>of >200 000oz once the extension project is complete.<br>|
| **Mponeng extension** | ▪The LoM has been extended to approximately 20 years<br>▪The asset adds 2.34Moz to Mineral Reserves<br>▪Recovered grade is sustained at ~9g/t<br>▪We can maintain an annual steady state production <br>of ~250 000oz.<br>|
| **Mine Waste Solutions** <br>**expansion**<br>| ▪The LoM has been extended to over 14 years<br>▪We can maintain an annual production of ~110000oz <br>over the LoM.<br>|

---

---

| | |
|:---|:---|
| **International gold and copper assets** <br>**(diversifying our portfolio and derisking Harmony)** | **International gold and copper assets** <br>**(diversifying our portfolio and derisking Harmony)** |
| **Projects**  | **Value to be realised** |
| **Eva Copper Project** <br>**feasibility update\***<br>| ▪We have received conditional grant funding of <br>A$20.7 million from the Queensland Government<br>▪We expect to produce 55kt to 60kt of copper and <br>~14koz of gold annually<br>▪AISC will be in the middle of the global cost curve<br>▪We have targeted first copper production in FY28.<br>|
| **Wafi-Golpu permitting** | ▪We expect to convert the signed framework <br>memorandum of understanding into a mining <br>development contract, followed by supporting <br>agreements for a special mining lease<br>▪The feasibility study update will start once the special <br>mining lease has been granted<br>▪We expect an average annual production of 180kt\*\* <br>copper and 250 000oz\*\* gold<br>▪Gold grade: 0.86g/t<br>▪Copper: 1.2%.<br>|
| **MAC Copper (CSA mine)** | ▪Harmony has acquired 100% of the Australian mine <br>(transaction conclusion pending), funded by a US$1.25 <br>billion bridge loan<br>▪The transaction is expected to be concluded in October <br>2025, at the same time as publishing our reporting suite. <br>Refer to ***[MAC Copper acquisition](#i33c44c3831e342b883e9ab36f0eef510_3368)*** for further details.<br>|
| *\* Figures subject to feasibility study update and pending FID.*<br>*\*\* Based on the 2018 feasibility study update and 100% attributable.* | *\* Figures subject to feasibility study update and pending FID.*<br>*\*\* Based on the 2018 feasibility study update and 100% attributable.* |

---

Securing long-term value creation

Ongoing investment across our operations will ensure improved margins and that Harmony will produce

gold and copper for decades to come. The production profile below reflects our current and future

assets and how our portfolio mix is expected to evolve over time. We illustrate our focus on value

enhancement with an increasing contribution from copper and investing in our organic, high-grade gold

projects. The two accompanying pie charts illustrate Harmony's projected composition in 10 years.

![goldremainscore.jpg](goldremainscore.jpg)

*Note: Diagram is for illustrative purposes only and includes forward-looking assumptions, subject to the safe-harbour* 

*statement.* 

*\* Potential projects that are not yet approved.*

Assumptions include the Papua New Guinea Government exercising their 30% participation right

on Wafi-Golpu, a theoretical start date post-permitting and the granting of a special mining lease.

Outcomes are also dependent on feasibility studies, permitting and approvals for Eva Copper and South

African surface projects.

![deriskingtheportfolio.jpg](deriskingtheportfolio.jpg)

*Note: Diagram is for illustrative purposes only and includes forward-looking assumptions, subject to the safe- harbour* 

*statement.* 

*\* Potential projects that are not yet approved.*

***Harmony's acquisition of MAC Copper marks a key milestone in Harmony's growth strategy,*** <br>***reinforcing its transition into a low-cost, global gold and copper producer. The high-quality,*** <br>***producing copper asset complements Harmony's expertise in underground mining and supports*** <br>***disciplined, value-accretive capital allocation.*** <br>

**Performance by operation**

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 (refer to the [Strategy](#i33c44c3831e342b883e9ab36f0eef510_3586) section for more details), 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 Copper<sup>1</sup>, 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.

More details on our operations and their performance are presented below.

![operations.jpg](operations.jpg)

**Operational performance**

Rooted in responsible mining, we mine with purpose, creating shared value where safety, operational excellence and sustainability are non-negotiable.

Our unwavering commitment to safety and operational flexibility enabled us to meet guidance for the 10th consecutive year, reinforcing our core belief

that a safe mine is a profitable mine.

Our approach

Our commitment to operational excellence is demonstrated by our focus on our key performance metrics of safety, grade, costs and production. It is clear that our ability to maintain stable, high-quality output across a

diverse asset portfolio underscores the strength of our operating model and the discipline of our teams.

**Key focus areas of our operational excellence programme:**

![performaceoverviewdiagram.jpg](performaceoverviewdiagram.jpg)

Safety and operational risk management

**Managing safety risks:** Safety is a material risk for Harmony. As such,

it is imperative to ensure safe production, prevent loss-of-life

incidents and embed a proactive safety culture across all our

operations. We have adopted global best practice safety standards

via a four-layered approach. The approach is based on risk

management, implemented modernised safety systems and an

intensified focus on leadership development and training to address

behaviour to achieve our goal of ensuring that each employee

returns home safely every day.

See *Safety transformation towards zero harm* for details on our

safety performance and management.

**Managing operational risks:** Operational risk management is an

integral part of our business and operating strategy. It entails

managing risks effectively while working productively. Our risk-based

approach helps ensure that all supporting systems are functioning

efficiently. Safety hazards and operational business risks are

identified and dealt with continuously at each of our operations.

Harmony's top operational risks are:

▪Loss of life/safety

▪Security of electricity power supply and the impact of

higher electricity costs

▪Not achieving operational objectives at our critical operations

▪Unsuccessful project execution

▪Supply chain disruptions.

Scope

This report was prepared as part of Harmony's integrated annual

reporting suite. For additional information on topics disclosed in this

report, refer to the individual reports available on our website.

Our performance

The safety and health of our employees and their families will always

be our top priority. At Harmony, safety is not just a priority, it is a

core value that underpins everything we do. We tragically lost eleven

colleagues this year. Each loss of life directly impacts the community

of the employee. The loss of life results in significant operational

disruption, reputational damage and regulatory scrutiny. Operating

some of the deepest mines in the world demands excellence, and we

remain committed to a proactive safety strategy that protects our

people and reinforces our culture of accountability*.* We continue to

invest in safety infrastructure and initiatives to ensure every

workplace is safe, compliant and empowering. Group lost-time injury

frequency rate (per million hours worked) (LTIFR) for FY25 decreased

to 5.39 per million hours worked (FY24: 5.53 per million hours

worked).

In FY25, Harmony experienced another excellent year, achieving

record adjusted cash flows boosted by a sustained higher gold price

received and meeting our business plans. Group production for FY25

decreased, as planned, by 5% to 46 023kg (1.48Moz) from 48 578kg

(1.56Moz) in FY24. This was largely due to lower production at

Doornkop, Mine Waste Solutions and Moab Khotsong, yet still within

our guided range of 1.4Moz to 1.5Moz. The average underground

recovered grade increased by 3% to 6.27g/t from 6.11g/t in FY24,

mainly driven by higher grades at Mponeng.

Gold revenue increased by 21% for FY25 to a record high of

R70 732 million (FY24: R58 269 million), driven by higher gold prices.

The average gold price received increased by 27% to R1 529 358/kg

(FY24: R1 201 653/kg) for the financial year, mainly due to a 31%

increase in the US dollar price to US$2 620/oz (FY24: US$1 999/oz).

Group all-in sustaining cost increased by 17% to R1 054 346/kg in FY25

(FY24: R901 550/kg). The all-in sustaining cost was, however, within

the guided range of R1 020 000/kg to R1 100 000/kg and was driven

by lower planned production, higher sustaining capital as well as

higher cash operating cost due to annual wage and above-inflation

electricity tariff increases. Production profit increased by 38% to R30

208 million from R21 880 million in FY24.

Group capital expenditure for FY25 increased by 32% to

R10 998 million (FY24: R8 327 million) driven by our major projects.

Major capital expenditure rose by R1 711 million to R4 705 million in

FY25, a 57% increase from the R2 994 million spent in FY24, mainly

for the Mponeng life-of-mine extension and renewable energy

project at Moab Khotsong.

![contributiontogroupproducta.jpg](contributiontogroupproducta.jpg)

![contributiontogroupproduct.jpg](contributiontogroupproduct.jpg)

Group adjusted free cash flow increased by 54% to a new record high of R11 142 million in FY25 from R7 252 million in FY24, driven by a higher

gold price. Group adjusted free cash margins for FY25 increased by 33% to 16% from 12% in the previous financial year.

![fy25adjustedfreecashflows.jpg](fy25adjustedfreecashflows.jpg)

*\*Adjusted free cash flow = revenue – cash operating cost – capital expenditure – Franco-Nevada non-cash adjustment ± impact of run-of-mine costs as per operating results.*

---

| | |
|:---|:---|
| **FY25 focus areas and actions** | **How we performed** |
| Continue embedding a proactive safety culture | The LTIFR in FY25 for our South African operations improved 2% to <br>5.69 per million hours from 5.79 per million hours in FY24<br>|
| Ensure we meet our operational plans and generate <br>free cash flow<br>| We met all guidance metrics and achieved record high adjusted <br>free cash flows, generating R11.1 billion for FY25<br>|
| Continue to pursue organic brownfields growth strategy | We pursued brownfield exploration at Hidden Valley and Kalgold to <br>optimise existing open-pit operations, with brownfield exploration <br>at our underground operations in South Africa<br>|
| Continue to ensure major project execution and capital <br>spend are aligned to plan <br>| Mponeng life-of-mine extension, Zaaiplaats and Kareerand projects <br>are progressing well – the total spend was slightly lower than <br>guidance at R3.7 billion, excluding renewable energy<br>|
| Continue to drive down unit costs by improving our safety <br>performance, delivering on our production plans and increasing <br>the productivity of our mining teams<br>| Group all-in sustaining cost rose by 17% to R1 054 346/kg, in line <br>with planning and guidance<br>|

---

**Key operational metrics FY25 – year-on-year (YoY) comparison**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Unit  | YoY move | YoY % <br>| **FY25** | FY24 |  |
| Gold price | (R/kg) | Up | 27 | **1 529 358** | 1 201 653 | Higher average gold price received YoY reflected in higher gold revenue |
| Underground yield | (g/t) | Up | 3 | **6.27** | 6.11 | Mainly driven by significantly higher grades at Mponeng |
| Margin | (%) | Up | 33 | **16** | 12 | Margin increased YoY mainly due to the higher gold price |
| Gold produced | (kg) | Down | (5) | **46 023** | 48 578 | Lower in line with plan, mainly at Doornkop, Mine Waste Solutions and Moab Khotsong |
| – SA high-grade underground operations | (kg) | Up | 8 | **16 554** | 15 350 | Outstanding performance from Mponeng, mainly due to higher recovered grades, up 13% to <br>11.27g/t<br>|
| – SA optimised underground operations | (kg) | Down | (14) | **16 487** | 19 061 | Lower production at all operations, main contributors were Doornkop and Target 1 |
| – SA surface operations | (kg) | Down | (13) | **7 875** | 9 066 | Lower production at Mine Waste Solutions and the dumps |
| – Papua New Guinea | (kg) | Down |  | **5 107** | 5 101 | Excellent performance from Hidden Valley driven by higher tonnes milled |
| All-in sustaining cost | (R/kg) | Up | 17 | **1 054 346** | 901 550 | Increase driven by lower production, higher sustaining capex and inflationary pressures on cash <br>cost<br>|

---

**Four business areas for capital allocation purposes**

Our operations are divided into four quadrants, as indicated below, based on our capital allocation strategy. Each plays a vital role in generating cash, sustaining growth, and diversifying risk ensuring we consistently

deliver to guidance.For more details refer to the Strategy section.

---

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

---

---

| | |
|:---|:---|
| FY26 outlook |  |
| In the next financial year, gold production is estimated to be between 1.4Moz and 1.5Moz at anall-in <br>sustaining cost of between R1 150 000/kg and R1 220 000/kg. Underground recovered grade <br>isexpected to be higher than 5.80g/t.<br>We are looking forward to some exciting growth opportunities:<br>▪The Kareerand extension expected to be completed during FY26<br>▪The Zaaiplaats project will continue to be a focus area for Moab Khotsong with steady progress <br>▪Mponeng will continue with the life-of-mine extension project.<br>Harmony has numerous exploration drilling programmes running in South Africa that will <br>continueinto FY26.<br>| Key focus areas and actions in FY26:<br>▪Continue to embed a proactive safety culture <br>▪Ensure we meet our operational plans and generate free cash flow<br>▪Continue to pursue organic brownfields growth strategy<br>▪Continue to ensure major project execution and capital spend are aligned to plan <br>▪Continue to drive down unit costs by improving our safety performance, delivering on <br>ourproduction plans, increasing the productivity of our mining teams.<br>See overleaf for graphs illustrating forecast group growth capital expenditure to FY28 and <br>capitalexpenditure by operation for FY26.<br>|

---

**FY26 production and capital guidance**

---

| | | | |
|:---|:---|:---|:---|
|  | **Production** | **Capital**<br>**expenditure**<sup>1</sup><br>| **Life-of-mine** |
| **Operation** | **(oz)** | **(Rm)** | **(years)** |
| Moab Khotsong | 175 000 – 178 500 | 1 759 | 19 |
| Mponeng | 279 600 – 310 600 | 2 385 | 19 |
| Tshepong North | 98 300 – 100 200 | 785 | 6 |
| Tshepong South | 90 500 – 92 400 | 621 | 5 |
| Doornkop | 85 000 – 88 500 | 1 194 | 17 |
| Joel | 51 800 – 54 000 | 300 | 5 |
| Target 1 | 54 100 – 59 000 | 463 | 6 |
| Kusasalethu | 103 700 – 110 200 | 420 | 3 |
| Masimong | 47 500 – 50 500 | 115 | 2 |
| **Underground operations – total**<sup>2</sup> |  | **8 042** |  |
| South African surface operations (tailings and <br>waste rock dumps)<br>| 103 680 – 107 856 | 511 | 11+ |
| Mine Waste Solutions (MWS) | 98 800 – 98 800 | 858 | 14 |
| Kalgold | 39 100 – 40 700 | 79 | 12 |
| Hidden Valley<sup>3</sup> | 179 400 – 190 800 | 3 437 | 5 |
| Other international |  | 26 |  |
| **Total** | **1.4 – 1.5Moz** | **12 953** |  |

---

<sup>1</sup>*Excludes renewables, Eva Copper and Wafi-Golpu.*

<sup>2</sup>*At an underground recovered grade of >5.80g/t.*

<sup>3</sup>*Includes capitalised stripping costs.*

**Forecast capital expenditure to FY28 and capital expenditure by operation for FY26**

![capitalguidance.jpg](capitalguidance.jpg)

*\*Excludes renewables, Eva Copper Project and Wafi-Golpu Project.*

*\*\*Includes ongoing capital development, shaft capital and plant capital.*

![fy26capitalguidance.jpg](fy26capitalguidance.jpg)

*\*Excludes renewables, other international, Eva Copper Project and Wafi-Golpu Project.*

*\*\*Excluded from all-in sustaining cost.*

**Performance by operation**

South Africa – underground operations

Our underground mines are grouped by high-grade operations consisting of Mponeng and Moab

Khotsong and our optimised operations consisting of the remainder of our underground operations.

Mponeng had another stellar year in FY25, underpinning the excellent set of results from our high-grade

mines. The recovered grade for our high-grade operations increased by 10% from 9.02g/t in FY24 to

9.89g/t for the current year. Mponeng's grade improved 13% to 11.27g/t, from 9.94g/t in FY24, while

Moab Khotsong recorded a 2% increase to 8.21g/t (FY24: 8.03g/t) for FY25. Mponeng continued to

benefit from higher-than-expected mining grades and is expected to be sustained into the 2026

financial year. As a result of the higher recovered grades, gold production increased by 8% to 16 554kg

(532 222oz) for FY25 (FY24: 15 350kg (493 512oz)). Total volumes of ore milled for FY25 decreased by

2% compared to the previous financial year, mainly at Moab Khotsong being 8% lower, while Mponeng

increased by 5% year on year. These operations contributed 46% or R8.8 billion (US$487 million)

towards the group adjusted free cash for FY25 (FY24: R6.0 billion (US$320 million)).

Our optimised operations experienced a challenging year with all operations in this grouping producing

less gold than in the previous financial year. Target 1 was one of the main contributors experiencing

numerous operational challenges, while Doornkop produced lower gold than planned. Gold production

for these operations ended 14% lower in FY25 at 16 487kg (530 069oz) compared to 19 061kg (612

826oz) in FY24. At R2.3 billion (US$125 million), the optimised operations, however, still made a

considerable contribution to adjusted free cash flows in FY25, 14% higher than the R2.0 billion (US$106

million) recorded for FY24.

South Africa – surface operations

Gold production decreased by 13% to 7 875kg (253 187oz) in FY25 from 9 066kg (291 477oz) in FY24,

driven mainly by Mine Waste Solutions, where production was affected by operational challenges and

excessive rainfall during FY25. Despite the lower gold production, adjusted free cash in FY25 rose by

66% to R4.3 billion (US$237 million) from R2.6 billion (US$138 million) in the previous year. The Franco-

Nevada contract was settled early in the second quarter of the financial year, resulting in Mine Waste

Solutions receiving the full benefit of the higher gold prices, boosting cash flows. The higher

average gold price received during the year also contributed to higher cash flows.

Papua New Guinea – opencast operations

Hidden Valley delivered a consistent performance in FY25 maintaining gold production at 5 107kg (164

193oz) (FY24: 5 101kg (164 000oz)). The recovered grade for the current financial year was 11% lower at

1.35g/t (FY24: 1.52g/t), offset by higher volumes of ore milled. Total ore milled for FY25 at 3.79 million

tonnes was 13% higher than the previous year (FY24: 3.36 million tonnes). Silver production decreased

by 15% to 93 772kg (3 014 838oz) from 110 195kg (3 542 852oz) in FY24. Silver revenue, however,

increased by 9% to R1.7 billion (FY24: R1.6 billion) as a result of a 27% increase in the price received to

US$31.29/oz (FY24: US$24.70/oz). Adjusted free cash flow rose by 73% from R2.2 billion (US$117

million) to R3.8 billion (US$207 million) in FY25, another outstanding result.

South Africa – underground operations

**Moab Khotsong**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **5 108** | 5 438 | 5 739 |
| – Contractors |  | **1 124** | 1 061 | 974 |
| **Total** |  | **6 232** | 6 499 | 6 713 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **753** | 822 | 920 |
|  | (000t) (imperial) | **830** | 906 | 1 015 |
| Gold produced | (kg) | **6 184** | 6 599 | 6 668 |
|  | (oz) | **198 820** | 212 162 | 214 381 |
| Gold sold | (kg) | **6 178** | 6 650 | 6 715 |
|  | (oz) | **198 627** | 213 803 | 215 892 |
| Grade | (g/t) | **8.21** | 8.03 | 7.25 |
|  | (oz/t) | **0.240** | 0.234 | 0.211 |
| Productivity | (g/TEC) | **102.63** | 101.44 | 101.54 |
| Development results |  |  |  |  |
| – Total metres (excluding <br>capital metres)<br>|  | **3 058** | 4 663 | 6 738 |
| – Reef metres |  | **649** | 1 328 | 1 026 |
| – Capital metres |  | **2 445** | 2 960 | 3 510 |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **9 455** | 8 108 | 7 036 |
|  | (US$m) | **521** | 434 | 396 |
| Average gold price received | (R/kg) | **1 530 503** | 1 219 199 | 1 047 845 |
|  | (US$/oz) | **2 622** | 2 028 | 1 835 |
| Cash operating cost | (Rm) | **5 232** | 4 615 | 4 561 |
|  | (US$m) | **288** | 247 | 257 |
| Production profit | (Rm) | **4 226** | 3 470 | 2 522 |
|  | (US$m) | **233** | 186 | 142 |
| Capital expenditure | (Rm) | **2 427** | 1 330 | 1 167 |
|  | (US$m) | **134** | 71 | 66 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **1 796** | 2 163 | 1 309 |
|  | (US$m) | **99** | 116 | 74 |
| Cash operating cost | (R/kg) | **846 013** | 699 300 | 683 995 |
|  | (US$/oz) | **1 449** | 1 163 | 1 198 |
| All-in sustaining cost | (R/kg) | **952 206** | 798 866 | 782 441 |
|  | (US$/oz) | **1 631** | 1 329 | 1 370 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **2** |  | 1 |
| Lost-time injury frequency rate | (per million hours worked) | **3.72** | 5.36 | 6.03 |
| **Environment**<sup>2</sup> |  |  |  |  |
| Electricity consumption | (GWh) | **740** | 774 | 749 |
| Water consumption – primary <br>activities<br>| (Ml) | **7 056** | 7 982 | 5 932 |
| Greenhouse gas emissions | (000tCO2e) | **771** | 776 | 780 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.98** | 0.94 | 0.81 |
| – Water | (000m<sup>3</sup>/t) | **9.37** | 9.71 | 6.45 |
| – Greenhouse gas emissions | (tCO2e/t) | **1.02** | 0.94 | 0.85 |
| Number of reportable <br>environmental incidents<sup>3</sup><br>|  | **—** |  |  |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **25** | 30 | 49 |
| Training and development | (Rm) | **109** | 115 | 124 |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

<sup>2</sup>*Figures include Nufcor.*

<sup>3</sup>*Figures include reportable incidents in Zaaiplaats.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 3.2 | 7.38 | 24 | 9.8 | 8.43 | 82 | 13.0 | 8.17 | 106 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 3.5 | 0.215 | 762 | 10.8 | 0.246 | 2 652 | 14.3 | 0.238 | 3 415 |

---

**Overview of operations**

Moab Khotsong is a deep-level mine near the towns of Orkney and Klerksdorp, some 180km south-west of

Johannesburg. The mine, which began producing in 2003, was acquired from AngloGold Ashanti Limited in

March 2018.

Mining is based on a scattered-mining method, together with an integrated backfill support system that

incorporates bracket pillars. The geology at Moab Khotsong is structurally complex, with large fault-loss

areas between the three mining areas (top mine (Great Noligwa), middle mine and lower mine (growth

project and Zaaiplaats project in execution phase)). The mine exploits the Vaal Reef as its primary orebody.

The economic reef horizons are mined between 1 791m and 3 052m below surface. Ore mined is

processed at the Noligwa gold plant. The plant uses the reverse gold-leach method, with gold and uranium

being recovered through gold cyanide and acid uranium leaching.

**Salient features for FY25**

▪Regrettably, two lives were lost at Moab Khotsong during FY25. See *Safety transformation towards zero* 

*harm* for the causes of injury and management's safety approach

▪The lost-time injury frequency rate improved by 31% to 3.72 per million hours worked in FY25

(FY24: 5.36 per million hours worked)

▪Gold production decreased by 6% to 6 184kg (198 820oz) from 6 599kg (212 162oz) in FY24 and is the

group's second- largest gold producer, contributing 13% of total production

▪Ore milled was 8% lower at 753 000 tonnes in FY25 (FY24: 822 000 tonnes), affected by heightened

seismicity in the middle mine and pre-emptively halting operations for a limited time during the second

quarter, from a safety perspective in the top mine to allow for the removal of toxic gases

▪Recovered grade increased by 2% to 8.21g/t for FY25 (FY24: 8.03g/t)

▪Driven by a higher gold price, received revenue increased by 17% to R9 455 million

(FY24: R8 108 million). The average gold price received increased by 26% to R1 530 503/kg (FY24: R1 219

199/kg), partially offsetting the lower gold production

▪Cash operating costs increased by 13% to R5 232 million (FY24: R4 615 million), impacted by annual

wage and electricity tariff increases as well as inflationary increases on consumables and contractors.

Mineral and Petroleum Resources Development Act (MPRDA) royalties increased by 40% to R319 million

(FY24: R228 million) due to higher revenue and profitability. Uranium revenue, treated as a by-product

credit to cost, decreased by 5% to R822 million (FY24: R866 million) due to lower sales of 566 000lb.

Sales were 8% lower than the 612 000lb sold in FY24

▪Capital expenditure, excluding renewables, rose by 7% to R1 422 million (FY24: R1 330 million). A total

of 68% or R962 million was spent on major capital, mainly the Zaaiplaats project, and a total of

R234 million was spent in respect of ongoing development. A further R1 004 million was spent on the

renewable energy project to benefit Moab Khotsong

▪Moab Khotsong was the third-largest contributor to adjusted free cash flow at R1 796 million. This was,

however, 17% lower than the R2 163 million recorded in FY24.

**Key indicators for FY26**

▪19-year life-of-mine

▪Production guidance of between 175 000oz and 178 500oz

▪Capital expenditure, excluding renewables, of approximately R1 759 million, mainly for the Zaaiplaats

major project and ongoing development.

Our focus areas in FY26<br>Focus for the top mine will be to continue with opening up and equipping to ensure availability <br>of ground for FY26. Sinking operations in the Zaaiplaats decline is progressing, with focus on the critical <br>path to 103 level station breakaway. Explore the Great Noligwa shaft pillar C Reef blocks as additional <br>opportunities for mineable ground. <br>

**Mponeng**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **4 753** | 4 710 | 4 598 |
| – Contractors |  | **1 334** | 780 | 558 |
| **Total** |  | **6 087** | 5 490 | 5 156 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **920** | 880 | 884 |
|  | (000t) (imperial) | **1 015** | 971 | 975 |
| Gold produced | (kg) | **10 370** | 8 751 | 7 449 |
|  | (oz) | **333 402** | 281 350 | 239 490 |
| Gold sold | (kg) | **10 454** | 8 648 | 7 480 |
|  | (oz) | **336 104** | 278 039 | 240 487 |
| Grade | (g/t) | **11.27** | 9.94 | 8.43 |
|  | (oz/t) | **0.328** | 0.290 | 0.246 |
| Productivity | (g/TEC) | **173.97** | 151.59 | 136.73 |
| Development results |  |  |  |  |
| – Total metres (excluding <br>capital metres)<br>|  | **6 335** | 7 142 | 8 000 |
| – Reef metres |  | **1 556** | 1 379 | 1 500 |
| – Capital metres |  | **1 295** |  |  |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **16 079** | 10 577 | 7 845 |
|  | (US$m) | **886** | 566 | 442 |
| Average gold price received | (R/kg) | **1 538 051** | 1 223 096 | 1 048 824 |
|  | (US$/oz) | **2 635** | 2 035 | 1 836 |
| Cash operating cost | (Rm) | **6 994** | 5 870 | 5 002 |
|  | (US$m) | **385** | 314 | 282 |
| Production profit | (Rm) | **9 042** | 4 782 | 2 848 |
|  | (US$m) | **498** | 256 | 160 |
| Capital expenditure | (Rm) | **2 043** | 890 | 704 |
|  | (US$m) | **113** | 48 | 40 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **7 041** | 3 817 | 2 139 |
|  | (US$m) | **388** | 204 | 120 |
| Cash operating cost | (R/kg) | **674 481** | 670 811 | 671 474 |
|  | (US$/oz) | **1 156** | 1 116 | 1 176 |
| All-in sustaining cost | (R/kg) | **804 429** | 785 108 | 784 093 |
|  | (US$/oz) | **1 378** | 1 306 | 1 373 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **2** | 2 |  |
| Lost-time injury frequency rate | (per million hours worked) | **6.12** | 8.37 | 8.57 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **1 014** | 932 | 938 |
| Water consumption – primary <br>activities<br>| (Ml) | **5 976** | 5 977 | 2 858 |
| Greenhouse gas emissions | (000tCO2e) | **1 057** | 933 | 976 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **1.10** | 1.06 | 1.06 |
| – Water | (000m<sup>3</sup>/t) | **6.49** | 6.79 | 3.23 |
| – Greenhouse gas emissions | (tCO2e/t) | **1.15** | 1.06 | 1.10 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  |  |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **17** | 24 | 39 |
| Training and development | (Rm) | **86** | 78 | 78 |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 3.6 | 10.32 | 37 | 11.0 | 9.07 | 100 | 14.6 | 9.38 | 136 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 3.9 | 0.301 | 1 183 | 12.1 | 0.265 | 3 206 | 16.0 | 0.274 | 4 389 |

---

**Overview of operations**

Mponeng is a deep-level mine near the town of Carletonville, some 90km south-west of Johannesburg.

The mine, which began producing in 1986, was acquired from AngloGold Ashanti Limited in October 2020.

The orebody is extracted mostly by breast-mining methods, with associated waste mining in addition to the

reef being extracted. The dilution from these waste sources is captured and incorporated in the tonnage

calculation, with historical performance being the benchmark. The mine exploits the Ventersdorp Contact

Reef as its primary orebody.

The economic reef horizons are mined between 3 160m and 3 740m below surface. Ore mined is

processed at the Mponeng gold plant. The plant uses the conventional gold-leach method, with gold

recovered through carbon-in-pulp technology.

**Salient features for FY25**

▪Regrettably, two lives were lost at Mponeng during FY25. Refer to *Safety transformation towards zero* 

*harm* for more information on the causes of injury and management's safety approach

▪The operation recorded a 27% improvement in the lost-time injury frequency rate at 6.12 per million

hours worked for FY25 (FY24: 8.37 per million hours worked)

▪A significant 19% increase in gold production to 10 370kg (333 402oz) was recorded for FY25 (FY24: 8

751kg (281 350oz)). Mponeng was the group's largest gold producer, contributing 23% of total

production

▪Ore milled increased to 920 000 tonnes, a 5% increase over the 880 000 tonnes milled recorded in FY24

▪Continuing to benefit from higher average mining grades, the recovered grade increased to 11.27g/t

(FY24: 9.94g/t)

▪Revenue increased by a substantial 52% to R16 079 million (FY24: R10 577 million), due to a higher gold

price received as well as higher gold production. The average gold price received increased by 26% to R1

538 051/kg (FY24: R1 223 096/kg)

▪Cash operating costs increased by 19% to R6 994 million (FY24: R5 870 million) due to annual wage and

electricity tariff increases as well as inflationary increases on consumables and contractors. Significantly

higher MPRDA royalties also contributed to higher costs, increasing by 92% to R740 million (FY24: R386

million) as revenue and profits rose significantly

▪Capital expenditure increased by 130% to R2 043 million (FY24: R890 million). Major capital expenditure

rose in FY25 to R924 million (FY24: R121 million) and was mainly spent on the life-of-mine extension

project. A total of R476 million was spent in respect of ongoing development

▪Mponeng was once again the largest contributor to adjusted free cash flow at R7 041 million,

significantly higher than the R3 817 million recorded in FY24.

**Key indicators for FY26**

▪19-year life-of-mine

▪Production guidance of between 279 600oz and 310 600oz

▪Capital expenditure of approximately R2 385 million, mainly for the life-of-mine extension project and

ongoing development.

Our focus areas in FY26<br>To maintain operational stability and successfully execute the life-of-mine extension project, including <br>associated infrastructure.<br>

**Tshepong North**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **3 391** | 3 457 | 3 398 |
| – Contractors |  | **374** | 317 | 308 |
| **Total** |  | **3 765** | 3 774 | 3 706 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **673** | 726 | 795 |
|  | (000t) (imperial) | **743** | 800 | 876 |
| Gold produced | (kg) | **2 900** | 3 248 | 3 354 |
|  | (oz) | **93 237** | 104 426 | 107 834 |
| Gold sold | (kg) | **2 905** | 3 196 | 3 391 |
|  | (oz) | **93 397** | 102 754 | 109 022 |
| Grade | (g/t) | **4.31** | 4.47 | 4.22 |
|  | (oz/t) | **0.125** | 0.131 | 0.123 |
| Productivity | (g/TEC) | **71.06** | 79.05 | 76.95 |
| Development results |  |  |  |  |
| – Total metres (excluding <br>capital metres)<br>|  | **7 129** | 8 085 | 8 835 |
| – Reef metres |  | **1 368** | 1 124 | 1 654 |
| – Capital metres |  | **379** |  |  |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **4 447** | 3 877 | 3 530 |
|  | (US$m) | **245** | 207 | 199 |
| Average gold price received | (R/kg) | **1 530 731** | 1 213 187 | 1 041 078 |
|  | (US$/oz) | **2 623** | 2 018 | 1 823 |
| Cash operating cost | (Rm) | **3 118** | 2 873 | 2 673 |
|  | (US$m) | **172** | 154 | 150 |
| Production profit | (Rm) | **1 340** | 1 050 | 829 |
|  | (US$m) | **74** | 56 | 47 |
| Capital expenditure | (Rm) | **695** | 559 | 553 |
|  | (US$m) | **38** | 30 | 31 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **634** | 446 | 303 |
|  | (US$m) | **35** | 24 | 17 |
| Cash operating cost | (R/kg) | **1 075 014** | 884 464 | 797 069 |
|  | (US$/oz) | **1 842** | 1 471 | 1 396 |
| All-in sustaining cost | (R/kg) | **1 305 365** | 1 078 897 | 975 498 |
|  | (US$/oz) | **2 236** | 1 795 | 1 708 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** | 1 | 2 |
| Lost-time injury frequency rate | (per million hours worked) | **4.85** | 4.13 | 4.63 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **273** | 247 | 269 |
| Water consumption – primary <br>activities<br>| (Ml) | **1 119** | 1 039 | 894 |
| Greenhouse gas emissions | (000tCO2e) | **248** | 248 | 280 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.41** | 0.34 | 0.34 |
| – Water | (000m<sup>3</sup>/t) | **1.66** | 1.43 | 1.12 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.39** | 0.34 | 0.35 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  |  |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **15** | 20 | 16 |
| Training and development | (Rm) | **76** | 71 | 79 |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 2.4 | 4.55 | 11 | 1.6 | 5.85 | 9 | 4.0 | 5.07 | 20 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 2.6 | 0.133 | 352 | 1.8 | 0.170 | 302 | 4.4 | 0.148 | 654 |

---

**Overview of operations**

Tshepong North is a deep-level underground mining operation in the Free State, near the town of Welkom,

some 250km from Johannesburg. Tshepong North is a mature underground operation that uses

conventional undercut mining in the Basal Reef while the B Reef is exploited as a high-grade secondary

reef. Ore mined is processed at the Harmony One plant, with gold recovered using the gold cyanide

leaching process.

**Salient features for FY25**

▪Reached 1.6 million loss-of-life free shifts during FY25

▪The lost-time injury frequency rate, however, deteriorated by 17% to 4.85 per million hours worked

(FY24: 4.13 per million hours worked). Refer to *Safety transformation towards zero harm* for more

information on the causes of injury and management's safety approach

▪Gold production decreased by 11% to 2 900kg (93 237oz) from 3 248kg (104 426oz) in FY24

▪Ore milled was 7% lower at 673 000 tonnes (FY24: 726 000 tonnes)

▪The recovered grade decreased to 4.31g/t, 4% lower than 4.47g/t recorded for FY24

▪Revenue rose by 15% to R4 447 million (FY24: R3 877 million) due to a 26% increase in the average gold

price received to R1 530 731/kg (FY24: R1 213 187/kg), partially offset by lower gold production

▪Cash operating costs increased by 9% to R3 118 million (FY24: R2 873 million), mainly due to annual

wage and electricity tariff increases as well as higher MPRDA royalties. Royalties increased by 48% to

R98 million (FY24: R66 million) as revenue and profits increased

▪Capital expenditure for FY25 increased by 24% to R695 million (FY24: R559 million) and was mainly for

ongoing development and major capital towards the Sub-75 decline project. A total of R386 million was

spent in respect of ongoing development

▪Adjusted free cash increased by 42% to R634 million (FY24: R446 million).

**Key indicators for FY26**

▪Six-year life-of-mine

▪Production guidance of between 98 300oz and 100 200oz

▪Capital expenditure of approximately R785 million, mainly for ongoing development and the Sub-75

decline project.

Our focus areas in FY26<br>The management team's focus will be to deliver safe, profitable production in line with FY26 planning <br>and to progress the feasibility study for the possible life-of-mine extension through Sub-75 decline and <br>east south upper block.<br>

**Tshepong South**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **3 115** | 3 137 | 3 052 |
| – Contractors |  | **359** | 353 | 334 |
| **Total** |  | **3 474** | 3 490 | 3 386 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **448** | 465 | 506 |
|  | (000t) (imperial) | **494** | 512 | 557 |
| Gold produced | (kg) | **2 739** | 3 129 | 3 431 |
|  | (oz) | **88 061** | 100 599 | 110 310 |
| Gold sold | (kg) | **2 737** | 3 082 | 3 458 |
|  | (oz) | **87 997** | 99 088 | 111 177 |
| Grade | (g/t) | **6.11** | 6.73 | 6.78 |
|  | (oz/t) | **0.178** | 0.196 | 0.198 |
| Productivity | (g/TEC) | **74.38** | 84.04 | 93.84 |
| Development results |  |  |  |  |
| – Total metres (excluding <br>capital metres)<br>|  | **4 328** | 5 965 | 6 655 |
| – Reef metres |  | **787** | 1 055 | 1 198 |
| – Capital metres |  | **2 380** | 2 116 | 1 119 |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **4 233** | 3 734 | 3 607 |
|  | (US$m) | **233** | 200 | 203 |
| Average gold price received | (R/kg) | **1 546 491** | 1 211 447 | 1 043 180 |
|  | (US$/oz) | **2 650** | 2 015 | 1 826 |
| Cash operating cost | (Rm) | **2 939** | 2 607 | 2 374 |
|  | (US$m) | **162** | 139 | 134 |
| Production profit | (Rm) | **1 316** | 1 169 | 1 212 |
|  | (US$m) | **72** | 63 | 68 |
| Capital expenditure | (Rm) | **570** | 527 | 514 |
|  | (US$m) | **31** | 28 | 29 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **724** | 599 | 719 |
|  | (US$m) | **40** | 32 | 40 |
| Cash operating cost | (R/kg) | **1 073 030** | 833 307 | 691 925 |
|  | (US$/oz) | **1 838** | 1 386 | 1 211 |
| All-in sustaining cost | (R/kg) | **1 258 634** | 1 002 141 | 841 983 |
|  | (US$/oz) | **2 156** | 1 667 | 1 474 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** | 1 |  |
| Lost-time injury frequency rate | (per million hours worked) | **6.04** | 5.57 | 5.24 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **251** | 251 | 279 |
| Water consumption – primary <br>activities<br>| (Ml) | **1 316** | 1 316 | 1 669 |
| Greenhouse gas emissions | (000tCO2e) | **251** | 251 | 290 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.67** | 0.54 | 0.55 |
| – Water | (000m<sup>3</sup>/t) | **4.02** | 2.83 | 3.29 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.60** | 0.54 | 0.57 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  |  |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **12** | 16 | 10 |
| Training and development | (Rm) | **74** | 62 | 64 |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 2.2 | 6.53 | 14 | 0.4 | 3.22 | 1 | 2.6 | 5.99 | 15 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 2.4 | 0.191 | 453 | 0.5 | 0.094 | 44 | 2.8 | 0.175 | 497 |

---

**Overview of operations**

Tshepong South is located in the Free State, near the town of Welkom, some 250km from Johannesburg.

Tshepong South exploits the Basal Reef with the B Reef mined as a high-grade secondary reef and uses the

conventional undercut and opencut mining method. Rock from Tshepong South is transported via

a railveyor system to Nyala shaft, from where it is hoisted to surface. Mining is conducted at depths of 1

500m to 2 300m. Ore mined is processed at the Harmony One plant, with gold recovered using the gold

cyanide leaching process.

**Salient features for FY25**

▪Achieved 1 000 000 loss-of-life free shifts during FY25

▪The lost-time injury frequency rate deteriorated by 8% to 6.04 per million hours worked (FY24: 5.57 per

million hours worked). Refer to *Safety transformation towards zero harm* for more information on the

causes of injury and management's safety approach

▪Gold production at 2 739kg (88 061oz) decreased by 12% (FY24: 3 129kg (100 599oz))

▪Ore milled for the year was 4% lower at 448 000 tonnes (FY24: 465 000 tonnes)

▪The recovered grade at 6.11g/t was 9% lower than the 6.73g/t recorded for FY24

▪Revenue increased by 13% to R4 233 million (FY24: R3 734 million) due to a 28% increase in the average

gold price received to R1 546 491/kg (FY24: R1 211 447/kg)

▪Cash operating costs increased by 13% to R2 939 million (FY24: R2 607 million), mainly due to annual

wage and electricity tariff increases as well as an increase in the cost of consumables. Higher MPRDA

royalties also contributed to the increase in cost, royalties increased by 48% to R95 million

(FY24: R64 million) on higher revenue and profits

▪Capital expenditure increased by 8% to R570 million (FY24: R527 million), mainly for ongoing

development as well as the B Reef and chairlift major projects. A total of R315 million was spent for

ongoing development

▪Adjusted free cash flow rose by 21% to R724 million from R599 million in FY24.

**Key indicators for FY26**

▪Five-year life-of-mine

▪Production guidance of between 90 500oz and 92 400oz

▪Capital expenditure of approximately R621 million, mainly for ongoing development and the

continuation of the B Reef and chairlift projects.

Our focus areas in FY26<br>The management team's focus will be to deliver safe, profitable production in line with FY26 planning <br>and conduct exploration drilling for B Reef on both the northern and southern sides of the mining <br>lease.<br>

**Doornkop**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **3 224** | 3 474 | 3 612 |
| – Contractors |  | **760** | 678 | 746 |
| **Total** |  | **3 984** | 4 152 | 4 358 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **742** | 815 | 898 |
|  | (000t) (imperial) | **818** | 900 | 990 |
| Gold produced | (kg) | **2 720** | 3 470 | 4 213 |
|  | (oz) | **87 450** | 111 562 | 135 451 |
| Gold sold | (kg) | **2 730** | 3 469 | 4 233 |
|  | (oz) | **87 772** | 111 531 | 136 094 |
| Grade | (g/t) | **3.67** | 4.26 | 4.69 |
|  | (oz/t) | **0.107** | 0.124 | 0.137 |
| Productivity | (g/TEC) | **64.54** | 79.63 | 97.50 |
| Development results |  |  |  |  |
| – Total metres (excluding <br>capital metres)<br>|  | **9 443** | 8 836 | 7 455 |
| – Reef metres |  | **1 539** | 1 798 | 1 435 |
| – Capital metres |  | **843** | 2 894 | 2 737 |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **4 158** | 4 198 | 4 384 |
|  | (US$m) | **229** | 225 | 247 |
| Average gold price received | (R/kg) | **1 523 087** | 1 210 252 | 1 035 665 |
|  | (US$/oz) | **2 609** | 2 013 | 1 813 |
| Cash operating cost | (Rm) | **3 162** | 3 054 | 2 987 |
|  | (US$m) | **174** | 163 | 168 |
| Production profit | (Rm) | **915** | 1 158 | 1 375 |
|  | (US$m) | **50** | 62 | 77 |
| Capital expenditure | (Rm) | **914** | 687 | 716 |
|  | (US$m) | **50** | 37 | 40 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **81** | 457 | 682 |
|  | (US$m) | **4** | 24 | 38 |
| Cash operating cost | (R/kg) | **1 162 651** | 880 229 | 708 908 |
|  | (US$/oz) | **1 992** | 1 464 | 1 241 |
| All-in sustaining cost | (R/kg) | **1 440 880** | 1 031 845 | 831 553 |
|  | (US$/oz) | **2 469** | 1 716 | 1 456 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **2** | 1 |  |
| Lost-time injury frequency rate | (per million hours worked) | **6.75** | 7.58 | 5.94 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **258** | 249 | 223 |
| Water consumption – primary <br>activities<br>| (Ml) | **668** | 864 | 1 840 |
| Greenhouse gas emissions | (000tCO2e) | **269** | 253 | 240 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.31** | 0.31 | 0.25 |
| – Water | (000m<sup>3</sup>/t) | **0.90** | 1.06 | 2.05 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.36** | 0.31 | 0.27 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  | 1 |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **9** | 5 | 7 |
| Training and development | (Rm) | **86** | 84 | 73 |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 4.3 | 3.74 | 16 | 9.4 | 4.11 | 39 | 13.7 | 4.00 | 55 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 4.7 | 0.109 | 517 | 10.3 | 0.120 | 1 239 | 15.1 | 0.117 | 1 756 |

---

**Overview of operations**

Doornkop is a deep-level single-shaft operation in Gauteng, some 30km west of Johannesburg, on the

northern rim of the Witwatersrand Basin. While a mature operation, it still has 17 years life-of-mine

remaining.

The operation focuses on narrow-reef conventional mining of the South Reef gold-bearing conglomerate.

Mining is undertaken to a depth of 2 219m below surface. Ore is processed at the Doornkop plant, which

uses the carbon-in-pulp process to extract gold.

**Salient features for FY25**

▪Regrettably, Doornkop had two loss-of-life incidents in FY25. Refer to *Safety transformation towards* 

*zero harm* for more information on the causes of injury and management's safety approach

▪The lost-time injury frequency rate improved by 11% to 6.75 per million hours worked in FY25

(FY24: 7.58 per million hours worked)

▪Gold production was 22% lower at 2 720kg (87 450oz) than the 3 470kg (111 562oz) for FY24, this was,

however, expected as per plan and ended marginally above plan

▪Ore milled at 742 000 tonnes was 9% lower than the 815 000 tonnes milled for FY24

▪The recovered grade was 14% lower at 3.67g/t (FY24: 4.26g/t), yet in line with planning

▪Revenue decreased by 1% to R4 158 million (FY24: R4 198 million) due the lower gold production

negating the effect of a higher gold price received. The gold price received increased to R1 523 087/kg in

FY25 from R1 210 252/kg in the previous year

▪Cash operating costs increased by 4% to R3 162 million (FY24: R3 054 million), mainly due to annual

wage and electricity tariff increases as well as inflationary increases on consumables and contractors

▪Capital expenditure increased by 33% to R914 million from R687 million in FY24, mainly for ongoing

development and major project capital related to the 207/212 level project. A total of R454 million was

spent for ongoing development

▪Adjusted free cash flow was negatively impacted by the lower gold production decreasing to R81 million

(FY24: R457 million).

**Key indicators for FY26**

▪17-year life-of-mine

▪Production guidance of between 85 000oz and 88 500oz

▪Capital expenditure of approximately R1 194 million, mainly for ongoing development and the 207/212

level major project.

Our focus areas in FY26<br>To reduce variability, enabling development and capital expansion, including associated infrastructure.<br>

**Joel**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **1 757** | 1 729 | 1 871 |
| – Contractors |  | **285** | 198 | 191 |
| **Total** |  | **2 042** | 1 927 | 2 062 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **374** | 401 | 435 |
|  | (000t) (imperial) | **412** | 442 | 481 |
| Gold produced | (kg) | **1 634** | 1 733 | 1 947 |
|  | (oz) | **52 534** | 55 718 | 62 598 |
| Gold sold | (kg) | **1 639** | 1 708 | 1 964 |
|  | (oz) | **52 695** | 54 914 | 63 144 |
| Grade | (g/t) | **4.37** | 4.32 | 4.48 |
|  | (oz/t) | **0.128** | 0.126 | 0.130 |
| Productivity | (g/TEC) | **75.16** | 79.45 | 86.49 |
| Development results |  |  |  |  |
| – Total metres (excluding <br>capital metres)<br>|  | **3 183** | 3 194 | 3 221 |
| – Reef metres |  | **947** | 935 | 847 |
| – Capital metres |  | **—** |  |  |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **2 484** | 2 079 | 2 044 |
|  | (US$m) | **137** | 111 | 115 |
| Average gold price received | (R/kg) | **1 515 661** | 1 216 923 | 1 040 581 |
|  | (US$/oz) | **2 597** | 2 024 | 1 822 |
| Cash operating cost | (Rm) | **1 878** | 1 690 | 1 603 |
|  | (US$m) | **103** | 90 | 90 |
| Production profit | (Rm) | **608** | 416 | 427 |
|  | (US$m) | **34** | 22 | 24 |
| Capital expenditure | (Rm) | **270** | 236 | 231 |
|  | (US$m) | **15** | 13 | 13 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **336** | 153 | 210 |
|  | (US$m) | **19** | 8 | 12 |
| Cash operating cost | (R/kg) | **1 149 466** | 975 319 | 823 291 |
|  | (US$/oz) | **1 969** | 1 622 | 1 441 |
| All-in sustaining cost | (R/kg) | **1 351 641** | 1 145 064 | 950 713 |
|  | (US$/oz) | **2 316** | 1 905 | 1 665 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **4** |  |  |
| Lost-time injury frequency rate | (per million hours worked) | **3.97** | 4.70 | 1.27 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **107** | 101 | 99 |
| Water consumption – primary <br>activities<br>| (Ml) | **1 045** | 982 | 897 |
| Greenhouse gas emissions | (000tCO2e) | **112** | 101 | 103 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.29** | 0.25 | 0.23 |
| – Water | (000m<sup>3</sup>/t) | **2.79** | 2.45 | 2.06 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.30** | 0.25 | 0.24 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  |  |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **8** | 7 | 7 |
| Training and development | (Rm) | **34** | 28 | 29 |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 2.1 | 4.69 | 10 | 0.2 | 5.35 | 1 | 2.2 | 4.74 | 11 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 2.3 | 0.137 | 313 | 0.2 | 0.156 | 29 | 2.5 | 0.138 | 342 |

---

**Overview of operations**

Joel is a twin-shaft mining operation in the Free State, some 290km south-west of Johannesburg, on the

southern edge of the Witwatersrand Basin.

A pre-developed scattered-mining system is used. This enables unpay and geologically complex areas to be left

unmined, while considering the overall panel configuration and stability of footwall development. This allows

for mining to be selective, based on the proven Mineral Reserve during the development phase. The primary

economic reef mined is the narrow tabular Beatrix Reef deposit, accessed via conventional grid development.

Mining is currently being conducted to a depth of 1 379m below collar. As the Joel plant was decommissioned

in FY19, ore mined is now processed at the Harmony One plant.

**Salient features for FY25**

▪Regrettably, Joel had two loss-of-life incidents, losing three employees in one incident and another in a

separate fall-of-ground incident. Refer to *Safety transformation towards zero harm* for more

information on the causes of injury and management's safety approach

▪The lost-time injury frequency rate for FY25 improved to 3.97 per million hours worked (FY24: 4.70 per

million hours worked)

▪Gold production decreased by 6% to 1 634kg (52 534oz) from 1 733kg (55 718oz) in FY24

▪Ore milled was affected by a mud rush incident during the year, which severely impacted hoisting

operations for approximately 20 days, reflecting in total volumes of ore milled. Ore milled was 7% lower

at 374 000 tonnes (FY24: 401 000 tonnes)

▪The recovered grade at 4.37g/t was slightly higher than the 4.32g/t recorded in FY24

▪Revenue increased by 19% to R2 484 million from R2 079 million in FY24, due to an increase in the gold

price received. The average gold price received increased by 25% to R1 515 661/kg from R1 216 923/kg

in FY24

▪Cash operating costs increased by 11% to R1 878 million (FY24: 1 690 million), mainly due to annual

wage and electricity tariff increases as well as inflationary increases on consumables and contractors

▪Capital expenditure was 14% higher at R270 million (FY24: R236 million), mainly for ongoing

development

▪Adjusted free cash flow rose by 120% to R336 million from R153 million in FY24.

**Key indicators for FY26**

▪Five-year life-of-mine

▪Production guidance of between 51 800oz and 54 000oz

▪Capital expenditure of approximately R300 million, mainly for ongoing development.

Our focus areas in FY26<br>The management team's focus will be to deliver safe, profitable production in line with FY26 planning, <br>while completion of the infrastructure project for improved water handling capability in the decline <br>and hydropower roll out to development crews on 137 level.<br>

**Target 1**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **1 626** | 1 569 | 1 571 |
| – Contractors |  | **435** | 436 | 430 |
| **Total** |  | **2 061** | 2 005 | 2 001 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **391** | 462 | 365 |
|  | (000t) (imperial) | **432** | 510 | 402 |
| Gold produced | (kg) | **1 387** | 1 859 | 1 275 |
|  | (oz) | **44 593** | 59 769 | 40 992 |
| Gold sold | (kg) | **1 415** | 1 854 | 1 256 |
|  | (oz) | **45 492** | 59 608 | 40 381 |
| Grade | (g/t) | **3.55** | 4.02 | 3.49 |
|  | (oz/t) | **0.103** | 0.117 | 0.102 |
| Productivity | (g/TEC) | **62.93** | 88.65 | 60.67 |
| Development results |  |  |  |  |
| – Total metres (excluding <br>capital metres)<br>|  | **1 759** | 1 915 | 1 387 |
| – Reef metres |  | **233** | 13 | 47 |
| – Capital metres |  | **—** |  |  |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **2 161** | 2 262 | 1 308 |
|  | (US$m) | **119** | 121 | 74 |
| Average gold price received | (R/kg) | **1 527 507** | 1 219 817 | 1 041 564 |
|  | (US$/oz) | **2 617** | 2 029 | 1 824 |
| Cash operating cost | (Rm) | **2 508** | 2 354 | 2 033 |
|  | (US$m) | **138** | 126 | 114 |
| Production profit | (Rm) | **(372)** | (90) | (701) |
|  | (US$m) | **(21)** | (5) | (39) |
| Capital expenditure | (Rm) | **491** | 488 | 428 |
|  | (US$m) | **27** | 26 | 24 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **(837)** | (580) | (1 153) |
|  | (US$m) | **(46)** | (31) | (65) |
| Cash operating cost | (R/kg) | **1 808 182** | 1 266 487 | 1 594 661 |
|  | (US$/oz) | **3 098** | 2 107 | 2 792 |
| All-in sustaining cost | (R/kg) | **2 203 514** | 1 558 946 | 1 903 111 |
|  | (US$/oz) | **3 775** | 2 593 | 3 332 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** |  |  |
| Lost-time injury frequency rate | (per million hours worked) | **10.26** | 6.24 | 9.54 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **224** | 233 | 212 |
| Water consumption – primary <br>activities<br>| (Ml) | **777** | 590 | 804 |
| Greenhouse gas emissions | (000tCO2e) | **237** | 236 | 223 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.57** | 0.50 | 0.58 |
| – Water | (000m<sup>3</sup>/t) | **1.99** | 1.28 | 2.20 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.61** | 0.51 | 0.61 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  | 1 |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **8** | 11 | 8 |
| Training and development | (Rm) | **59** | 63 | 53 |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 2.4 | 4.46 | 11 | 1.1 | 4.48 | 5 | 3.5 | 4.47 | 16 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 2.7 | 0.130 | 347 | 1.2 | 0.131 | 156 | 3.9 | 0.130 | 503 |

---

**Overview of operations**

Target 1 is an advanced, single-shaft, deep-level mine in the Free State, some 270km south-west of

Johannesburg. It has a planned life-of-mine of six years.

While most of the ore extracted comes from mechanised mining (massive mining techniques),

conventional stoping is still employed primarily to destress areas ahead of mechanised mining. The gold

mineralisation currently exploited is contained in a succession of Elsburg and Dreyerskuil quartz pebble

conglomerate reefs. These reefs are mined to a depth of around 2 300m below surface. Ore mined is

milled and processed at the Target plant, with gold recovered by means of gold cyanide leaching.

**Salient features for FY25**

▪Reached 2.1 million loss-of-life free shifts during the year under review

▪The lost-time injury frequency rate deteriorated from 6.24 per million hours worked in FY24 to 10.26 per

million hours worked in FY25. Refer to *Safety transformation towards zero harm* for more information

on the causes of injury and management's safety approach

▪Gold produced at 1 387kg (44 593oz) was 25% lower than the 1 859kg (59 769oz) recorded in FY24. The

operation experienced numerous infrastructure-related challenges that delayed the expected ramp-up

of production. Comprehensive work is underway to eliminate these challenges

▪Ore milled was 15% lower at 391 000 tonnes compared to 462 000 tonnes in FY24

▪The recovered grade at 3.55g/t was 12% lower (FY24: 4.02g/t)

▪Revenue was impacted by the lower gold production and was 4% lower at R2 161 million (FY24: R2 262

million). A higher average gold price received partially offset the effect of lower gold production,

increasing by 25% from R1 219 817/kg in FY24 to R1 527 507/kg

▪Cash operating costs increased by 7% to R2 508 million (FY24: R2 354 million) impacted by annual wage

and electricity tariff increases as well as an increase in the cost of maintenance-related consumables

▪Capital expenditure remained steady at R491 million (FY24: R488 million), mainly for ongoing

development, the replacement of trackless machinery, and level 9 compliance. A total of R197 million

was spent for ongoing development.

**Key indicators for FY26**

▪Six-year life-of-mine

▪Production guidance of between 54 100oz and 59 000oz

▪Capital expenditure of approximately R463 million, mainly for ongoing development and equipment

replacement.

Our focus areas in FY26<br>The management team's focus will be to deliver safe, profitable production in line with FY26 planning <br>and finalise infrastructure projects for improved water handling capability.<br>

**Kusasalethu**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **3 499** | 3 502 | 3 502 |
| – Contractors |  | **473** | 466 | 468 |
| **Total** |  | **3 972** | 3 968 | 3 970 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **544** | 584 | 567 |
|  | (000t) (imperial) | **599** | 644 | 626 |
| Gold produced | (kg) | **3 629** | 3 842 | 3 460 |
|  | (oz) | **116 675** | 123 523 | 111 242 |
| Gold sold | (kg) | **3 658** | 3 795 | 3 481 |
|  | (oz) | **117 607** | 122 011 | 111 917 |
| Grade | (g/t) | **6.67** | 6.58 | 6.10 |
|  | (oz/t) | **0.195** | 0.192 | 0.178 |
| Productivity | (g/TEC) | **82.17** | 88.27 | 78.76 |
| Development results |  |  |  |  |
| – Total metres (excluding <br>capital metres)<br>|  | **2 993** | 2 724 | 2 822 |
| – Reef metres |  | **535** | 472 | 992 |
| – Capital metres |  | **—** |  |  |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **5 594** | 4 638 | 3 621 |
|  | (US$m) | **308** | 248 | 204 |
| Average gold price received | (R/kg) | **1 529 149** | 1 222 101 | 1 040 274 |
|  | (US$/oz) | **2 620** | 2 033 | 1 821 |
| Cash operating cost | (Rm) | **3 964** | 3 709 | 3 311 |
|  | (US$m) | **218** | 198 | 186 |
| Production profit | (Rm) | **1 590** | 968 | 278 |
|  | (US$m) | **88** | 52 | 16 |
| Capital expenditure | (Rm) | **461** | 226 | 253 |
|  | (US$m) | **25** | 12 | 14 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **1 169** | 704 | 57 |
|  | (US$m) | **64** | 38 | 3 |
| Cash operating cost | (R/kg) | **1 092 265** | 965 284 | 956 938 |
|  | (US$/oz) | **1 871** | 1 606 | 1 675 |
| All-in sustaining cost | (R/kg) | **1 256 873** | 1 058 639 | 1 068 851 |
|  | (US$/oz) | **2 153** | 1 761 | 1 871 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** | 2 | 3 |
| Lost-time injury frequency rate | (per million hours worked) | **8.86** | 9.89 | 7.71 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **523** | 542 | 591 |
| Water consumption – primary <br>activities<br>| (Ml) | **2 215** | 3 020 | 2 734 |
| Greenhouse gas emissions | (000tCO2e) | **544** | 542 | 616 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.96** | 0.93 | 1.04 |
| – Water | (000m<sup>3</sup>/t) | **4.07** | 5.17 | 4.82 |
| – Greenhouse gas emissions | (tCO2e/t) | **1.00** | 0.93 | 1.09 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  | 2 |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **10** | 12 | 25 |
| Training and development | (Rm) | **18** | 16 | 18 |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 1.9 | 6.26 | 12 |  | 4.94 | 0.1 | 1.9 | 6.24 | 12 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 2.1 | 0.182 | 377 | – | 0.144 | 4 | 2.1 | 0.182 | 381 |

---

**Overview of operations**

Kusasalethu is a mature, deep-level mine 90km west of Johannesburg, near the border of Gauteng and

North West provinces. Mining is at a depth of 3 388m with three years'

life-of-mine remaining.

The mine comprises twin vertical and twin sub-vertical shaft systems and uses conventional mining

methods in a sequential grid layout. It exploits the Ventersdorp Contact Reef as its primary orebody. Ore

mined is treated at the Mponeng plant.

**Salient features for FY25**

▪Achieved 1 800 000 loss-of-life free shifts during the year

▪The lost-time injury frequency rate improved by 10% to 8.86 per million hours worked in FY25 (FY24:

9.89 per million hours worked). Refer to *Safety transformation towards zero harm*for more information

on the causes of injury and management's safety approach

▪Gold production decreased to 3 629kg (116 675oz), 6% lower than the 3 842kg (123 523oz) achieved in

FY24

▪Ore milled was 7% lower at 544 000 tonnes (FY24: 584 000 tonnes)

▪The recovered grade was marginally higher at 6.67g/t, compared to 6.58g/t in the previous year

▪Gold revenue increased by 21% to R5 594 million (FY24: R4 638 million) due to a higher gold price

received. The average gold price received rose by 25% to R1 529 149/kg from R1 222 101/kg in FY24

▪Cash operating costs were 7% higher at R3 964 million (FY24: R3 709 million), mainly due to annual wage

and electricity tariff increases as well as higher MPRDA royalties. Royalties increased by 47% to R106

million (FY24: R72 million)

▪Capital expenditure increased to R461 million (FY24: R226 million), mainly for ongoing development and

establishing a viable backfill source from Savuka plant. A total of R203 million was spent on ongoing

development

▪Adjusted free cash flow rose by 66% to R1 169 million (FY24: R704 million).

**Key indicators for FY26**

▪Three-year life-of-mine

▪Production guidance of between 103 700oz and 110 200oz

▪Capital expenditure of approximately R420 million, mainly for ongoing development.

Our focus areas in FY26<br>Continue exploration and development, aiming to identify opportunities for expansion and growth.<br>

**Masimong**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **1 923** | 1 945 | 1 938 |
| – Contractors |  | **166** | 148 | 126 |
| **Total** |  | **2 089** | 2 093 | 2 064 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **424** | 473 | 470 |
|  | (000t) (imperial) | **468** | 523 | 519 |
| Gold produced | (kg) | **1 478** | 1 780 | 1 961 |
|  | (oz) | **47 519** | 57 229 | 63 047 |
| Gold sold | (kg) | **1 483** | 1 756 | 1 980 |
|  | (oz) | **47 679** | 56 457 | 63 659 |
| Grade | (g/t) | **3.49** | 3.76 | 4.17 |
|  | (oz/t) | **0.102** | 0.109 | 0.121 |
| Productivity | (g/TEC) | **64.41** | 77.75 | 88.77 |
| Development results |  |  |  |  |
| – Total metres (excluding <br>capital metres)<br>|  | **2 652** | 2 474 | 2 921 |
| – Reef metres |  | **937** | 640 | 1 129 |
| – Capital metres |  | **—** |  |  |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **2 245** | 2 137 | 2 053 |
|  | (US$m) | **124** | 114 | 116 |
| Average gold price received | (R/kg) | **1 513 550** | 1 216 723 | 1 036 670 |
|  | (US$/oz) | **2 593** | 2 024 | 1 815 |
| Cash operating cost | (Rm) | **1 973** | 1 882 | 1 709 |
|  | (US$m) | **109** | 101 | 96 |
| Production profit | (Rm) | **265** | 284 | 329 |
|  | (US$m) | **15** | 15 | 19 |
| Capital expenditure | (Rm) | **111** | 44 | 47 |
|  | (US$m) | **6** | 2 | 3 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **161** | 211 | 297 |
|  | (US$m) | **9** | 11 | 17 |
| Cash operating cost | (R/kg) | **1 334 765** | 1 057 287 | 871 508 |
|  | (US$/oz) | **2 287** | 1 759 | 1 526 |
| All-in sustaining cost | (R/kg) | **1 455 114** | 1 121 951 | 925 703 |
|  | (US$/oz) | **2 493** | 1 866 | 1 621 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** |  |  |
| Lost-time injury frequency rate | (per million hours worked) | **4.43** | 3.20 | 3.89 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **142** | 140 | 134 |
| Water consumption – <br>primaryactivities<br>| (Ml) | **676** | 647 | 1 217 |
| Greenhouse gas emissions | (000tCO2e) | **148** | 140 | 139 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.34** | 0.30 | 0.28 |
| – Water | (000m<sup>3</sup>/t) | **1.60** | 1.37 | 2.59 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.35** | 0.30 | 0.30 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  |  |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **8** | 11 | 9 |
| Training and development | (Rm) | **38** | 34 | 32 |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes**<br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 0.6 | 4.22 | 3 | 0.2 | 3.42 | 1 | 0.9 | 4.03 | 3 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 0.7 | 0.123 | 88 | 0.2 | 0.100 | 23 | 0.9 | 0.117 | 110 |

---

**Overview of operations**

Masimong is a deep-level mine in the Free State, near Welkom, some 260km from Johannesburg. The

operation is close to the end of its mine life, with two years of mining left. Masimong is a mine that

reflects the effectiveness of Harmony's business model.

The Masimong complex comprises two shafts with 5 shaft used as the operating shaft and 4 shaft for

ventilation, pumping and a second escape outlet. Masimong exploits the Basal Reef and B Reef, using a

conventional tabular narrow-reef stoping method. Mining is conducted at a depth of 1 650m to 2 010m

below collar. Ore mined is processed at the nearby Harmony One plant.

**Salient features for FY25**

▪Reached 4.2 million loss-of-life free shifts during FY25

▪The lost-time injury frequency rate deteriorated to 4.43 per million hours worked in FY25 (FY24: 3.20

per million hours worked). Refer to *Safety transformation towards zero harm* for more information

on the causes of injury and management's safety approach

▪Gold produced was 17% lower at 1 478kg (47 519oz) when compared to the 1 780kg (57 229oz)

recorded in FY24

▪Ore milled at 424 000 tonnes (FY24: 473 000 tonnes) was 10% lower than the previous year, affected

by operational and hoisting challenges

▪The recovered grade was impacted by lower face grades and, as a result, decreased to 3.49g/t from

3.76g/t, 7% lower

▪Gold revenue increased by 5% to R2 245 million (FY24: R2 137 million) with the lower production

offset by a 24% rise in the gold price to R1 513 550/kg from R1 216 723/kg in FY24

▪Cash operating costs increased by 5% to R1 973 million (FY24: R1 882 million), mainly due to annual

wage and electricity tariff increases

▪Capital expenditure increased to R111 million (FY24: R44 million), mainly for the replacement of

equipment.

**Key indicators for FY26**

▪Two-year life-of-mine

▪Production guidance of between 47 500oz and 50 500oz

▪Capital expenditure of approximately R115 million, mainly for abnormal expenditure and plant-

related capital.

Our focus areas in FY26<br>The management team's focus will be to deliver safe, profitable production in line with FY26 <br>planning, while continuing to develop into identified isolated blocks of ground for a possible one-<br>year extension to the life-of-mine.<br>

South Africa – surface operations

**Mine Waste Solutions (tailings retreatment)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **544** | 516 | 493 |
| – Contractors |  | **1 633** | 1 880 | 1 692 |
| **Total** |  | **2 177** | 2 396 | 2 185 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **23 054** | 22 655 | 23 067 |
|  | (000t) (imperial) | **25 423** | 24 982 | 25 437 |
| Gold produced | (kg) | **2 996** | 3 770 | 2 804 |
|  | (oz) | **96 323** | 121 207 | 90 150 |
| Gold sold | (kg) | **3 057** | 3 742 | 2 781 |
|  | (oz) | **98 284** | 120 309 | 89 412 |
| Grade | (g/t) | **0.130** | 0.166 | 0.122 |
|  | (oz/t) | **0.004** | 0.005 | 0.004 |
| Productivity | (g/TEC) | **288.35** | 481.06 | 362.96 |
| **Financial** |  |  |  |  |
| Revenue<sup>1</sup> | (Rm) | **4 458** | 4 016 | 2 689 |
|  | (US$m) | **246** | 215 | 151 |
| Average gold price received | (R/kg) | **1 430 061** | 986 777 | 845 341 |
|  | (US$/oz) | **2 450** | 1 641 | 1 480 |
| Cash operating cost | (Rm) | **2 204** | 2 056 | 1 821 |
|  | (US$m) | **121** | 110 | 102 |
| Production profit | (Rm) | **2 239** | 1 969 | 879 |
|  | (US$m) | **123** | 105 | 50 |
| Capital expenditure | (Rm) | **1 061** | 1 463 | 932 |
|  | (US$m) | **58** | 78 | 52 |
| Adjusted free cash flow<sup>2</sup> | (Rm) | **1 107** | 174 | (402) |
|  | (US$m) | **61** | 9 | (23) |
| Cash operating cost | (R/kg) | **735 525** | 545 310 | 649 264 |
|  | (US$/oz) | **1 260** | 907 | 1 137 |
| All-in sustaining cost | (R/kg) | **795 380** | 605 710 | 721 034 |
|  | (US$/oz) | **1 363** | 1 008 | 1 262 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** |  |  |
| Lost-time injury frequency rate | (per million hours worked) | **5.41** | 4.04 | 4.55 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **224** | 212 | 205 |
| Water consumption – primary <br>activities<br>| (Ml) | **5 710** | 5 744 | 5 714 |
| Greenhouse gas emissions | (000tCO2e) | **244** | 222 | 222 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.01** | 0.01 | 0.01 |
| – Water | (000m<sup>3</sup>/t) | **0.25** | 0.25 | 0.25 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.01** | 0.01 | 0.01 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  |  |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **—** |  |  |
| Training and development | (Rm) | **15** | 11 | 11 |

---

<sup>1</sup>*Includes a non-cash consideration for the streaming arrangement with Franco-Nevada.*

<sup>2</sup>*Adjusted free cash flow = revenue – Franco-Nevada non-cash consideration – cash operating cost – capital expenditure as* 

*per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 7.8 | 0.30 | 2 | 151.1 | 0.25 | 38 | 158.9 | 0.25 | 40 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 8.5 | 0.009 | 76 | 166.6 | 0.007 | 1 206 | 175.1 | 0.007 | 1 282 |

---

**Overview of operations**

Mine Waste Solutions is a tailings retreatment operation near Klerksdorp in the North West province. It

reprocesses low-grade material from tailings storage facilities scattered across the Vaal River and

Stilfontein area to reduce the tailings footprint.

The operation was acquired from AngloGold Ashanti Limited in October 2020.

Harmony's subsidiary, Chemwes Proprietary Limited, the owner of Mine Waste Solutions, had a contract

with Franco-Nevada Barbados (Franco-Nevada) where Franco-Nevada was entitled to receive 25% of all

the gold produced through Mine Waste Solutions.

On 23 October 2024, Harmony fulfilled all its obligations stemming from the streaming agreement with

Franco-Nevada. From this date onwards, all gold revenue generated was based on quoted market prices.

**Salient features for FY25**

▪The lost-time injury frequency rate at Mine Waste Solutions improved to 3.86 per million hours worked

(FY24: 4.04 per million hours worked). Refer to *Safety transformation towards zero harm* for more

information on the causes of injury and management's safety approach

▪Gold production was 21% lower at 2 996kg (96 323oz) (FY24: 3 770kg (121 207oz)), affected by the

delayed start-up of stream 4, unusually high rainfall and other operational challenges such as electricity

supply failures

▪Ore processed was 2% higher at 23.05 million tonnes compared to 22.66 million tonnes in FY24

▪The recovered grade was affected by the aforementioned challenges and was 22% lower at 0.130g/t

(FY24: 0.166g/t)

▪Revenue increased by 11% to R4 458 million (FY24: R4 016 million), mainly due to the settlement of the

Franco-Nevada contract in October 2024. This resulted in the operation benefiting fully from the higher

gold prices. The gold price received rose by 45% to R1 430 061/kg, compared to R986 777/kg in FY24

▪Cash operating costs increased by 7% to R2 204 million (FY24: R2 056 million), mainly due to annual

wage and electricity tariff increases as well as an increase in water costs, driven by additional charges

from the Department of Water and Sanitation related to the pumping of water

▪Capital expenditure of R1 061 million was incurred for the year, 27% lower than the R1 463 million

during FY24. Capital was mainly for the Kareerand expansion project as well as the Mispah pump station

▪Adjusted free cash rose significantly to R1 107 million (FY24: R174 million).

**Key indicators for FY26**

▪14-year life-of-mine

▪Production guidance of approximately 98 800oz

▪Capital expenditure of approximately R858 million, mainly for the completion of the Kareerand

extension project.

Our focus areas in FY26<br>Completion of major projects in line with life-of-mine extension. Focus on mining according to plan and <br>achieve operational excellence in all aspects of the business.<br>

**Kalgold**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **258** | 266 | 255 |
| – Contractors |  | **485** | 475 | 470 |
| **Total** |  | **743** | 741 | 725 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **1 464** | 1 492 | 1 377 |
|  | (000t) (imperial) | **1 614** | 1 645 | 1 519 |
| Gold produced | (kg) | **1 236** | 1 425 | 1 175 |
|  | (oz) | **39 738** | 45 815 | 37 778 |
| Gold sold | (kg) | **1 206** | 1 423 | 1 163 |
|  | (oz) | **38 774** | 45 750 | 37 392 |
| Grade | (g/t) | **0.84** | 0.96 | 0.85 |
|  | (oz/t) | **0.025** | 0.028 | 0.025 |
| Productivity | (g/TEC) | **137.01** | 186.71 | 106.90 |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **1 842** | 1 730 | 1 212 |
|  | (US$m) | **101** | 93 | 68 |
| Average gold price received | (R/kg) | **1 527 460** | 1 216 047 | 1 041 891 |
|  | (US$/oz) | **2 617** | 2 023 | 1 824 |
| Cash operating cost | (Rm) | **1 196** | 1 057 | 915 |
|  | (US$m) | **66** | 57 | 52 |
| Production profit | (Rm) | **679** | 677 | 313 |
|  | (US$m) | **37** | 36 | 18 |
| Capital expenditure | (Rm) | **150** | 263 | 219 |
|  | (US$m) | **8** | 14 | 12 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **480** | 409 | 68 |
|  | (US$m) | **26** | 22 | 4 |
| Cash operating cost | (R/kg) | **967 820** | 741 469 | 778 997 |
|  | (US$/oz) | **1 658** | 1 233 | 1 364 |
| All-in sustaining cost | (R/kg) | **1 120 160** | 949 112 | 986 677 |
|  | (US$/oz) | **1 919** | 1 579 | 1 728 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** |  |  |
| Lost-time injury frequency rate | (per million hours worked) | **3.54** | 1.46 | 6.59 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **53** | 54 | 53 |
| Water consumption – primary <br>activities<br>| (Ml) | **260** | 285 | 267 |
| Greenhouse gas emissions | (000tCO2e) | **73** | 73 | 72 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.04** | 0.04 | 0.04 |
| – Water | (000m<sup>3</sup>/t) | **0.18** | 0.19 | 0.19 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.05** | 0.05 | 0.05 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  | 1 |
| **Community** |  |  |  |  |
| Local economic development | (Rm) | **3** | 2 | 3 |
| Training and development | (Rm) | **15** | 10 | 9 |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure ± impact of run-of-mine costs as per operating* 

*results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 10.3 | 0.96 | 10 | 8.3 | 1.12 | 9 | 18.7 | 1.03 | 19 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 11.4 | 0.028 | 319 | 9.2 | 0.033 | 299 | 20.6 | 0.030 | 618 |

---

**Overview of operations**

Kalgold is a long-life, open-pit gold mine on the Kraaipan Greenstone Belt, 55km south-west of Mahikeng

in North West province.

Mining takes place from the A-zone pit, Watertank pit, Henry's pit as well as Windmill pit. Mined ore is

processed at the carbon-in-leach Kalgold plant.

**Salient features for FY25**

▪Kalgold maintained its loss-of-life free record in FY25

▪The lost-time injury frequency rate deteriorated to 3.54 per million hours worked (FY24: 1.46 per million

hours worked). Refer to *Safety transformation towards zero harm* for more information on the causes of

injury and management's safety approach

▪Gold production was 13% lower at 1 236kg (39 738oz) compared to 1 425kg (45 815oz) in FY24

▪Ore milled was marginally lower than in FY24 at 1.45 million tonnes (FY24: 1.49 million tonnes)

▪The recovered grade at 0.84g/t was 13% lower than the 0.96g/t recorded in the previous year. Affected

by lower feed grades in the A-zone and Windmill pits as well as inclement weather affecting the loading

of higher-grade blocks

▪Gold revenue increased by 6% to R1 842 million (FY24: R1 730 million), despite the lower production

and aided by a higher gold price received. The gold price received increased by 26% to R1 527 460/kg

compared to R1 216 047/kg in FY24

▪Cash operating cost increased by 13% to R1 196 million (FY24: R1 057 million), mainly due to a decrease

in capitalised stripping credits as well as annual wage and electricity tariff increases

▪Capital expenditure decreased by 43% to R150 million (FY24: R263 million), mainly due to lower

capitalised stripping. The majority of expenditure was, however, still related to capitalised stripping

amounting to R114 million (FY24: R216 million)

▪Adjusted free cash increased by 17% to R480 million (FY24: R409 million).

**Key indicators for FY26**

▪12-year life-of-mine

▪Production guidance of between 39 100oz and 40 700oz

▪Capital expenditure of approximately R79 million, mainly for plant capital.

Our focus areas in FY26<br>Main focus will be on maintaining steady production from all four pits and sustain the current 130 000 <br>tonnes per month. Further strive to acquire the prospecting rights of south of D-Zone Area for <br>exploration drilling for the operation's organic growth. <br>

**Phoenix (tailings retreatment)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **88** | 86 | 85 |
| – Contractors |  | **355** | 261 | 265 |
| **Total** |  | **443** | 347 | 350 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **5 857** | 6 067 | 6 218 |
|  | (000t) (imperial) | **6 459** | 6 691 | 6 857 |
| Gold produced | (kg) | **954** | 923 | 833 |
|  | (oz) | **30 673** | 29 674 | 26 782 |
| Gold sold | (kg) | **960** | 905 | 843 |
|  | (oz) | **30 865** | 29 096 | 27 102 |
| Grade | (g/t) | **0.163** | 0.152 | 0.134 |
|  | (oz/t) | **0.005** | 0.004 | 0.004 |
| Productivity | (g/TEC) | **443.92** | 449.21 | 416.17 |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **1 570** | 1 140 | 889 |
|  | (US$m) | **86** | 61 | 50 |
| Average gold price received | (R/kg) | **1 635 717** | 1 259 294 | 1 054 262 |
|  | (US$/oz) | **2 802** | 2 095 | 1 846 |
| Cash operating cost | (Rm) | **571** | 546 | 504 |
|  | (US$m) | **31** | 29 | 28 |
| Production profit | (Rm) | **999** | 603 | 379 |
|  | (US$m) | **55** | 32 | 21 |
| Capital expenditure | (Rm) | **116** | 14 | 37 |
|  | (US$m) | **6** | 1 | 2 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **884** | 580 | 347 |
|  | (US$m) | **49** | 31 | 20 |
| Cash operating cost | (R/kg) | **598 172** | 591 742 | 605 167 |
|  | (US$/oz) | **1 025** | 984 | 1 060 |
| All-in sustaining cost | (R/kg) | **721 816** | 617 051 | 653 241 |
|  | (US$/oz) | **1 237** | 1 026 | 1 144 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **1** |  |  |
| Lost-time injury frequency rate | (per million hours worked) | **2** |  |  |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **42** | 40 | 40 |
| Water consumption – primary <br>activities<br>| (Ml) | **314** | 98 | 34 |
| Greenhouse gas emissions | (000tCO2e) | **44** | 40 | 41 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.01** | 0.01 | 0.01 |
| – Water | (000m<sup>3</sup>/t) | **0.05** | 0.02 | 0.01 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.01** | 0.01 | 0.01 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  |  |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 30.4 | 0.27 | 8 |  |  |  | 30.4 | 0.27 | 8 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 33.5 | 0.008 | 261 |  |  |  | 33.5 | 0.008 | 261 |

---

**Overview of operations**

Phoenix is a tailings retreatment operation in Virginia, Free State. It retreats tailings from Harmony's

tailings storage facilities in the Free State region to extract any residual gold, using the Saaiplaas plant. It is

100% owned by the black economic empowerment company, Tswelopele Beneficiation Operation

Proprietary Limited, of which Harmony is a 77% shareholder.

**Salient features for FY25**

▪Regrettably, one life was lost during FY25. Refer to*Safety transformation towards zero harm* for more

information on the causes of injury and management's safety approach

▪Gold production increased by 3% to 954kg (30 673oz) from 923kg (29 674oz) in FY24

▪Ore processed was marginally lower at 5.9 million tonnes, 3% lower than the 6.1 million tonnes

processed in FY24

▪The recovered grade increased to 0.163g/t, a 7% increase over the 0.152g/t recorded in the previous

year

▪Revenue rose by 38% to R1 570 million (FY24: R1 140 million) due to a higher gold price received and

gold production. The gold price received increased by 30% to R1 635 717/kg from R1 259 294/kg in FY24

▪All-in sustaining cost increased by 17% to R721 816/kg (FY24: R617 051/kg), mainly as a result of an

increase in sustaining capital. Cash operating costs increased by 5% from R546 million in FY24 to R571

million, mainly due to annual wage and electricity tariff increases

▪Capital expenditure increased to R116 million (FY24: R14 million), mainly spent on the establishing of

FSS6 feed source and plant maintenance

▪Phoenix generated adjusted free cash of R884 million, a 52% increase over the R580 million recorded in

FY24.

**Key indicators for FY26**

▪Five-year life-of-mine

▪Production guidance of approximately 25 400oz

▪Capital expenditure of approximately R86 million, mainly for the completion of FSS6 feed source and

plant capital.

Our focus areas in FY26<br>Successful commissioning of FSS6 reclamation to replace Brand D reclamation. Achieve operational <br>excellence in all aspects of the business.<br>

**Central Plant Reclamation (tailings retreatment)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **88** | 96 | 95 |
| – Contractors |  | **183** | 154 | 170 |
| **Total** |  | **271** | 250 | 265 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **3 912** | 3 936 | 3 972 |
|  | (000t) (imperial) | **4 313** | 4 340 | 4 380 |
| Gold produced | (kg) | **646** | 615 | 577 |
|  | (oz) | **20 770** | 19 773 | 18 552 |
| Gold sold | (kg) | **655** | 609 | 572 |
|  | (oz) | **21 059** | 19 580 | 18 391 |
| Grade | (g/t) | **0.165** | 0.156 | 0.145 |
|  | (oz/t) | **0.005** | 0.005 | 0.004 |
| Productivity | (g/TEC) | **323.90** | 306.51 | 289.99 |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **1 013** | 741 | 599 |
|  | (US$m) | **56** | 40 | 34 |
| Average gold price received | (R/kg) | **1 547 217** | 1 216 856 | 1 046 428 |
|  | (US$/oz) | **2 651** | 2 024 | 1 832 |
| Cash operating cost | (Rm) | **362** | 359 | 330 |
|  | (US$m) | **20** | 19 | 19 |
| Production profit | (Rm) | **645** | 386 | 272 |
|  | (US$m) | **36** | 21 | 15 |
| Capital expenditure | (Rm) | **20** | 36 | 31 |
|  | (US$m) | **1** | 2 | 2 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **631** | 346 | 238 |
|  | (US$m) | **35** | 19 | 13 |
| Cash operating cost | (R/kg) | **560 797** | 583 657 | 572 213 |
|  | (US$/oz) | **961** | 971 | 1 002 |
| All-in sustaining cost | (R/kg) | **594 711** | 646 522 | 633 098 |
|  | (US$/oz) | **1 019** | 1 075 | 1 108 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** |  |  |
| Lost-time injury frequency rate | (per million hours worked) | **2** |  | 2 |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **24** | 24 | 24 |
| Water consumption – primary <br>activities<br>| (Ml) | **224** | 178 | 171 |
| Greenhouse gas emissions | (000tCO2e) | **27** | 27 | 27 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **0.01** | 0.01 | 0.01 |
| – Water | (000m<sup>3</sup>/t) | **0.06** | 0.05 | 0.04 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.01** | 0.01 | 0.01 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  |  |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  |  |  |  | 39.7 | 0.27 | 11 | 39.7 | 0.27 | 11 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  |  |  |  | 43.7 | 0.008 | 343 | 43.7 | 0.008 | 343 |

---

**Overview of operations**

Central Plant Reclamation is a tailings retreatment operation near Welkom in the Free State. Originally built to

process waste rock dumps, it was converted into a tailings retreatment facility in FY17.

**Salient features for FY25**

▪Central Plant Reclamation maintained its good safety performance

▪Gold production at 646kg (20 770oz) increased by 5% over the 615kg (19 773oz) produced in FY24

▪Ore processed was maintained at 3.9 million tonnes (FY24: 3.9 million tonnes)

▪The recovered grade increased by 6% to 0.165g/t (FY24: 0.156g/t)

▪Revenue increased to R1 013 million from R741 million, a 37% increase due to a higher gold price

received and gold production. The gold price received increased by 27% to R1 547 217/kg from R1 216

856/kg in FY24

▪All-in sustaining cost decreased by 8% to R594 711/kg (FY24: R646 522/kg), due to the higher gold

production. Cash cost increased by only 1% due to a decrease in royalties, as exemption has been

granted since the dumps were established pre-2004

▪Capital expenditure decreased from R36 million in FY24 to R20 million for the current year, mainly

towards plant capital

▪Adjusted free cash rose by 82% to R631 million (FY24: R346 million).

**Key indicators for FY26**

▪11-year life-of-mine

▪Production guidance of approximately 17 600oz

▪Capital expenditure of approximately R105 million, mainly towards the FSS3 feed source and plant

capital.

Our focus areas in FY26<br>Successful commissioning of FSS3 reclamation to replace FSS5 reclamation. Achieve operational <br>excellence in all aspects of the business.<br>

**Savuka (tailings retreatment)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **100** | 100 | 96 |
| – Contractors |  | **140** | 140 | 107 |
| **Total** |  | **240** | 240 | 203 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **3 669** | 4 019 | 3 880 |
|  | (000t) (imperial) | **4 046** | 4 431 | 4 278 |
| Gold produced | (kg) | **568** | 609 | 593 |
|  | (oz) | **18 261** | 19 579 | 19 066 |
| Gold sold | (kg) | **560** | 615 | 591 |
|  | (oz) | **18 004** | 19 773 | 19 001 |
| Grade | (g/t) | **0.155** | 0.152 | 0.153 |
|  | (oz/t) | **0.005** | 0.004 | 0.004 |
| Productivity<sup>1</sup> | (g/TEC) | **250.13** | 272.98 | 199.25 |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **861** | 753 | 614 |
|  | (US$m) | **47** | 40 | 35 |
| Average gold price received | (R/kg) | **1 538 107** | 1 223 769 | 1 038 531 |
|  | (US$/oz) | **2 635** | 2 036 | 1 818 |
| Cash operating cost | (Rm) | **391** | 355 | 319 |
|  | (US$m) | **22** | 19 | 18 |
| Production profit | (Rm) | **476** | 393 | 296 |
|  | (US$m) | **26** | 21 | 17 |
| Capital expenditure | (Rm) | **48** | 21 | 16 |
|  | (US$m) | **3** | 1 | 1 |
| Adjusted free cash flow<sup>2</sup> | (Rm) | **423** | 377 | 278 |
|  | (US$m) | **23** | 20 | 16 |
| Cash operating cost | (R/kg) | **687 736** | 583 233 | 538 202 |
|  | (US$/oz) | **1 178** | 970 | 942 |
| All-in sustaining cost | (R/kg) | **773 316** | 617 621 | 564 738 |
|  | (US$/oz) | **1 325** | 1 027 | 989 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** |  |  |
| Lost-time injury frequency rate | (per million hours worked) | **2.48** |  |  |

---

<sup>1</sup>*FY24 figure restated.*

<sup>2</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  |  |  |  | 24.1 | 0.33 | 8 | 24.1 | 0.33 | 8 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  |  |  |  | 26.5 | 0.010 | 254 | 26.5 | 0.010 | 254 |

---

**Overview of operations**

Savuka plant is situated near the town of Carletonville and was acquired from AngloGold Ashanti Limited in

October 2020. The plant originally treated both waste rock and tailings, but was converted to a tailings

treatment facility in October 2021 when the milling section of the plant was decommissioned.

**Salient features for FY25**

▪The operation maintained its good safety performance

▪Gold production was 7% lower at 568kg (18 261oz) when compared to the 609kg (19 579oz) in the

previous year

▪Ore processed at 3.7 million tonnes was 8% lower than the 4.0 million tonnes processed in FY24

▪The recovered grade was marginally higher at 0.155g/t, a 2% increase over the 0.152g/t in FY24

▪Gold revenue at R861 million (FY24: R753 million) was higher, mainly due to an increase in the average

gold price received from R1 223 769/kg to R1 538 107/kg, a 26% rise

▪The all-in sustaining cost increased by 25% to R773 316/kg (FY24: R617 621/kg) due to a 10% increase in

cash operating cost, an increase in sustaining capex as well as lower production. Cash cost increased due

to annual wage and electricity tariff increases as well as a 41% rise in MPRDA royalties

▪Sustaining capex increased by R27 million to R48 million (FY24: R21 million), mainly for plant

maintenance.

**Key indicators for FY26**

▪Seven-year life-of-mine

▪Production guidance of approximately 17 600oz

▪Capital expenditure of approximately R146 million, mainly for the 7A/7B deposition project and plant

capital.

Our focus areas in FY26<br>Complete tailings life extension project and integration of backfill supply to Kusasalethu mine. Achieve <br>operational excellence in all aspects of the business.<br>

**Waste rock dumps**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **3 885** | 4 162 | 3 935 |
|  | (000t) (imperial) | **4 285** | 4 590 | 4 339 |
| Gold produced | (kg) | **1 475** | 1 724 | 1 541 |
|  | (oz) | **47 422** | 55 429 | 49 544 |
| Gold sold | (kg) | **1 458** | 1 718 | 1 549 |
|  | (oz) | **46 875** | 55 235 | 49 801 |
| Grade | (g/t) | **0.380** | 0.414 | 0.392 |
|  | (oz/t) | **0.011** | 0.012 | 0.011 |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **2 208** | 2 100 | 1 631 |
|  | (US$m) | **122** | 112 | 92 |
| Average gold price received | (R/kg) | **1 514 674** | 1 222 494 | 1 052 903 |
|  | (US$/oz) | **2 595** | 2 034 | 1 844 |
| Cash operating cost | (Rm) | **1 431** | 1 395 | 1 313 |
|  | (US$m) | **79** | 75 | 74 |
| Production profit | (Rm) | **773** | 712 | 311 |
|  | (US$m) | **43** | 38 | 18 |
| Capital expenditure | (Rm) | **—** | 4 | 12 |
|  | (US$m) | **—** |  | 1 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **778** | 700 | 306 |
|  | (US$m) | **43** | 37 | 17 |
| Cash operating cost | (R/kg) | **969 849** | 809 415 | 852 146 |
|  | (US$/oz) | **1 662** | 1 346 | 1 492 |
| All-in sustaining cost | (R/kg) | **984 564** | 810 746 | 859 974 |
|  | (US$/oz) | **1 687** | 1 349 | 1 506 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** |  |  |
| Lost-time injury frequency rate | (per million hours worked) | **—** |  |  |
| **Environment** |  |  |  |  |
| Electricity consumption | (GWh) | **\*** | \* | \* |
| Water consumption – primary <br>activities<br>| (Ml) | **\*** | \* | \* |
| Greenhouse gas emissions | (000tCO2e) | **\*** | \* | \* |
| Intensity data per tonne treated |  |  |  |  |
| – Energy | (MWh/t) | **\*** | \* | \* |
| – Water | (000m<sup>3</sup>/t) | **\*** | \* | \* |
| – Greenhouse gas emissions | (tCO2e/t) | **\*** | \* | \* |
| Number of reportable <br>environmental incidents<br>|  | **—** |  |  |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure as per operating results.*

*\*Electricity and water consumption and related emission and intensity data for the respective plants at which the waste rock* 

*dumps are processed are accounted for as part of the primary operation's environmental results.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|

---

**Overview of operations**

Production from processing surface rock dumps, situated across Harmony's operations, depends entirely

on the availability of spare mill capacity at the various operational plants. Waste and waste rock dump

deliveries to Kusasalethu plant (near the border of Gauteng and North West provinces) supplement mining

volumes to secure sufficient backfill to use as support in stoping areas. Waste rock dumps near Orkney

(acquired with Moab Khotsong operations) is treated at the Noligwa plant. Milling of waste rock dumps

at the Doornkop plant in Gauteng began in FY18. Waste rock dumps and tailings facilities acquired with

Mponeng are treated at Mponeng and Kusasalethu plants. Surface ore treated at Kopanang plant was

unprofitable and closed during the first quarter of FY22. The plant is currently on care and maintenance.

**Salient features for FY25**

▪Gold production decreased to 1 475kg (47 422oz), 14% lower than the 1 724kg (55 429oz) produced in

FY24

▪Ore milled was 7% lower at 3.9 million tonnes (FY24: 4.2 million tonnes)

▪The recovered grade decreased by 8% to 0.380g/t from 0.414g/t in FY24, affected by the depletion of

higher-grade sources

▪Gold revenue increased to R2 208 million (FY24: R2 100 million), a 5% increase, due to a higher gold price

received. The average gold price received increased by 24% to R1 514 674/kg from R1 222 494/kg in FY24

▪All-in sustaining cost increased by 21% to R984 564/kg (FY24: R810 746/kg) due to the lower gold

production and a 3% increase in cash operating cost. Cash cost increased, mainly due to inflationary as

well as annual electricity tariff increases.

Our focus areas in FY26<br>Our priority is to continue safe, profitable production by maintaining costs and improving mining <br>efficiencies.<br>

Papua New Guinea

**Hidden Valley**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Number of employees** |  |  |  |  |
| – Permanent |  | **1 416** | 1 387 | 1 422 |
| – Contractors |  | **950** | 696 | 767 |
| **Total** |  | **2 366** | 2 083 | 2 189 |
| **Operational** |  |  |  |  |
| Volumes milled | (000t) (metric) | **3 787** | 3 360 | 3 846 |
|  | (000t) (imperial) | **4 177** | 3 705 | 4 240 |
| Gold produced | (kg) | **5 107** | 5 101 | 4 370 |
|  | (oz) | **164 193** | 164 000 | 140 498 |
| Gold sold | (kg) | **5 098** | 5 052 | 4 214 |
|  | (oz) | **163 905** | 162 425 | 135 483 |
| Grade | (g/t) | **1.35** | 1.52 | 1.14 |
|  | (oz/t) | **0.039** | 0.044 | 0.033 |
| **Financial** |  |  |  |  |
| Revenue | (Rm) | **7 923** | 6 181 | 4 440 |
|  | (US$m) | **436** | 331 | 250 |
| Average gold price received | (R/kg) | **1 554 096** | 1 223 409 | 1 053 611 |
|  | (US$/oz) | **2 663** | 2 035 | 1 845 |
| Cash operating cost | (Rm) | **2 344** | 2 435 | 2 127 |
|  | (US$m) | **129** | 130 | 120 |
| Production profit | (Rm) | **5 467** | 3 933 | 2 404 |
|  | (US$m) | **301** | 210 | 135 |
| Capital expenditure | (Rm) | **1 620** | 1 541 | 1 737 |
|  | (US$m) | **89** | 82 | 98 |
| Adjusted free cash flow<sup>1</sup> | (Rm) | **3 766** | 2 188 | 615 |
|  | (US$m) | **207** | 117 | 35 |
| Cash operating cost | (R/kg) | **458 928** | 477 360 | 486 754 |
|  | (US$/oz) | **786** | 794 | 852 |
| All-in sustaining cost | (R/kg) | **868 228** | 814 375 | 1 014 228 |
|  | (US$/oz) | **1 486** | 1 352 | 1 785 |
| Average exchange rate | (R/US$) | **18.15** | 18.70 | 17.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **FY25** | FY24 | FY23 |
| **Safety** |  |  |  |  |
| Loss of life |  | **—** |  |  |
| Lost-time injury frequency rate | (per million hours worked) | **—** | 0.34 | 0.34 |
| **Environment** |  |  |  |  |
| Electricity consumption<sup>2</sup> | (GWh) | **139** | 129 | 138 |
| Water consumption – primary <br>activities<br>| (Ml) | **2 047** | 2 112 | 2 186 |
| Greenhouse gas emissions<sup>3</sup> | (000tCO2e) | **184** | 179 | 186 |
| Intensity data per tonne treated |  |  |  |  |
| – Energy<sup>4</sup> | (MWh/t) | **0.04** | 0.04 | 0.04 |
| – Water | (000m<sup>3</sup>/t) | **0.54** | 0.63 | 0.57 |
| – Greenhouse gas emissions | (tCO2e/t) | **0.05** | 0.05 | 0.05 |
| Number of reportable <br>environmental incidents<br>|  | **—** |  |  |

---

<sup>1</sup>*Adjusted free cash flow = revenue – cash operating cost – capital expenditure ± impact of run-of-mine costs as per operating* 

*results.*

<sup>2</sup>*Electricity consumption includes both self-generated and grid-purchased.*

<sup>3</sup>*Inclusive of scope 1 (direct) and scope 2 (indirect from purchased electricity) emissions.*

<sup>4</sup>*Represents electricity only.*

**Mineral Reserve estimates at 30 June 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Proved** | **Proved** | **Proved** | **Probable** | **Probable** | **Probable** | **Total** | **Total** | **Total** |
| **Reserves (metric)** | **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>| **Tonnes** <br>**(Mt)**<br>| **Grade** <br>**(g/t)**<br>| **Gold** <br>**(000kg)**<br>|
|  | 1.6 | 0.95 | 2 | 17.0 | 1.45 | 25 | 18.6 | 1.40 | 26 |
| **Reserves (imperial)** | **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>| **Tons** <br>**(Mt)**<br>| **Grade** <br>**(oz/t)**<br>| **Gold** <br>**(000oz)**<br>|
|  | 1.8 | 0.028 | 50 | 18.7 | 0.042 | 791 | 20.5 | 0.041 | 841 |

---

**Overview of operations**

The Hidden Valley mine is an open-pit gold and silver operation in Morobe Province, Papua New Guinea,

some 210km north-west of Port Moresby. The mine is located at elevations of 1 700m to 2 800m above

sea level in steep mountainous and forested terrain that receives around 3 000mm of rainfall per year. The

major gold and silver deposits of Hidden Valley are in the Morobe Granodiorite of the Wau Graben.

Crushed ore is conveyed from the pit via a 5.5km overland pipe conveyor and treated at the Hidden Valley

processing plant, using a two-stage crushing circuit followed by a semi-autogenous grinding mill, gravity,

counter current decantation/ Merrill Crowe circuit for silver and a carbon-in-leach circuit for gold.

**Salient features for FY25**

▪Hidden Valley maintained its exemplary safety performance with a ninth consecutive year of zero loss-

of-life incidents and reached 4.6 million loss-of-life free shifts

▪Gold production was maintained at 5 107kg (164 193oz) (FY24: 5 101kg (164 000oz))

▪Ore milled increased to 3.8 million tonnes, a 12% improvement over the 3.4 million tonnes milled in

FY24

▪In FY24, Hidden Valley mined through higher-grade areas, boosting the recovered grade to 1.52g/t. For

the year under review, grades returned to anticipated levels at 1.35g/t and was 11% lower

▪Revenue increased by 28% to R7 923 million (FY24: R6 181 million) due to an increase in the gold price

received to R1 554 096/kg (FY24: R1 223 409/kg), a 27% increase

▪All-in sustaining cost increased by 7% to R868 228/kg (FY24: R814 375/kg), due to changes in inventory

and run of mine adjustments

▪Total capital expenditure increased by 5% to R1 620 million from R1 541 million in FY24, mainly for

capitalised stripping and replacing of equipment

▪Hidden Valley was again the second-largest individual mine contributor to adjusted free cash flow at R3

766 million (FY24: R2 188 million).

**Key indicators for FY26**

▪Five-year life-of-mine

▪Production guidance of between 179 400oz and 190 800oz

▪Capital expenditure of approximately R3 437 million, mainly for capitalised stripping and essential fleet

replacement.

Our focus areas in FY26<br>Our focus is on safe, environmentally responsible, margin-focused production against plan and <br>progressing of project studies for life-of-mine extension.<br>

**Exploration and projects**

Harmony prioritises the successful execution of multiple, significant projects to sustain the profitability of operational mines and secure long-term value

creation for our business and stakeholders. We achieve this by investing in major projects, including the extension of our assets, TSF reclamation and

renewable energy. We also actively invest in greenfield and brownfield exploration to mitigate the risk of a depleting Mineral Reserve base. This drives

short- to medium-term organic Mineral Reserve replacement and growth to support our goal of increasing quality ounces.

**Optimal long-term value creation**<br>

---

| |
|:---|
| **EXPLORATION** |
| Regional Eva Copper <br>portfolio drilling<br>|
| Kalgold drilling – Brownfields |

---

---

| |
|:---|
| **STUDIES** |
| Free State surface re-mining |
| West Wits surface re-mining |
| Eva Copper |
| Hidden Valley (Stage 9 + TSF 3) |
| Kerimenge CIL<sup>1</sup> and heap leach study |

---

---

| |
|:---|
| **PERMITTING** |
| **Wafi-Golpu copper-gold**<br>▪Gold: 0.86g/t<br>▪Copper: 1.1%<br>▪Framework memorandum of <br>Understanding signed<br>▪Mining Development Contract negotiation <br>in progress<br>▪Special Mining Lease to follow<br>|

---

---

| |
|:---|
| **EXECUTION** |
| Moab Khotsong – Zaaiplaats |
| Mponeng extension <br>(including TauTona VCR<sup>2</sup> Pillar)<br>|
| MWS – Kareerand extension |
| Doornkop 207L & 212L |
| MWS - Mispah tailings dam retreatment |
| Eva Copper Project |
| Renewable energy |

---

<sup>1</sup> *Carbon-in-leach.*

<sup>2</sup>*Ventersdorp Contact Reef.*

**Exploration**

Our exploration strategy is to predominantly pursue brownfields exploration targets close to existing infrastructure. In addition to reviewing exploration opportunities as part of our new business strategy, our priorities

for FY25 as part of our exploration programme included:

---

| | |
|:---|:---|
| **South Africa – Kalgold drilling** | **Australia – Eva Copper drilling** |
| Exploration is aimed at improving understanding of the potential to develop the Kraaipan <br>Greenstone Belt into a new mineralised province with multiple mining centres. No exploration <br>drilling took place in FY25. The new prospecting right application that was submitted to the <br>Department of Minerals and Petroleum Resources (DMPR) in April 2024 has still not been granted, <br>despite the fact that the requested environmental authorisation study was completed timeously and <br>submitted to the DMPR in October 2024. An objection was submitted against the granting of the <br>environmental authorisation by the Kraaipan tribal authorities.<br>| Acquired the project in December 2022. In FY25 drilling has comprised 304 holes for 67 378m. The <br>drilling was undertaken as part of the Eva Feasibility study update designed to increase confidence <br>in the Mineral Resource base and support study elements including Resource definition, <br>infrastructure sterilisation, metallurgical, geotechnical aspects, construction material <br>characterisation, water borefield exploration and high-grade satellite ore feed targets for prospect <br>development/drill testing. Several new resource areas were developed and declared in an <br>expanded resource base for the project.<br>|

---

**Projects**

Approach

Harmony recognises the complexity and inherent risks involved in managing multiple large-scale

projects concurrently across its operations. Our project execution management system provides

operational guidelines that standardise our approach throughout project phases (ideation, concept

studies, prefeasibility studies, feasibility studies, operational readiness and execution), allowing us to

define processes, set execution standards, track performance, manage resources and implement

changes where needed. Project managers use the system to continuously monitor our progress,

reporting daily, weekly and monthly to operational teams and the Harmony executives. We set key

deliverables for each project phase, aligned with Harmony's strategic goals and risk appetite. This

approach also encourages operational excellence and incorporates rigorous governance requirements

to address the complexities of multiple projects.

Harmony's Central Projects Management Office (CPMO) drives the successful execution of project

management.

Governance

Our governance framework provides key policies, standards, procedures, guidelines and templates

aligned with Harmony's investment approach and best practices. The CPMO monitors progress,

performance and adherence to governance on a monthly basis, through steering committee meetings

and project metrics. The group executive team monitors progress and performance on a quarterly basis.

In addition, Harmony's internal audit function conduct annual audits into the CPMO activities. Harmony

is pioneering the deployment of standardised reporting and template tools across select pilot sites,

designed to streamline project management processes and enable best practice adoption. These tools

are designed to enhance accuracy and efficiency, enabling adherence to industry standards to manage

cost, time and scope. We conduct training to provide project managers with a clear and concise

understanding for efficient application.

Risk management

Project execution risk management is an integral part of our business and operating strategy, allowing

for a safe working environment that remains profitable. We include critical operational risks in our

strategic risk register, which is reviewed by our group executive committee and the board's technical,

and audit and risk committees. We also include site-specific issues in operational risk registers.

Harmony's top exploration and project-related risks include:

▪Loss of life/safety

▪Security of electricity power supply and the impact of higher electricity costs

▪Unsuccessful project execution

▪Not achieving operational objectives at our critical operations

▪Supply chain disruptions (including supply of goods, availability and increasing costs).

Refer to R[isk and opportunity management](#i33c44c3831e342b883e9ab36f0eef510_3544) for details on how we manage and mitigate these risks.

Key projects

We have identified substantial opportunities in our existing portfolio through exploration and

brownfield projects which will extend the life of some of our larger and higher-grade assets, adding

lower-risk, higher-margin ounces to Harmony's portfolio. Each project brings multiple benefits to

Harmony and exceeds all our minimum criteria for allocating capital.

The salient features of our key projects are:

---

| | |
|:---|:---|
|  | **South Africa** |
| **Mining projects in execution** | **Mining projects in execution** |
| **Moab Khotsong – Zaaiplaats project** | **Moab Khotsong – Zaaiplaats project** |
| **Status** | Board-approved FY21, mining 101L to 114L |
| **Scope** | Three new declines and associated infrastructure below 101 level |
| **FY25 Progress** | 2,445m developed, TMM commissioning completed, infrastructure <br>construction ongoing<br>|
| **FY26 Plans** | Complete TMM workshops, install material decline winder, progress <br>conveyor system<br>|
| **Mponeng extension (including TauTona VCR Pillar)** | **Mponeng extension (including TauTona VCR Pillar)** |
| **TauTona VCR Pillar** | Board-approved extraction of shaft pillar VCR orebody sections |
| **LoM Extension** | Board-approved Carbon leader reef and VCR mining below 120 level/126 <br>level via trackless ramps and twin decline systems<br>|
| **FY25 Progress** | Opening-up and rehabilitation activities commenced July 2024 |
| **FY26 Plans** | Continue development, support/equipping, trackless workshop <br>commissioning<br>|
| **Doornkop 207 and 212 level** | **Doornkop 207 and 212 level** |
| **Scope** | Extend mining to depth with new ore handling system, shaft infrastructure <br>upgrades<br>|
| **Key Components** | DK1A shaft conversion to intake, split refrigeration plan, integrated electrical <br>infrastructure<br>|
| **FY25 Progress** | 207 level completed, 212 level temporary material handling operational |
| **FY26 Focus** | New ore handling infrastructure (three silos and conveyor), water <br>management optimisation<br>|

---

---

| | |
|:---|:---|
| **South Africa** | **South Africa** |
| **Mining projects in execution (continued)** | **Mining projects in execution (continued)** |
| **MWS – Kareerand expansion** | **MWS – Kareerand expansion** |
| **Scope** | New 340ha TSF compartment adjacent to <br>existing facility<br>|
| **FY25 Progress** | Phase 1 commissioned August 2024 |
| **FY26 Focus** | Phase 2 planned start September 2025 |
| **MWS – Mispah tailings dam retreatment** | **MWS – Mispah tailings dam retreatment** |
| **Objective** | Construct Mispah pump station to treat <br>Mispah 1 TSF through MWS<br>|
| **FY25 Progress** | On track for July 2026 commissioning |
| **FY26 Plans** | Complete Mispah pump station end of <br>FY26. Midway and Kareerand redundancy <br>projects underway<br>|
| **Renewable energy** | **Renewable energy** |
| **Scope** | To meet the renewable energy goals <br>outlined in Harmony's energy efficiency <br>and climate change strategy<br>|
| **FY25 Progress** | Generating 64.3 GWh from solar PV <br>projects; construction began on the 100 <br>MW Sungazer 2 solar PV plant at Moab <br>Khotsong<br>|
| **FY26 plans** | Procurement for future Sungazer phases <br>is underway with Sungazer 2 set to begin <br>commercial operations in FY27<br>|

---

---

| | |
|:---|:---|
| **Papua New Guinea** | **Papua New Guinea** |
| **Wafi-Golpu Project (Harmony 50%)** | **Wafi-Golpu Project (Harmony 50%)** |
| **Status** | Greenfield undeveloped deep-level block <br>cave mine in permitting phase<br>|
| **Mining Method** | Block cave with multi-cave options (BC44, <br>BC42, BC40)<br>|
| **Operating Life** | >28 years (potential to extend to 40 years) |
| **Current Status** | Environment permit granted December <br>2020; special mining lease negotiations <br>ongoing with PNG State<br>|
| **Next Steps** | Re-establish project delivery capability, <br>validate 2018 feasibility study, commence <br>early works<br>|
| **Hidden Valley LoM extension study** | **Hidden Valley LoM extension study** |
| **Objective** | Convert remaining Stage 9 resources and <br>assess third TSF/heap leach operations<br>|
| **Challenge** | Current LoM constraint is tailings storage <br>capacity<br>|
| **Requirements** | Mining lease extension and environmental <br>permit amendment needed<br>|
| **Kerimenge study** | **Kerimenge study** |
| **Status** | Concept study completed in 2025 |
| **Options** | Heap leach processing and integration <br>with Hidden Valley CIL processing<br>|
| **Integration** | Now rolled into Hidden Valley LoM <br>extension study<br>|
| **Requirements** | Mining lease and environmental permit <br>needed<br>|

---

---

| | |
|:---|:---|
| **Australia** | **Australia** |
| **Eva Copper Project** | **Eva Copper Project** |
| **Status** | Multi-pit copper concentrator feasibility <br>study update in progress<br>|
| **Location** | 75km northeast of Cloncurry, Queensland |
| **Scope** | Six open pits with purpose-built copper <br>concentrator<br>|
| **Mine Life** | >15 years projected |
| **Infrastructure** | Blended power generation with <br>CopperString project optionality<br>|
| **Current Work** | Feasibility study update addressing due <br>diligence risks and opportunities<br>|
| **Team** | Experienced project team established in <br>Brisbane and Cloncurry<br>|
| **Permits** | Fully permitted with potential <br>amendments based on feasibility <br>recommendations<br>|
| **Timeline** | Maiden Reserve declaration expected <br>upon successful feasibility completion<br>|

---

For more details on exploration and projects, refer to the relevant

sections in our Mineral Resources and Mineral Reserves report.

**Building a lasting positive legacy**

**Environmental stewardship is a strategic imperative for supporting our long-term sustainability and overall positive contribution to society through creating enduring value beyond** 

**the life-of-mine. By prioritising responsible practices, we protect natural resources, minimise pollution, address climate change and promote a more sustainable relationship between** 

**our operations and the environment.** 

We have organised our sustainability disclosures in this chapter using the four pillars of governance, strategy, risk management (titled Risk and opportunity management), and metrics and targets (titled Measuring our

performance). We also describe our progress against priorities for our business in FY25.

---

| | |
|:---|:---|
| **Strategy**  | Our sustainability framework (embedded in our business strategy) guides the development and implementation of our environmental programmes and policies, which are informed by <br>agreement-based commitments, regulatory compliance, best practice and extensive stakeholder engagement. By executing our environmental programmes, we aim to conduct <br>responsible mining practices to reduce the negative impacts of our mining activities while boosting our potential positive impacts. <br>|
| **Governance**  | Our board, through the social and ethics committee, oversees our environmental programmes and performance. The executive responsible for sustainability drives strategic <br>environmental improvements at group level. Our group environmental head holds direct accountability for embedding responsible environmental practices across operations, supported <br>by dedicated environmental subject matter experts. The board, with support from the social and ethics committee and the chief sustainability officer, maintains oversight over our risk <br>management, including regularly reviewing our policy and procedures.<br>As part of our governance process for addressing sustainability imperatives, Harmony has commenced the establishment of community of practices (CoPs). These CoPs will bring together <br>experts across the organisation to collaborate, foster shared learning and drive continuous improvement to deliver measurable sustainability outcomes across the group. At each <br>operation, general managers manage environmental plans, identify improvement opportunities, run programmes, and monitor regulatory compliance, with oversight from regional <br>executives and management. <br>We discuss internal performance reports at quarterly and annual board and committee meetings. We also report to regulators in line with our licence conditions, and share environmental <br>data and updates with communities and neighbouring landowners or farmers at least once a year. We actively monitor legislative changes in our operating countries and conduct external <br>legal compliance assurance as required by our ISO certification.<br>|
| **Risk and** <br>**opportunity** <br>**management** <br>| Our strategic risks and opportunities related to environmental aspects are summarised in relation to our sustainability imperatives. These are defined through our enterprise risk <br>management process and described in the Risks and opportunities section. These strategic risks reflect the most significant environment-related threats to our business, employees and <br>host communities over the medium to long term, with possible negative implications of future operating costs, infrastructure requirements, operations and operating conditions, host <br>communities and our supply chain. The impact of these risks was assessed against Harmony's risk categories as set out in the risk appetite and tolerance framework. Other environmental <br>risks and management measures are described per environmental topic.<br>|
| **Performance**  | All operations implement approved environmental management programmes that embed responsible mining practices, guided by the Harmony environmental policy and roadmaps. We <br>regularly review and update these to remain compliant with our host countries' regulations. <br>Each operation follows technical and performance standards that form part of environmental management systems and are implemented according to ISO 14001 (2015). All South African <br>operations are ISO 14001 certified, and our Australasian and decommissioned assets are guided by ISO requirements. All TSFs certified by ICMI undergo recertification every 18 months for <br>ongoing compliance with the International Cyanide Management Code.<br>|

---

Each section of this chapter provides:<br>▪An overview of our strategic approach for each environmental topic and how we implemented our environmental management programmes, including the priorities we pursued in FY25 and progress against <br>group targets<br>▪Insights into how each environmental topic is governed and managed to meet or exceed regulatory requirements<br>▪Details of the environmental risks faced under each environmental topic, along with corresponding management measures.<br>

Achieving impact

**Annual expenditure to meet our environmental commitments** 

In FY25, the group spent R1 843 million (FY24: R724 million) to meet or exceed environmental regulatory requirements and reduce our long-term environmental liabilities. The increase in environmental compliance costs

for FY25 is primarily due to the inclusion of approximately R1 billion related to the Sungazer 2 PV project, which supports the group's decarbonisation strategy and SBTi commitments. No fines or penalties (FY24: none)

and no environment-related lost production days (FY24: none) were recorded.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual expenditure on our environmental portfolio** | **FY25** | **FY25** | FY24 | FY24 | FY23 | FY23 |
| **Annual expenditure on our environmental portfolio** | **Rm** | **US$m** | Rm | US$m | Rm | US$m |
| **South Africa** |  |  |  |  |  |  |
| Environmental compliance  | **1 627** | **89.6** | 545 | 29.1 | 461 | 26.0 |
| Mine rehabilitation projects | **78** | **4.3** | 87 | 4.7 | 82 | 4.6 |
| **Total** | **1 705** | **93.9** | 632 | 33.8 | 543 | 30.6 |
| **Papua New Guinea** |  |  |  |  |  |  |
| Environmental compliance and management | **47** | **2.6** | 59 | 3.2 | 60 | 3.4 |
| **Total** | **47** | **2.6** | 59 | 3.2 | 60 | 3.4 |
| **Australia** |  |  |  |  |  |  |
| Environmental compliance and management | **88** | **4.8** | 31 | 1.7 | n/a | n/a |
| Cultural heritage management | **3** | **0.1** | 2 | 0.1 | n/a | n/a |
| **Total** | **91** | **4.9** | 33 | 1.8 | n/a | n/a |
| **Harmony total** | **1 843** | **101.4** | 724 | 38.8 | 603 | 34.0 |

---

**Reportable environmental incidents**

Environmental incident reporting, which is guided by the seriousness of an incident in terms of the

financial, environmental, legal, and reputational ramifications for Harmony.

![reportableenvironmentalinc.jpg](reportableenvironmentalinc.jpg)

*\*Papua New Guinea and Australia had no reportable environmental incidents for the last five years.*

Four reportable (level 3) environmental incidents occurred in FY25 and are summarised below.

---

| | | |
|:---|:---|:---|
| **Operation** | **Incident and description** | **Environmental impact** |
| **Harmony One** | In December 2024, vandalism of the <br>slurry changeover valve from <br>Harmony One plant to St. Helena TSF <br>caused an overflow of the plant's <br>residue tank. The spillage breached <br>secondary containment and seeped <br>through the perimeter wall, <br>impacting the surrounding <br>environment. This incident is <br>classified as level 3 due to the <br>environmental impact and security <br>breach.<br>| Localised soil and groundwater <br>contamination occurred near the <br>spillage site. Emergency pumping <br>equipment was deployed inside <br>the plant to restore containment <br>capacity and minimise <br>environmental impact.<br>|
| **Mine Waste** <br>**Solutions**<br>| A slurry pipeline from the East Pump <br>Station to the MWS plant ruptured, <br>resulting in a spill that affected the <br>surrounding environment and <br>neighbouring properties.<br>| Localised soil pollution occurred <br>in the vicinity of the pipeline. The <br>pump station was immediately <br>shut down, and clean-up of the <br>affected area was carried out.<br>|
| **Saaiplaas**  | In January 2025, a stormwater <br>containment paddock located on the <br>reclaimed footprint of the Harmony <br>1 TSF gave way, resulting in the <br>uncontrolled release of a mixture of <br>silt and contaminated water into the <br>Sand River.<br>| Water quality analysis conducted <br>following the incident indicated <br>that the release had a negligible <br>impact on the Sand River <br>downstream. As a result, the <br>overall environmental risk to the <br>river system was assessed to be <br>low.<br>|
| **Harmony One** | In January 2025, during a routine <br>inspection, it was observed that the <br>return water dam (RWD) at <br>St. Helena 4 TSF was overflowing <br>due to a breach in the wall, causing <br>an uncontrolled release of process <br>water into the surrounding <br>environment following heavy <br>rainfall.<br>| Localised downstream soil and <br>groundwater contamination <br>occurred. Emergency pumping <br>equipment was deployed to <br>lower the RWD water level, <br>and the breached berm wall was <br>repaired.<br>|

---

**Land management and rehabilitation**

Whether we conduct our activities on land owned by Harmony or by others, we are committed to minimising our impact, progressively rehabilitating

where possible, respecting the land's environmental and cultural value, and managing closure responsibly.

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| Post-closure sustainability | Post-closure sustainability |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6mgywzmezztq3z.gif](fsridynmyoja6mgywzmezztq3z.gif) | Life on land  |
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 101: Biodiversity 2024. | ▪GRI 101: Biodiversity 2024. |
| **FY25 priorities** | **FY25 priorities** |
| 1.Upholding land access laws and agreements through <br>respectful engagement<br>2.Managing and rehabilitating our disturbed footprint <br>across the asset lifecycle<br>3.Returning land to a productive state post-mining. | 1.Upholding land access laws and agreements through <br>respectful engagement<br>2.Managing and rehabilitating our disturbed footprint <br>across the asset lifecycle<br>3.Returning land to a productive state post-mining. |

---

Strategy: Compliance-driven land management

Land stewardship is essential to our operations, supporting responsible land management, legal compliance and guiding our environmental

management practices related to our footprint. We plan carefully across the mining lifecycle, engaging landowners, communities, rehabilitating

land and addressing impacts to support positive long-term outcomes for both land use and host communities.

Our FY25 priorities include:

---

| | |
|:---|:---|
| **Upholding land access** <br>**laws and agreements** <br>**through respectful** <br>**engagement**<br>| We implement responsible land management practices, and conduct our activities in a manner that <br>recognises and is responsive to co-existing land use requirements.<br>In Papua New Guinea, our assets are situated on customary land owned by indigenous landowners. In <br>Australia, our mining leases span commercially operating pastoral leaseholds, where the native title rights <br>and interests of First Nations Australians are also formally recognised.<br>|
| **Managing and** <br>**rehabilitating our** <br>**disturbed footprint** <br>**across the asset** <br>**lifecycle**<br>| We integrate land management considerations during the full lifecycle, from the earliest planning phases <br>through construction and operations and, finally, closure. Through design, we seek to avoid sensitive land <br>areas and locations that pose significant environmental and social risks. During construction and <br>throughout operations, we actively manage land disturbance to minimise unnecessary clearing and <br>footprint expansion. We also consider the broader impact of our activities (such as dust, noise and visual <br>impacts) on surrounding landholders and the community. <br>We deliver concurrent and progressive rehabilitation through initiatives that:<br>▪Align with legislative requirements, our approved environmental plans and/or closure plans<br>▪Reflect government closure policy and guidelines<br>▪Consider opportunities for biodiversity protection, climate change adaptation and mitigation, energy <br>management and the green economy in our post-mining land use planning.<br>We mitigate the risk of illegal mining by demolishing, sealing or rehabilitating decommissioned <br>infrastructure, and construct exclusion bunds to minimise access.<br>|
| **Returning land to** <br>**a productive state post-**<br>**mining**<br>| We seek to return land to a safe, stable, sustainable and productive state following mining. We determine <br>post-mining land uses as guided by regulatory and government policy requirements, consideration and <br>alignment with landowner aspirations, long-term safety and stability, and opportunities to enhance <br>environmental value.<br>We also consider the social risks associated with transition and practical measures to promote <br>socio-economic transition. This may include creating opportunities for local suppliers to participate <br>in rehabilitation activities, assessing the potential to repurpose infrastructure, and through our community <br>initiatives (refer to the ***[Empowering communities](#i33c44c3831e342b883e9ab36f0eef510_3902)*** section) that support alternative livelihoods. <br>|

---

Governance

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| Regional executives and management oversee land access, progressive rehabilitation and closure-related regulatory and internal standards compliance, including <br>the preparation of annual closure cost estimates, financial liability assessments and rehabilitation and closure plans for our mines. Site management teams are responsible <br>for daily land management issues and execution of our rehabilitation and closure programmes. <br>|
| **Performance monitoring and** <br>**reporting**<br>| Through site-based reporting and with regional oversight, we track performance across our exploration tenements and operational footprint, which includes company-<br>owned and third-party land. Regional functions support site teams to track and respond to land-related commitments, including ongoing consultation with landowners. <br>Monitoring frameworks also include progressive rehabilitation and performance indicators to assess progress against closure objectives and support continuous <br>improvement. Our environmental management plan and monitoring programme include management actions, mitigation measures and monitoring for land management, <br>erosion and sediment control, and rehabilitation.<br>Our geotechnical team at Hidden Valley implements ongoing monitoring to identify and manage hazards and provides advice on remediation and appropriate excavation <br>practices to reduce potential for instability.<br>|
| **Policies that support our** <br>**governance approach**<br>| Land access and mine closure regimes vary, reflecting the legal and policy frameworks of our host countries. We address these regional differences through site-specific <br>planning that responds to local expectations, aligns with international good practice, and is guided by group and regional policies that prioritise regulatory compliance, <br>responsible land stewardship, progressive rehabilitation and closure planning. <br>Our policies and related standards define requirements that apply through the mine's lifecycle, from exploration to post-mining, and encompass landowner engagement, <br>access to land and upholding consent processes, managing and resolving issues, managing risks and liabilities, and arriving at a safe and stable <br>post-mining environment.<br>Our mining lease and environment permit conditions set out requirements for rehabilitation and mine closure plan submission and approval. Our mining lease conditions <br>also set out financial assurance requirements for rehabilitation and closure.<br>|

---

Risk and opportunity management

We include land management risks in the strategic risk register, with remedial actions implemented across several departments. In addition, we conduct annual financial liability assessments that identify areas to be

rehabilitated, together with security risks and the liability report.

---

| | | |
|:---|:---|:---|
| **Risks**  | **Description** | **Mitigation measures** |
| **Failure to meet** <br>**environmental and** <br>**cultural heritage** <br>**regulations or** <br>**agreement-based** <br>**commitments** <br>| Mining companies face increasing pressure to meet <br>stringent environmental regulations, with failures leading to <br>significant penalties, including substantial fines and <br>imprisonment. Environmental, cultural heritage, industrial <br>accidents and pollution compliance breaches may result in <br>liability, delays and increased production costs. <br>| ▪Implementing environmental and cultural heritage <br>management programmes that include controls and <br>management measures with procedures to track and <br>address compliance<br>▪Reducing the need for post-closure maintenance and <br>monitoring through progressive rehabilitation <br>programmes<br>▪Remaining fully funded for our environmental liabilities in <br>terms of South Africa's MPRDA and maintaining <br>provisions for closure liabilities for our Australasian <br>assets.<br>|
| **Failure to meet land** <br>**access regulations or** <br>**agreement-based** <br>**commitments**<br>| Where conducting activities on third-party land, failure <br>to meet third-party land access requirements, including <br>regulatory obligations and adherence to compensation <br>agreements, may result in poor landowner relations, legal <br>proceedings, reputational damage and delays to planned <br>growth.<br>| ▪Maintaining dedicated land access teams or personnel <br>with regional expertise to advise on and manage <br>requirements<br>▪Prioritising early and proactive engagement with <br>landholders regarding project activities<br>▪Establishing clear internal procedures and processes <br>at site level, and providing training and awareness of land <br>access requirements for employees<br>▪Tracking, monitoring and reviewing the delivery of <br>our land access commitments and processes.<br>|
| **Unsafe working** <br>**conditions due to** <br>**unstable land and** <br>**landslips** <br>| Mining activities can increase the risk of unstable land and <br>landslips, and associated risks to people and infrastructure, <br>through excavation, blasting and the removal of supporting <br>material. At Hidden Valley, the steep topography and high <br>rainfall conditions increase the potential for landslips.<br>| ▪Actively identifying landslips or areas of significant erosion <br>through routine sediment and erosion control monitoring<br>▪Implementing ongoing monitoring <br>▪Creating stability by incorporating appropriate static and <br>seismic safety factors in landform designs.<br>|
| **Waterway impacts**  | Mining activities can affect waterways through water <br>pollution and physical alterations. Contamination from mine <br>drainage can render water sources unusable for drinking, <br>agriculture or recreation. Erosion and sediment run-off can <br>also clog waterways and affect aquatic habitats. <br>| ▪Implementing stormwater, erosion and sediment <br>management plans and rehabilitation where monitoring <br>identifies potential impacts<br>▪Conducting annual aquatic and riparian habitat <br>assessments, which evaluate the waterways downstream <br>of Hidden Valley's water extraction point and surrounds<br>▪Conducting upstream and downstream water quality <br>monitoring.<br>|

---

---

| |
|:---|
| **Opportunities**  |
| We aim to return land to post-mining uses that <br>support environmental and social objectives. In <br>all cases, we prioritise safe, stable and <br>compliant closure outcomes in line <br>with applicable government policies and <br>regulatory requirements. Where we operate on <br>third-party land, final land use planning also <br>considers the needs and expectations <br>of landowners.<br>Our revegetation activities at TSFs in South <br>Africa help to control dust and decrease <br>our overall environmental liabilities. The <br>biodiversity footprint assessment completed in <br>FY25 will support Harmony to determine future <br>opportunities to make a net positive <br>biodiversity contribution at these locations.<br>|

---

---

| | | |
|:---|:---|:---|
| **Risks**  | **Description** | **Mitigation measures** |
| **Geochemical issues** | The potential release of toxic elements and the <br>contamination of soil and water resources lead to <br>the weathering of mine wastes and the leaching of <br>contaminants into the surrounding environment. We <br>may incur significant expenses to rehabilitate potential <br>groundwater and land pollution, including salination <br>and radiation contamination.<br>| ▪Conducting groundwater quality monitoring to identify <br>and model any groundwater impacts, and further identify <br>any mitigations and action plans<br>▪Conducting geochemical assessments to determine <br>the appropriate remediation methods<br>▪Reducing infiltration and improving overall water quality <br>of waste rock dumps seepage (our Hidden Valley acid and <br>metalliferous drainage management and waste rock plans <br>were revised accordingly).<br>|
| **Illegal mining**  | Illegal mining significantly hinders mine rehabilitation efforts <br>by causing environmental damage, creating safety hazards <br>and increasing financial burdens. These activities may lead <br>to water contamination, soil degradation and deforestation, <br>making it difficult and costly to restore the land to a usable <br>state. <br>| ▪Collaborating internally to prevent illegal mining through <br>regular assessments, closures and patrols <br>▪Investing in sealing redundant mines and implementing <br>leading security measures.<br>|
| **Land degradation from** <br>**illegal grazing** <br>| Illegal grazing causes overgrazing, which reduces vegetation <br>cover, increases soil erosion, and lowers land productivity. <br>Overgrazing also exposes the soil to erosive forces like wind <br>and water. <br>| ▪Conducting security patrols in South Africa to deter illegal <br>grazing, which will be supported by a livestock <br>management plan to be developed in FY26.<br>|
| **Poor final land use** <br>**outcomes** <br>| Poor final land use outcomes after mine closure may <br>stem from inadequate planning and rehabilitation efforts. <br>This can lead to landscapes that are degraded, polluted and <br>unsuitable for productive uses like agriculture or ecological <br>restoration. <br>| We strive for effective land use planning, which integrates <br>stakeholder input and considers our regional context <br>(including regulatory context), to deliver beneficial post-<br>mining outcomes and reduce long-term environmental <br>liabilities. This includes: <br>▪Approved closure plans and clear end land use plans <br>▪Progressive/concurrent rehabilitation activities in place <br>throughout the mining cycle.<br>|

---

Measuring our performance

Performance against our group KPI was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Target** | FY25 <br>performance<br>| On track |  |
| Reduce impacted <br>land available for <br>rehabilitation SA <br>(%)<br>| **0.2** | 0.3 <br>(FY24: 0.6)<br>| Yes | We met our FY25 target for reducing the impacted land available for rehabilitation by <br>0.3%, through our demolition and revegetation projects. In total, we rehabilitated 38ha in <br>FY25 (FY24: 84ha).<br>|

---

Progress against priorities

**Upholding land access laws and agreements through respectful engagement**

Proactive, respectful engagement and adherence to land access requirements are central to our

approach. In FY25, we honoured our commitments under our land access agreements and regulations,

including:

▪Reviewing the performance of the Hidden Valley MoA, including revisions to environment and closure

commitments to reflect updated regulatory requirements

▪Consulting with Hidden Valley landowners on our application to extend the mining lease, including

through the public Mine Warden's hearing process

▪Working with the Kalkadoon People to conduct cultural heritage clearances of site preparatory works,

exploration drilling and other Eva Copper Project site investigation areas

▪Pre-lodgement consultation with pastoral leaseholders and the Kalkadoon People regarding the Eva

Copper environmental authority amendment.

For further information on our engagement approach, refer to the [Stakeholder engagement](#i33c44c3831e342b883e9ab36f0eef510_3518)section.

**Managing and rehabilitating our impacted footprint across the asset lifecycle**

As we progress, new project development and the extension of existing surface operations, land

disturbance is unavoidable.

In FY25, we had interests in a total land area of 367 040ha, which includes:

▪Land owned by the company in South Africa

▪Mining and exploration tenement areas in Queensland and Papua New Guinea, including Wafi-Golpu

exploration licences (EL) 440 and 1105

▪Agricultural leasehold in Papua New Guinea (included below under tenement area).

Of this, 14 737ha is impacted by our mining-related infrastructure, services and activities.

---

| | | | |
|:---|:---|:---|:---|
|  | **FY25** | FY24 | FY23 |
| **South Africa (ha)** |  |  |  |
| Total land managed | **88 157** | 88 157 | 88 157 |
| Land impacted by our mining-related <br>infrastructure, services and activities<br>| **13 732** | 13 583 | 13 259 |
| **Papua New Guinea (ha)** |  |  |  |
| Total tenement area | **44 264** | 42 085 | 42 085 |
| Land impacted by our mining-related <br>infrastructure, services and activities<br>| **982** | 884 | 816 |
| **Australia (ha)** |  |  |  |
| Total tenement area | **234 619** | 234 619 | 234 619 |
| Land impacted by our mining-related <br>infrastructure, services and activities<br>| **174** | 26 |  |

---

During FY25, the area of land impacted increased due to:

▪Infrastructure, including pipelines and pump station, associated with the FSS 6 reclamation project in

the Free State, Mispah pump station in the North West and our Sungazer PV project

▪Construction and commissioning of slurry and return water pipeline from Savuka plant to Kusasalethu

plant associated with the Kusasalethu backfill project, in the West Wits region

▪Kareerand TSF Expansion Project commenced construction in 2022 and, as per the construction

schedule, construction is ongoing in the North West province

▪Construction of the Kaveroi waste rock dump at Hidden Valley

▪Site preparatory works, exploration activities and ongoing investigations for the Eva Copper Project

design in Australia.

During FY25, key land management initiatives included:

▪Implementing internal protocols to review, assess and guide environmental and cultural heritage

controls for ground-disturbing works at Eva Copper.

---

| | | | |
|:---|:---|:---|:---|
| **Undiscounted value of land rehabilitation** <br>**liabilities (Rm)**<br>| **FY25** | FY24 | FY23 |
| South Africa | **7 181** | 6 586 | 6 104 |
| Papua New Guinea | **1 755** | 1 780 | 1 474 |
| Australia | **119** | 22 | 3 |
| **Group** | **9 055** | 8 388 | 7 581 |
| **Group (US$m)** | **512.8** | 461.9 | 403.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Land management** | **FY25** | FY24 | FY23 |
| **South Africa** |  |  |  |
| Spend on rehabilitation projects (Rm) | **78** | 87 | 82 |
| Disturbed land rehabilitated and <br>revegetated (ha)<br>| **38** | 84 | 72 |
| **Papua New Guinea** |  |  |  |
| Spend on closure planning (Rm) | **10** | 26 | 29 |
| Disturbed land rehabilitated and <br>revegetated (ha)<br>| **1** | 1 | 0 |
| **Australia**  |  |  |  |
| Spend on closure planning (Rm) | **3** | 5 | n/a |
| Disturbed land rehabilitated and <br>revegetated (ha)<br>| **19** | 18 | 0 |

---

Our South African operations' liabilities increased in FY25 due to inflation and ongoing mining activities.

Initiatives implemented to reduce our environmental footprint during the year included:

▪Planting 30 000 trees on seven TSFs in Free State province

▪Expanded the phytoremediation woodlands at Kareerand TSF with 10ha (12 000 trees)

▪We are seeking regulatory approval to backfill defunct shafts with tailings. One shaft has been

backfilled to date. We also made progress with the ongoing demolition at Savuka Gold plant

and Kopanang Gold plant.

There are numerous solar plants planned, and we have received regulatory approval as part of our

decarbonisation programme.

At Hidden Valley, active mining limits the area available for rehabilitation. We implement progressive

rehabilitation in zones no longer needed for mining, focusing on slope stabilisation, revegetation

and ongoing maintenance. Each month, we conduct monitoring to assess performance against site

targets. We have developed multiple nurseries on site, and commenced revegetation trials to enable

successful revegetation and to be closure ready.

At Eva Copper, progressive rehabilitation of exploration drill pads, access tracks, and other geotechnical

investigation work areas commenced.

**Returning land to a productive state post mining**

Our post-mining land use planning is guided by applicable regulation and policies, takes into account landowner aspirations on third-party land, and is shaped by long-term objectives for environmental safety, stability

and ecological value.

---

| | | |
|:---|:---|:---|
| **South Africa** | **Papua New Guinea** | **Australia** |
| We seek to use our land assets to support our host communities. <br>We support this priority by: <br>▪Creating entrepreneurial and temporary work opportunities <br>through our rehabilitation programmes<br>▪Conducting stringent due diligence of community partners and <br>providing protection against illegal mining groups <br>▪Assisting local small business to build their technical and <br>financial capacity<br>▪Leasing land for farming and host community organisations <br>(church groups, schools, daycare centres, welfare <br>organisations and recreational facilities) <br>▪Donating land primarily for redistribution and critical <br>government projects to the relevant national, provincial <br>or local government departments.<br>We are evaluating potential lease agreements for renewable <br>energy projects on our land to contribute towards South Africa's <br>energy requirements. <br>| Our work on the Hidden Valley closure planning studies <br>continued during the year, including regulatory engagement. <br>Progressive reviews of our biophysical closure studies by an <br>independent peer reviewer, acting on behalf of government and <br>Harmony, also commenced. We have also started a <br>decommissioning and demolition study, including a fate-of-<br>asset assessment. <br>A key consideration of the community programmes we support <br>(outlined in the ***[Empowering communities](#i33c44c3831e342b883e9ab36f0eef510_3902)*** section) is their potential <br>to contribute to diversified local economic opportunities beyond <br>the life of mining operations.<br>| Native vegetation, habitat and low-intensity grazing are proposed <br>as post-mining land uses for the Eva Copper Project area, noting <br>that engagement with our leaseholders on the post-mining land <br>use is a critical component of decision making. <br>Following the lodgement of our Eva Copper progressive <br>rehabilitation and closure plan (PRCP) in FY25, we have progressed <br>through the approvals process, including responding to regulatory <br>requests for information. Approval of the plan is pending the <br>availability of important technical inputs from related work being <br>undertaken as part of our environmental authority amendment, <br>which will inform and strengthen closure-related considerations.<br>|

---

Collaboration and partnerships

We collaborate with stakeholders, including regulators, host communities, landowners and suppliers, to

build understandings of ongoing activities and intent and design for closure. In South Africa, we engage

with the DMPR to exchange knowledge and share best practices on shaft sealing as part of our mine

closure approach. We work with local service providers to deliver land rehabilitation and restoration

initiatives that also equip host communities with land management skills. In Australasia, we engage with

landowners to meet our land access and agreement commitments, with a focus on transparency and

building and maintaining good faith relationships.

Future focus areas<br>We remain focused on embedding responsible land stewardship principles and reducing our <br>environmental footprint and liabilities. Our short-term plans include:<br>▪Planting trees to intercept pollution plume at West Wits Varkenslaagte and the Magnum Farm <br>woodlands <br>▪Completing the planned 10ha Doornkop TSF side slopes vegetation establishment to mitigate <br>dust and enhance TSF stability<br>▪Demolishing the defunct shafts and derelict infrastructure at the Gauteng, Free State and <br>North West operations<br>▪Ongoing compliance with relevant land access and native title agreement obligations <br>▪Submitting Hidden Valley's updated mine rehabilitation and closure plan to government in FY26<br>▪Receiving approval for Eva Copper's progressive rehabilitation and mine closure plan from the <br>Queensland Government. <br>

**Climate and energy management**

**Climate is a defining factor in shaping global ecosystems, economies and communities, presenting both risks and opportunities for innovation and resilience. We are committed to** 

**managing our climate and energy impacts while navigating the transition to a low-carbon future with purpose and accountability.**

---

| | | | |
|:---|:---|:---|:---|
| **Material matters** | **Material matters** | **Material matters** | **Material matters** |
| Climate change, adaptation and resilience | Climate change, adaptation and resilience | Climate change, adaptation and resilience | Climate change, adaptation and resilience |
| **UN SDGs** | **UN SDGs** |  |  |
| ![fsridynmyoja6owjmywfjmzy3m.gif](fsridynmyoja6owjmywfjmzy3m.gif) | Good health and <br>wellbeing<br>| ![fsridynmyoja6ntcxzda3mwzhy.gif](fsridynmyoja6ntcxzda3mwzhy.gif) | Responsible <br>consumption <br>and production<br>|
| ![fsridynmyoja6zddjzdc1odexna.gif](fsridynmyoja6zddjzdc1odexna.gif) | Affordable and <br>clean energy<br>| ![fsridynmyoja6ntyyotaznwziza.gif](fsridynmyoja6ntyyotaznwziza.gif) | Climate action |
| ![fsridynmyoja6ytzjntm1yjnhn.gif](fsridynmyoja6ytzjntm1yjnhn.gif) | Decent work <br>and economic <br>growth<br>| ![fsridynmyoja6mgywzmezztq3z.gif](fsridynmyoja6mgywzmezztq3z.gif) | Life on land |
| ![fsridynmyoja6ndq4mzdjmmqzma.gif](fsridynmyoja6ndq4mzdjmmqzma.gif) | Industry, <br>innovation and <br>infrastructure<br>|  |  |
| **GRI disclosure requirements** | **GRI disclosure requirements** | **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 2: General Disclosures 2021<br>▪GRI 3: Material Topics 2021<br>▪GRI 102: Climate Change 2025<br>▪GRI 103: Energy 2025<br>▪GRI 303: Water and Effluents 2018. | ▪GRI 2: General Disclosures 2021<br>▪GRI 3: Material Topics 2021<br>▪GRI 102: Climate Change 2025<br>▪GRI 103: Energy 2025<br>▪GRI 303: Water and Effluents 2018. | ▪GRI 2: General Disclosures 2021<br>▪GRI 3: Material Topics 2021<br>▪GRI 102: Climate Change 2025<br>▪GRI 103: Energy 2025<br>▪GRI 303: Water and Effluents 2018. | ▪GRI 2: General Disclosures 2021<br>▪GRI 3: Material Topics 2021<br>▪GRI 102: Climate Change 2025<br>▪GRI 103: Energy 2025<br>▪GRI 303: Water and Effluents 2018. |
| **FY25 priorities** | **FY25 priorities** | **FY25 priorities** | **FY25 priorities** |
| 1.Strengthening climate risk governance and disclosures <br>to support operational continuity and long-term <br>resilience<br>2.Advancing our decarbonisation pathway through <br>targeted planning and emissions insights<br>3.Enhancing energy planning and reliability while <br>expanding renewable energy solutions. | 1.Strengthening climate risk governance and disclosures <br>to support operational continuity and long-term <br>resilience<br>2.Advancing our decarbonisation pathway through <br>targeted planning and emissions insights<br>3.Enhancing energy planning and reliability while <br>expanding renewable energy solutions. | 1.Strengthening climate risk governance and disclosures <br>to support operational continuity and long-term <br>resilience<br>2.Advancing our decarbonisation pathway through <br>targeted planning and emissions insights<br>3.Enhancing energy planning and reliability while <br>expanding renewable energy solutions. | 1.Strengthening climate risk governance and disclosures <br>to support operational continuity and long-term <br>resilience<br>2.Advancing our decarbonisation pathway through <br>targeted planning and emissions insights<br>3.Enhancing energy planning and reliability while <br>expanding renewable energy solutions. |

---

Strategy: Responding to climate as a strategic and operational priority

Harmony's strategy integrates climate considerations into long-term planning, portfolio diversification and capital allocation. We maintain a strong

foundation in gold while expanding into copper to support long-term resilience and the global energy transition. Guided by double materiality, we

assess both the impact of climate on our business and our impact on the broader environment and society. Our net zero by 2045 ambition shapes

our transition planning, supported by scenario analysis, stakeholder engagement, and investments in renewable energy and efficiency.

Our FY25 priorities include:

---

| | |
|:---|:---|
| **Strengthening climate** <br>**risk governance and** <br>**disclosures to support** <br>**operational continuity** <br>**and long-term** <br>**resilience**<br>| We operate in alignment with host country regulations and emerging global climate disclosure frameworks.<br>We are strengthening the climate resilience of our business through scenario analysis and site-specific risk assessments. This <br>assessment process continues to inform operational planning and continuity measures, helping us to respond to climate-related <br>disruptions and maintain reliable performance under changing conditions. We also recognise water stress as a material climate-<br>related risk, and are incorporating water availability and catchment-level scarcity to safeguard operational continuity in vulnerable <br>regions.<br>|
| **Advancing our** <br>**decarbonisation** <br>**pathway through** <br>**targeted planning and** <br>**emissions insights**<br>| Harmony is progressing a structured and science-aligned decarbonisation pathway to meet its climate targets, including a near-<br>term emissions reduction goal validated by the Science Based Targets initiative (SBTi). Our pathway focuses on reducing scope 1 <br>and scope 2 emissions, with scope 2 remaining our most material source. We are deepening our understanding through asset-<br>level abatement planning, technology roadmaps, and scenario analysis. Renewable energy deployment is a key enabler of our <br>transition.<br>We have started a review of our scope 3 inventory and will work with suppliers to improve data quality, broaden category <br>coverage, and identify reduction opportunities.<br>Harmony's transition pathway outlines the strategic direction we are taking to reduce emissions, strengthen operational <br>resilience, and align capital allocation with long-term climate and business objectives. While we have not yet adopted a formal <br>climate transition plan as defined by CDP, our strategy is grounded in five guiding themes: energy efficiency, portfolio re-<br>engineering, improving electricity mix, adaptation, and supply chain decarbonisation. These themes shape our operational <br>planning and investment decisions, supporting our ambition to achieve net-zero emissions by 2045.<br>|
| **Enhancing energy** <br>**planning and reliability** <br>**while expanding** <br>**renewable energy** <br>**solutions**<br>| Harmony's integrated energy management strategy (IEMS), aligned with ISO 50001, guides site-level energy planning and <br>performance improvement across our operations. The framework supports scalable, structured energy governance and informs <br>long-term planning, including interventions such as ventilation optimisation, compressed air management, and water pumping <br>upgrades to improve energy efficiency and reduce emissions.<br>Our renewable energy programme is a key enabler of energy reliability and emissions reduction. We are targeting over 500MW of <br>solar and wind capacity by FY28 across our South African operations, supported by wheeled energy agreements and power <br>purchase arrangements. In Australia, Eva Copper has received environmental approval for a 100MW solar farm and a 65MW <br>battery energy storage system as part of its start-up energy solution, enabling approximately 40% renewable penetration. <br>Pathways to further reduce emissions include either connection to CopperString 2032 or the addition of wind energy to the on-<br>site energy portfolio. <br>Receiving contracted rates for grid-sourced power remains a challenge and a priority in Papua New Guinea, to maximise the <br>proportion of hydro-generated power we receive.<br>|

---

Governance

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| Climate and energy governance is embedded across Harmony's organisation, supported by accountability structures and oversight mechanisms. Our governance practices <br>emphasise board and management oversight, internal controls, and procedures for managing sustainability-related risks and opportunities (including climate). These <br>practices are also guided by King IV principles, supporting ethical leadership and integrated thinking.<br>Governance is structured across multiple levels:<br>▪Board-level oversight is provided by the social and ethics, audit and risk, and technical committees. These committees review climate performance and progress against <br>decarbonisation targets and oversee the inclusion of climate-related risks in our top strategic risks<br>▪Executive leadership, including the CEO and CSO, is accountable for climate strategy execution, disclosure practices, and resilience planning, supported by cross-<br>functional teams in sustainability, risk, finance and operations<br>▪Operational teams implement site-level initiatives such as energy efficiency programmes, process electrification, and renewable energy integration, while corporate <br>functions coordinate reporting, assurance, and alignment with global standards<br>▪This integrated governance model supports both local responsiveness and global consistency in managing climate and energy risks. <br>|
| **Performance monitoring and** <br>**reporting**<br>| Energy and emissions performance is monitored through structured processes that support governance oversight and continual improvement. This includes monthly <br>energy reviews, quarterly emissions reviews, and performance insights which are integrated into strategic oversight. <br>Monthly energy reviews assess consumption trends and identify areas of concern across all operations. A specialist consultancy tracks electricity use and renewable <br>energy performance, providing detailed reports that inform operational decisions. Deviations exceeding 10% trigger internal investigations and corrective actions.<br>Quarterly emissions reviews align with our commitment to the SBTi. Emissions data is assessed for consistency with SBTi methodologies, and material variances are <br>escalated to the technical committee for further analysis and response planning.<br>Performance insights are integrated into strategic oversight. The technical and social and ethics committees receive updates on energy and emissions performance, <br>enabling informed decision making and accountability across the organisation.<br>These approaches strengthen transparency, support target achievement and reinforce climate and energy governance.<br>|
| **Policies that support our** <br>**governance approach**<br>| Harmony's climate change and energy management is guided by a group-wide policy framework that reflects our commitment to the global shift toward a <br>low-carbon economy. These policies are grounded in our sustainability framework and apply across all wholly owned and managed operations.<br>Key policies include:<br>▪Climate change and energy policy statement<br>▪Environmental policy<br>▪Sustainability framework<br>▪Risk management policy<br>▪Stakeholder engagement policy<br>▪Disclosure and reporting policy.<br>These policies and our IEMS strengthen our energy resilience, reduce carbon intensity, and reinforce our commitment to a low-carbon, cost-effective and sustainable <br>future underpinned by robust governance and oversight.<br>|

---

Risk and opportunity management

Harmony identifies and manages energy and climate-related risks through a structured enterprise risk management (ERM) framework aligned with ISO 31000:2018. Risks are assessed using scenario analysis and

integrated into the company's risk register, with oversight cascading from the board and audit and risk committee to executive and operational levels. This process supports strategic planning and informs capital

allocation decisions.

Two of our current strategic risks and opportunities are related to climate and energy:

▪Physical and transition climate-related impacts affecting business continuity and community relations

▪Electricity supply instability and rising energy costs.

Our climate-related physical and transition risks and opportunities are summarised below and outlined in detail.

---

| | | | |
|:---|:---|:---|:---|
| **Physical risks** | **Transition risks** | **Opportunities** | **Other energy-related risks** |
| ▪**Heat stress and cooling demand:** Rising <br>temperatures increase ventilation needs, <br>energy use, and health risks<br>▪**Water scarcity and drought:** Intensifying <br>droughts threaten water access, treatment <br>costs, and productivity<br>▪**Extreme rainfall and flooding:** Storms and <br>tailings risks disrupt operations and <br>infrastructure<br>▪**Energy supply variability (Papua New** <br>**Guinea):** Drought-driven hydropower strain <br>raises diesel reliance and emissions<br>▪**Wildfire and bushfire exposure:** Hotter, drier <br>conditions elevate evacuation and insurance <br>risks<br>▪**Community and labour vulnerability:** Heat, <br>dust and flooding impact workforce safety <br>and social licence.<br>| ▪**Carbon pricing and regulation pressures:**<br>Rising costs and compliance obligations <br>across jurisdictions<br>▪**Carbon budget constraints (South Africa):**<br>Mandatory emissions limits accelerate <br>abatement timelines<br>▪**Disclosure and reporting alignment:**<br>Complex standards increase audit burden <br>and reputational risk<br>▪**Renewable energy market disruption:** Grid <br>shifts and tech costs affect energy planning <br>and investment<br>▪**Insurance availability and pricing:** Hazard <br>exposure and carbon intensity drive premium <br>increases<br>▪**Climate performance and stakeholder trust:**<br>Rising expectations may impact financing and <br>reputation.<br>| ▪**Transition commodities and portfolio** <br>**growth:** Aligns with clean energy demand and <br>diversifies exposure<br>▪**Renewable energy and operational** <br>**efficiency:** Improves energy stability and <br>mitigates market volatility<br>▪**Climate governance and disclosure** <br>**alignment:** Supports regulatory readiness and <br>investor trust<br>▪**Sustainability-linked finance and investor** <br>**confidence:** Unlocks capital and enhances <br>disclosure credibility<br>▪**Mine tailings reprocessing:** Reduces <br>emissions intensity compared to traditional <br>mining<br>▪**Stakeholder trust through decarbonisation** <br>**strategy:** Reinforces reputation and access to <br>sustainability-linked finance<br>▪**Community adaptation and resilience:**<br>Strengthens social licence and reduces <br>climate vulnerability.<br>| ▪**Energy and grid access security:**<br>Infrastructure gaps and curtailment delays <br>disrupt renewable roll-out and operational <br>reliability<br>▪**Energy cost inflation:** Escalating tariffs <br>increase operating costs and exposure to grid <br>volatility<br>▪**Infrastructure accessibility and reliability** <br>**(Papua New Guinea and Australia):** Grid <br>connection uncertainty threatens energy <br>reliability and ability to set achievable <br>decarbonisation targets<br>▪**Regulatory and policy complexity:** Evolving <br>energy rules introduce compliance risk and <br>planning challenges.<br>|

---

Measuring our performance

Absolute scope 1 and 2 GHG emissions are a core performance metric in Harmony's climate strategy.

These emissions underpin our science-based targets and net-zero ambition. Under our SBTi interim

goal, Harmony committed to a 63% reduction by FY36, using FY21 as the baseline. The FY21 baseline for

setting our SBTi near-term target for FY36 was developed using FY21 reported data, updated to include

subsequently published Eskom grid emission factor and annualised emissions based on nine months of

operational data for AngloGold Ashanti asset acquisition.

Our continuous improvement journey, which tracks our interim and long-term emissions reduction

targets, is shown in the figure to the right. This illustrates our commitment to progressively reduce

emissions in line with our science-based target and longer-term net zero ambition.

---

| | | | |
|:---|:---|:---|:---|
| **2026** | **2031** | **2036** | **2045** |
| First-interim <br>target: 20% <br>CO2e reduction<br>**3.92MtCO2e** | Second-interim <br>target: 40% <br>CO2e reduction<br>**2.94MtCO2e** | Approved SBTi <br>target: 63% <br>CO2e reduction<br>**1.9MtCO2e** | **Net zero**<br>Aspirational <br>target |

---

Performance against our group KPIs:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Target** | FY25 <br>performance<br>| On track |  |
| Renewable energy (%) – South Africa | **20** | 1.5 <br>(FY24: 1.6)<br>| No | Sungazer 1 and small-scale solar PV plants successfully generated 64.3GWh of energy in FY25. We are focusing <br>on delivering our Sungazer 2 and 3 solar projects and continuing to achieve our renewable energy target, with over 500MW <br>of planned solar and wind capacity anticipated by FY28, which is close to one-quarter of our current energy consumption.<br>Note: This South Africa target does not include the proportion of hydropower for Hidden Valley operations. <br>|
| SBTi: Absolute scope 1 and 2 GHG <br>emissions (MtCO2e)<br>| **4.07** | 4.48 <br>(FY24: 4.27)<br>| No | Scope 2 emissions continue to be our most material, and our renewable energy programme is targeting reductions <br>in emissions. However, absolute emissions increased in FY25. <br>Scope 1 emissions decreased by more than 5% due to a more stable grid supply (predominately hydropower) at Hidden <br>Valley, resulting in reduced diesel use.<br>Scope 2 emissions (market-based) increased by 1.6% from FY24. This was associated with:<br>▪A 22% increase at Hidden Valley, which had a positive impact on emissions relative to the alternative diesel-powered <br>emissions that would otherwise be captured under scope 1 <br>▪A 1.44% increase in electricity consumption in South Africa from the Eskom grid<br>▪A 4% increase in the Eskom grid emission factor (rising to 1.04tCO₂e/MWh from 1.00tCO₂e/MWh in FY24).<br>These factors contributed to higher scope 2 emissions. However, for South Africa, the factors reflected the continued <br>reliance on coal-fired power generation in the national grid.<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Scope - Emissions (MtCO2e)** | **FY25** | FY24 | FY23 | FY22 | FY21 |
| Scope 1 | **0.17** | 0.18 | 0.20 | 0.18 | 0.14 |
| Scope 2 (location-based, market-based<sup>1</sup>) | **4.32** | 4.09 | 4.25 | 4.57 | 4.25 |
| Scope 3 (category 1, 3 and 6<sup>2</sup>) | **0.99** | 0.99 | 1.00 | 1.07 | 0.87 |

---

<sup>1</sup>*Scope 2 market-based data restated.*

<sup>2</sup>*Scope 3 categories included, based on available data.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Group energy consumption** <br>**(GWh)**<br>| **FY25** | FY24 | FY23 | FY22 | FY21 |
| Electricity | **4 250** | 4 176 | 4 111 | 4 254 | 4 123 |
| Diesel | **562** | 601 | 686 | 605 | 449 |
| Other sources (petrol and heating oil) | **62** | 63 | 64 | 66 | 60 |
| **Total** | **4 874** | 4 840 | 4 861 | 4 925 | 4 632 |
| Consumption intensity (MWh per tonnes <br>treated)<br>| **0.096** | 0.094 | 0.093 | 0.092 | 0.094 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Group electricity consumption** <br>**(GWh)**<br>| **FY25** | FY24 | FY23 | FY22 | FY21 |
| South Africa | **4 093** | 4 035 | 4 053 | 4 191 | 4 020 |
| South Africa (self-generation)<sup>1</sup> | **64** | 65 | 3 |  |  |
| Papua New Guinea | **93** | 76 | 55 | 63 | 103 |
| Papua New Guinea (self-generation<sup>1</sup>) | **46** | 53 | 83 | 58 | 29 |
| **Total** | **4 296** | 4 229 | 4 194 | 4 312 | 4 152 |
| Consumption intensity (MWh per tonnes <br>treated)<br>| **0.084** | 0.082 | 0.080 | 0.080 | 0.084 |

---

<sup>1</sup>*Self-generation includes renewable energy-generated electricity in South Africa and diesel-generated electricity in Papua* 

*New Guinea.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Water use categorised by water-**<br>**stressed areas** <br>**(000m**<sup>3</sup>**)** | **Water use categorised by water-**<br>**stressed areas** <br>**(000m**<sup>3</sup>**)** | **FY25** | FY24 | FY23 | FY22 | FY21 |
| Water withdrawal – <br>Potable water | Very low | **—** |  |  |  |  |
| Water withdrawal – <br>Potable water | Low | **—** |  |  |  |  |
| Water withdrawal – <br>Potable water | Medium | **10 172** | 10 131 | 12 083 | 12 292 | 11 596 |
| Water withdrawal – <br>Potable water | High | **8 209** | 9 174 | 7 946 | 8 898 | 7 872 |
| Water withdrawal – <br>Surface water | Very low | **2 048** | 2 112 | 2 186 | 1 930 | 1 983 |
| Water withdrawal – <br>Surface water | Low | **—** |  |  |  |  |
| Water withdrawal – <br>Surface water | Medium | **7 677** | 1 713 | 225 | 551 |  |
| Water withdrawal – <br>Surface water | High | **—** | 5 | 66 | 275 | 801 |
| Water withdrawal – <br>Groundwater | Very low | **—** |  |  |  |  |
| Water withdrawal – <br>Groundwater | Low | **—** |  |  |  |  |
| Water withdrawal – <br>Groundwater | Medium | **22** | 51 | 64 | 110 | 98 |
| Water withdrawal – <br>Groundwater | High | **10 802** | 11 627 | 6 779 | 9 361 | 7 956 |
| Water discharged – <br>Surface water | Very low | **2 281** | 2 688 | 1 923 | 2 308 | 2 485 |
| Water discharged – <br>Surface water | Low | **—** |  |  |  |  |
| Water discharged – <br>Surface water | Medium | **2 992** | 2 650 | 2 344 | 2 225 | 813 |
| Water discharged – <br>Surface water | High | **574** | 623 | 781 | 765 | 489 |

---

Water-stressed areas are determined in line with the World Wide Fund and World Resources Institute's

aqueduct tool that plots water-related risks on an atlas.

As a water-scarce country, the availability of water can be unpredictable in South Africa, particularly

during a protracted drought. Additionally, we often depend on municipal water, exposing the group to

tariff increases and supply shortages. By executing on our water management strategy, we aim

to increase the security of water supply and reduce our reliance on municipal water systems. We

achieve this by:

▪Protecting and improving the quality of water using water treatment and reverse osmosis plants.

These plants treat our process water for potable water use and safe discharge

▪Reusing and recycling water through water conservation and demand management initiatives

▪Identifying where potable water use can be replaced with process water

▪Incorporating climate change mitigation and adaptation into our water management initiatives,

including optimisation, to secure supply during a protracted drought.

Progress against priorities

**Strengthening climate risk governance and disclosures to support operational continuity and long-**

**term resilience**

In FY25, Harmony advanced its climate disclosure strategy, conducting a group-wide gap analysis in

order to focus on our performance and related risks and opportunities that may affect financial

performance over time.

Our regional progress includes:

▪South Africa: Alignment with the JSE's Climate Disclosure Guidance to improve transparency and

investor confidence

▪Australia: Commencing a work programme to address new Australian Sustainability Reporting

Standards (ASRS) climate disclosure requirements, with reporting applicable from FY26

▪Papua New Guinea: Disclosures will align with ASRS due to Harmony's corporate structure,

despite slower local IFRS adoption.

We continue to monitor developments around the SEC's proposed climate disclosure rules, due to our

NYSE listing.

To strengthen resilience and decision making:

▪Climate risk is considered in Harmony's ERM process, assessed alongside strategic and operational

exposures and reviewed through our governance structure

▪Scenario analyses, grounded in Intergovernmental Panel on Climate Change (IPCC) frameworks

(representative concentration pathways (RCPs) and shared socio-economic pathways (SSPs)), inform

planning and capital allocation

▪Carbon pricing is embedded in life-of-mine forecasts and financial modelling, aligned with South

Africa's tax framework

▪Energy use and emissions are tracked against key performance indicators to enable timely

interventions and strategic recalibration.

We continue to leverage climate risks as strategic opportunities through:

▪Expansion into transition commodities, with copper playing a central role through projects like

Eva Copper, Wafi-Golpu, and the acquisition of MAC Copper (CSA mine), concludes and takes effect

on 24 October 2025

▪Scenario-based planning, which considers investment decisions and operational design.

**Advancing our decarbonisation pathway through targeted planning and emissions insights**

Harmony has established emissions reduction targets aligned with the SBTi. These targets are

independently assured by a third-party service provider that applies the Sustainability-Linked Loan

Principles, as outlined by organisations such as the Loan Market Association. When we meet the KPIs

tied to our sustainability-linked loans, we benefit from significant interest savings. Conversely, failing to

meet these targets results in financial penalties.

Our approved near-term SBTi target commits us to reducing absolute scope 1 and 2 GHG emissions by

63% by FY36, using FY21 as the base year. In FY25, we commenced the construction of Sungazer 2 and

progressed initiatives, including expanded solar capacity, operational efficiencies, and short-term power

purchase agreements (PPAs), including wheeled wind energy.

Scope 2 emissions from purchased electricity represent the largest proportion of our operational

emissions across our portfolio. As such, our IEMS and renewable energy and efficiency roll-out plan are

central to our decarbonisation efforts. These initiatives are delivering measurable reductions in our

carbon footprint and improving energy resilience across key sites.

We continue to enhance emissions reporting in line with the GHG Protocol for transparency and

comparability across regions. In FY26, we plan to progress a full scope 3 inventory.

Maintaining momentum on this emissions reduction trajectory is essential to strengthening climate

resilience, building stakeholder trust, and securing Harmony's long-term competitiveness and licence to

operate.

**Enhancing energy planning and reliability while expanding renewable energy solutions**

To strengthen energy resilience and accelerate decarbonisation, we are actively replacing high-emission

grid electricity with renewable sources across current operations and future developments.

In FY25, Eva Copper received environmental approval for a 100MW solar farm and a 65MW battery

energy storage system as part of its start-up energy solution, enabling approximately 40% renewable

penetration. Longer-term pathways to further reduce emissions include connecting to CopperString

2032 or expanding the on-site energy portfolio with wind energy.

Across South Africa, escalating electricity tariffs and unreliable grid supply have reinforced the urgency

of energy substitution. In response, we have reduced our reliance on Eskom by 18.2GWh and added

65GWh of solar capacity. While this is not yet reflected in our electricity consumption intensity due to

carbon accounting methods, it marks a significant step in our energy transition.

**Renewable energy roll-out plan**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sungazer 1** | **Sungazer 2** | **Sungazer 3A** | **Sungazer 3B** | **Sungazer 4** | **Wheeled wind** | **Short-term** <br>**PPA**<br>|
| **Commission year** | **Commissioned** | **FY27** | **FY28** | **FY29** | **FY28** | **FY28** | **FY27** |
| Installed capacity (MW) | **30** | 100 | 75 | 33 | 100 | 260 | 200 |
| Energy generated (GWh/a) | **70** | 230 | 177 | 76 | 230 | 900 | 500 |
| Scope 2 reduction<sup>1</sup> (ktCO2e/a) | **49** | 163 | 122 | 53 | 163 | 424 | 326 |

---

<sup>1</sup>*Based on FY24 Eskom grid-intensity emission factor.*

Our renewable energy and efficiency roll-out plan includes:

▪Gauteng: 752 rooftop solar panels commissioned at Doornkop (440kW/h output); installations underway at Mponeng

▪Free State: 1 947 panels installed at Phakisa (850kW/h peak capacity)

▪North West: 150kW solar installation completed at Kalgold; 336-panel system (190kWp) with 600kWh battery storage underway; feasibility

assessments for larger expansion.

This year, we implemented and maintained 45 energy optimisation initiatives, resulting in energy savings of 351GWh. Combined with our renewable

energy initiatives, this resulted in cost savings of R657 million. These initiatives also address erratic power supply and above-inflation tariff increases.

Energy accounted for 19% of our South African operations, with FY25 tariff increases and structural changes equating to approximately R1.2 billion in

additional operating costs.

**Operational efficiency initiatives generating significant forecast annual cost savings**

---

| | | | |
|:---|:---|:---|:---|
| **Highlights** | **Highlights** | **Highlights** | **Highlights** |
| Year-on-year cost savings <br>improved through <br>refurbishment of <br>underground turbines<br>| Implemented real-time control <br>on compressed air valves to <br>optimise energy use and reduce <br>wastage<br>| Year-on-year cost savings <br>improved through refrigeration <br>infrastructure upgrades, <br>particularly the refurbishment of <br>condenser and pre-cooling <br>towers<br>| Power factor correction <br>projects<br>|
| **R20 million** | **R4 million** | **R9 million** | **R8 million** |

---

Innovation, technology and digitisation

Harmony continues to assess technological innovations and advancements relating to energy efficiency and decarbonisation. This includes a study to

convert our bus fleets and surface rail transport in South Africa to liquefied natural gas-driven engines. Such assessments identify technologies that have a

strong business case and are beneficial to emissions reduction.

Harmony has, as part of this commitment, joined Caterpillar's Pathways to Sustainability programme. Over the next three years, the programme aims to

bring together experts from Caterpillar and delegates representing mining companies and associated industries to discuss the impacts of the energy

transition and explore how Caterpillar's products, technology, services and solutions can support operational and sustainability objectives. Through

ongoing collaboration, the programme aims to gather and share actionable information to assist in the development of strategies to safely reduce

operational GHG emissions, improve efficiency, and prepare people, processes, technology and infrastructure for changes, now and in the future. In

August 2025, a delegation representing Harmony's key functional areas in Australasia attended the inaugural learning event at Caterpillar's Tinaja Hills

Demonstration and Learning Centre in Tucson, Arizona.

Future focus areas<br>Harmony continues to accelerate its climate <br>strategy, building on the strong foundation <br>established in previous years. Our approved SBTi <br>commitment remains a cornerstone of our <br>transition pathway.<br>In FY26, our focus is on scaling impact, <br>strengthening governance, and continuing to <br>prepare for IFRS-aligned disclosures. Key areas <br>of emphasis include:<br>▪Scaling renewable energy: Advancing Sungazer 2 <br>and Sungazer 3 of our solar and wind energy roll-<br>out to enhance reliability and reduce carbon <br>intensity across our operations <br>▪Operational efficiency: Expanding energy <br>optimisation programmes at high-impact sites to <br>reduce consumption, manage tariff exposure, <br>and improve system resilience. These initiatives <br>are critical in mitigating the financial impact of <br>escalating energy costs and grid instability<br>▪Enhanced reporting and governance: Our focus <br>will be on strengthening internal governance <br>structures and enhancing disclosures, including <br>emissions tracking, forecasting, and scenario <br>analysis<br>▪Carbon pricing integration: Carbon pricing <br>remains embedded in life-of-mine forecasts and <br>financial modelling, helping Harmony manage <br>transition risks and maintain long-term <br>competitiveness<br>▪Global disclosure alignment: Continuing regional <br>alignment with evolving climate disclosure <br>frameworks, including the ASRS in Australasia, to <br>reinforce our commitment to transparency, <br>comparability and consistency<br>▪Scope 3 inventory: Conducting a scope 3 <br>emissions review to deepen our understanding <br>of our upstream and downstream value chain <br>emissions and strengthen our ability to respond <br>to stakeholder expectations with greater <br>transparency and insight.<br>

**Water stewardship**

Water is a critical resource for environmental, social and economic wellbeing in the countries where we operate. We are committed to sustainable water

management and long-term resource stewardship, including proactively identifying and addressing water-related risks.

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| Water management | Water management |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6owjmywfjmzy3m.gif](fsridynmyoja6owjmywfjmzy3m.gif) | Good health and wellbeing |
| ![fsridynmyoja6mwfhndcxmznkn.gif](fsridynmyoja6mwfhndcxmznkn.gif) | Clean water and sanitation  |
| ![fsridynmyoja6ytzjntm1yjnhn.gif](fsridynmyoja6ytzjntm1yjnhn.gif) | Decent work and economic growth  |
| ![fsridynmyoja6ndq4mzdjmmqzma.gif](fsridynmyoja6ndq4mzdjmmqzma.gif) | Industry, innovation and infrastructure  |
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 2: General Disclosures 2021<br>▪GRI 3: Material Topics 2021<br>▪GRI 303: Water and Effluents 2018.  | ▪GRI 2: General Disclosures 2021<br>▪GRI 3: Material Topics 2021<br>▪GRI 303: Water and Effluents 2018.  |
| **FY25 priorities** | **FY25 priorities** |
| 1.Meeting our water-related conditions of operation <br>2.Conserving water and reducing impacts to surrounding <br>users <br>3.Proactive water risk planning for reliable operations. | 1.Meeting our water-related conditions of operation <br>2.Conserving water and reducing impacts to surrounding <br>users <br>3.Proactive water risk planning for reliable operations. |

---

Strategy: Recognising water as a shared vulnerability

Given the high consumption of water in mining, and growing concerns around water availability and conservation, we work to use less water and

improve efficiency. This helps conserve local water sources and reduce the environmental and social impacts associated with our mining activities.

Our water management programme, updated in 2025, recognises our diverse hydrological, social and regulatory contexts, enabling appropriate

responses to site-specific water challenges. This includes water-stressed areas in South Africa and Australia, where efficiency, conservation and

equitable access are critical. It also includes a high-rainfall setting in Papua New Guinea, where we manage excess water and run-off quality, and

maintain infrastructure resilience. We execute our water management by delivering on the following priorities:

---

| | |
|:---|:---|
| **Meeting our water-related** <br>**conditions of operation**<br>| We operate in compliance with host country regulation, including obtaining permits and licences <br>and meeting associated conditions. These permits and licences outline water extraction limits and <br>water quality limits for discharges and for the surrounding catchment areas.<br>We conduct surface and groundwater quality monitoring, upstream and downstream of our <br>operations. As set out by our regulatory obligations and rigorous internal standards, we are <br>committed to zero unauthorised water discharges for our operations. <br>|
| **Conserving water and reducing** <br>**impacts to surrounding users** <br>| In line with our water ambition roadmap, we manage our impact on water catchments by:<br>▪Reducing potable water consumption through improved efficiencies, reuse and recycling, which <br>reduces supply pressure on local water utilities and aids their resilience to climate change<br>▪Meeting permitted water extraction limits at Hidden Valley mine<br>▪Managing water responsibly to achieve zero unauthorised discharges<br>▪Reducing costs and increasing revenue with water treatment plants<br>▪Returning treated water to source and securing potable water for South African host <br>communities' basic needs<br>▪Beneficiating water in partnership with our South African peers and utilities<br>▪Identifying sources of excess water for treatment to potable water standards for consumption at <br>our South African operations.<br>Securing a reliable water supply and continuing our recycling play a key role in addressing scarcity, <br>meeting regulatory standards and reinforcing our commitment to responsible practices. <br>Additionally, water recycling supports social investment strategies and our water, sanitation, and <br>hygiene (WaSH) programmes in South Africa.<br>|
| **Proactive water risk planning** <br>**for reliable operations** <br>| We embed a risk-aware approach across our operations, allowing the business to respond rapidly to <br>conditions that effect access to water or the functioning of our facilities, which may result in a <br>degradation of water resources and aquatic ecosystems. We execute our water management <br>programme in a way that enhances our water governance to address our water-related risks and <br>opportunities.<br>|

---

Governance

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| Regional executives support regional environment and sustainability teams in overseeing our water management initiatives. Site management teams are responsible for <br>daily water requirements and associated water security and related risks. Our water community-of-practice brings together site leads to craft the Water Roadmap with the <br>water projects to support the water ambition, track progress, remain compliant with regulations, share best practices and drive innovation. <br>|
| **Performance monitoring and** <br>**reporting**<br>| As part of our process of managing our water-related KPIs, Harmony holds monthly meetings with all sites to review water use and identify areas of concern. A specialist <br>consultancy provides detailed reports on water and energy usage, and we investigate deviations over 10%. Harmony has a Water Digital Twin for our South Africa <br>operations.<br>|
| **Policies that support our** <br>**governance approach**<br>| Water stewardship is embedded in our sustainability framework. Our activities are informed by impact assessments, allowing us to understand and develop measures to <br>reduce our impacts on water resources. This is underpinned by our proactive risk management approach, which includes water balances optimisation, digitisation in South <br>Africa for real-time monitoring and agile responses, and data assurance through monthly and quarterly reviews and external audits. <br>We monitor and report our performance in line with the CDP water programme.<br>|

---

Risk and opportunity management

We include critical water risks in our strategic risk register, which is reviewed by our group executive committee and the board's technical, and audit and risk committees. We also include site-specific water issues in

operational risk registers.

---

| | | |
|:---|:---|:---|
| **Risks**  | **Description** | **Mitigation measures** |
| **The systemic failure of South** <br>**Africa's public water** <br>**infrastructure** <br>| Frequent municipal water supply disruptions in the <br>Free State affect our refrigeration systems, limit water <br>available for drinking and cleaning, and create <br>uncertainty regarding water for operational <br>expansion. <br>Service delivery failures also exacerbate social unrest <br>and requests from affected communities. This places <br>increased pressure on Harmony to support water <br>utilities, provide these services and invest in more <br>water treatment plants to become water <br>independent.<br>In addition, the rising cost of cleaning drinking water <br>has implications for our profitability. <br>| Escalating water stresses are significant considerations for our operations and <br>assessments of new projects and initiatives. As part of our water management <br>strategy, we seek to:<br>▪Increase our water reuse and recycling options by processing mined water, <br>reducing our dependency on natural portable water sources (the process for <br>feasibility and construction of additional water treatment plants is underway)<br>▪Continuously review water supplies and sources against the life-of-mine<br>▪Build emergency water storage dams at Tshepong South to limit supply <br>interruptions <br>▪Engage with local authorities and water utility supply companies to proactively <br>and collaboratively address water supply risks. <br>As part of our SLPs, Harmony secured a wastewater management specialist to <br>capacitate three municipalities, enabling their facilities to operate optimally. <br>Harmony also collaborates with municipalities to improve the quality of WaSH in <br>our host communities to address issues such as cholera. This includes hosting <br>open days with NGOs to improve water management awareness. <br>|
| **Climate-related water risks**  | Physical climate change risks include increased water <br>scarcity and flash flooding. Investors, regulators and <br>ratings agencies expect Harmony to demonstrate <br>resilience to climate-related water risks and <br>performance against our environmental targets, <br>including water KPIs. Refer to [Climate and energy](#i33c44c3831e342b883e9ab36f0eef510_3750)<br>[management](#i33c44c3831e342b883e9ab36f0eef510_3750) chapter for details of water use in <br>water-stressed regions.<br>| ▪We have developed a climate change and energy policy and strategy in <br>response to our physical and transition climate change risks<br>▪Our TSF and pollution control dam design and operating procedures include <br>provision for flooding and high-rainfall events<br>▪We have increased our water reuse and recycling opportunities as part of our <br>future-focused approach<br>▪We are in the process of incorporating climate change risks into our risk <br>management framework, risk registers and ISO 14001 EMS <br>▪We are initiating climate resilience assessments for all our operations.<br>|
| **Water issues related to the** <br>**potential shortened life-of-**<br>**mine for neighbouring mines** <br>**in South Africa** <br>| Shortened life-of-mine could lead to an increase <br>in underground water levels, potentially affecting <br>Harmony's operations. It could also decrease the <br>amount of water available on surface (pumped from <br>underground), which affects our plans to grow our <br>surface re-mining business.<br>| ▪We are engaging with neighbouring mines to understand the scale of the issue <br>and develop collaborative solutions to mitigate this risk<br>▪We pump out excess water, allowing us to continue operating safely.<br>|
| **Changing water regulations** | Regulatory changes could result in higher expenses, <br>capex requirements or complex compliance processes. <br>In South Africa, the Department of Water and <br>Sanitation's revised Water Pricing Strategy have a <br>financial impact on Harmony's operations, with <br>an estimated cost of R56 million a year.<br>| ▪Regulatory review of the pricing strategy<br>▪Engagements with regulators<br>▪Review of our water use licences to determine the potential amendments<br>▪Plan new projects and licence accordingly.<br>|

---

---

| |
|:---|
| **Opportunities**  |
| We have identified several <br>water management <br>opportunities to benefit the <br>business and our host <br>communities, including: <br>▪Building strong <br>relationships with South <br>African municipalities <br>and goodwill with <br>surrounding <br>communities by <br>improving sanitation in <br>the areas where we <br>operate<br>▪Protecting business <br>continuity and reducing <br>operating expenses by <br>lessening our reliance on <br>potable water through <br>improved water <br>efficiencies and reuse <br>and recycling<br>▪Securing a steady supply <br>of water through <br>expanding our storage <br>infrastructure, facilities <br>and water recycling <br>capabilities <br>▪Conducting water <br>availability assessments <br>to identify additional <br>water sources as an <br>alternative to municipal <br>water in South Africa.<br>|

---

Measuring our performance

Harmony has five-year (FY23 to FY27) water KPIs, which include a water recycling target of 50% by FY27

and a reduction in potable water consumption of 10% by FY27 (using FY22 as a baseline).

Progress against our group KPIs was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Target** | FY25 <br>performance<br>| On track |  |
| Water <br>recycling (% <br>of total <br>water)<br>| **50** | 73<br>(FY24: 74)<br>| Yes | ▪We recycled 73% of our water by maintaining <br>water reuse/recycling initiatives. The volumes <br>of water recycled, and water used for primary <br>activities increased by 5.6% and 11.8% from <br>FY24.<br>|
| Reduction in <br>potable water <br>consumption <br>(%)<br>| **6** | 13<br>(FY24: 9) <br>(cumulative)<br>| Yes | ▪Water withdrawal from municipal sources <br>decreased by 4.8% from FY24 due to <br>operational reverse osmosis plants and <br>improved recycling measures implemented. <br>|

---

In addition, Harmony has an absolute potable water consumption reduction target that is linked to our

sustainability-linked funding agreement established in June 2022. This target is central to our

sustainability and business strategy, addressing a significant socio-environmental issue for our industry

in South Africa. Under the three-year target of the sustainability-linked loan, Harmony aimed to achieve

three annual portable water consumption targets by the end of FY25. Harmony has achieved the three

annual potable water consumption targets:

---

| | | | |
|:---|:---|:---|:---|
|  | **Target (000m**<sup>3</sup>**)** | Actual (000m<sup>3</sup>) | On track |
| FY23 | **20 453** | 20 029 | Yes |
| FY24 | **19 833** | 19 305 | Yes |
| FY25 | **19 436** | 18 381 | Yes |

---

We also have site-specific monitoring programmes and targets that help address regulatory needs and

site-specific risks, including legacy issues, latent and residual risks. These targets are supported by

appropriate management actions following a hierarchy of controls (avoid, minimise, reuse and recycle),

including implementing integrated water and waste management plans and water balances.

Progress against priorities

**Meeting the water-related conditions of operation** 

In FY25, we received no fines or penalties related to water use or quality transgressions. There were no

dam failures or excessive overflow as our TSFs remained well maintained. Refer to [Tailings and waste](#i33c44c3831e342b883e9ab36f0eef510_3790)

[management](#i33c44c3831e342b883e9ab36f0eef510_3790) for our approach and performance.

During the year, we commissioned the Hidden Valley mine sewage treatment upgrade project to

address process deficiencies and inflow management. This upgrade aims to improve effluent quality and

address low-level exceedances of the permitted water quality criteria. Early outcomes of the project are

showing improved effluent quality.

Prior to FY25, routine water quality monitoring at Hidden Valley mine had identified low-level

exceedances of dissolved manganese in drainage from waste rock dumps, measured against

our site-specific water quality criteria. In response, in FY25, we implemented a revised acid and

metalliferous drainage management plan along with an updated waste rock strategy. Our water quality

monitoring programme has been recording improved results, ie dissolved manganese is trending down,

since implementation of the plan.

At Eva Copper, we have expanded our baseline surface water and groundwater monitoring data set to

more accurately reflects background conditions. This supports improved predictions and will inform

revised water quality contaminant limits set out in the project's environmental authority.

**Conserving water and reducing impacts to surrounding users**

We have developed a water ambition roadmap, approved in 2025, to plot the required actions to

reduce our dependency on external potable resources through water efficiency measures, recycling and

implementation of water treatment projects. We use potable water dependence (PWD) as a metric to

measure and track our progress. The PWD is the percentage of potable water withdrawn from external

sources in relation to the total water used. Harmony aims for an 80% reduction in PWD by the end of

FY34, using FY16 as a baseline. The journey to an improved PWD will consider portfolio changes,

installation of water treatment plants and new reclamation projects.

We have developed or updated water conservation management plans for South African operations to

reduce potential groundwater drawdown impacts for surrounding water users.

**Proactive water risk planning for reliable operations**

By executing our water management roadmap, we aim to improve water security and reduce our

reliance on municipal water systems in South Africa. We achieve this by:

▪Protecting and improving the quality of our process water using water treatment and reverse osmosis

plants

▪Reusing and recycling water through water conservation and demand management initiatives

▪Identifying where potable water use can be replaced with process water

▪Incorporating climate change mitigation and adaptation considerations, including optimisation

to secure supply during a protracted drought.

In FY25, we focused on three water security initiatives:

---

| | |
|:---|:---|
| **Understanding our** <br>**water balances** <br>| An accurate estimate of our water balances is fundamental for regulatory <br>compliance and decision making. We have identified places for additional <br>flow meters at each South African operation to improve the confidence <br>in our water balances. In FY25, we installed 15 new flow meters. <br>|
| **Addressing feed** <br>**issues of water** <br>**treatment plants** <br>| To enhance water treatment plants processes, we conducted an <br>assessment and defined actions to be completed at three existing <br>reverse osmosis plants in FY26. <br>|
| **Expanding use and** <br>**optimisation of** <br>**reverse osmosis** <br>**plants** <br>| The construction of the Tau Tona reverse osmosis treatment plant was <br>completed in FY25 and will be commissioned in FY26. <br>|

---

Eva Copper faces water scarcity challenges similar to those in South Africa. Extensive investigations

during FY25 have defined a solution that combines reliable groundwater sourcing, together with water

conservation and recycling, to meet operational water demands. High rainfall events and flooding are

also known to affect the site, which has been factored into site water planning.

Our Papua New Guinea sites experience high annual rainfall resulting in positive water balances

requiring responsible drainage and discharge management from quality and quantity perspectives.

Collaboration and partnerships

**Government bodies** 

We partner with government departments, regulators and municipalities to:

▪Proactively address the risks and opportunities associated with water supply and management

▪Routinely update regulators on our water management performance

▪Outline ongoing monitoring programmes and potential remedial actions when required.

**Upstream and downstream water users**

In South Africa, Harmony supports municipalities in our mining jurisdictions to refurbish, maintain and

operate their wastewater treatment plants, preventing raw sewage from polluting water resources and

affecting local communities. We engage with users through regional water management agencies,

government task teams and working groups and local forums.

At Hidden Valley, we liaise with communities downstream of our operations and provide quarterly

updates on our environmental performance and risks.

Innovation, technology and digitisation

Harmony continues to expand its use of water treatment technologies, including reverse osmosis.

In South Africa, we partner with iWater to assess the use of biochar to encourage tree growth for the

remediation of soil and water at the Kareerand TSF. Harmony plants trees to support pollution plume

migration, with geohydrologists confirming that mass planting improves groundwater quality. By year

end, we planted over 6 000 trees at Mponeng.

Future focus areas<br>In the short term, we plan to:<br>▪Plant additional trees at our Free State operations to support pollution plume migration<br>▪Establish and enhance water treatment plants in collaboration with local water utilities in South <br>Africa<br>▪Determine the feasibility of expanding Doornkop's reverse osmosis plant capacity to bolster our <br>water recycling ratio and reduce potable water intake <br>▪Conduct a dam capacity assessment to understand our water containment vulnerabilities against <br>South African operational and legislative requirements. This will inform an action plan to address <br>shortcomings and climate change scenarios to identify future water security risks<br>▪Complete a regional geohydrological assessment in South Africa to determine the impact of <br>operations on geohydrology and modelling to understand our flood risk <br>▪Engage with Eva Copper neighbouring leaseholders on the project's proposed water supply and <br>management approach<br>▪Scale up water investigations to inform Hidden Valley mine life extension studies<br>▪Complete the Hidden Valley mine sewage treatment upgrade project<br>▪Manage Hidden Valley waste rock and associated seepage in accordance with the acid and <br>metalliferous drainage management plan. <br>

**Tailings management**

**Tailings facilities, if not managed correctly, could pose significant risks to our employees, host communities and the environment. We manage these facilities as aligned with guidance** 

**from locally and globally recognised standards and best practice frameworks that support safe dam design, effective operations and environmental accountability. Our tailings** 

**facilities also present a substantial opportunity to advance circular economy outcomes through recovery of valuable materials and reuse of waste streams.** 

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| TSF and waste management | TSF and waste management |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6owjmywfjmzy3m.gif](fsridynmyoja6owjmywfjmzy3m.gif) | Good health and wellbeing |
| ![fsridynmyoja6mwu5zwizm2u2m.gif](fsridynmyoja6mwu5zwizm2u2m.gif) | Sustainable cities and communities  |
| ![fsridynmyoja6ntcxzda3mwzhy.gif](fsridynmyoja6ntcxzda3mwzhy.gif) | Responsible consumption and production  |
| ![fsridynmyoja6mgywzmezztq3z.gif](fsridynmyoja6mgywzmezztq3z.gif) | Life on land |
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 3: Material Topics 2021 <br>▪GRI 301: Materials 2016<br>▪GRI 303: Water and Effluents 2018. | ▪GRI 3: Material Topics 2021 <br>▪GRI 301: Materials 2016<br>▪GRI 303: Water and Effluents 2018. |
| **FY25 priorities** | **FY25 priorities** |
| 1.Implementing robust engineering, dam design and <br>operational management <br>2.Conducting risk management, layered assurance, <br>oversight and compliance <br>3.Retreating and reclaiming South African TSFs. | 1.Implementing robust engineering, dam design and <br>operational management <br>2.Conducting risk management, layered assurance, <br>oversight and compliance <br>3.Retreating and reclaiming South African TSFs. |

---

Strategy: A proactive and comprehensive approach

Many of our TSFs are legacy facilities older than 40 years. However, all of our TSFs are managed with rigorous operational controls, aligned with

best practices. These measures support ongoing stability, address environmental impacts and contribute to the protection of local communities.

Our approach integrates water, air quality and biodiversity considerations (keeping final rehabilitation strategies for facilities not earmarked for

reclamation in mind) and focuses on the following priorities:

---

| | |
|:---|:---|
| **Implementing** <br>**robust engineering,** <br>**dam design and** <br>**operational** <br>**management**<br>| We manage TSFs following high engineering standard and applying strict water management. Our approach for new <br>and proposed TSFs begins with the comprehensive design phase to deliver safe and stable facilities with structural <br>integrity. We incorporate drainage systems and prevent run-off or seepage into surrounding ecosystems. At Hidden <br>Valley in Papua New Guinea, TSF 1 is designed to seep, with seepage monitored through regular sampling and <br>testing. These measures provide long-term structural and environmental stability and consider factors like rainfall <br>patterns, soil erosion and groundwater interactions. We also implement dust control measures such as dust netting <br>and vegetation planting to reduce airborne particles.<br>|
| **Conducting risk** <br>**management,** <br>**layered assurance,** <br>**oversight and** <br>**compliance** <br>| We embed risk management in the lifecycle of TSFs, from the design and construction of new TSFs, the operating <br>phases and in our final closure designs. To monitor our performance and compliance with regulations, we <br>conduct independent audits and regular inspections, with management, the deposition contractors and specialist <br>consulting engineers and specialist who assist with the construction of facilities. Additionally, our teams are <br>trained in emergency response. <br>For our South African operations, our dam design and construction (for new and proposed TSFs) and <br>management of TSFs are aligned with the South African National Standards (SANS) 10286. Our Australasian <br>operations follow the Australian National Committee of Large Dams (ANCOLD) guidelines with accepted risk-<br>based deviations and conservative factors of safety. At Hidden Valley, we adopt layered assurance elements of <br>the Global Industry Standard on Tailings Management (GISTM). <br>Our level of alignment with GISTM, or selected elements of the GISTM, is a matter we are continuing to assess <br>noting the practicality and economic feasibility of retrofitting historical TSFs to achieve full alignment with the <br>standard. Read more about the GISTM at https://globaltailingsreview.org/global-industry-standard. We consider <br>that the design standards and dam assurance we apply is leading practice in the industry. <br>|
| **Retreating and** <br>**reclaiming** <br>**South African TSFs**<br>| Tailings retreatment offers substantial competitive advantages and environmental benefits (on completion <br>of reclamation). It tends to be a lower-risk, non-labour intensive, low-energy usage, safer and lower-cost option <br>to conventional mining. Tailings retreatment plays a critical role in supporting a circular economy by recovering <br>valuable minerals from previously discarded waste, reducing the need for new extraction and minimising <br>environmental impacts. <br>We are exploring the feasibility for reprocessing several inactive TSFs in the Free State, Gauteng and North West. <br>This will also enable the rehabilitation of reclaimed TSF footprints. All reclaimed material will be deposited on <br>existing, recommissioned or where required, new TSFs, which will be constructed to comply with regulations and <br>minimise impacts. <br>|

---

Governance

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| Regional executives oversee implementation of group and regional standards, supported by regional engineering and environmental teams. Site-specific Responsible Tailings <br>Facility Engineers (RTFEs) and supported by onsite tailings operating contracting management teams that are responsible for daily TSF management activities overseen by <br>the appointed Engineer of Record to ensure compliance and make recommendations to improve compliance.<br>|
| **Performance monitoring and** <br>**reporting**<br>| Harmony's operations are required by legislation to hold valid water use licences, environmental permits and authorisations to develop, implement and track compliance <br>with, for example, environmental management programmes that include controls and management measures for TSF management. The board receives regular reporting on <br>facility performance and risk management.<br>Accredited consulting engineers in South Africa and Papua New Guinea compile quarterly reports that provide a detailed independent evaluation of operational <br>performance, safety standards and environmental compliance. These reports are essential tools for monitoring progress, assessing risks and aligning activities with <br>regulatory requirements and industry best practice. Regular updates help stakeholders stay informed, track improvements and identify areas for enhancement, reinforcing a <br>commitment to sustainable operations and continuous improvement across all sites.<br>We conduct annual audits at our South African TSFs to confirm compliance with local and global applicable safety and environmental standards, and provide an independent <br>evaluation of the facilities, covering structural stability, water management and dust mitigation. <br>Third-party audits and oversight from our Engineer of Record and the Independent Tailings Review Board (ITRB) are integral components of tailings management processes <br>in Papua New Guinea. This approach aligns to the layered governance aspects of the GISTM. Third-party and independent reviews assess our TSF management practices, <br>including structural integrity, operational efficiency and environmental impacts. <br>The International Cyanide Management Institute (ICMI) conducts audits across our operations every 18 months to monitor compliance with the Cyanide Code. <br>These independent audits evaluate whether operations meet the rigorous standards set for handling, transporting, storing and disposing of cyanide to minimise the risk to <br>human health and the environment.<br>|
| **Policies that support our** <br>**governance approach**<br>| Harmony's TSF management plans and processes are guided by the group mineral waste management standard, the risk management framework and our sustainability <br>framework. Our site construction and operational environmental management plans set out the requirements for effective TSF management.<br>In South Africa, we update our code of practice on mine residue deposits every two years to remain aligned with guidelines from the DMPR, the latest industry standards, <br>environmental regulations and best practices. We submit any updates to the DMPR for review and approval. <br>|

---

Risk and opportunity management

We recognise the potential environmental and socio-economic risks associated with TSF, and the criticality of designing, operating and closing TSFs in accordance with recognised international standards.

---

| | | |
|:---|:---|:---|
| **Risks** | **Description** | **Mitigation measures** |
| **Overtopping or slope failure** | Overtopping and slope failure are two primary <br>mechanisms by which TSFs can fail, leading to <br>significant environmental and safety risks. <br>Overtopping occurs when the water level in the <br>facility exceeds the crest of the dam, while slope <br>failure involves the instability of the embankment <br>slopes due to various factors.<br>| ▪Design to appropriate TSF construction standards<br>▪Instrumentation and monitoring<br>▪Monthly inspections, independent evaluations and <br>annual IMIU audits<br>▪Monitoring seepage, sloughing and erosion<br>▪Emergency response protocols.<br>|
| **Liquefaction**  | Liquefaction risk in TSFs poses a concern due to the <br>potential for flow slides and significant <br>environmental and safety consequences. Liquefaction <br>occurs when saturated, loose tailings lose their <br>strength and behave like a liquid due to applied <br>stresses, often triggered by earthquakes or other <br>disturbances.<br>| ▪Performing detailed geotechnical investigations as part <br>of TSF site selection to identify and assess liquefaction <br>risks. If risks cannot be sufficiently reduced, alternative <br>siting or tailings disposal method may be required (eg <br>Wafi-Golpu deep sea tailings placement (DSTP))<br>▪Selecting appropriate tailings deposition methods with <br>consideration to the liquefaction potential<br>▪Conducting monthly inspections, independent <br>evaluations and annual IMIU audits.<br>|
| **Unauthorised facility entry,** <br>**theft and vandalism of** <br>**infrastructure** <br>| Unauthorised entry to TSF facilities and failure to <br>abide by safety protocols can result in injuries or loss <br>of life. Theft and vandalism of pipeline and pumping <br>infrastructure used to convey water and slurry to and <br>from TSFs and reclamation sites may result in <br>spillages of slurry and mine-affected water into the <br>environment. In South Africa, this includes the <br>deliberate damage to water pipes to provide water <br>for cattle. <br>| ▪Appropriate employee training and approvals to access <br>TSF facilities<br>▪Security patrols to prevent unauthorised site entry <br>and deter theft and vandalism<br>▪Education to communicate to the community the <br>dangers of unauthorised entry. <br>|

---

---

| |
|:---|
| **Opportunities**  |
| By reclaiming existing TSFs, we remove the tailings <br>from inactive TSFs. All new and proposed facilities <br>are designed to prevent seepage and reduce the <br>risk of contamination to surrounding land and <br>groundwater. We are well placed to enhance <br>opportunities to develop resilience to climate <br>change in the short and long term. Reclaiming the <br>inactive TSFs also creates opportunities for <br>rehabilitation, restoring the land to a more <br>sustainable and productive state, once fully <br>reclaimed.<br>The Free State operations is developing <br>three plants that will use a newly identified TSF to <br>supplement their existing deposition <br>requirements. The new facility, which will be <br>operational in FY29, will provide additional space <br>for daily mining activities and contribute to the <br>mine's long-term environmental commitments.<br>In Gauteng, the West Wits reclamation project is <br>in its feasibility phase with a focus on developing a <br>new TSF to serve reclamation activities and <br>ongoing deposition requirements for the region's <br>mines. This planned TSF will extend the life-of-<br>mine and creates opportunities for rehabilitation <br>and restoration of the land of the reclaimed TSF <br>footprints. <br>|

---

Measuring our performance

We measure the performance of our TSF management through continuous

monitoring and rigorous technical assurance, aligned with industry-leading

standards. This includes real-time data collection in South Africa, regular

inspection, and independent review.

**Our TSFs**

---

| |
|:---|
| **South Africa** |
| We manage 84 TSFs: 18 are operational, 11 are being <br>reprocessed and 55 are inactive. <br>|
| **Papua New Guinea** |
| We manage one TSF with a second TSF under construction and a <br>third TSF in design at Hidden Valley. For Wafi-Golpu, DSTP is our <br>approved tailings solution as per the environmental permit, <br>secured in 2020.<br>|
| **Australia** |
| We have completed TSF design as part of the Eva Copper <br>updated feasibility study.<br>|

---

Progress against priorities

**Implementing robust engineering, dam design and operational management**

In FY25, we enhanced the infrastructure at certain South African TSFs for long-term stability and a lower environmental impact. This

included:

---

| | |
|:---|:---|
| **Target 1 plant** | ▪Installing additional toe drainage systems and rock cladding for erosion control, <br>reinforced by a robust rock buttress.<br>|
| **Central Plant Dam 23** | ▪Relocate the penstock to a more centralised location, with stability analysis planned <br>when the facility has settled with remedial recommendations pending stability analysis <br>results.<br>|
| **Central Plant Brand D TSF** | ▪Improving drainage and constructing a rock buttress to improve overall stability.  |

---

We aim to increase our TSF capacity at Hidden Valley to support the feasibility of extended life-of-mine. The mine's TSF capacity is

constrained, and opportunities to extend the life-of-mine require secure and compliant TSF expansion. Three projects are enabling us to

expand Hidden Valley's TSF capacity and potentially extend the life-of-mine. These include:

---

| | |
|:---|:---|
| **TSF 1** | ▪Raising the wall height to 2 019m and investigating the possibility to raise it to 2 024m.  |
| **TSF 2** | ▪Constructing the second TSF to accommodate the next phase of tailings deposition, <br>targeting completion by FY28.<br>|
| **TSF 3** | ▪Completing a concept study and starting prefeasibility studies, which would support <br>an extension to mine life beyond 2030<br>▪Completing the environmental and social assessment <br>▪Applying to the Conservation and Environment Protection Authority (CEPA) for an <br>amendment to our environment permit to approve this facility, and the MRA for <br>extension of the mining tenement term. <br>|

---

We have received regulatory approval for the mining tenement extension and are awaiting a decision on our revised environmental

permit. Once necessary approvals are in place, the board will consider the feasibility of extending the life-of-mine.

Surface water and groundwater environmental monitoring of TSF 1 seepage points, which drain to the Watut river, maintained

compliance below background levels during the year. Seepage from the dam was in line with design estimations.

**Conducting risk management, layered assurance, oversight and compliance**

*Freeboard management* 

We use freeboard legal compliance to maintain safe capacity for excessive rain and operational water

levels on top of TSFs. We use drone and physical on-site instrument survey measurement technology for

monthly freeboard surveillance.

Despite high rainfall in South Africa, we maintained freeboard stability at our TSFs in FY25.

In Papua New Guinea, we worked to improve TSF water levels. This has led to less usage of CAROS, our

cyanide destruction circuit, to remove supernatant water from the surface of the dam. Hidden Valley

mine is committed to keeping pond levels as low as reasonably practical.

*Emergency response* 

We regularly enhance our emergency response systems to manage and mitigate environmental and safety

risks. In South Africa, we have established clear communication lines with surrounding communities and

local authorities for effective collaboration should an event arise. Our emergency response plans are

continuously tested through simulated drills and real-world scenario exercises, providing our teams with

the necessary experience and confidence to respond quickly and effectively.

We maintain a four-siren early warning system at Hidden Valley to alert downstream communities

in the event of TSF failure, with regular community awareness conducted on the system.

As we advance our Eva Copper feasibility study, we mapped our emergency response protocols and

procedures this year.

*Reducing dust emissions*

At the Doornkop TSF, we have vegetated 10ha of the side slopes as a dust mitigation initiative, with a

goal of vegetating 14ha by the end of the project. To curb dust at other facilities, we have installed

30 000m of dust netting across dormant TSFs in the Free State and North West. This proactive measure

reduces airborne dust and enhances air quality. In the Free State, we have planted trees at TSFs to

support dust management. Read more about these measures in ***[Air quality for community wellbeing](#i33c44c3831e342b883e9ab36f0eef510_3815)***.

At some TSFs, we implement phytoremediation interventions, using certain plant or tree species to

absorb, degrade or immobilise environmental pollutants or contaminants. This approach enhances

ecological restoration of affected areas, stabilises soil and reduces erosion while providing long-term

solutions to TSF pollution management. In FY25, we planted 6 000 trees at the Kareerand and Savuka

seepage interception.

*Enhancing assurance*

At Hidden Valley, we enhanced our technical assurance by expanding the mine's TSF management and

engineering team, including the appointment of an accountable executive and responsible tailings

facility engineer.

**Retreating and reclaiming South African TSFs** 

In FY25, we made the following progress with our reclamation activities:

---

| | |
|:---|:---|
| **In progress** | ▪Conducting a feasibility study for the West Wits reclamation project <br>to determine viability for two TSFs<br>▪A feasibility assessment for further Free State reclamation activities, <br>covering the reclamation of 26 out of 42 old TSFs.<br>|
| **Completed** | ▪The construction of new reclamation and pumping stations at Mine Waste <br>Solutions.<br>|

---

Collaboration and partnerships

In South Africa, we are collaborating with a local supplier to transfer mine rehabilitation skills to

local communities while completing the Doornkop TSF dust mitigation project. At Hidden Valley,

we collaborate with the MRA regularly to provide dam performance and address any safety risks

and operational issues. We also engage with third-party auditors and the ITRB.

Innovation, technology and digitisation

In South Africa, proposed new TSFs comply fully with regulations and are designed to surpass industry

standards and set a new benchmark for sustainable mining practices. The re-engineered liner is more

advanced than the current required class C barrier and offers enhanced performance by significantly

reducing groundwater impact risks. The innovative design maximises water recovery, supporting a

higher return of water for reuse.

Construction is underway of the FSS 6 TSF reclamation pump station in the Free State. An innovative

feature of the FSS reclamation site is the strategic positioning of its main sump. Unlike other sites, this

design enables full dam coverage without requiring the barge to be moved, thereby adding flexibility

and operational ease.

At Hidden Valley, TSF data collection of key instrumentation will transition to telemetry to remove

human error in collection of key performance data. This will enable dashboard-style data presentation,

making it quicker and simpler for concerns to be identified.

Future focus areas<br>Harmony remains committed to improving its tailings management in line with best practices and <br>technological advancements. Our short-term focus areas include:<br>▪Planting 3 450 trees at the Kareerand and Savuka seepage interception as part of reducing dust <br>emissions<br>▪Vegetation of 10ha of land at the Doornkop TSF to mitigate dust and enhance ecosystem health<br>▪Feasibility assessment for upgrading the Kusasalethu plant as part of the West Wits reclamation <br>project. <br>▪Continuing the construction of TSF 2 at Hidden Valley and potentially receive our environmental <br>permit amendment for TSF 3 (followed by the design and construction of TSF 3 at Hidden Valley <br>if the lease extension is approved)<br>▪Installing a system at the Hidden Valley process plant to improve the density of tailings and the <br>storage curve and assisting with closure activities.<br>

**Waste management**

**Harmony has complex mining waste management requirements as we handle diverse waste streams while navigating the challenge of operating in remote locations. We leverage the** 

**waste management hierarchy including avoidance, recycling and circular economy principles to reduce waste sent to landfill, optimise resource use and entrench sustainable** 

**practices. We also aim to minimise environmental harm, reduce health risks and create economic opportunities for local communities.**

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| TSF and waste management | TSF and waste management |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6owjmywfjmzy3m.gif](fsridynmyoja6owjmywfjmzy3m.gif) | Good health and wellbeing |
| ![fsridynmyoja6ytzjntm1yjnhn.gif](fsridynmyoja6ytzjntm1yjnhn.gif) | Decent work and economic growth  |
| ![fsridynmyoja6mwu5zwizm2u2m.gif](fsridynmyoja6mwu5zwizm2u2m.gif) | Sustainable cities and communities |
| ![fsridynmyoja6ntcxzda3mwzhy.gif](fsridynmyoja6ntcxzda3mwzhy.gif) | Responsible consumption and production |
| ![fsridynmyoja6mgywzmezztq3z.gif](fsridynmyoja6mgywzmezztq3z.gif) | Life on land |
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 3: Material Topics 2021<br>▪GRI 301: Materials 2016<br>▪GRI 303: Water and Effluents 2018<br>▪GRI 306: Waste 2020. | ▪GRI 3: Material Topics 2021<br>▪GRI 301: Materials 2016<br>▪GRI 303: Water and Effluents 2018<br>▪GRI 306: Waste 2020. |
| **FY25 priorities** | **FY25 priorities** |
| 1.Implementing responsible waste rock dump <br>management, reuse and recycling <br>2.Repurposing and recycling non-mineral waste. | 1.Implementing responsible waste rock dump <br>management, reuse and recycling <br>2.Repurposing and recycling non-mineral waste. |

---

Strategy: Minimising waste impacts through circularity

Key waste streams include hazardous waste and waste rock. We direct hazardous waste streams, mainly hydrocarbons, to accredited repurposing

companies or suitable landfills. To effectively manage waste, we prioritise the following:

---

| | |
|:---|:---|
| **Implementing responsible** <br>**waste rock dump management,** <br>**reuse and recycling** <br>| Effective waste rock management reduces aesthetic and land use challenges, minimises water and <br>air pollution while enabling the maximum recovery of ore, minerals and metals. <br>In South Africa, we use waste rock as plant grinding media and backfill material for shaft <br>rehabilitation. Using waste rock, a plant grinding media reduces the need for non-renewable <br>resources and converts waste rock into a useable product. <br>At Hidden Valley, we use non-acid forming (NAF) waste rock for TSF construction and drainage <br>improvements. It is also used for waste rock dump rehabilitation and encapsulating potentially acid <br>forming (PAF) waste rock to manage geotechnical and geochemical stability.<br>|
| **Repurposing and recycling non-**<br>**mineral waste** <br>| We promote non-mineral waste repurposing and recycling, including reusing underground and <br>above-ground equipment and infrastructure for operational purposes. Our waste management and <br>salvage activities also provide economic opportunities for local suppliers and entrepreneurs. <br>|

---

Read more about our tailings management in ***[Responsible tailings management](#i33c44c3831e342b883e9ab36f0eef510_3790)***.

Governance

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| Regional executives, supported by regional environment teams, are accountable for effective waste <br>management. Site management teams are responsible for daily waste management activities.<br>|
| **Performance monitoring and** <br>**reporting**<br>| Our site operational environmental management systems include waste management guidelines, <br>and we track and report on the quantities of materials we recycle and send to landfill.<br>|
| **Policies that support our** <br>**governance approach**<br>| Non-mineral waste management is guided by a group-wide standard. Specific host-country <br>regulation and conditions are addressed through our site construction and operational <br>environmental management plans. <br>|

---

Risk and opportunity management

Mining in isolated areas introduces unique waste management challenges due to logistical constraints, environmental sensitivities and community considerations. However, it also fosters opportunities for innovation.

Waste management risks are integrated into the enterprise risk management process.

---

| | | |
|:---|:---|:---|
| **Risks** | **Description** | **Mitigation measures** |
| **Environmental** <br>**contamination** <br>| Improper disposal of waste can result in environmental contamination, posing risks <br>to soil, water and air quality. This includes hazardous substances, which can seep <br>into the ground, contaminating groundwater sources and impacting local <br>ecosystems.<br>| By increasing the use of recycling and reclamation, we reduce the potential for hazardous <br>substances to leach into the environment. This protects local ecosystems, contributes to more <br>sustainable operations and supports community relations. At Hidden Valley, we implement <br>careful waste rock management aligned with our acid and metalliferous drainage management <br>plan. Waste structures are fully engineered with toe-drains for water drainage and compacted <br>layers to reduced infiltration and improve stability. The waste rock at Hidden Valley is placed in <br>the waste rock dumps in accordance with its characterisation, with higher-risk potential acid <br>forming (PAF) material being encapsulated by NAF material. We closely monitor the <br>effectiveness of the plan with the aim to minimise any downstream water quality impacts.<br>|
| **Health hazards** <br>**to employees**<br>| Exposure to toxic chemicals, infectious waste and hazardous materials can cause <br>several health issues such as respiratory problems. Pathogens in infectious waste <br>can spread diseases. The long-term health effects of exposure to hazardous <br>materials, including heavy metals or chemicals, can lead to chronic conditions such <br>as cancer, neurological disorders and organ damage.<br>| Adopting safety-first waste management practices protects public health and prevents long-<br>term health risks for employees and local communities. This includes: <br>▪Using the correct procedures to dispose of hazardous materials <br>▪Improving protective equipment for employees handling waste <br>▪Limiting access to waste management areas and landfills. <br>|
| **Fires and explosions**  | Certain waste types, such as flammable chemicals and combustible materials, <br>present significant fire and explosion risks if not properly stored, handled or <br>disposed of. Fire risk is elevated when waste is stored in poorly ventilated or <br>improperly contained areas, where heat build-up can ignite flammable substances. <br>Explosions can result from the unstable nature of certain chemicals or a reaction <br>between different waste types. <br>| ▪We have set procedures in place for storing, handling, transporting and disposing of <br>flammable chemicals or combustible materials <br>▪Employee training on the appropriate handling, storage and separation of waste materials <br>such as dangerous goods and/or hazardous materials.<br>|
| **Regulatory non-**<br>**compliance** <br>| Failure to adhere to waste management laws and environmental regulations can <br>result in fines, shutdown orders, or even the suspension of permits. This can disrupt <br>business operations and increase operational costs. Violations can cause <br>reputational damage, undermining public trust and investor confidence.<br>| Our site environmental management plans are aligned with applicable legal and regulatory <br>frameworks, to operationalise compliance with relevant environmental laws and regulations. <br>The documents are dynamic and updated in response to evolving requirements. <br>|
| **Project execution** <br>**and operational** <br>**challenges** <br>| The remoteness of some sites can mean that the public waste management <br>infrastructure is not licensed or geared to handle our specialised types and <br>quantities of waste. This can result in increased costs (transportation of specialised <br>waste), project delays and community concerns related to waste handling and <br>impacts on local infrastructure.<br>Inefficient waste handling can create significant operational challenges, leading to <br>delays, higher operational costs and employee safety risks. When waste is not <br>managed properly, it can accumulate and create congestion, slowing down overall <br>operations and creating delays in the processing or disposal of materials.<br>| ▪Appropriately designed, permitted and maintained on-site waste management facilities<br>▪Waste minimisation at source to minimise the volume requiring transport and disposal, <br>with personnel trained in proper segregation, storage and emergency response<br>▪Scheduled, licensed off-site transport and disposal contracting arrangements with tracking <br>of these wastes<br>▪Temporary storage areas with secondary containment for hazardous waste to prevent <br>environmental release<br>▪Regulatory engagement to identify compliant solutions appropriate for remote contexts.<br>|
| **Community and** <br>**social impact** <br>| Waste can produce foul smells, with quality-of-life impacts for nearby residents. <br>Improperly managed, biologically and chemically hazardous waste has potential to <br>spread disease. These issues can harm public health and erode community trust, <br>contributing to social unrest and potential legal challenges. <br>| ▪Compliance with site environmental management plans<br>▪Adhering to hazardous waste procedures, including medical waste<br>▪Trained personnel and readily available equipment to contain and clean up an accidental <br>releases to prevent environmental and community exposure<br>▪Regular inspections of waste management practices and areas<br>▪Adoption of good housekeeping practices. <br>|

---

---

| |
|:---|
| **Opportunities**  |
| Improvements to how waste <br>is handled can reduce our <br>expenses, limit our <br>environmental liability and <br>enhance operational efficiencies. <br>In South Africa, we are <br>continuously investing <br>opportunities to further our <br>efforts on the recycling of wastes <br>and to further limit the volumes <br>of waste sent to landfill.<br>|

---

Measuring our performance

We collect and review quantitative data and monitor these metrics to understand our progress

and inform decision making. We remain committed to continuous improvement and responsive

management.

Progress against priorities

**Implementing responsible waste rock dump management, reuse and recycling** 

In FY25, the group's total waste rock generated decreased by 10% to 27 million tonnes.

![rockminedversustonnestreat.jpg](rockminedversustonnestreat.jpg)

![percentagewasterockrecycled.jpg](percentagewasterockrecycled.jpg)

![wasterockandslimesrecycled.jpg](wasterockandslimesrecycled.jpg)

Waste rock recycled decreased by 22% to 5 million tonnes, mainly attributed to the reduced use for

construction and a temporary halt in reprocessing activities at some sites.

We continue to investigate the feasibility of waste rock dumps for the use as crushing material as part

of our milling process at our South African gold plants. This allows us to remove the waste rock and

make land available for rehabilitation when waste rock dumps are cleared. We are exploring

opportunities to work with local communities for processing waste rock dumps.

In FY25, we implemented a revised waste rock management plan at our Papua New Guinea operations

to address low-level exceedances of dissolved manganese detected under certain conditions (relating to

rainfall volume and intensity) from waste rock dump seepage. To improve downstream water quality,

we have:

▪Optimised paddock dumping of PAF waste and NAF caps

▪Maximised the compaction of waste rock layers to limit oxygen entry and sulphide oxidation

▪Separated oxidised, partially oxidised and PAF waste rock

▪Encapsulated PAF in fresh NAF granodiorite, when required

▪Avoided direct contact between fresh PAF metasediment and any oxidised or partially oxidised rock

▪Developed detailed closure plans, including engineered covers of all our waste rock dumps.

Monitoring has demonstrated promising results, with a reduction in exceedances recorded.

**Repurposing and recycling non-mineral waste**

Across the group, waste management and minimisation initiatives in FY25 included:

▪Increasing the reuse of reconditioned machinery parts, reducing waste and reliance on new parts

▪Recycling batteries and recovering oil

▪Recycling scrap metal, including separating high-value scape (copper, aluminium) for recycling.

**Kilotonnes of waste produced, including hazardous materials and non-hazardous waste**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Group waste generated** | **FY25** | FY24 | FY23 | FY22 | FY21<sup>1</sup> |
| **Oils and grease** |  |  |  |  |  |
| Grease used (t) | **430** | 480 | 475 | 524 | 552 |
| Lubricating and hydraulic oil used (Ml) | **3 127** | 3 040 | 2 707 | 3 000 | 3 000 |
| Recycling oil – repurposing hydrocarbons to landfill (000l) | **646** | 703 | 742 | 698 | 527 |
| **Hazardous waste** |  |  |  |  |  |
| Tailings (Mt) | **51** | 52 | 51 | 52 | 47 |
| Waste rock deposited (Mt) | **27** | 30 | 28 | 25 | 24 |
| Hazardous waste to landfill (t) | **558** | 1 261 | 1 501 | 803 | 524 |
| **Recycled waste** |  |  |  |  |  |
| Waste rock recycled (000t) | **4 720** | 6 044 | 6 599 | 7 683 | 10 405 |
| Timber (t) | **4 238** | 6 097 | 3 251 | 2 727 | 3 121 |
| Steel (t) | **14 686** | 14 939 | 13 781 | 8 889 | 8 739 |
| Plastic (t) | **507** | 697 | 489 | 591 | 625 |
| **Total recycled waste (000t)** | **4 739** | 6 066 | 6 617 | 7 695 | 10 417 |
| **Total general waste generated from operational salvage yards** | **29 901** | 29 288 | 25 646 | 20 469 | 12 486 |
| **Mineral waste intensity (tonne/tonne treated)** | **1.53** | 1.60 | 1.52 | 1.43 | 1.44 |
| **General waste intensity (tonne/000 tonne treated)** | **0.59** | 0.57 | 0.49 | 0.38 | 0.25 |

---

<sup>1</sup>*Includes Mponeng and related assets.*

Collaboration and partnerships

Our waste management requirements provide business

opportunities for host communities and entrepreneurs. Where

possible, we contract waste handling services from local

entrepreneurs.

In Papua New Guinea, we contract a local landowner company

to manage our non-mineral waste, delivering a viable business

opportunity since the Hidden Valley mine opened.

Future focus areas<br>We remain committed to applying the waste hierarchy to <br>reduce, reuse and recycle waste. Our short-term focus <br>areas include:<br>▪Assessment of additional waste recycling and/or <br>removal waste at our Mponeng operations <br>▪Continued monitoring of effectiveness of the revised <br>waste rock management plan at Hidden Valley<br>▪Detailed waste management planning for Eva Copper <br>construction.<br>

**Air quality for community wellbeing**

Mining activities can influence the local amenity through changes to air environment. While the remote settings of our operations and largely underground

mining footprint help to limit off-site impacts, we remain committed to monitoring and managing these aspects while protecting the environment and

community health and wellbeing.

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| Sustainable communities  | Sustainable communities  |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6owjmywfjmzy3m.gif](fsridynmyoja6owjmywfjmzy3m.gif) | Good health and well-being |
| ![fsridynmyoja6ytzjntm1yjnhn.gif](fsridynmyoja6ytzjntm1yjnhn.gif) | Decent work and economic growth |
| ![fsridynmyoja6mgywzmezztq3z.gif](fsridynmyoja6mgywzmezztq3z.gif) | Life on land  |
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 305: Emissions 2016. | ▪GRI 305: Emissions 2016. |
| **FY25 priorities** | **FY25 priorities** |
| 1.Achieving air quality compliance<br>2.Reducing dust and other pollutants. | 1.Achieving air quality compliance<br>2.Reducing dust and other pollutants. |

---

Strategy: Protecting air quality in our host communities

Our air quality approach mitigates our liability, secures our ongoing licence to operate and safeguards our stakeholder relationships. Our approach

is tailored to consider the different air quality and amenity risks facing the regions in which we operate. We protect air quality by delivering on the

following priorities:

---

| | |
|:---|:---|
| **Achieving air quality** <br>**compliance**<br>| Our operations must comply with legislation for dust fallout and the allowable limits associated with <br>residential and non-residential areas. We record exceedances as a non-compliance and implement <br>remedial measures. <br>|
| **Reducing dust and other** <br>**air pollutants** <br>| We implement innovative solutions to reduce particulate matter (PM) emissions and support <br>theregeneration of ambient air quality across our metallurgical and mining operations. These <br>measures include the use of emission abatement equipment such as wet scrubbers and baghouses, <br>water and chemical suppression, netting, the establishment of grass, trees and other rehabilitative <br>vegetation, as well as controlled maintenance activities during windy seasons. <br>The climatic conditions in Papua New Guinea reduce the dispersion of air pollutants, with ash <br>content considered the most representative indicator of mine-derived dust deposition.<br>|

---

Governance

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| Regional executives, supported by regional environment and sustainability teams, are accountable for effective air emissions management. Site management teams are <br>responsible for daily emissions monitoring. <br>|
| **Performance monitoring and** <br>**reporting**<br>| Our environmental approvals and/or guidelines include the limits we must comply with, which typically reflect health-based guidelines.<br>Our air quality monitoring programmes measure primary atmospheric emissions such as sulphur oxides (SO2), nitrous oxides (NOx), PM and dust fallout to comply with <br>regulations and applicable licences and permits. <br>Harmony's South African operations have dust management plans that we update regularly. We also review progress on implementing mitigation measures on an ongoing basis <br>and conduct monthly dust fallout monitoring to comply with regulations and address concerns. <br>We have a formal complaints system to address public concerns with immediate investigation and corrective action.<br>|
| **Policies that support our** <br>**governance approach**<br>| Harmony's air emissions management is guided by a group-wide standard designed to reduce environmental impact. Our site construction and operational environmental <br>management plans include the requirements to comply with specific host-country policies, regulations and conditions. Our South African operations alsoapply the American <br>Standard for Testing and Materials method (D1739) in dust fallout monitoring and mitigation.<br>|

---

Risk and opportunity management

We mitigate air quality and amenity risks through our environmental management and construction environmental management plans. Our gold plants meet legislated thresholds with occasional PM exceedances from

time to time. We address these exceedances by using high-quality carbon as an effective material for removing air pollutants and retrofitting dust abatement equipment, where required.

---

| | | |
|:---|:---|:---|
| **Risks** | **Description** | **Mitigation measures** |
| **Failure to adhere to our** <br>**environmental permits** <br>**or agreement-based** <br>**commitments** <br>| Non-compliance could lead to nuisance, health <br>or wellbeing impacts, significant fines, legal action or <br>disruptions to mining activities.<br>| ▪Dust suppression initiatives, including barriers such as <br>artificial netting or trees and rehabilitative vegetation<br>▪Equipment efficiency and maintenance to reduce <br>emissions<br>▪Emission-reduction abatement equipment such as wet <br>scrubbers and baghouses. |
|  |  | ▪Dust suppression initiatives, including barriers such as <br>artificial netting or trees and rehabilitative vegetation<br>▪Equipment efficiency and maintenance to reduce <br>emissions<br>▪Emission-reduction abatement equipment such as wet <br>scrubbers and baghouses. |
|  |  | ▪Dust suppression initiatives, including barriers such as <br>artificial netting or trees and rehabilitative vegetation<br>▪Equipment efficiency and maintenance to reduce <br>emissions<br>▪Emission-reduction abatement equipment such as wet <br>scrubbers and baghouses. |
|  |  | ▪Dust suppression initiatives, including barriers such as <br>artificial netting or trees and rehabilitative vegetation<br>▪Equipment efficiency and maintenance to reduce <br>emissions<br>▪Emission-reduction abatement equipment such as wet <br>scrubbers and baghouses. |
| **Higher disturbance activities** <br>**associated with new projects** <br>| Project development can lead to increased <br>disturbances in the surrounding area compared to <br>pre-mining conditions. This can include increased dust <br>related to mining construction activities. <br>| ▪Dust suppression initiatives, including barriers such as <br>artificial netting or trees and rehabilitative vegetation<br>▪Equipment efficiency and maintenance to reduce <br>emissions<br>▪Emission-reduction abatement equipment such as wet <br>scrubbers and baghouses. |
| **A high level of community** <br>**complaints and** <br>**deterioration of stakeholder** <br>**relationships** <br>| Air quality deterioration can result in community <br>complaints and undermine our relationships <br>stakeholders, including communities, government <br>departments and NGOs. <br>| ▪Foster healthy stakeholder relationships and remain <br>mindful of our amenity impacts as we progress new <br>projects like Eva Copper <br>▪Adopt proactive, collaborative engagement with internal <br>and external stakeholders. This includes a process for <br>addressing their concerns, complaints and grievances.<br>|

---

---

| |
|:---|
| **Opportunities**  |
| Our mitigation measures present several <br>opportunities for us to leverage, including:<br>▪Reducing dust fallout through re-vegetation <br>across the life-of-mine<br>▪Demonstrating compliance, reducing legal <br>risks and enhancing relationships with <br>authorities through proactive controls.<br>|

---

Measuring our performance

We monitor dust and other air pollutants across operations in line with regulatory requirements. At our

operational sites, we continue to implement measures to reduce emissions and improve air quality

outcomes, particularly in areas adjacent to residential zones.

Progress against priorities

**Achieving air quality compliance**

The regulator in South Africa approved all required annual national atmospheric emission inventory

system reports submitted by our operations.

At Hidden Valley, we monitor and analyse cumulative dust deposition mean ash content, mean

total solids, mean total insoluble matter and mean total soluble matter on a fortnightly basis at Manki

Tawa, Upanda and Hikinangowe villages. Cumulative dust remains below compliance limits of 4g/m<sup>2</sup>/

month and consistent with historical trends.

At Eva Copper, we continued building our baseline monitoring dataset in line with our environmental

authority, including monthly dust deposition sampling. As site preparatory works progressed, including

the site access road, temporary workers' accommodation facility, process plant laydown area, water

supply infrastructure and topsoil, mulch and stockpile areas. We also transitioned into implementation

and active monitoring of dust management controls.

**Reducing dust and other pollutants**

To improve PM emissions, we roll out mitigating measures at our sites through better operational

controls, including the use of improved quality-activated carbon and changes to more efficient

abatement equipment where necessary, installing barriers such as artificial netting or trees, dust

suppressants and rehabilitative vegetation.

Our FY25 initiatives were as follows:

---

| | |
|:---|:---|
| FY25 initiatives |  |
| FY25 initiatives | Installed: |
| FY25 initiatives | 30 000m of dust netting on dormant TSFs at our Free State operations |
| FY25 initiatives | Air quality abatement equipment (wet scrubber) at Central Plant's Kilns, <br>to reduce PM emissions <br>|
| FY25 initiatives | The new kiln at Saaiplaas plant operations to improve operating efficiencies |
| FY25 initiatives |  |
| FY25 initiatives |  |
| FY25 initiatives |  |
| FY25 initiatives | 25 000 trees planted for dust mitigation in the Free State |
| FY25 initiatives |  |
| FY25 initiatives |  |
| FY25 initiatives |  |
| FY25 initiatives | 10ha of the Doornkop TSF side slopes rehabilitatedto reduce <br>dust fallout<br>|
| FY25 initiatives |  |

---

Our performance in South Africa was as follows:

---

| |
|:---|
| **PM intensity** |
| ![particulatematter.jpg](particulatematter.jpg) |
| **SO2 intensity** |
| ![so2emissionsversusintensity.jpg](so2emissionsversusintensity.jpg) |
| **NOx intensity** |
| ![noxemissionsversusintensity.jpg](noxemissionsversusintensity.jpg) |

---

The increase in emissions can be attributed to inclusion of the Doornkop operations for the first time,

and Nufcor that was excluded in FY24.

Future focus areas<br>In the short term, we plan to:<br>▪Harmony will continue its progressive rehabilitation of land identified for restoration<br>▪Embed robust processes for managing amenity and maintaining environmental authority <br>compliance as we advance Eva Copper.<br>

**Biodiversity and conservation**

Mining activities have the potential to affect biodiversity and the environment, particularly through habitat loss, pollution risks and ecosystem

fragmentation. We are committed to minimising these impacts by implementing targeted conservation measures and undertaking rehabilitation and

biodiversity initiatives to support ecological recovery.

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| Biodiversity | Biodiversity |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6mwu5zwizm2u2m.gif](fsridynmyoja6mwu5zwizm2u2m.gif) | Sustainable cities and communities  |
| ![fsridynmyoja6mgywzmezztq3z.gif](fsridynmyoja6mgywzmezztq3z.gif) | Life on land |
| ![fsridynmyoja6ntqxyzexztmzya.gif](fsridynmyoja6ntqxyzexztmzya.gif) | Partnerships for the goals |
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 101: Biodiversity 2024<br>▪GRI 3: Material Topics 2021<br>▪GRI 304: Biodiversity 2016. | ▪GRI 101: Biodiversity 2024<br>▪GRI 3: Material Topics 2021<br>▪GRI 304: Biodiversity 2016. |
| **FY25 priorities** | **FY25 priorities** |
| 1.Protecting high biodiversity values <br>2.Implementing biodiversity protection initiatives<br>3.Revegetating land alongside mining <br>4.Delivering meaningful biodiversity outcomes <br>after mining. | 1.Protecting high biodiversity values <br>2.Implementing biodiversity protection initiatives<br>3.Revegetating land alongside mining <br>4.Delivering meaningful biodiversity outcomes <br>after mining. |

---

Strategy: Meaningful biodiversity outcomes to leave a lasting, positive impact

Informed by our Biodiversity and rehabilitation position statement, Harmony's biodiversity and conservation programme seeks to adopt good

practice, support informed decision making and contribute to the recovery or enhancement of local ecosystems in the long term. To achieve this,

we have identified the following priorities:

---

| | |
|:---|:---|
| **Protecting high** <br>**biodiversity values**<br>| Protecting biodiversity is central to sustainable land use and helps address climate change, reduce <br>pollution and restore land. In our project planning, we seek to avoid or "design out" areas of high <br>biodiversity or environmental sensitivity. We do not conduct operations in declared world heritage <br>sites, national parks or protected areas.<br>|
| **Implementing biodiversity** <br>**protection initiatives** <br>| Our environmental management approach includes active biodiversity measures, such as invasive <br>species management and fauna spotter-catcher protocols, alongside ongoing monitoring <br>programmes, including air quality, water and noise to manage exploration and operational impacts. <br>Our conditions of approval outline specific requirements for each site.<br>|
| **Revegetating land alongside** <br>**mining** <br>| We implement progressive/concurrent rehabilitation. Rehabilitating and replanting disturbed land <br>encourage the return of plant and animal life, reduces soil erosion and dust fallout while <br>contributing to our long-term decarbonisation goals.<br>|
| **Delivering meaningful** <br>**biodiversity outcomes** <br>**after mining**<br>| In our closure planning, we seek to support resilient ecosystems post mining. This includes stabilised <br>landforms using locally appropriate native species that are complementary to selected post-mining <br>land uses. We are assessing the current and future impacts of our company's growth to inform <br>roadmaps to enhance biodiversity outcomes. <br>We demolish, decommission and seal shafts while rehabilitating broader footprints (former plants <br>and ancillary service infrastructure), where possible. These activities prevent further environmental <br>degradation and protect host communities from criminal activities associated with illegal mining.<br>|

---

Governance

---

| | |
|:---|:---|
| **Accountability and responsibility** | Regional executives and management oversee the environmental management plans for our mines. Site management teams are responsible for daily issues management and execution of our <br>environmental management plans and rehabilitation and closure programmes. <br>|
| **Performance monitoring** <br>**and reporting**<br>| Our long-life sites implement biodiversity management plans through mine closure and environmental management plans. We conduct regular assessments for new and existing projects that have the <br>potential to negatively impact ecological systems. Regulators approve our environmental management and closure plans, which include measures for biodiversity. Harmony tracks compliance with <br>permits, authorisations and environmental management and closure plans. <br>|
| **Policies that support our** <br>**governance approach**<br>| Our sustainability framework, together with our biodiversity and rehabilitation position statement, provides group-wide guidelines on how we approach biodiversity. We comply with all host country <br>legislation and contribute to national biodiversity policy. Host country regulations also establish requirements for offsets, rehabilitation requirements and timeframes, and monitoring and performance <br>criteria. <br>|

---

Risk and opportunity management

We monitor site-specific biodiversity risks as part of our operational risk registers. There are no critical biodiversity risks, although we do face risks that impede the implementation of our biodiversity management plans.

---

| | | |
|:---|:---|:---|
| **Risks** | **Description** | **Mitigation measures** |
| **Grazing activities and cutting** <br>**down trees for firewood**<br>| At our South African operations, illegal cattle grazing activities and removing trees <br>for fuel degrade the environment and hamper our efforts to rehabilitate mining <br>land and reintroduce plant and animal species. <br>| ▪Security patrols to deter grazing and firewood collection. |
| **Illegal mining activities that** <br>**prevent rehabilitation efforts** <br>| Illegal mining impacts biodiversity through habitat destruction, pollution and the <br>disruption of ecosystems. Deforestation, water contamination and soil erosion are <br>common consequences, leading to the loss of plant and animal species. <br>| ▪Security and mine management collaboration to prevent illegal mining <br>through regular assessments, closures and patrols<br>▪Investments in sealing redundant mines and implementing leading <br>security measures to the environment.<br>|
| **Spread of alien and invasive** <br>**species** <br>| Alien and invasive plants pose a significant threat to biodiversity due to their ability <br>to outcompete native species. These plants, introduced from other regions, often <br>thrive in new environments without natural predators or diseases to control them, <br>leading to rapid expansion and competition for resources.<br>| ▪Programmes to eradicate alien and invasive species across all our <br>operations.<br>|
| **High rainfall events that result in** <br>**erosion** <br>| High rainfall events, such as heavy rainstorms and floods, can worsen soil erosion <br>and negatively impact biodiversity by disrupting ecosystems and damaging <br>habitats.<br>| ▪Identification of areas prone to erosion through routine sediment and <br>erosion control monitoring to revegetate land and prevent soil washing <br>away during high rainfall events.<br>|

---

---

| |
|:---|
| **Opportunities**  |
| ▪Considering the <br>importance of collective <br>action for nature, we are <br>exploring how we might <br>contribute to global <br>biodiversity initiatives<br>▪Improving community <br>relations through <br>biodiversity initiatives, <br>such as our species <br>protection, and <br>responsible land <br>management, as <br>communities may view <br>these efforts as part of the <br>mine's broader social and <br>environmental <br>responsibility.<br>|

---

Measuring our performance

All Harmony's operating assets implement an environmental management plan that sets out specific measures for managing biodiversity.

Progress against priorities

**Protecting high biodiversity values** 

*The ecosystems and species we aim to protect*

---

| | | |
|:---|:---|:---|
| **South Africa** | **Papua New Guinea** | **Australia** |
| In South Africa, we operate in areas of varied <br>biodiversity. These include our Free State <br>operations in the endangered Vaal-Vet sandy <br>conservation area and the western Free State <br>clay grassland ecosystem. Moab Khotsong, <br>next to the Vaal River in the North West, is <br>also in an area with endangered, vulnerable <br>ecosystems. <br>According to the International Union <br>for Conservation of Nature Red List of <br>Threatened Species (Red List), the only <br>critically endangered animal on our properties <br>is the white-backed vulture (*Gyps africanus*).<br>| With the largest remaining tract of primary forest in the Asia-Pacific area and the third-largest <br>block of intact tropical forest, Papua New Guinea is home to more than 5% of the world's plant <br>and animal species. Approximately two-thirds of the animals and plants are endemic. <br>Protected (P), vulnerable (V) or rare (R) fauna that were known or may inhabit the Hidden <br>Valley mine area and surrounding forest, include:<br>▪Two tree kangaroo species (*Dendrolagus dorianus* and *Dendrolagus goodfellow*) – V<br>▪The long-snouted or giant echidna (*Zaglossus bruijni*) – V<br>▪The nectar bat (*Syconycteris hobbit*) – R<br>▪The New Guinea harpy eagle (*Harpyopsis novaeguineae*) – R<br>▪Four birds of paradise – P<br>▪Five parrot species – P.<br>During the 2025 biodiversity assessment, no IUCN threatened species, and no new-to-science <br>or otherwise scientifically undescribed species, were recorded on the mining lease. However, <br>seven conservation-listed fauna species and two flora species were recorded These include:<br>▪Oriomo Redwood (*Adinandra forbesii*) – near threatened (NT)<br>▪Ooloomer (*Heptapleurum barbatum*)– NT<br>▪New Guinea Quoll (*Dasyurus albopunctatus*) – NT<br>▪Small Dorcopsis (*Dorcopsulus vanheurni*) – NT<br>▪Lawes's Parotia (*Parotia lawesii*) – P<br>▪Greater Lophorina (*Lophorina superba*) – P<br>▪Black-billed Sicklebill (*Drepanornis albertisi*) – P<br>▪Brown Sicklebill (*Epimachus meyeri*) – P<br>▪Princess Stephanie's Astrapia (*Astrapia stephaniae*) – P.<br>Across the Wafi-Golpu project ecological study area, which encompassed the mine area, <br>infrastructure corridor and DSTP outfall location, 15 species of conservation significance were <br>recorded in the wild and a further three NT species were considered to potentially or likely <br>occur. This included two recorded NT species (Gurney's eagle (*Aquila gurneyi*) and blue-black <br>kingfisher (*Todiramphus nigrocyaneus*)) and two recorded V species (Papuan Eagle (*Harpyopsis* <br>*novaeguineae*) and Pesquet's parrot (*Psittrichas fulgidus*)). The three NT species with potential <br>to occur include Doria's goshawk (*Megatriorchis doriae*), forest bittern (*Zonerodius heliosylus*) <br>and Emperor bird-of-paradise (*Paradisaea guilielmi*).<br>| The Knapdale Range on the Eva Copper site <br>provides a habitat for significant mammal and <br>reptile species, including the vulnerable <br>(Queensland level) purple-necked rock <br>wallaby. Other mammal and bird species of <br>Queensland conservation significance that are <br>known or may occur at the project site include <br>the:<br>▪Arpentarian grasswren (*Amytornis* <br>*dorotheae*) <br>▪Gouldian finch (*Eryhrura gouldiae*)<br>▪Grey falcon (*Falco hypoleucos*)<br>▪Plains death adder (*Acanthophis hawkei*) <br>and common death adder (*Acanthophis* <br>*antarcticus*) <br>▪Merten's water monitor (*Varanus mertens*)<br>▪Short-beaked echidna (*Tachyglossus* <br>*aculeatus*)<br>▪Julia creek dunnart (*Sminthopsis douglasi*) <br>▪Ghost bat (*Macroderma gigas*). <br>|

---

*Hidden Valley biodiversity assessments of potential TSF sites*

We completed biodiversity assessments as part of the prefeasibility study to extend Hidden Valley's life-

of-mine, including field surveys of two potential TSFs. The flora and fauna survey conducted in FY25,

supported by a review of previous surveys in the broader area, indicated that the forest habitat within

the potential TSF locations is well represented across the region. The mine extension is unlikely to

threaten the viability of significant flora and fauna populations or ecosystems since there are no habitat

features that are notable for conservation of a threatened species.

**Implementing biodiversity protection initiatives**

*Free State operations*

Harmony completed the alien and invasive plant (AIP) assessments for all our Free State operations and

high-level control and eradication plans. The next steps involve implementation of phased eradication

plans.

*Eva Copper planning and controls*

We established an internal permit system to review all ground disturbance activities on our Queensland

mining and exploration tenements. This system enables us to review proposed activities against site

environmental criteria, check project activity sites to address sensitive biodiversity values (and cultural

heritage and other land values) and to specify how site activities are environmentally managed.

**Implementing biodiversity protection measures** 

---

| | |
|:---|:---|
| **Management of alien and invasive species** | **Fauna clearances ahead of Eva Copper site** <br>**preparatory activities**<br>|
| We eradicated 1 062ha of alien and invasive <br>plants at Kusasalethu and Mponeng. <br>| During FY25, we conducted over 1 000 man-<br>hours of fauna spotter activities as part of <br>the pre-clearance procedures, bringing the <br>total to more than 2 000 hours to date. We <br>also upskilled select employees to support <br>fauna spotter and catcher activities and <br>provided snake handling training, aligned <br>with Queensland wildlife regulations. <br>|

---

*Group-wide biodiversity footprint assessment*

Harmony commissioned the Endangered Wildlife Trust (EWT) to conduct a biodiversity footprint

assessment of the group's assets to enhance our understanding of the current and future impacts of our

growth. The assessment is aligned with the globally recognised Biodiversity Disclosure Protocol (BD

Protocol), which provides a science-based, standardised framework to measure, manage, and

transparently report our biodiversity footprint, in a manner comparable to the way carbon and financial

performance are tracked.

The assessment is setting groundwork to define how each of Harmony's regions will respond to global

biodiversity challenges, as well as the impacts and opportunities linked to our operations.

Each region, and in some cases, individual assets, face unique regulatory frameworks, nature legislation

and licensing obligations that must be embedded into our approach. Across our portfolio, the diversity

of ecosystem conditions (from highly disturbed areas to largely intact natural environments with

ecologically sensitive features) and the variety of land-ownership models (including Harmony-owned

land, third-party leases, customary tenure and areas with recognised native title interests) create

context-specific risks, opportunities, engagement and collaboration requirements.

These factors will shape the development of region-specific biodiversity roadmaps and support

the articulation of clear, enterprise-wide ambitions for biodiversity.

**Revegetating land alongside mining**

*Advancing rehabilitation activities in South Africa*

We conducted an assessment on the viability of different plant species, including the growth rates and

carbon absorption potential, to provide insights for increasing the impact of planting. We explored

other mechanisms such as carbon offset projects to bolster our land management and rehabilitation

profile. In FY25, we completed dryland grassing of five rehabilitation sites covering 70.18ha.

*Altitude-based revegetation trials at Hidden Valley*

To inform closure planning studies and eventual readiness for mine closure, our revegetation trials

continued. For areas of high elevation (2 600m above sea level) where plant growth rates are slow,

species selection is critical for successful revegetation. Nurseries located at different elevations facilitate

the study of plant growth under varying conditions and soil types.

**Delivering meaningful biodiversity outcomes after mining** 

We continued the closure planning studies at Hidden Valley, with a focus on improving response

strategies for biophysical, decommissioning and socio-economic risks. Engagement with the Queensland

Government regarding the Eva Copper progressive rehabilitation and closure plan also continued,

advancing us towards regulatory approval of the plan.

Collaboration and partnerships

Our biodiversity management efforts benefit from and support work by other stakeholders, including

NGOs, communities and government departments.

In South Africa, Harmony, in conjunction with EWT and other biodiversity specialists, is conducting

an assessment aimed at identifying the number of Species 15 (name withheld due to sensitivity) on

Harmony-owned property as well as identifying surrounding properties on which Species 15 could

be found. Harmony has continued the investigation in the past financial year in conjunction with

our stakeholders and surrounding landowners; to conserve the species in areas devoid of agriculture

(cultivation), mining activities and human interaction; and prevent poaching and illegal trafficking.

Future focus areas<br>While minimising biodiversity impacts remains a core focus, we are developing a more integrated <br>approach that identifies opportunities to contribute to biodiversity resilience and deliver ecological <br>outcomes over time, aligned with long-term value and risk considerations.<br>Following the completion of our biodiversity footprint assessment, the next phase of this project is <br>to explore and scope the development of regional roadmaps. In South Africa, approaches will be <br>captured in site-specific biodiversity action plans (BAPs), which will guide biodiversity reporting and <br>management. In Papua New Guinea and Australia, we will define how our actions integrate with <br>existing regulatory frameworks and site-level plans for alignment with both local obligations and to <br>support global ambitions.<br>Additional focus areas in the short term include:<br>▪Updating the rehabilitation plans for all our South African operations to align with legislation, <br>best practice and social deliverables, including local employment <br>▪Completing land use and livestock management plans to understand the impact of illegal grazing <br>and find solutions to this challenge<br>▪Preparing a biodiversity assessment as part of prefeasibility studies for the Kerimenge <br>gold deposit <br>▪Maintaining compliance with regulatory and internal biodiversity management controls as we <br>advance Eva Copper site works.<br>

**Our approach to social stewardship** 

As outlined in our sustainability framework, we aim to positively impact the lives of employees, host communities and suppliers while contributing to the

broader socio-economic development goals of the countries in which we operate.

By making social stewardship part of our everyday work, we seek to build strong stakeholder relationships, create value for everyone involved, and

strengthen our ability to operate effectively.

As with our environment-related disclosures, we have organised this chapter using the four pillars of governance, strategy, risk management (called risk and opportunity management) and metrics and targets (called

performance). We also indicate how delivery against our social commitments responds to our material matters and contributes to the SDGs.

---

| | |
|:---|:---|
| **Strategy**  | Our sustainability framework (embedded in our business strategy) guides the development and implementation of our social programmes, policies and frameworks, which <br>are informed by agreement-based commitments, regulatory compliance, good industry practice and extensive stakeholder engagement. <br>|
| **Governance**  | Our social and ethics committee oversees our social responsibilities, including safety, health, human resource development, socio-economic development, corporate social <br>responsibility, and public safety policy and programmes. Management and executive teams develop and implement these policies. The board's technical committee oversees <br>our compliance with safety and health policy and legislation. We track changes to policy and legislation in our operating countries.<br>To advance the social stewardship pillar of our sustainability framework, we have established a dedicated 'social cluster' in South Africa. This governance structure facilitates <br>cross-functional coordination, promotes internal integration, and embeds a collaborative approach to stakeholder engagement. Through this mechanism, we ensure that <br>social performance objectives are not only strategically aligned but also operationally supported across the organisation.<br>The social cluster serves as a platform for aligning departmental efforts, sharing insights, and co-developing initiatives that respond to stakeholder needs and societal <br>expectations. This integrated approach strengthens our capacity to deliver measurable social outcomes, which are tracked, evaluated, and transparently reported as part of <br>our commitment to continuous improvement and accountability.<br>|
| **Risk and opportunity** <br>**management** <br>| Our social risks and opportunities are defined through our enterprise risk management process, set out in the *[Risk and opportunity management](#i33c44c3831e342b883e9ab36f0eef510_3544)* section. These are the most <br>significant social risks to our business, workforce, and host communities over the medium to long term. They could negatively affect our costs, operations, working <br>conditions, communities and supply chain.<br>Group and regional executive committees and the audit and risk committee receive risk management reports, discuss emerging risks, and assess the effectiveness <br>of mitigation strategies on a quarterly basis. <br>The impact of the risks was assessed against Harmony's risk categories as set out in the risk appetite and tolerance framework. Our top strategic social risks and opportunities <br>for FY25 are outlined in the Sustainable framework and included in each section of this chapter.<br>|
| **Performance**  | All operations implement approved social strategies and supporting programmes to deliver on our social stewardship commitments. <br>Find our social policies on our ***website*** under sustainability.<br>|

---

Each section of this chapter provides:<br>▪An overview of our approach for each social topic and how we implemented our social programmes, policies and frameworks, including the priorities we pursued in FY25 and progress against our targets<br>▪Insights into how each social topic is governed and managed to meet or exceed regulatory requirements<br>▪Detail on the risks faced per topic and the management measures.<br>

**Honouring and protecting human rights**

Our social stewardship approach is supported by Harmony's code of

conduct, which outlines our human rights policy and core values, and

directs employees and suppliers to act with integrity. We respect

each person's fundamental and universal human rights and freedoms,

as stated in our human rights policy.

We adhere to the Minerals Council South Africa membership

compact, a mandatory code of ethical business conduct that provides

guiding principles. We also uphold International Labour Organization

principles in our employment policy and established practices,

including freedom of association, the elimination of forced labour,

the abolition of child labour and the elimination of discrimination in

the workplace. Our highly unionised South African employee base

engages in collective bargaining. Across the group, we have policies

to deter sexual harassment and workplace bullying.

The Voluntary Principles on Security and Human Rights and prevailing

legislation are reinforced through our annual training for security

personnel. We frequently discuss our human rights and ethical

behaviour policies with peers, the government and civil society.

Harmony and Newcrest Mining Limited (a subsidiary of Newmont

Corporation), in relation to their participation in the Wafi-Golpu Joint

Venture, have been the subject of an Organisation for Economic Co-

operation and Development (OECD) Specific Instance complaint

lodged with the OECD National Contact Point in Australia (Aus NCP) in

November 2022. The notifiers were Huon Gulf coastal villagers

represented by the Centre for Environmental Law and Community

Rights Inc (CELCOR), who alleged the breach (particularly regarding

the plans to utilise DSTP) of various human rights and environmental

requirements set out in the OECD Guidelines for Multinational

Enterprises 2011.

On 29 August 2025, the Aus NCP examiner published its report,

finding that the activities of Harmony and Newcrest did not appear to

align with the OECD guidelines in certain areas and a number of

recommendations were included in the report. The findings and

recommendations are largely consistent with the actions the Wafi-

Golpu Joint Venture has been undertaking throughout many years of

consultation and engagement with Papua New Guinea host

communities, and Harmony and Newcrest will work towards further

strengthening alignment with the guidelines (taking into account the

recommendations of the examiner) in future Wafi-Golpu

project activities.

Our human rights policy and code of conduct are available on

our website.

**Rights of Indigenous peoples**

We acknowledge the Indigenous stakeholders across our areas of operation, including Traditional Authorities in South Africa, First Nations

peoples in Australia, and the customary landowners, host communities, and employees of the Hidden Valley mine and

Wafi-Golpu Project in Papua New Guinea. Our related policies include our human rights policy, stakeholder engagement policy,

socio-economic transformation policy (applicable to South Africa) and the Australasia region's social performance policy.

Indigenous peoples have interests in our current operational areas and are identified through self-identification, community consultation, and

where applicable, legal recognition through court determinations or statutory processes.

---

| | | |
|:---|:---|:---|
| **South Africa** | **Papua New Guinea** | **Australia** |
| Traditional authorities (kings, <br>paramount chiefs, chiefs and their <br>communities), are important <br>Harmony stakeholders. These <br>authorities embody different and <br>dynamic cultural norms depending <br>on the region in which they are <br>found. We engage with traditional <br>authorities in Ratlou in the labour-<br>sending area of the Eastern Cape, <br>and to a lesser extent in Lesotho. We <br>make it our business to be familiar <br>with the cultural norms and dictates <br>within the various regions we serve <br>and approach the relevant traditional <br>authorities with this in mind. This <br>helps to normalise relations and <br>highlights the respect the company <br>has for these authorities. This <br>awareness and mindfulness have <br>helped tremendously with the <br>successful implementation of socio-<br>economic initiatives. We use the <br>opportunities afforded by days on <br>the South African calendar which <br>bear cultural significance to <br>encourage awareness and <br>appreciation of our various cultural <br>backgrounds. <br>| Papua New Guinea has a rich <br>andvibrant culture with over <br>800different tribes and languages <br>from 22 provinces in four regions. We <br>recognise and respect the culture, <br>cultural heritage, values and <br>traditions of host communities, and <br>those of our employees who come <br>from all regions of Papua New <br>Guinea. Regular, agreed processes <br>exist for engaging with host <br>community leaders, and their <br>communities, at Hidden Valley mine <br>and Wafi-Golpu. <br>In Papua New Guinea, our <br>commitments to Indigenous peoples <br>are formalised through ourmining-<br>related agreements. This includes the <br>Hidden Valley Memorandum of <br>Agreement (MOA), which <br>encompasses employment and <br>business opportunities, environment <br>and closure obligations, and <br>community development <br>programmes aimed at supporting <br>positive social and economic <br>outcomes.<br>| Australia is home to more than <br>250distinct groups of First Nations <br>peoples, each with their own unique <br>languages, cultural practices and <br>territories. <br>In Australia, resource companies are <br>subject to native title and cultural <br>heritage laws and processes. <br>Our native title agreement with <br>theKalkadoon People includes <br>engagement, cultural heritage <br>protection and employment, training <br>and business opportunities. <br>Aligned with the current stage of the <br>project, we are progressing strategies <br>that acknowledge the Kalkadoon <br>people's connection to country and <br>the Eva Copper site. These <br>considerations, along with <br>community input, are being <br>integrated into project planning, <br>broader community investment <br>framework development, and <br>employment and supply strategies.<br>|

---

Read more in [Stakeholder engagement](#i33c44c3831e342b883e9ab36f0eef510_3518), [Land management and rehabilitation](#i33c44c3831e342b883e9ab36f0eef510_3736) and [Empowering communities](#i33c44c3831e342b883e9ab36f0eef510_3902).

**Safety transformation towards zero harm**

**We are transforming the way we address and manage safety to reduce incidents, improve predictability and achieve safe, profitable production. We remain dedicated to achieving** 

**zero harm and fostering a proactive safety culture.** 

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| Employee health and safety | Employee health and safety |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6ytzjntm1yjnhn.gif](fsridynmyoja6ytzjntm1yjnhn.gif) | Decent work and economic growth |
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 3: Material Topics 2021<br>▪GRI 403: Occupational Health and Safety 2018. | ▪GRI 3: Material Topics 2021<br>▪GRI 403: Occupational Health and Safety 2018. |
| **FY25 priorities** | **FY25 priorities** |
| 1.Maintaining a proactive and just safety culture to <br>achieve zero harm<br>2.Embedding risk management to identify and respond to <br>risk<br>3.Adopting innovation and business improvement. | 1.Maintaining a proactive and just safety culture to <br>achieve zero harm<br>2.Embedding risk management to identify and respond to <br>risk<br>3.Adopting innovation and business improvement. |

---

Strategy: Embedding safety practices in everything we do

Our integrated approach to safety enables continuous improvement by implementing humanistic transformation, proactive risk management,

health and wellness initiatives and employee engagement.

---

| | | | |
|:---|:---|:---|:---|
| **Theme 1:** Humanistic <br>culture<br>| **Theme 2:** Systemic risk <br>management<br>| **Theme 3:** Employee health <br>and wellness<br>| **Critical success factor:** <br>Employee engagement<br>|
| An integrated approach <br>to mature leadership, <br>empowering employees, <br>leaders living the Harmony <br>values enabling high levels <br>of employee engagement <br>with a deep sense of care.<br>| Supporting frameworks, <br>policies and procedures, risk <br>management methodology <br>and processes, human <br>resources, group technology <br>and procurement.<br>| Interventions that support <br>employee and contractor <br>physical and mental <br>wellness. Refer to the <br>***[Health](#i33c44c3831e342b883e9ab36f0eef510_3873)*** section in this <br>report.<br>| Creating awareness and <br>instilling personal <br>ownership to question <br>processes and protocols. <br>Empower our workforce <br>to embed safety practices in <br>work routines.<br>|

---

Three key enablers (see table/infographic below) bolster our comprehensive risk management, namely effective risk response, learning from past

incidents and fostering a culture of accountability. Central to this approach is the concept of personal ownership, which empowers Harmony's

workforce to proactively identify potential risks. We monitor golden/critical controls diligently to maintain their effectiveness. This holistic

approach, driven by a cross-functional team and reinforced by strong management support, enhances our operational resilience and aligns with

our commitment to safety and continuous improvement.

By embedding these principles into our daily operations, we strive to create a safer and more responsible working environment for all.

---

| | | |
|:---|:---|:---|
| **Risk response protocol** | **Learning from incidents** | **Accountability** |
| Our risk response protocol enhances the <br>effectiveness of our risk management <br>processes. This mechanism enables us to <br>escalate risks appropriately to be <br>addressed at the correct levels within <br>the organisation.<br>| We employ a learning methodology <br>driven by a diverse team of experts. We <br>share insights gained across the <br>organisation to prevent similar future <br>occurrences by embedding the <br>learnings.<br>| Creating a culture of accountability <br>involves recognising and rewarding <br>positive actions while effectively <br>addressing and guiding behaviours that <br>do not align with organisational goals. <br>This approach motivates our workforce <br>to exhibit behaviours that contribute to <br>Harmony's success and integrity. <br>|
| **Personal ownership** | **Personal ownership** | **Personal ownership** |
| Our enablers are underpinned by personal ownership to create a true culture of accountability – <br>doing the right thing even when no one is watching. | Our enablers are underpinned by personal ownership to create a true culture of accountability – <br>doing the right thing even when no one is watching. | Our enablers are underpinned by personal ownership to create a true culture of accountability – <br>doing the right thing even when no one is watching. |

---

Our safety approach is focused on achieving zero harm and preventing major incidents within our operations. To accomplish this, we have set key priorities that guide our safety efforts, allowing us to effectively manage

risks and protect our workforce and assets. Our priorities are dynamic, adapting to the evolving needs of our operations, and reinforcing our commitment to safety as a core value.

---

| | |
|:---|:---|
| **Maintaining a proactive** <br>**and just safety culture** <br>**to achieve zero harm**<br>| We cultivate a proactive safety culture where every Harmonite is empowered to make safe decisions by:<br>▪Creating a proactive safety mindset that is deeply embedded in our work routines and decisions<br>▪Empowering middle managers and supervisors by equipping them with the tools, authority and confidence to lead their teams towards success<br>▪Fostering a just culture where discipline, accountability and consequence at every level identify significant unwanted events<br>▪Moving beyond compliance to a culture of care and continuous improvement where we learn from and prevent accidents.<br>This commitment to a just culture ultimately leads to improved organisational performance and a more resilient workforce, capable of adapting to and overcoming <br>challenges.<br>Our proactive safety culture is further enabled by an organisational effectiveness improvement discipline, which provides thought leadership on culture transformation from <br>a humanistic perspective through:<br>▪Organisational culture improvement<br>▪An employee value proposition<br>▪Operational improvement and effectiveness.<br>Since 2021, Thibakotsi (meaning "to prevent harm" in Sesotho) has been a cornerstone of our culture in the South African operations, driving meaningful change <br>in employee behaviour around safety and risk prevention. Its success lies in making safety principles accessible, understandable, and actionable for all employees. At the <br>heart of Thibakotsi is a humanistic approach grounded in hope, trust, and respect, which fosters a strong psychological contract between employees and their supervisors as <br>representatives of the company. This foundation encourages personal ownership and effective collaboration, embedding the belief that achieving zero harm, zero accidents, <br>and zero loss of life is a shared responsibility. By aligning behaviour with safety standards and remaining vigilant to the wellbeing of colleagues, every employee contributes <br>to a culture where safety is not just a priority, it is a collective commitment.<br>|
| **Embedding risk management to** <br>**identify and respond to risk**<br>| Risk management is an integral part of our operations, driven by key processes that include:<br>▪Using a proactive, four-layered risk assessment approach<br>▪Emphasising the importance of employee engagement driving the value of safety and accountability to sustain a safe work environment through routine visible felt <br>leadership days and safety days in collaboration with our key stakeholders (Harmony Tripartite structure)<br>▪Using digitisation that enables data collection and analysis to provide leading indicators that inform decision making (both lagging and leading) <br>▪Setting and measuring performance against strategic priorities and safety-related KPIs at an executive level.<br>Our critical control management process allows for the effective identification and implementation of risk-based controls to prevent significant unwanted events or minimise <br>impact should they occur. We categorise controls based on their position in the hierarchy of controls and the survivability, availability and reliability rating of the control. <br>These controls inform our leading indicators that enable us to measure how effectively we embed risk management as part of our risk-adapted business process model. We <br>analyse control effectiveness through digital monitoring to identify improvement opportunities on control performance. <br>|
| **Innovating with** <br>**continuous business** <br>**improvement**<br>| Harmony is dedicated to being a learning organisation, consistently exploring innovative methods to enhance our processes and enable continuous improvement. These <br>include:<br>▪Implementing digitised multidisciplinary start-up risk assessments and pre-planning of workplaces, planned maintenance and high-risk work verification and deficiency <br>response<br>▪Leveraging insights from past incidents, internally and industry-wide<br>▪Identifying new technology and processes to enhance how we monitor, measure and report on safety while enabling us to continuously learn and share these learnings <br>across our organisation. <br>We also adopt industry-leading practices, including:<br>▪The Minerals Council South Africa's Mining Industry Occupational Safety and Health (MOSH) community-of-practice adoption process and initiatives, which have been <br>established from learnings across the industry that have been tried and tested as best practice<br>▪Upholding MineSafe conference outcomes in our visible felt safety leadership approach and behavioural interventions <br>▪Aligning critical hazard control management with the ICMM guidelines and principles, which assists us in preventing or mitigating serious incidents<br>▪Monitoring and managing mining-related seismicity through short-term hazard assessments and long-term plans.<br>|

---

Governance

Our governance approach is policy-driven and supported by robust reporting and assurance structures, reflecting best practice in the mining

sector.

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| The board and its relevant committees, particularly the social and ethics committee and the audit and risk <br>committee, oversee the governance of safety, with clearly defined roles and responsibilities. These <br>committees monitor the implementation of safety policies, compliance with legal requirements and the <br>effectiveness of risk management processes related to occupational health and safety.<br>Harmony's governance, policies and reporting structures are designed to create a robust occupational <br>health and safety management framework. <br>|
| **Performance monitoring** <br>**and reporting**<br>| We regularly review and update our safety policies and procedures to reflect evolving risks and regulatory <br>requirements. We have established processes for remediating negative safety impacts, including incident <br>investigations, corrective actions and stakeholder engagement. We drive continuous improvement <br>through monitoring performance, external assurance, and responding to findings from internal and <br>external audits.<br>We share risk-related information through various communication channels to enable structured decision <br>making from board and management level through to operator level. Daily reports on leading indicators <br>provide information about safety, occupational health and production-related workplace risks.<br>We monitor our compliance with radiation certificates through annual audits. Legally appointed radiation <br>protection officers (RPOs) and permanently employed radiation protection monitors (RPMs) manage <br>Harmony's radiation certificates of registration (CoRs).<br>|
| **Policies that support our** <br>**governance approach**<br>| Harmony has formal policy commitments to safety, which are referenced in this report and available on <br>our website. Our sustainability framework and approach to social stewardship outlines our commitment <br>to occupational health and safety, including adherence to international standards and best practices. <br>Harmony's safety management system aligns with GRI 403: Occupational Health and Safety 2018, <br>covering hazard identification, risk assessment, incident investigation and worker participation.<br>|

---

Risk and opportunity management

Our integrated risk management approach, guided by

international standard ISO 31000 risk management principles,

adopted into our regional Harmony safety standards and adhered

to by everyone across our host regions, solidifies our strategy to

identify risks and opportunities to achieve safe and sustainable

outcomes. Given the inherent risks of our mining footprint, we

apply several risk assessment methodologies to business

processes and potential new operations and projects to identify

and mitigate risks. This is primarily guided by our four-layered risk

management approach:

▪Baseline risk assessment to identify hazards and significant

unwanted events

▪Issue-based risk assessment (bowtie analysis) to analyse threats

and critical controls

▪Task-based assessment to identify controls for specific tasks

▪Continuous risk assessment to monitor, review and enable the

effectiveness of controls.

Alongside this approach, we implement specific mitigation

measures to address identified risks.

In Papua New Guinea, a risk register is maintained with identified

critical risks to safety and operations. A bowtie is aligned with

each critical hazard, and controls for material risks are

implemented and verified by operator critical control checks

(OCCC) prior to commencing tasks, as well as field critical control

checks (FCCC) completed by supervisors and system verification

checks (SVC) by managers. These checks and reviews confirm that

controls of critical safety hazards and risks are effective and

relevant to the work tasks.

Australia follows the above risk management process, as well as

shared risk management with project alliance partners in

construction of broad brush risk assessments and risk register

creation.

---

| | | |
|:---|:---|:---|
| **Risks** | **Description** | **Mitigation measures** |
| **Loss of life and serious** <br>**incidents**<br>| Harmony has experienced multiple loss-of-life incidents in <br>recent years, including those caused by fall of ground and <br>machinery-related incidents. Each loss of life directly <br>impacts the community of the employee. The loss of life <br>results in significant operational disruption, reputational <br>damage and regulatory scrutiny.<br>| To address this, we: <br>▪Investigate every incident and loss of life in terms of the regulatory <br>requirements and other best practice to determine the causes and <br>contributing factors<br>▪Integrate lessons learnt into our learning from incidents process and <br>communicate these to prevent future incidents <br>▪Ramp up our business improvement initiatives to identify feasible best <br>practice mitigation measures <br>▪Provide compensation to support employees and their families, <br>acknowledging the devastating impact of every loss of life and serious <br>injury. <br>|
| **High-risk mining** <br>**environments**<br>| Deep-level hard rock mines and open-pit mines present <br>significant occupational health and safety hazards, including <br>rock falls, equipment accidents and exposure to dust and <br>noise.<br>| We enforce our golden/critical controls needed to mitigate and address <br>these risks. We also implement an integrated health and wellness strategy <br>and pollution prevention measures to mitigate the impacts of mining <br>operations on our workforce.<br>|
| **Regulatory compliance** | Non-compliance with health and safety legislation can <br>result in legal penalties, operational stoppages, and <br>increased oversight from authorities.<br>| Harmony is committed to meeting regulatory requirements by <br>implementing rigorous and ongoing reviews, and golden/critical control <br>monitoring. This offers a transparent view of controls and allows us to be <br>proactive in maintaining compliance with regulatory standards. By <br>continuously evaluating and enhancing our processes, we strive to uphold <br>the highest standards of regulatory adherence and operational integrity.<br>|
| **Behavioural and** <br>**cultural risks**<br>| Lack of response or partial response to risk and <br>communication breakdowns among employees have been <br>identified as contributing factors to incidents.<br>| Beyond the physical mining environment, we remain dedicated to the <br>holistic wellbeing of every Harmonite, creating a safe and supportive <br>workplace that prioritises health and safety. By fostering empathy and <br>open communication using a just culture approach, we create a culture <br>where everyone feels valued and heard. We achieve this through our <br>humanistic culture transformation initiatives.<br>Thibakotsi demonstrates our ongoing commitment to care for our people <br>by enabling a proactive safety culture to ensure everyone returns home <br>safe every day.<br>|
| **Resource and infrastructure** <br>**constraints**<br>| Labour and material shortages, as well as ageing <br>infrastructure, can increase the risk of accidents and <br>impede the implementation of safety improvements.<br>| The implementation and monitoring of our golden/critical controls enable <br>us to effectively identify, mitigate and address these risks. <br>|
| **Community and third-party** <br>**impacts**<br>| Harmony's activities could pose risks to non-employees and <br>neighbouring communities, necessitating broader <br>stakeholder engagement and risk mitigation.<br>| We focus on building strong community relations, contributing positively to <br>the lives of communities in which we operate through our socio-economic <br>development programmes.<br>|

---

---

| |
|:---|
| **Opportunities**  |
| Although Harmony faces a <br>complex risk landscape in <br>managing safety across our <br>mining operations, this also <br>presents opportunities for <br>improvement and value <br>creation. These <br>opportunities include:<br>▪Digitising safety <br>management systems, <br>enabling real-time data <br>collection and proactive <br>decision-making to <br>minimise risks<br>▪Driving our safety culture <br>at an operational level <br>through executive <br>leadership oversight, <br>including the CEO, and <br>full-time safety <br>representatives<br>▪Reinforcing safe <br>practices through annual <br>refresher training, <br>regular safety meetings <br>and formal induction on <br>workplace hazards for <br>new employees<br>▪Identifying <br>improvements, sharing <br>information and adapting <br>to changing operational <br>realities, enabled by our <br>risk-adapted business <br>model<br>▪Partnering with the <br>Minerals Council South <br>Africa to advance the <br>development and <br>adoption of digital tools <br>that enhance safety, <br>operational efficiency, <br>and data-driven decision <br>making across the mining <br>sector. <br>|

---

Measuring our performance

Performance against our group KPIs was as follows:

---

| | | |
|:---|:---|:---|
| **KPI** | **Threshold** | **FY25 performance** |
| Loss of life | **0** | We tragically lost 11 colleagues (FY24: 7) |
| LTIFR | **5.00** | 5.39 per million hours worked (FY24: 5.53)  |

---

---

| | | |
|:---|:---|:---|
| **South Africa** | **Papua New Guinea** | **Australia** |
| The main contributor to LTIFR at our South African operations <br>is slip-and-fall incidents. The top 10 contributors to reportable <br>injuries were: <br>1.Slip-and-fall incidents<br>2.Material handling<br>3.Tools/machinery/equipment<br>4.Gravity-induced falls of ground<br>5.Struck by<br>6.Seismic-induced falls of ground<br>7.Trucks/tramming/transport<br>8.Rolling rock<br>9.Scraper winches<br>10.Foreign body.<br>| Our 12-month moving average (12MMA) LTIFR was zero (FY24: <br>0.46) and our all-injury frequency rate (AIFR) was 3.05 (FY24: <br>5.26). We have been loss-of-life free since 2015.<br>At Hidden Valley, our 12MMA LTIFR reduced to zero. Our total <br>recordable injury frequency rate (TRIFR) was 0.98 (FY24: 1.19) <br>while AIFR was 3.26 (FY24: 5.09). Hand and finger injuries were <br>the leading causes of injuries. We are addressing this through <br>our risk management processes, conducting thorough <br>investigations, creating awareness and removing hazards that <br>lead to these injuries.<br>The 12MMA LTIFR and AIFR for Wafi-Golpu and our Papua New <br>Guinea exploration team was zero.<br>| The 12MMA LTIFR for Australia was 4.44 (FY24: 3.52) with two <br>restricted work injuries recorded. Corrective actions from the <br>incident cause analysis identified effective controls to mitigate <br>incident reoccurrence. Eva Copper's AIFR was 28.19 and <br>Australian exploration was 24.27, with the majority being <br>finger and hand injuries. This has been addressed via <br>a targeted awareness campaign and increased vigilance in <br>conducting personal risk assessments.<br>|

---

---

| | |
|:---|:---|
| In memoriam | In memoriam |
| **Mojalefa Segage**<br>*Moab Khotsong mine – rock drill operator*<br>28 November 2024<br>Cause<br>Gravity-induced fall of ground<br>| **Fundile Mdungelwa**<br>*Mponeng mine – scraper winch operator*<br>20 February 2025<br>Cause<br>Seismic-induced fall of ground<br>|
| **Phakamani Khiphezakho Gumbi**<br>*Doornkop mine – machine rock driller*<br>4 February 2025<br>Cause<br>Explosives/explosion/ignition<br>| **Andile Goodman Toko**<br>*Mponeng mine – mining team member*<br>20 February 2025<br>Cause<br>Seismic-induced fall of ground<br>|
| **Telang Nene**<br>*Doornkop mine – machine rock driller*<br>4 February 2025<br>Cause<br>Explosives/explosion/ignition<br>| **Joaquim Alfredo Chihobomo Cossa**<br>*Moab Khotsong mine – loco operator*<br>25 April 2025<br>Cause<br>Trucks/tramming/transport<br>|
| **Moloja Samuel Leteketa**<br>*Joel mine – rock drill operator*<br>4 February 2025<br>Cause<br>Gravity-induced fall of ground<br>| **Lebamang Senetane**<br>*Saaiplaas plant – general worker*<br>27 April 2025<br>Cause<br>Struck by <br>|
| **Morero Patric Taeli**<br>*Joel mine – rock drill operator*<br>4 February 2025<br>Cause<br>Gravity-induced fall of ground<br>| **Lebohang Mokiri**<br>*Joel mine – stope team member*<br>4 June 2025<br>Cause<br>Gravity-induced fall of ground<br>|
| **Themba Ephraim Maloka**<br>*Joel mine – stope team member*<br>4 February 2025<br>Cause<br>Gravity-induced fall of ground<br>|  |

---

Progress against priorities

**Priority 1: Maintaining a proactive and just safety culture to achieve zero harm**

*South Africa: Culture transformation through Thibakotsi*

We recognise that any culture change journey takes years to be fully embedded. For the past four years, we have monitored the success of Thibakotsi

through various diagnostics (ie surveys) and have seen a steady improvement in safety incidents. Our focus has been on humanistic transformation, and

we have made significant progress on our culture transformation journey, with implementation at 79% (FY24: 78%). This indicates a significant, positive

shift towards our intended safety culture objectives and sustainable business practices. In 2024, the South Africa Region conducted its fourth Company

Culture Survey (CVA), receiving an impressive 23 517 responses, representing a 54% participation rate from senior management to frontline employees.

The results reflect a workforce deeply engaged in shaping a positive organisational culture. The region's overall entropy score of 12% indicates relatively

healthy functioning, though departmental scores varied widely from as low as 5% to as high as 36%, highlighting areas requiring focused attention. A

recurring theme in validation workshops was the strong sense of job security, with many employees expressing pride in Harmony's commitment to

avoiding retrenchments and investing in long-term sustainability through acquisitions and life-of-mine extensions. This sense of stability reinforces the

values embedded in the Thibakotsi Journey – where purpose, pride and progress converge to shape a resilient and inspired workforce.

For the next phase of this journey, we are shifting our focus to organisational sustainability, accountability and integration of risk management as part

of our company culture. We continue to reinforce culture transformation by:

▪Embedding our safety culture in operational work routines and multi-function integration

▪Focusing on governance and quality of the culture transformation programme tactics

▪Maintaining the required behavioural change of all employees and contractors.

We plan to map future progress through operational feedback to our executive committee. Employee engagements will include robust discussions about

personal ownership of the programme to enable the development of a Thibakotsi sustainability framework for the next three years.

*The Thibakotsi journey unpacked*

---

| | | | |
|:---|:---|:---|:---|
| **Proactive culture/Live longer**  | **Proactive culture/Live longer**  | **Proactive culture/Live longer**  | **Proactive culture/Live longer**  |
| **Leader** | **Initiative** | **Business improvement** | **Optimisation** |
| **Develop myself** | Visible felt leadership: approach, training, <br>coaching and feedback<br>| Visible felt leadership established at <br>all operations<br>| **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop myself** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop myself** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop myself** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop myself** | Leadership assessments and leadership <br>development programmes<br>| Effective, efficient and mature leadership | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
|  |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
|  |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
|  |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop others** | Engagement and tactics for middle <br>management and supervisors<br>| Engaged and empowered middle management <br>and supervisors<br>| **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop others** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop others** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop others** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop others** | Risk propensity assessments and training | Improved employee and team risk profiles | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop others** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop others** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop others** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Develop others** | Learning from incidents: closing the loop and <br>organisational learning<br>| Learning from incidents processes established  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
|  |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
|  |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
|  |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Take people along** | Bottom-up interventions: safety <br>transformation with training and <br>impact measurement<br>| Improved operational safety and <br>production indicators<br>| **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Take people along** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Take people along** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Take people along** |  |  | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Take people along** | Employee engagement tactics | Engaged employees at all operations | **Embed a** <br>**new way** <br>**of work** – <br>linked to <br>our values |
| **Change management, including stakeholder engagement, communication, evaluation and audit of key action items** | **Change management, including stakeholder engagement, communication, evaluation and audit of key action items** | **Change management, including stakeholder engagement, communication, evaluation and audit of key action items** | **Change management, including stakeholder engagement, communication, evaluation and audit of key action items** |

---

*Australasia: Enhancing our proactive safety culture*

For our Australasian operations, we conduct visible

felt safety leadership (VFSL) and critical control check

training. By focusing on behaviour, controls and

psychological factors, we seek to reduce the potential

for injuries and HPIs. We are introducing the "safety starts

with me" behavioural programme in FY26.

To assist with our regional growth plans, regional standards

(safety, health and technical) have or are being developed

to manage consistency and effectiveness.

Hidden Valley has implemented a dedicated 12-month

safety improvement plan, including life-saving behaviours,

safety leadership, just culture and recognition and leading

indicator development in addition to material risk control

assessments and reviewing contractor management systems

and processes. A safety culture maturity assessment, to be

undertaken in early FY26, will guide direction and create a

continual improvement roadmap in our safety culture

journey.

Hidden Valley completed 6 797 VFSL interactions and

engagements with operations workers in FY25, displaying

authenticity, connection, trust, understanding and care.

There were 743 sessions of selected safety training and

inductions undertaken to enable our work teams to

maintain safe and productive operations.

Eva Copper is adopting the same safety, health and risk

safety culture systems. We are embedding a proactive

safety culture into daily activities as we undertake further

exploration activities and preparatory works at the site.

*Workers covered by our occupational health and safety management system*

Harmony is committed to the health and safety of all workers (inclusive of contractors and service providers) operating under our control. Harmony

continuously promotes initiatives to reduce the risks associated with the business activities. Our occupational health and safety policy requires

compliance with applicable legislation, codes of practice, standards and in the absence of appropriate legislation, best practice, which includes the

implementation and management of an occupational health and safety management system.

In both our Papua New Guinea and Australia operations, everyone (employees, short- and long-term contractors, contractors and consultants) are

required to complete site safety inductions regarding operational safety and risk as directed from our health, safety and wellbeing policy. Different

inductions apply, based on various factors, including the type of work being performed, supervision requirements, length of time on site and location

type (process plant versus mining versus pit area).

In South Africa, our occupational health and safety management system fully covers all employees as well as long-term contractors. These groups are

required to complete a comprehensive onboarding programme designed to support their understanding and compliance with our health and safety

policies and procedures. However, we recognise that short-term contractors who work on our premises or under our direction are not currently

required to complete the full onboarding programme. As a result, they are not fully covered by the occupational health and safety management system

in the same way as our employees and long-term contractors. We acknowledge this gap and are actively reviewing our processes in the context of

striving to continuously reduce the significant occupational health and safety risks associated with operational activities.

We remain committed to continuously improving our occupational health and safety practices and ensuring that all individuals working within our

controlled environment are protected to the fullest extent possible.

**Priority 2: Embedding risk management to identify and respond to risks**

*Critical controls*

Since the inception of our digitisation and critical control monitoring in South Africa, we have gathered

239 million data points (FY19 to FY25).

The leading indicators for FY25 included:

---

| | | |
|:---|:---|:---|
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 | Critical controls monitored cumulatively <br>22 million times across our operations<br>| 2.4 million line inspections conducted <br>and digitally captured – CAT – 4-8, all supervisory <br>levels and middle to senior management<br>|
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 | 113 000 specialist inspections conducted <br>and digitally captured – safety, occupational <br>hygiene and strata control<br>| 29 group verification audits on group and <br>industry learnings – gauging our control <br>performance to prevent a similar event <br>from occurring <br>|
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 | 886 000 planned maintenance <br>tasks performed<br>| 83 high-risk engineering tasks verified prior <br>to conducting work<br>|
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 |  |  |
| Leading indicators for FY25 | Engineering discipline 365 days without <br>a loss of life in FY25<br>| 36 000 employees and contractors <br>completed safety training<br>|
| Leading indicators for FY25 |  |  |

---

![safallofgroundltifr_x2025.jpg](safallofgroundltifr_x2025.jpg)

Contributors to the improvement in fall-of-ground LTIFR:<br>▪Robust critical control management plan on ground control<br>▪Proactively addressing inadequate control performance<br>▪Best practice adoption through the MOSH process at Harmony operations<br>▪Apply learnings from the analysis of our leading and lagging indicators <br>▪Safety culture transformation <br>▪Dedicated focus on seismic early warning system<br>▪Focused campaigns, communication and engagements on fall-of-ground golden controls <br>▪Support technical specification review and optimisation process through procurement.<br>

As we progress on our path toward achieving zero harm, we are committed to consistently evaluating

our processes to uncover opportunities for enhancement. The graph below illustrates the progress of

our production teams within our underground operations. There is a clear correlation between the

enhancement of workplace standards and quality, and the improvement in our LTIFR.

![harmonyundergroundminessaf.jpg](harmonyundergroundminessaf.jpg)

<sup>1</sup>*Optical character recognition.*

At Hidden Valley and Wafi-Golpu, we recorded eight vehicle incidents (the most significant safety risk,

followed by seven working at heights incidents and two intruder attacks). Vehicle operation is the

leading cause of high-potential incidents (HPIs), which led to 20 vehicle-related critical controls being

tested. The frequency of vehicle operation makes exposure to this high-risk task significantly higher

than other tasks on site. We recorded incidents with the potential for serious injury, but sufficient

controls prevented injuries.

Aligned with the group's approach to risk management, we focus on evaluating and implementing

consistent safety systems through critical hazard controls monitoring and integrating effective risk

management. We conduct training on an incident cause and analysis method for our site leadership and

safety teams. To improve and sustain safety outcomes, our focus has been to strengthen remedial

actions based on the hierarchy of controls (highest level achievable).

Our efforts at Eva Copper remained focused on developing our health and safety management system.

This included the continuation of our extensive resource drilling campaign and safe execution of major

civil works for site access works to support the village construction phase, mine access and mine

infrastructure area establishment, while also preparing for permanent infrastructure for the future

needs of the project. This has involved establishing fit-for-purpose safety management plans for the

current works and improving the implementation of our online safety management platform.

We continuously reviewed and improved our risk assessment portfolio with ongoing workshops to

identify new health and safety risks, including critical risk for new activities introduced during the

project readiness phase and implemented appropriate controls to compliment the site broad-brush risk

assessment. With the introduction of contract paramedical services, a fully functional patient vehicle

(site ambulance), procurement of emergency response tools and equipment, and a newly established

voluntary emergency response team on site, we are in a good position to train and develop an effective

emergency response team. The benefit of a mutual aid agreement with the emergency response team

at a neighbouring mine, and our continuous training schedule for volunteers, will reduce the risk factor

to our employees and contractors requiring remote patient care and sets us in a comfortable position to

effectively manage most remote site emergencies.

Looking at our South African underground operations, the graph below shows the highest number of shifts without any loss of life and the number

of injury-free days for each operation during the 2025 financial year.

![harmonysaundergroundlossof.jpg](harmonysaundergroundlossof.jpg)

Some highlights this year include:

▪Masimong mine with a quadruple millionaire status

▪Moab Khotsong and Joel mines with triple millionaire status

▪Target mine with a double millionaire status

▪Kusasalethu, Tshepong, Mponeng and Phakisa mines all with millionaire status.

At one point during the year, five out of Harmony's nine underground mines had each completed over a million shifts without a loss of life. Over the

year, eight of our nine underground mines reached this "millionaire" safety milestone.

Turning to our South African surface operations, 14 of the 24 operations reflected millionaire status during the 2025 financial year.

![harmonysasurfacelossoflife.jpg](harmonysasurfacelossoflife.jpg)

**Priority 3: Adopting innovation and business improvement** 

To support our pursuit of innovation, Harmony has established a

business improvement division. We are piloting several

initiatives aimed at driving progress and efficiency that include:

▪Face time material availability

▪Particulate reduction to improve ventilation

▪Manless boxholes that remove people from risk

▪In-stope illumination to assist in hazard identification.

At Hidden Valley, we deploy seismic ground monitoring radar

and use vehicle fleet tracking, speed monitoring and collision

avoidance, and fatigue detection safety technologies. We aim to

use the same technology for Eva Copper's vehicle fleet. We have

started a digitised safety software management system review

and transformation project to enhance the safety systems we

use, exploring safety technologies and AI-inspired innovations.

These initiatives reflect our commitment to continuous

improvement and our proactive approach to adopting new

strategies that can benefit our operations and stakeholders.

Loss-of-life and serious injury compensation for South African operations

Compensation provided this year includes:

---

| | |
|:---|:---|
| Bereaved families receive compensation as soon as possible <br>after the loss of an employee's life at our operations. <br>Compensation includes:<br>▪Funeral services, coffins and mourner transportation<br>▪An on-mine memorial service with accommodation while <br>attending to the deceased person's affairs<br>▪R80 000 Mineworkers Provident Fund advance<br>▪R60 000 Rand Mutual Assurance funeral policy payout<br>▪R50 000 Harmony donation<br>▪Enrolment of children in the Harmony Education Fund<br>▪Offer of employment at underground entry level to <br>a family member<br>▪Housing support (R250 000 once-off benefit to <br>immediate family members who are registered as the <br>employee's dependents and share a primary residence <br>with the employee).<br>We also write letters of condolence and senior <br>management, union and other fellow employees attend <br>funerals.<br>| Compensation for serious injury on duty includes:<br>▪Lump sum or monthly payments (based on the <br>Compensation for Occupational Injuries and Diseases Act <br>disability rating)<br>▪Alternative employment (if available)<br>▪Two weeks' termination payment of R75 000 from 1 July <br>2023, per completed consecutive year of service (if <br>alternative work is not available)<br>▪Employment offer, based on available underground <br>vacancies at entry level, to an immediate family member<br>▪TEBA home-based care for medically incapacitated <br>employees<br>▪An additional termination package for paraplegic injury <br>(including home renovation for wheelchair accessibility).<br>|

---

Collaboration and partnerships

Collaborating and partnering with key stakeholders is paramount in

strengthening the implementation of our safety strategy. We engage with

employees to receive their feedback and incorporate this into actions taken

by management to support our teams in achieving safe production. We also

enable contractor alignment with and understanding of our safety

requirements and expectations, while building related capacity. We are an

active member of the Harmony Tripartite, a multi-stakeholder task team

supported by the Minerals Council South Africa, established to achieve zero

harm by co-creating a proactive caring culture that will safeguard

employees' safety, health and wellbeing at work and home.

Our collaboration with South African stakeholders includes:

▪Monthly alignment meetings

▪Leading the culture transformation workstream for the Tripartite

▪Benchmarking with external stakeholders and subject matter experts to

continuously improve and implement best practices, eg risk propensity

work.

Our Australasian engagements include:

▪Collaborating with the Mineral Resources Authority in Papua New Guinea

to address safety risks and solve various operational issues

▪Building a strong working relationship with the Queensland mining safety

regulator through open and transparent communication and reporting

▪Establishing a strong working relationship with a neighbouring mine at

Eva Copper, including emergency response capability support.

We also collaborate with the Australasian Institute of Mining and Metallurgy

(AusIIM) and the Australian Resources and Energy Employer Association

(AREEA), the peak bodies and voices of the Australian mining sector.

Future focus areas<br>Our short-term focus areas include:<br>▪Engaging safety culture specialists to conduct a safety maturity <br>assessment of our Australasian operations to inform future <br>strategic safety initiatives and continual improvement programmes<br>▪Reviewing and updating our life-saving rules adopted to align with <br>the critical hazard controls <br>▪Launching our safety behavioural programme at our Australasian <br>operations in FY26.<br>

**Holistic health and wellness**

**The nature of mining work inherently involves significant health and safety risks. Ensuring access to comprehensive, responsive and holistic healthcare mitigates these risks, protects** 

**our workforce, and underpins our duty to care. Provision of health services contributes directly to operational stability, workforce productivity and long-term sustainability of our** 

**operations.** 

Our health and wellness initiatives protect employees and contractors from occupational health risks and empowers them with the knowledge and tools to proactively drive their own health and wellbeing.

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| Employee health and safety | Employee health and safety |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6owjmywfjmzy3m.gif](fsridynmyoja6owjmywfjmzy3m.gif) | Good health and wellbeing |
| ![fsridynmyoja6ndq4mzdjmmqzma.gif](fsridynmyoja6ndq4mzdjmmqzma.gif) | Industry, innovation and infrastructure |
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 3: Material Topics 2021 <br>▪GRI 403: Occupational Health and Safety 2018. | ▪GRI 3: Material Topics 2021 <br>▪GRI 403: Occupational Health and Safety 2018. |
| **FY25 priorities** | **FY25 priorities** |
| 1.Enhancing employee health outcomes <br>2.Improving labour availability <br>3.Implementing a cost-effective healthcare model. | 1.Enhancing employee health outcomes <br>2.Improving labour availability <br>3.Implementing a cost-effective healthcare model. |

---

Strategy: Proactive and preventative health management

Harmony's health strategy consists of occupational medicine, occupational hygiene and wellness. These facets aim to prevent, detect and treat

occupational and non-occupational disease. Harmony goes beyond compliance by applying practices and a comprehensive health risk approach.

Through ongoing compliance with regulations, we remain aligned with evolving standards, proactively managing health and safety risks as

exposure limits are revised. In South Africa, recent amendments to the Mine Health and Safety Act have lowered legal exposure limits for hazards

like silica dust and noise, reflecting updated scientific evidence.

Our occupational health and safety system covers all employees working at the group. We aim to create an environment where every Harmonite

is "fit for work" and "fit for life" by building a holistic, employee-centric health programme, which is enabled by the following pillars:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Occupational medicine and wellness** | **Occupational medicine and wellness** | **Occupational medicine and wellness** | **Occupational medicine and wellness** | **Occupational medicine and wellness** | **Occupational medicine and wellness** |
| **Valued leaders** <br>**enabled to deliver** <br>**value**<br>| **Digitised and data-**<br>**driven healthcare**<br>| **High quality and** <br>**standards**<br>| **Resilient,** <br>**fit-for-work** <br>**and fit-for-life** <br>**employees**<br>| **Leaders in** <br>**healthcare and** <br>**wellness**<br>| **Collaborative** <br>**ways of work**<br>|
| A health team with <br>the right people, in <br>the right places, <br>who create and <br>deliver value, and <br>are valued in the <br>process.<br>| Transformed <br>internal healthcare <br>systems, services <br>and practices <br>delivered <br>using fourth <br>industrial <br>revolution (4IR) <br>technology and <br>data-driven <br>business <br>intelligence. <br>| High-quality <br>healthcare services <br>delivered within <br>Harmony.<br>| A holistic and <br>proactive <br>approach to <br>wellbeing that <br>supports <br>employees to <br>proactively drive <br>their own health <br>and wellbeing.<br>| Adoption and <br>advancement of <br>the best practice <br>while maintaining <br>cost effectiveness.<br>| Common goals <br>achieved through <br>strategic and <br>aligned internal <br>and sustainable <br>external <br>partnerships.<br>|
| **Occupational hygiene** | **Occupational hygiene** | **Occupational hygiene** | **Occupational hygiene** | **Occupational hygiene** | **Occupational hygiene** |
| We address hygiene-related exposures, including noise, dust, heat and radiation via a structured risk management approach that combines <br>hazard identification, assessment, control, continuous monitoring and improvement. We implement appropriate control measures, <br>including engineering and administrative controls and use of appropriate personal protective equipment (PPE).  | We address hygiene-related exposures, including noise, dust, heat and radiation via a structured risk management approach that combines <br>hazard identification, assessment, control, continuous monitoring and improvement. We implement appropriate control measures, <br>including engineering and administrative controls and use of appropriate personal protective equipment (PPE).  | We address hygiene-related exposures, including noise, dust, heat and radiation via a structured risk management approach that combines <br>hazard identification, assessment, control, continuous monitoring and improvement. We implement appropriate control measures, <br>including engineering and administrative controls and use of appropriate personal protective equipment (PPE).  | We address hygiene-related exposures, including noise, dust, heat and radiation via a structured risk management approach that combines <br>hazard identification, assessment, control, continuous monitoring and improvement. We implement appropriate control measures, <br>including engineering and administrative controls and use of appropriate personal protective equipment (PPE).  | We address hygiene-related exposures, including noise, dust, heat and radiation via a structured risk management approach that combines <br>hazard identification, assessment, control, continuous monitoring and improvement. We implement appropriate control measures, <br>including engineering and administrative controls and use of appropriate personal protective equipment (PPE).  | We address hygiene-related exposures, including noise, dust, heat and radiation via a structured risk management approach that combines <br>hazard identification, assessment, control, continuous monitoring and improvement. We implement appropriate control measures, <br>including engineering and administrative controls and use of appropriate personal protective equipment (PPE).  |

---

Our health and wellness framework prioritises worker health to sustain employee productivity and performance while protecting our

licence to operate, which we promote by:

---

| | |
|:---|:---|
| **Enhancing** <br>**employee health** <br>**outcomes** <br>| We seek to empower employees to proactively manage their health and wellbeing, and provide safe and <br>healthy workplaces with accessible healthcare services. Our holistic approach considers employees' <br>occupational health, mental and physical wellbeing. <br>We implement applicable best practice health programmes to address occupational and non-occupational <br>health risks. Additionally, our integrated group-wide lifestyle management programmes equip employees <br>with the know-how and tools to manage prevalent non-occupational health issues.<br>|
| **Improving labour** <br>**availability** <br>| Employee health and wellbeing is a critical lever to improving labour availability. By reducing <br>absenteeism, we improve productivity, safety and profitability. We run regular awareness campaigns and <br>encourage good hygiene practices to prevent contagion. We also deliver targeted health promotion and <br>prevention initiatives with government and non-governmental organisation (NGO) partners. <br>|
| **Implementing a** <br>**cost-effective** <br>**healthcare model** <br>| Our cost-effective healthcare model aims to improve employee wellbeing and support labour availability <br>through proactive, preventative and decentralised service delivery. By focusing on early intervention and <br>accessible care, we seek to reduce long-term healthcare costs and minimise absenteeism. This model <br>includes company-managed healthcare facilities, strategic partnerships with medical aid providers, and <br>the integration of external healthcare services. <br>Digital health management systems further enhance efficiency and continuity of care, facilitating timely <br>support for employees while contributing to a healthier, more reliable workforce.<br>|

---

Governance

---

| | |
|:---|:---|
| **Accountability** <br>**and responsibility**<br>| Regional executives provide strategic leadership and oversight of health <br>and wellness initiatives and encourage personal ownership across all <br>operations. Health and wellness teams are empowered through <br>continuous training to adhere to applicable local legislation, regulatory <br>requirements and Harmony's governance standards. The health and <br>wellness function accounts to the board on a quarterly basis through the <br>social and ethics committee.<br>|
| **Performance** <br>**monitoring** <br>**and reporting**<br>| We achieve our desired health outcomes by:<br>▪Prioritising adherence to policies and standard operating procedures <br>▪Continuously improving regional health information systems to manage <br>data and prepare regular reports to stakeholders<br>▪Ongoing performance monitoring of our proactive risk-based medical <br>surveillance, programmes and emergency response preparedness<br>▪Conducting quality assurance (internal audits) and developing <br>corrective plans to any deficiencies identified<br>▪Building stakeholder relationships and trust by participating in various <br>industry health forums and collaborating with public health bodies.<br>Regional executives and the CEO receive monthly and quarterly reports on <br>our health and wellness programmes and outcomes. <br>To support a culture of continuous improvement, we benchmark our <br>practices against industry practices, use health technologies to drive <br>better decision making and improve early detection and learn from health <br>inspections. <br>|
| **Policies that** <br>**support our** <br>**governance** <br>**approach**<br>| Our health and wellness policies and standards are informed by host <br>country laws and regulations and global guidelines, including those issued <br>by the World Health Organization (WHO). Standard operating procedures <br>support compliance with policies and standards and enable the effective <br>implementation of risk-based medical surveillance, health and wellness <br>programmes and responses to emergencies and report incidents. The <br>board and senior management review the occupational health and safety <br>policy every two years or when significant changes occur, allowing for <br>continued relevance and effectiveness in managing employee-related <br>risks.<br>|

---

---

| |
|:---|
| **Compliance with regulatory or agreement-based commitments** |
| **South Africa** |
| ▪Mine Health and Safety Act, 1996<br>▪The Occupational Diseases in Mines and Works Act (ODMWA), 1973<br>▪The Compensation for Occupational Injuries and Diseases Act (COIDA), 1993<br>▪National Nuclear Regulator Act (NRR), 1999<br>▪National Health Act 61, 2003<br>▪Basic Conditions of Employment Act, 1997<br>▪Employment Equity Act 55, 1998<br>▪Labour Relations Act 66, 1995 (as amended).<br>|
| **Papua New Guinea** |
| ▪Mining (Safety) Act 1977<br>▪Mining Act 1992<br>▪Public Health Act 1973 <br>▪Radiation Safety and Control Act 2019; Radiation Safety and Control Regulation 2021<br>▪ISO 45001 Occupational Health & Safety Management<br>▪International Cyanide Management Code (voluntary)<br>▪Australian Work Health & Safety Act 2011 & Regulations (voluntary).<br>|
| **Australia** |
| ▪QLD Mining and Quarrying Safety and Health Act 1999<br>▪QLD Mining and Quarrying Safety and Health Regulation 2017 <br>▪QLD Resources Safety and Health Legislation Amendment Act 2024<br>▪Work Health and Safety Act 2011 <br>▪Model Work Health and Safety Regulation and Codes of Practices <br>▪ISO 45001 Occupational Health and Safety Management.<br>|

---

Risk and opportunity management

We provide quarterly health and wellness risk registers to the group's enterprise risk function, enabling consistent oversight and integration into broader company operational risk management. Further, we

are constantly monitoring changes to any key legislation documented above.

We reduce our exposure to employee health-related risks by implementing our governance framework. We take an employee-centric approach, promoting collaboration across departments and functions to mitigate

health risks. This integration supports workforce wellbeing, operational continuity and compliance with legislation, and mitigates our health-related risks in an integrated, collaborative manner.

**The health-related risks our employees face**

![holistichealthandwellness.jpg](holistichealthandwellness.jpg)

---

| | | |
|:---|:---|:---|
|  | **Description** | **Mitigation measures** |
| **Work-related risks** | **Loss of hearing caused by** <br>**noise levels**<br>| ▪We are responsible for implementing and enforcing noise controls including, but not limited to, silencing, muffling, <br>screening and administrative controls through the applicable hygiene standards<br>▪We provide risk-based medical surveillance and monitor hearing loss measures, including standard threshold <br>shift (STS) and percentage loss of hearing (PLH). <br>|
| **Work-related risks** |  |  |
| **Work-related risks** |  |  |
| **Work-related risks** |  |  |
| **Work-related risks** | **Dust exposure leading** <br>**to occupational lung** <br>**diseases**<br>| ▪We implement and enforce dust controls, including removal through ventilation, filters, water suppression, extraction <br>and the provision of PPE through the applicable hygiene standards<br>▪We provide risk-based medical surveillance and administer tuberculosis (TB) preventative treatment. <br>|
| **Work-related risks** |  |  |
| **Work-related risks** |  |  |
| **Work-related risks** |  |  |
| **Work-related risks** | **Musculoskeletal** <br>**conditions**<br>| ▪We conduct risk-based medical surveillance and may refer employees for less physically demanding positions <br>▪The engineering and procurement departments select machinery with sound ergonomic design. <br>|
| **Work-related risks** |  |  |
| **Work-related risks** |  |  |
| **Work-related risks** |  |  |
| **Work-related risks** | **Heat exposure leading** <br>**to heat-related illness**<br>| ▪In applying hygiene standards, we implement refrigeration and ventilation controls <br>▪We provide risk-based medical surveillance and a rehydration solution, when required. <br>|
| **Work-related risks** |  |  |
| **Work-related risks** |  |  |
| **Work-related risks** |  |  |
| **Work-related risks** | **Radiation exposure** <br>**potentially causing** <br>**neoplasms**<br>| ▪We monitor radiation exposure levels through the applicable radiation standards<br>▪We are responsible for setting the appropriate radiation control environment through hygiene standards<br>▪We screen employees to detect cancers early, improving the probability of recovery.<br>|
| **Personal risks** | **Fatigue and mental health** <br>**issues** <br>| ▪We provide mental health and substance abuse programmes through training, awareness and counselling<br>▪The business improvement health initiative educates employees about nutrition's role in managing energy <br>and reducing fatigue. <br>|
| **Personal risks** |  |  |
| **Personal risks** |  |  |
| **Personal risks** |  |  |
| **Personal risks** | **Lifestyle issues leading to** <br>**stress and poor health** <br>**outcomes** <br>| ▪We provide risk-based medical surveillances and a dedicated lifestyle management programme <br>▪We are implementing a group-wide nutrition strategy to provide a resilient workforce.<br>|
| **Personal risks** |  |  |
| **Personal risks** |  |  |
| **Personal risks** |  |  |
| **Personal risks** | **Weakened immune** <br>**system** <br>| We support employees to protect their immune systems and manage HIV by: <br>▪Providing access to evidence-based treatments and non-pharmacological support <br>▪Promoting the importance of knowing one's health status and implementing health awareness campaigns to empower <br>employees to take informed decisions about their own health.<br>|

---

---

| |
|:---|
| **Opportunities**  |
| Our risk-based medical surveillance <br>affords us the opportunity to <br>recognise and respond to our <br>occupational and personal health <br>hazards. The opportunities we <br>leverage include: <br>▪Inter-departmental collaboration, <br>including human resources, hygiene, <br>radiation and CSI functions and <br>partnering with the community and <br>service providers<br>▪Creating awareness on occupational <br>hygiene and radiation issues to <br>reduce occupational hazards and <br>improve health outcomes<br>▪Expanding our digital health reach <br>through virtual consultations<br>▪Strengthening health and safety <br>leadership, governance and <br>compliance frameworks, supported <br>by: <br>–Providing health workers and <br>health facility management with <br>leadership development and <br>health training programmes<br>–Training health managers on <br>system thinking tools to enhance <br>team culture and the <br>management of health-related <br>risks<br>–Involving health facility <br>management in developing and <br>implementing our health and <br>wellness strategies<br>–Addressing the mental and <br>psychosocial aspects of health <br>and wellness needs of healthcare <br>workers through the Carer for <br>Carers (C4C) initiative. <br>|

---

Progress against priorities

**Enhancing employee health outcomes**

Health outcomes have been broken into three categories with sub-categories as the table below indicates. Details on each sub-category follows. For the health tables that follow, PNG represents Papua New Guinea

(Hidden Valley), while AU represents Australia (Eva Copper Project).

---

| | | |
|:---|:---|:---|
| **Occupational health management** | **Non-occupational health management** | **Other communicable diseases** |
| ▪Noise-induced hearing loss (NIHL)<br>▪Radiation exposure<br>▪Thermal stress and heat-related illness<br>▪Tuberculosis (TB)<br>▪Silicosis.<br>| ▪HIV/Aids<br>▪Lifestyle diseases<br>▪Mental health<br>▪Substance abuse.<br>| ▪Malaria<br>▪Cholera<br>▪Typhoid.<br>|

---

*Occupational health management*

*Noise-induced hearing loss (NIHL)*

---

| | |
|:---|:---|
| **South Africa** | &nbsp;&nbsp;&nbsp;&nbsp;**Australasia** |
| **Goal (industry milestone)**<sup>1</sup><br>▪By December 2034, the noise emitted by individual pieces of equipment operated by employees and <br>individual process equipment should not exceed a milestone sound pressure level of 104dB(A)<br>▪Using diagnostic methods, by December 2034, there should be no novice cases of noise- induced <br>hearing loss among previously unexposed individuals (those unexposed to occupational noise prior <br>to December 2024, ie equivalent to a new person who entered the industry in January 2025).<br>**Performance this year**<br>▪Nine pieces of equipment are above the new milestone of 104dB(A). The overall noise clipper usage <br>is above 95% across all operations<br>▪The number of employees with early NIHL increased to 102 (FY24: 88) and those compensated for <br>NIHL to 111 (FY24: 77)<br>▪We are on track to achieve our goal. The total number of standard threshold shift cases exceeding <br>25dB(A) from baseline that have been reported since January 2025 is zero.<br>**Improving our performance**<br>▪Buying and maintaining quiet equipment as per the MOSH recommendations to reduce vibration <br>noise<br>▪Controls, such as silencers, screens and enclosures, to prevent employees from being exposed to <br>high noise levels<br>▪Where the risk exceeds the legislated 85dB(A) occupational exposure limit, we give employees <br>personalised hearing protection devices, with the adherence to wearing these devices closely <br>monitored. <br>| **Goal**<br>▪Eliminate NIHL as a preventable occupational disease.<br>**Performance this year**<br>▪Zero NIHL diagnoses in PNG and AU.<br>**Improving our performance**<br>▪A hearing conservation programme will be finalised in FY26.<br>|
| <sup>1</sup> *This is a new milestone as determined at the South African Mine Health and Safety Tripartite Summit.* |  |

---

*Radiation exposure*

---

| | |
|:---|:---|
| **South Africa** | **Australasia** |
| **Goal**<br>▪Prevent employee overexposure to radiation – below 20mSv in one year and 95mSv in five years.<br>**Performance this year**<br>▪24 employees are on surface due to exceeding the Harmony administrative limit of 95mSv over a <br>five-year period.<br>**Improving our performance**<br>▪We monitor employees monthly and move them to lower-risk operations, where required.<br>| **Goal**<br>▪Prevent harmful radiation exposure<br>▪No radiation dose exceedances.<br>**Performance this year**<br>▪Zero exceedances reported in PNG<br>▪No monitoring performed in AU.<br>**Improving our performance**<br>▪Compliance to radiation safety plans and licensing achieved and a monitoring plan will be developed <br>for Australia in FY26.<br>|

---

*Thermal stress and heat-related illness*

---

| | |
|:---|:---|
| **South Africa** | **Australasia** |
| **Goal**<br>▪Prevent heat-related illnesses – temperature must be below 26°C wet bulb in cross-cut intakes.<br>**Performance this year**<br>▪64% of cross-cuts are below the 26°C wet bulb.<br>**Improving our performance**<br>▪We are developing bulk air cooling and ventilation change-overs at some operations to reduce the <br>prevalence of heat-related cases.<br>| **Goal**<br>▪Prevent heat-related illnesses.<br>**Performance this year**<br>▪Zero heat-related illness diagnosed in PNG<br>▪One reported heat-related illness in AU.<br>**Improving our performance**<br>▪Thermal stress not applicable.<br>|

---

*Tuberculosis (TB)*

---

| | |
|:---|:---|
| **South Africa** | **Australasia** |
| **Goal (industry milestone)**<br>▪TB incidence rate should be at or below the national TB incident rate 435/100 000 (national <br>incidence reporting is usually lagging).<br>**Performance this year**<br>▪159 cases diagnosed (FY24: 219), contributing to an incidence rate of 364/100 000 (FY24: 507/100 <br>000) – a 28% year-on-year reduction.<br>**Improving our performance**<br>▪During medical examinations, we screen employees for TB, supporting early diagnosis and <br>treatment. We also screened 8 551 (FY24: 7 865) employees during TB Day campaigns. This resulted <br>in an improvement in the year-on-year incident rate.<br>| **Goal**<br>▪Prevent TB transmission in mining operations (zero transmission of TB on site).<br>**Performance this year**<br>▪Zero confirmed diagnoses from contact tracing on site in PNG<br>▪TB is not a risk factor in AU.<br>**Improving our performance**<br>▪Performance to be maintained going forward.<br>|

---

*Silicosis*

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **South Africa** | &nbsp;&nbsp;&nbsp;&nbsp;**Australasia** |
| **Goal 1 (industry milestone)**<sup>1</sup><br>▪By December 2034, 95% of all exposure measurement results will be below the milestone level for <br>respirable crystalline silica dust of 0.03mg/m³. These results are individual readings and not average <br>results, and the milestone will be reviewed in 2029 (after five years). Note that this goal was <br>introduced in the current year.<br>**Performance this year**<br>▪78% (no comparison to prior year as this is a new goal).<br>**Improving our performance**<br>▪Most metallurgical plants and one-third of our South African mines exceeded our 95% target. <br>Workplace exposure to silica dust remains a risk, and long-term workplace dust-control projects are <br>progressing well at all operations. In FY25, our engineered controls' compliance is at 95%.<br>| **Goal**<br>▪Eliminate new cases of silicosis.<br>**Performance this year**<br>▪Zero diagnosed cases in PNG<br>▪Zero diagnosed cases in AU.<br>**Improving our performance**<br>▪We have dust monitoring and health surveillance programmes in place that comply with local <br>regulatory guidance. |
|  | **Goal**<br>▪Eliminate new cases of silicosis.<br>**Performance this year**<br>▪Zero diagnosed cases in PNG<br>▪Zero diagnosed cases in AU.<br>**Improving our performance**<br>▪We have dust monitoring and health surveillance programmes in place that comply with local <br>regulatory guidance. |
|  | **Goal**<br>▪Eliminate new cases of silicosis.<br>**Performance this year**<br>▪Zero diagnosed cases in PNG<br>▪Zero diagnosed cases in AU.<br>**Improving our performance**<br>▪We have dust monitoring and health surveillance programmes in place that comply with local <br>regulatory guidance. |
| **Goal 2 (industry milestone)**<sup>1</sup><br>▪By December 2034, using current diagnostic techniques, no novice pneumoconiosis cases of silicosis, <br>coal worker's pneumoconiosis, and pneumoconiosis as a result of respirable platinum mine dust will <br>occur among previously unexposed individuals (those unexposed to mining dust prior to December <br>2024, ie equivalent to a new person who entered the industry in January 2025).<br>**Performance this year**<br>▪Zero diagnoses (no comparison to prior year as this is a new goal).<br>**Improving our performance**<br>▪We continue to collaborate with multiple stakeholders on the management of dust exposures that <br>adversely affect employees.<br>| **Goal**<br>▪Eliminate new cases of silicosis.<br>**Performance this year**<br>▪Zero diagnosed cases in PNG<br>▪Zero diagnosed cases in AU.<br>**Improving our performance**<br>▪We have dust monitoring and health surveillance programmes in place that comply with local <br>regulatory guidance. |
| <sup>1</sup> *This is a new milestone as determined at the South African Mine Health and Safety Tripartite Summit.* |  |

---

In South Africa we submitted 83 (FY24: 103) silicosis cases for certification and possible compensation by the Medical Bureau for Occupational Diseases (MBOD) and had 60 (FY24: 45) certified as silicosis cases.

*Claims settled*

The Tshiamiso Trust manages claims for mineworkers who are eligible for compensation due to contracting TB or silicosis from working in certain gold mines between 12 March 1965 and 10 December 2019. Tshiamiso

Trust paid out R182 million in total (FY24: R187 million) to 1 885 (FY24: 1 996) current and former Harmony mineworkers. Since 2020, the trust has paid out R2.25 billion to 23 600 mineworkers, R909 million is

attributable to 9 950 Harmony employees (former and current).

In the current financial year, the Compensation Commissioner for Occupational Diseases (CCOD) has compensated occupational lung disease-related claims to the value of R176 million (FY24: R83 million) to 1 890 (FY24:

1 319) current and former employees.

*Non-occupational health management* 

*HIV/Aids*

---

| |
|:---|
| **South Africa** |
| **Goal**<br>▪WHO/UN AIDS 95/95/95 targets.<br>**Performance this year**<br>▪93/89/85 (FY24: 91/88/88).<br>**Improving our performance**<br>▪Refer to the commentary below.<br>|
| **Australasia** |
| **Goal**<br>▪Reduce HIV prevalence and stigma in mining regions and the WHO/UN AIDS 95/95/95 targets.<br>**Performance this year**<br>▪PNG will commence recording stats from next year<br>▪Not applicable for AU. <br>**Improving our performance**<br>▪Programme in development. <br>|

---

WHO/UN AIDS 95/95/95 targets in relation to HIV/AIDS are global goals set to end the HIV epidemic.

Our South African HIV/Aids programme also educates employees about the condition, and provides

counselling and annual testing, for which the same target of 95% is applicable. Details are in the table

that follows.

---

| | | | |
|:---|:---|:---|:---|
| **South Africa** | **Target** | **FY25** | FY24 |
| Percentage of employees on voluntary counselling and testing uptake<sup>1</sup> | **95** | **85** | 83 |
| Percentage of employees living with HIV will know their status | **95** | **93** | 91 |
| Percentage of employees with diagnosed HIV infection to receive <br>sustained antiretroviral treatment (ART)<br>| **95** | **89** | 88 |
| Percentage of employees receiving ART to have viral suppression | **95** | **85** | 88 |

---

<sup>1</sup> *This is an internal target that is not disclosed by WHO/UN AIDS.*

Together with the government and our peers at the Minerals Council South Africa, we commemorated

World Aids Day with build-up campaigns starting in November. Harmony's prevalence rate is higher

than the national average due to our closed and controlled environment compared to the rest of the

country. The programme is also limited to a working group age and is affected by the negative impacts

of the migrant labour system.

---

| | | |
|:---|:---|:---|
| Number of occasions <br>employees received voluntary <br>counselling and testing <br>services: <br>75 640 <br>(FY24: 74 608) counselling <br>sessions<br>64 128 <br>(FY24: 61 716) tests <br>conducted<br>| HIV-positive employees:<br>9 508 <br>(FY24: 9 588) <br>| Employees receiving ART in <br>our HIV/Aids programme:<br>8 709 <br>(FY24: 8 704)<br>|
| Five operations (Tshepong, Kusasalethu, Masimong, Doornkop and Mponeng) have achieved the <br>target of 95% of employees knowing their status. Tshepong, Masimong and Phakisa are the only <br>operations to exceed 90% on all WHO targets (>90/>90/>90). Although our programme is 2% short <br>of the "known status" target of 95%, we remain committed to achieving this goal as a significant <br>proportion of employees (7% of the workforce), do not know their HIV status. | Five operations (Tshepong, Kusasalethu, Masimong, Doornkop and Mponeng) have achieved the <br>target of 95% of employees knowing their status. Tshepong, Masimong and Phakisa are the only <br>operations to exceed 90% on all WHO targets (>90/>90/>90). Although our programme is 2% short <br>of the "known status" target of 95%, we remain committed to achieving this goal as a significant <br>proportion of employees (7% of the workforce), do not know their HIV status. | Five operations (Tshepong, Kusasalethu, Masimong, Doornkop and Mponeng) have achieved the <br>target of 95% of employees knowing their status. Tshepong, Masimong and Phakisa are the only <br>operations to exceed 90% on all WHO targets (>90/>90/>90). Although our programme is 2% short <br>of the "known status" target of 95%, we remain committed to achieving this goal as a significant <br>proportion of employees (7% of the workforce), do not know their HIV status. |

---

At Hidden Valley and Wafi-Golpu, we monitor and actively manage comorbid HIV/Aids, TB and typhoid

through management plans and a vaccination programme, where applicable, and address these health

conditions through:

▪Voluntary HIV/Aids counselling and testing facilitated by on-site personnel who have completed

National Department of Health training for standardised HIV/Aids management

▪Annual HIV/Aids screening campaigns during HIV/Aids awareness month focusing on educating

employees about active management and the importance of knowing their HIV status

▪Our immunisation programme, aligned with industry best practice and our policy and process,

extends beyond occupational requirements. The voluntary programme is delivered on site. In FY24, it

was extended to include employees and contractors who live in at-risk locations. The programme

informs participants about the benefits of safe and effective vaccination.

*Lifestyle diseases*

---

| | |
|:---|:---|
| **South Africa** | **Australasia** |
| **Goal**<br>▪To mitigate the personal employee risks (as mentioned above) that result in lifestyle diseases.<br>**Performance this year**<br>▪Please refer to the Lifestyle disease management section, and the Improving employee wellness through <br>nutrition.<br>**Improving our performance**<br>▪Diligently execute our nutrition business improvement strategy<br>▪Increase promotion and awareness campaigns that empower employees with the ability to <br>proactively manage lifestyle diseases.<br>| **Goal**<br>▪Reduce the prevalence of chronic conditions such as diabetes, hypertension, and cardiovascular <br>disease among mine workers – 90% compliance to lifestyle management plans.<br>**Performance this year**<br>▪In PNG, all personnel identified as at risk are in compliance with the management plan<br>▪Not applicable for AU.<br>**Improving our performance**<br>▪Further developing and enhancing our monitoring and management of workers who are affected by <br>lifestyle diseases to reduce their risk of acute and chronic health effects and improve their quality of <br>life beyond their employment at the mine. <br>|

---

*Mental health*

---

| | |
|:---|:---|
| **South Africa** | **Australasia** |
| **Goal**<br>▪Create psychologically safe workplaces and reduce mental health related stigma – 100% screening <br>of employees for mental health conditions.<br>**Performance this year**<br>▪97% (FY24: 25%) of our employees have been screened.<br>**Improving our performance**<br>▪Collaborate (internally and externally) on enhancing mental health and psychosocial social <br>programmes. <br>| **Goal**<br>▪Create psychologically safe workplaces and reduce mental health related stigma – 100% of <br>employees must have access to EAP (Employee Assistance Programme) services.<br>**Performance this year**<br>▪For both regions, all employees have access to EAP services. <br>**Improving our performance**<br>▪The region is addressing psychosocial safety as an occupational hazard and consulting with subject <br>matter experts and industry specialists to enhance our mental health management plan.<br>|

---

*Substance abuse*

---

| | |
|:---|:---|
| **South Africa** | **Australasia** |
| Addiction, mainly substance abuse (including off-site abuse), limits our employees' fitness for work, <br>impairing their ability to operate safely and effectively. Reducing substance abuse remains a crucial <br>imperative, requiring a multi-stakeholder approach involvement from human resources, safety, <br>security and health functions. We continue to seek to reduce hazards and absenteeism from impaired <br>judgement by communicating clear expectations that are in line with the country's laws and <br>regulations.<br>| **Goal**<br>▪Prevent substance misuse and promote a drug free workplace – 100% compliance required based <br>on random drug and alcohol testing.<br>**Performance this year**<br>▪Both PNG and AU achieved the 100% compliance requirement.<br>**Improving our performance**<br>▪Performance to be maintained going forward.<br>|

---

*Lifestyle disease management* 

Many employees live with non-communicable chronic lifestyle conditions, including hypertension,

obesity, heart disease and diabetes. Harmony supports employees to prevent and manage these

diseases by providing exercise and nutrition guidance. This year, 3 682 employees took part in our

integrated lifestyle management programme (FY24: 3 188), highlighting how employees value the

programme's benefits. The programme covers stress management, finances, fatigue, fitness and weight.

Below is a graphic displaying our burden of disease (prevalence).

![sa_xchronicdiseasemanageda.jpg](sa_xchronicdiseasemanageda.jpg)

Lifestyle diseases, such as hypertension and obesity, are common reasons for off-site referral and failed

pre-employment medical examinations at our Australasian operations. We prioritise worker health and

safety through a "fitness for life" approach, which encourages employee fitness for work and long-term

wellbeing. Our integrated health management programme educates employees about the importance

of fatigue management, substance use guidelines and physical fitness. Our lifestyle disease reduction

programme supports a lower workforce risk profile and improved quality of life by monitoring,

preventing and treating non-communicable diseases.

*Other communicable diseases*

Goals and related targets for malaria, cholera and typhoid not considered necessary for the South

African and Australian region due to the low risk applicable to those regions.

*Malaria*

---

| |
|:---|
| **Australasia** |
| **Goal**<br>▪Reduce incidences in mining communities and 100% management of cases diagnosed on site.<br>**Performance this year**<br>▪100% management of cases in PNG.<br>**Improving our performance**<br>▪Malaria not transmissible on site at Hidden Valley due to altitude and is not applicable to <br>our Australian operations.<br>|

---

*Cholera*

---

| |
|:---|
| **Australasia** |
| **Goal**<br>▪Zero cases on site, preventing outbreaks through improved water, sanitation, and hygiene <br>(WASH) and immunisation.<br>**Performance this year**<br>▪Zero cases in PNG.<br>**Improving our performance**<br>▪Review of our on-site processes and procedures to ensure best practice is maintained.<br>|

---

*Typhoid*

---

| |
|:---|
| **Australasia** |
| **Goal**<br>▪Reduce transmission cases by 30% over three years as through immunisation, hygiene and food <br>safety.<br>**Performance this year**<br>▪PNG achieved a 33% reduction over three years.<br>**Improving our performance**<br>▪Diagnosis and management of confirmed cases are regularly reviewed by an independent clinical <br>governance provider (health care service) who assures effective and safe management. <br>|

---

**Improving labour availability** 

We aim to reduce health-related absenteeism at South African operations by promoting the early

detection of chronic illnesses or incapacitating disorders that could prevent employees from attending

work. We manage employees on prolonged sick leave through our at-work management programme to

monitor their medical conditions, oversee an appropriate treatment plan and early, but productive and

healthy, return to work. Injuries, respiratory, musculoskeletal, and psychiatric disorders are the primary

contributing factors for extended sick leave.

Our health-related absenteeism rate decreased to 7.3% (FY24: 7.5%) due to the strict management of

sick notes from internal and external medical practitioners. Due to health assessment efficiencies, we

achieved 89% (FY24: 85%) labour availability in 1.5 days (FY24: 2 days) after the Christmas break. This

achievement was also made possible through increased collaboration between internal departments

and digital enhancement of the process.

Infectious diseases, notably upper respiratory tract infections due to environmental conditions and

lifestyle factors, are a common cause of health-related absenteeism at Hidden Valley.

**Implementing a cost-effective healthcare model**

Our healthcare expenditure and impact across the group was as follows:

---

| | | |
|:---|:---|:---|
|  | **FY25** | FY24 |
| **Investment in healthcare** | **R1.1 billion** <br>**US$60.5 million** <br>| R1.0 billion<br>US$54.8 million<br>|
| **Medical examinations conducted** | **93 375** | 89 988 |
| **South Africa** |  |  |
| Health examinations conducted | **72 039** | 70 529 |
| Total healthcare expenditure (Rm) | **1 044** | 983 |
| Free healthcare benefits: |  |  |
| – Health benefits cost (Rm) | **652** | 612 |
| – Employees impacted | **24 610** | 25 010 |
| Medical aid schemes: |  |  |
| – Medical aid scheme cost (Rm/month) | **32** | 30 |
| – Employees impacted | **9 535** | 9 324 |
| **Papua New Guinea** |  |  |
| Health examinations conducted | **21 336** | 19 459 |
| Total health expenditure (Rm) | **32.5** | 40.5 |

---

*South Africa* 

▪Medical scheme membership is compulsory for officials and management, and voluntary for category

4 to 8 employees, who also receive free, comprehensive and on-site healthcare services, and

secondary and tertiary medical care

▪Full-time occupational and general medical practitioners, nurses and support personnel provide

comprehensive health surveillance and 24-hour primary healthcare services at all our operations, and

refer patients to external specialist service providers and private hospitals for specialised care.

*Papua New Guinea* 

▪Harmony runs the Hidden Valley on-site medical clinic that provides 24/7 access to clinicians, led by a

doctor, in the case of an emergency. In addition, acute patient care and occupational health services

are provided through this team

▪Harmony funds medical insurance for employees and their families, which provides in-patient and

out-patient services delivered by external providers

▪Through our community health outreach programme, our Health and Community Affairs employees

support provincial and local health officers to deliver valuable outreach services to surrounding

communities.

*Australia*

▪Harmony operates a single paramedic response model that suitably provides access to the workforce

with appropriate emergency and non-urgent medical support

▪Harmony provides all employees with access to discounted private health insurance.

Collaboration and partnerships

We work with internal and external stakeholders to strengthen our health strategy, boost healthcare access and support

healthcare delivery. This includes our South African industry peers and the Department of Health on improving the

administration of the occupational lung disease compensation through our ReConnect initiative. Through ReConnect, we

trace former employees and address the claims backlog. This year, we worked with stakeholders to strengthen our post-

employment health programme to provide former employees with health access, minimise the risk of loss (due to no follow

up) and address legal compliance issues.

In FY25, Harmony expanded its collaboration with South African university research centres to conduct a study into the

determinants of production team performance, including the relationship between high performance and health.

Our clinical governance partner in Papua New Guinea performs regular compliance reviews, and we collaborate with the

National Department of Health on a range of topics, from clinic registration requirements to employee training.

Innovation, technology and digitisation

We are enhancing our health processes using digital solutions and tools for medical surveillance and risk profiling. Our

integrated health management system provides a holistic view of our employees' health-related data, creating the following

benefits and efficiencies:

---

| | | |
|:---|:---|:---|
| Medical teams can:<br>▪Proactively deliver healthcare <br>based on employees' risk <br>profiles and annual medical <br>examinations <br>▪Timeously produce accurate <br>and verifiable reports<br>▪Effectively address specific <br>occupational conditions and <br>health risks.<br>| Management teams can make <br>informed decisions for safe <br>production by monitoring <br>employee health-related data <br>from the integrated health <br>management system. <br>| Employees can take ownership <br>for managing their health and <br>wellbeing by scheduling medical <br>examinations. This reduces <br>waiting time and reduces the risk <br>of fraud and personal <br>information errors with biometric <br>verification. <br>|

---

Our digitised return-to-work process enables the efficient screening of employees to confirm that they are physically and

mentally fit and safe to work after the December break. This is, among other initiatives, honouring our commitment to

implement the eight fatality-eliminating interventions emanating from a special Minerals Council meeting of mining CEOs

forum in 2021.

We improved the administration of patient records by introducing a picture archiving and communication system (PACS) for

X-rays. This allows us to collaborate with other healthcare professionals and introduce AI-assisted screening. We continue to

digitise paper-based files for security, continuity of care and to comply with the requirements for a 40-year history.

Future focus areas<br>We seek to promote optimal health for our employees, including through <br>nutrition and mental health programmes to support high performance and <br>a resilient workforce. Through technology, we aim to build a global view of the <br>health of each employee. <br>Enhancing our electronic integrated health management system with data-<br>driven business intelligence improves communication between health, hygiene <br>and human resource teams across the business. We expect our fully digitised, <br>risk-based medical surveillance programme to be finalised in the next two years. <br>

**An engaged workforce**

**The long-term, sustainable success of our business depends on maintaining a safe workplace where every voice is valued, every talent is cultivated, and everyone has equal access to** 

**opportunities.** 

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| ▪Supporting our people<br>▪Sound labour relations. | ▪Supporting our people<br>▪Sound labour relations. |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6mwq2mdgymgzky.gif](fsridynmyoja6mwq2mdgymgzky.gif) | No poverty |
| ![fsridynmyoja6yjgwyjrlztbkn.gif](fsridynmyoja6yjgwyjrlztbkn.gif) | Quality education |
| ![fsridynmyoja6mduwmtm2zdfjya.gif](fsridynmyoja6mduwmtm2zdfjya.gif) | Gender equality |
| ![fsridynmyoja6ytzjntm1yjnhn.gif](fsridynmyoja6ytzjntm1yjnhn.gif) | Decent work and economic growth |
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 3: Material Topics 2021 <br>▪GRI 202: Market presence 2016<br>▪GRI 401: Employment 2016<br>▪GRI 402: Labour/management relations 2016<br>▪GRI 404: Training and education 2016<br>▪GRI 405: Diversity and equal opportunity 2016<br>▪GRI 406: Non-discrimination 2016<br>▪GRI 407: Freedom of association and collective <br>bargaining 2016<br>▪GRI 408: Child Labor 2016<br>▪GRI 409: Forced or Compulsory Labor 2016 | ▪GRI 3: Material Topics 2021 <br>▪GRI 202: Market presence 2016<br>▪GRI 401: Employment 2016<br>▪GRI 402: Labour/management relations 2016<br>▪GRI 404: Training and education 2016<br>▪GRI 405: Diversity and equal opportunity 2016<br>▪GRI 406: Non-discrimination 2016<br>▪GRI 407: Freedom of association and collective <br>bargaining 2016<br>▪GRI 408: Child Labor 2016<br>▪GRI 409: Forced or Compulsory Labor 2016 |
| **FY25 priorities** | **FY25 priorities** |
| 1.Attracting and retaining key skills and experience<br>2.Committing to diversity, equity and inclusion<br>3.Investing in learning and development<br>4.Fostering a healthy organisational culture and <br>employee wellbeing | 1.Attracting and retaining key skills and experience<br>2.Committing to diversity, equity and inclusion<br>3.Investing in learning and development<br>4.Fostering a healthy organisational culture and <br>employee wellbeing |

---

Strategy: Values-driven people management

To support our people, we create a safe, healthy and productive working environment by investing in our workforce's wellbeing, development and

empowerment. Our people management approach, grounded in our values and meaningful engagement, encourages and promotes continuous

development of capacity and capability, improving female representation to promote gender diversity, building future organisational skills and

considering technological changes. As Harmony expands into other commodity markets, we adapt and evolve our approach to meet local needs.

Driven by our people excellence strategy, the people value chain enables us to effectively analyse, plan, lead, influence and manage employee-

related processes.

**Our people excellence value chain**

![employeesdiagram.jpg](employeesdiagram.jpg)

Our workforce is pivotal to achieving our business strategy.

---

| | |
|:---|:---|
| **Attracting and retaining** <br>**key skills and experience**<br>| Our talent attraction and retention policy outlines Harmony's comprehensive approach to attracting, sourcing, onboarding and integrating top-tier talent. We offer a range <br>of developmental and support initiatives aligned with our long-term business goals.<br>Harmony is committed to narrowing the pay gap over time, with voluntary disclosures of the ratio between the highest and lowest paid employees, anticipating future <br>regulatory requirements. We remunerate employees based on ability, skills, knowledge and experience, with a clear commitment to gender and race equality. We <br>remunerate men and women equally for equivalent roles, regardless of race or other arbitrary factors. <br>|
| **Committing to diversity, equity** <br>**and inclusion (DEI)**<br>| Harmony is committed to equal opportunity, diversity and non-discrimination and has a zero-tolerance policy for any form of discrimination. Employment, development and <br>promotion are based solely on merit, with explicit prohibitions against discrimination on grounds such as race, gender, religion, age, disability, sexual orientation, or political <br>beliefs. HR interventions target increasing the representation of women and people from designated groups. <br>In South Africa, we are guided by our transformation and employment equity plans to comply with regulations, and achieve our long-term goal to create a workforce that <br>equitably represents the diversity of our population. This is further driven by our Women in Mining committees at our South African operations, creating awareness, <br>enforcing safe work practices and advancing our zero-tolerance approach.<br>Our DEI initiatives in Australasia include holding leaders accountable for DEI commitments, providing training to our workforce on the importance of an inclusive workforce, <br>reducing our gender pay gap, and eliminating unconscious bias in our hiring processes.<br>|
| **Investing in learning** <br>**and development**<br>| We support quality education and promote a culture of lifelong learning for our employees and community youth through internship programmes<sup>1</sup>, learnerships, graduate <br>development programmes, bursary schemes, study assistance and career progression programmes.<br>Developing our people supports our commitment to equal employment opportunities while redressing the historic disadvantages in employment, education and training <br>experienced by individuals in designated groups in South Africa. <br>Our South Africa region has various accredited training centres providing learning for technical and non-technical skills. Employees can also enrol for formal education at <br>preferred institutions of higher learning through our study assistance programme. These formal education opportunities include first degrees and postgraduate <br>qualifications such as MBA and executive MBA qualifications. <br>Our succession pipeline for core disciplines (mining, engineering, metallurgical and ore reserve management) includes longer-term developmental programmes.<br>|
| **Fostering a healthy** <br>**organisational culture and** <br>**employee wellbeing**<br>| We conduct initiatives that enable us to foster a safe, inclusive and high-performing culture that supports the physical, mental and financial health of our workforce while <br>creating operational excellence. These include diagnostic tactics such as company culture values assessments every three years, interim pulse surveys, systemic and <br>humanistic perception surveys every two years, as well as gender inclusion diagnostics<sup>1</sup>, and feedback routines that guide targeted interventions and culture improvement <br>actions.<br>|
| **Maintaining sound employee** <br>**relations**<br>| Our employee relations approach is based on mutual respect and trust. Supported by living our values and culture, we engage and collaborate meaningfully with employees <br>to better understand and address their needs and expectations. We adopt a proactive approach to prevent potential conflicts and enter into long-term agreements to <br>ensure long-term sustainability and labour peace. The actions we take to enable employee safety and contribute to their health and mental wellbeing support our approach <br>to maintaining positive employee relations. <br>|

---

<sup>1</sup>*Internship programmes, surveys and gender inclusion diagnostics only applicable to South Africa.*

Governance

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| To ensure effective execution of responsibilities assigned to people, there is necessary accompanying accountability for delivery of results; HR and training personnel focus on <br>compliance with all relevant labour laws and internal policies, managing recruitment, onboarding, employee relations and development programmes. They address employee <br>concerns, foster engagement, and promote retention, aiming to create a positive workplace culture across all operations.<br>|
| **Performance monitoring** <br>**and reporting**<br>| In South Africa, the wage review implementation committee continuously reports on progress in meeting obligations from collective agreements. The HR department reports on <br>employee relations to the South African executive committee on a monthly basis. We also submit reports to regulators, especially the Department of Labour and the Department <br>of Mineral and Petroleum Resources. <br>We maintain transparency by actively reporting on employment-related disputes, such as unfair dismissal or labour practices. We track these cases to gain insights into our labour <br>relations climate.<br>Additionally, whistleblower activities and related mechanisms provide a holistic view of employee relations and organisational ethics.<br>|
| **Policies that support our** <br>**governance approach**<br>| HR governance enables fair labour practices, diversity and employee wellbeing through policies that support legal compliance, operational effectiveness and sustainable growth. <br>These include:<br>▪Region-specific remuneration policies to attract, retain and motivates skilled teams<br>▪The code of conduct that sets clear expectations for employee behaviour, including adherence to health, safety, and environmental policies and actions subject to disciplinary <br>action<br>▪An employee relations framework that supports a stable and productive work environment, taking into account regional-specific dynamics <br>▪Our competitive employee value proposition (EVP), reviewed regularly, that provides recognition and benefits in line with industry standards.<br>Our employee relations practices are governed by relevant labour laws in each jurisdiction. Comparable legislative frameworks as set by the International Labour Organization <br>guide our practices in other regions, including Papua New Guinea, where union representation is less centralised and employee relations committees play a prominent role.<br>|

---

Risk and opportunity management

HR risks are integrated into the company's overall risk register and are subject to combined assurance activities, including independent reviews of risk controls and governance mechanisms. HR risk management is

primarily the responsibility of line management, regarded as the first line of defence, identified and assessed systematically, but also managed proactively and transparently. HR risks are identified through ongoing

monitoring, regular reviews and engagement with employees, unions and other stakeholders. This includes the assessment of issues such as workplace health and safety, labour relations, employee wellbeing and

compliance with employment legislation.

---

| | | |
|:---|:---|:---|
| **Risks** | **Description** | **Mitigation measures** |
| **Socio-economic and** <br>**regulatory requirements**<br>| Shifts in political, economic or regulatory <br>environments can impact employment practices, <br>compliance obligations and community relations. Non-<br>compliance with labour laws or failure to adapt HR <br>policies can result in legal and financial penalties.<br>| We stay abreast of socio-economic, regulatory and community expectations to <br>maintain compliance and social legitimacy. We closely monitor changes in South <br>African legislation, specifically amendments to the Companies Act, to remain <br>compliant with evolving governance and disclosure requirements related to <br>remuneration and employee relations.<br>|
| **Industrial action** | Historically, South Africa's mining sector has seen <br>disruptive wage negotiations and strikes. Disputes <br>over wages, benefits or working conditions can disrupt <br>production and erode investor confidence.<br>| Our five-year wage agreements enable ongoing, constructive engagement and <br>rapid resolution of disputes. The wage agreements include increases above <br>inflation and improved benefits and enable us to focus on broader strategic <br>issues like safety and productivity.<br>|
| **Skills shortages** | Harmony competes for scarce critical skills. Inadequate <br>training, development or retention strategies can result <br>in operational inefficiencies and increased reliance on <br>contractors, which may threaten workforce safety, <br>productivity and stability.<br>| Harmony invests significantly in skills development, learnerships, bursaries and <br>leadership training, which secures critical talent, supports transformation and <br>makes our workforce more adaptable to technological changes.<br>|
| **Employee morale and** <br>**engagement**<br>| Poor communication, lack of career development <br>or perceived inequities in remuneration can lower <br>morale, increase turnover and reduce productivity.<br>| Proactive, transparent, two-way communication with employees and unions, to <br>build and maintain trust and engagement remains a key priority. We regularly <br>review and improve remuneration, benefits and career development offerings to <br>attract and retain talent.<br>|

---

---

| |
|:---|
| **Opportunities** |
| Many of the mitigating <br>actions to the risks we face <br>present opportunities for <br>us to leverage. These <br>opportunities include:<br>▪Reducing the risk of <br>strikes and industrial <br>action, providing cost <br>certainty and operational <br>stability <br>▪Enhancing employee <br>benefits to boost morale, <br>retention and Harmony's <br>employer brand<br>▪Training and <br>development to address <br>critical skills shortages, <br>enhance safety <br>outcomes and <br>operational efficiency, <br>and support career <br>progression<br>▪Ongoing local <br>recruitment to <br>strengthen community <br>relations and our social <br>licence to operate while <br>contributing to local <br>economic development.<br>|

---

Measuring our performance

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Group** | **Group** | **South Africa**<sup>1</sup> | **South Africa**<sup>1</sup> | **Papua New Guinea** | **Papua New Guinea** | **Australia** | **Australia** |
| **Wage and** <br>**benefit spend**<br>| R20.2 billion <br>(US$1.1 billion) <br>| (FY24: R18.6 billion/<br>US$997 million)<br>| R18.8 billion <br>(US$1.0 billion) <br>| (FY24: R17.4 billion/<br>US$958 million)<br>| R835 million <br>(US$46 million) <br>| (FY24: R876 million/<br>US$48 million)<br>| R561 million <br>(US$31 million) <br>| (FY24: R368 million/<br>US$20 million)<br>|
| **Total employee** <br>**complement**<br>| 47 111 | (FY24: 46 060) | 44 480 | **(FY24: 43 667)** | 2 461 | (FY24: 2 264) | 170 | (FY24: 129) |
| Permanent <br>employees<br>| 34 350 | (FY24: 34 715) | 32 688  | **(FY24: 33 123)**  | 1 496  | (FY24: 1 465) | 166 | (FY24: 127) |
| Employees from <br>local communities<br>|  |  | 85% | **(FY24: 84%)** | Host communities<sup>3</sup>: <br>38% <br>| (FY24: 40%) | First Nations <br>Australians<sup>4</sup>:1%<br>| (FY24: 1%) |
|  |  |  | Foreign nationals<sup>2</sup>:<br>15% <br>| (FY24: 16%) | PNG citizens: <br>96%<br>| (FY24: 97%) |  |  |
| Employees from <br>local communities <br>in management<br>|  |  | HDP<sup>5</sup>:<br>72%<br>| (FY24: 70%) | Host communities<sup>3</sup>:<br>3%<br>| (FY24: 6%) |  |  |
|  |  |  |  |  | PNG citizens: <br>60%<br>| (FY24: 60%) |  |  |
| Contractors | 12 761 | (FY24: 11 345) | 11 792 | **(FY24: 10 544)** | 965 | (FY24: 799) | 4 | (FY24: 2) |
| **Gender diversity** |  |  |  |  |  |  |  |  |
| % of workforce who <br>are women<br>| 21% | (FY24: 20%) | 21% | (FY24: 20%)  | 15% | (FY24: 14%) | 29% | (FY24: 31%) |
| % of women in <br>management<br>| 23% | (FY24: 22%) | 24% | (FY24: 23%) | 9% | (FY24: 10%) | 15% | (FY24: 16%) |
| **Training spend** | R859 million <br>(US$47.3 million) <br>| (FY24: R840 million/<br>US$44.9 million)<br>| R838 million <br>(US$46.2 million) <br>| (FY24: R808 million/<br>US$44.5 million)<br>| R17 million <br>(US$0.9 million)<br>| (FY24: R31 million/<br>US$1.7 million)<br>| R4 million <br>(US$0.2 million)<br>| (FY23: R1 million/<br>US$0.1 million)<br>|

---

<sup>1</sup>*Includes South African underground and surface operations.*

<sup>2</sup>*Employees from neighbouring countries (primarily Lesotho and Mozambique).* 

<sup>3</sup>*Host community employees include employees from landowner villages and host districts.*

<sup>4</sup>*Persons of Aboriginal or Torres Strait Islander descent as voluntarily disclosed.*

<sup>5</sup>*HDPs include women and exclude white males and foreign nationals.*

**South Africa**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **KPI** | Target | **FY25** | FY24 | Comment |
| Diversity and <br>inclusivity | 30% women in leadership by 2027 | **24%** | 23% | Steady progress is being made on addressing our women in leadership target with a 1% move year on year. Our <br>goal remains to achieve this target by 2027.<br>|
| Diversity and <br>inclusivity | 60% of management by designated groups | **70%** | 70% | In excess of the target. |

---

Progress against priorities

**Attracting and retaining key skills and experience**

To enable operational continuity and mitigate skills shortages, we implement initiatives aimed at employee retention, including market-aligned salary adjustments, a global EVP, culture transformation and data-driven

recruitment.

*Employee new hires and turnover*

Our group new hire and turnover numbers are indicated below.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FY25** | **FY25** | **FY25** | **FY25** | **FY25** | FY24 | FY24 | FY24 | FY24 | FY24 |
| **Group** | **Female** | **Male** | **Total** | **Employees** | **%** | Female | Male | Total | Employees | % |
| **Voluntary turnover**<sup>1</sup> | **98** | **543** | **641** | **34 225** | **1.9** | 107 | 688 | 795 | 34 594 | 2.3 |
| Turnover (%) | **15** | **85** |  |  |  | 13 | 87 |  |  |  |
| **Involuntary turnover**<sup>2</sup> | **216** | **1 301** | **1517** | **34 225** | **4.4** | 198 | 1 235 | 1 433 | 34 594 | 4.1 |
| Turnover (%) | **14** | **86** |  |  |  | 14 | 86 |  |  |  |

---

<sup>1</sup>*Resignations, retirements and voluntary severance packages.*

<sup>2</sup>*All turnovers not included in the definition of voluntary, ie dismissals, downscaling and retrenchments.*

In South Africa, as part of our commitment to attracting, developing and retaining talent, we developed

a health-discipline programme – a critical part of developing a sustainable talent pipeline. The

programme strengthens long-term workforce planning and enables future work readiness. We have

fast-tracked the implementation of the programme by hosting talent management and succession

planning sessions with the heads of disciplines and progressed through executive-level engagement. We

have enhanced our recruitment, selection, and talent development strategies by incorporating

structured levels of work measurement instruments, enabling us to align candidates and our people

with role complexity while supporting targeted growth and succession planning.

The Harmony global EVP being developed aims to serve as one of the vehicles to attract and retain talent,

and enhance our culture and performance. The EVP will clearly define the unique benefits and values that

employees gain in return for their skills, capabilities and experiences. Honouring the key themes of our

global EVP, we have established a regional EVP in Australasia to develop our unique value proposition that

enables us to connect with prospective and existing employees effectively. We launched our regional EVP in

Australasia in October 2024, in consultation and engagement with our workforce.

*Fair and responsible remuneration* 

We attract and retain employees by offering market-competitive, fair and equitable remuneration and

benefits using a comprehensive, values-driven framework that integrates compliance, equity,

performance and transparency. Collaboration with the remuneration team enabled effective

benchmarking, particularly for engineering talent, creating competitiveness in attracting and retaining

high-level skills.

Focus areas this year, included:

▪Review of competitive positioning of executive remuneration in the context of the growth in size and

global complexity of Harmony: An independent benchmark study was done to compare Harmony's

executive management remuneration to that of larger industry peers. The study found that

Harmony's executive pay was, on average, 10% below the median of the comparator group, with the

financial director's remuneration notably lower. To address retention risks and ensure competitive

alignment, the board approved a 10% salary increase for executive management and a 16.1%

increase for the financial director, aligning remuneration with industry standards and supporting

leadership stability during the CEO transition

▪To continue the responsible approach to decreasing the pay-gap in South Africa over time in line with

our fair and responsible pay principles in FY25, an average increase of 6.2% for non-bargaining

employees was implemented. Executive increases were approved at 5%. An average 7.27% for

bargaining-unit employees was awarded, in line with collective bargaining agreements

▪Reducing our gender pay gap in Australia, and continuing to ensure pay equity in equivalent roles

regardless of gender

▪Review of the provisions of the current deferred share plan rules, the King principles, and best

practice

▪Continued monitoring of shareholder feedback and developments in local and global remuneration

practices

▪Continued focus on innovative ways of improving the financial wellbeing of all our employees, by

leveraging our corporate buying power and identifying service providers who offer effective ways of

delivering enhanced value to our people

▪The committee considered and recommended the company's total incentive plan Balanced Scorecard

for FY26 for board approval. The board has since approved same.

We test market remuneration data twice a year, and validate our wages and benefit structures to

ensure they remain competitive. During our Australasian regional EVP engagement sessions with our

employees, conducted by a third party, Harmony's remuneration was rated as fair and competitive, and

bonuses generous when high performance against plan is achieved.

Our Australasian operations participated in the gender pay gap (GPG) report in FY25, and outcomes

included:

▪No gender pay equity issues reported and no gender disparity in wages in similar roles for the past

two reporting periods

▪The GPG for total of all Harmony Australia entities has remained stable at 29.7% of average base wage

(FY24: 39.2%). A positive gap means women are paid less on average than men across all roles

▪The GPG for Australasia services team (support services to our mines and projects in the region)

dropped by 4.2% to 48.5% against the median base salary GPG measure (FY24: 51.3%)

▪We increased female participation in the upper pay quartile to 17% (FY24: 7%).

Refer to the Remuneration sections for ratios of standard entry-level wage by gender compared to local

minimum wage, and for the ratio of basic salary and remuneration of women to men.

**Commitment to diversity, equity and inclusion**

One of the outcomes of Harmony's people development approach is increasing female representation

across employee categories, particularly management, in programmes such as graduate development

programmes, bursaries, learnerships and internships.

*South Africa*

Enrolling suitable candidates in our skills and leadership development programmes, filling vacant

positions with the correct designated group and awarding bursaries, internships and learnerships

to historically disadvantaged people (HDP) (increasing our talent pipeline for entry-level positions)

enables us to progress against our employment equity targets for our South African operations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **HDPs**<sup>1</sup> | **HDPs**<sup>1</sup> | **HDPs**<sup>1</sup> | **Female HDPs**<sup>2</sup> | **Female HDPs**<sup>2</sup> | **Female HDPs**<sup>2</sup> |
| **Employee**<sup>1</sup> **diversity (%)** | **Target%**<br>| **Actual**<br>**FY25**<br>| Actual<br>FY24<br>| **Target%**<br>| **Actual**<br>**FY25**<br>| Actual<br>FY24<br>|
| **By employee category** |  |  |  |  |  |  |
| Board<sup>3</sup> | **50** | **73** | 67 | **20** | **33** | 25 |
| Executive management | **50** | **62** | 57 | **20** | **29** | 24 |
| Senior management | **60** | **62** | 62 | **25** | **26** | 27 |
| Middle management | **60** | **67** | 63 | **25** | **31** | 29 |
| Junior management | **70** | **73** | 72 | **30** | **22** | 21 |
| Core and critical skills | **60** | **75** | 74 | **n/a** | **n/a** | n/a |
| People living with disabilities | **1.5** | **0.26** | 0.28 | **n/a** | **n/a** | n/a |

---

<sup>1</sup>*Excludes contractors.*

<sup>2</sup>*HDPs include women and exclude white males and foreign nationals.*

<sup>3</sup>*Harmony's three executive directors are included as board members.*

Our employment equity plans aim to meet Mining Charter III targets:

---

| | |
|:---|:---|
| **Mining Charter III target** | **Our progress** |
| ▪HDP (including women, <br>people living with <br>disabilities, and people <br>with core and critical skills) <br>representation in board <br>and management.<br>| We have exceeded our total HDP commitments and Mining <br>Charter III targets on all occupational levels from board to <br>junior management.<br>We accelerated HDP representation in managerial positions, <br>which has increased to 72% (FY23: 70%).<br>Although there were notable improvements in achieving our <br>HDP targets, we did not achieve our female representation <br>at junior management level, with 21% representation and a <br>target of 30% by 2027. Focus remains on addressing this <br>shortfall.<br>|

---

*Australasia*

Papua New Guinea's number of female employees occupying leadership roles is 9% (FY24: 14%). The

percentage decrease was influenced by an increase in the total number of management positions in

FY24.

The average number of female employees in our Australian workforce is 29% (FY24: 31%). We aim to

exceed the Australian mining industry average for female representation (22% according to the

Australian Workplace Gender Equality Agency), which we are exceeding by 7%.

*Sexual harassment, bias and anti-bullying*

There was one incident in this reporting year, where the South African Labour Appeal Court held

Harmony liable for discriminatory remarks uttered by one employee to another employee. The

concerned guilty employee was dismissed in this regard. There were no other incidents of

discrimination against race, colour, sex, religion, political opinion, national extraction as defined by the

International Labour Organization, or provided for by any applicable legislation pertaining forms of

discrimination, involving internal and/or external stakeholders by Harmony nor its management.

We conducted a gender survey in 2022, which highlighted areas that we need to focus on to embed a

culture of gender inclusion and create an environment where everyone feels respected, valued and

supported. To address these areas, we have developed action and roll-out plans that included

communication and awareness, cultural leadership and behaviours, targeted interventions and training,

and policies and practices.

This year, we launched an anti-workplace and sexual harassment, bias and bullying awareness training

programme in South Africa. The training is a direct response to findings from our gender-based biases,

sexual harassment and bullying survey. We have also included a module on anti-sexual harassment and

unconscious bias in our generic induction, thereby ensuing we reach all employees. We also plan to do

a follow-up survey in FY26/27 to assess the impact of the interventions implemented based on the

findings from the 2022 survey.

The first phase of awareness training was rolled out to South African operations in August 2024,

targeting employees and supervisors in core disciplines. We believe that the target audience is essential

to bringing attention to the issue within the teams they are managing and to preventing instances of

sexual harassment and other forms of workplace bullying that are motivated by gender. We plan to

extend the training to the broader employee population. At the end of the training, each employee

signs the pledge to indicate their continuous commitment.

To promote gender equity and support the safety of women in the workplace, each of our operations in

South Africa has an active Women in Mining Forum. These forums run year-round programmes aimed

at raising awareness around gender-based issues in the mining sector. They also lead investigations into

challenges specific to women in mining such as the roll-out of gender-appropriate PPE. We encourage

women across our workplaces and host communities to voice their challenges and aspirations through

these established platforms. The forums serve as safe spaces for dialogue, advocacy, and action. We

support the national partnership addressing gender-based violence and femicide (GBVF) in our host

communities. Our collaborative partnership with industry continues to be strengthened, and Harmony

has representation at the Mineral Council GBV Advisory Council. Harmony is also a participatory party

on the Mineral Council WIM strategy and reports quarterly on progress against the set milestones.

Harmony pledged R1 million a year over three years (2024 - 2026) to the national partnership established

by the Minerals Council South Africa, the Gender-Based Violence and Femicide Response Fund and the

National Prosecuting Authority to support victims in mining communities. Our donation will enable the

National Prosecuting Authority's Thuthuzela care centres to reach women in remote mining communities

with immediate and effective access to counselling, healthcare and the justice system (including medical

and other resources provided by Harmony's operations).

Harmony and Minerals Council South Africa jointly hosted the Thuthuzela Care Centre (TCC) Visibility

Awareness Event in Welkom, Free State province on 10 June 2025 as a host community. The event

forms part of the national partnership between the Minerals Council, National Prosecuting Authority

and GBVF Response Fund to strengthen awareness and access to support services for survivors of GBVF.

The event was attended by Central University of Technology Welkom, Department of Social

Development, and the Office of the Mayor in Lejweleputswa, Matjhabeng Local Municipality as

supporting partners.

We have nominated at least two anti-sexual harassment officers at each operation (both male and

female) and launched training to capacitate the WIM Forums and officers in advocating for issues

of gender diversity and creating an environment free from any form of harassment. Operations

have launched the Men`s Forums with the aim to emphasise the importance of speaking out against

abuse in all its forms and challenge harmful behaviours perpetuated by males in the workplace. The

Men`s Forums create a safe space for open dialogue for employees to gain valuable knowledge on

issues affecting society and addressing GBV, both within and beyond the workplace.

---

| | |
|:---|:---|
| 503 employees (325 males and <br>178 females) attended the training<br>| 50 employees are representatives from <br>the Women in Mining (WIM) forums as a way of <br>enhancing the platforms where employees can report <br>incidents of gender-based discrimination and be <br>assisted. These employees have been capacitated to <br>become ambassadors and advocate against gender-<br>based violence and bullying in the workplace<br>|
| We trained 20 HR professionals on <br>anti-sexual harassment and unconscious bias to <br>become ambassadors and advocate against gender-<br>based violence and bullying<br>| We have trained 36 employees<br>as anti-sexual harassment officers<br>|

---

In Papua New Guinea, as part of the gender survey actions, we have launched a family sexual and

gender violence campaign in partnership with regulatory authorities. We have also established

additional female infrastructure facilities at the Hidden Valley in-pit operations facility.

*Addressing gender-based violence*

Our commitment to gender equality is recognised globally with our sixth consecutive inclusion in

the Bloomberg Gender-Equality Index.

In FY25, Australia introduced significant DEI-related changes to the Fair Work Act, including stronger

protections against workplace sexual harassment, new powers for the Fair Work Commission to address

unequal pay, and expanded anti-discrimination safeguards covering a wide range of personal attributes

and circumstances.

**Investing in learning and development**

*Learning and development* 

Harmony is invested in its learning and development efforts across all regions, sharing knowledge and improving learning systems across regions to make learning more effective and engaging.

The total hours of training provided to group employees was 2 111 513 (FY24: 2 166 319).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FY25** | **FY25** | **FY25** | **FY25** | FY24 | FY24 | FY24 | FY24 |
|  | **Group** | **South Africa** | **Papua New** <br>**Guinea**<br>| **Australia** | Group | South Africa | Papua New <br>Guinea<br>| Australia |
| People trained | **43 731** | **42 041** | **1 600** | **90** | 42 291 | 40 704 | 1 545 | 42 |
| Hours of training | **2 111 513** | **1 901 926** | **207 011** | **2 576** | 2 166 319 | 2 060 823 | 105 244 | 252 |
| Expenditure on training (R million) | **859** | **838** | **17** | **4** | 840 | 808 | 31 | 1 |

---

During the year, key learning and development programmes for employees at Harmony's South African

operations included improving our workforce literacy, growing our commitment to leadership

development, and investing in our talent development programme:

▪2 897 (FY24: 495) Harmonites participated in our leadership development programme, 30% of whom

were women, including 10 trade union leaders

▪As part of our study assistance programme, we invested R8 million (FY24: R8 million) in

320 employees completing various diploma and degree courses

▪We encourage employees to enrol in our adult education and training programme to improve literacy

levels – this year we had 476 (FY24: 412) employees enrol in adult education and training

▪Our school support programmes benefited 801 learners this year.

Key learning and development activities for employees at our Australasia operations included:

▪Harmony Australia leadership programme, using our Human Synergistics model and embedding The

Circumplex across the business

▪Coaching and mentoring programmes

▪Professional development

▪Industry conferences and workshops

▪Sponsorship of tertiary studies

▪Apprenticeships and graduate programmes at Hidden Valley

▪Systems training

▪Safety, risk and compliance training

▪Bursaries and community support.

*Performance and career development reviews*

In support of both career and personal development Harmony requires managers overseeing staff to

regularly appraise their performance. Regular performance and career development reviews enhances

employee engagement which correlates with improved organisational performance.

---

| | |
|:---|:---|
| **South Africa** | **Papua New Guinea and Australia** |
| Performance and career development reviews <br>are formalised at management levels to ensure <br>consistency, accountability and alignment with <br>organisational priorities. Our performance <br>management policy governs performance <br>contracting. Under the reporting period, a total <br>of 902 management employees have <br>undergone formal performance appraisals. <br>Beyond assessing performance, these <br>processes serve as a platform for identifying <br>growth opportunities, nurturing leadership <br>potential and strengthening succession <br>pipelines. In line with our strategic intention to <br>increase female representation in leadership <br>roles, a deliberate focus is placed on career <br>development reviews for women across the <br>business. This targeted approach not only <br>supports individual advancement but also <br>underpins our broader commitment to <br>building a diverse, inclusive and future-ready <br>leadership team. <br>| In Australia, anti-discrimination protections <br>make it unlawful to discriminate on the basis <br>of gender, race, age, disability, sexual <br>preference, and others, in employment. This <br>includes equal opportunities to employment, <br>promotion and development.<br>Performance reviews are conducted across <br>Australia and for leadership roles in Papua <br>New Guinea, formally twice a year, and <br>informally on a regular basis through <br>ongoing check-ins. <br>|

---

**Fostering a healthy organisational culture and employee wellbeing**

In FY24, we conducted our fourth Barrett Culture Survey across South African operations, with 23 517

employees participating (54% of the regional workforce). Harmony achieved a culture score of 76%,

significantly above the global average of 55% and industry average of 53%, indicating a strong and

healthy organisational culture. Our entropy score was 12%, below the 13% threshold, reflecting low

levels of limiting values (limiting values restrict personal and organisational growth). This improvement

is driven by sustained investment in leadership development and enhanced employee engagement,

which has positively influenced operational performance. While our overall entropy scores were

positive, scores varied between 5% and 35% across the 35 demographics, highlighting the need for

continued culture improvement interventions.

---

| | |
|:---|:---|
| Positive cultural themes that build a healthy <br>culture, include:<br>▪Job security<br>▪Pride in the organisation<br>▪Perceptions of company growth.<br>| Areas requiring focused improvement, <br>include:<br>▪Skills development<br>▪Commitment<br>▪Trust <br>▪Quality leadership.<br>|

---

To address these findings, all operations and service departments are developing culture improvement

plans to reinforce the strong cultural elements while addressing the limiting values that hinder a cohesive

and high-performing culture. This work is now embedded into routine operational reviews, enabling

teams to continuously assess, refocus and act on cultural priorities in alignment with our strategic goals.

*Australasia*

Our culture transformation journey at Australasian operations continued with the roll-out of the human

synergistics organisational culture inventory model, reinforcing our commitment to a constructive

culture and actively encouraging Harmony's success through the development of our people. These

efforts were supported by:

▪The launch of the constructive behaviours programme, aligning daily behaviours with our core values

and leadership expectations

▪Partnering with a global service provider to establish cultural index indicators. The results were

encouraging, and we are developing action plans to embed constructive behaviours into operational

performance.

Australasian operations also expanded wellbeing offerings to support employees in balancing their

professional and personal lives:

▪Our employee assistance programme (EAP) is now available 24/7 for counselling and mental wellness

resources

▪We provide employee and family medical insurance coverage in PNG and access to discounted health

insurance benefits in Australia

▪Employees have access to a financial discounts programme in Australia using the newly established

Connect Hub portal.

**Maintaining sound employee relations**

To maintain positive employee relations, we create an enabling

environment, supported by the HR department and a suite of policies

that guide our actions. We acknowledge our employees' right to

freedom of association and fair labour practice, enabled by organised

labour structures to promote business improvement.

Our approach to employee relations is based on transparent, honest

engagement with our bargaining partners. This has allowed us to

consistently manage a multi-union environment in which business

and labour representative groups with a variety of ideological

approaches can meet, engage and find common ground. Operating in

a multi-union environment requires effective engagement processes

and labour relations infrastructure to support operational stability.

Across all our regions, there were no work stoppages or labour-

related interruptions. We do not permit any form of forced or

compulsory labour and do not employ individuals under the legal

minimum age of 18, in accordance with the International Labour

Organization's conventions on child labour.

*Collective bargaining, labour agreements and stability*

We concluded a five-year wage agreement in 2024 with our

recognised trade unions in South Africa, who jointly represent 94% of

our employees, indicating a collective effort to embed certainty and

predictability in Harmony's employee relations landscape. The

agreement provides for specific annual wage increases for employees

in the bargaining unit comprising of skilled and semi-skilled

employees (category 4 – 8 employees, miners, artisans and officials).

It guarantees annual increases of at least 6.2% or in line with South

Africa's consumer price index (CPI), whichever is higher. The

agreement also improves allowances, severance pay, medical aid

contributions, and parental leave provisions. It enables workplace

stability and certainty over fixed labour costs. It further supports

certainty in planning from a wage and conditions of service

perspective.

The minimum notice period typically provided to employees and their

representatives prior to the implementation of significant operational

changes that could substantially affect them is one month. The notice

period and provisions for consultation and negotiation are specified

in collective agreements and legislation.

*Parental leave*

Our pregnancy and maternity leave policy covers both maternity and parental leave, designed such that employees taking leave are able to

return to work in the same or comparable position. We believe that equitable gender choice for maternity and paternity leave, and other

leave entitlements leads to better recruitment and retention of qualified employees. Group statistics in this regard follows in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **South Africa** | **South Africa** | **South Africa** | **South Africa** | **Australasia** | **Australasia** |
|  | **FY25** | **FY25** | FY24 | FY24 |  |  |
|  | **Female** | **Male** | Female | Male | **FY25** | FY24 |
| Number of employees entitled to parental leave | **6 931** | **25 758** | 6 693 | 26 459 | **265** | Data not <br>available |
| Number of employees who took parental leave | **173** | **1 890** | 90 | 1 043 | **13** | Data not <br>available |
| Number of employees who returned to work after <br>parental leave<br>| **173** | **1 890** | 90 | 1 043 | **13** | Data not <br>available |
| Return to work rate | **100%** | **100%** | 100% | 100% | **100%** | Data not <br>available |

---

*Union recognition and engagement*

We have established several management and organised labour forums to facilitate proactive engagement with organised labour

representatives. Union recognition is governed by an employee relations framework that regulates organisational rights of unions. In regions

like Australia, union presence is less direct at the site level, with employee relations primarily managed through committees rather than

formal union representation. This regional variation is reflected in our tailored approach to employee relations.

In Australia and Papua New Guinea, Harmony is not unionised due to the very engaged nature of our employee representative committees

that we set up 18 years ago. In South Africa, our labour relations policy guides how we engage with organised labour and formalise union

recognition rights at each operation.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Recognised unions (%)** | **FY25** | FY24 | FY23 | FY22 | FY21 |
| NUM | **52** | 52 | 53 | 52 | 58 |
| Association of Mineworkers and Construction Union (AMCU) | **29** | 29 | 28 | 28 | 23 |
| United Association of South Africa (UASA) | **5** | 5 | 5 | 5 | 5 |
| Solidarity | **2** | 2 | 2 | 3 | 2 |
| National Union of Metalworkers of South Africa (NUMSA) | **7** | 7 | 6 | 6 | 5 |
| No union | **5** | 5 | 6 | 6 | 6 |
| Coalition (NUM, UASA and Solidarity) | **59** | 59 | 60 | 60 | 65 |

---

Our primary response to union or employee dispute management is to pre-emptively identify issues that may change into formal disputes

fairly and expediently, minimising impact on operations and employee morale. We have ongoing dialogue that takes place in various central

and operations-based structures.

*Access to housing and decent living conditions*

The South African Mining Charter III requires mining right holders to improve housing and living

conditions for employees, aligning accommodation with the industry standard. As such, we promote

home ownership through our home ownership programme, and our housing and living conditions

programme. We sell existing houses and vacant stands in proclaimed municipality areas to employees at

discounted prices (below market value). Through this approach, we reduce our running costs and

associated liabilities while improving stakeholders' access to adequate, affordable housing and

commercial properties.

---

| | |
|:---|:---|
| **Mining Charter III target** | **What we achieved** |
| ▪Decent housing, home <br>ownership, integrated <br>human settlements and <br>measures to address <br>demand.<br>| ▪Employees purchased 621 (FY24: 616) company <br>properties and registered 571<br>▪Of the 296 vacant stands identified, 272 (FY24: 268) were <br>sold to employees<br>▪22 (FY24: 244) employees participated in the pension-<br>backed home loan scheme negotiated by the Minerals <br>Council for the mining industry.<br>|

---

Collaboration and partnerships

We contribute to innovation and the sustainability of the industry through our partnerships with

research institutions and industry bodies, such as Mandela Precinct, Mining Qualification Authority,

Minerals Council South Africa, Australasian Institute of Mining and Metallurgy, Papua New Guinea

National Training Council, and institutions of higher learning.

Although we are a highly respected organisation with a well-established brand in Papua New Guinea,

our brand recognition in Australia is low. To increase our brand awareness, we focused on the following

activities:

▪Running social media campaigns to create awareness about Hidden Valley and Eva Copper

▪Redesigning the way we communicate online about the potential career opportunities and impact in

Australasia

▪Partnering with industry bodies such as the Australasian Institute of Mining and Metallurgy (AusIMM)

and Australian Resources and Energy Employer Association (AREEA) to create brand awareness with

mining professionals.

Innovation, technology and digitisation

As part of our digital transformation in learning, we have implemented a learning management system

(Achieve LMS) in our South Africa region that delivers interactive and modernised content through

micro-learning modules. We have redesigned training material to cater for diverse generational learning

preferences. This system also enhances accessibility and relevance of training, moving beyond

traditional learning methods and supporting career development aspirations. To enable own-time

learning from a diverse range of quality curated courses, the Achieve LMS will be integrated with

Udemy as a content provider of additional development programmes for skilled employees.

Work has been completed in the development of live dashboards with data that can assist operations in

tracking compliance to commitments and identify potential employees for future roles based on their

progress towards completion of development programmes.

Future focus areas<br>As technology evolves, focus will shift to the inclusion of AI in our scope of offerings. This evolution <br>has been identified as a key enabler for business and the need to upskill users who can benefit <br>from this technology will receive attention. In Australasia, the development of an online, off-site <br>visitors' induction is receiving attention with the aim of streamlining visitors' induction and thereby <br>alleviating the need for operations to have to spend a significant amount of time to complete this.<br>Further focus is being placed on the development and enhancement of dashboards to <br>cover compliance and enhance accuracy of cost reports aligned to HRD spend and B-BBEE <br>compliance.<br>

**Empowering communities**

We aim to provide benefits and opportunities to our host communities by honouring our regulatory and agreement-based commitments and

implementing voluntary CSI initiatives. Through these initiatives, we contribute to the needs of our host communities and their long-term resilience, while

supporting our host countries' economies and progress on the 17 UN SDGs.

---

| | | | |
|:---|:---|:---|:---|
| **Material matters** | **Material matters** |  |  |
| Sustainable communities | Sustainable communities |  |  |
| **UN SDGs** | **UN SDGs** |  |  |
| ![fsridynmyoja6owjmywfjmzy3m.gif](fsridynmyoja6owjmywfjmzy3m.gif) | Good health and <br>wellbeing<br>| ![fsridynmyoja6mgywzmezztq3z.gif](fsridynmyoja6mgywzmezztq3z.gif) | Life on land |
| ![fsridynmyoja6yjgwyjrlztbkn.gif](fsridynmyoja6yjgwyjrlztbkn.gif) | Quality <br>education<br>| ![fsridynmyoja6zta1zdmxndezya.gif](fsridynmyoja6zta1zdmxndezya.gif) | Peace, justice <br>and strong <br>institutions<br>|
| ![fsridynmyoja6mwfhndcxmznkn.gif](fsridynmyoja6mwfhndcxmznkn.gif) | Clean water and <br>sanitation<br>| ![fsridynmyoja6ntqxyzexztmzya.gif](fsridynmyoja6ntqxyzexztmzya.gif) | Partnerships for <br>the goals<br>|
| ![fsridynmyoja6ytzjntm1yjnhn.gif](fsridynmyoja6ytzjntm1yjnhn.gif) | Decent work <br>and economic <br>growth<br>|  |  |
| **GRI disclosure requirements** | **GRI disclosure requirements** | **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 3: Material Topics 2021 <br>▪GRI 203: Indirect Economic Impacts 2016 <br>▪GRI 411: Rights of Indigenous People 2016 <br>▪GRI 413: Local Communities 2016. | ▪GRI 3: Material Topics 2021 <br>▪GRI 203: Indirect Economic Impacts 2016 <br>▪GRI 411: Rights of Indigenous People 2016 <br>▪GRI 413: Local Communities 2016. | ▪GRI 3: Material Topics 2021 <br>▪GRI 203: Indirect Economic Impacts 2016 <br>▪GRI 411: Rights of Indigenous People 2016 <br>▪GRI 413: Local Communities 2016. | ▪GRI 3: Material Topics 2021 <br>▪GRI 203: Indirect Economic Impacts 2016 <br>▪GRI 411: Rights of Indigenous People 2016 <br>▪GRI 413: Local Communities 2016. |
| **FY25 priorities** | **FY25 priorities** | **FY25 priorities** | **FY25 priorities** |
| 1.Delivering our SLP commitments<br>2.Fulfilling our benefit-sharing and other mining-related <br>agreement commitments<br>3.Developing communities beyond compliance through <br>impactful voluntary CSI initiatives. | 1.Delivering our SLP commitments<br>2.Fulfilling our benefit-sharing and other mining-related <br>agreement commitments<br>3.Developing communities beyond compliance through <br>impactful voluntary CSI initiatives. | 1.Delivering our SLP commitments<br>2.Fulfilling our benefit-sharing and other mining-related <br>agreement commitments<br>3.Developing communities beyond compliance through <br>impactful voluntary CSI initiatives. | 1.Delivering our SLP commitments<br>2.Fulfilling our benefit-sharing and other mining-related <br>agreement commitments<br>3.Developing communities beyond compliance through <br>impactful voluntary CSI initiatives. |

---

Strategy: Creating shared value and building resilient communities

Our community development initiatives support us in maintaining our licence to operate and fostering positive relationships with our host

communities. They help prepare communities for the eventual closure of mining operations by building skills, economic opportunities and

diversification away from mining. We also engage with host communities through procurement, which is discussed under Creating value along our

supply chain. The success of these initiatives depends on ongoing engagement and a commitment to respecting the culture and heritage of the

communities in which we operate.

When executing social activities, we focus on the following three priorities:

---

| | |
|:---|:---|
| **Delivering our SLP** <br>**commitments**<br>| In South Africa, our investments through SLP commitments focus on agriculture, water <br>infrastructure, SMME and youth skills development for sustainable social change. Broad-based <br>stakeholder engagement enables us to better understand and address the legitimate needs and <br>expectations of our host communities as we implement our fourth generation SLPs (1 January 2023 <br>to 31 December 2027).<br>|
| **Fulfilling our benefit-sharing** <br>**and other mining-related** <br>**agreement commitments**<br>| We have mining-related agreements at asset level that include socio-economic development <br>commitments. In Papua New Guinea, we deliver our Hidden Valley MoA commitments, which <br>encompass local employment and business opportunities, royalty payments to the government and <br>landowners, a community programme and infrastructure delivery. We also facilitate the delivery of <br>community-endorsed projects funded by the Hidden Valley Mine Trust, which was established by <br>our benefit-sharing agreement. Our initiatives focus on agriculture, women's skills and <br>entrepreneurship, and projects that promote livelihoods and economic diversification during <br>operations and in preparation for eventual mine closure. We also support infrastructure that helps <br>bolster local law enforcement and fosters safer environments for our host communities.<br>In Australia, our native title agreement commitments with the Kalkadoon people include <br>engagement, cultural heritage protection and employment, training and business opportunities. <br>Revenue-linked payments that support business, education, training and other community benefit <br>initiatives, will also commence once Eva Copper is operational. <br>|
| **Developing communities** <br>**beyond compliance through** <br>**impactful voluntary CSI** <br>**initiatives**<br>| Our voluntary CSI initiatives target immediate challenges facing our host communities, such as <br>poverty, unemployment and inequality, while also supporting local economic development and <br>community inclusiveness during operations and for community resilience beyond life-of-mine. We <br>implement CSI initiatives through long-standing partnerships with government, NPOs, civil society <br>and Harmony community engagement structures.<br>|

---

Governance

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| Harmony assigns responsibility for community development to various management structures with oversight from the social and ethics committee. These include:<br>▪Steering committees comprising executives and senior management who oversee the delivery of our SLP and agreement-based commitments<br>▪SLP community of practice tasked with monitoring the implementation of all SLP element commitments, managing risks associated with non-compliance, and opportunity <br>identification<br>▪Trust governance structures applicable to the Harmony Community Trust and the Hidden Valley Mine Trust<br>▪Social lease arrangements involving the rental of mine-owned land and properties to government and NPOs at below market rates, managed under the oversight of the <br>group executive committee.<br>|
| **Performance monitoring and** <br>**reporting**<br>| In South Africa, we submit annual SLP and Mining Charter III reports to the DMPR. In Papua New Guinea, we update government stakeholders quarterly on our community <br>development progress and report on the programmes delivered as part of our annual mining lease reporting. We routinely track our progress and periodically conduct <br>internal and external assurance reviews of our commitment delivery.<br>|
| **Policies that support our** <br>**governance approach**<br>| Our sustainability framework is grounded in the principle of creating shared value through community initiatives, partnerships and responsible procurement. The framework <br>is supported by a range of policies, including stakeholder engagement, corporate social investment, socio-economic transformation and our Australasia social performance <br>policy. <br>As Harmony expands into new regions, we will adapt and evolve our programmes to meet local needs, while maintaining the essence of our values.<br>|

---

Risk and opportunity management

We identify community development risks and opportunities through integrated internal assessments and ongoing external stakeholder engagement.

---

| | | |
|:---|:---|:---|
| **Risks**  | **Description** | **Mitigation measures**  |
| **Failure to meet SLP** <br>**commitments** <br>| Mining operations may fail to meet <br>SLPobligations, including insufficient <br>community engagement, poor financial <br>planning and ineffective monitoring and <br>enforcement. This can lead to falling <br>shortof community expectations, a <br>breakdown in trust and erosion of our social <br>licence to operate.<br>| We prioritise stakeholder engagement, including community consultations, to align our SLP <br>commitments with the needs and expectations of communities. We meet these <br>expectations by: <br>▪Evaluating community needs and aligning with host government and regulatory priorities<br>▪Continuous community engagement to understand and respond to frustrations<br>▪Establishing multi-stakeholder committees to co-monitor projects.<br>|
| **Failure to deliver** <br>**agreement-based** <br>**commitments**<br>| Failure to meet agreement-based <br>commitments can damage a mining <br>company's reputation, erode community <br>trust, strain stakeholder relationships, <br>and lead to legal or regulatory <br>consequences.<br>| We have an integrated multi-department approach with our Australasia site and services <br>teams that supports the delivery of commitments. This includes:<br>▪Managing and oversight of stakeholder relations and agreement commitments <br>by community affairs teams to identify and address emerging issues early<br>▪Implementing green hire programmes through HR functions<br>▪Identifying and working with host community suppliers to increase local content directly, <br>or via principal contractors<br>▪Payments and financial reporting on commitment delivery by our finance teams.<br>|
| **Misalignment with** <br>**local capacity** <br>| Misalignment between mining operations <br>and local capacity (due to limited local <br>skills, infrastructure, or differing <br>development expectations) can result in <br>low levels of local procurement and skills <br>development. <br>| We seek to address these challenges and build capacity by: <br>▪Communicating openly and transparently regarding project opportunities<br>▪Investing in skills development, local procurement and enterprise development <br>▪Partnering with community organisations and trusts to support local development<br>▪Supporting employees and their children with education opportunities.<br>|
| **Community** <br>**dependence**<br>| Over-reliance on mining activities <br>bycommunities lead to economic <br>instability and exacerbate social issues. A <br>lack of livelihood diversification means <br>that when mining activities stop, <br>communities experience significant <br>hardship due to job losses and the <br>collapse of related industries. <br>| We seek to address community dependency through a multifaceted approach focused on <br>socio-economic development, stakeholder engagement and diversification beyond mining. <br>This includes: <br>▪Developing effective and inclusive SLPs<br>▪Promoting local procurement and skills development <br>▪Engaging the community in decision-making processes<br>▪Supporting programmes that support local economic diversification and resilience <br>at closure<br>▪Fostering collaboration with local government and community NPOs.<br>|

---

---

| |
|:---|
| **Opportunities**  |
| Our social programmes aim <br>to deliver practical support to <br>community members, including <br>initiatives that promote individual <br>and community wellbeing. These <br>efforts can help foster a stable <br>operating environment, which <br>supports long-term value <br>creation. The opportunities we <br>leverage from these programmes <br>include:<br>▪Supporting economic resilience <br>and community development <br>through skills development, <br>access to education, and <br>support for local <br>entrepreneurship<br>▪Supporting socio-economic <br>transition and long-term <br>sustainability, particularly in <br>preparation for closure and <br>post-mining futures<br>▪Increasing the availability of a <br>locally sourced workforce, for <br>Harmony and our contractors, <br>through targeted training and <br>capacity building programmes<br>▪Enhancing our reputation, <br>including workforce, investors, <br>regulators and host <br>governments, which may <br>contribute to improved <br>perceptions of our operations.<br>|

---

Measuring our performance

We invest significant financial capital in delivering on our socio-economic development commitments, within and beyond compliance.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **South Africa** | **South Africa** | **Papua New Guinea** | **Papua New Guinea** | **Australia** | **Australia** |
| **Delivering on our socio-economic** <br>**development commitments**<br>| **R52 million**<br>**(US$2.9 million)**<br>| (FY24: R80 million/<br>US$4.3 million)<br>| **R114 million** <br>**(US$6.3 million)**<br>| (FY24: R95 million/<br>US$5.1 million)<br>| **R0.4 million** <br>**(US$0.1 million)**<br>| (F24: R— million/<br>US$— million)<br>|
| **CSI (beyond compliance)** | **R28 million**<br>**(US$1.5 million)**<br>| (FY24: R20 million/<br>US$1.1 million)<br>| **R15 million**<br>**(US$0.8 million)**<br>| (FY24: R19 million/<br>US$1.0 million)<br>| **R1 million** <br>**(US$0.1 million)**<br>| (FY24: R0.4 million/<br>US$— million)<br>|

---

Progress against priorities

**Delivering on our SLP commitments**

In FY25, we delivered on our SLP obligations as required by the MPRDA in South Africa with no areas of non-compliance.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Agriculture** | **SMMEs and youth** | **Infrastructure** | **Science, technology,** <br>**engineering and math** |
|  | We fund agricultural initiatives (broad-based <br>livelihoods and commercial ventures) to <br>provide poorest host communities with <br>healthy food to consume and sell. <br>| We enable income-generating opportunities <br>by providing skills development and tools to <br>youth and female entrepreneurs through <br>SMME incubation hubs, workshops and <br>commercial spaces. <br>| We support road, water and sanitation <br>improvement projects to uplift living <br>conditions for host communities.<br>| We sponsor STEM courses at secondary <br>schools to prepare learners for academic <br>success and future careers.<br>|
|  | Total investment: <br>R5 million<br>| Total investment: <br>R24 million<br>| Total investment: <br>R17 million<br>| Total investment: <br>R6 million  |
| **FY25 investments**<br>We spent a total of R52 million <br>(US$2.9 million) across our four <br>spend categories. The regional split is <br>as follows: <br>▪Free State: R25 million<br>▪Gauteng: R12 million<br>▪North West: R11 million<br>▪Labour-sending areas: R4 million.<br>| ▪The Wedela, Doornkop and Rietvallei <br>agricultural projects develop emerging <br>farmers. We installed infrastructure for <br>vegetable production in partnership with <br>local municipalities, the Department of <br>Social Development and the Gauteng <br>Department of Health<br>▪In the Free State, we erected vegetable <br>tunnels in Nyakallong, Thabong and <br>Meloding and trained 26 beneficiaries<br>▪We distributed potted trees in <br>Carletonville catalyse fruit farming for <br>agro-processing and manufacturing <br>of condiments. <br>| ▪Our sponsorship of the Virginia Sports <br>Academy, which provides sports <br>scholarships and internships for school <br>levers, created 20 new jobs and mentored <br>50 learners<br>▪We partnered with several economic <br>development organisations to provide <br>entrepreneurial training, skills <br>development and job opportunities <br>to youth and informal businesses. <br>| ▪We collaborated with local municipalities <br>in Witpan, Carletonville and Stillpan to <br>refurbish, maintain and operate <br>wastewater treatment plans to avoid raw <br>sewage discharge into river systems <br>▪We operate and maintain pumping <br>systems conveying 37Ml/day (on average) <br>of water from Witpan to Mostert Canal for <br>consumption by the residents of the <br>Matjhabeng municipality in Welkom.<br>| ▪We support 4IR community initiatives to <br>prepare learners for digital careers. We <br>worked with 16 schools and trained 500 <br>primary and 700 secondary students and <br>20 teachers<br>▪We invested in school infrastructure, <br>including classrooms, science and <br>computer labs and ablution facilities to <br>make three schools a better learning <br>environment.<br>|

---

When reading the Mining Charter III compliance scorecard, there will be a difference in the expenditure compliance amount due to the charter report's year end being December 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Over the past five years, we have significantly** <br>**invested in our mine community development** <br>**programmes** |  |  |  |  |
| **Over the past five years, we have significantly** <br>**invested in our mine community development** <br>**programmes** | **Agriculture** | **SMMEs and youth** | **Infrastructure** | **Science, technology, engineering** <br>**and math**<br>|
| **Over the past five years, we have significantly** <br>**invested in our mine community development** <br>**programmes** |  |  |  |  |
| Free State<br>R25 million <br>| R— million | R19 million | R5 million | R1 million |
| Gauteng<br>R12 million<br>| R1 million | R— million | R6 million | R5 million |
| North West<br>R11 million <br>| R— million | R5 million | R6 million | R— million |
| Labour-sending areas<br>R4 million<br>| R4 million | R— million | R— million | R— million |
| Total<br>R52 million<br>| R5 million | R24 million | R17 million | R6 million |

---

**Fulfilling our benefit-sharing and mining-related agreement commitments**

*Hidden Valley MoA* 

Our Hidden Valley MoA community development commitments are funded as part of Hidden Valley's annual budget.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Agriculture programmes** | **Community roads and infrastructure** | **Education and skills development** | **Community health outreach** |
|  | We support farmers to improve food <br>security and grow local incomes through <br>agricultural business opportunities.<br>| We support rural roads to connect <br>farmers, markets, and essential services, <br>and invest in community infrastructure <br>that improves access to water, health care, <br>education, and public services.<br>| We support education and training to <br>enhance employment prospects and <br>SMME business opportunities.<br>| We collaborate with health services to <br>strengthen community health outreach <br>programmes and their delivery; we also <br>assist with initiatives that raise awareness <br>of domestic violence and improve access <br>to support.<br>|
| FY25 investments<br>R11 million<br>(US$0.6 million)<br>| ▪Constructed 30 permanent and <br>28 semi-permanent coffee solar <br>dryers across four villages<br>▪Expanded coffee nursery capacity<br>across four villages<br>▪Continued working with six local <br>farmers on beekeeping <br>▪Completed our successful tilapia pilot <br>programme in two villages<br>▪Commenced our multi-year <br>"Portion 8" agricultural project in <br>Wau township<br>▪Delivered business development <br>support to programme participants <br>across all agricultural ventures, e.g. <br>statutory business obligations, <br>marketing assistance, capacity <br>building, and technical and logistical <br>support.<br>| ▪Performed maintenance on 10 police <br>houses in Wau and 14 in Bulolo (with 41 <br>houses in total (including duplexes) in <br>the FY24 – FY26 multi-year programme)<br>▪Performed 18km of maintenance on <br>community roads at Nauti, Winima, <br>Elauru, Were Were and Kuembu villages<br>▪Delivered Kaisenik village water supply <br>project in partnership with local <br>government<br>▪Continued to construct a single-lane <br>bridge for Nauti village to aid safe river <br>crossing<br>▪Maintained our weekly bus service <br>across the Hidden Valley mining lease to <br>reduce travel time to Wau and Bulolo <br>for residents of Tekadu villages.<br>| ▪Awarded scholarships to 14 tertiary <br>students, including nine new recipients <br>and five continuing recipients<br>▪Conducted sewing training for <br>57 women and youths <br>▪Partnered with Lae University of <br>Technology to deliver brickmaking and <br>brick moulding welding training for <br>15 youths.<br>| ▪Facilitated host community breast <br>cancer health screenings for <br>559 participants as part of our <br>annual "Pinktober" campaign<br>▪Facilitated domestic law and order <br>awareness to a 300-person audience by <br>Royal Papua New Guinea Constabulary <br>officers.<br>|

---

During FY25, we also participated with other parties, including national, provincial, local-level governments and landowners, in a performance review of the MoA, with a number of revisions agreed. The Community

Development Agreement (CDA), as the agreement will in future be named, will come into effect once endorsed by the National Executive Council of Papua New Guinea.

*Hidden Valley Mine Trust* 

During the year, we paid R14 million (US$0.8 million) into the trust and facilitated the delivery

of community-endorsed projects. In FY25, the projects delivered by the trust included:

▪Supporting 194 students through the landowners school fees programme

▪Installing 35 solar streetlights in Nauti village

▪Contributing funding toward Nauti village road maintenance.

*Kalkadoon Native Title Ancillary Agreement*

Consistent with the stage of the project, our FY25 efforts were focused on progressing strategies that

acknowledge the Kalkadoon people's connection to the country and our Eva Copper site, and integrating these

considerations and community input into our project planning, broader community investment framework,

which is in development, and employment and supply strategies, which are also in development.

**Providing support beyond compliance through impactful CSI and business site programmes** 

Our additional support responds to local socio-economic challenges, addresses community needs and contributes towards the SDGs.

---

| | | |
|:---|:---|:---|
| **South Africa** | **Papua New Guinea** | **Australia** |
| **Backing opportunities for South Africa's** <br>**next generation**<br>| **Partnering for health, learning and** <br>**livelihoods in Papua New Guinea**<br>| **Investing in community, creativity,** <br>**youth and culture in Australia**<br>|
| R28 million<br>**Lives positively impacted: 18 559**<br>| R15 million<br>**Lives positively impacted: 13 639**<br>| R1 million<br>**Lives positively impacted: 1 162**<br>|
| We are exploring ways in which our obligation-based and <br>discretionary CSI can support each other to deliver stronger, more <br>coordinated community impact. We also worked on 87 CSI projects <br>and partnered with 22 NPOs in host communities and relevant <br>institutions of government, at both provincial and local levels. <br>Highlights for the year include: <br>▪Assisting youth from previously disadvantaged background to <br>access quality education through bursaries, internship and <br>learnership programmes<br>▪Training youth on ICT and electronic repair skills <br>▪Developing research and entrepreneurship opportunities for <br>unemployed scientists and PhD graduates within the hair and <br>beauty products manufacturing space<br>▪Empowering school leavers through sport and mining skills <br>development programmes in collaboration with the Minerals <br>Council South Africa's Minerals Education Trust Fund<br>▪Partnering with Enactus South Africa to addresses unemployment, <br>poverty and inequality with tertiary-level entrepreneurial skills <br>development <br>▪Working with the South African Agency for Science and <br>Technology (SAASTA) to promote Maths and Science at secondary <br>schools<br>▪Fighting gender-based violence (GBV) by sponsoring Thuthuzela <br>Care Centres in host communities to support victims and facilitate <br>the justice process, in collaboration with the National Prosecuting <br>Authority (NPA) and the Minerals Council South Africa. <br>Harmony leases properties, such as schools, recreation facilities, <br>technical workshops, student accommodation facilities, to the <br>government and SMMEs at rental values significantly lower than <br>market value. | Our voluntary programmes focus on supporting everyday <br>wellbeing and long-term economic opportunity. This year, <br>they included:<br>▪Assisting Morobe farmers through the Wafi-Golpu and <br>Cocoa Board of Papua New Guinea cocoa development <br>programme<br>▪Providing building materials, solar lighting, water supply <br>and classroom furniture to assist the Yanta community <br>to relocate Wafi primary school to Pekumbe village<br>▪Completing the Pekumbe village WaSH project, which is <br>the tenth of 17 projects intended for delivery over our <br>multi-year programme<br>▪Providing essential supplies to health clinics in the Wafi-<br>Golpu project area <br>▪Donating education supplies to schools in Hidden Valley <br>host communities <br>▪Combining our Hidden Valley community health <br>outreach with a World Reading Day initiative, <br>distributing children's books donated by our Australian <br>team.  | Eva Copper has contributed to:<br>▪Celebrating the arts by showcasing the work of <br>emerging First Nations and local artists, and providing <br>arts and craft materials to schools<br>▪Supporting young athletes with equipment, apparel and <br>travel assistance to take part in regional competitions<br>▪Improving community safety with sensor-lighting <br>installed at a housing complex, helping women and <br>children feel more secure at night<br>▪Bringing people together by sponsoring and actively <br>participating in major community events across <br>the region.<br>|
| We are exploring ways in which our obligation-based and <br>discretionary CSI can support each other to deliver stronger, more <br>coordinated community impact. We also worked on 87 CSI projects <br>and partnered with 22 NPOs in host communities and relevant <br>institutions of government, at both provincial and local levels. <br>Highlights for the year include: <br>▪Assisting youth from previously disadvantaged background to <br>access quality education through bursaries, internship and <br>learnership programmes<br>▪Training youth on ICT and electronic repair skills <br>▪Developing research and entrepreneurship opportunities for <br>unemployed scientists and PhD graduates within the hair and <br>beauty products manufacturing space<br>▪Empowering school leavers through sport and mining skills <br>development programmes in collaboration with the Minerals <br>Council South Africa's Minerals Education Trust Fund<br>▪Partnering with Enactus South Africa to addresses unemployment, <br>poverty and inequality with tertiary-level entrepreneurial skills <br>development <br>▪Working with the South African Agency for Science and <br>Technology (SAASTA) to promote Maths and Science at secondary <br>schools<br>▪Fighting gender-based violence (GBV) by sponsoring Thuthuzela <br>Care Centres in host communities to support victims and facilitate <br>the justice process, in collaboration with the National Prosecuting <br>Authority (NPA) and the Minerals Council South Africa. <br>Harmony leases properties, such as schools, recreation facilities, <br>technical workshops, student accommodation facilities, to the <br>government and SMMEs at rental values significantly lower than <br>market value. | Our voluntary programmes focus on supporting everyday <br>wellbeing and long-term economic opportunity. This year, <br>they included:<br>▪Assisting Morobe farmers through the Wafi-Golpu and <br>Cocoa Board of Papua New Guinea cocoa development <br>programme<br>▪Providing building materials, solar lighting, water supply <br>and classroom furniture to assist the Yanta community <br>to relocate Wafi primary school to Pekumbe village<br>▪Completing the Pekumbe village WaSH project, which is <br>the tenth of 17 projects intended for delivery over our <br>multi-year programme<br>▪Providing essential supplies to health clinics in the Wafi-<br>Golpu project area <br>▪Donating education supplies to schools in Hidden Valley <br>host communities <br>▪Combining our Hidden Valley community health <br>outreach with a World Reading Day initiative, <br>distributing children's books donated by our Australian <br>team.  |  |
| We are exploring ways in which our obligation-based and <br>discretionary CSI can support each other to deliver stronger, more <br>coordinated community impact. We also worked on 87 CSI projects <br>and partnered with 22 NPOs in host communities and relevant <br>institutions of government, at both provincial and local levels. <br>Highlights for the year include: <br>▪Assisting youth from previously disadvantaged background to <br>access quality education through bursaries, internship and <br>learnership programmes<br>▪Training youth on ICT and electronic repair skills <br>▪Developing research and entrepreneurship opportunities for <br>unemployed scientists and PhD graduates within the hair and <br>beauty products manufacturing space<br>▪Empowering school leavers through sport and mining skills <br>development programmes in collaboration with the Minerals <br>Council South Africa's Minerals Education Trust Fund<br>▪Partnering with Enactus South Africa to addresses unemployment, <br>poverty and inequality with tertiary-level entrepreneurial skills <br>development <br>▪Working with the South African Agency for Science and <br>Technology (SAASTA) to promote Maths and Science at secondary <br>schools<br>▪Fighting gender-based violence (GBV) by sponsoring Thuthuzela <br>Care Centres in host communities to support victims and facilitate <br>the justice process, in collaboration with the National Prosecuting <br>Authority (NPA) and the Minerals Council South Africa. <br>Harmony leases properties, such as schools, recreation facilities, <br>technical workshops, student accommodation facilities, to the <br>government and SMMEs at rental values significantly lower than <br>market value. | Our voluntary programmes focus on supporting everyday <br>wellbeing and long-term economic opportunity. This year, <br>they included:<br>▪Assisting Morobe farmers through the Wafi-Golpu and <br>Cocoa Board of Papua New Guinea cocoa development <br>programme<br>▪Providing building materials, solar lighting, water supply <br>and classroom furniture to assist the Yanta community <br>to relocate Wafi primary school to Pekumbe village<br>▪Completing the Pekumbe village WaSH project, which is <br>the tenth of 17 projects intended for delivery over our <br>multi-year programme<br>▪Providing essential supplies to health clinics in the Wafi-<br>Golpu project area <br>▪Donating education supplies to schools in Hidden Valley <br>host communities <br>▪Combining our Hidden Valley community health <br>outreach with a World Reading Day initiative, <br>distributing children's books donated by our Australian <br>team.  |  |
| We are exploring ways in which our obligation-based and <br>discretionary CSI can support each other to deliver stronger, more <br>coordinated community impact. We also worked on 87 CSI projects <br>and partnered with 22 NPOs in host communities and relevant <br>institutions of government, at both provincial and local levels. <br>Highlights for the year include: <br>▪Assisting youth from previously disadvantaged background to <br>access quality education through bursaries, internship and <br>learnership programmes<br>▪Training youth on ICT and electronic repair skills <br>▪Developing research and entrepreneurship opportunities for <br>unemployed scientists and PhD graduates within the hair and <br>beauty products manufacturing space<br>▪Empowering school leavers through sport and mining skills <br>development programmes in collaboration with the Minerals <br>Council South Africa's Minerals Education Trust Fund<br>▪Partnering with Enactus South Africa to addresses unemployment, <br>poverty and inequality with tertiary-level entrepreneurial skills <br>development <br>▪Working with the South African Agency for Science and <br>Technology (SAASTA) to promote Maths and Science at secondary <br>schools<br>▪Fighting gender-based violence (GBV) by sponsoring Thuthuzela <br>Care Centres in host communities to support victims and facilitate <br>the justice process, in collaboration with the National Prosecuting <br>Authority (NPA) and the Minerals Council South Africa. <br>Harmony leases properties, such as schools, recreation facilities, <br>technical workshops, student accommodation facilities, to the <br>government and SMMEs at rental values significantly lower than <br>market value. |  |  |
| We are exploring ways in which our obligation-based and <br>discretionary CSI can support each other to deliver stronger, more <br>coordinated community impact. We also worked on 87 CSI projects <br>and partnered with 22 NPOs in host communities and relevant <br>institutions of government, at both provincial and local levels. <br>Highlights for the year include: <br>▪Assisting youth from previously disadvantaged background to <br>access quality education through bursaries, internship and <br>learnership programmes<br>▪Training youth on ICT and electronic repair skills <br>▪Developing research and entrepreneurship opportunities for <br>unemployed scientists and PhD graduates within the hair and <br>beauty products manufacturing space<br>▪Empowering school leavers through sport and mining skills <br>development programmes in collaboration with the Minerals <br>Council South Africa's Minerals Education Trust Fund<br>▪Partnering with Enactus South Africa to addresses unemployment, <br>poverty and inequality with tertiary-level entrepreneurial skills <br>development <br>▪Working with the South African Agency for Science and <br>Technology (SAASTA) to promote Maths and Science at secondary <br>schools<br>▪Fighting gender-based violence (GBV) by sponsoring Thuthuzela <br>Care Centres in host communities to support victims and facilitate <br>the justice process, in collaboration with the National Prosecuting <br>Authority (NPA) and the Minerals Council South Africa. <br>Harmony leases properties, such as schools, recreation facilities, <br>technical workshops, student accommodation facilities, to the <br>government and SMMEs at rental values significantly lower than <br>market value. |  |  |

---

Collaboration and partnerships

We value and respect stakeholder input in community development projects with host communities.

We collaborate with stakeholders including SMME suppliers, governments, regulators, traditional

authorities, community leaders and NPOs when executing our CSI initiatives and delivering on our

commitments.

During FY25, we worked with:

▪In South Africa, Harmony, in partnership with the Trust Blu Foundation, has introduced a new

co-funded programme that establishes tower infrastructure projects at selected Harmony sites

(Masilo and Thabong). These sites enable SMMEs to sell data and provide connectivity in underserved

areas, offering internet access to thousands of community members. The project also supplies e-

waste refurbishing equipment, allowing youth to be trained in repairing old electronic devices – such

as laptops, cellphones, and computers – which they then resell for a profit. This income directly

benefits the youth participating in the programme. In addition, the initiative offers training in

electronics and new venture creation, equipping participants with both the technical and business

skills needed to succeed in the e-waste economy

▪The MRA in Papua New Guinea to promote its Women Landowners Micro-Finance Credit Scheme

Programme, including assisting coordination, stakeholder engagement and programme awareness

▪National, provincial and district health authorities in Papua New Guinea to support health facilities

and community health outreach for our host communities

▪The Papua New Guinea University of Technology Appropriate Technology and Community

Development department, on a first-of-its-kind vocational skills collaboration to train 15 participants in

brickmaking and welding

▪Local sports clubs, community organisations, schools and kindergartens to deliver our community

grants programme at Eva Copper.

Innovation, technology and digitisation

In Australia, we introduced a web portal that enables North West Queensland community organisations

to apply to our twice-annual Eva Copper community grants programme.

Future focus areas<br>We remain focused on maximising the impact of our socio-economic commitments and voluntary <br>CSI initiatives. Our focus areas in the short term include:<br>▪Maximising social returns from greater connectivity between our obligation-based and <br>discretionary CSI spend in South Africa <br>▪Measuring the impact of our various social interventions and evaluating the relevance of such <br>programmes <br>▪Explore technological applications that can be adopted as a solution towards enhancing <br>the tracking of performance and reporting<br>▪Continuing our WaSH and cocoa development programmes at Wafi-Golpu and delivering school <br>classrooms and two community halls for Hidden Valley host communities<br>▪Developing leasehold land in the Wau township in Papua New Guinea into an agricultural project <br>to promote food security and income generation<br>▪Continuing our interim grants programme while we define Eva Copper's longer-term <br>CSI framework.<br>

**Creating value along our supply chain**

Sourcing goods and services from stakeholders in our upstream supply chain creates shared value for our business and host communities. Through

responsible procurement and targeted supplier development initiatives, we contribute to local economic growth and strengthen community partnerships,

while enhancing the financial and operational resilience of our business.

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| Sustainable communities | Sustainable communities |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6mwq2mdgymgzky.gif](fsridynmyoja6mwq2mdgymgzky.gif) | No poverty |
| ![fsridynmyoja6ytzjntm1yjnhn.gif](fsridynmyoja6ytzjntm1yjnhn.gif) | Decent work and economic growth |
| ![fsridynmyoja6mdrhotjintdkoa.gif](fsridynmyoja6mdrhotjintdkoa.gif) | Reduced Inequalities |
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 2: General Disclosures 2021 <br>▪GRI 203: Indirect Economic Impacts 2016<br>▪GRI 205: Anti-corruption 2016<br>▪GRI 3: Material Topics 2021<br>▪GRI 204: Procurement Practices 2016<br>▪GRI 308: Supplier Environmental Assessment 2016<br>▪GRI 414: Supplier Social Assessment 2016. | ▪GRI 2: General Disclosures 2021 <br>▪GRI 203: Indirect Economic Impacts 2016<br>▪GRI 205: Anti-corruption 2016<br>▪GRI 3: Material Topics 2021<br>▪GRI 204: Procurement Practices 2016<br>▪GRI 308: Supplier Environmental Assessment 2016<br>▪GRI 414: Supplier Social Assessment 2016. |
| **FY25 priorities** | **FY25 priorities** |
| 1. Delivering against our regulatory obligations and <br>stakeholder agreement commitments<br>2. Backing diverse and local businesses<br>3. Partnering and collaborating with stakeholders. | 1. Delivering against our regulatory obligations and <br>stakeholder agreement commitments<br>2. Backing diverse and local businesses<br>3. Partnering and collaborating with stakeholders. |

---

Strategy: Building a sustainable supply chain

We are committed to building a sustainable supply chain that delivers positive impact beyond the life-of-mine. This enables us to contribute to

local economies, support community resilience, build long-term partnerships and promote inclusive participation across our supply chain. To

achieve this, we have identified the following priorities:

---

| | |
|:---|:---|
| **Delivering against our** <br>**regulatory obligations and** <br>**stakeholder agreement** <br>**commitments**<br>| We aim to fully comply with our regulatory and agreement-based commitments. This includes <br>aligning procurement and supplier development initiatives with the intent and provisions of these <br>frameworks to support inclusive economic growth and empowerment.<br>|
| **Backing diverse and** <br>**local businesses**<br>| Our procurement framework identifies key areas where we can make the greatest impact, <br>particularly in inclusive procurement, employment and enterprise development. We offer financial <br>and non-financial support to the development of diverse businesses, while fulfilling our regulatory <br>and agreement-based commitments.<br>We also aim to integrate local suppliers from our host communities into our core business <br>operations. We identify prospective local suppliers and work closely with them to build the capacity <br>needed to meet industry standards and for them to participate in our supply chain.<br>|
| **Partnering and collaborating** <br>**with stakeholders**<br>| As suppliers of precious metals, we seek to uphold the principles of responsible sourcing, <br>transparency, and environmental and social responsibility so that our role in the global precious <br>metals supply chain reflects the expectations of our stakeholders and the standards of responsible <br>business conduct.<br>We actively collaborate with industry bodies, development agencies and government-led initiatives. <br>By leveraging public and private partnerships, we aim to expand the reach and effectiveness of our <br>supplier development efforts and increase our local spend.<br>|

---

Governance

Strong governance underpins the successful implementation of our procurement and supplier development initiatives.

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| In conjunction with the relevant board committees, the transformational and supply chain executive provides oversight of our South African operations, and our chief <br>operating officer for Australasian operations. This allows for responsibilities to be clearly defined and embedded across all levels of the business, promoting accountability <br>and transparency.<br>|
| **Performance monitoring and** <br>**reporting**<br>| We prioritise transparent reporting on outcomes and challenges, enabling accountability and driving continuous improvement. We use a performance monitoring system <br>that provides clear metrics to assess progress and guide ongoing improvements, tracking procurement spend, assessing supplier performance and, in future, measuring <br>progress against selected targets. <br>Our internal controls include regular internal and external audits of our procurement and supplier development activities to validate our reported performance and confirm <br>the impact of our initiatives through quarterly compliance reviews and performance audits. <br>We conduct thorough supplier vetting and due diligence to uphold the integrity of our supply chain. In South Africa, this includes formal onboarding procedures and <br>verification of B-BBEE credentials and ownership structures. These checks help us maintain credibility and support our transformation objectives. In Australia and Papua New <br>Guinea, we screen suppliers for risks related to modern slavery, regulatory non-compliance, and unethical business practices, including any history of legal or enforcement <br>action.<br>|
| **Policies that support our** <br>**governance approach**<br>| Our procurement framework is underpinned by consistent principles across the business, while allowing for variations to reflect country-specific regulatory requirements <br>and agreement-based obligations.<br>We align our procurement and ESD frameworks with South Africa's transformation goals and ESG principles. We regularly review this policy to keep it relevant, responsive to <br>legislative changes and consistent with our evolving business environment.<br>In South Africa, our supplier code of conduct governs supplier interactions, enforcing zero tolerance for fronting, fraud or any non-compliance with transformation <br>objectives. Suppliers must comply with this code, reinforcing our non-negotiable ethical standards, and with health, safety and environmental (HSE) regulations to enable <br>responsible sourcing and promote operational safety. We use service level agreements (SLAs) to clearly define expectations for supplier support to build supplier capacity <br>and readiness. <br>In Papua New Guinea and Australia, we require our suppliers to be registered, insured and fully compliant with anti-bribery and corruption, anti-money-laundering and any <br>current sanctions laws.<br>|

---

Risk and opportunity management

The implementation of a robust procurement framework offers numerous opportunities to drive long-term value for Harmony and the communities in which we operate. However, it also presents several risks that

require proactive management to enable the integrity, sustainability and impact of our procurement practices. We actively manage these risks, with a strong focus on supplier concentration, non-compliance and

reputational exposure. We maintain contingency plans that enable business continuity in the event of critical supplier failure.

---

| | | |
|:---|:---|:---|
| **Risks** | **Description** | **Mitigation measures** |
| **Non-compliance with** <br>**legislation and agreement-**<br>**based obligations**<br>| Supplier fronting or misrepresentation, non-<br>compliance or failure to meet agreement-based <br>commitments may result in legal, financial or <br>reputational consequences. <br>Additionally, failure to meet Mining Charter III <br>targets could lead to a decline in our B-BBEE score. <br>| We adopted a phased approach to comply with <br>Mining Charter III requirements and intend to shift <br>spend across geographical boundaries and secure <br>longer-term contracts with compliant suppliers. <br>We have an inter-departmental approach for <br>tracking and monitoring the implementation of and <br>compliance with agreement-based commitments, <br>with oversight by regional management and <br>executives. We also conduct periodic internal audits <br>and compliance reviews.<br>|
| **Supplier concentration** | Over-reliance on a narrow pool of suppliers can <br>make the supply chain vulnerable to disruptions, <br>especially if any of these suppliers face operational <br>or financial instability. <br>| We are considering options to diversify our supplier <br>base, as detailed in the opportunities described <br>alongside.<br>|
| **Macro-economic volatility,** <br>**including inflation, rising** <br>**input costs, or local** <br>**economic downturns**<br>| This risk, combined with delayed purchase order <br>payments to HDSA or SMME vendors, can cause <br>cash flow issues, reduce supplier competitiveness, <br>and discourage participation. This risk threatens <br>supply chain stability, operational efficiency and the <br>long-term success of supplier development <br>initiatives.<br>| We are developing mitigation controls to facilitate <br>timely invoice payments or provide financing <br>solutions, while also establishing clear <br>communication channels to address payment <br>issues. <br>|

---

---

| |
|:---|
| **Opportunities**  |
| ▪Diversifying and expanding our supplier base <br>across different ownership structures, geographies <br>and capabilities reduces concentration risk and <br>enhances agility and innovation. Our growth projects <br>in Australia and Papua New Guinea <br>provide opportunities to expand and deepen <br>local procurement, supporting the development of <br>resilient supply chains and contributing to community <br>and host country economic development<br>▪Investing in inclusive sourcing enhances brand <br>trust, improves B-BBEE scores, unlocks commercial <br>opportunities, and drives socio-economic upliftment <br>through job creation, income generation and skills <br>transfer <br>▪Partnering with financial institutions, development <br>agencies and other industry players enables us to co-<br>invest in supplier development, unlock access <br>to funding and mentorship, and bridge finance <br>key enablers for high-impact enterprise growth<br>▪Refining our internal governance systems and aligning <br>decision-making committees to transformation targets <br>enables greater accountability and improves <br>performance against the Mining Charter III and ESG <br>standards.<br>|

---

Measuring our performance

In line with our South African transformation goals, we allocate a defined percentage of procurement spend to black-owned and community-based suppliers. We track our progress and impact annually through actual

discretionary spend attributed to >25.0 and >50.0% black-owned suppliers. To reinforce our commitment to equitable economic participation, we have established annual procurement targets focused on black-owned,

black-women-owned and black-youth-owned enterprises. We aim to prioritise sourcing from qualifying small enterprises (QSEs) and exempt microenterprises (EMEs), recognising their critical role in furthering local

entrepreneurship and job creation.

We support business development initiatives for our Hidden Valley landowner suppliers and track our spending to reflect our supplier tiers. We also adopt this approach for our Wafi-Golpu Joint Venture, noting that

procurement expenditure is low, reflecting the project's permitting phase. At Eva Copper, we are focused on establishing robust systems and strategic frameworks to unlock opportunities for our stakeholders as the

project advances. We launched a digital reporting tool in July 2025 to track subcontractor spend and project impact.

Progress against priorities

**Delivering against our regulatory obligations and stakeholder agreement commitments**

*Mining Charter III* 

We have progressed against our South African transformation goals by delivering on Mining Charter III requirements as follows:

---

| | |
|:---|:---|
| **Investment in black-owned** <br>**enterprises**<br>| Despite a 5% decrease in spending on enterprises with >51% black ownership, there has been a significant 10% increase in investment and an 21% increase in the number of <br>enterprises in the 100% black-owned category. This reflects a deliberate shift towards our host communities. <br>|
| **Designated groups** | Although designated group performance continues to improve, this remains marginal for youth-owned suppliers. In the financial year, 132 vendors transitioned from <25% <br>black ownership to >25%. This significant shift can be attributed to our efforts in keeping our BEE certificates updated.<br>We expect the final phase of our approach to complying with Mining Charter III to address our challenges in procurement from black-women-owned and black-youth-owned <br>businesses, with procurement committees empowered to advance this transformation imperative through transparent governance processes. <br>To identify opportunities for SMMEs in high-value procurement categories, we will conduct a detailed supplier gap analysis and pre-technical assessment to evaluate our <br>existing supplier base and identify underrepresented groups. Insights gained will inform targeted procurement and development interventions going forward.<br>|
| **Goods and services** <br>**category** <br>| We achieved 100% compliance. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Procurement spend** | **FY25** | FY24 | FY23 |
| **Total discretionary spend** | **R19.9 billion (US$1 096 million)** | R17.6 billion (US$941 million) | R16.5 billion (US$929 million) |
| Percentage of discretionary spend on preferential procurement | **82%** | 84% | 85% |
| Percentage of discretionary spend on >50% black-ownership suppliers  | **55%** | 60% | 52% |
| Percentage of discretionary spend on local host communities | **58%** | 57% | 59% |
| Percentage of discretionary spend on black-women-owned enterprises | **14%** | 15% | 12% |
| **Total preferential procurement spend**  | **R16.3 billion (US$898 million)**  | R14.7 billion (US$736 million) | R14.0 billion (US$736 million) |
| Spent on black-owned businesses  | **R11.0 billion (US$606 million)**  | R10.6 billion (US$567 million) | R8.6 billion (US$506 million) |
| Spent on black-women-owned businesses | **R2.8 billion (US$154 million)** | R2.7 billion (US$92 million) | R2.0 billion (US$92 million) |
| **Compliance spend**  |  |  |  |
| Spent on new >51% black-owned and controlled enterprises  | **R19 million (US$1.0 million)**  | R35 million (US$1.9 million) | R47 million (US$3.3 million) |
| Spent on 33 new 100% black-owned SMMEs | **R15 million (US$0.8 million)**  | R25 million (US$1.3 million) | R12 million (US$0.7 million) |

---

For details, see ***Mining Charter III – compliance scorecard***.

*Procurement within Papua New Guinea*

Despite supply chain challenges related to Papua New Guinea's low manufacturing base, our local procurement for ongoing sourcing in FY25 was 52% (excluding once-off purchases and fuel). Typically, overseas sourcing

relates to key supplies, consumables and services not available in Papua New Guinea.

---

| | | |
|:---|:---|:---|
|  | **FY25** | FY24 |
| **Procurement spend** |  |  |
| Spent in Papua New Guinea | **R2.5 billion** <br>**(US$140 million/PGK559 million)**<br>| R2.7 billion <br>(US$144 million/PGK541 million)<br>|
| Spent on landowner companies  | **R654 million** <br>**(US$36 million/PGK144 million)**<br>| R610 million <br>(US$32 million/PGK122 million)<br>|
| Spent in Morobe Province (excluding landowner companies) | **R1 092 million** <br>**(US$61 million/PGK240 million)**<br>| R1 242 million <br>(US$66 million/PGK247 million)<br>|
| Spend elsewhere in Papua New Guinea | **R792 million** <br>**(US$43.00 million/PGK174 million)**<br>| R862 million <br>(US$46 million/PGK172 million)<br>|
| Percentage spent in Papua New Guinea (excluding once-off purchases and fuel) | **52%** | 51% |
| Percentage spent with landowner companies | **26%** | 49% |
| Percentage spent on suppliers based in Morobe Province (including landowner companies) | **69%** | 68% |
| Percentage spent on suppliers based elsewhere in Papua New Guinea  | **31%** | 32% |
| Percentage spent on overseas suppliers (excluding once-off purchases and fuel) | **48%** | 49% |

---

*Australian and local business participation in Eva Copper*

Under the Australian Jobs Act 2013, we have obligations to establish an industry participation plan and provide full, fair and reasonable opportunities for businesses to bid for the supply of goods and services for Eva

Copper. All tender package opportunities over A$1.0 million (12 million) are notified on Eva Copper's industry capability network gateway website. We are prioritising local procurement by assessing capability across

cascading geographic zones and working with major contractors to apply this approach in their subcontracting.

During FY25, spend for Eva Copper reflected support with project studies and site preparatory works.

---

| | |
|:---|:---|
|  | **FY25** |
| **Procurement spend** | **R1 billion** <br>**(US$72 million/A$111 million)**<br>|
| Spent on First Nations Kalkadoon-owned businesses | **R2.4 million** <br>**(US$0.1 million/A$0.2 million)**<br>|
| Spent on First Nations-owned businesses (excluding Kalkadoon-owned) | **R— million** <br>**(US$— thousand/A$9.7 thousand)**<br>|
| Spent in Mount Isa and Cloncurry (excluding Kalkadoon- and First Nations-owned businesses) | **R347.5 million** <br>**(US$19.1 million/A$29.5 million)**<br>|
| Spent in rest of Australia | **R957.6 million** <br>**(US$52.7 million/A$81.3 million)**<br>|
| Spent on overseas suppliers | **R2.4 million** <br>**(US$0.1 million/A$0.2 million)**<br>|

---

*Supply chain environmental and social impacts*

Harmony's supplier support and development initiatives continue to deliver positive environmental and social outcomes. However, we recognise that supply chain activities may carry risks of adverse impacts. Our

operational and service risk registers, updated on an ongoing basis with regular management review, do not include any details on suppliers that have contravened any of our environmental and social policies and

related regulatory requirements. We have therefore not had the need to request any supplier to remedy defaults or terminate any contracts in this regard.

**Backing diverse and local businesses**

In South Africa, our enterprise development framework supports black-women-owned, youth-owned and community-based suppliers with access to loans, business mentorship, skills training and capacity-building

programmes. Through these programmes, we contribute to local business and economic growth. Our support for SMMEs promotes job creation, entrepreneurship, innovation and financial inclusion while empowering

communities through income generation and education initiatives.

---

| | | |
|:---|:---|:---|
| Our enterprise and supplier development programme helps bolster innovation and entrepreneurial activity and build the capacity of <br>SMMEs. We assist 100% black-, women- and youth-owned enterprises to transition to suppliers of key mining and manufacturing <br>commodities and services. | Our enterprise and supplier development programme helps bolster innovation and entrepreneurial activity and build the capacity of <br>SMMEs. We assist 100% black-, women- and youth-owned enterprises to transition to suppliers of key mining and manufacturing <br>commodities and services. | By supporting SMMEs through financial assistance, we empower <br>them to contribute significantly to job creation, community <br>development and overall economic resilience.<br>|
| 152 suppliers in the enterprise development programme | 62 suppliers assisted with business development | 21 suppliers supported |

---

We seek to provide opportunities for and support Hidden Valley and Wafi-Golpu landowners to build the stability and reliability needed for ongoing contract delivery and longer-term success. This takes the form of

delivering all on-site training requirements, including operator and safety training, assisting with the establishment of landowner company joint ventures, statutory compliance requirements awareness, and under select

circumstances, support to obtain equipment.

---

| | | | |
|:---|:---|:---|:---|
| **Hidden Valley** | **Hidden Valley** | **Hidden Valley** | **Wafi-Golpu** |
| **Corporate compliance assistance** | **Equipment leaseback** | **Contractor training** | **Landowner contract opportunities** |
| We hold annual corporate compliance <br>workshops to assist landowner businesses <br>in meeting statutory and company <br>requirements. Participants also have the <br>opportunity to raise issues, highlight <br>business challenges and work through <br>contract-related questions face-to-face. <br>This supports greater understanding and <br>better-informed contract outcomes.<br>| To support a landowner company delivering <br>freight transport services to the mine, we <br>procured fleet equipment and entered into a <br>leaseback agreement. This approach enabled <br>the company to operate a modern fleet <br>without the challenge of upfront capital <br>investment, supporting project delivery and <br>long-term operational capability.<br>| We actively support the training of staff from <br>landowner companies working at our mine. Depending <br>on the role, this includes comprehensive operator and <br>safety training programmes to equip personnel with <br>the skills and knowledge to perform their roles safely <br>and effectively. These skills not only support current <br>operations but create pathways to long-term careers <br>in the mining industry and beyond.<br>| Working with the Papua New Guinea <br>Department of Works and Highways, a Wafi-<br>Golpu landowner company was contracted to <br>deliver local road maintenance works. This <br>collaboration supports landowner company <br>capacity-building efforts and preparedness for <br>Wafi-Golpu project opportunities.<br>|

---

In Australia, we are developing our framework to guide First Nations procurement and participation. We have also embarked on a range of local supplier engagement initiatives to generate awareness of Eva Copper and

engage with North West Queensland businesses.

---

| | |
|:---|:---|
| **Kalkadoon and First Nations participation framework** | **North West Queensland supplier opportunities** |
| We are developing our First Nations participation framework, incorporating a Kalkadoon employment <br>and training plan and a First Nations procurement plan. We also started to review contract packages <br>to identify those highly suitable to First Nations businesses. Consultations with the Kalkadoon People <br>are underway.<br>As we release new tenders, we are mandating our First Nations procurement and reporting <br>guidelines. This requires a monthly submission of data via an online form.<br>| During FY25, we welcomed the Queensland Government's decision to provide conditional <br>grant funding of R244 million (A$20.7 million) to the Eva Copper Project under the MIMA programme. <br>The programme aims to accelerate the development of resource projects such as the Eva Copper <br>Project in the North West Minerals Province in the next five years. <br>Grant recipient obligations include creating local employment, fast-tracking project delivery, <br>and reporting on outcomes that support regional economic growth.<br>|

---

**Partnering and collaborating with stakeholders**

*Suppliers (upstream supply chain)*

We foster open communication with internal and external stakeholders, encouraging feedback and

participation through regular consultations with supplier forums, community representatives and

regulatory bodies. These interactions help us address challenges, identify opportunities for

improvement, and align on project progress and shared concerns.

We collaborate with funding institutions, government entities and business development partners

to support local economies and unlock additional funding avenues.

---

| |
|:---|
| **Engagement with SMMEs enables us to:** |
| ▪Understand the issues and challenges for SMMEs in contracting with Harmony<br>▪Support their integration into our supply chain to drive local development<br>▪Facilitate skills transfer for procurement and supplier development<br>▪Communicate our procurement strategies and opportunities <br>▪Promote local and inclusive economic participation.<br>FY25 highlights included:<br>▪Fully complying with Mining Charter III requirements for the services category<br>▪Hosting our annual Hidden Valley landowner corporate compliance workshop<br>▪Introducing Eva Copper to local suppliers through "Meet the Buyer" events<br>▪Establishing a local business capabilities portal for Eva Copper suppliers and tenderers.<br>|
| **Engagement with government and regulatory bodies enables us to:** |
| ▪Remain compliant with local content requirements and procurement targets<br>▪Enable local businesses operating in mining areas to benefit from our preferential and local <br>procurement and supplier development programmes, helping to create more inclusive and <br>resilient local economies<br>▪Identify and promote opportunities for local companies to build capacity through government and <br>third-party contracts.<br>FY25 highlights included:<br>▪Securing two significant contracts for a local 100% black-women-owned enterprise and a 100% <br>black-owned enterprise, marking a notable shift in local investment<br>▪Working in close collaboration with the Morobe Provincial Government to maintain critical <br>highway infrastructure<br>▪Contracting of Wafi-Golpu landowner company for Department of Works and Highways <br>local roads maintenance work<br>▪Developing our procurement strategies to support the Queensland Government's MIMA <br>programme.<br>|

---

*Market (downstream supply chain)*

In our upstream market, we work closely with the following refineries.

**Rand Refinery, South Africa** 

Harmony has a 10.4% stake in Rand Refinery, which shares our commitment to stringent environmental

performance and compliance and internationally accepted responsible sourcing, as guided by the

London Bullion Market Association and the Organisation for Economic Cooperation and Development

Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk

Areas.

One of our executive directors is a non-executive director and sits on the refinery's social and ethics

committee where the refinery's sustainability strategies are discussed and influenced. The certified gold

chain of custody is independently audited as required by independent bodies and legislation.

**ABC Refinery, Australia**

Harmony sells all produced gold and silver from Hidden Valley mine to ABC Refinery, the refining

division of Pallion. ABC Refinery's operations fully comply with:

▪Australian regulatory requirements

▪OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and

High-Risk Areas, including the Gold Supplement

▪London Bullion Market Association (LBMA) Responsible Gold and Silver Guidance.

ABC Refinery conducts risk-based supply chain due diligence supported by reasonable assurance against

the LBMA Gold and Silver Guidance. Supporting its Chain-of-Custody protocols, ABC Refinery has

adopted ProvCheck to authenticate finished products and provide customers with the origin of their

metal, and employed Source Certain to conduct elemental analyses to verify all incoming gold. These

innovative approaches facilitate robust traceability and provide customers confidence when purchasing

their precious metals.

Our contract with ABC Refinery reflects Harmony's role as a responsible supplier, aligned with

sustainable and transparent sourcing practices and global expectations for environmental and social

responsibility in the precious metals supply chain.

Innovation, technology and digitisation

In South Africa, there is a plan to digitise the enterprise development centres to enable seamless

consultation and engagement with SMMEs.

For Eva Copper, and in support of our contractors and local engagement efforts, we have developed a

supplier portal featuring information on local business capabilities. This resource enables tenderers and

major package suppliers to easily identify and connect with potential local subcontractors.

Future focus areas<br>▪Continuously improve on achieving the set Mining Charter lll targets<br>▪Execute on the plan to digitise enterprise development centres in our host communities <br>▪Scaling up engagements on corporate compliance for Hidden Valley landowner businesses<br>▪Ongoing identification of opportunities to increase the proportion of Papua New Guinea <br>procurement spend<br>▪Finalising our First Nations Australian participation framework, including Kalkadoon employment <br>and training and First Nations procurement plan<br>▪Advancing planning for and delivering on our Australian Industry Participation Plan (AIPP) and <br>MIMA programme commitments.<br>

**Combatting illegal mining and unauthorised access**

**Influenced by low national employment rates and other socio-economic factors, illegal mining activities are a persistent challenge in South Africa and an ongoing concern in Papua** 

**New Guinea, where motives for unauthorised access are more varied. To protect our mines, employees and communities, we leverage cutting-edge technology and collaborate with** 

**key stakeholders, reinforcing our commitment to creating a safe working environment.**

---

| | |
|:---|:---|
| **Material matters** | **Material matters** |
| ▪Management of illegal mining<br>▪Post-closure sustainability<br>▪Employee health and safety. | ▪Management of illegal mining<br>▪Post-closure sustainability<br>▪Employee health and safety. |
| **UN SDGs** | **UN SDGs** |
| ![fsridynmyoja6zta1zdmxndezya.gif](fsridynmyoja6zta1zdmxndezya.gif) | Peaceful and inclusive societies and access <br>to justice<br>|
| **GRI disclosure requirements** | **GRI disclosure requirements** |
| ▪GRI 3: Material Topics 2021<br>▪GRI 410: Security practices 2016. | ▪GRI 3: Material Topics 2021<br>▪GRI 410: Security practices 2016. |
| **FY25 priorities** | **FY25 priorities** |
| 1.Investing in security measures<br>2.Conducting responsible mine closure. | 1.Investing in security measures<br>2.Conducting responsible mine closure. |

---

Strategy: Integrated security and engagement

In South Africa, illegal mining is highly organised and often linked to financial and violent crime. In Papua New Guinea, unauthorised access is

driven by a number of motives. These illegal activities lead to environmental degradation, social discord and disruption, and have financial

implications for our business.

To address illegal mining and unlawful access, we adopt a multi-pronged approach that includes asset security, internal controls, community

engagement and collaboration with law enforcement. The following priorities underpin the implementation of our approach:

---

| | |
|:---|:---|
| **Investing in security measures** | We invest in robust security measures (training employees or contractors, regular assessments, <br>infrastructure sealing, advanced surveillance, internal and contracted security teams, and <br>collaboration with law enforcement and communities) to prevent illegal mining and unauthorised <br>access, protecting people, assets and the environment. <br>|
| **Conducting responsible** <br>**mine closure**<br>| Mine closure strategies must account for the different characteristics of underground and <br>open-pit operations, particularly in addressing the risk of illegal mining. For underground sites, <br>effective closure (sealing tunnels, shafts and other subsurface infrastructure) restricts access <br>to disused sites, reducing the risk of exploitation and improving longer-term safety and environment <br>protection.<br>|

---

As illegal mining does not pose security and safety challenges to our Australian operations, there is no security-related disclosure for this region.

Governance

Harmony's multi-tiered governance framework endeavours to combat illegal mining through strategic oversight, robust risk management and effective operational execution.

---

| | |
|:---|:---|
| **Accountability and** <br>**responsibility**<br>| Our CEO leads the overall anti-illegal mining framework and engages with government and industry bodies. Our deputy CEO and group and site security managers are <br>accountable for implementing security strategies. <br>We coordinate with industry partners and regulators, overseeing operational security while monitoring key security indicators. Heads of security are responsible for <br>deploying adequate security-related human and technological resources. <br>We have clearly defined roles and responsibilities across all governance levels, aligning with local legislation (MPRDA, Mine Health and Safety Act in South Africa and criminal <br>statutes) and industry best practices.<br>|
| **Performance monitoring and** <br>**reporting**<br>| We have actionable, site-specific plans for effective performance to combat illegal mining and unauthorised access. In South Africa, we report all incidents and our mitigation <br>efforts to the DMPR on a regular basis. In Papua New Guinea, we report unauthorised access, placement of unapproved structures on our tenements, and our law and order <br>efforts to the MRA. The audit and risk committee reviews the adequacy of internal controls, monitors key risks and reviews the effectiveness of mitigation plans.<br>|
| **Policies that support our** <br>**governance approach**<br>| Security practices are informed by the Voluntary Principles on Security and Human Rights, the Harmony Code of Conduct, the Harmony Behavioural Code, and internal <br>investigation methodology, which is all set out in our shaft and metallurgical codes. Our security policies are being updated, and all personnel will be retrained in this regard.<br>In Papua New Guinea, our asset protection officers have legal authority (under the Arrest Act, 1977) to arrest persons committing imprisonable offences, in accordance with <br>established arrest procedures and scenarios. Our broad suite of procedures encompasses security officer training, patrols, police engagement and operations, responding to <br>threats or actions from aggressors and K9 handling. <br>|

---

Risk and opportunity management

Our aim is to prevent incidents before they occur, protecting our employees and assets. Due to the

nature of this material matter we do not report on opportunities.

---

| | | |
|:---|:---|:---|
| **Risks** | **Description** | **Mitigation measures** |
| **Damage to the** <br>**environment and** <br>**infrastructure**<br>| Illegal mining contaminates water, air and soil due <br>to accidental exposure to toxic chemicals. It <br>increases the risk of flooding, sabotage of pipelines <br>and illegal water usage, which lead to pollution and <br>sinkholes. Sedimentation from alluvial mining can <br>affect downstream communities. Reopening sealed <br>shafts can cause physical hazards, underground fires <br>or explosions. Each of these scenarios could cause <br>production stoppages.<br>| ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
|  |  | ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
|  |  | ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
|  |  | ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
| **Safety and health** <br>**concerns**<br>| Significant safety and health risks apply to illegal <br>miners, legal miners, mining lease trespassers and <br>local communities, including accidents and <br>exposure to hazardous substances.<br>Illegal mining can also lead to violent <br>confrontations, including shooting incidents, <br>placing miners, security officials and community <br>members at risk.<br>| ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
|  |  | ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
|  |  | ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
|  |  | ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
| **Increased crime** <br>**rates**<br>| Undocumented immigrants engaging in crime <br>brings social problems such as fear, coercion, <br>human rights abuses, prostitution, substance <br>abuse and forced labour. <br>Links to criminal networks increase theft of <br>explosives, diesel, copper cables and other mining <br>equipment, undermining state authority and the <br>rule of law.<br>Illegal mining leads to loss of revenue and <br>increased costs to legitimate miners and <br>governments. <br>| ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
|  |  | ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
|  |  | ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
|  |  | ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |
| **Unregulated alluvial** <br>**mining**<br>| Although the South African Government has <br>committed legalising artisanal mining, this is not <br>viable without addressing illicit gold trading, <br>corruption and territorial battles. Papua New <br>Guinea's Government has increased regulation to <br>encourage the development of the alluvial and <br>small-scale mining sector. Despite these efforts, <br>there is a concerning rise in unregulated alluvial <br>mining, including gold smuggling. <br>| ▪Regular security <br>assessments by our security <br>and mine management <br>teams <br>▪Demolition, sealing or <br>rehabilitation of <br>decommissioned <br>infrastructure, reducing the <br>risk of illegal mining<br>▪Significant investments in <br>sealing redundant <br>underground mines with <br>state-of-the-art security <br>measures <br>▪Internal and contracted <br>security services<br>▪Extensive due diligence of <br>community partners and <br>protection against criminal <br>groups involved in illegal <br>mining<br>▪Law enforcement and <br>community leader <br>collaboration to <br>communicate with <br>communities on the legal <br>implications and dangers of <br>illegal activities. |

---

Measuring our performance

---

| | |
|:---|:---|
| **Group** | **Group** |
| R748 million (US$41.2 million) <br>invested in security measures at our mining operations<br>(FY24: R678 million (US$36.3 million)) | R748 million (US$41.2 million) <br>invested in security measures at our mining operations<br>(FY24: R678 million (US$36.3 million)) |
| **South Africa** | **Papua New Guinea** |
| R713 million <br>(US$39.3 million) <br>(FY24: R647 million (US$34.6 million))<br>| Invested R35 million <br>(US$1.9 million) <br>in asset protection measures <br>(FY24: R31 million (US$1.7 million))<br>|

---

**Illegal miners arrested on South African Harmony sites**

![illegalminersa.jpg](illegalminersa.jpg)

Progress against priorities

While there has been a decrease in illegal mining activities at our operational shafts, there has been an

increase in activities at non-operational shafts. Fortunately, our operational, tactical and intelligence-

driven approach enables us to prevent damage caused by these activities.

**Investing in security measures** 

Our security approach and partnerships with private security companies, law enforcement, government

departments and community members continue to significantly reduce illegal mining incidents at our

South African operations. Illegal mining has decreased by 117% at operational shafts this year. Our

performance was influenced by the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mponeng operations** | **Doornkop mine** | **Free State operations** | **Moab operations** | **Kusasalethu mine** | **Kalgold mine** |
| ▪Enhanced detection of <br>suspicious movements, <br>facilitating proactive <br>security responses<br>▪Decreased criminal <br>incidents <br>▪No illegal mining incidents <br>at any shafts<br>▪Two Mponeng plant <br>employees arrested for <br>possessing gold-bearing <br>material.<br>| ▪12 illegal miners arrested, <br>and mine property <br>recovered<br>▪Seven mine employees and <br>10 security officers <br>dismissed.<br>| ▪Several security threats <br>managed, including <br>product theft, gold <br>syndicates, employee <br>attacks and illegal mining<br>▪Joint operations recovered <br>gold-bearing material and <br>multiple dismissals<br>▪13 illegal miners arrested.<br>| ▪Several security challenges <br>(ownerless neighbouring <br>mines and related crime <br>syndicates) effectively <br>managed <br>▪Drone operations detected <br>54 suspects, prevented 44 <br>incidents of illegal access, <br>enabled 49 instances of <br>recoveries and led to 21 <br>arrests <br>▪Security vacuum <br>anticipated with <br>withdrawal of the South <br>African National Defence <br>Force and reduction of <br>SAPS involvement.<br>| ▪No illegal mining incidents <br>since December 2023 <br>▪Shaft perimeter-fencing <br>project set to be <br>completed by August 2025.<br>| ▪Minor crime incidents only. |
| At Hidden Valley, trespassing continues to be effectively managed, with illegal mining and intrusion incidents down by 60% year on year (FY25 Q4 89% lower than FY24 Q4). This decrease is attributable to initiatives <br>such as installing fencing and lighting in vulnerable areas, targeted patrols, community engagement and community-based policing. | At Hidden Valley, trespassing continues to be effectively managed, with illegal mining and intrusion incidents down by 60% year on year (FY25 Q4 89% lower than FY24 Q4). This decrease is attributable to initiatives <br>such as installing fencing and lighting in vulnerable areas, targeted patrols, community engagement and community-based policing. | At Hidden Valley, trespassing continues to be effectively managed, with illegal mining and intrusion incidents down by 60% year on year (FY25 Q4 89% lower than FY24 Q4). This decrease is attributable to initiatives <br>such as installing fencing and lighting in vulnerable areas, targeted patrols, community engagement and community-based policing. | At Hidden Valley, trespassing continues to be effectively managed, with illegal mining and intrusion incidents down by 60% year on year (FY25 Q4 89% lower than FY24 Q4). This decrease is attributable to initiatives <br>such as installing fencing and lighting in vulnerable areas, targeted patrols, community engagement and community-based policing. | At Hidden Valley, trespassing continues to be effectively managed, with illegal mining and intrusion incidents down by 60% year on year (FY25 Q4 89% lower than FY24 Q4). This decrease is attributable to initiatives <br>such as installing fencing and lighting in vulnerable areas, targeted patrols, community engagement and community-based policing. | At Hidden Valley, trespassing continues to be effectively managed, with illegal mining and intrusion incidents down by 60% year on year (FY25 Q4 89% lower than FY24 Q4). This decrease is attributable to initiatives <br>such as installing fencing and lighting in vulnerable areas, targeted patrols, community engagement and community-based policing. |

---

*Human rights training*

Informed by the Voluntary Principles on Security and Human Rights, the training we provide covers

principles of human rights and relevant company policies, appropriate use of force and de-escalation

techniques, prevention of inhuman or degrading treatment and discrimination and procedures for

reporting and addressing human rights concerns.

At our South African operations, 248 (41%) of our directly employed security personnel and 553 (43%)

of our third-party security personnel received formal refresher training. We also include the Voluntary

Principles on Security and Human Rights requirements in contracts with third-party South African

security providers.

At Hidden Valley, asset protection department employees and policing units receive Voluntary

Principles on Security and Human Rights training as part of their deployment. During FY25,

71 employees and 128 police and contractors received training.

**Conducting responsible mine closure**

Applicable to our South African regions, we have demolished or sealed 48 shafts since 2008, reducing

the likelihood of illegal mining activity. Operation Vala Umgodi, a police-led initiative focused on

combatting illegal mining activities, led to 2 603 arrests in FY25, with 2 109 of those being illegal

immigrants. There were 741 registered criminal cases. Key confiscations included gold processing

equipment, gold-bearing material, firearms, vehicles and money.

At Margaret shaft, the collaboration between the mining industry and operation Vala Umgodi, led

to 1 406 illegal miners being extracted and arrested.

Collaboration and partnerships

▪Our executive director for stakeholder relations and corporate affairs leads community and

government engagement, focused on addressing the socio-economic drivers of illegal mining

and transparent communication in South Africa

▪We work with the DMPR, SAPS and NPA to uphold compliance, investigate criminal activities,

and support prosecutions

▪As a member of the Minerals Council South Africa, we contribute to industry-wide initiatives

and policy advocacy to address illegal mining collectively

▪At Hidden Valley, we work with the Royal Papua New Guinea Constabulary and community leaders to

promote safety and security, including through awareness campaigns to address critical issues

impacting surrounding communities. This includes the consequences, risks and resultant issues

arising from unauthorised access and structures, theft, vandalism and illegal mining.

Future focus areas<br>Our future focus will include:<br>▪Continued collaboration and partnerships with host communities, government and law <br>enforcement to promote site security<br>▪Ongoing reviews of the effectiveness of our safety and security measures.<br>

**Ethical leadership and sound corporate governance**

Sound corporate governance principles

**Our board of directors, committed to ethical leadership, upholds our duty to be a responsible** 

**corporate citizen**

The Harmony board is committed to upholding sound corporate governance principles that empower

strong, experienced management teams and foster a culture of shared value for all stakeholders.

This solid foundation of governance continues to guide both the board and management in all their

decisions. Above all, the safety and wellbeing of our employees and the communities in which we

operate remain the driving force behind our approach.

Strategic risk management

The board has oversight of the group's risk governance process and progress in delivering on its strategy

to produce safe, profitable ounces and increase margins. This includes a risk-based and proactive safety

culture journey and value-accretive acquisitions.

For more, refer to Risk and opportunity management.

Sustainability

Harmony's sustainability framework and associated policies consider the SDGs and the group's role in

advancing our communities through preferential procurement, responsible environmental stewardship,

employment equity and women-in-mining strategies, among others.

Refer to *Material matters, Stakeholder engagement,* and the *Social and ethics committee: chairperson's* 

*report*.

Adding value

The board plays a pivotal role in enabling Harmony to create and sustain long-term value. Its approach to

value creation is anchored in four interconnected pillars; strategy, stakeholders, sustainability, and ethical

and responsible corporate citizenship – all of which align with the principles of King IV. Through ethical and

effective leadership, sound oversight of risk and performance management, and a steadfast commitment

to strong corporate governance, the board ensures the efficient use of resources and promotes long-term

sustainability. Moreover, the board's diversity strengthens its stakeholder-inclusive approach, enabling it

to effectively address the interests of multiple stakeholder groups.

Anticipating evolving governance standards

An evaluation of forthcoming regulatory developments and their potential impact on Harmony's

governance framework is underway to ensure continued compliance and alignment with best practices.

This process includes preparation for the release of King V, expected in October 2025.

Responsible, ethical governance

The board subscribes to the principles of good corporate governance. Accordingly, it supports

the definition of corporate governance as being the exercise of ethical and effective leadership to

achieve specific governance outcomes, summarised below:

---

| | |
|:---|:---|
| **Ethical culture and responsible corporate** <br>**citizenship**<br>▪Ethical leadership<br>▪Organisational ethics<br>▪Responsible corporate citizenship.<br>| **Effective control**<br>▪Governing structures and processes<br>▪Role of the board<br>▪Board committees<br>▪Appointment and delegation to <br>management.<br>*Functional areas*<br>▪Risk governance<br>▪Technology and information governance<br>▪Compliance governance<br>▪Remuneration governance<br>▪Assurance and internal audit.<br>|
| **Good performance and value creation**<br>▪Strategy and capital allocation <br>▪Reporting<br>▪Political donations<br>▪Executive KPIs linked to ESG <br>performance.<br>| **Legitimacy**<br>▪Inclusive stakeholder engagement <br>model and related disclosures. <br>|
| **Underpinned by the principles of King IV** | **Underpinned by the principles of King IV** |

---

Transformation and broader diversity of the board

To further demonstrate its commitment to transformation and the promotion of broader diversity

in terms of gender, age, expertise, culture, race, field of knowledge, skills and experience, the

board (through the nomination committee) had over the past three years, embarked on a board

representation transitional plan to strengthen Harmony's commitment to the four key pillars of King IV

for good corporate governance.

The transformation and diversity of the composition of the board is paramount. As such, the board

continues to annually evaluate key gaps in terms of composition and plans to close and mitigate against

those gaps are implemented. The review of the board's succession plans is an ongoing exercise to

ensure that the board is consistently creating value for stakeholders through continuity, sustainability

and transparency.

The board at a glance

Our duty to be a responsible corporate citizen is supported by our board of directors and their commitment to ethical leadership.

**Board independence, broader diversity and experience**

*(as at 30 June 2025)*

---

| | |
|:---|:---|
| **Transformation** | **Transformation** |
| 73% | Eleven members are historically <br>disadvantaged persons<br>|
| ![racialdiverstiy.jpg](racialdiverstiy.jpg) | ![racialdiverstiy.jpg](racialdiverstiy.jpg) |
| ![racialdiverstiy.jpg](racialdiverstiy.jpg) | ![racialdiverstiy.jpg](racialdiverstiy.jpg) |
| **Representation** | **Representation** |
| 33% | Five members are women |
| ![genderdiverstiy.jpg](genderdiverstiy.jpg) | ![genderdiverstiy.jpg](genderdiverstiy.jpg) |
| ![genderdiverstiy.jpg](genderdiverstiy.jpg) | ![genderdiverstiy.jpg](genderdiverstiy.jpg) |

---

---

| | |
|:---|:---|
| **Tenure, independence and skill areas** | **Tenure, independence and skill areas** |
| 73% | Eleven members of the board are <br>independent non-executive directors<br>|
| ![independence.jpg](independence.jpg) | ![independence.jpg](independence.jpg) |
| ![tenureofdirectors.jpg](tenureofdirectors.jpg) | ![tenureofdirectors.jpg](tenureofdirectors.jpg) |

---

---

| |
|:---|
| **Governance and compliance policies** |
| ▪Terms of reference for the board<br>▪Terms of reference for board committees<br>▪Board delegation of authority<br>▪Code of conduct<br>▪Behavioural code<br>▪Corporate governance policy and framework<br>▪Legal compliance policy and framework<br>▪Internal audit charter<br>▪Disclosure required by section 303A.11 of the NYSE-listed <br>company manual<br>▪Public Access to Information Act manual (PAIA)<br>▪Whistleblower policy<br>▪Human rights policy<br>▪Anti-bribery and anti-corruption policy<br>▪Anti-money-laundering policy<br>▪Trading in company shares and insider trading policy.<br>|
| **Foundation of corporate governance compliance** |
| ▪Companies Act, JSE Listings Requirements (primary), New <br>York Stock Exchange requirements, memorandum of <br>incorporation, King IV<br>▪Voluntary compliance with the principles of the United <br>Nations Global Compact, International Council on Mining <br>and Metals, GRI Standards and the International Cyanide <br>Management Code for the Manufacture, Transport and <br>Use of Cyanide in the Production of Gold (Cyanide Code).<br>|

---

Compliance policy and framework

---

| | | | |
|:---|:---|:---|:---|
| **Harmony subscribes to the ICRAFT process in respect of ethical leadership as recommended under King IV** | **Harmony subscribes to the ICRAFT process in respect of ethical leadership as recommended under King IV** | **Harmony subscribes to the ICRAFT process in respect of ethical leadership as recommended under King IV** | **Harmony subscribes to the ICRAFT process in respect of ethical leadership as recommended under King IV** |
|  | Integrity<br>Of board and governing body <br>(management) | Competence<br>Knowledge, due care <br>and diligence | Responsibility<br>For steering the delivery <br>of strategy |
|  | Transparency<br>Transparent in exercising <br>governance roles and <br>responsibilities | Fairness<br>Adopting a stakeholder-inclusive <br>approach | Accountability<br>Board accountability executing <br>their responsibilities |

---

![ethicalleadership-complian.jpg](ethicalleadership-complian.jpg)

With its long-standing commitment to good corporate governance, the Harmony board is satisfied that

appropriate practices are in place to promote the company's reputation as an ethical, reputable and

legitimate organisation and a responsible corporate citizen.

Acknowledging the significance of corporate governance and compliance, the board, through the audit

and risk committee, has a formal corporate governance policy and framework as well as a legal

compliance policy and framework that set out the principles of good corporate governance for the

board as well as employees at all operational levels.

In terms of the JSE Listings Requirements, Harmony is required to disclose its application of the

principles of King IV. The board, to the best of its knowledge, believes Harmony has satisfactorily

applied the principles of King IV.

For a more detailed review of Harmony's application of King IV, refer to the King IV checklist.

**Annual general meeting (AGM)**

The AGM of the company will be held on Wednesday, 26 November 2025 at 11:00 (SA time), to transact

the business as stated in the Notice to shareholders.

The issued share capital of Harmony comprises of ordinary and preference shares that entitles the

holder to vote on any matter to be decided by the shareholders of the company and to one vote

in respect of each ordinary and preference share held.

**Ethical culture and responsible corporate citizenship**

*Ethical leadership* 

The board leads by example. Each director is therefore expected to continually exhibit the

characteristics of integrity, competence, responsibility, accountability, fairness and transparency in their

conduct. Collectively, the board's conduct, activities and decisions are characterised by these attributes,

which also form part of the regular assessment of the board and individual directors' performance. The

board recognises that ethics is one of the pillars of sustainable business practice.

The board charter elaborates on the standard of conduct expected from members. In addition, the

board policy on declaration of interests limits the potential for a conflict of interest and ensures that, in

cases where conflict cannot be avoided, it is properly disclosed and proactively managed within the

boundaries of the law and principles of good governance.

*Organisational ethics*

The board sets the group's approach to ethics. Oversight and monitoring of organisational ethics is the

mandated responsibility of the social and ethics committee on behalf of the board.

Details of arrangements for governing and managing ethics, key focus areas in the reporting period,

measures taken to monitor organisational ethics and planned areas of future focus appear in the *Social* 

*and ethics committee: chairperson's report*.

*Ethics department and ethics management committee*

Harmony continues to collaborate with the Ethics Institute of South Africa and has procured the

expertise of SNG Grant-Thornton with two years remaining, not only to further embed good ethical

conduct but to also increase skills required to manage fraud detection, fraud prevention and reporting

thereof. Complementing these external partnerships, Harmony's dedicated ethics department

comprises permanent certified ethics officers responsible for implementing and communicating the

ethics management plan and programme throughout the organisation. The ethics management

committee, supported by the ethics officers and the white-collar crime committee, oversees and

monitors Harmony's ethical culture and integrity. In FY25, Harmony continued to strengthen employee

ethics awareness through expanded training and engagement initiatives across all operations.

The ethics management committee also assesses whistleblower items and declarations of interest in

terms of the code of conduct and provides feedback to the executive committee, which then reports to

the board's social and ethics committee. As a result, ethics are discussed and examined at every level of

management in the company.

Illegal mining remains a challenge in South Africa and for Harmony; however, mitigating factors to

combat this risk are in place.

See *Combatting illegal mining and unauthorised access for* more detail.

*Responsible corporate citizenship*

The mining industry introduces a unique duty and opportunity to the group to be a responsible

corporate citizen. While the board sets the tone and direction for how corporate citizenship is

approached and managed, the ongoing oversight and monitoring of the group's performance against its

social, ethical and environmental targets fall within the mandate of the social and ethics committee. In

addition, the social and ethics, remuneration, and audit and risk committees each assume specific

oversight responsibilities to ensure that Harmony's strategy remains aligned with its broader

commitments to sustainability, ethical conduct and responsible business practices.

Extensive detail on the consequences of the group's activities and outputs, which affect its status

as a responsible corporate citizen, with relevant measures and targets are provided in the Sustainability

report.

**Good performance and value creation**

*Strategy* 

The board is responsible for approving the group's short-, medium- and long-term strategy as

developed by management. In doing so, it focuses on critical aspects of the strategy, including the

legitimate and reasonable needs, interests and expectations of material stakeholders as well as the

impact of the group's activities and output on the various capitals employed in the business process.

Risks and opportunities connected to the triple context (economy, society and the environment) in

which the group operates are integral to the board's strategic reviews of the business.

Policies and operational plans supporting the approved strategy are submitted regularly by

management for review and formal board approval. The board attends an annual strategy session

to confirm and review the company's strategy.

Strategy is part of the ongoing conversation in the boardroom. Regular oversight of the implementation

of Harmony's strategies and operational plans takes place against agreed performance measures and

targets.

Given that the company's reputation as a responsible corporate citizen is an invaluable attribute and

asset, the consequences of activities and outputs, in terms of the capitals employed, are continuously

assessed by the board through its committees. This will ensure we are able to respond responsibly and

limit any negative consequences of our activities, to the extent reasonably possible. In addition, the

board continuously monitors the reliance of the group on these capital inputs – our natural capital

(including Mineral Resources and Reserves), employees, financial capital, communities and society at

large, our mining infrastructure and our intellectual and technological know-how – as well as the

solvency, liquidity and going-concern status of Harmony.

*Reporting*

In protecting and enhancing the legitimacy and reputation of the group, the board ensures

comprehensive reporting takes place on different platforms. The FY25 suite of reports appears on the

inside front cover.

The board's intention is to meet and exceed legal requirements, as well as the legitimate and

reasonable information needs of material stakeholders. The board is satisfied with management's basis

for determining the materiality of information to be included in our external reports. The audit and risk

committee, assisted by the social and ethics committee, is tasked with reviewing all external reports to

verify the integrity of information.

*Political donations*

Harmony supports the democratic processes in South Africa, Papua New Guinea and Australia. A policy

relating to political donations has been adopted by the company. During FY25, there were no political

donations made by Harmony.

**Effective control – governing structures and processes**

*Role of the board*

The board exercises its leadership role by:

▪Steering the group and setting its strategic direction

▪Approving policy and planning that gives effect to the direction provided

▪Overseeing and monitoring implementation and execution by management

▪Ensuring accountability for the group's performance by means of reporting and disclosures.

The role and function of the board, including guidelines on its composition and procedures, are detailed

in the board charter. This is reviewed annually (and when necessary) to ensure it remains relevant.

There is a protocol in place should any of the board members or committees need to obtain

independent, external professional advice at the cost of the company on matters within the scope of

their duties. Non-executive directors are also aware of the protocol for requisitioning documentation

from, and setting meetings with, management. Board members have direct and unfettered access

to the chief audit executive, group company secretary and members of executive management.

Based on its annual work plan, the board is satisfied that it fulfilled its responsibilities in the review

period in line with its charter.

Refer to ***Board and committee attendance*** in this report.

*Board committees*

The board has delegated particular roles and responsibilities to standing committees, based on legal

requirements, what is appropriate for the group and to achieve the objectives of delegation. The board

recognises that duties and responsibilities can be delegated, but accountability cannot be abdicated.

The board therefore remains ultimately accountable.

Each committee has formal terms of reference, reviewed annually (and when necessary) to ensure the

content remains appropriate. The terms of reference address the requirements of the JSE Listings

Requirements, Companies Act and the recommended items in King IV.

Refer to ***[Board committees](#i33c44c3831e342b883e9ab36f0eef510_3962)*** in this report.

**Effective control – functional areas**

*Risk governance* 

The board appreciates that risk is integral to the way it makes decisions and executes its duties. Risk

governance encompasses both risks and opportunities as well as a consideration of the potential positive

and negative effects of any risks on achieving Harmony's objectives. The group's risk appetite and

tolerance levels, which support its strategic objectives, are considered annually. The board is supported in

this area by the audit and risk committee.

Responsibility for implementing and executing effective risk management is delegated by the board to

management. The board acknowledges the need to integrate and embed risk management in

the business activities and culture of the group. The audit and risk committee is tasked with ensuring

independent assurance on the effectiveness of risk management in the group, when deemed necessary

and appropriate.

Refer to Risk and opportunity management in this report.

*Technology and information governance*

The board, assisted by the audit and risk committee, is responsible for governing technology and

information to support the group in setting and achieving its strategic objectives.

Over the past year, technology governance structures remained largely unchanged. However,

recognising the growing strategic importance of technology and the global rise in cyber incidents,

a comprehensive review was undertaken in FY25 to strengthen oversight, enhance resilience, and

ensure that Harmony's technology capabilities continue to support the group's operational and risk

management objectives. Material risks that have been highlighted are overseen by the audit and risk

committee, as is compliance to King IV. Risks and compliance, in this regard, are at acceptable levels.

Refer to *Audit and risk committee: chairperson's report* in the ***Financial report***.

*Compliance governance*

Being an ethical and responsible corporate citizen requires zero tolerance for any incidents of legislative

non-compliance. In addition, compliance with adopted non-binding rules, codes and standards is

essential in achieving strategic business objectives.

The foundation of our corporate governance complies with:

▪The Companies Act

▪Listings Requirements of the Johannesburg Stock Exchange, where we have our primary listing

▪Listings Requirements of the New York Stock Exchange, where we have our secondary listing

▪King IV and related principles and codes of good corporate governance.

Harmony also complies voluntarily with the principles of:

▪United Nations Global Compact

▪International Council on Mining and Metals

▪GRI Standards

▪Cyanide Code.

*Code of conduct*

Our behavioural code and code of conduct commits Harmony, our employees and our contractors to

the highest moral standards, free from conflicts of interest. The board reviews the code at least every

second year, while its application in Harmony is continually monitored by management. The code of

conduct was reviewed and updated in FY25. Our ethics programme is also subject to independent

assurance as part of the internal audit coverage plan. The code of conduct addresses critical issues,

including respect for human rights, anti-corruption, gifts and entertainment and declarations of

interests. It encourages employees and other stakeholders to report any suspected irregularities. This

can be done anonymously through a 24-hour hotline (managed independently) and other channels. All

incidents reported are investigated and monitored by the white-collar crime committee, which

comprises managers representing various disciplines in the company and reporting to the management

ethics committee.

*Whistleblowing policy*

Our whistleblowing policy encourages shareholders, employees, service providers, contractors and

members of the public to report practices at any of our workplaces that are in conflict with any law,

regulation, legal obligation, ethical codes or governance policies. It also provides a mechanism for our

stakeholders to report these practices internally, in confidence, independent of line management, and

anonymously if they wish. The whistleblowing policy informs whistleblowers of their rights. Harmony is

committed to protecting whistleblowers from any reprisals or victimisation.

The identity of any employee or stakeholder who reports non-compliance with the code of conduct and

other irregularities is protected. Our anonymous ethics hotline numbers are widely advertised

throughout the organisation:

▪South Africa: +27 (0) 800 204 256

▪Papua New Guinea: +675 (0) 00 478 5280

▪Australia: +61 (1) 800 940 949.

*Human rights* 

At Harmony, we conduct our activities in a way that respects human rights as set out in the

laws and constitutions of the countries in which we operate in line with the human rights policy which

was reviewed and updated in FY25. Our approach to respecting human rights includes adhering to

corporate policies, complying with applicable laws and regulations, regular dialogue and engagement

with our stakeholders and contributing, directly or indirectly, to the general wellbeing of communities

within which we operate.

*Legislative compliance*

The legal compliance function is responsible for the regulatory environment in which Harmony

operates. Continuous monitoring, assessments and development, regular updates to policies and

procedures, and ongoing staff training and awareness ensures that Harmony stays abreast of constantly

evolving regulatory compliance trends. Compliance information and reports on the status of legislative

compliance are presented at audit and risk committee meetings.

Refer to *Audit and risk committee: chairperson's report* in this report.

*Broad-based Black Economic Empowerment Act*

The annual compliance report in line with section 13G(2) of this act.

*Dealing in Harmony shares*

During price-sensitive periods, our employees and directors are prohibited from dealing in Harmony

shares. Written notice of these restricted periods is communicated to them by the group company

secretary. In terms of regulatory and governance standards, directors, prescribed officers and the group

company secretary are required to disclose any dealings in Harmony shares in line with the JSE Listings

Requirements. The clearance procedure for directors, prescribed officers and the group company

secretary to deal in Harmony shares is regulated by the company's policy on trading in shares and

insider trading.

*Significant fines*

Harmony paid no significant fines in any of its areas of operation. No actions were brought against it for

anti-competitive behaviour or anti-trust or monopoly practices in FY25.

*Foreign private issuers* 

New York Stock Exchange foreign private issuers, such as Harmony, must highlight any significant ways

in which their corporate governance practices differ from those followed by United States domestic

companies subject to the listing standards of the New York Stock Exchange.

A summary of these differences appears in 16J Insider trading policies.

*Tax governance*

*Approach to tax* 

We play an integral role in the economic life of individuals, communities and businesses where

we operate. Our approach to tax is informed by our intent to build a lasting legacy both from an

environmental and social perspective. We remain committed to contributing tax revenues to the

economies of the countries in which we operate, while maintaining transparent and responsible tax

management practices. Our approach is grounded in sustainable governance, ethical conduct and open

engagement with stakeholders, reflecting our commitment to accountability and transparency in all

fiscal matters.

*Tax governance, control and risk management* 

Harmony's tax governance framework is founded on strong corporate governance principles. Aligned

with broader business risk management and legal compliance, oversight is provided by both the board

and our audit and risk committee.

We follow robust internal controls, monitoring compliance with tax laws and regulations and regularly

assess the effectiveness of our controls as part of our annual reporting process and related external

audit activities.

Our ***Financial report*** *(Note 11)* provides specifics on our tax position and how it is managed as part of

our risk management and compliance requirements.

*Stakeholder engagement and management of concerns* 

We maintain a structured, proactive approach to stakeholder engagement, particularly with respect to

tax matters. We have a formal stakeholder engagement policy to guide and manage external

stakeholder concerns, complaints and grievances. Any tax-related grievance by any external stakeholder

would be managed according to this policy by our stakeholder relations officers to ensure the grievance

is managed in a timely and responsible manner.

Further details on our stakeholder engagement process, regarding governments and regulators

is available in the Stakeholder engagement section.

*Country-by-country reporting* 

Further details on payments to governments, including taxes and royalties is available in this report. A

country-by-country report is prepared and submitted annually to the relevant tax authorities.

*Remuneration governance*

Attracting and retaining the required skills depends largely on the remuneration levels and practices in

any business. It is therefore vital to ensure the group remunerates fairly, responsibly and transparently

to support the achievement of strategic objectives and positive outcomes in the short, medium and long

term. The board is supported in this area by the remuneration committee.

Provision has been made in the notice of the 2025 annual general meeting for a non-binding advisory

vote of shareholders on the remuneration policy and remuneration implementation report.

*Internal audit*

The audit and risk committee oversees arrangements for assurance services and functions on behalf of

the board to ensure these are effective in achieving the objectives of an enabling control environment

and supporting the integrity of information for internal decisions and external reporting.

A combined assurance framework effectively covers the group's significant risks and material matters

through a combination of internal functions and external service providers.

Refer to the *Audit and risk committee: chairperson's report*.

Despite the output of the combined assurance framework, board members are expected to apply an

enquiring mind, form their own opinion on the integrity of information and reports and the degree to

which an effective control environment has been achieved.

Internal audit plays an important part in the overall assurance approach and effectiveness of the

assurance framework. The audit and risk committee oversees the internal audit function on behalf

of the board.

*External independent quality assessment*

In FY25, the internal audit function underwent an independent quality review conducted by the Institute

of Internal Auditors South Africa. Consistent with the findings of the FY20 review, this assessment

concluded that the function generally conforms to the International Standards for the Professional

Practice of Internal Auditing Professional Practice of Internal Auditing, reflecting a high level of compliance

and effectiveness. No material findings were identified, and alignment with the newly issued internal audit

standards is well advanced and nearing completion. In line with best practice, an external independent

quality assessment is conducted every five years, with the next review scheduled for FY30.

*Sarbanes-Oxley Act (SOX) compliance*

We have controls related to Financial reporting risks, which are subject to continuous SOX control

performance monitoring and self-assessment, forming the basis for SOX certification. These

certifications are independently verified by external auditors. As of 30 June 2025, management carried

out an evaluation of the effectiveness of our SOX controls and has identified material weaknesses in

internal control over financial reporting as described below. Notwithstanding such material weaknesses

in internal control over financial reporting, our management, including our CEO and FD, has concluded

that our consolidated financial statements present fairly, in all material respects, our financial position,

results of our operations and our cash flows for the periods presented in this Annual Report, in

conformity with International Financial Reporting Standards Accounting Standards (IFRS Accounting

Standards) as issued by the International Accounting Standards Board (IASB).

Management did not design control activities to adequately address identified risks or operate at a

sufficient level of precision, that would identify material misstatements to our consolidated financial

statements. This material weakness contributed to the following additional control deficiencies that,

while not individually material, in the aggregate, each constituted additional material weaknesses:

▪Inadequate and insufficient evidence of review (including the precision of the review) of

Management Review Controls ("MRC's") as well as controls that contain an element of review. MRCs

are the reviews conducted by management of estimates and other kinds of information for

reasonableness.

▪Inadequate and insufficient evidence of the procedures performed to verify the completeness and

accuracy of Information Produced by the Entity ("IPE") used in the execution of controls. IPE is any

information that is produced internally by a company and provided as evidence supporting controls

of such company.

▪Ineffective information technology general controls (ITGCs) in the areas of user access, change-

management and IT operations, over certain information technology (IT) systems that support the

Company's financial reporting processes. Automated and manual business process controls that are

dependent on the affected ITGCs were also deemed ineffective because they could have been

adversely impacted to the extent that they rely upon information and configurations from the

affected IT systems.

While, individually, the MRC, IPE and ITGC control deficiencies identified were not material and did not

result in a material misstatement in our consolidated financial statements, when aggregated, they

constituted a material weakness. This is because these deficiencies impact controls across multiple

significant accounts and business processes within the Group's control environment, and as a result,

there is a reasonable possibility that a material misstatement in our consolidated financial statements

would not have been prevented or detected on a timely basis, if such a misstatement had in fact

occurred.

These material weaknesses did not result in identified material misstatements in our consolidated

financial statements presented in this Annual Report.

*Legitimacy*

*Inclusive stakeholder engagement model*

The board sets the direction for the group's approach to stakeholder relationships. An inclusive

stakeholder engagement approach considers whether the legitimate needs, interests and expectations

of all material stakeholders have been adopted.

Information on material stakeholders and the manner in which relationships with stakeholders are

managed, governed and monitored appears in Stakeholder engagement.

Group organisational structure

The group is led and directed by a unitary board of directors that is guided by ethical leadership practices, supported by board and committee charters that are reviewed regularly. The group executive management

team, headed by the chief executive officer, is responsible for leading implementation and execution of the board-approved strategy, policy and operational planning and governed appropriately in line with a formal

delegation of authority framework.

---

| | | | |
|:---|:---|:---|:---|
| **Board of directors** | **Board of directors** | **Board of directors** | **Board of directors** |
| The board exercises its leadership role over the group by: | The board exercises its leadership role over the group by: | The board exercises its leadership role over the group by: | The board exercises its leadership role over the group by: |
| Steering its strategic direction | Approving policy and planning that gives <br>effect to the strategy<br>| Overseeing and monitoring implementation <br>and execution by management<br>| Ensuring accountability for performance <br>through reporting and disclosure<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Board committees** | **Board committees** | **Board committees** | **Board committees** | **Board committees** | **Board committees** |
| The board has delegated particular roles and responsibilities to standing committees, but remains ultimately accountable. The board committees' primary functions include the consideration, oversight and <br>monitoring of strategies, policies, practices, performance and recommendations to the board for final approval related to: | The board has delegated particular roles and responsibilities to standing committees, but remains ultimately accountable. The board committees' primary functions include the consideration, oversight and <br>monitoring of strategies, policies, practices, performance and recommendations to the board for final approval related to: | The board has delegated particular roles and responsibilities to standing committees, but remains ultimately accountable. The board committees' primary functions include the consideration, oversight and <br>monitoring of strategies, policies, practices, performance and recommendations to the board for final approval related to: | The board has delegated particular roles and responsibilities to standing committees, but remains ultimately accountable. The board committees' primary functions include the consideration, oversight and <br>monitoring of strategies, policies, practices, performance and recommendations to the board for final approval related to: | The board has delegated particular roles and responsibilities to standing committees, but remains ultimately accountable. The board committees' primary functions include the consideration, oversight and <br>monitoring of strategies, policies, practices, performance and recommendations to the board for final approval related to: | The board has delegated particular roles and responsibilities to standing committees, but remains ultimately accountable. The board committees' primary functions include the consideration, oversight and <br>monitoring of strategies, policies, practices, performance and recommendations to the board for final approval related to: |
| **Audit and risk** | **Social and ethics** | **Remuneration** | **Nomination** | **Investment** | **Technical** |
| ▪Operating an adequate <br>system of internal control <br>and control processes<br>▪Accurate and appropriate <br>reporting of financial <br>statements<br>▪Governance of <br>information and <br>technology<br>▪Risk management and <br>overall risk governance.<br>| ▪Occupational health and <br>employee wellbeing, <br>environmental <br>management, corporate <br>social responsibility, <br>human resources, <br>public safety and <br>ethics management<br>▪Compliance with <br>relevant regulations<br>▪Sustainability-related key <br>performance indicators <br>and levels of assurance.<br>| ▪Fair reward of directors <br>and executive <br>management for their <br>contribution to Harmony's <br>performance<br>▪Harmony's compensation <br>policies and practices; <br>administration of its share <br>incentive schemes<br>▪Group remuneration <br>policy.<br>| ▪Formal and transparent <br>procedures on board <br>appointments<br>▪Succession planning for <br>directors and members of <br>executive management<br>▪Board self-assessment <br>process.<br>| ▪Potential projects, <br>acquisitions and disposals <br>in line with Harmony's <br>strategy; ensures due-<br>diligence procedures are <br>followed.<br>| ▪Safety, strategy and <br>operational performance<br>▪Review of strategic plans<br>▪Technical guidance and <br>support to management.<br>|

---

---

| |
|:---|
| **Group executive committee** |
| Led by the chief executive officer, in charge of executing board-approved strategy as well as the day-to-day management of all operations. |

---

See [Our leadership](#i33c44c3831e342b883e9ab36f0eef510_3386) for more information on the board and executive management team.

Board composition, chairman, independence and meeting attendance

**Board broader diversity** 

Diversity and transformation are key focus areas for the board. Harmony has adopted a promotion

of broader diversity policy at board level, specifically focused on promoting the diversity attributes

of gender, race, culture, age, field of knowledge, skills and experience.

The board is satisfied that its composition reflects the appropriate mix of knowledge, skills, gender,

race, culture, age, experience and independence. In addition, the composition of the board and its

leadership structure ensures there is a balance of power in the boardroom and that no one director has

unfettered authority of decision making.

**Board composition** 

As of the publication of this report, the board has 16 highly experienced and reputable members: 13 are

non-executive directors of whom 12 are independent; three are executive directors; five are female and

11 are historically disadvantaged persons.

The role and function of the board, including guidelines on its composition and procedures, are detailed

in the board charter. This is reviewed regularly to ensure it remains relevant.

Brief profiles of board members appear in ***Our leadership*** section, with detailed résumés online.

**Role of chairman**

The chairman of the board, Dr Patrice Motsepe is a non-executive director but is not classified as

independent. The board is satisfied that, following an assessment that was undertaken during the year

under review, that the lead independent director, Dr Mavuso Msimang, meets the requirements for an

independent director under the Companies Act, JSE Listings Requirements, King IV, and any other

criteria evidencing objectivity and independence established by the board.

The duties of the chairman and lead independent director have been included in the board charter and

are based on the recommendations of King IV. The roles of the chief executive officer and chairman are

separate. In addition to the chairman and lead independent director, the board also has an independent

non-executive deputy chairman, Ms Karabo Nondumo.

These appointments are reviewed annually and form part of the board's succession plan for the position

of chairman, deputy chairman and lead independent director.

Guidance provided by King IV on the chairman's membership of board committees has been applied.

The board chairman is only a member of the nomination committee, which is chaired by the lead

independent director.

**Assessing independence of directors with tenure of over nine years** 

The majority of non-executive directors are classified as independent and their independence has been

reviewed by the nomination committee. The board appreciates that independence is primarily a state of

mind and all board members, despite their categorisation, are expected to act independently and with

unfettered discretion at all times. This expectation is confirmed in the board charter.

Following an assessment undertaken by the nomination committee of Dr Mavuso Msimang, who

has served on the board for 14 years, Mr John Wetton (14 years), Ms Karabo Nondumo (12 years) and

Mr Vishnu Pillay (12 years), during the year under review, the committee is satisfied that these

individuals do not have any relationships that may impair, or appear to impair, their ability to apply

independent judgement. In addition, there are no interests, positions, associations or relationships

which, from the perspective of a reasonable and informed third party, are likely to influence the

members unduly or cause bias in their decision making.

The board thus concluded that the members demonstrated they were independent of mind and

judgement and had objectively fulfilled their roles as independent non-executive directors, despite their

tenure on the board. The wealth of experience of these members, in addition to their standing as

reputable individuals of integrity and character, makes their ongoing input and contribution an

invaluable asset to the board and the group.

In line with the board composition transitional plan, the board (with the assistance of the nomination

committee) continued to review its composition, structure, size, and independence to ensure alignment

with best practice and to advance its commitment to broader diversity. Mr John Wetton, one of the

board's longest-serving members, will retire by rotation this year. Although eligible for re-election, he will

not be seeking re-election to the board, effective as of the conclusion of the 2025 annual general meeting.

During the year, four independent non-executive directors (Ms Zanele Matlala, Ms Mametja Moshe, Mr

Mangisi Gule and Mr Frans Lombard) were appointed to the board and will stand for election by

shareholders at the forthcoming annual general meeting.

**Nomination, election and appointment**

The nomination committee is tasked with identifying potential candidates for appointment to the

board, while actual appointment is a matter for the board as a whole. The collective knowledge, skills

and experience required by the board, as well as broader diversity, are all aspects considered by the

board before appropriate candidates are identified for nomination. The nomination committee

conducts the necessary independence checks and investigations on potential candidates, as

recommended by King IV.

All new board members receive formal letters of appointment. In addition, they participate in an

extensive induction programme to enable them to make the maximum contribution in the shortest

possible time, and further receive, from Harmony's appointed JSE sponsor, a formal explanation on the

nature of their responsibilities and obligations arising from the JSE Listings Requirements. Ongoing

mentorship is provided to members with no or limited governance experience and they are encouraged

to undergo appropriate training. Provision has also been made in the board's annual work plan for

regular briefings on legal and corporate governance developments, as well as risks and changes in the

external environment of the group.

As required by the provisions of Harmony's memorandum of incorporation, a third of the non-executive

directors are expected to retire by rotation at each annual general meeting of the company. The board

is comfortable in recommending their reappointment to shareholders.

The role and function of the board, including guidelines on its composition and procedures, are detailed

in the board charter, which is reviewed regularly to ensure it remains relevant and applicable.

**Board performance evaluations**

The board fully supports the thinking that an appropriate evaluation of the board and its structures is a

strategic value-adding exercise that facilitates continual improvement of its performance and

effectiveness. An independent formal self-evaluation process was undertaken in FY25. This included an

assessment of the performance of the board, its chairman and individual members as well as

committees, chief executive officer and group company secretary.

Overall, the self-evaluation reconfirmed that the board and its committees were considered:

▪Highly effective

▪Appropriately positioned to discharge their governance responsibilities

▪Well supported by its committees

▪Working as a cohesive unit and that the highest ethical standards are applied in deliberations and

decision making, enabling the board to provide effective leadership from an ethical foundation.

The consensus among board members is that the chief executive officer:

▪Communicates consistently and effectively with all Harmony's stakeholders

▪Created and implemented an effective strategy, supported by management

▪Demonstrates ethical and transparent leadership by living the company's culture and reinforcing

its values.

Considering the outcome of the evaluation process, the board is satisfied that the process is improving

its performance and effectiveness.

**Conflicts of interest**

Each member of the board is required to submit a general declaration of financial, economic and other

relevant interests and to update these declarations as necessary. In addition, the declaration

of interests in any matter on the agenda of a board or committee meeting is a standard item at the start

of every meeting. In the event of a potential conflict being declared, the board proactively manages this

conflict within the boundaries of the law.

**Appointment and delegation to management** 

The board is responsible for appointing the chief executive officer on recommendation by the

nomination committee. Harmony's chief executive officer, Mr Beyers Nel who was appointed on

1 January 2025, is responsible for leading implementation and execution of the board-approved

strategy, policy and operational planning, and serves as a link between the board and management.

He is accountable and reports to the board. He is not a member of the remuneration, audit or

nomination committees. He does attend meetings of these committees as required to contribute

insights and information.

Succession planning for this position forms part of the executive succession plan that is monitored on

behalf of the board by the nomination committee. An emergency succession plan is also in place and

reviewed annually.

A formal delegation of authority framework is in place and reviewed regularly by the board to ensure its

appropriateness to the business. The delegation of authority addresses the authority to appoint

executives who may serve as ex officio executive members of the board and to make other executive

appointments.

**Group company secretary**

The group company secretary, Ms Shela Mohatla, is a full-time employee of Harmony who was

appointed by the board on 14 August 2020. She is a chartered secretary by profession and is a certified

director by the Institute of Directors South Africa.

Her résumé appears on ***www.harmony.co.za/about/executive***.

The board has direct access to the group company secretary who provides professional and

independent guidance to the board as a whole and to members individually on corporate governance

and legal duties. She also supports the board in coordinating the effective and efficient functioning of

the board and its committees.

The group company secretary has unrestricted access to the board and, at all times, retains an arm's-

length relationship to enhance the independence of the position. She is not a member of the board but,

being accountable to the board, reports to the board via the chairman on all statutory duties and

related functions.

To facilitate and enhance the independence and effectiveness of the group company secretary, the

board ensures the office of the group company secretary is empowered and the position carries the

necessary authority. The remuneration committee considers and approves the remuneration of the

group company secretary on behalf of the board.

Following the assessment of the group company secretary by the board in August 2025, the board is

satisfied that the group company secretary has the necessary competence, qualifications, experience,

gravitas and objectivity to provide independent guidance and support at the highest level of decision

making in the group.

The board is therefore satisfied that arrangements in place for accessing professional corporate

governance services are effective.

**Discharge of responsibilities** 

The board is satisfied that the committees properly discharged their responsibilities over the past year.

Furthermore, the board complies, to the best of its knowledge, with the Companies Act and its

memorandum of incorporation, monitors such compliance on an ongoing basis and operates in

conformity with its memorandum of incorporation.

**Board and committee attendance**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Attendance at committee meetings** | **Attendance at committee meetings** | **Attendance at committee meetings** | **Attendance at committee meetings** | **Attendance at committee meetings** | **Attendance at committee meetings** | | |
| **Name** | Age  | Appointed <br>director<br>| Independent | **Audit** <br>**and risk\***<br>| **Social and** <br>**ethics\***<br>| **Technical\*** | **Investment\*** | **Remuneration\*** | **Nomination\*** | **Attendance at board** <br>**meetings\*** | **Attendance at board** <br>**meetings\*** |
| **Non-executive directors** |  |  |  |  |  |  |  |  |  |  |  |
| Dr Patrice Motsepe <br>*(chairman)*<br>| 63 | 2003\*\* |  |  |  |  |  |  | **3/4** | **7/7** | **100%** |
| Ms Karabo Nondumo *(deputy* <br>*chairman)*<br>| 47 | 2013 | Yes | **7/7** | **5/5** |  | **7/7** |  | **4/4** | **6/7** | **86%** |
| Dr Mavuso Msimang <br>*(lead independent)*<br>| 84 | 2011 | Yes |  | **4/5** |  |  |  | **4/4** | **6/7** | **86%** |
| Mr John Wetton | 76 | 2011 | Yes | **4/4**<sup>3</sup> | **5/5** |  | **7/7** | **5/5** |  | **7/7** | **100%** |
| Mr Vishnu Pillay | 68 | 2013 | Yes |  |  | **6/6** | **7/7** | **5/5** | **4/4** | **5/7** | **71%** |
| Ms Given Sibiya | 57 | 2019 | Yes | **7/7** | **5/5** |  |  | **2/2**<sup>1</sup> |  | **7/7** | **100%** |
| Mr Peter Turner  | 69 | 2021 | Yes |  |  | **6/6** | **7/7** |  |  | **7/7** | **100%** |
| Mr Bongani Nqwababa | 59 | 2022 | Yes | **6/7** |  |  | **6/7** | **5/5** |  | **7/7** | **100%** |
| Mr Martin Prinsloo | 56 | 2022 | Yes | **7/7** |  | **6/6** | **7/7** |  |  | **7/7** | **100%** |
| Mr Magisi Gule<sup>1</sup> | 73 | 2025 | Yes |  |  |  |  | **2/2**<sup>1</sup> |  | **4/4**<sup>1</sup> | **100%** |
| Ms Zanele Matlala<sup>1</sup> | 62 | 2025 | Yes | **3/3**<sup>1</sup> |  |  |  |  |  | **3/4**<sup>1</sup> | **75%** |
| Ms Mametja Moshe<sup>1</sup> | 45 | 2025 | Yes | **3/3**<sup>1</sup> |  |  |  |  |  | **4/4**<sup>1</sup> | **100%** |
| **Executive directors** |  |  |  |  |  |  |  |  |  |  |  |
| Mr Beyers Nel<sup>2</sup> | 48 | 2025 |  |  |  |  |  |  |  | **4/4**<sup>2</sup> | **100%** |
| Ms Boipelo Lekubo | 42 | 2020 |  |  |  |  |  |  |  | **7/7** | **100%** |
| Mr Harry Mashego | 61 | 2010 |  |  |  |  |  |  |  | **7/7** | **100%** |
| **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2025** |

---

*\*Includes ad hoc meetings for the year.*

*\*\*Appointed chairman in 2004.*

<sup>1</sup>*Appointed on 17 January 2025.*

<sup>2</sup>*Appointed on 1 January 2025.*

<sup>3</sup>*Resigned as member on 17 January 2025.*

Mr Frans Lombard was appointed on 14 August 2025.

Mr Peter Steenkamp retired as chief executive officer and consequently resigned as executive director effective from 31 December 2024.

**Board committees**

The board has delegated particular roles and responsibilities to standing committees based on relevant

legal requirements and what is appropriate for the group to achieve the objectives of delegation.

The board recognises that duties and responsibilities can be delegated but accountability cannot be

abdicated. The board, therefore, remains ultimately accountable.

The following committees have been established:

▪Audit and risk

▪Social and ethics

▪Remuneration

▪Nomination

▪Investment

▪Technical.

A brief description of each committee, its functions and key activities and actions in FY25 appears

on the following pages.

The qualifications and experience of each committee member are included under Our leadership

section or go to www.harmony.co.za/about/ for board and management résumés.

Terms of reference

Formal terms of reference have been adopted for each board committee and are reviewed annually

(and when necessary) to ensure the content remains relevant. The terms of reference address, as a

minimum, the recommended items in King IV.

The respective terms of reference appear on www.harmony.co.za/sustainability/governance/practices-

policies.

Committee membership

In considering committee membership, the board, assisted by the nomination committee, is mindful of

the need for effective collaboration through cross-membership between committees, where required.

The timing of committee meetings is coordinated to facilitate and enhance the effective functioning and

contribution of each committee. Duties and responsibilities are documented to clearly define the

specific role and positioning of each committee on topics that may be within the mandate of more than

one committee. Committee membership has also been addressed to ensure a balanced distribution of

power across committees so that no person has the ability to dominate decision making and no undue

reliance is placed on any one person.

The board is satisfied that each committee, as a whole, has the necessary knowledge, skills, experience

and capacity to execute its duties effectively and with reasonable care and diligence. Each committee

has a minimum of three members. Members of executive and senior management are invited to attend

committee meetings as deemed appropriate and necessary for the effective functioning of the

committee.

In FY25, the majority of members of all board committees remained independent non-executive

directors. All board committees were chaired by an independent non-executive director.

Committee meetings

Any director who is not a member of a specific committee is entitled to attend meetings as an observer,

but not entitled to participate without the consent of the committee chairperson. Such directors have

no vote in meetings and will not be entitled to fees for attendance, unless specifically agreed by the

board and provided for in the board fee structure as approved by shareholders.

The board considers recommendations from its committees in matters requiring its approval, but

remains responsible for applying its collective mind to the information, opinions, recommendations,

reports and statements presented by the committees.

The meeting attendance of each committee member is included under board and committee

attendance on the following pages.

**Audit and risk committee**

---

| | |
|:---|:---|
| **Member** | **Committee tenure** |
| Martin Prinsloo (chairperson)<sup>1</sup> | 3 years |
| J Wetton<sup>2</sup> | 14 years |
| Karabo Nondumo | 12 years |
| Given Sibiya  | 6 years |
| Bongani Nqwababa | 3 years |
| Zanele Matlala<sup>3</sup> | 0.5 year |
| Mametja Motshe<sup>3</sup> | 0.5 year |

---

<sup>1</sup>*Appointed as chairperson on 17 January 2025.*

<sup>2</sup>*Resigned as chairperson and member on 17 January 2025.*

<sup>3</sup>*Appointed as member on 17 January 2025.*

Primary functions

▪Monitors operation of an adequate system of internal control and control processes

▪Monitors preparation of accurate financial reporting and statements in compliance with all applicable

legal and corporate governance requirements and accounting standards

▪Monitors risk management, ensures significant risks identified are appropriately addressed

and supports the board in overall governance of risk.

Key activities and actions in FY25

For detail on actions in FY25, refer to the *Audit and risk committee: chairperson's report*.

**Social and ethics committee**

---

| | |
|:---|:---|
| **Member** | **Committee tenure** |
| Karabo Nondumo (chairperson)<sup>1</sup> | 3.5 years |
| John Wetton | 14 years  |
| Dr Mavuso Msimang | 14 years |
| Given Sibiya | 3.5 years |

---

<sup>1</sup>*Appointed as chairperson on 15 December 2021.*

Primary functions

▪Oversees policy and strategies on occupational health and employee wellbeing, environmental

management, corporate social responsibility, human resources, public safety and ethics management

▪Monitors implementation of policies and strategies by executives and their management teams for

each discipline noted above

▪Assesses Harmony's compliance against relevant regulations

▪Reviews material issues in each of the above disciplines to evaluate their relevance in the reporting

period, and to identify additional material issues that warrant reporting, including sustainability-

related key performance indicators and levels of assurance.

Key activities and actions in FY25

▪Considered the governance of ethics and ethical leadership

▪Reviewed and recommended the social and ethics committee report to be included in the Integrated

report

▪Reviewed and considered the ethical, social, economic, human capital, environmental, health and

safety issues affecting the company's business and stakeholders

▪Reviewed and considered the effect of the company's operations on the economic, social and

environmental wellbeing of communities, as well as significant risks within the ambit of its

responsibilities

▪Considered Harmony's overall decarbonisation strategy

▪Considered and approved Harmony's sustainability framework and related policy

▪Approved material elements of sustainability reporting and key performance indicators that were

externally assured

▪Considered and monitored the company's internal and external stakeholder relations

▪Considered and approved Harmony's human rights policy

▪Considered and monitored the company's inclusive procurement and enterprise development

▪Monitored fraud risk assessment and considered interventions to in place to prevent fraud and report

▪Considered and approved Harmony's whistleblowing policy

▪Reviewed and recommended the committee's terms of reference to the board for approval.

See *Social and ethics committee: chairperson's report*.

**Remuneration committee**

---

| | |
|:---|:---|
| **Member** | **Committee tenure** |
| Given Sibiya (chairperson)<sup>1</sup> | 0.5 year |
| Vishnu Pillay<sup>2</sup> | 8 years |
| John Wetton | 14 years |
| Bongani Nqwababa | 3 years |
| Mangisi Gule<sup>3</sup> | 0.5 year |

---

<sup>1</sup>*Appointed as chairperson on 17 January 2025.*

<sup>2</sup>*Resigned as chairperson on 17 January 2025.*

<sup>3</sup>*Appointed as member on 17 January 2025.*

Primary functions

▪Ensures directors and executive management are fairly rewarded for their contribution to Harmony's

performance

▪Assists the board in monitoring, reviewing and approving Harmony's compensation policies

and practices and administration of its share incentive schemes

▪Operates as an independent overseer of the group remuneration policy and makes recommendations

to the board for final approval.

Key activities and actions in FY25

For detail on actions in FY25, refer to the *Remuneration committee: chairperson's report*.

▪Reviewed benefits and remuneration principles for Harmony executive management

▪Reviewed a summary of the suite of Harmony executive management incentive schemes to obtain a

holistic view

▪Reviewed and recommended the committee's terms of reference to the board for approval

▪Reviewed and recommended the company's incentive plan policy to the board for approval

▪Reviewed the company's overall retention strategy and policy based on global trends on staff

retention

▪Considered and recommended the remuneration policy and implementation report to the board for

inclusion in the notice of annual general meeting for consideration by shareholders as non-binding

advisory resolutions

▪Reviewed executive directors and executive management's remuneration benchmarks and

recommended their annual salary increases to the board for approval

▪Reviewed the annual salary increases of the group company secretary and chief audit executive

▪Reviewed non-executive director fees with the assistance of an independent service provider

▪Considered and recommended the company's total incentive plan Balanced Scorecard for FY26

for board approval.

**Nomination committee**

---

| | |
|:---|:---|
| **Member** | **Committee tenure** |
| Dr Mavuso Msimang (chairperson)<sup>1</sup> | 13 years |
| Dr Patrice Motsepe | 22 years |
| Vishnu Pillay | 6 years |
| Karabo Nondumo | 3.5 years |

---

<sup>1</sup>*Appointed as chairperson on 10 May 2018.*

Primary functions

▪Ensures procedures governing board appointments are formal and transparent

▪Makes recommendations to the board on all new board appointments

▪Reviews succession planning for directors and other members of the executive team and oversees

the board's self-assessment process.

Key activities and actions in FY25

▪Reviewed succession planning for directors and other members of the executive team and oversaw

the board's self-assessment process

▪Reviewed succession planning for the chief executive officer

▪Reviewed and recommended the committee's terms of reference to the board for approval

▪Reviewed and recommended for re-election directors who retire by rotation in terms of the

company's memorandum of incorporation

▪Reviewed and made recommendations on the composition, structure and size of the board and

its committees, in line with the board's policy on gender and race diversity

▪Considered the positions of the chairman and deputy chairperson of the board and lead independent

director and made recommendations to the board

▪Reviewed and recommended the independence of non-executive directors (especially independent

non-executives serving on the board for longer than nine years)

▪Reviewed and recommended immediate and long-term succession plans for the board, chairman of

the board, chief executive officer, executive management and the group company secretary

▪Considered the programme in place for the professional development of directors and regular

briefings on legal and corporate governance developments, risks and changes in the external

operating environment of the organisation

▪Considered the policy on the promotion of broader diversity at board level, specifically focusing on

the promotion attributes of gender, race, culture, age, field of knowledge, skills and experience.

**Investment committee**

---

| | |
|:---|:---|
| **Member** | **Committee tenure** |
| Bongani Nqwababa (chairperson)<sup>1</sup> | 3 years |
| John Wetton | 14 years |
| Karabo Nondumo | 12 years |
| Vishnu Pillay | 12 years |
| Peter Turner | 5 years |
| Martin Prinsloo | 3 years |

---

<sup>1</sup>*Appointed as chairperson on 17 August 2022.*

Primary functions

▪Considers projects, acquisitions and disposals in line with Harmony's strategy and ensures due

diligence procedures are followed

▪Conducts other investment-related functions designated by the board.

Key activities and actions in FY25

▪Considered investments, proposals, projects and proposed acquisitions in line with the board's

approved strategy and delegation of authority as well as the committee's terms of reference

▪Considered the company's exploration expenditure

▪Reviewed and recommended the budget and business plans for FY26 to the board for approval

▪Reviewed and recommended the committee's terms of reference to the board for approval

▪Post-investment monitoring of recent acquisitions

▪Attended a special meeting to discuss the Eva Copper study update ahead of final investment

decision

▪Reviewed and recommended the acquisition of MAC Copper Limited to the board approval.

**Technical committee**

---

| | |
|:---|:---|
| **Member** | **Committee tenure** |
| Peter Turner (chairperson)<sup>1</sup> | 5 years |
| Vishnu Pillay | 12 years |
| Martin Prinsloo | 3 years |

---

<sup>1</sup>*Appointed as chairperson on 23 February 2023.*

Primary functions

▪Provides a platform to discuss strategy, performance against targets, operational results, projects and

safety

▪Informs the board of key developments, progress against objectives and challenges facing operations

▪Reviews strategic plans before recommending to the board for approval

▪Provides technical guidance and support to management.

Key activities and actions in FY25

▪Monitored safety across all operations

▪Monitored exploration and Ore Reserves in South Africa and Papua New Guinea

▪Monitored all South African and Papua New Guinean operations

▪Evaluated and considered Harmony's risks and measures taken to mitigate those risks

▪Reviewed and recommended to the board the company's annual budget and business plans for FY26

to the board for approval

▪Considered investments, proposals, projects and proposed acquisitions from a technical viewpoint

▪Reviewed and recommended the committee's terms of reference to the board for approval

▪Attended a special meeting to discuss the Eva Copper study update ahead of final investment

decision

▪Reviewed and recommended the acquisition of MAC Copper Limited to the board approval.

**King IV checklist**

King IV promotes a holistic, outcomes-based approach to governance that emphasises ethical leadership, value creation, effective control, and accountability to stakeholders - standards that Harmony remains

committed to.

---

| | |
|:---|:---|
| **King IV principle** | **Go to this section in Governance:** |
| **Principle 1:**<br>The governing body should lead ethically and effectively<br>| Compliance policy and framework |
| **Principle 2:**<br>The governing body should govern the ethics of the organisation in a way that <br>supports the establishment of an ethical culture<br>| Compliance policy and framework |
| **Principle 3:**<br>The governing body should ensure that the organisation is and is seen to be a <br>responsible corporate citizen<br>| Responsible corporate citizen |
| **Principle 4:**<br>The governing body should appreciate that the organisation's core purpose, its <br>risks and opportunities, strategy, business model, performance and <br>sustainable development are all inseparable elements of the value creation <br>process<br>| Good performance and value creation |
| **Principle 5:**<br>The governing body should ensure that reports issued by the organisation <br>enable stakeholders to make informed assessments of the organisation's <br>performance, and its short, medium and long-term prospects<br>| Reporting |
| **Principle 6:**<br>The governing body should serve as the focal point and custodian of corporate <br>governance in the organisation<br>| Compliance policy and framework |
| **Principle 7:**<br>The governing body should comprise the appropriate balance of knowledge, <br>skills, experience, diversity and independence for it to discharge its governance <br>role and responsibilities objectively and effectively<br>| The board at a glance<br>Board composition, chairman, independence <br>and meeting attendance<br>|
| **Principle 8:**<br>The governing body should ensure that its arrangements for delegation within <br>its own structures promote independent judgement, and assist with balance of <br>power and the effective discharge of its duties<br>| Group organisational structure<br>Board committees<br>|
| **Principle 9:**<br>The governing body should ensure that the evaluation of its own performance <br>and that of its committees, its chair and its individual members, support <br>continued improvement in its performance and effectiveness<br>| Board performance evaluations |

---

---

| | |
|:---|:---|
| **King IV principle** | **Go to this section in Governance:** |
| **Principle 10:**<br>The governing body should ensure that the appointment of, and delegation to, <br>management contribute to role clarity and the effective exercise of authority <br>and responsibilities<br>| Appointment and delegation to management |
| **Principle 11:**<br>The governing body should govern risk in a way that supports the organisation <br>in setting and achieving its strategic objectives<br>| Effective control - governing structures and <br>processes<br>Effective control - functional areas<br>|
| **Principle 12:**<br>The governing body should govern technology and information in a way that <br>supports the organisation setting and achieving its strategic objectives<br>| Technology and information governance |
| **Principle 13:**<br>The governing body should govern compliance with applicable laws and <br>adopted, non-binding rules, codes and standards in a way that supports the <br>organisation being ethical and a good corporate citizen<br>| Compliance governance |
| **Principle 14:**<br>The governing body should ensure that the organisation remunerates fairly, <br>responsibly and transparently so as to promote the achievement of strategic <br>objectives and positive outcomes in the short, medium and long term<br>| Remuneration governance<br>Remuneration committee<br>|
| **Principle 15:**<br>The governing body should ensure that assurance services and functions <br>enable an effective control environment, and that these support the integrity <br>of information for internal decision making and of the organisation's external <br>reports<br>| Assurance and internal audit<br>Audit and risk committee<br>Independent auditor's report, Financial report<br>Assurance report, Sustainability report<br>|
| **Principle 16:**<br>In the execution of its governance role and responsibilities, the governing body <br>should adopt a stakeholder-inclusive approach that balances the needs, <br>interests and expectations of material stakeholders in the best interests of the <br>organisation over time<br>| Legitimacy |
| **Principle 17:**<br>The governing body of an institutional investor organisation should ensure that <br>responsible investment is practiced by the organisation to promote the good <br>governance and the creation of value by the companies in which it invests.<br>| n/a |

---

**Remuneration chairperson's report**

**Dear shareholder**

It is my privilege to present the 2025

remuneration report on behalf of the

remuneration committee (the

committee). Having been appointed

member and Chairman of the committee

on 17 January 2025, during the second

half of the financial year, I wish to begin

by expressing sincere gratitude to my

predecessor, Vishnu Pillay, who ably

chaired the committee for the first half

of the year, and for the preceding years.

His stewardship laid a strong foundation

for continuity, and I am honoured to

carry this important responsibility

forward.

The committee continues to refine

remuneration policies to align with

Harmony's strategy of safe, sustainable

growth. Central to this is our

commitment to fair, competitive, and

transparent pay practices that recognise

the contribution of all employees.

Initiatives such as entry-level pay

disclosure and innovative employee

financial wellness programmes reaffirm

this focus.

Governance and compliance

During the year, the committee aligned

with the partial amendments to the

Companies Act, 71 of 2008 (the

Companies Act), that have already taken

effect. We remain fully committed and

prepared to comply with any further

amendments once promulgated and

implemented. As always, we regard

governance, transparency, and

accountability as central to ensuring

confidence in our remuneration

practices.

Although the amendments to the

Companies Act that affect remuneration

governance and disclosure have not yet

come into effect, we have, on a voluntary

basis, disclosed in the implementation

report the ratio of total remuneration

between the highest-paid 5% and the

lowest-paid 5% of employees, consistent

with the disclosure provided in 2024.

We have disclosed the ratio including

fixed term contractors and learners,

which is compliant with the

requirements of the amendments, as

well as a supplementary version,

excluding fixed term contractors and

learners, which we believe is more

representative of the substance of our

remuneration policy.

Safety – committed to zero harm

The committee deeply regrets and

mourns the tragic loss of 11 employees in

the course of duty at our South African

operations during FY25. We extend our

heartfelt condolences to their families,

colleagues, and communities.

The safety and wellbeing of all

employees and stakeholders remain

central to Harmony's values. While we

have maintained a consistent focus on

safety over the years, we recognise that

further improvements are essential. Safe,

profitable mining is the foundation of our

business, and we remain resolutely

committed to achieving this standard.

While Harmony delivered strong results

in production and project performance,

the committee is mindful that safe,

profitable mining is the true measure of

success in our business. Our safety

performance was reflected in the

Balanced Scorecard outcomes for the

year, reminding us that further work is

required to achieve our ambition of zero

harm. The committee (and the board) is

committed to working tirelessly

alongside management to strengthen the

culture of safety, ensure robust risk

controls, and embed safe mining as a

non-negotiable value across all

operations.

Although the company's lost-time injury

frequency rate (LTIFR) reflected strong

performance during the financial year,

safety is not only a priority; it is a core

value that guides every aspect of

our operations. In FY25, safety carried a

weighting of 15% in the Balanced

Scorecard. Owing to the tragic loss of

lives during the year, a final outcome of

0% was awarded in FY25 for LTIFR

performance in central services and the

South African operations. Together, we

will continue to foster a safe and

supportive workplace, ensuring that every

employee returns home safely.

Financial and operational

performance

I am proud to report that in FY25, we

achieved the highest operating free cash

flow in Harmony's history. This

exceptional performance reflects the

unwavering dedication and hard work

of our employees at every level,

supported by record gold prices. Their

consistent focus on operational excellence

and efficiency has strengthened our

financial position and enabled us to

pursue strategic growth opportunities;

most notably, the acquisition of MAC

Copper Limited, transaction concluding

and taking effect on 24 October 2025. This

transaction marks a significant milestone

in advancing our copper diversification

strategy, positioning Harmony as an

emerging leader in a critical, future-

focused commodity. Collectively, these

achievements enhance our capacity to

deliver sustained value to our

shareholders and all stakeholders.

Competitive positioning

At the extraordinary general meeting held

on 31 January 2024, shareholders

overwhelmingly approved the issue of 12

651 525 ordinary shares (approximately

2% of the company's issued share capital)

to establish the Harmony ESOP Trust

(ESOP Trust) for the benefit of eligible

employees. The scheme has since been

fully implemented and is delivering on its

intended objectives. Each eligible

employee who qualified at inception, or

within six months thereafter, received an

equal allocation of 360 participation units,

directly attributable to approximately 360

ESOP Trust shares. This successful

allocation has ensured that all

beneficiaries share equally in the long-

term value creation of the company,

reinforcing Harmony's commitment to

broad-based employee ownership

and inclusive growth.

The landmark five-year wage agreement,

covering the period from 1 July 2024 to 30

June 2029 and signed with all five labour

unions, provides long-term stability and

predictability for our workforce.

This milestone strengthens labour

relations, supports operational continuity,

and reinforces Harmony's commitment to

sustainable, mutually beneficial

partnerships with its employees.

The committee undertook a

comprehensive review of Harmony's

comparator group to ensure that

remuneration practices remain

appropriate for a company of Harmony's

evolving scale and complexity. As the

organisation continues to grow and

expand its global footprint, executive

remuneration has been adjusted to reflect

this increased scope and responsibility.

While independent benchmarking against

comparable South African-listed mining

companies with significant size and

international exposure informed this

process, the adjustments primarily

recognise Harmony's transformation into

a more complex, globally integrated

business. The committee further

acknowledges the importance of ensuring

similar alignment for non-executive

directors. Refer to Executive

remuneration review for more detail.

Consistent with executive management,

in August 2025, the remuneration

committee reviewed non-executive

directors' fees against Harmony's

comparator group to ensure directors fees

remain appropriate for Harmony's size,

global footprint, and increasing

operational complexity. The review

confirmed that our fees lag the market

significantly in certain roles. Based on the

committee's recommendation, the board

has proposed increases above inflation

over a two-year period for these roles,

with the intention of bringing overall non-

executive director fees in line with the

market median. The board remains of the

view that market-competitive fees are

essential to attract and retain directors

with the requisite skills and experience.

Refer to Non-executive director fees for

more detail.

2025 focus areas

▪Review remuneration policies to

ensure continued alignment with best

practice

▪Progressive reduction of the pay gap in

line with fair and responsible pay

principles, with average increases of

5.5% for non-bargaining-unit

employees and 7.27% for bargaining-

unit employees, consistent with

collective bargaining agreements

▪Comprehensive review of the

Harmony employee value proposition

(EVP), considering global executive

benchmarks, South African competitor

practices, and worker recognition

and benefits

▪Monitoring of amendments to the

Companies Act and their implications

for remuneration governance and

reporting

▪Review of the Balanced Scorecard for

FY26, with changes set out below.

Changes to the remuneration

policy for FY26

A limited number of changes were made

to the executive remuneration policy for

FY26, aside from minor administrative

amendments to the Total Incentive Policy

for clarification purposes. Notably,

greater weighting has been allocated to

safety, with the addition of leading

indicators of safety, and project

execution has been introduced as a new

measure in the Balanced Scorecard.

The on-target and maximum

percentages, as well as deferral

percentages under the Total Incentive

Policy, remain unchanged from the FY25

policy.

Focus areas for FY26

▪Continued review of remuneration

positioning in light of Harmony's

increased size, global footprint, and

complexity

▪Continued assessment of the current

deferred share plan rules against King

IV and King V (to be launched in

October 2025) principles and evolving

best practice

▪Ongoing monitoring of shareholder

feedback and developments in both

local and global remuneration

practices

▪Sustained focus on employee financial

wellbeing, by leveraging Harmony's

corporate buying power and

partnering with service providers to

deliver innovative and value-

enhancing solutions for all employees

▪Evaluation of forthcoming regulatory

changes, and their potential impact on

Harmony's remuneration governance

framework, to ensure continued

compliance and alignment with best

practice.

King IV and King V principles

The committee continues to benchmark

both local and global remuneration

trends against our remuneration

strategy. At the 2024 annual general

meeting, the non-binding advisory vote

on the remuneration policy was

supported by 93.17% of votes cast, while

94.32% supported the implementation of

the remuneration report. Shareholder

feedback on areas for improvement was

carefully considered and incorporated

during the financial year.

As required by the Companies Act and

King IV, in the event that either the

remuneration policy or the

implementation report, or both, are

voted against by 25% or more, the board

will engage with shareholders to

understand concerns raised. This

engagement may be done by virtual

meeting or in writing and will be

implemented at a time after the release

of the voting results. Where possible and

prudent, objections are taken into

consideration when formulating any

amendments to the company's

remuneration policy and implementation

report in the following financial year.

King V will be launched in October 2025,

and the committee will consider any new

requirements introduced in this new

version of the governance code.

For more on the committee and its

activities in FY25, see the section on

*Board committees*.

Use of consultants and their

independence

During the year, the committee engaged

the services of RemChannel (Old Mutual)

and Bowmans to provide advice on

remuneration matters. We are satisfied

that the guidance received was both

independent and objective.

Statement on effectiveness of

policy

We are satisfied that our remuneration

policy has largely achieved its intended

objectives, though we recognise that

further improvement is required in our

safe production performance. We remain

confident that the Total Incentive Plan will

continue to strengthen overall company

performance, enhance our ability

to attract and retain critical skills, deliver

sustainable returns to shareholders, and

support the group's long-term growth

objectives.

Closing remarks

In closing, I wish to thank my fellow

committee members, the board, the

executive management team, and all

employees across our operations for

their commitment and dedication during

the year. I also extend special

appreciation to my predecessor for his

leadership in the first half of the financial

year.

Together, we remain committed to

ensuring that our remuneration

framework supports Harmony's long-term

sustainability, rewards performance

responsibly, and upholds the interests of

both shareholders and employees.

Except for matters relating to the review

of non-executive director fees, no

member of the committee has any

personal interest in the decisions taken

during the review period. All five

members serve as independent non-

executive directors, and the chairman of

the board does not serve on the

committee.

**Given Sibiya**

*Chairperson: remuneration committee*

24 October 2025

**Part 1: Remuneration policy**

Harmony's reward strategy underpins our business strategy of safely producing profitable ounces,

increasing our margins and expanding our Reserves and Resources through organic growth and

acquisitions.

To sustain this growth, we rely on experienced, skilled teams who live our values and maintain

stakeholder relationships to grow profits safely and support a sustainable company.

Our remuneration policy has been designed with our business strategy in mind – to attract and retain

these experienced, skilled teams, and to motivate them to achieve our key business goals. To ensure

this happens, we need to be certain that all elements of our remuneration and wider reward offerings

are aligned, fair and competitive. In determining remuneration, the remuneration committee considers

shareholders' interests as well as the financial health and future of the company.

Gender and race equality

Harmony's remuneration policy is to remunerate based on an individual's ability, skills, knowledge and

experience. Men and women, irrespective of their race or any other arbitrary factor, are paid equally for

equivalent roles.

Fair and responsible pay

Harmony is committed to the concept of a living wage, which is based on the philosophy of fair and

responsible pay. It embodies our initiatives to enhance the lives and wellbeing of our employees by

enabling them to improve their living conditions, and to have better access to social services, healthcare,

education and training.

Refer to *An engaged workforce* for more details.

Total incentive plan

The total incentive is determined every year on the following basis:

---

| |
|:---|
| **Total incentive** <br>**(R)**<br>|
| **=** |
| Guaranteed pay <br>(R)<br>|
| **X** |
| On-target factor <br>(%)<br>|
| **X** |
| Balanced Scorecard result <br>(%)<br>|

---

The Balanced Scorecard result includes a number of key short- and long-term company performance

measures (to be measured over trailing three- and one-year periods). The measures are reviewed and

defined annually with appropriate weightings.

A portion of the total incentive is paid immediately in cash and the balance is settled by means of

deferred shares, which vest at a rate of 20% per annum over the next five years for executive directors

and prescribed officers, and 33.33% per annum over the next three years for management.

Each element of the total incentive plan is described below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Guaranteed pay excludes short- and long-term incentives. To compete effectively for skills in a challenging employment market, we identify the target market to use in benchmarking guaranteed pay. This <br>target market includes organisations or companies that employ similar skill sets to those we require. Comparisons are made predominantly within the South African mining sector to ensure that Harmony <br>remains competitive. The median of the target market is used as the basis of our pay ranges. This same philosophy is applied to our Australasia operations. | Guaranteed pay excludes short- and long-term incentives. To compete effectively for skills in a challenging employment market, we identify the target market to use in benchmarking guaranteed pay. This <br>target market includes organisations or companies that employ similar skill sets to those we require. Comparisons are made predominantly within the South African mining sector to ensure that Harmony <br>remains competitive. The median of the target market is used as the basis of our pay ranges. This same philosophy is applied to our Australasia operations. | Guaranteed pay excludes short- and long-term incentives. To compete effectively for skills in a challenging employment market, we identify the target market to use in benchmarking guaranteed pay. This <br>target market includes organisations or companies that employ similar skill sets to those we require. Comparisons are made predominantly within the South African mining sector to ensure that Harmony <br>remains competitive. The median of the target market is used as the basis of our pay ranges. This same philosophy is applied to our Australasia operations. | Guaranteed pay excludes short- and long-term incentives. To compete effectively for skills in a challenging employment market, we identify the target market to use in benchmarking guaranteed pay. This <br>target market includes organisations or companies that employ similar skill sets to those we require. Comparisons are made predominantly within the South African mining sector to ensure that Harmony <br>remains competitive. The median of the target market is used as the basis of our pay ranges. This same philosophy is applied to our Australasia operations. | Guaranteed pay excludes short- and long-term incentives. To compete effectively for skills in a challenging employment market, we identify the target market to use in benchmarking guaranteed pay. This <br>target market includes organisations or companies that employ similar skill sets to those we require. Comparisons are made predominantly within the South African mining sector to ensure that Harmony <br>remains competitive. The median of the target market is used as the basis of our pay ranges. This same philosophy is applied to our Australasia operations. | **Description** |
|  |  |  |  |  | **Description** |
|  |  |  |  |  | **Description** |
|  |  |  |  |  | **Description** |
| **Element** | **Total on-target factor (as explained more fully above)** | **Total on-target factor (as explained more fully above)** | **Employee** | **% guaranteed pay** | **Description** |
| **Element** | **Total on-target factor (as explained more fully above)** | **Total on-target factor (as explained more fully above)** | Group chief executive officer | 180% for FY25 | **Description** |
| **Element** | **Total on-target factor (as explained more fully above)** | **Total on-target factor (as explained more fully above)** | Financial director, other executive directors and prescribed officers | 150% for FY25 | **Description** |
| **Element** |  |  |  |  | **Description** |
| **Element** |  |  |  |  | **Description** |
| **Element** |  |  |  |  | **Description** |
| **Element** | **Balanced Scorecard result** | **Cash portion of total** <br>**incentive (40%)** | A portion of the total incentive is settled in cash immediately when the Balanced Scorecard results <br>for the financial year have been determined and approved by the board. |  | **Description** |
| **Element** | **Balanced Scorecard result** | **Cash portion of total** <br>**incentive (40%)** | **Cash portion (balance settled in deferred shares)** | **% of incentive** | **Description** |
| **Element** | **Balanced Scorecard result** | **Cash portion of total** <br>**incentive (40%)** | Group chief executive officer | 40% | **Description** |
| **Element** | **Balanced Scorecard result** | **Cash portion of total** <br>**incentive (40%)** | Financial director, other executive directors and prescribed officers | 40% | **Description** |
| **Element** | **Balanced Scorecard result** |  |  |  | **Description** |
| **Element** | **Balanced Scorecard result** |  |  |  | **Description** |
| **Element** | **Balanced Scorecard result** |  |  |  | **Description** |
| **Element** | **Balanced Scorecard result** | **Deferred share portion of** <br>**total incentive (60%)**<br>| The balance of the total incentive is settled in deferred shares, vesting at a rate of 20% per annum over the next five years for executive <br>directors and prescribed officers, and 33.33% per annum over the next three years for management. | The balance of the total incentive is settled in deferred shares, vesting at a rate of 20% per annum over the next five years for executive <br>directors and prescribed officers, and 33.33% per annum over the next three years for management. | **Description** |

---

**FY26 Balanced Scorecard**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Group**  | **South Africa** <br>**operations** <br>| **Australasian** <br>**operations** <br>|
|  | **Scorecard component** | **(%)** | **(%)** | **(%)** |
| **Shareholder value** | Total shareholder return (absolute) | 8.34 | 6.67 | 6.67 |
| **Shareholder value** | Total shareholder return (relative to JSE-listed Gold Comparators) | 8.33 | 6.67 | 6.67 |
| **Shareholder value** | Total shareholder return (relative to FTSE Gold Mines Index) | 8.33 | 6.66 | 6.66 |
| **Financial and operational** | Production | 20.00 | 30.00 | 30.00 |
| **Financial and operational** | Total production cost | 10.00 | 15.00 | 15.00 |
| **Financial and operational** | Free cash flow | 5.00 |  |  |
| **Growth** | Development |  | 10.00 | 10.00 |
| **Growth** | Additions to mineral reserves | 10.00 |  |  |
| **Growth** | Project execution (for future measurement) |  |  |  |
| **Project execution** | Project execution schedule  | 3.00 | 3.00 | 3.00 |
| **Project execution** | Project execution costs | 2.00 | 2.00 | 2.00 |
| **Sustainability**  | Safety performance: LTIFR | 15.00 | 15.00 | 15.00 |
| **Sustainability**  | Safety performance: Leading indicators | 5.00 | 5.00 | 5.00 |
| **Sustainability**  | Environmental, social and governance (ESG) | 5.00 |  |  |
| **Total** |  | **100.00** | **100.00** | **100.00** |

---

The LTIFR award percentage will be adjusted as follows:

▪The actual number of fatalities compared to the average fatalities over the previous three years:

–Equal to or better than the average – full LTIFR award

–Up to 20% above the average – 60% of LTIFR award

–Between 20% and 40% above the average – 40% of LTIFR award

–More than 40% above the average – 0% of LTIFR award.

---

| | | |
|:---|:---|:---|
| **Applicable Balanced Scorecard** <br>**for eligible operations/**<br>**divisions**<br>| **Functions** | **% participation** |
| **Group**  | Group CEO office, prescribed officers, new business development and growth managers and <br>corporate services managers exclusively allocated to a group and corporate function.<br>| 100% group |
| **SA operations**  | Deputy group CEO, executive managers and all on-shaft SA ops managers and off-shaft services <br>managers exclusively allocated to SA ops services (Free State services, Moab Khotsong services, <br>Mponeng services and Randfontein office services).<br>| 100% SA ops |
| **AA\* operations**  | Chief operating officer, executive managers, all on-mine and off-mine AA ops managers and AA <br>managers exclusively allocated to AA ops.<br>| 100% AA ops |
| **AA\* – shared-service** <br>**resources**<br>| Specific sub-functions of finance and commercial services, HR and other. | % split to be determined by time spent on each function, respectively, <br>between AA and group divisions.<br>|

---

*\* Australasia.*

Details of the FY25 Balanced Scorecard showing the total incentive and actual performance outcomes are disclosed in the remuneration implementation section (part 2).

Scorecard components

**Total shareholder return** 

Shareholder value is measured as total shareholder return (TSR) over a three-year period ending in June of each year.

It comprises two components:

▪Absolute performance over the measurement period, compared to the company's cost of equity (COE), taking into account the growth in the company's share price and the value of dividends paid

▪Relative performance of the company versus JSE-listed Gold Comparators and FTSE Gold Mines Index over the measurement period.

The threshold, target and stretch performance criteria for TSR (with the recalibrated scorecard outcomes as explained above) are set out below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Scorecard** <br>**component** <br>| **Principle** | **Threshold**<br>**67%**<br>| **Target**<br>**100%**<br>| **Stretch**<br>**167%**<br>|
| **Shareholder** <br>**value** | TSR (absolute)  | To be measured over a three-year period ending in June of each year  | COE + 0% <br>per year <br>| COE + 3% <br>per year <br>| COE + 6% <br>per year <br>|
| **Shareholder** <br>**value** |  |  |  |  |  |
| **Shareholder** <br>**value** |  |  |  |  |  |
| **Shareholder** <br>**value** |  |  |  |  |  |
| **Shareholder** <br>**value** | TSR (relative)  | To be measured over a three-year period relative to JSE-listed Gold Comparators | On index  | Index + 10%  | Index + 20%  |
| **Shareholder** <br>**value** |  |  |  |  |  |
| **Shareholder** <br>**value** |  |  |  |  |  |
| **Shareholder** <br>**value** |  |  |  |  |  |
| **Shareholder** <br>**value** | TSR (relative) | To be measured over a three-year period relative to the FTSE Gold Mines Index  | On index | Index + 10% | Index + 20% |

---

**Financial and operational performance**

Financial and operational performance comprises gold production and cost management for the financial year measured against the board-approved business plan.

▪Production

–Total gold production against board-approved business plan for the year

▪Total production cost (SA) and (AA)

–Total cash operating cost and total capital expenditure for the year

▪Free cash flow

–Cash flow generated by operations adjusted for exploration capital, dividends and the effect of commodity price and exchange rate changes in excess of 10% (higher or lower).

The threshold, target and stretch performance criteria are set out below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Scorecard** <br>**component**<br>| **Principle** | **Threshold**<br>**67%**<br>| **Target**<br>**100%**<br>| **Stretch**<br>**167%**<br>|
| **Financial and** <br>**operational** | Production  | To be measured against board-approved plan  | (5)% | Plan | 5% |
| **Financial and** <br>**operational** |  |  |  |  |  |
| **Financial and** <br>**operational** |  |  |  |  |  |
| **Financial and** <br>**operational** |  |  |  |  |  |
| **Financial and** <br>**operational** | Total production <br>cost (SA) and (AA)<br>| To be measured against board-approved plan | (5)% | Plan | 5% |
| **Financial and** <br>**operational** |  |  |  |  |  |
| **Financial and** <br>**operational** |  |  |  |  |  |
| **Financial and** <br>**operational** |  |  |  |  |  |
| **Financial and** <br>**operational** | Free cash flow  | To be measured against board-approved plan | (30)% | Plan | 30% |

---

**Growth**

Growth comprises three areas:

▪Development

–Development is measured against the board-approved business plan of ongoing capital development – the development of reef and waste metres (South Africa) and waste tonnes (Australasia) for the financial year.

▪Addition to Mineral Reserves

–Addition to Mineral Reserves through acquisitions and major capital projects which will be calculated on a three-year period rolling average.

The threshold, target and stretch performance criteria are set out below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Scorecard** <br>**component**<br>| **Principle** | **Threshold**<br>**67%**<br>| **Target**<br>**100%**<br>| **Stretch**<br>**167%**<br>|
| **Growth** | Development | To be measured against board-approved plan as a leading indicator of medium- to long-term <br>sustainability<br>| (5)% | Plan | 5% |
| **Growth** |  |  |  |  |  |
| **Growth** |  |  |  |  |  |
| **Growth** |  |  |  |  |  |
| **Growth** | Addition to <br>Mineral Reserves<br>| Will measure Ore Reserve addition on a three-year period rolling average on pre-depletion basis, <br>excluding asset sales<br>| +1.5Moz | +2Moz | +2.5Moz |

---

**Project execution**

Project execution measurement is based on the consolidated weighted average scores of all material projects based on:

▪Project execution schedule

–Project key dates and critical path (50%)

–Project percentage completion vs planned completion (50%)

▪Project execution costs

–Ratio of actual to planned costs/ratio of actual to planned completion.

The threshold, target and stretch performance criteria are set out below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Scorecard** <br>**component**<br>| **Principle** | **Threshold**<br>**67%**<br>| **Target**<br>**100%**<br>| **Stretch**<br>**167%**<br>|
| **Project** <br>**execution** | Key dates | Date of completion of key task on critical path  | Latest acceptable <br>date<br>| Planned date | Earliest possible <br>date<br>|
| **Project** <br>**execution** |  |  |  |  |  |
| **Project** <br>**execution** |  |  |  |  |  |
| **Project** <br>**execution** |  |  |  |  |  |
| **Project** <br>**execution** | Completion <br>percentage ratio<br>| Actual increase in completion percentage/planned increase in completion percentage | 0.8 | 1.0 | 1.2 |
| **Project** <br>**execution** |  |  |  |  |  |
| **Project** <br>**execution** |  |  |  |  |  |
| **Project** <br>**execution** |  |  |  |  |  |
| **Project** <br>**execution** | Costs | Ratio of actual costs compared to planned costs/completion percentage ratio | 1.2 | 1.0 | 0.8 |

---

**Sustainability** 

Sustainability comprises two components:

▪Safety performance:

–Lagging indicators: LTIFR will be measured against the board-approved plan

–Leading indicators: Workplace Hazard Rating (group and SA) and Fatality Critical Control Check Quality (FCCC) measure (Australasia) ESG

–ESG will be measured on the basis of continued inclusion in the FTSE4Good Index as verified by FTSE Russell.

The threshold, target and stretch performance criteria are set out below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Scorecard** <br>**component**<br>| **Principle** | **Threshold**<br>**67%**<br>| **Target**<br>**100%**<br>| **Stretch**<br>**167%**<br>|
| **Sustainability** | LTIFR | To be measured against board-approved plan | (5)% | Plan | 5% |
| **Sustainability** |  |  |  |  |  |
| **Sustainability** |  |  |  |  |  |
| **Sustainability** |  |  |  |  |  |
| **Sustainability** | Leading indicators | Group and SA operations – Workplace Hazard Rating | 80% | 87.5% | 95% |
| **Sustainability** | Leading indicators |  |  |  |  |
| **Sustainability** | Leading indicators |  |  |  |  |
| **Sustainability** | Leading indicators |  |  |  |  |
| **Sustainability** | Leading indicators | Australasia operations – Fatal Critical Control Check Quality (stretch vesting for 95% achievement, <br>0% vesting for < 95%)<br>| <95% gives 0% vesting | <95% gives 0% vesting | >=95% |
| **Sustainability** |  |  |  |  |  |
| **Sustainability** |  |  |  |  |  |
| **Sustainability** |  |  |  |  |  |
| **Sustainability** | ESG | To be measured on the basis of continued inclusion in the FTSE4Good Index as verified by FTSE Russell | Yes | Yes | No |
| **Sustainability** | ESG | To be measured on the basis of continued inclusion in the FTSE4Good Index as verified by FTSE Russell |  |  |  |
| **Sustainability** | ESG | To be measured on the basis of continued inclusion in the FTSE4Good Index as verified by FTSE Russell |  |  |  |
| **Sustainability** | ESG | To be measured on the basis of continued inclusion in the FTSE4Good Index as verified by FTSE Russell |  |  |  |
| **Sustainability** | ESG | To be measured on the basis of continued inclusion in the FTSE4Good Index as verified by FTSE Russell | 5% | 5% | N/a |

---

Minimum shareholding requirement

We have encouraged executive directors and prescribed officers to retain performance shares when they vest and a minimum shareholding requirement (MSR) was again confirmed in the new total incentive plan to

achieve this. The requirement provides that:

▪50% of the shares that will vest to an executive director or prescribed officer will, immediately prior to the applicable vesting date, be automatically locked up on the terms and in accordance with the MSR

▪The lock-up will apply for as long as the relevant target MSR applicable to the executive director or prescribed officer has not been met

▪Once the relevant target MSR has been met, any deferred shares that subsequently vest in and are settled to an executive director or prescribed officer will vest and be settled in accordance with the terms of the

deferred share plan

▪An executive director or prescribed officer may elect to voluntarily lock-up shares that vest in terms of the deferred share plan even if it results in locked-up shares exceeding the target MSR – if the locked-up shares

exceed the target MSR, the excess shares will remain in lock-up until the next vesting date (in terms of any relevant Harmony share incentive plans applicable at the time) at which point the excess shares will be

released from lock-up and settled in accordance with the terms of the deferred share plan.

The MSR will continue to apply to an executive director or prescribed officer as long as they remain an executive director or prescribed officer.

If an executive director or prescribed officer ceases to be employed by the group for any reason, their locked-up shares will be released from the lock-up on the date of terminating employment.

**Target MSR** 

The target MSR is the relevant target minimum shareholding value (expressed in South African rand) that is required to be held by an executive director or prescribed officer from time to time pursuant to this MSR being

a minimum of 100% of their respective cost to company.

**Measurement of target MSR**

Each tranche of locked-up shares will be deemed to have a value for the purposes of determining whether the target MSR has been met, equal to the one-day volume-weighted average price (VWAP) of a share in South

African rand (ZAR) at the date of such lock-up, multiplied by the number of shares to be locked up in such tranche. This value will be increased yearly by the applicable consumer price index (CPI) rate for the year.

**Trading restriction**

Appropriate entries in the relevant registers will be made to record that all the executive director or prescribed officer's shares, which are subject to the lock-up, will be noted by the relevant central securities depository

participant in terms of section 39 of the Financial Markets Act and the appropriate flag placed on the relevant securities account.

**Voting and dividends** 

An executive director or prescribed officer will, in respect of vested shares that are subject to the lock-up:

▪Exercise all voting rights in respect of such shares

▪Receive all distributions payable in respect of such shares.

**Application to foreign prescribed officer**

The target MSR of the foreign prescribed officer will be determined on the date on which this MSR is adopted or first applies to the foreign prescribed officer (whichever occurs first). In calculating the target MSR of the

foreign prescribed officer, the company will use the cost to company (in ZAR) of the deputy group chief executive officer.

The ZAR value of any shares that are to be locked up (in terms of this MSR) will be determined on the applicable vesting date with reference to the share price on that date.

To determine whether the target MSR has been satisfied, the

pre-tax value of the locked-up shares will be taken into account.

Deferred share plan limit

The overall limit for deferred shares, issued under the 2018 deferred share plan, is 5% of the shares in issue at the time the plan was approved, amounting to 25 000 000 shares. The individual limit is 0.6%, amounting to

3 000 000 shares.

Pay mix for prescribed officers

The tables below illustrate the pay mix for prescribed officers, based on achieving minimum, on-target and stretch performance. The composition of total remuneration outcomes for FY25 is illustrated below.

**Group chief executive officer\***

*FY25 pay mix*

---

| | | | |
|:---|:---|:---|:---|
|  | **Minimum**  | **On-target**  | **Stretch**  |
|  | **(%)** | **(%)** | **(%)** |
| Salary benefits | 84 | 85 | 85 |
| Retirement savings and <br>contributions<br>| 16 | 15 | 15 |
| Guaranteed pay | **100** | **100** | **100** |
| Short-term incentive |  | 72 | 120 |
| Long-term incentive |  | 108 | 180 |
| Total remuneration | **100** | **280** | **400** |

---

![ceoontrgtpaymix.jpg](ceoontrgtpaymix.jpg)

*\*Remuneration pro rata for the period classified as executive director from 1* 

*January 2025.*

**Other executives (financial director, other executive directors and** 

**prescribed officers)**

*FY25 pay mix*

---

| | | | |
|:---|:---|:---|:---|
|  | **Minimum**  | **On-target**  | **Stretch**  |
|  | **(%)** | **(%)** | **(%)** |
| Salary benefits | 90 | 90 | 90 |
| Retirement savings and <br>contributions<br>| 10 | 10 | 10 |
| **Guaranteed pay** | **100** | **100** | **100** |
| Short-term incentive |  | 60 | 100 |
| Long-term incentive |  | 90 | 150 |
| Total remuneration | **100** | **250** | **350** |

---

![otherexecutives.jpg](otherexecutives.jpg)

**Average monthly wages and benefits underground**

*FY25 policy*

---

| | | |
|:---|:---|:---|
| **Total remuneration** | **Category 4** <br>**(%)**<br>| **Category 8** <br>**(%)**<br>|
| Fixed earnings | 64 | 62 |
| Company benefits | 15 | 13 |
| Guaranteed pay | **79** | **75** |
| Variable pay | 21 | 25 |
| Total remuneration | **100** | **100** |

---

![category4underground.jpg](category4underground.jpg)

![category8underground.jpg](category8underground.jpg)

Each component includes:

▪**Fixed earning:** Basic pay, service increment, 13th cheque, living-

out allowance

▪**Variable income:** Average overtime, shift allowance, average

bonus, meal allowance, unemployment insurance fund/skills

development levy, insurance benefit

▪**Company benefits:** Employer provident/pension fund and

medical aid.

Non-executive director fees

Market comparisons, the fiduciary risks carried by non-executive directors, their workload, time commitments, expertise and preparation expected of each non-executive director role are considered when reviewing our

non-executive director fees.

Harmony's philosophy on remunerating non-executive directors is to ensure that they are fairly rewarded for their contribution to the company's governance while maintaining independence from executive

performance outcomes.

Non-executive directors' fees are reviewed annually and compared to the market median of companies of comparable size and complexity to ensure they remain fair and competitive.

In August 2025, the committee conducted a benchmarking review, using the same comparator group as for the executive benchmarking discussed above to reflect the growth in scale and global complexity of the company,

which confirmed that Harmony's non-executive director fees continue to lag the market significantly in certain roles. On the recommendation of the committee, the board has proposed a two-year "catch-up" process,

involving above-inflation increases for certain roles, to bring overall non-executive director fees in line with the market median by FY27. The board believes that ensuring competitive fees is critical to attract and retain

directors with the depth of knowledge and experience required to oversee a growing, globally diversified business.

In line with the recommendations of King IV, our non-executive directors are paid a retainer for board meetings and attendance fee for every board meeting attended. Non-executive directors also receive a retainer for

serving on a committee. In addition, a per-day ad hoc fee is paid for site visits, special meetings or attending to company business. This fee is reduced commensurately to reflect time actually spent in this regard, which is

shorter than a full day.

Non-executive directors do not receive share options or other incentive awards correlated with the share price or group performance, as these may impair their ability to provide impartial oversight and advice. The

proposed fees for FY26 are set out in the Notice of shareholders.

**Performance of management**

The individual performance of employees will not be taken into account in determining the total incentive plan outcome. Harmony follows a team-based balanced scorecard approach in determining incentive awards. All

management employees are assessed every year against set key performance indicators which are used to guide the development, promotion and salary increase of such employees.

For more information on assessing the performance of the CEO, please refer to*Ethical leadership and sound corporate governance*.

**Contracts, severance and termination**

Executive directors and prescribed officers have employment contracts with Harmony that include notice periods of up to 90 days. T are no balloon payments on termination, automatic entitlement to bonuses or

automatic entitlement to share-based payments other than in terms of the company's approved share incentive plans.

**Malus and clawback**

Malus is the forfeiture of a variable pay award before it vests or is settled, and clawback refers to a requirement to repay some or all of an award after it has vested or is settled.

The committee has the discretion to determine that a prescribed officer or executive manager's total share plan award is subjected to reduction, forfeiture or clawback (in whole or in part) if:

▪T is reasonable evidence of misbehaviour or material error by a prescribed officer or executive manager

▪The financial performance of the group, company, employer company or relevant business unit for any financial year, used to determine an award, have subsequently appeared to be materially inaccurate

▪The group, company, employer company or relevant business unit suffers a material downturn in its financial performance for which the prescribed officer or executive manager can be seen to have some liability

▪The group, company, employer company or relevant business unit suffers a material failure of risk management for which the prescribed officer or executive manager can be seen to have some liability or in any other

circumstances if the committee determines that it is reasonable to subject the awards of one or more prescribed officers or executive managers to reduction or forfeiture.

Procedures to impose any malus or clawback provisions must be initiated within three years of the award. To eliminate doubt, the provisions of this malus and clawback policy do not detract from any other legal rights

or measures the company has as recourse for acts of fraud, wrongdoing and/or negligence by its prescribed officers or executive management.

The incentive-based compensation recovery policy, which provides for the clawback of overpayments arising from financial misstatements, is in place. It was, however, not applied in the period under review, as no such

misstatements occurred.

**Shareholder feedback**

We maintain open communication channels with our shareholders, listen to feedback and take action where this is deemed to be in the best interests of the company.

**Part 2: Remuneration implementation report on the policy applicable in FY25**

This section of the report includes details of the implementation and outcomes of the remuneration policy for FY25. We report on the increase in guaranteed packages and performance outcomes for the total incentive

plan.

We have also included disclosure of total single-figure remuneration, the schedule of unvested awards and cash flows for executive directors and prescribed officers in line with the applicable King IV requirements, and

with the guidance statement from the Institute of Directors and the South African Reward Association. The remuneration of non-executive directors is disclosed as required by King IV and the Companies Act.

Increases to guaranteed packages during the year

An assessment of executive remuneration was undertaken during the year. Taking into consideration prevailing market conditions, affordability and shareholders' expectations, an average increase of 5.0% to guaranteed

remuneration packages of management was made in FY25. The average percentage increases awarded to executives, management and bargaining-unit employees staff in FY23, FY24 and FY25 are illustrated below.

![increasetoguaranteedpackag.jpg](increasetoguaranteedpackag.jpg)

*\*The illustration above excludes an additional salary increase of 10% for executive management and an additional salary increase of 16.1% for financial director.*

Executive remuneration review

An independent benchmark study (the study) was conducted by Bowmans to benchmark the executive directors, prescribed officers and functional executives (collectively, executive management) to a comparator

group of comparators (being Africa Rainbow Minerals Limited, Anglo-American Platinum Limited, Gold Fields Limited, Impala Platinum Holdings Limited, Northam Platinum Limited and Sibanye-Stillwater Limited) that

reflect Harmony's increased size and complexity. The committee wished to assess the retention risk of key executive management being approached by these larger companies and to reflect the increased scope and

value of the executive role related to the commensurate growth and change in the company.

The results of the study indicated a discrepancy in Harmony's executive remuneration levels (on average, approximately 10% below the median of the above comparator group). The discrepancy in the remuneration level of

the financial director, in particular, was raised as a cause for concern.

On recommendation from the committee, the board approved that a special remuneration adjustment to align executive salaries to the median of the comparator group was required at this stage not only as a retention

measure but also to ensure that the company's human capital was secure in anticipation of the then transition of the chief executive officer.

The board thus approved an overall increase of an additional 10% for all executive management as well as an additional increase of 16.1% for the financial director in order to reflect the growth in scale and global

complexity, and mitigate these retention risks to align with the median of the comparator group.

Pay fairness and equality

In FY25, an average increase of 5.00% in guaranteed remuneration packages was awarded for management and executives. An additional salary increase of 10% for executive management and an additional salary increase of

16.1% for the financial director. The bargaining-unit employees received a 7.27% increase as approved in the June 2024 wage agreement. Bargaining-unit employees have received above-inflation increases for the past six

years. The average total monthly remuneration of our category 4 – 8 employees is set out below. The Harmony minimum remuneration is substantially above the statutory minimum wage of less than R4 000 per month, and

the living wage, which is generally viewed as around R15 000 per month. We continue to focus on fairly remunerating our employees at this level to address the challenges of inequality and poverty.

**Grade**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fixed earnings**  | **Variable income**  | **Company benefits**  | **Total per month**  |
|  | **(R)** | **(R)** | **(R)** | **(R)** |
| **Category 4 underground employee (general worker)** | 20 471 | 6 898 | 4 757 | 32 126 |
| **Category 8 underground employee (team leader)** | 24 599 | 9 913 | 5 327 | 39 839 |

---

**Pay gap ratio for FY25**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number** | **Sum of earnings (R)** | **Sum of earnings (R)** | **Multiple\*** | **Average earnings (R)** | **Average earnings (R)** |
| Number of employees | 31 657 |  |  |  |  |  |
| 5% of employees | 1 583 | of the top 5%  | 3 182 785 536 | 7.90x | of the top 5%  | 2 010 604 |
| 5% of employees | 1 583 | of the lowest 5%  | 402 774 316 |  | of the lowest 5%  | 254 437 |

---

*\*****Excludes*** *all fixed term contractors and learners.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay gap ratio for FY25** | **Pay gap ratio for FY25** |  |  |  |  |  |  |
|  | **Number** | **Sum of earnings (R)** | **Sum of earnings (R)** | **Multiple\*** | **Average earnings (R)** | **Average earnings (R)** | **Multiple\*** |
| Number of employees | 32 430 |  |  |  |  |  |  |
| 5% of employees | 1 622 | of the top 5% | 3 236 310 127 | 8.67x | of the top 5% | 1 995 259 | 8.67x |
| 5% of employees | 1 622 | of the lowest 5% | 373 415 449 |  | of the lowest 5% | 230 219 |  |

---

*\*****Includes*** *all fixed-term contractors and learners.*

Refer to *An engaged workforce* for more information.

Incentive payments attributable to FY25

**Total incentive plan** 

Actual performance outcomes based on the FY25 Balanced Scorecard for the period 1 July 2024 to 30 June 2025 scores on the basis of achievement out of the maximum score is as follows:

**FY25 scorecard result for the group**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Performance drivers** | **Description** | **Target** | **Actual** | **%**<br>**achieved**<br>| **Qlfy** | **Weighting** | **Scorecard**<br>**line result**<br>| **Final**<br>**outcome**<br>|
| **Shareholder value** | Total shareholder return (TSR) |  |  |  |  |  |  |  |
| **Shareholder value** | – TSR absolute | 56% | 102% | 101.8% | YES  | 8.34 | 100.0% | 8.34% |
| **Shareholder value** | – TSR versus JSE-listed Gold Comparators | 212% | 399% | 196.8% | YES  | 8.33 | 100.0% | 8.33% |
| **Shareholder value** | – TSR versus FTSE Gold Mines | 118% | 343% | 235.6% | YES  | 8.33 | 100.0% | 8.33% |
| **Operational and financial** | Kilograms total Harmony | 45 636 | 46 023 | 100.8% | YES  | 20.00 | 66.8% | 13.36% |
| **Operational and financial** | Total production cost (SA) (Rm) | 45 231 | 44 588 | 101.4% | YES  | 12.00 | 71.4% | 8.56% |
| **Operational and financial** | Total production cost (AA) (US$/m) | 250 | 207 | 117.4% | YES  | 3.00 | 100.0% | 3.00% |
| **Operational and financial** | Net free cash flow | 16 241 | 18 196 | 112.0% | YES  | 10.00 | 76.0% | 7.60% |
| **Growth** | Reserve addition (Moz) | 2.000 | 5.073 |  | YES  | 10.00 | 100.0% | 10.00% |
| **Sustainability** | LTIFR total SA ops | 5.54 | 5.69 | 97.3% | NO | 15.00 | —% | —% |
| **Sustainability** | ESG |  |  |  | YES  | 5.00 | 100.0% | 5.00% |
|  |  |  |  |  |  | 100.00 |  | 72.52% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FY22** | **FY23** | **FY24** | **Three-year**<br>**average**<br>| **FY25** | **%**<br>**variation**<br>| **% of LTIFR**<br>**awarded**<br>|
| Loss-of-life incidents versus actual\* | 9 | 6 | 7 | 7 | 11 | (50)% | —% |
|  |  |  |  |  | **Final LTIFR %** | **Final LTIFR %** | —% |
|  |  |  |  |  | **Final scorecard result\*\*** | **Final scorecard result\*\*** | 72.52% |
|  |  |  |  |  | **Final scorecard result as % of target** | **Final scorecard result as % of target** | 120.87% |

---

*\*Final LTIFR percentage after any adjustment for loss-of-life incidents as more fully described below.*

*\*\*Note that the scorecard outcome is expressed as a percentage of target, so the equivalent score is 72.52/60 = 120.87%.*

The LTIFR award percentage was adjusted as follows:

▪The actual number of fatalities compared to the average fatalities over the previous three years

–Equal to or better than the average – full LTIFR award

–Up to 20% above the average – 60% of LTIFR award

–Between 20% and 40% above the average – 40% of LTIFR award

–More than 40% above the average – 0% of LTIFR award.

**FY25 total incentive award calculation**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total incentive** <br>**(R)**<br>| **=** | Guaranteed pay <br>(R)<br>| **X** | On-target factor <br>(%)<br>| **X** | Balanced Scorecard <br>result (%)<br>|

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Total incentive plan (TIP) FY25 award** | **Total incentive plan (TIP) FY25 award** | **Total incentive plan (TIP) FY25 award** | **Total incentive plan (TIP) FY25 award** | **Total incentive plan (TIP) FY25 award** | **Total incentive plan (TIP) FY25 award** | **Total incentive plan (TIP) FY25 award** | **Total incentive plan (TIP) FY25 award** |
| **Executive directors and** <br>**prescribed officers**<br>| **Cost to**<br>**company**<br>| **Participation** <br>**factor**<br>| **BSC**<br>**results**<br>| **TIP** <br>**value\*** | **% settled** <br>**in cash**<br>| **TIP cash** <br>**value\*** | **% settled** <br>**in shares**<br>| **DSP&nbsp;&nbsp;&nbsp;&nbsp;**<br>**awarded\*\*** | **Vesting** <br>**years**<br>|
| BB Nel | 13 200 000 | 300% | 72.52% | 28 717 920 | 40% | 11 487 | 60% | 65 406 | 5 |
| BP Lekubo | 9 723 017 | 250% | 72.52% | 17 627 830 | 40% | 7 051 | 60% | 40 148 | 5 |
| FS Masemula | 8 712 454 | 250% | 55.15% | 12 012 296 | 40% | 4 805 | 60% | 27 358 | 5 |
| HE Mashego | 7 227 967 | 250% | 72.52% | 13 104 304 | 40% | 5 242 | 60% | 29 845 | 5 |
| AZ Buthelezi | 6 802 793 | 250% | 72.52% | 12 333 464 | 40% | 4 933 | 60% | 28 090 | 5 |
| MP van der Walt | 6 802 793 | 250% | 72.52% | 12 333 464 | 40% | 4 933 | 60% | 28 090 | 5 |
| U Govender | 6 802 793 | 250% | 72.52% | 8 954 433 | 40% | 3 582 | 60% | 20 394 | 5 |
| JJ van Heerden | 9 773 785 | 250% | 72.52% | 17 323 702 | 40% | 6 961 | 60% | 39 337 | 5 |
| AJ Boshoff | 7 552 003 | 250% | 90.98% | 16 121 406 | 40% | 7 257 | 60% | 33 646 | 5 |

---

*\*Figures in R000.*

*\*\*Figures in 000.*

Remuneration of executive directors and prescribed officers

**Total single-figure remuneration**

Executive director and prescribed officer remuneration, in terms of total single-figure remuneration, as required by King IV and in line with the guideline note issued by the Institute of Directors South Africa and the

South African Reward Association (the guideline note), is detailed below.

**Remuneration paid for the year ended 30 June 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Salary and benefits** | **Retirement savings** <br>**and contributions**<br>| **Total incentive cash** <br>**portion accrued**<br>| **Deferred awards** <br>**accrued**<br>| **Total single figure of** <br>**remuneration**<br>| **Less: amount accrued** <br>**not settled in FY25**<br>| **Plus: amount of** <br>**previous accruals** <br>**settled in FY24**<br>| **Total cash** <br>**remuneration**<br>|
| **Executive directors** |  |  |  |  |  |  |  |  |
| BB Nel\*<sup>2</sup> | 5 265 445 | 1 017 818 | 11 487 168 | 17 230 752 | 35 001 183 | (28 717 920) |  | 6 283 263 |
| BP Lekubo | 8 621 619 | 664 013 | 7 051 132 | 10 576 698 | 26 913 462 | (17 627 830) | 6 863 224 | 16 148 856 |
| HE Mashego | 6 163 487 | 995 590 | 5 241 722 | 7 862 583 | 20 263 382 | (13 104 305) | 5 384 992 | 12 544 069 |
| PW Steenkamp<sup>3</sup> | 19 335 473 | 1 073 208 |  |  | 20 408 681 |  | 12 497 495 | 32 906 176 |
| **Prescribed officers** |  |  |  |  |  |  |  |  |
| AJ Boshoff<sup>1,5</sup> | 3 745 744 | 239 644 | 7 257 481 | 8 863 925 | 20 106 794 | (16 121 406) |  | 3 985 388 |
| AZ Buthelezi | 5 948 096 | 903 335 | 4 933 385 | 7 400 078 | 19 184 894 | (12 333 463) | 5 068 227 | 11 919 658 |
| U Govender<sup>4</sup> | 4 384 756 | 538 718 | 3 581 773 | 5 372 660 | 13 877 907 | (8 954 433) |  | 4 923 474 |
| FS Masemula<sup>5</sup> | 3 700 699 | 453 100 | 4 804 918 | 7 207 378 | 16 166 095 | (12 012 296) |  | 4 153 799 |
| BB Nel\*\* | 3 769 548 | 654 113 |  |  | 4 423 661 |  | 6 490 967 | 10 914 628 |
| MP van der Walt | 5 613 739 | 958 979 | 4 933 385 | 7 400 078 | 18 906 181 | (12 333 463) | 5 068 227 | 11 640 945 |
| JJ van Heerden<sup>1</sup> | 9 773 785 | 354 532 | 6 960 585 | 10 363 117 | 27 452 019 | (17 323 701) | 8 233 462 | 18 361 780 |

---

*\*Remuneration prorated for the period classified as executive director from 1 January 2025.*

*\*\*Remuneration prorated for the period classified as prescribed officer from 23 June 2024 to 31 December 2024.*

<sup>1</sup>*Salary is paid in A$ and the rand equivalent is influenced by the weakening or strengthening of the rand/A$ exchange rate.*

<sup>2</sup>*Appointed as group chief executive officer from 1 January 2025.*

<sup>3</sup>*Retired as an employee and consequently resigned as executive director, effective from 31 December 2024. This includes termination-related statutory payments.*

<sup>4</sup>*Classified as prescribed officer from 1 October 2024.*

<sup>5</sup>*Classified as prescribed officer from 1 January 2025.*

**Schedule of unvested awards and cash flows** 

A schedule of the unvested awards and cash flows from long-term incentive awards of executive directors and prescribed officers, as required by King IV and in line with the guideline note, is provided below.

*Unvested awards and cash flows for FY25*

 *\*Pledged shares should not be taken into account when recalculating the closing balance as they have already been taken into consideration for the closing balance.*

*\*\*Appointed as group chief executive officer from 1 January 2025.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive directors** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **Cash on settlement** | **Year-end fair value**  |
| **Executive directors** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **(R)** | **(R)** |
| Beyers Nel \*\* | **Deferred shares** |  |  |  |  |  |  |  |
|  | **Subtotal** | **212 089** | **57 683** | **32 163** | **32 165** | **205 444** | **5 646 201** | **53 088 787** |
|  | **Vested awards pledged to MSR** |  |  |  |  |  |  |  |
|  | **Subtotal** | **79 706** | **—** | **—** | **—** | **111 869** | **—** | **28 908 070** |
|  | **Total** | **291 795** | **57 683** | **32 163** | **32 165** | **317 313** | **5 646 201** | **81 996 857** |

---

 *\*Pledged shares should not be taken into account when recalculating the closing balance as they have already been taken into consideration for the closing balance.*

*\*\*Appointed as group chief executive officer from 1 January 2025.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive directors** | **Share award** | **Opening** | **Awarded**  | **Pledged\*** | **Settled*\*\**** | **Closing** | **Cash on settlement** | **Year-end fair value**  |
| **Executive directors** | **Share award** | **Opening** | **Awarded**  | **Pledged\*** | **Settled*\*\**** | **Closing** | **(R)** | **(R)** |
| Peter Steenkamp | **Deferred shares** |  |  |  |  |  |  |  |
|  | **Subtotal** | **413 465** | **111 062** | **65 134** | **65 136** | **394 257** | **11 435 120** | **101 879 951** |
|  | **Vested awards pledged to MSR** |  |  |  |  |  |  |  |
|  | **Subtotal** | **268 397** | **—** | **(65 134)** | **333 531** | **—** | **64 525 999** | **—** |
|  | **Total** | **681 862** | **111 062** | **—** | **398 667** | **394 257** | **75 961 119** | **101 879 951** |

---

*\*Pledged shares should not be taken into account when recalculating the closing balance as they have already been taken into consideration for the closing balance.*

*\*\*Retired as an employee and consequently resigned as executive director, effective from 31 December 2024, thus releasing MSR locked-up shares associated with the above share schemes on date of termination.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive directors** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **Cash on settlement** | **Year-end fair value**  |
| **Executive directors** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **(R)** | **(R)** |
| Boipelo Lekubo | **Deferred shares** |  |  |  |  |  |  |  |
|  | **Subtotal** | **234 844** | **60 991** | **34 067** | **34 068** | **227 700** | **5 984 018** | **58 839 956** |
|  | **Vested awards pledged to MSR** |  |  |  |  |  |  |  |
|  | **Subtotal** | **52 918** | **—** | **—** | **—** | **86 985** | **—** | **22 477 795** |
|  | **Total** | **287 762** | **60 991** | **34 067** | **34 068** | **314 685** | **5 984 018** | **81 317 751** |

---

*\*Pledged shares should not be taken into account when recalculating the closing balance as they have already been taken into consideration for the closing balance.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive directors** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **Cash on settlement**  | **Year-end fair value**  |
| **Executive directors** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **(R)** | **(R)** |
| Harry Mashego | **Deferred shares** |  |  |  |  |  |  |  |
|  | **Subtotal** | **197 083** | **47 855** | **30 554** | **30 557** | **183 827** | **5 364 962** | **47 502 736** |
|  | **Vested awards pledged to MSR** |  |  |  |  |  |  |  |
|  | **Subtotal** | **54 234** | **—** | **—** | **—** | **84 788** | **—** | **21 910 067** |
|  | **Total** | **251 317** | **47 855** | **30 554** | **30 557** | **268 615** | **5 364 962** | **69 412 803** |

---

*\*Pledged shares should not be taken into account when recalculating the closing balance as they have already been taken into consideration for the closing balance.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Prescribed officer** | **Share award** | **Opening** | **Awarded** | **Pledged** | **Settled** | **Closing** | **Cash on settlement** | **Year-end fair value** |
| **Prescribed officer** | **Share award** | **Opening** | **Awarded** | **Pledged** | **Settled** | **Closing** | **(R)** | **(R)** |
| Jaco Boshoff*\*\** | **Deferred shares** |  |  |  |  |  |  |  |
|  | **Subtotal** | **78 141** | **45 386** | **—** | **42 675** | **80 852** | **7 494 558** | **20 892 965** |
|  | **Total** | **78 141** | **45 386** | **—** | **42 675** | **80 852** | **7 494 558** | **20 892 965** |

---

*\*\*Classified as prescribed officer from 1 January 2025.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Prescribed officer** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **Cash on settlement** | **Year-end fair value** |
| **Prescribed officer** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **(R)** | **(R)** |
| Anton Buthelezi | **Deferred shares** |  |  |  |  |  |  |  |
|  | **Subtotal** | **119 017** | **45 040** | **11 201** | **30 689** | **122 167** | **5 385 917** | **31 569 174** |
|  | **Vested awards pledged to MSR** |  |  |  |  |  |  |  |
|  | **Subtotal** | **6 246** |  |  |  | **17 447** |  | **4 508 480** |
|  | **Total** | **125 263** | **45 040** | **11 201** | **30 689** | **139 614** | **5 385 917** | **36 077 654** |

---

*\*Pledged shares should not be taken into account when recalculating the closing balance as they have already been taken into consideration for the closing balance.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Prescribed officer** | **Share award** | **Opening** | **Awarded** | **Pledged** | **Settled** | **Closing** | **Cash on settlement** | **Year-end fair value** |
| **Prescribed officer** | **Share award** | **Opening** | **Awarded** | **Pledged** | **Settled** | **Closing** | **(R)** | **(R)** |
| Floyd Masemula*\*\** | **Deferred shares** |  |  |  |  |  |  |  |
|  | **Subtotal** | **—** | **29 863** | **—** | **—** | **29 863** | **—** | **7 716 898** |
|  | **Total** | **—** | **29 863** | **—** | **—** | **29 863** | **—** | **7 716 898** |

---

*\*\*Classified as prescribed officer from 1 January 2025.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Prescribed officer** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **Cash on settlement** | **Year-end fair value** |
| **Prescribed officer** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **(R)** | **(R)** |
| Marian van der Walt | **Deferred shares** |  |  |  |  |  |  |  |
|  | **Subtotal** | **158 308** | **45 040** | **21 015** | **21 017** | **161 316** | **3 692 851** | **41 685 667** |
|  | **Vested awards pledged to MSR** |  |  |  |  |  |  |  |
|  | **Subtotal** | **25 930** | **—** | **—** | **—** | **46 945** |  | **12 131 059** |
|  | **Total** | **184 238** | **45 040** | **21 015** | **21 017** | **208 261** | **3 692 851** | **53 816 726** |

---

*\*Pledged shares should not be taken into account when recalculating the closing balance as they have already been taken into consideration for the closing balance.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Prescribed officer** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **Cash on** <br>**settlement** <br>| **Year-end** <br>**fair value** <br>|
| **Prescribed officer** | **Share award** | **Opening** | **Awarded** | **Pledged\*** | **Settled** | **Closing** | **(R)** | **(R)** |
| Johannes van Heerden | **Deferred shares** |  |  |  |  |  |  |  |
|  | **Subtotal** | **235 584** | **71 996** | **38 371** | **38 373** | **230 836** | **6 734 639** | **59 650 330** |
|  | **Vested awards pledged to MSR** |  |  |  |  |  |  |  |
|  | **Subtotal** | **74 065** | **—** | **—** | **—** | **112 436** | **—** | **29 054 585** |
|  | **Total** | **309 649** | **71 996** | **38 371** | **38 373** | **343 272** | **6 734 639** | **88 704 915** |

---

*\*Pledged shares should not be taken into account when recalculating the closing balance as they have already been taken into consideration for the closing balance.*

Non-executive directors' fees

As approved by shareholders, non-executive director fees paid in FY24 and FY25 are set out below:

---

| | | |
|:---|:---|:---|
| **Director (R000)** | **2025**<sup>1</sup> | 2024<sup>1</sup> |
| Dr Patrice Motsepe | **2 383** | 2 152 |
| Karabo Nondumo | **2 079** | 1 943 |
| Dr Mavuso Msimang | **1 382** | 1 277 |
| Mangisi Gule<sup>2</sup> | **470** |  |
| Zanele Matlala<sup>2</sup> | **482** |  |
| Mametja Moshe<sup>2</sup> | **516** |  |
| Bongani Nqwababa  | **1 692** | 1 341 |
| Vishnu Pillay | **1 482** | 1 442 |
| Martin Prinsloo  | **1 627** | 1 216 |
| Given Sibiya | **1 426** | 1 068 |
| Peter Turner | **1 375** | 1 129 |
| John Wetton | **1 711** | 1 592 |
| **Total** | **16 625** | 13 160 |

---

<sup>1</sup>*Directors' remuneration excludes value added tax.*

<sup>2</sup>*Appointed as non-executive director on 17 January 2025.*

**Audit and risk committee: chairperson's report**

**Dear shareholder**

I am pleased to present the audit and risk

committee (the committee) report for the

financial year ended 30 June 2025. This report

reflects the key material matters deliberated by

the committee throughout the year.

I would like to extend my sincere appreciation to

the previous chairperson, Mr John Wetton, for

his leadership and valuable contributions during

the first half of the financial year and prior

periods. His commitment laid a strong

foundation for the committee's continued work.

Having chaired the committee during the latter

half of the year, I am proud of the committee's

ongoing efforts not only in fulfilling its statutory

responsibilities but also in supporting Harmony's

strategic objectives and long-term value

creation. We remain dedicated to providing

rigorous oversight and ensuring that our

processes contribute meaningfully to the

company's sustainable success.

Introduction

This committee is an independent, statutory

committee whose members are appointed

annually by Harmony's shareholders in

compliance with section 94 of the South African

Companies Act of 2008, as amended (the Act),

and the principles of good governance. In

addition to this Act, the committee's duties are

guided by the JSE Listings Requirements, the

King IV Code on Corporate GovernanceTM\*

2016 (King IV) and its terms of reference.

Furthermore, the board of directors delegates

oversight of specific functions to the committee.

*\* Copyrights and trademarks are owned by the Institute of* 

*Directors in South Africa NPC and all of its rights are* 

*reserved.*

Terms of reference and discharge of

responsibilities

The formal board approved committee terms of

reference (available on our corporate website,

***www.harmony.co.za***), are reviewed and

updated annually (or more frequently if

required) by both the committee and the board.

The committee is satisfied that, during FY25, it

has conducted its affairs and discharged its legal

and other responsibilities in accordance with its

terms of reference.

Composition and function

Members: M Prinsloo (Chairperson); K

Nondumo; G Sibiya; B Nqwababa; Z Matlala and

M Moshe.

Mr M Prinsloo, re-elected by shareholders at the

annual general meeting (AGM) held on 27

November 2024, was appointed chairperson of

the committee on 17 January 2025, following

the resignation of Mr J Wetton as a member on

the same date. Ms G Sibiya and Mr B Nqwababa

were re-elected at the same AGM. Additionally,

Ms Z Matlala and Ms M Moshe were appointed

as independent non-executive directors and

joined the committee effective 17 January 2025.

All committee members possess the requisite

academic qualifications, financial literacy, and

strong business and financial acumen.

Refer to Notice of the annual general meeting in

our Notice to shareholders for details on the

2025 election of committee members, including

the proposed appointment of Mr F Lombard at

the AGM of 26 November 2025. Ms K Nondumo

will cease to be a member of the committee at

the conclusion of the AGM of 26 November

2025. The board has reviewed the proposed

composition of the committee against the

requirements of the Act and the regulations that

apply to the company, and has confirmed that

the proposed committee will comply with the

relevant requirements, and has the necessary

knowledge, skills and experience to enable the

committee to perform its duties.

As at the date of this report, the committee has

six members, all of whom (in the opinion of the

board) are independent non-executive directors.

For further detail on their qualifications,

expertise and experience, refer to our website at

***www.harmony.co.za/who-we-are/board***.

Refer to Directors' report for further detail.

The chairman of the board is not a member of

the committee but may attend meetings by

invitation. Board members are entitled to attend

committee meetings as observers. However,

non-committee members are not entitled to

participate without the consent of the chair and

do not have a vote.

The group chief executive officer (CEO) and

financial director (FD) – together with members

of the executive team and senior managers

representing areas relevant to the discussions at

the committee, as well as the external auditors,

the chief audit executive and assurance

providers attend meetings either by standing

invitation or as and when required.

The internal and external auditors have

unlimited access to the chairperson of the

committee. The chief audit executive reports

directly to the committee.

Responsibilities

The responsibilities of the committee are set out

in the committee terms of reference and

include, among others:

▪To ensure the integrity of financial statements

and related reporting, that they comply with

International Financial Reporting Standards

(IFRS), the SAICA Financial Reporting Guides

and other relevant regulatory bodies stated

above and fairly represent the financial

position of the group, the company and our

operations

▪To monitor internal controls, the internal

audit function, combined assurance and

matters pertaining to the external auditors

▪To oversee corporate governance, particularly

in relation to legislative and regulatory

compliance

▪To oversee the management of risk, as well as

information technology (IT) governance and

cyber security.

The committee believes that it complied with its

legal, regulatory and other responsibilities

during the past financial year.

For more on the committee, see Board

committees.

Reporting

The committee reviewed the appropriateness of

the following FY25 reports and their related

processes:

▪Integrated report and its related suite of

reports

▪Mineral Resource and Mineral Reserve

statement (with the assistance of the

technical committee)

▪Annual financial statements and accounting

practices

▪Annual report filed on Form 20-F with the

United States Securities and Exchange

Commission.

The committee submits that these reports

represent a fair view of the group's performance

for FY25 and recommended them to the board

for approval.

Duties discharged in FY25

▪Reviewed the company's quarterly, half year

and annual financial results

▪Ensured it has access to all the financial

information of Harmony to allow the company

to effectively prepare and report on its

financial statements

▪Discussed the appropriateness of accounting

principles, critical accounting policies,

management's judgements, estimates and

impairments, all of which were found to be

appropriate

▪Executed its responsibility by ensuring that

Harmony has established the appropriate

financial reporting procedures and these

procedures are operating. These procedures,

include consideration of all entities included

in the consolidated group IFRS financial

statements, to ensure that it has access to all

the financial information to allow Harmony to

effectively prepare and report on its financial

statements

▪Considered the JSE's latest report on the

proactive monitoring of financial statements

▪Considered the appointment of the external

auditor, Ernst & Young Incorporated (EY), as

the registered independent auditor for the

ensuing year

▪Considered the suitability, and satisfied itself,

of the external audit partner and firm

following assessment of the information

provided by that firm, in terms of paragraph

3.84(g)(iii) of the JSE Listings Requirements, to

determine the suitability of its appointment as

the external audit firm and of the designated

individual partner

▪Ensured that the appointment of the external

audit firm is presented and included as a

resolution at the annual general meeting

▪Satisfied itself that the external audit firm, EY,

was suitable and independent from the

company

▪Reviewed and approved external audit plans,

terms of engagement and fees, as well as the

nature and extent of non-audit services

rendered by the external auditors

▪Evaluated the independence and

effectiveness of the internal audit function

▪Reviewed and approved internal audit budget,

the internal audit charter and risk-based plans

▪Evaluated and coordinated the internal audit,

external audit and sustainability assurance

processes

▪Received and considered reports from the

external and internal auditors

▪Considered the appropriateness, expertise

and experience of the FD and the finance

function – both were found to be adequate

and appropriate

▪Evaluated and considered Harmony's risks,

and measures taken to mitigate those risks

▪Considered whether IT risks are adequately

addressed and whether appropriate controls

are in place to address these risks. The

committee oversees and monitors the

governance of IT on behalf of the board, a

task it views as a critical aspect of risk

management

▪Considered and approved the company's IT

strategy

▪Considered and confirmed the company as a

going concern

▪Considered and approved the company's non-

audit services policy

▪Reviewed and recommended changes to the

committee's terms of reference to the board

for approval

▪Reviewed the adequacy of the group's

insurance coverage

▪Considered commodity prices and exchange

rate parameters for budget and business

planning

▪Considered the company's fraud risk

assessment programme

▪Reviewed legal matters that could have a

significant impact on the company's business

▪Reviewed and recommended the bridge

financing facility for the acquisition of MAC

Copper Limited for board approval

▪Oversaw the United States Sarbanes-Oxley Act

of 2002 (SOX) compliance efforts of

management, receiving quarterly updates on

controls associated with financial reporting

and assessed the final conclusion reached by

the CEO and FD on the effectiveness of the

internal controls over financial reporting and

their assessment of material weaknesses as

well as the detailed planned remediation

steps developed to be implemented by

management. Refer to the Governance

section.

Key focus areas in FY25

**Interim and annual financial statements** 

The annual financial statements have been

prepared in accordance with IFRS, SAICA

Financial Reporting Guides, the requirements of

the South African Companies Act 71 of 2008, the

Listings Requirements of the JSE Limited and the

recommendations of King IV.

In terms of paragraph 3.84(k) of the JSE Listings

Requirements, the committee reviewed and

assessed the process implemented by

management to enable the CEO and the FD to

pronounce on the annual financial statements

and the system of internal control over financial

reporting. The results from the process were

communicated to the committee. The

committee considered any deficiencies,

particularly identified material weaknesses, as

well as the appropriateness of management's

response including remediation, reliance on

compensating controls and additional review

procedures.

The identified material weaknesses did not

result in any material misstatement in respect of

the consolidated financial statements for the

years ended 30 June 2025 and 30 June 2024 and

the committee is satisfied with the remediation

steps taken by management in this regard. The

committee, on behalf of the board, has noted

the final confirmation of the CEO and FD.

See Chief executive officer and financial director

confirmation.

**External auditor – appointment, independence** 

**and tenure**

Having considered the external auditor's

previous appointments and the extent of other

work undertaken for the group, the committee

is satisfied that EY are independent of the group,

as per section 94(8) of the Act. The committee

also satisfied itself as to the suitability of EY and

the designated audit partner.

A formal procedure has been adopted to govern

the process whereby the external auditor may

be considered for non-audit services and the

extent of these services is closely monitored by

the committee. Total fees approved for the

external auditor, EY, for the year were R70.5

million, of which R70.3 million was for audit-

related services, R0.2 million for non-audit

services.

This is the second year that EY has been

Harmony's external auditor. At the 2024 annual

general meeting, EY was reappointed as the

independent external auditor.

As part of Harmony's commitment to

transformation, EY partnered with Motlanalo

Chartered Accountants and Auditors, a level 1

broad-based black economic empowerment

company being a 100% black-women-owned

firm.

Refer to Notice of the annual general meeting in

our Notice to shareholders for external auditor

reappointment.

**Internal audit**

In terms of internal audit, the committee is

responsible for:

▪Ensuring that the group's internal audit

function is independent and has the necessary

resources, standing and authority within the

group to enable it to perform its duties

▪Overseeing cooperation between internal

audit and the external auditors, and serving as

a link between the board of directors and

these functions.

In FY25, the internal audit function underwent

an independent quality review conducted by the

Institute of Internal Auditors South Africa.

Consistent with the findings of the FY20 review,

this assessment concluded that the function

generally conforms to the International

Standards for the Professional Practice of

Internal Auditing Professional Practice of

Internal Auditing, reflecting a high level of

compliance and effectiveness. No material

findings were identified, and alignment with the

newly issued internal audit standards is well

advanced and nearing completion. In line with

best practice, an external independent quality

assessment is conducted every five years, with

the next review scheduled for FY30.

In line with King IV and its recommendations,

the committee has confirmed the effectiveness

of the group chief audit executive, Ms B

Maluleka-Ngunjiri, and is satisfied that she has

the appropriate expertise and experience to

meet the responsibilities of this position. The

chief audit executive reports quarterly, or as

necessary, to the committee on internal audit

and has direct access to the committee,

primarily through its chairperson.

The committee is satisfied that internal audit

follows an approved risk-based internal audit

plan and regularly reviews the group's risk

profile. Internal audit submits an overall

statement on the effectiveness of the group's

governance, risk management and control

processes.

**Legislative compliance** 

Compliance information and reports on the

status of legislative compliance are presented to

this committee. The risk of non-compliance is

thus managed through:

▪bi-annual review and updates on the Harmony

regulatory universe

▪compliance risk management plans for high-

risk legislation

▪the continuous monitoring of the regulatory

environment.

**Combined assurance**

The committee is satisfied that the group has

optimised the assurance coverage obtained

from management, and internal and external

assurance providers. The committee is also

satisfied that the various external assurances

that are obtained and related systems and

procedures are effective in achieving the

following objectives:

▪Supporting the integrity of information used

for internal decision-making by management,

the board and its committees

▪Supporting the integrity of external reports

▪Minimising assurance fatigue.

**Governance of risk**

The committee fulfils a dual function – as an

audit committee and as a risk committee.

Internal audit conducts regular and full

assessments of the risk management function

and framework, on which it reports to the

committee. The committee is satisfied with the

effectiveness of its oversight of risk governance

in the group.

A detailed report on risk and its management, as

recommended in King IV, is contained in the Risk

and opportunity management section. A report

on risk is also shared with the board on a

quarterly basis.

In the past year, the committee continued to

monitor the enterprise risk management and

resilience policy, risk management guidelines

and risk management framework to ensure

continued focus on the company's material risks.

The board further approves the group's risk

appetite and tolerance framework.

**Appropriateness and experience of FD and** 

**effectiveness of the finance function** 

The committee confirms that it is satisfied that

Ms B Lekubo, the current FD, possesses the

appropriate expertise and experience to meet

the responsibilities of this position.

**Oversight of derivative programme**

The committee also monitors and reviews the

group's derivative and hedging strategy. The

derivative programmes currently in place were

introduced in FY16. During FY24, the hedging

policy was expanded and a new gold hedging

limit was set as 30%, 20% and 10% of production

in a 12-, 24- and 36-month period (previously

20% over a 24-month period). The limit for silver

remained at 50% over a 24-month period.

Harmony may execute on the hedging strategy

when we achieve a minimum margin of 25%

above all-in sustaining cost (AISC) and inflation.

An additional minimum margin of 30% above

AISC and inflation was introduced for the last

third of the volume hedged. The foreign

exchange exposure of 25% remained during the

year.

For more on how these derivative programmes

have performed, see the Derivative financial

instruments note.

**Technology and information governance**

The committee continued its focus on

overseeing the strategic information technology

direction of the group, the technology risks, as

well as compliance regarding information and

technology. The framework on which the

oversight is conducted has been extended

through the approval of an IT strategy that

guides the deployment and operation of

technology and information in the group.

The roadmap of the information technology

strategy provides clear investment guidance

over the medium term on an annual rolling-

forward basis. This ensures that the needs for

critical rejuvenations, cyber security, business

solutions and IT operations are visible and

controllable over time.

The alignment of operational technology,

engineering technology, information technology,

and other technology domains has commenced

under this strategy. Group Technology is

responsible for establishing information

technology standards, developing the associated

taxonomy, and overseeing integration as well as

data and AI platforms.

The governance structures for information and

technology are maturing in their ability to

effectively oversee and guide the sourcing and

deployment of IT solutions. Efforts are ongoing

to enhance the efficiency and effectiveness of

these forums.

Additionally, work continues to align IT

processes, controls, and the IT risk framework

with the broader group enterprise risk

management framework.

**Dividend policy and dividends declaration** 

The board declared a 227 SA cents interim

ordinary dividend for the year ended 30 June

2025, paid on 14 April 2025 and declared a final

ordinary dividend of 155 SA cents for the year

ended 30 June 2025, paid on 13 October 2025

(2024: interim ordinary dividend of 147 SA cents,

paid on 15 April 2024 and final ordinary dividend

of 94 SA cents, paid on 14 October 2024). In

addition, dividend payments were made in 2024

and 2025 to the non-controlling interest holders

in Tswelopele Beneficiation Operation of

R43 million and R62 million, respectively.

Harmony declared an annual preference share

dividend to the Harmony Gold Community Trust

(the Trust). The board declared a preference

dividend of R22 million and it was paid to the

Trust on 15 September 2025 (2024: R15 million

on 17 September 2024).

In considering the payment of dividends, the

board, with the assistance of the audit and risk

committee, took into account the current

financial status of the company and the payment

of a proposed dividend subject to the successful

application of the solvency and liquidity test as

set out in section 4 of the Companies Act of

2008. The company's dividend policy remains to pay a

return of 20% on net free cash generated to

shareholders, at the discretion of the board of

directors.

**Going concern**

The committee has reviewed a documented

assessment, including key assumptions prepared

by management, of the going concern status of

the group.

The board's statement on the going concern

status of the group, as supported by the

committee, appears in the Directors' report.

**Integrated report** 

The committee has overseen the integrated

reporting process, reviewed the report and has

recommended the 2025 Integrated report and

consolidated financial statements for approval

by the board.

**Events post year end** 

On 22 July 2025, Harmony has entered into

restructuring documents with MAC Copper, OR

Royalties and Glencore pursuant to which the

parties have agreed to amend various

documents in connection with the copper

stream, silver stream and the royalty deed with

such amendments to take effect after the Jersey

law scheme of arrangement pursuant to Article

125 of the Companies (Jersey) Law 1991 (as

amended) (the scheme) for the acquisition of

MAC Copper has been implemented.

On 14 August 2025, Frans (Faan) Lombard was

appointed to the board of directors of Harmony

as an independent non-executive director.

On 27 August 2025, a final dividend of 155 SA

cents was declared, which was paid on 13

October 2025.

On 9 October 2025, it was confirmed that all of

the conditions to the scheme for the acquisition

of MAC Copper had been satisfied or waived and

the Royal Court of Jersey made orders

sanctioning the proposed acquisition. Following

lodgement by MAC Copper of a copy of the

Court's order with the Jersey Registrar of

Companies on 10 October 2025, the scheme

became legally effective. On 22 October 2025, a

drawdown of US$875 million (approximately

R15.53 billion as at 30 June 2025) was made

from the US$1.25 billion bridge facility. These

funds were utilised on 23 October 2025 to settle

the cash consideration of US$1.01 billion

(approximately R17.90 billion at 30 June 2025).

Following the receipt of the funds, the scheme

was implemented, resulting in an acquisition

date of 24 October 2025.

In closing

As the newly appointed chairperson, I wish to

extend my appreciation to my fellow committee

members for their professionalism, dedication,

and commitment to fulfilling their

responsibilities in accordance with the

committee's mandate, terms of reference, and

statutory obligations. I am particularly grateful

for their support and collaboration during this

transition period.

I would also like to express my heartfelt

appreciation to John for his exemplary

leadership, which has been instrumental in

enhancing the committee's effectiveness and

establishing a strong foundation for continued

oversight. We extend our best wishes to him in

his future endeavours.

I also thank management for their ongoing

support, valuable insights, and dedication to the

committee's work.

I look forward to continuing to work closely with

both existing and newly appointed committee

members to maintain the highest standards of

governance and oversight.

**Martin Prinsloo**

*Chairperson: audit and risk committee* 

24 October 2025

**Social and ethics committee: Chairperson's report**

**Dear Stakeholder**

As I present this report, I do so with a sense of

both pride and transition. This marks my final

year serving as Chairman of the Social and Ethics

Committee. From the next reporting cycle, I will

continue to serve as a committee member,

handing over the chairmanship to my successor.

It has been a privilege to lead the committee

during a period when sustainability, ethics, and

shared value creation have become central to

Harmony's strategy and identity.

Safety and health: the cornerstone of our

business

We are deeply saddened by the tragic loss of

eleven of our colleagues at our South African

operations during FY25. Our thoughts and

heartfelt condolences go to their families,

friends, colleagues and communities. At

Harmony, the safety, health, and well-being

of every member of our workforce are non-

negotiable and remain at the heart of who

we are.

Oversight of safety is shared within Harmony's

governance framework. The Technical

Committee has specific responsibility for

employee safety, while the Social and Ethics

Committee oversees employee health and public

safety. Together, we provide joint oversight to

ensure that safety management remains robust,

well governed, and integrated into business

decision-making.

Although safety has always been a priority for the

company, we recognise that ongoing

improvement is critical. Safe, responsible,

and profitable mining underpins Harmony's

business model, and we remain firmly committed

to upholding this standard throughout all our

operations. With a strategy to embed safety

practices in everything we do, we continue to

foster a proactive safety culture.

As health and safety risks are inherent in mining,

comprehensive, responsive and holistic

healthcare remains a priority and underpins

our duty of care. Our health services also

contribute to operational stability, workforce

productivity, and long-term sustainability of our

operations.

Sustainability in Action

Harmony continues to be guided by its purpose.

Our sustainability framework supports this by

embedding sustainability within our strategy,

processes and culture, aligning operations with

global imperatives while remaining responsive to

local realities.

The framework addresses pressing challenges

such as climate change, land management, water

stewardship, supporting our people (or caring for

our employees) and community wellbeing. It also

ensures compliance with regulatory obligations

and alignment with voluntary frameworks such

as the World Gold Council's Responsible Gold

Mining Principles. Our framework supports

contributions to the UN Sustainable

Development Goals, while positioning Harmony

for long-term resilience.

To strengthen implementation, we are

introducing Communities of Practice (CoPs).

These forums build collaboration and share

sustainability learnings across the group.

The water CoP, launched in FY25, is already

cultivating internal champions for change.

Additional CoPs (in decarbonisation, biodiversity,

and people initiatives such as Women in Mining),

will create structured platforms for shared

learning, problem-solving, and continuous

improvement.

Ethics Management

Ethical leadership remains the foundation of

Harmony's licence to operate. The committee

continues to review and approve the ethics

strategy and related policies, ensuring Harmony

upholds the highest moral standards. With

guidance from the Ethics Institute of South Africa

and other external resources, we have enhanced

the governance of organisational ethics. Engaging

external expertise is intended not only to

reinforce our culture of ethical conduct, but also

to strengthen our capacity to detect, prevent,

and report fraud effectively.

Illegal mining remains a challenge in our South

African region, and while we have intensified

partnerships to combat its impact, we recognise

that further collaboration and innovative

solutions are required. Ethics in action will

continue to guide Harmony's engagement with

all stakeholders.

For more on illegal mining risks and interventions

thereof refer to ***[Combatting illegal mining and](#i33c44c3831e342b883e9ab36f0eef510_3928)***

***[unauthorised access](#i33c44c3831e342b883e9ab36f0eef510_3928)***.

Decarbonisation and Environmental

Stewardship

Our vision of a net-zero carbon emission

and water-secure future is driving our

environmental stewardship. We remain

committed to achieving net-zero emissions by

2045, with a 20% reduction in emissions by 2026

and a 63% reduction in scope 1 and 2 emissions

by FY36 — targets approved by the Science Based

Targets initiative (SBTi).

Key progress during FY23–25 includes:

▪Commissioning 30MW of solar power in the

Free State, with Sungazer 2 (100MW) under

construction and Sungazer 3 and 4 (208MW)

planned.

▪Expanding renewable energy procurement

through 260MW of wind power and exploring

200MW in short-term PPAs.

▪In Australia, securing approvals for 100MW

solar power and a 65MW battery at Eva

Copper.

▪Operating the world's largest gold tailings

retreatment business, reducing environmental

impact while creating jobs and unlocking value.

▪Implementing a water ambition roadmap

targeting an 80% reduction in water

dependency at our South African operations.

Our potable water reduction target under our

sustainability-linked loan has already been

achieved.

Social Responsibility

Harmony continues to invest in its host

communities with our aim to build resilient

communities. The completion of our five-year

Social and Labour Plan saw investment in food

security, education, infrastructure, and youth

employment. In Australia and Papua New Guinea,

benefit-sharing models are delivering value to

local communities, while local procurement

continues to create inclusive growth.

Gender inclusion remains a priority. We have

identified opportunities to improve workplace

inclusivity, advancing our commitment to

progressive and equitable workplaces across

all operations.

Our approach to stakeholder management

supports this commitment thus fostering

dialogue, and shared accountability across

our workforce, communities and partners.

Rewards and Recognition

This year, Harmony achieved important external

recognition for its sustainability journey:

▪Top 95th percentile ranking in the FTSE4Good

ESG Index (ICB sector).

▪Top 50 ranking by Sustainalytics within the

gold sub-industry.

▪Continued inclusion in the Bloomberg Gender

Equality Index.

▪Awards for environmental leadership,

including emissions reduction at Mponeng and

water stewardship through wastewater plant

refurbishments.

These accolades reflect not only Harmony's

progress but also the dedication of our people to

embedding sustainability and ethical practices in

every aspect of the business.

Advancing Global Standards

Harmony is proactively shifting its disclosures to

align with the International Sustainability

Standards Board's (ISSB) S1 and S2 standards.

While full adoption will be a multi-year journey,

this year's report already reflects the ISSB

framework: governance, strategy, risk and

opportunity management, and performance

measurement. This alignment strengthens

the comparability and transparency of our

disclosures, ensuring Harmony remains at the

forefront of sustainability reporting — both

in South Africa and in Australia, where new

sustainability reporting standards are effective in

FY26.

Social and ethics committee mandate

The Social and Ethics Committee operates under

a distinct mandate established by the Companies

Act. Its responsibilities include overseeing

governance and monitoring the company's

performance in relation to sustainable

development. This encompasses a wide range of

focus areas: sustainability considerations, ethics

management, stakeholder engagement, employee

relations (including empowerment,

transformation, health and wellness),

environmental stewardship, socio-economic

development and upliftment, as well as public

health and safety. In fulfilling its role, the

committee also evaluates necessary trade-offs to

ensure that Harmony continues to deliver shared

value.

The committee has discharged all regulatory,

legal, and board-mandated responsibilities during

the reporting period. In doing so, it has applied

the principles of King IV with a strong focus on

ethical governance, responsible conduct, and

corporate citizenship; essential to sustaining the

long-term growth of the company.

For further details on the committee, its

members, and its activities during the review

period, please refer to the Governancesection.

Looking Ahead

As I hand over the chairmanship, I am confident

that Harmony will continue to advance its

commitments to:

▪Ethical leadership and governance

▪Decarbonisation and environmental

stewardship

▪Employee safety, health, and inclusivity

▪Community empowerment and socio-

economic development

▪Transparent and globally aligned sustainability

reporting.

It has been a privilege to serve as Chairman

during this transformative period. I thank

my fellow committee members, Harmony's

leadership team, and all employees and partners

for their unwavering commitment to mining with

purpose. I look forward to supporting the

incoming Chairman as a committee member and

to seeing Harmony continue to create sustainable

value for all stakeholders.

**Karabo Nondumo**

*Outgoing Chairperson: Social and Ethics* 

*Committee*

24 October 2025

**Mining Charter III – compliance scorecard**

**We discuss our performance against the Mining Charter throughout this report. The charter is focused on transformation of the South African mining industry as a whole by** 

**promoting equal access to and ownership, expanding business opportunities for historically disadvantaged persons (HDPs), redressing the imbalances of historical injustices and** 

**enhancing the social and economic welfare of employees and mine communities.**

The Mining Charter is not a static document – it has been debated and revised a number of times and is now in its third iteration (effective 2018 and known as Mining Charter III). Harmony will continue to work towards

transformation because we believe this supports our social licence to operate. As a mining company we hold to the spirit of the Mining Charter and measure our performance against the charter as an entry point to our

transformation journey.

The table summarises our performance against targets for each pillar for the calendar year to 31 December 2024 (the regulatory reporting period). Harmony considers itself to be subject to the Mining Charter.

Harmony's status under the applicable Mining Charter is determinative of the applications lodged by Harmony for mining rights. The Broad-Based Black Economic Empowerment Act requires the Department of Trade,

Industry and Competition to issue the Code of Good Practice on Broad- Based Black Economic Empowerment or sector codes to measure an entities black economic empowerment initiatives. The

B-BBEE Act and code do not require the DMPR to apply the B-BBEE code when determining the qualification criteria for the granting of mining rights or the renewal of existing rights. The codes will only apply to mining

companies if they wish to be scored for purposes of contract with organs of state. We have conducted the B-BBEE verification audit for FY25 and have attached our certificate in the following section of this report.

Mining Charter III scorecard for 2024 (January – December)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Measure** | **Target** | **Score** | **Progress** |
| **1 Reporting** | **1 Reporting** | **1 Reporting** | **1 Reporting** | **1 Reporting** |
| Has the company reported its level of compliance with the Mining <br>Charter for the calendar year?<br>| Report annually | Yes | Yes | Yes |
| **2 Ownership** | **2 Ownership** | **2 Ownership** | **2 Ownership** | **2 Ownership** |
| Minimum target for effective ownership by historically disadvantaged <br>South Africans<br>| Meaningful economic participation; full shareholder rights | 26% | 58% | Yes |
| **3 Employment equity** | **3 Employment equity** | **3 Employment equity** | **3 Employment equity** | **3 Employment equity** |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of historically disadvantaged persons | Board: 50% | 67% | Yes |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of historically disadvantaged persons | Executive committee: 50% | 60% | Yes |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of historically disadvantaged persons | Senior management: 60% | 63% | Yes |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of historically disadvantaged persons | Middle management: 60% | 66% | Yes |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of historically disadvantaged persons | Junior management: 70% | 72% | Yes |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of historically disadvantaged persons | Core and critical skills: 60% | 74% | Yes |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of women | Board: 20% | 25% | Yes |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of women | Executive committee: 20% | 25% | Yes |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of women | Senior management: 25% | 27% | Yes |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of women | Middle management: 25% | 30% | Yes |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Representation of women | Junior management : 30%  | 22% | No |
| Diversification of workplace to reflect the country's demographics and <br>attain competitiveness | Employees with disabilities | 1.5% | 0.3% | No |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Measure** | **Target** | **Score** | **Progress** |
| **4 Human resource development** | **4 Human resource development** | **4 Human resource development** | **4 Human resource development** | **4 Human resource development** |
| Development of the requisite skills, particularly in exploration, mining, <br>processing, technology efficiency, beneficiation and environmental <br>conservation<br>| Human resource development expenditure as percentage of total <br>annual leviable amount (excluding mandatory skills development <br>levy)<br>| Invest 5% of leviable amount as defined in human resource <br>development element in proportion to applicable <br>demographics (employees and non-employees)<br>| 6% | Yes |
| **5 Mine community development\*** | **5 Mine community development\*** | **5 Mine community development\*** | **5 Mine community development\*** | **5 Mine community development\*** |
| Meaningful contribution towards mine community development in keeping <br>with the principles of the social licence to operate<br>| Implementation of approved commitments in the SLP | 100% | 134% | Yes |
| *\* Mine community development is reported according to Harmony's financial year, as agreed with DMRE. This report covers mine community development for the period July 2023 to June 2024.* | *\* Mine community development is reported according to Harmony's financial year, as agreed with DMRE. This report covers mine community development for the period July 2023 to June 2024.* | *\* Mine community development is reported according to Harmony's financial year, as agreed with DMRE. This report covers mine community development for the period July 2023 to June 2024.* | *\* Mine community development is reported according to Harmony's financial year, as agreed with DMRE. This report covers mine community development for the period July 2023 to June 2024.* | *\* Mine community development is reported according to Harmony's financial year, as agreed with DMRE. This report covers mine community development for the period July 2023 to June 2024.* |
| **6 Procurement and enterprise development** | **6 Procurement and enterprise development** | **6 Procurement and enterprise development** | **6 Procurement and enterprise development** | **6 Procurement and enterprise development** |
| Total procurement budget spend on goods and services | **Mining goods**<br>A minimum of 70% of total mining goods procurement spend must <br>be spent on South Africa-manufactured goods sourced from BEE-<br>compliant manufacturing companies. Excludes spend on utilities <br>(electricity and water), fuels, lubricants and land rates | 21% of total mining goods budget must be spent on South <br>African-manufactured goods produced by 50% + 1 vote <br>HDP-owned and controlled companies<br>| 55% | Yes |
| Total procurement budget spend on goods and services | **Mining goods**<br>A minimum of 70% of total mining goods procurement spend must <br>be spent on South Africa-manufactured goods sourced from BEE-<br>compliant manufacturing companies. Excludes spend on utilities <br>(electricity and water), fuels, lubricants and land rates | 5% of total mining goods budget must be spent on South <br>Africa-manufactured goods produced by 50% + 1 women- <br>and/youth-owned and controlled companies<br>| 19% | Yes |
| Total procurement budget spend on goods and services | **Mining goods**<br>A minimum of 70% of total mining goods procurement spend must <br>be spent on South Africa-manufactured goods sourced from BEE-<br>compliant manufacturing companies. Excludes spend on utilities <br>(electricity and water), fuels, lubricants and land rates | 44% of total mining goods budget must be spent on South <br>Africa-manufactured goods produced by at least level 4 <br>BEE 25% + 1 compliant companies<br>| 78% | Yes |
| Total procurement budget spend on goods and services | **Services**<br>A minimum of 80% of total spend on services must be sourced from <br>South Africa-based companies | 50% of total services budget must be spent on South <br>African companies that are 50% + 1 vote HDP-owned and <br>controlled companies<br>| 1% | No |
| Total procurement budget spend on goods and services | **Services**<br>A minimum of 80% of total spend on services must be sourced from <br>South Africa-based companies | 15% of total services budget must be spent on South <br>African companies that are 50% + 1 vote women-owned <br>and controlled companies<br>| 14% | No |
| Total procurement budget spend on goods and services | **Services**<br>A minimum of 80% of total spend on services must be sourced from <br>South Africa-based companies | 5% of total services budget must be spent on South <br>African companies that are 50% + 1 vote youth-owned <br>and controlled<br>| 4% | No |
| Total procurement budget spend on goods and services | **Services**<br>A minimum of 80% of total spend on services must be sourced from <br>South Africa-based companies | 10% of total services budget must be spent on South <br>African companies that are at least at level 4 BEE + 25% + <br>1 compliant companies<br>| 75% | Yes |
| Total procurement budget spend on goods and services | **Research and development** | A minimum of 70% of total research and development <br>budget to be spent on South Africa-based entities<br>| 100% | Yes |
| Total procurement budget spend on goods and services | **Sample analysis** | Use South Africa-based facilities or companies for analysis <br>of 100% of all mineral samples across mining value chain<br>| 100% | Yes |
| **7 Housing and living conditions** | **7 Housing and living conditions** | **7 Housing and living conditions** | **7 Housing and living conditions** | **7 Housing and living conditions** |
|  | Improve standard of housing and living conditions of mine <br>employees<br>| Implement all commitments in the housing and living <br>conditions standard<br>| 100% | Yes |

---

## Exhibit 97.1

![](harmonyincentive-basedco001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Policy No: M&C01 Issue Date: August 2025 Review date: August 2027 Page: 1 of 10 HARMONY GOLD MINING COMPANY LIMITED (Registration number: 1950/038232/06) ("Harmony" or "the company") POLICY Incentive-based Compensation Recovery POL M&C01 PERSON RESPONSIBLE FOR KEEPING DOCUMENT CURRENT : GROUP COMPANY SECRETARY Revision Prepared Reviewed Approved Date Description 00 Company Secretariat Group Executive Committee Remuneration Committee 8 August 2025 Finalised for use Policy No: M&C01 Issue Date: August 2025 Review date: August 2027 Page: 2 of 10 1. Purpose This Incentive-based Compensation Recovery Policy (this "Recovery Policy") is adopted by the Remuneration Committee (as defined below) of Harmony Gold Mining Company Limited (the "Company"), as of 8 August 2025 and as required by Section 10D of the US Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rule 10D-1 under the Exchange Act ("Rule 10D-1") and Section 303.A.14 of the NYSE Listed Company Manual, which implements Rule 10D-1 (collectively, the "Applicable Rules"). This Recovery Policy is intended to apply independently of all other clawback, recoupment or forfeiture (malus) policies, agreements or other arrangements of the Company in place from time to time (collectively, "Other Clawback Policies"); provided that, as set forth in the fourth paragraph of Section 5 below, an amount that is required to be recovered under this Recovery Policy shall be considered so recovered if it has been recovered under an Other Clawback Policy so that the same amount shall not be separately recoverable under this Recovery Policy and an Other Clawback Policy. 2. Definitions In this Policy, the following capitalized terms have the meanings set out below: "Board" means the Board of Directors of the Company. "Effective Date" means 8 August 2025. "Excess Incentive-based Compensation" means (i) the amount of Incentive-based Compensation received by an Executive Officer from any member of the Group in excess of the amount that would have been received had it been determined based on the restated amounts; and (ii) any other compensation that is computed based on, or otherwise attributable to, the amounts described in clause (i), in each case, as determined by the Remuneration Committee in accordance with the Applicable Rules. The amount of Excess Incentive-based Compensation shall be determined on a gross basis without regard to any taxes owed or paid by the Executive Officer on the receipt or settlement of the Incentive-based Compensation. For Incentive-based Compensation based on share price or total shareholder return, where the amount of Excess Incentive-based Compensation is not subject to mathematical recalculation directly from the information in an accounting restatement, the amount will be based on a reasonable estimate of the effect of the accounting restatement on the share price or total shareholder return upon which the Incentive-based Compensation was received. Policy No: M&C01 Issue Date: August 2025 Review date: August 2027 Page: 3 of 10 The Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to the NYSE. For the avoidance of doubt, Excess Incentive- based Compensation may include Incentive-based Compensation received by a person after such person ceases to be an Executive Officer. "Executive Officer"" means the current or former members of the group executive committee of the Company (or its equivalent from time to time), as well as any other person(s) (if any) as the Company may determine also constitute "executive officers" as defined in, and as identified by the Remuneration Committee in accordance with, the Applicable Rules. A person will be notified as soon as practicable after becoming or being determined to constitute an Executive Officer. "Financial Reporting Measures" means measures that are determined and presented in accordance with the accounting principles used in preparing the Group's financial statements, and any measures that are derived in whole or in part from such measures. Stock price and total shareholder return are also financial reporting measures. A Financial Reporting Measure need not be presented within the financial statements or included in a filing with the US Securities and Exchange Commission. "Financial Restatement" means an accounting restatement required due to material noncompliance by a member of the Group with any financial reporting requirements under the US federal securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. The following shall not constitute a Financial Restatement: (i) out-of-period adjustments when the error is immaterial to the previously issued consolidated financial statements and the correction of the error is also immaterial to the current period; (ii) retrospective application of a change in accounting principle; (iii) retrospective revision to reportable segment information due to a change in the structure of the internal organization of the Group; (iv) retrospective reclassification due to a discontinued operation; (v) retrospective application of a change in reporting entity, such as from a reorganization of entities under common control; and Policy No: M&C01 Issue Date: August 2025 Review date: August 2027 Page: 4 of 10 (vi) retrospective revision for share splits, reverse share splits, dividends in the form of shares or other change in capital structure. "Group" shall mean the Company, collectively with each of its direct and indirect subsidiaries. "Incentive-based Compensation" means any compensation that is granted, earned or becomes vested, in whole or in part, upon the attainment of a Financial Reporting Measure and as identified by the Remuneration Committee in accordance with the Applicable Rules and that was received by an Executive Officer (i) after such individual began service as an Executive Officer; (ii) who served in such capacity at any time during the performance period for such compensation; and (iii) while the Company had a class of securities listed on a national securities exchange or a national securities association. Incentive-based Compensation shall be considered to be received by an Executive Officer in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-based Compensation is achieved or attained, even if the payment or grant of the Incentive-based Compensation occurs after the end of that fiscal period. Unless otherwise determined by the Remuneration Committee, Incentive-based Compensation shall not include the following: (a) salaries; (b) amounts received solely at the discretion of the Remuneration Committee or the Board and that are not received from a pool that is determined by satisfying a Financial Reporting Measure performance goal; (c) amounts received solely upon satisfying one or more subjective standards; (d) amounts received solely upon satisfying one or more strategic measures or operational measures; and (e) amounts received solely based on service or the passage of time. "Remuneration Committee" means the Remuneration Committee of the Board. "Triggering Date" means the earlier to occur of (i) the date on which the Board or the Remuneration Committee concludes, or reasonably should have concluded, that the Company is required to prepare a Financial Restatement; or (ii) the date a court of competent jurisdiction, regulator, or other legally authorized body directs the Company to prepare a Financial Restatement; provided, that the recovery of Excess Incentive-based Compensation pursuant to this Recovery Policy as a result of clause (ii) shall only be required if such action by such court, regulator or other legally authorized body, as applicable, is final and non-appealable.

------

![](harmonyincentive-basedco002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Policy No: M&C01 Issue Date: August 2025 Review date: August 2027 Page: 5 of 10 3. Administration This Recovery Policy shall be administered by the Remuneration Committee. The Remuneration Committee shall have the full power and authority to interpret, and make determinations under, this Recovery Policy, consistent with the Applicable Rules. All determinations and decisions made by the Remuneration Committee pursuant to this Recovery Policy shall be final, conclusive and binding on all persons, including each member of the Group, its respective affiliates, shareholders, and Executive Officers. In the absence of the Remuneration Committee, a majority of the independent directors serving on the Board shall administer this Recovery Policy as set forth in this paragraph. 4. Covered individuals Each Executive Officer shall be subject to this Recovery Policy and shall be required to execute a Recovery Policy Acknowledgement Agreement in the form attached as Exhibit A hereto. Failure by an Executive Officer to execute a Recovery Policy Acknowledgement Agreement shall have no impact on the applicability or enforceability of this Recovery Policy. 5. Recovery of Excess Incentive-based Compensation In the event the Company is required to prepare a Financial Restatement, the Company shall seek reasonably promptly the recovery of any Excess Incentive-based Compensation received by an Executive Officer during the three completed fiscal years immediately preceding the applicable Triggering Date (or any transition period that results from a change in the Company's fiscal year within or immediately following such three completed fiscal years); provided, however, that a transition period between the last day of the Company's previous fiscal year- end and the first day of its new fiscal year that comprises a period of nine to twelve months will be considered a completed fiscal year for purposes of this Recovery Policy. The Company's obligation to recover Excess Incentive-based Compensation from an Executive Officer is not dependent on if, or when, the applicable restated financial statements are filed. Unless otherwise determined by the Remuneration Committee, an Executive Officer shall be required to forfeit or repay the Excess Incentive-based Compensation within 90 days following the date such Executive Officer is informed that such Executive Officer has received Excess Incentive-based Compensation from the Group. For the avoidance of doubt, any action by the Policy No: M&C01 Issue Date: August 2025 Review date: August 2027 Page: 6 of 10 Company to recover Excess Incentive-based Compensation under this Recovery Policy from an Executive Officer shall not, whether alone or in combination with any other action, event or condition, be deemed (i) where applicable, "good reason" or a term of similar import or to serve as a basis for a claim of constructive or unfair termination under any benefit or compensation arrangement applicable to such Executive Officer; or (ii) to constitute a breach of a contract or other arrangement to which such Executive Officer is party. Subject to the Applicable Rules, the Remuneration Committee shall have discretion to determine the method by which Excess Incentive-based Compensation shall be recovered from the applicable Executive Officers; provided that (i) to the extent the applicable Excess Incentive- based Compensation consists of amounts that have been received by, but not yet paid to, such Executive Officer, such unpaid amounts shall be forfeited by such Executive Officer; and (ii) to the extent any remaining Excess Incentive-based Compensation consists of amounts paid to such Executive Officer in cash or ordinary shares of the Company that are still held by such Executive Officer, such Executive Officer shall be required to repay such amount either in cash or ordinary shares, as applicable. For the avoidance of doubt, any Excess Incentive-based Compensation received by an Executive Officer that has subsequently been forfeited prior to payment thereof (including as a result of termination of employment or breach of contract) shall be deemed to have been repaid in accordance with this Recovery Policy. To the extent that the application of this Recovery Policy would provide for recovery of Incentive-based Compensation that the Company recovers pursuant to Section 304 of the Sarbanes-Oxley Act or Other Clawback Policies, the amount the relevant Executive Officer has already repaid the Company will be credited to the required recovery under this Recovery Policy. To the extent an Executive Officer fails to repay any Excess Incentive-based Compensation in accordance with the terms of this Section 5, such Executive Officer shall be required to repay the Group for any and all expenses reasonably incurred (including legal fees) by any member of the Group in recovering such Excess Incentive-based Compensation. The Company must recover Excess Incentive-based Compensation pursuant to this Recovery Policy except to the extent the conditions of (i), (ii) or (iii) of this paragraph are satisfied, including the Company's compliance with any additional requirements set forth in the relevant Applicable Rules related thereto, and the Remuneration Committee has made a determination that recovery would be impracticable because (i) the direct expense that would need to be paid to a third party to assist in enforcing this Recovery Policy would exceed the amount to be Policy No: M&C01 Issue Date: August 2025 Review date: August 2027 Page: 7 of 10 recovered. Before concluding that it would be impracticable to recover any amount of Excess Incentive-based Compensation based on expense of enforcement, the Company must make a reasonable attempt to recover such Excess Incentive-based Compensation, document such reasonable attempt(s) to recover and provide that documentation to the NYSE; (ii) recovery would violate the laws of the Republic of South Africa where the applicable law was adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount of Excess Incentive-based Compensation based on violation of South African law, the Company must obtain an opinion of South African counsel, acceptable to the NYSE, that recovery would result in such a violation and provide such opinion to the NYSE; or (iii) recovery would likely jeopardize the qualified status of a US tax-qualified retirement plan. 6. Indemnification and Insurance The Group is prohibited from insuring or indemnifying any Executive Officer against the loss of erroneously awarded compensation as set forth in this Recovery Policy. 7. Miscellaneous provisions This Recovery Policy shall only apply to Incentive-based Compensation received on or after the Effective Date. The Remuneration Committee may amend this Recovery Policy from time to time in its sole and absolute discretion to, inter alia, accord with any laws, regulations, and/or the Applicable Rules. This Recovery Policy will not limit the rights of the Company to take any other actions or pursue other remedies that the Company may deem appropriate under the circumstances, under applicable law, or under Other Clawback Policies. This Recovery Policy and determinations and decisions made by the Remuneration Committee pursuant to this Recovery Policy will be binding and enforceable against all Executive Officers and, where applicable, the executors of their deceased estate. In the event of any Financial Restatement, the Company shall, to the extent required by the Applicable Rules and/or any other Federal securities laws, disclose the recovery amounts and circumstances in its next annual report on Form 20-F and in any other annual reporting it is obligated to prepare. Policy No: M&C01 Issue Date: August 2025 Review date: August 2027 Page: 8 of 10 To the extent that any provision of this Recovery Policy is found to be unenforceable or invalid under any applicable law, such provision shall be applied to the maximum extent permitted and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law. _______________________________ Chief Executive Officer On behalf of the Remuneration Committee

------

![](harmonyincentive-basedco003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Policy No: M&C01 Issue Date: August 2025 Review date: August 2027 Page: 9 of 10 Harmony Gold Mining Company Ltd Incentive-based Compensation Recovery Policy Acknowledgement Agreement This acknowledgement agreement (this "Acknowledgement Agreement") to the Incentive-based Compensation Recovery Policy (this "Recovery Policy") of Harmony Gold Mining Company Limited (the "Company"), is entered into between the Company and ____________________________ (Name of Executive Officer) in favour of the Company and any member of the Group. Capitalized terms used but not defined in this Acknowledgement Agreement shall have the meanings assigned to such terms in the Recovery Policy. By signing below, the undersigned:  acknowledges and confirms that the undersigned has received and reviewed a copy of the Recovery Policy;  acknowledges and agrees as a condition to the undersigned's eligibility for any future variable compensation payments from any member of the Group, to be bound by and comply with the terms of the Recovery Policy;  confirms that they have been notified that they are an Executive Officer as defined in the Recovery Policy and that the Recovery Policy is applicable to all Incentive-based Compensation received by the undersigned on or after the Effective Date;  acknowledges and agrees that this Acknowledgment Agreement shall survive and continue in full force in accordance with its terms notwithstanding any termination of the undersigned's employment with the Company and/or any member of the Group;  acknowledges and agrees that in the event of any inconsistency between the Recovery Policy and the terms of any employment agreement to which the undersigned is a party, or the terms of any compensation plan, program, policy, agreement or arrangement under which any Incentive-based Compensation has been granted, awarded, earned or paid, in each case, the terms of the Recovery Policy shall govern to the fullest extent permitted by law;  undertakes to promptly repay (as appropriate) any Excess Incentive-based Compensation amount required under the Recovery Policy to the Company and/or any member of the Group on such terms as may be prescribed, and accepts that to give effect to the Recovery Policy deductions from the undersigned's compensation and Policy No: M&C01 Issue Date: August 2025 Review date: August 2027 Page: 10 of 10 benefits (including salary) and/or any other amounts owed to the undersigned by the Company and/or any member of the Group may be made to the fullest extent permitted by law;  acknowledges that the Recovery Policy may be amended from time to time and the undersigned shall remain subject to the Recovery Policy, as so amended, in all respects. Signed on this _____ (day) of ______________ (month) __________ (year) by _________________________________ (signature) _________________________________ (full name of Executive Officer)

------

## Exhibit 97.18

Effective Date: 30 June 2025

Report Date:31 August 2025

![harmonylogoa.jpg](harmonylogoa.jpg)

HARMONY GOLD MINING COMPANY LIMITED

Technical Report Summary of the

Eva Copper Project

North West Queensland, Australia

Effective date: 30 June 2025

i

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**<u>IMPORTANT NOTICE</u>**<br>This Technical Report Summary ("TRS") has been prepared for Harmony Gold Mining Company Limited ("Harmony') in support of<br>disclosure and filing requirements with the United States Securities and Exchange Commission (SEC) under Subpart 1300 of<br>Regulation S-K and 229.601(b)(96) of Regulation S-K. The quality of information, estimates, and conclusions contained in this TRS<br>apply as of the effective date of this TRS. Subsequent events that may have occurred since that date may have resulted in material<br>changes to such information, estimates and conclusions in this summary.<br>

Effective date: 30 June 2025

ii

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

QP Consent and Sign-off

I have read and understood the requirements of:

• the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the

"SAMREC Code, 2016 edition")

• the Harmony Guidelines on the Reporting of Exploration Results, Mineral Resources and Mineral Reserves

• Subpart 1300 (17 CFR 229.1300) of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations

("Regulation S-K 1300")

I am a Competent Person as defined by the SAMREC Code, 2016 edition and the Qualified Person ("QP") under

Regulation S-K 1300, having more than five years` experience that is relevant to the style of mineralisation and type of

deposit described in this TRS, and to the all activities for which I am accepting responsibility.

I am a member (Fellow) of the Australasian Institute of Mining and Metallurgy (AusIMM) and my registration is as

follows:

Greg Job

Executive General Manager - Growth and Resource Development

FAusIMM No. 111561

I have reviewed the tables, graphs and other information included for the Eva Copper Project Mineral Resource which

will be used in the 2025 Harmony Gold Mineral Resource and Mineral Reserve Report to which this Consent Statement

applies.

I acknowledge responsibility for all the Sections of this TRS and as the QP I relied on information provided by various

subject experts.

At the effective date of this TRS, to the best of my knowledge, information and belief, this TRS contains all scientific and

technical information that is required to be disclosed to make this TRS not misleading.

/s/ Greg Job

____________________________________

Mr Greg Job

BSc. MSc (Min Econ)

FAusIMM

Executive General Manager - Growth & Resource

Development

Harmony Australasia

Effective date: 30 June 2025

iii

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

List of Contents

---

| | |
|:---|:---|
| [1](#i98a2c53108354ab7bc86b4af442c1b2e)[Executive Summary](#i98a2c53108354ab7bc86b4af442c1b2e)....................................................................................................................................... | [1](#i98a2c53108354ab7bc86b4af442c1b2e) |
| [2](#i98a08047a0564e0eaf11f96f7bb6ea17)[Introduction](#i98a08047a0564e0eaf11f96f7bb6ea17).................................................................................................................................................. | [13](#i98a08047a0564e0eaf11f96f7bb6ea17) |
| [2.1](#ib6e2881e50d8448c863fdc686cfd20e3)[Report Section Responsibilities](#ib6e2881e50d8448c863fdc686cfd20e3)...................................................................................................... | [13](#ib6e2881e50d8448c863fdc686cfd20e3) |
| [2.2](#ie7f65d681f5648169806a30339be4951)[Personal Inspection](#ie7f65d681f5648169806a30339be4951)........................................................................................................................ | [14](#ie7f65d681f5648169806a30339be4951) |
| [2.3](#i0338e96818fe4b1db6f193a9bbf4984e)[Effective Date](#i0338e96818fe4b1db6f193a9bbf4984e)................................................................................................................................. | [14](#i0338e96818fe4b1db6f193a9bbf4984e) |
| [2.4](#i513a6f25bed2403e8d4cbf9f0cd94185)[Abbreviations and Units of Measure](#i513a6f25bed2403e8d4cbf9f0cd94185)............................................................................................. | [14](#i513a6f25bed2403e8d4cbf9f0cd94185) |
| [3](#ie32e3cce67044542986b2b671c2c4b91)[Property description](#ie32e3cce67044542986b2b671c2c4b91)..................................................................................................................................... | [15](#ie32e3cce67044542986b2b671c2c4b91) |
| [3.1](#iedaa0bf2d5b64ccd8bb9a1a39b651b56)[Location](#iedaa0bf2d5b64ccd8bb9a1a39b651b56).......................................................................................................................................... | [15](#iedaa0bf2d5b64ccd8bb9a1a39b651b56) |
| [3.2](#i366f13b2945243f2b1d15ead04324bb7)[Land Use and Mining Tenure](#i366f13b2945243f2b1d15ead04324bb7)......................................................................................................... | [15](#i366f13b2945243f2b1d15ead04324bb7) |
| [3.3](#i027aaf53a8f04cf8801f36883d395ba2)[Mining Leases](#i027aaf53a8f04cf8801f36883d395ba2)................................................................................................................................. | [15](#i027aaf53a8f04cf8801f36883d395ba2) |
| [3.4](#if5f5526b69374bf0a9e0d6b72ee59d29)[Exploration Permits for Minerals](#if5f5526b69374bf0a9e0d6b72ee59d29)................................................................................................... | [16](#if5f5526b69374bf0a9e0d6b72ee59d29) |
| [3.5](#i7eb481d923e14365bf48b9d5f8672ae4)[Freehold Land](#i7eb481d923e14365bf48b9d5f8672ae4)................................................................................................................................. | [18](#i7eb481d923e14365bf48b9d5f8672ae4) |
| [3.5.1](#ic148165a8d1549aa8029ae55479de5cf)[Lot 37 (Agreement Numbers 355, 526, 1069, and 1070)](#ic148165a8d1549aa8029ae55479de5cf)................................................ | [19](#ic148165a8d1549aa8029ae55479de5cf) |
| [3.5.2](#iac7aaec2b1dd4dab813c695ff693e679)[Lot 28 (Agreement Numbers 355, 1069, and 1070)](#iac7aaec2b1dd4dab813c695ff693e679)........................................................ | [19](#iac7aaec2b1dd4dab813c695ff693e679) |
| [3.6](#i78eecb9992a24083a6db15bc6923c6fb)[Royalties](#i78eecb9992a24083a6db15bc6923c6fb)......................................................................................................................................... | [19](#i78eecb9992a24083a6db15bc6923c6fb) |
| [3.7](#i4d571e2aa9d14a728e708bcd8fba6001)[Encumbrances](#i4d571e2aa9d14a728e708bcd8fba6001)................................................................................................................................ | [19](#i4d571e2aa9d14a728e708bcd8fba6001) |
| [4](#i4bdcb8142bc047d79ebf8a5e22fae004)[Accessibility, climate, local resources, infrastructure, and physiography.](#i4bdcb8142bc047d79ebf8a5e22fae004)................................................... | [20](#i4bdcb8142bc047d79ebf8a5e22fae004) |
| [4.1](#i3d49751296c54b52a06cf00404b2abc5)[Accessibility and Infrastructure](#i3d49751296c54b52a06cf00404b2abc5)...................................................................................................... | [20](#i3d49751296c54b52a06cf00404b2abc5) |
| [4.2](#ie562e79a090945ffacebfda8458e3132)[Climate and Surface Water](#ie562e79a090945ffacebfda8458e3132)............................................................................................................ | [20](#ie562e79a090945ffacebfda8458e3132) |
| [4.3](#i9f1abdb1242d444581add146b856eb5a)[Landforms and Vegetation](#i9f1abdb1242d444581add146b856eb5a)............................................................................................................. | [21](#i9f1abdb1242d444581add146b856eb5a) |
| [4.4](#i5dab753eb83e4f23a05f69e930293a05)[Local Mining Industry](#i5dab753eb83e4f23a05f69e930293a05)..................................................................................................................... | [21](#i5dab753eb83e4f23a05f69e930293a05) |
| [5](#i68f3059a5a1e478baebfcfcc86a830e9)[History](#i68f3059a5a1e478baebfcfcc86a830e9)........................................................................................................................................................... | [23](#i68f3059a5a1e478baebfcfcc86a830e9) |
| [5.1](#i847b2ce37b584f77ad133cf466f8945d)[Prior Ownership and Changes](#i847b2ce37b584f77ad133cf466f8945d)........................................................................................................ | [23](#i847b2ce37b584f77ad133cf466f8945d) |
| [5.2](#ia1138008b9a74da8a8ae4d4e49d7bda6)[Mineral Resource Estimates History](#ia1138008b9a74da8a8ae4d4e49d7bda6).............................................................................................. | [24](#ia1138008b9a74da8a8ae4d4e49d7bda6) |
| [5.2.1](#i9194d5f64e664a32b5cf28ec76722535)[Little Eva Deposit](#i9194d5f64e664a32b5cf28ec76722535)............................................................................................................. | [24](#i9194d5f64e664a32b5cf28ec76722535) |
| [5.2.2](#ie5a8169a703949dbae819e4d04bfeae5)[Turkey Creek Deposit](#ie5a8169a703949dbae819e4d04bfeae5)....................................................................................................... | [26](#ie5a8169a703949dbae819e4d04bfeae5) |
| [5.2.3](#ic7162e5ace42481bb6f4d97eac522ebf)[Bedford Deposit](#ic7162e5ace42481bb6f4d97eac522ebf)............................................................................................................... | [26](#ic7162e5ace42481bb6f4d97eac522ebf) |
| [5.2.4](#ib9b73226a9f34414accf899ce041efb5)[Lady Clayre Deposit](#ib9b73226a9f34414accf899ce041efb5)......................................................................................................... | [27](#ib9b73226a9f34414accf899ce041efb5) |
| [5.2.5](#i807be50fe4f747fc9f05df3e0e74891d)[Ivy Ann Deposit](#i807be50fe4f747fc9f05df3e0e74891d)................................................................................................................ | [28](#i807be50fe4f747fc9f05df3e0e74891d) |
| [5.2.6](#i8445092756f84ec78909bf7e05b47c2b)[Blackard Deposit](#i8445092756f84ec78909bf7e05b47c2b).............................................................................................................. | [29](#i8445092756f84ec78909bf7e05b47c2b) |
| [5.2.7](#i985834805bf94d28b4c92220998178f1)[Scanlan Deposit](#i985834805bf94d28b4c92220998178f1)............................................................................................................... | [30](#i985834805bf94d28b4c92220998178f1) |
| [5.2.8](#i0c4a3ef2942543f68e8eff7277db28cc)[Legend Deposit](#i0c4a3ef2942543f68e8eff7277db28cc)................................................................................................................ | [30](#i0c4a3ef2942543f68e8eff7277db28cc) |
| [5.2.9](#i962c2d3c1ff64e2abd96fb8e0a38c900)[Great Southern Deposit](#i962c2d3c1ff64e2abd96fb8e0a38c900)................................................................................................... | [30](#i962c2d3c1ff64e2abd96fb8e0a38c900) |
| [6](#ia91b0066413f4717b4acf70a51f4f960)[Geological setting, Mineralisation, and Deposit](#ia91b0066413f4717b4acf70a51f4f960)........................................................................................... | [31](#ia91b0066413f4717b4acf70a51f4f960) |
| [6.1](#ifa1f5aef93b943c19ead7802f6b876b1)[Regional Geology](#ifa1f5aef93b943c19ead7802f6b876b1)............................................................................................................................ | [31](#ifa1f5aef93b943c19ead7802f6b876b1) |
| [6.1.1](#ie38d4931ad784e0da959bc00a4474acc)[Regional Stratigraphy](#ie38d4931ad784e0da959bc00a4474acc)...................................................................................................... | [33](#ie38d4931ad784e0da959bc00a4474acc) |
| [6.1.2](#idec33df13f8e452dbad2f0a33b498ad8)[Regional Deformation](#idec33df13f8e452dbad2f0a33b498ad8)...................................................................................................... | [33](#idec33df13f8e452dbad2f0a33b498ad8) |
| [6.2](#i4fdf9063f02140e8ad6a461d5e2a8ef1)[Project Geology](#i4fdf9063f02140e8ad6a461d5e2a8ef1).............................................................................................................................. | [34](#i4fdf9063f02140e8ad6a461d5e2a8ef1) |
| [6.2.1](#ib753912458c845ed9281a9c7b4b84f54)[Little Eva Deposit Geology](#ib753912458c845ed9281a9c7b4b84f54)............................................................................................... | [37](#ib753912458c845ed9281a9c7b4b84f54) |
| [6.2.2](#ib109012ead8f4e4bad3aca92c8c2f856)[Turkey Creek](#ib109012ead8f4e4bad3aca92c8c2f856).................................................................................................................... | [42](#ib109012ead8f4e4bad3aca92c8c2f856) |
| [6.2.3](#i823e7aa38f5a4503ba75be485404a0c7)[Native Copper deposits](#i823e7aa38f5a4503ba75be485404a0c7)................................................................................................... | [44](#i823e7aa38f5a4503ba75be485404a0c7) |
| [6.2.4](#i7e6dc33813e34b0ab266a473449a22a6)[Lady Clayre](#i7e6dc33813e34b0ab266a473449a22a6)....................................................................................................................... | [51](#i7e6dc33813e34b0ab266a473449a22a6) |
| [6.2.5](#i60a2e0c2a99f4da4ba8ec3fc5ce2a0db)[Ivy Ann](#i60a2e0c2a99f4da4ba8ec3fc5ce2a0db)............................................................................................................................. | [53](#i60a2e0c2a99f4da4ba8ec3fc5ce2a0db) |
| [6.2.6](#ic4e64646f98c49cb8564a37c1bd8361f)[Bedford](#ic4e64646f98c49cb8564a37c1bd8361f)............................................................................................................................ | [55](#ic4e64646f98c49cb8564a37c1bd8361f) |
| [6.3](#if523b10158374b5da54077322ba6a98f)[Deposit Types](#if523b10158374b5da54077322ba6a98f)................................................................................................................................. | [58](#if523b10158374b5da54077322ba6a98f) |
| [6.3.1](#if775b2e86c5a4124bf6fc758b92296cf)[Copper-Gold Deposits](#if775b2e86c5a4124bf6fc758b92296cf)...................................................................................................... | [58](#if775b2e86c5a4124bf6fc758b92296cf) |
| [6.3.2](#i7ff8b7a4ad0e428ca285979a0988b07a)[Copper-Only Deposits](#i7ff8b7a4ad0e428ca285979a0988b07a)...................................................................................................... | [59](#i7ff8b7a4ad0e428ca285979a0988b07a) |
| [7](#idde847c0a17d40509494098d9ced0846)[Exploration](#idde847c0a17d40509494098d9ced0846).................................................................................................................................................... | [60](#idde847c0a17d40509494098d9ced0846) |
| [7.1](#ie88f96485f5f41c5bcffb4bd6c197f55)[Drilling](#ie88f96485f5f41c5bcffb4bd6c197f55)............................................................................................................................................ | [62](#ie88f96485f5f41c5bcffb4bd6c197f55) |
| [7.1.1](#iddddcb26be01488290b4a59644af5497)[Drill Hole Data Description](#iddddcb26be01488290b4a59644af5497).............................................................................................. | [62](#iddddcb26be01488290b4a59644af5497) |

---

Effective date: 30 June 2025

iv

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

---

| | |
|:---|:---|
| [7.1.1.1](#if3cff20332c34b3fb3938c5e3c5102bd)[Little Eva](#if3cff20332c34b3fb3938c5e3c5102bd)............................................................................................................ | [62](#if3cff20332c34b3fb3938c5e3c5102bd) |
| [7.1.1.2](#ic486310351cb447381045de64a610fd3)[Turkey Creek](#ic486310351cb447381045de64a610fd3)..................................................................................................... | [65](#ic486310351cb447381045de64a610fd3) |
| [7.1.1.3](#i580b0857a77e432eb983ef0f2bcc0462)[Blackard](#i580b0857a77e432eb983ef0f2bcc0462)............................................................................................................. | [67](#i580b0857a77e432eb983ef0f2bcc0462) |
| [7.1.1.4](#icd5846f093ca4b08a916d0c422565588)[Scanlan](#icd5846f093ca4b08a916d0c422565588).............................................................................................................. | [69](#icd5846f093ca4b08a916d0c422565588) |
| [7.1.1.5](#ie759f3ea6cd94c2889e3ed918f56fb8a)[Bedford](#ie759f3ea6cd94c2889e3ed918f56fb8a)............................................................................................................. | [71](#ie759f3ea6cd94c2889e3ed918f56fb8a) |
| [7.1.1.6](#i03253a23f5004390b2cdf14c27ea9f8f)[Ivy Ann](#i03253a23f5004390b2cdf14c27ea9f8f).............................................................................................................. | [74](#i03253a23f5004390b2cdf14c27ea9f8f) |
| [7.1.1.7](#i0dab0bdc3eb1481ab9d6ab477d158be0)[Lady Clayre](#i0dab0bdc3eb1481ab9d6ab477d158be0)........................................................................................................ | [76](#i0dab0bdc3eb1481ab9d6ab477d158be0) |
| [7.1.1.8](#i1116e1f979784a119697dfec3da20c06)[Legend](#i1116e1f979784a119697dfec3da20c06)............................................................................................................... | [78](#i1116e1f979784a119697dfec3da20c06) |
| [7.1.1.1](#i86f45330b50b4c6a8490ebfe09bec744)[Great Southern](#i86f45330b50b4c6a8490ebfe09bec744)................................................................................................. | [79](#i86f45330b50b4c6a8490ebfe09bec744) |
| [7.1.2](#i9e4de823cb4a4228bd266af88e9b2609)[Drill Hole Collar Survey Control](#i9e4de823cb4a4228bd266af88e9b2609)....................................................................................... | [80](#i9e4de823cb4a4228bd266af88e9b2609) |
| [7.1.2.1](#ief838f2b82404eed945bc8dcb9841e95)[Little Eva](#ief838f2b82404eed945bc8dcb9841e95)............................................................................................................ | [80](#ief838f2b82404eed945bc8dcb9841e95) |
| [7.1.2.2](#ie86d711e9b434496a02c3a5bc8e4b05d)[Turkey Creek](#ie86d711e9b434496a02c3a5bc8e4b05d)..................................................................................................... | [80](#ie86d711e9b434496a02c3a5bc8e4b05d) |
| [7.1.2.3](#i0a925fae427c404baae4db2c8f54dfb7)[Blackard](#i0a925fae427c404baae4db2c8f54dfb7)............................................................................................................. | [80](#i0a925fae427c404baae4db2c8f54dfb7) |
| [7.1.2.4](#ic3bc12c860da46fab20a9d55771ddbde)[Scanlan](#ic3bc12c860da46fab20a9d55771ddbde).............................................................................................................. | [80](#ic3bc12c860da46fab20a9d55771ddbde) |
| [7.1.2.5](#i8bfab465fcd14ecb96145abc4de4e9c8)[Bedford](#i8bfab465fcd14ecb96145abc4de4e9c8)............................................................................................................. | [80](#i8bfab465fcd14ecb96145abc4de4e9c8) |
| [7.1.2.6](#i3a374078aec24475a616b3d410f9085b)[Ivy Ann](#i3a374078aec24475a616b3d410f9085b).............................................................................................................. | [80](#i3a374078aec24475a616b3d410f9085b) |
| [7.1.2.7](#ie2c636630cbb44d1936062091f2785bb)[Lady Clayre](#ie2c636630cbb44d1936062091f2785bb)........................................................................................................ | [81](#ie2c636630cbb44d1936062091f2785bb) |
| [7.1.3](#i828fe441e1f04216b945879a3ed5c1a4)[Downhole Surveys](#i828fe441e1f04216b945879a3ed5c1a4)........................................................................................................... | [81](#i828fe441e1f04216b945879a3ed5c1a4) |
| [7.1.3.1](#i17f0cfac614b464598bf3d24c6215ff9)[Little Eva](#i17f0cfac614b464598bf3d24c6215ff9)............................................................................................................ | [81](#i17f0cfac614b464598bf3d24c6215ff9) |
| [7.1.3.2](#ie05a2d258c4348f3ab9f246604171dc3)[Turkey Creek](#ie05a2d258c4348f3ab9f246604171dc3)..................................................................................................... | [81](#ie05a2d258c4348f3ab9f246604171dc3) |
| [7.1.3.3](#id32756585a7f4ec892d3130fc091de22)[Blackard, Scanlan and Bedford](#id32756585a7f4ec892d3130fc091de22)......................................................................... | [81](#id32756585a7f4ec892d3130fc091de22) |
| [7.1.3.4](#i6d688edde17c40f9933dc14a10685060)[Ivy Ann](#i6d688edde17c40f9933dc14a10685060).............................................................................................................. | [82](#i6d688edde17c40f9933dc14a10685060) |
| [7.1.3.5](#i8c1f1668333c42b1b8b8255166a1ddef)[Lady Clayre](#i8c1f1668333c42b1b8b8255166a1ddef)........................................................................................................ | [82](#i8c1f1668333c42b1b8b8255166a1ddef) |
| [7.1.3.6](#i7756a562db044f6bb21153415d52101e)[Legend and Great Southern](#i7756a562db044f6bb21153415d52101e).............................................................................. | [82](#i7756a562db044f6bb21153415d52101e) |
| [7.1.4](#i7a9b8f8e73284a18b8002271b7f3cec2)[Drill Hole Logging](#i7a9b8f8e73284a18b8002271b7f3cec2)............................................................................................................. | [82](#i7a9b8f8e73284a18b8002271b7f3cec2) |
| [7.1.4.1](#ic5dbfbc0eb45402f833997ab09184dc8)[Little Eva](#ic5dbfbc0eb45402f833997ab09184dc8)............................................................................................................ | [82](#ic5dbfbc0eb45402f833997ab09184dc8) |
| [7.1.4.2](#icd756e40188b4867900b726f4a472a90)[Turkey Creek, Blackard, Scanlan, Legend, Great Southern and Bedford](#icd756e40188b4867900b726f4a472a90)......... | [83](#icd756e40188b4867900b726f4a472a90) |
| [7.1.4.3](#id85ae2017ff44865b1f836577a8055b1)[Ivy Ann](#id85ae2017ff44865b1f836577a8055b1).............................................................................................................. | [83](#id85ae2017ff44865b1f836577a8055b1) |
| [7.1.4.4](#i51259184d8734943880ef98ef8443190)[Lady Clayre](#i51259184d8734943880ef98ef8443190)........................................................................................................ | [83](#i51259184d8734943880ef98ef8443190) |
| [7.1.5](#ieb8162ddf90f4152aafa19384e62fee1)[Core and RC Sampling Methods](#ieb8162ddf90f4152aafa19384e62fee1)...................................................................................... | [83](#ieb8162ddf90f4152aafa19384e62fee1) |
| [8](#i6416f6946e9b4636b53a082467081467)[Sample Preparation, Analysis and Security](#i6416f6946e9b4636b53a082467081467)................................................................................................... | [84](#i6416f6946e9b4636b53a082467081467) |
| [8.1](#i69c45573c4344bcda06d3da5c673c433)[Little Eva](#i69c45573c4344bcda06d3da5c673c433)......................................................................................................................................... | [84](#i69c45573c4344bcda06d3da5c673c433) |
| [8.1.1](#i1e0ae2a3a75549bb8ce910519a3a91c2)[URL 2002 programme](#i1e0ae2a3a75549bb8ce910519a3a91c2)...................................................................................................... | [84](#i1e0ae2a3a75549bb8ce910519a3a91c2) |
| [8.1.2](#i6cec6a5445784a4f8c389c158586cc9c)[URL 2003–2006 programme](#i6cec6a5445784a4f8c389c158586cc9c)............................................................................................ | [84](#i6cec6a5445784a4f8c389c158586cc9c) |
| [8.1.3](#ic4a6a75ecdb3447ba6f57172c686ac9b)[URL 2007 programme](#ic4a6a75ecdb3447ba6f57172c686ac9b)...................................................................................................... | [84](#ic4a6a75ecdb3447ba6f57172c686ac9b) |
| [8.1.4](#iad1c7e5f716b4f5095b63908f74df44a)[Altona 2011 programme](#iad1c7e5f716b4f5095b63908f74df44a)................................................................................................. | [85](#iad1c7e5f716b4f5095b63908f74df44a) |
| [8.1.5](#i0f53957e240f4f408bc7ad6ff70fdefd)[Altona-Sichuan Railway Investment Group 2015 programme](#i0f53957e240f4f408bc7ad6ff70fdefd)........................................ | [85](#i0f53957e240f4f408bc7ad6ff70fdefd) |
| [8.1.6](#ia937f245c0804ff487b5df8ab0c63d0a)[CMMC 2018 to 2022](#ia937f245c0804ff487b5df8ab0c63d0a)........................................................................................................ | [85](#ia937f245c0804ff487b5df8ab0c63d0a) |
| [8.1.7](#i4e508d7a41c84d858ca6ffabf7f4dc1f)[Harmony Work 2023 to present](#i4e508d7a41c84d858ca6ffabf7f4dc1f)...................................................................................... | [85](#i4e508d7a41c84d858ca6ffabf7f4dc1f) |
| [8.1.8](#i8c7123c798724e1491420e3326149c02)[Quality Control Procedures](#i8c7123c798724e1491420e3326149c02)............................................................................................. | [85](#i8c7123c798724e1491420e3326149c02) |
| [8.2](#i184714451b4a44d49a9a5f1903cf30d5)[Turkey Creek](#i184714451b4a44d49a9a5f1903cf30d5)................................................................................................................................... | [86](#i184714451b4a44d49a9a5f1903cf30d5) |
| [8.3](#ic1d14ed5a64a4ff8934bd265b246b67e)[Blackard, Scanlan, Legend and Great Southern](#ic1d14ed5a64a4ff8934bd265b246b67e)............................................................................ | [86](#ic1d14ed5a64a4ff8934bd265b246b67e) |
| [8.4](#i2e0c53627763439e94b546d652663cc2)[Bedford](#i2e0c53627763439e94b546d652663cc2)........................................................................................................................................... | [87](#i2e0c53627763439e94b546d652663cc2) |
| [8.5](#i47c86ba40fb2405588449b9495fc1493)[Ivy Ann](#i47c86ba40fb2405588449b9495fc1493)............................................................................................................................................ | [88](#i47c86ba40fb2405588449b9495fc1493) |
| [8.6](#i7692070613e54bf28a15201680556cc6)[Lady Clayre](#i7692070613e54bf28a15201680556cc6)..................................................................................................................................... | [88](#i7692070613e54bf28a15201680556cc6) |
| [8.7](#i551f67bd17a64f868b2f7f9d5fcdc753)[Security](#i551f67bd17a64f868b2f7f9d5fcdc753)........................................................................................................................................... | [88](#i551f67bd17a64f868b2f7f9d5fcdc753) |
| [9](#ieacfe06e2a6a48cc8ebad74fb8107c13)[Data verification](#ieacfe06e2a6a48cc8ebad74fb8107c13)............................................................................................................................................ | [89](#ieacfe06e2a6a48cc8ebad74fb8107c13) |
| [10](#i8e8bc2a550b146dfa50917e70e3990f2)[Mineral Processing and Metallurgical testing](#i8e8bc2a550b146dfa50917e70e3990f2)............................................................................................... | [90](#i8e8bc2a550b146dfa50917e70e3990f2) |
| [10.1](#iab81e7bd379543c99389d37380388cd7)[Introduction](#iab81e7bd379543c99389d37380388cd7).................................................................................................................................... | [90](#iab81e7bd379543c99389d37380388cd7) |
| [10.2](#i3568557e07e642a2b13b4e26639f467e)[Little Eva Deposit](#i3568557e07e642a2b13b4e26639f467e)............................................................................................................................ | [90](#i3568557e07e642a2b13b4e26639f467e) |
| [10.2.1](#i193eca9f0f7b44d5ba6e5b8e4f1d6c4d)[Mineralogy](#i193eca9f0f7b44d5ba6e5b8e4f1d6c4d)....................................................................................................................... | [91](#i193eca9f0f7b44d5ba6e5b8e4f1d6c4d) |

---

Effective date: 30 June 2025

v

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

---

| | |
|:---|:---|
| [11](#i1d86f4584fc04b6b9d6f7d341a8589c4)[Mineral Resource Estimates](#i1d86f4584fc04b6b9d6f7d341a8589c4)......................................................................................................................... | [92](#i1d86f4584fc04b6b9d6f7d341a8589c4) |
| [11.1](#ic9b68e6bd102492793474a13b0fc4df8)[Introduction](#ic9b68e6bd102492793474a13b0fc4df8).................................................................................................................................... | [92](#ic9b68e6bd102492793474a13b0fc4df8) |
| [11.2](#i549954e43d9f440d9b817fb76639ec1c)[Resource Estimation Procedures](#i549954e43d9f440d9b817fb76639ec1c)................................................................................................... | [92](#i549954e43d9f440d9b817fb76639ec1c) |
| [11.3](#idfcdf6763f41432996c444008e93f6dd)[Geological and Mineralisation Models and Domains](#idfcdf6763f41432996c444008e93f6dd).................................................................... | [92](#idfcdf6763f41432996c444008e93f6dd) |
| [11.3.1](#i777e05ffd60441f7b180b9533b27e66e)[Little Eva](#i777e05ffd60441f7b180b9533b27e66e).......................................................................................................................... | [93](#i777e05ffd60441f7b180b9533b27e66e) |
| [11.3.2](#i27a73898651b41e5a1c9f7ec518cdb46)[Turkey Creek](#i27a73898651b41e5a1c9f7ec518cdb46).................................................................................................................... | [93](#i27a73898651b41e5a1c9f7ec518cdb46) |
| [11.3.3](#idcab3a5d1456453bae071601993851bf)[Native Copper deposits](#idcab3a5d1456453bae071601993851bf)................................................................................................... | [93](#idcab3a5d1456453bae071601993851bf) |
| [11.3.4](#ic893ec5630024b12a242d43e5fd8ebfa)[Ivy Ann](#ic893ec5630024b12a242d43e5fd8ebfa)............................................................................................................................. | [94](#ic893ec5630024b12a242d43e5fd8ebfa) |
| [11.3.5](#ifefdfe35fb1d49beb5aea005ebc8a474)[Lady Clayre](#ifefdfe35fb1d49beb5aea005ebc8a474)....................................................................................................................... | [94](#ifefdfe35fb1d49beb5aea005ebc8a474) |
| [11.3.6](#i906a79f7d45245b49a81f80c00b7bbee)[Bedford](#i906a79f7d45245b49a81f80c00b7bbee)............................................................................................................................ | [94](#i906a79f7d45245b49a81f80c00b7bbee) |
| [11.3.7](#if6829ee826094d8da2dbdef01a1657de)[Block Models](#if6829ee826094d8da2dbdef01a1657de).................................................................................................................... | [95](#if6829ee826094d8da2dbdef01a1657de) |
| [11.4](#i753b69020bfa44a59c9b28498ea99ea6)[Database and Statistical Analysis](#i753b69020bfa44a59c9b28498ea99ea6)................................................................................................... | [97](#i753b69020bfa44a59c9b28498ea99ea6) |
| [11.4.1](#i7091841df9294c31a13cb8760c134e8e)[Drill Hole Database](#i7091841df9294c31a13cb8760c134e8e).......................................................................................................... | [97](#i7091841df9294c31a13cb8760c134e8e) |
| [11.4.2](#i10319dc07d15461c90a47bf5b3d56d05)[Deposit Assay Data Statistics](#i10319dc07d15461c90a47bf5b3d56d05)........................................................................................... | [101](#i10319dc07d15461c90a47bf5b3d56d05) |
| [11.4.2.1](#i5652da3121724d49ad384f470c8baa01)[Little Eva Deposit](#i5652da3121724d49ad384f470c8baa01).............................................................................................. | [103](#i5652da3121724d49ad384f470c8baa01) |
| [11.4.2.2](#i3372a741f5ed4cfb847df8228c0e5cc0)[Blackard Deposit](#i3372a741f5ed4cfb847df8228c0e5cc0)............................................................................................... | [107](#i3372a741f5ed4cfb847df8228c0e5cc0) |
| [11.4.2.3](#ifd1a920a871d45818fbf00ff17f89e1b)[Scanlan Deposit](#ifd1a920a871d45818fbf00ff17f89e1b)................................................................................................. | [109](#ifd1a920a871d45818fbf00ff17f89e1b) |
| [11.4.3](#if511887eade049a6a1eea3f10f9fceaf)[Data Conditioning and Assay Composites](#if511887eade049a6a1eea3f10f9fceaf)....................................................................... | [110](#if511887eade049a6a1eea3f10f9fceaf) |
| [11.5](#i7573d33f91ad4bc3a962c600e8108f25)[Bulk Density](#i7573d33f91ad4bc3a962c600e8108f25).................................................................................................................................... | [115](#i7573d33f91ad4bc3a962c600e8108f25) |
| [11.6](#i28639c646972492c91eab1ab4ac90d8d)[Variography](#i28639c646972492c91eab1ab4ac90d8d).................................................................................................................................... | [117](#i28639c646972492c91eab1ab4ac90d8d) |
| [11.7](#i8844939fba98444d861a96f64a01fe95)[Grade Interpolation](#i8844939fba98444d861a96f64a01fe95)........................................................................................................................ | [124](#i8844939fba98444d861a96f64a01fe95) |
| [11.8](#iff7910de36a64104a6da4a08afb962dc)[Classification and Mineral Resource Statement](#iff7910de36a64104a6da4a08afb962dc)............................................................................ | [137](#iff7910de36a64104a6da4a08afb962dc) |
| [11.9](#ie72723f5ae384850af00ca036dafddf9)[Resource Verification](#ie72723f5ae384850af00ca036dafddf9)..................................................................................................................... | [141](#ie72723f5ae384850af00ca036dafddf9) |
| [12](#i05adcac1c9d24d5aa85f4908a49332b1)[Mineral Reserve Estimates](#i05adcac1c9d24d5aa85f4908a49332b1)............................................................................................................................ | [146](#i05adcac1c9d24d5aa85f4908a49332b1) |
| [13](#i5cd3b8ec81ad4130a762c526e4f9bffa)[Mining Methods](#i5cd3b8ec81ad4130a762c526e4f9bffa)............................................................................................................................................ | [146](#i5cd3b8ec81ad4130a762c526e4f9bffa) |
| [14](#idc0d6a3971744c15a27e5dcc0b331334)[Processing and Recovery Methods](#idc0d6a3971744c15a27e5dcc0b331334)............................................................................................................... | [146](#idc0d6a3971744c15a27e5dcc0b331334) |
| [15](#i66a1dd95875b486eb3e20a246799dd69)[Infrastructure](#i66a1dd95875b486eb3e20a246799dd69)................................................................................................................................................ | [146](#i66a1dd95875b486eb3e20a246799dd69) |
| [16](#i72a056ee50994d4c9382a377edd89f7b)[Market Studies](#i72a056ee50994d4c9382a377edd89f7b).............................................................................................................................................. | [146](#i72a056ee50994d4c9382a377edd89f7b) |
| [17](#i073146d21fa14382a7893e3de340bb1f)[Environmental Studies, Permitting and Plans, Negotiations or Agreements with Local Individuals or](#i073146d21fa14382a7893e3de340bb1f)<br>[Groups](#i073146d21fa14382a7893e3de340bb1f)..........................................................................................................................................................<br>| [146](#i073146d21fa14382a7893e3de340bb1f) |
| [18](#ibc3b04b9e4b74db99cec5dada940a9fe)[Capital and Operating Costs](#ibc3b04b9e4b74db99cec5dada940a9fe).......................................................................................................................... | [146](#ibc3b04b9e4b74db99cec5dada940a9fe) |
| [19](#ia66da601121d4c7fa90ed77d74dacc3e)[Economic Analysis](#ia66da601121d4c7fa90ed77d74dacc3e)......................................................................................................................................... | [146](#ia66da601121d4c7fa90ed77d74dacc3e) |
| [20](#i1243d1c37a3c4e7b817eb5299f5f02eb)[Adjacent properties](#i1243d1c37a3c4e7b817eb5299f5f02eb)...................................................................................................................................... | [147](#i1243d1c37a3c4e7b817eb5299f5f02eb) |
| [20.1](#i520735ac414841cd89544aa2a4b74dc8)[Mining Properties (Regional)](#i520735ac414841cd89544aa2a4b74dc8).......................................................................................................... | [147](#i520735ac414841cd89544aa2a4b74dc8) |
| [20.2](#icc414643735b4f49965eeef701cd8a9a)[Mining Properties (Adjacent)](#icc414643735b4f49965eeef701cd8a9a)......................................................................................................... | [147](#icc414643735b4f49965eeef701cd8a9a) |
| [20.3](#i8b56a6d9186a4583956849562f374b13)[Non-Mining Properties](#i8b56a6d9186a4583956849562f374b13)................................................................................................................... | [149](#i8b56a6d9186a4583956849562f374b13) |
| [21](#i05bf55a3cc0b4548b504dee7c1399b80)[Other Relevant Data and Information](#i05bf55a3cc0b4548b504dee7c1399b80).......................................................................................................... | [150](#i05bf55a3cc0b4548b504dee7c1399b80) |
| [22](#i37e35cb4af9649ef865f6d40ca4881e0)[Interpretation and Conclusion](#i37e35cb4af9649ef865f6d40ca4881e0)...................................................................................................................... | [151](#i37e35cb4af9649ef865f6d40ca4881e0) |
| [22.1](#ic36f48f5944f44f197764afdbdbd57ce)[Geology, Mineral Resources](#ic36f48f5944f44f197764afdbdbd57ce)........................................................................................................... | [151](#ic36f48f5944f44f197764afdbdbd57ce) |
| [22.2](#i72206e4258804fcb9566a9c238c300cb)[Mining](#i72206e4258804fcb9566a9c238c300cb)............................................................................................................................................. | [151](#i72206e4258804fcb9566a9c238c300cb) |
| [22.3](#ibad716d8c0ce4f2da6269f693be780ba)[Metallurgical Testwork and Mineral Processing](#ibad716d8c0ce4f2da6269f693be780ba)............................................................................ | [151](#ibad716d8c0ce4f2da6269f693be780ba) |
| [22.4](#i69b14b4766024f119d534796288f198f)[Process Plant](#i69b14b4766024f119d534796288f198f).................................................................................................................................. | [151](#i69b14b4766024f119d534796288f198f) |
| [22.5](#ife5bdca6db9b468bac560475909dffb7)[Infrastructure](#ife5bdca6db9b468bac560475909dffb7)................................................................................................................................. | [151](#ife5bdca6db9b468bac560475909dffb7) |
| [22.6](#i009ae726f08949ceac8e6ad649c77a58)[Environmental, Permitting, and Social Considerations](#i009ae726f08949ceac8e6ad649c77a58).................................................................. | [151](#i009ae726f08949ceac8e6ad649c77a58) |
| [22.7](#i635fc29a60e64954a68b5661943a2f55)[Capital and Operating Costs](#i635fc29a60e64954a68b5661943a2f55)........................................................................................................... | [151](#i635fc29a60e64954a68b5661943a2f55) |
| [22.8](#i93d95f7fb7fb476099b71e3c67672c20)[Economics](#i93d95f7fb7fb476099b71e3c67672c20)....................................................................................................................................... | [151](#i93d95f7fb7fb476099b71e3c67672c20) |
| [23](#i86e36fcf33364c2a8a65bce6c63cb491)[Recommendations](#i86e36fcf33364c2a8a65bce6c63cb491)........................................................................................................................................ | [152](#i86e36fcf33364c2a8a65bce6c63cb491) |
| [23.1](#i62d28c4e749f4cb083e5efc29c25350e)[Mineral Resources and Mineral Reserves](#i62d28c4e749f4cb083e5efc29c25350e)...................................................................................... | [152](#i62d28c4e749f4cb083e5efc29c25350e) |
| [24](#id9e9544c84a842259445c89b385535c0)[References](#id9e9544c84a842259445c89b385535c0)..................................................................................................................................................... | [153](#id9e9544c84a842259445c89b385535c0) |
| [24.1](#i7ad80a4e88de4ef18bf946daeeebb4e3)[References](#i7ad80a4e88de4ef18bf946daeeebb4e3)...................................................................................................................................... | [153](#i7ad80a4e88de4ef18bf946daeeebb4e3) |
| [25](#i278cb452663049788fb4b771efcfc537)[Reliance on information provided by the registrant](#i278cb452663049788fb4b771efcfc537).................................................................................... | [158](#i278cb452663049788fb4b771efcfc537) |

---

Effective date: 30 June 2025

vi

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

List of Figures

---

| | |
|:---|:---|
| [Figure 1-1: Eva Copper Project Location, Tenure, and Regional Infrastructure](#ic7954f294418449c86c281e0bad8ab6d) | [2](#ic7954f294418449c86c281e0bad8ab6d) |
| [Figure 3-1: Project Location](#if9f9d45f55d643ebbf86ed3aa886ff4a) | [15](#if9f9d45f55d643ebbf86ed3aa886ff4a) |
| [Figure 3-2: Eva Copper Project Tenements](#i2b6ea7186cc341d99977e795bf62f9f3) | [17](#i2b6ea7186cc341d99977e795bf62f9f3) |
| [Figure 3-3: Pastoral Lease Holdings and Current Conduct and Compensation Agreement Areas (Colour](#if749e0488f174101b6f8b242d7f56805)<br>[indicates landowner)](#if749e0488f174101b6f8b242d7f56805)<br>| [18](#if749e0488f174101b6f8b242d7f56805) |
| [Figure 4-1: Infrastructure, Major Mines, Deposits, and Eva Copper Project Tenure](#ifbffad6bc0b745e68d03702490c209b2) | [22](#ifbffad6bc0b745e68d03702490c209b2) |
| [Figure 6-1: Geological Domains of the Mount Isa Province and Project Location](#i49135b5b615b49969a555e83f1a6495d) | [32](#i49135b5b615b49969a555e83f1a6495d) |
| [Figure 6-2: Schematic Stratigraphic Diagram of the Little Eva Deposit Area](#i139a351d8e8442799cec1323208f0574) | [33](#i139a351d8e8442799cec1323208f0574) |
| [Figure 6-3: Geological Domains and Principal Stratigraphic Units of the Eva Copper Project Area](#idee4a31cd9db4a90944940466a662438) | [35](#idee4a31cd9db4a90944940466a662438) |
| [Figure 6-4: Project Area Geology with Outline of Project Tenure and Major Deposits](#i61b3d4bada33408eb692f445f487f525) | [36](#i61b3d4bada33408eb692f445f487f525) |
| [Figure 6-5: Geology and Mineralisation at the Little Eva Deposit](#ifd56a32971134133b96372cd0a108982) | [39](#ifd56a32971134133b96372cd0a108982) |
| [Figure 6-6: Geological Cross-Sections through the Little Eva Deposit from North to South](#ib596f55823e947ebbd827e88a99c441e) | [39](#ib596f55823e947ebbd827e88a99c441e) |
| [Figure 6-7: Drill Core Illustrating the Principal Mineralisation and Alteration Styles at Little Eva Deposit](#i5ceb4819f81d4d6bbb2edd7670777d55) | [41](#i5ceb4819f81d4d6bbb2edd7670777d55) |
| [Figure 6-8: Turkey Creek Deposit Mineralisation](#idf745ef2671b4298ba0196bcd5525552) | [43](#idf745ef2671b4298ba0196bcd5525552) |
| [Figure 6-9: Geological Cross-Sections through the Southern Zone of the Turkey Creek Deposit](#icb566ec6e8ee4d098ef7e4bf6a94d982) | [44](#icb566ec6e8ee4d098ef7e4bf6a94d982) |
| [Figure 6-10: Plan View of the Blackard Deposit](#i62a4833c5d9c44a3991c5c1ebbe89543) | [47](#i62a4833c5d9c44a3991c5c1ebbe89543) |
| [Figure 6-11: Geological Cross-Sections through the Blackard Deposit Illustrating the Distribution of](#ia43a5f994a064077b6af48a01b3c01c7)<br>[Mineralogical/Metallurgical Zones Produced by Weathering](#ia43a5f994a064077b6af48a01b3c01c7)<br>| [48](#ia43a5f994a064077b6af48a01b3c01c7) |
| [Figure 6-12: Photographs of Drill Core from the Blackard Deposit](#i0715d170eb09437789e95251e720fe7d) | [48](#i0715d170eb09437789e95251e720fe7d) |
| [Figure 6-13: Plan View of the Scanlan Deposit](#i5287a43d96674d35b14814e0f975737f) | [49](#i5287a43d96674d35b14814e0f975737f) |
| [Figure 6-14: Cross-Section of Scanlan Deposit Illustrating Mineralisation Zones](#id3153194cd874b94a1ddfdcb389962e1) | [49](#id3153194cd874b94a1ddfdcb389962e1) |
| [Figure 6-15: Geology and Mineralisation at Lady Clayre](#idbf59bf96b7242b89b905c760b742f65) | [52](#idbf59bf96b7242b89b905c760b742f65) |
| [Figure 6-16: Geological Cross-Section through the Lady Clayre Deposit Zone F](#id90ee7e082fb4ef4bd56d25ac5b96a5a) | [53](#id90ee7e082fb4ef4bd56d25ac5b96a5a) |
| [Figure 6-17: Plan of Ivy Ann Mineralisation and Geological Cross-Section of the Ivy Ann Deposit](#i68ec9e186d5a4050b4c1401ec633bf73) | [54](#i68ec9e186d5a4050b4c1401ec633bf73) |
| [Figure 6-18:Bedford Deposit Mineralisation Plan](#ie65f78894e884578a731670c55962aa1) | [56](#ie65f78894e884578a731670c55962aa1) |
| [Figure 6-19: Geological Cross-Sections through the Bedford Deposit](#i74a2fbc66c9f467db1c37f04e8aa5db7) | [57](#i74a2fbc66c9f467db1c37f04e8aa5db7) |
| [Figure 7-1: Surface Copper Anomalism with Defined Deposits and the Cameron Project Area Indicated](#i1f01ed051f124d2abee18f29e8b746d8) | [61](#i1f01ed051f124d2abee18f29e8b746d8) |
| [Figure 7-1: Little Eva Drill Collar Plan](#i3be9a7efa0974342911502a0726f8899) | [64](#i3be9a7efa0974342911502a0726f8899) |
| [Figure 7-2: Turkey Creek Drilling Locations by Type](#i8b692a67d16a4724938005cc1320233e) | [66](#i8b692a67d16a4724938005cc1320233e) |
| [Figure 7-3: Blackard Deposit Drill Hole Locations by Type](#ia7f4eb2793784074b0d03b053c3097a3) | [68](#ia7f4eb2793784074b0d03b053c3097a3) |
| [Figure 7-4: Scanlan Deposit Drill Hole Locations by Type](#i114ee6c480674beba16e3d3e93e3e4fe) | [70](#i114ee6c480674beba16e3d3e93e3e4fe) |
| [Figure 7-5: Bedford North Drill Hole Plan](#icd6fa8e6b75947e1856949d3d33a247d) | [72](#icd6fa8e6b75947e1856949d3d33a247d) |
| [Figure 7-6: Bedford South Drill Hole Plan](#i3be42191c5ff48f2b89a61e5e5215f24) | [73](#i3be42191c5ff48f2b89a61e5e5215f24) |
| [Figure 7-7: Ivy Ann Drill Collar Plan](#ie2f596c7d9f2416b9be68c116120d1dc) | [75](#ie2f596c7d9f2416b9be68c116120d1dc) |
| [Figure 7-8: Lady Clayre Drill Collar Plan](#i4cab3f6f1b854eed8fd0ba55103da970) | [77](#i4cab3f6f1b854eed8fd0ba55103da970) |
| [Figure 7-9: Legend Drill Collar Plan](#ibd9307010e374e4db577712e9e12e18e) | [78](#ibd9307010e374e4db577712e9e12e18e) |
| [Figure 7-10: Great Southern Drill Collar Plan](#iddef1167859b42909b94b1b60131c5d6) | [79](#iddef1167859b42909b94b1b60131c5d6) |
| [Figure 10-1: Drill Hole LED495, Specimen 94975, Scale 4.6 mm](#if7245a9811fb442c818d49e7ed485177) | [91](#if7245a9811fb442c818d49e7ed485177) |
| [Figure 10-2: Drill Hole LED495, Specimen 94966, Scale 1.6 mm](#i9680de8e5dac47e489650ca5982257c6) | [91](#i9680de8e5dac47e489650ca5982257c6) |
| [Figure 11-1: Little Eva Block Model 0.1% Cu Domain Containing the Estimation Domains](#i6fb1499bf9d943b8ab055404d5331dc4) | [96](#i6fb1499bf9d943b8ab055404d5331dc4) |
| [Figure 11-2: Isometric View of the Blackard estimation domains](#i55496361e39241e198468b9b7974acf5) | [97](#i55496361e39241e198468b9b7974acf5) |
| [Figure 11-3: Little Eva Drill Collar Plan by Company](#i9a2951cfeb814686a401980d6ab39458) | [100](#i9a2951cfeb814686a401980d6ab39458) |
| [Figure 11-4: Number of Little Eva Drill Holes by Year and Company](#i455263038fd04c99879e232a1ded68c8) | [101](#i455263038fd04c99879e232a1ded68c8) |
| [Figure 11-5: Little Eva Drill Collar Plan with Drill Holes Colour Coded by Orientation](#i4848b264327f4ef68022dade1f7fe42d) | [105](#i4848b264327f4ef68022dade1f7fe42d) |
| [Figure 11-6: Plan View of Drill Collars Colour-Coded by Drill Type](#i891aa49fed9a40ccaea669cd127e1f00) | [106](#i891aa49fed9a40ccaea669cd127e1f00) |
| [Figure 11-7: Plan View of Drill Collars, Colour-Coded by Hole Type for the Blackard Deposit](#i1ede908c54ef4977bed1efb4d08d3555) | [108](#i1ede908c54ef4977bed1efb4d08d3555) |
| [Figure 11-8: Plan View of Drill Collars for the Scanlan Deposit Showing the Resource grade shell](#i8c48e6fbba964ef3abb18f0bb6b89190) | [109](#i8c48e6fbba964ef3abb18f0bb6b89190) |
| [Figure 11-9: Log Histogram for Raw Assay Data from Little Eva Deposit](#i6f3a3387f4b5429780d8549e6529f351) | [110](#i6f3a3387f4b5429780d8549e6529f351) |
| [Figure 11-10: Log Histogram of 2 m Copper Composites, Little Eva Deposit](#i7d417879dc38458d9ba16de103642879) | [111](#i7d417879dc38458d9ba16de103642879) |
| [Figure 11-11: Cumulative Probability Plot for Cu Assays, Little Eva](#ib506c5fb18374dcc94b35c3999cc9ed7) | [111](#ib506c5fb18374dcc94b35c3999cc9ed7) |

---

Effective date: 30 June 2025

vii

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

---

| | |
|:---|:---|
| [Figure 11-12: Log Histogram of Copper Assays from Lady Clayre Deposit](#i2d3eca15cfee4425a9961e715bdeb66f) | [113](#i2d3eca15cfee4425a9961e715bdeb66f) |
| [Figure 11-13: Log Probability Plot of Copper Assays from Lady Clayre Deposit](#ieff6dbd4d7e64173bbb1665e172714ee) | [114](#ieff6dbd4d7e64173bbb1665e172714ee) |
| [Figure 11-14: Little Eva Bulk Density Histograms](#ib94f5560fbc2466dad366c6d92fdc114) | [116](#ib94f5560fbc2466dad366c6d92fdc114) |
| [Figure 11-15: Variogram for Little Eva Northern Domain](#i7e80e02d08e443ec9d21fda7b305a5bd) | [118](#i7e80e02d08e443ec9d21fda7b305a5bd) |
| [Figure 11-16: Variograms for Central (top) and South (Bottom) Domains of the Little Eva Deposit](#i8d9573e3578a4f83bffbe77dd6274869) | [119](#i8d9573e3578a4f83bffbe77dd6274869) |
| [Figure 11-17: Gold Variograms for the North Domain](#i799c868092574cb19189b649f1f2f6a9) | [120](#i799c868092574cb19189b649f1f2f6a9) |
| [Figure 11-18: Gold Variogram for the Central Domain](#i232ad48841454c6ab227b5fd9e1d37e2) | [121](#i232ad48841454c6ab227b5fd9e1d37e2) |
| [Figure 11-19: Gold Variogram for the South Domain](#iafffeb7fb74d45a894d1d8196e68d89c) | [121](#iafffeb7fb74d45a894d1d8196e68d89c) |
| [Figure 11-19: Oblique View of the Little Eva estimation domains](#i65bea2f7337146e69ab72884c00d27e1) | [126](#i65bea2f7337146e69ab72884c00d27e1) |
| [Figure 11-20: Little Eva Deposit Plan View of Colour-Coded Block Grades at 120 m Elevation](#i8529c888a04041a8bb0c737778bc9fe9) | [127](#i8529c888a04041a8bb0c737778bc9fe9) |
| [Figure 11-21: Cross-Section 7,772,100 mN (see plan above) Displaying Colour-Coded Block Grades](#i6748f17d9fe14406a5a3b47cf9b8dee5) | [128](#i6748f17d9fe14406a5a3b47cf9b8dee5) |
| [Figure 11-22: Wire framed Domains for the Turkey Creek Deposit](#ica4a9dd96a394f45817e75183d2169e7) | [129](#ica4a9dd96a394f45817e75183d2169e7) |
| [Figure 11-23: Turkey Creek Cross-Section at 7,771,500N (mid-point of Main Zone) of Colour-Coded Block](#i47d5f8790ae7484c9e1b5dc67ea591e0)<br>[Grades](#i47d5f8790ae7484c9e1b5dc67ea591e0)<br>| [131](#i47d5f8790ae7484c9e1b5dc67ea591e0) |
| [Figure 11-24: Turkey Creek Plan View of Colour-Coded Block Grades at 120 m Elevation](#if8fb2702cd114441967f49cd4aa532e6) | [132](#if8fb2702cd114441967f49cd4aa532e6) |
| [Figure 11-25: Structural Domains of the Blackard (left), Scanlan (right) and Legend (bottom) Deposits](#i93ceffcc7b9d41a8b02a8459d0401e82) | [133](#i93ceffcc7b9d41a8b02a8459d0401e82) |
| [Figure 11-26: Blackard Deposit Cross-Section at 7,765,250N](#i487f6c9765da4d43a5dfd0600eaa8aa8) | [134](#i487f6c9765da4d43a5dfd0600eaa8aa8) |
| [Figure 11-27: Scanlan Deposit Cross-Section at 754,100 mN, Dip lines showing the locally varying](#i85d2916f85e444fb98f36a810d927fe7)<br>[anisotropy](#i85d2916f85e444fb98f36a810d927fe7)<br>| [135](#i85d2916f85e444fb98f36a810d927fe7) |
| [Figure 11-28: Legend Deposit Cross-Section at 410685mE](#i6d86c20ea31749da89adc2036e3e0f34) | [136](#i6d86c20ea31749da89adc2036e3e0f34) |
| [Figure 11-29: Isometric View (looking south) of the Little Eva Resource Block Model at 0.17% Cut-off](#iae60843327f74da6a8d77db905079e3f) | [141](#iae60843327f74da6a8d77db905079e3f) |
| [Figure 11-30: Cross-Section through the North End of the Eva Deposit with Block Grades and Drill Hole](#i8031c13bc1d94e74a375fa090d230a14)<br>[Composites from Drilling completed Post Estimation.](#i8031c13bc1d94e74a375fa090d230a14)<br>| [142](#i8031c13bc1d94e74a375fa090d230a14) |
| [Figure 11-31: Cross-Section through the Central part of the Eva Deposit with Block Grades and Drill Hole](#i0745fd0479c3476aa6825b687c5c9cee)<br>[Composites](#i0745fd0479c3476aa6825b687c5c9cee)<br>| [142](#i0745fd0479c3476aa6825b687c5c9cee) |
| [Figure 11-32: Cross-Section 7,772,000N in Little Eva Deposit](#i1d003490819b42caa95d5c295928993a) | [143](#i1d003490819b42caa95d5c295928993a) |
| [Figure 11-33: Mean Assay, Composite, and Block Gold Grades for the Different Resource Domains in the](#ie6e62b4d50634eb788bb5ad73475185a)<br>[Little Eva Deposit](#ie6e62b4d50634eb788bb5ad73475185a)<br>| [144](#ie6e62b4d50634eb788bb5ad73475185a) |
| [Figure 11-34: Mean Assay, Composite, and Block Gold Grades for Domains in the Little Eva Deposit at a](#i1108b9823c714783ac5eba9536b9f357)<br>[0.17% Cu Cut-off Grade](#i1108b9823c714783ac5eba9536b9f357)<br>| [144](#i1108b9823c714783ac5eba9536b9f357) |
| [Figure 11-35: Examples of Swath plots for Little Eva (top) and Blackard (bottom), showing the block grades](#if8e85134c9884325b622c464209b5d22)<br>[replicate the composite grades.](#if8e85134c9884325b622c464209b5d22)<br>| [145](#if8e85134c9884325b622c464209b5d22) |
| [Figure 20-1: Adjacent Mining Properties and Major Mines around the Eva Copper Project](#i9dba7194a1604d3f9d9a3136c8a82af5) | [148](#i9dba7194a1604d3f9d9a3136c8a82af5) |

---

Effective date: 30 June 2025

viii

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

List of Tables

---

| | |
|:---|:---|
| [Table 1-1: Eva Copper Project Summary](#i5d5eaa5c2deb42df9259ae9f35dc4c7a) | [1](#i5d5eaa5c2deb42df9259ae9f35dc4c7a) |
| [Table 1-2: Eva Copper Project Mineral Resources, 30 June 2025](#i75de5c0902e3447dbc6b97a73b2aed85) | [9](#i75de5c0902e3447dbc6b97a73b2aed85) |
| [Table 2-1: Scope of Responsibility](#ia4ced74ccbfd47139f3b6eeea67a6e21) | [14](#ia4ced74ccbfd47139f3b6eeea67a6e21) |
| [Table 3-1: Eva Copper Project Mining Leases](#i62c0c494a7b64feabfbd3a8235ab1dc5) | [16](#i62c0c494a7b64feabfbd3a8235ab1dc5) |
| [Table 3-2: Eva Copper Project Exploration Permit for Minerals](#i2edf653a6f62403aa55f1259dbbf5338) | [16](#i2edf653a6f62403aa55f1259dbbf5338) |
| [Table 3-3: Royalties Applicable to Portions of the Mineral Reserves at Various Deposits](#i2566d60cfb11402e9cc6fe735ecf4978) | [19](#i2566d60cfb11402e9cc6fe735ecf4978) |
| [Table 5-1: Little Eva Resource Estimate History](#idb08e678c5344077bbb31d7375b213de) | [24](#idb08e678c5344077bbb31d7375b213de) |
| [Table 5-2: Turkey Creek Resource Estimate History](#i1dc05221832147eaa1318e026cf36544) | [26](#i1dc05221832147eaa1318e026cf36544) |
| [Table 5-3: Bedford Resource Estimate History](#if6e2e5c4961e402dba50790bca2e2044) | [27](#if6e2e5c4961e402dba50790bca2e2044) |
| [Table 5-4: Lady Clayre Resource Estimate History](#ifdf4689fe73647ccb573d24fab827982) | [28](#ifdf4689fe73647ccb573d24fab827982) |
| [Table 5-5: Ivy Ann Resource Estimate History](#i833bebd176a84731b2070dfb5bf2d722) | [28](#i833bebd176a84731b2070dfb5bf2d722) |
| [Table 5-6: Blackard Resource Estimate History](#iefc27c9c692246c69073bd7c2ab58121) | [29](#iefc27c9c692246c69073bd7c2ab58121) |
| [Table 5-7: Scanlan Resource Estimate History](#id5ba283764244bf2aca3aabeb6edb066) | [30](#id5ba283764244bf2aca3aabeb6edb066) |
| [Table 7-1: Little Eva Drilling Summary](#i2b6d49c111764c3f96dab586345e41e8) | [63](#i2b6d49c111764c3f96dab586345e41e8) |
| [Table 7-2: Turkey Creek Drilling Summary](#i120dab318b874ee295d188572a5c5776) | [65](#i120dab318b874ee295d188572a5c5776) |
| [Table 7-3: Blackard Drilling Summary](#i338b40100c954a8eb91b0171a4dc8040) | [67](#i338b40100c954a8eb91b0171a4dc8040) |
| [Table 7-4: Scanlan Drilling Summary](#i5c5a5a19722c4917b62fd0e3c058a44c) | [69](#i5c5a5a19722c4917b62fd0e3c058a44c) |
| [Table 7-5: Bedford Drilling Summary](#i89a0032220e84da0ab040c8a7dddcc03) | [71](#i89a0032220e84da0ab040c8a7dddcc03) |
| [Table 7-6: Ivy Ann Drilling Summary](#i18c577a788f8489cb7911e306e1298eb) | [74](#i18c577a788f8489cb7911e306e1298eb) |
| [Table 7-7: Lady Clayre Drilling Summary](#i5b15049746a7443082cc8efb30e91537) | [76](#i5b15049746a7443082cc8efb30e91537) |
| [Table 7-8: Legend Drilling Summary](#id0176927a75c4f77834023bbb0e2e2da) | [78](#id0176927a75c4f77834023bbb0e2e2da) |
| [Table 7-9: Great Southern Drilling Summary](#i8fc9cf34cb3d4fbabdbb14bf5fa93372) | [79](#i8fc9cf34cb3d4fbabdbb14bf5fa93372) |
| [Table 11-1: 3D Block Model Limits (UTM Coordinates and MineRL (AMD+1000 m)](#ic3a7a76a4f484ac4bf8b756bd4b5a394) | [95](#ic3a7a76a4f484ac4bf8b756bd4b5a394) |
| [Table 11-2: Summary of Exploration Drilling by Company](#iffd28153a5fc4b2193c02b71399a2136) | [98](#iffd28153a5fc4b2193c02b71399a2136) |
| [Table 11-3: Summary of Assay Statistics by Deposit](#idd083516bb1b4ef3b4b25648988d933b) | [101](#idd083516bb1b4ef3b4b25648988d933b) |
| [Table 11-4: Summary of Cu Assay Statistics for Little Eva by Company Drill Data](#iac63e4df3d40439d8696e5844ff778ff) | [103](#iac63e4df3d40439d8696e5844ff778ff) |
| [Table 11-5: Summary of Basic Statistics for RC vs. Diamond Drill Hole Assays for Little Eva](#ia4ba749891dd4d87830505495d380ec5) | [103](#ia4ba749891dd4d87830505495d380ec5) |
| [Table 11-6: Basic Statistics for Raw Assays by Domain at Little Eva](#ifadd3e30b772456cb91d6207b91b64f5) | [104](#ifadd3e30b772456cb91d6207b91b64f5) |
| [Table 11-7: Cu% Assay Statistics Based on Drill Hole Orientation at Little Eva](#i36f2c6327cf4424d81b767cae71a1cc2) | [104](#i36f2c6327cf4424d81b767cae71a1cc2) |
| [Table 11-8: Cu% Assay Statistics by Resource Domain for the Blackard Deposit](#i9ccd5797ba964faa9863b6a4e1078d2a) | [107](#i9ccd5797ba964faa9863b6a4e1078d2a) |
| [Table 11-9: Cu% Assay Statistics by Drill Type for the Blackard Deposit](#ic45168eecfec43418c914ca0dc98b41f) | [108](#ic45168eecfec43418c914ca0dc98b41f) |
| [Table 11-10: Basic Statistics for 2 m Composites by Domain at Little Eva](#i9f9bc9a74b0b412b877bd15e291442d5) | [111](#i9f9bc9a74b0b412b877bd15e291442d5) |
| [Table 11-11: Basic Statistics for 2 m Composites by Domain at Turkey Creek](#iee164214a81c4ccf845a1ae729688ed9) | [112](#iee164214a81c4ccf845a1ae729688ed9) |
| [Table 11-12: Basic Statistics for 2 m Composite Grades in Blackard Deposit Mineralogical Domains](#i575f973fab0d47c8a55e89046fb406da) | [112](#i575f973fab0d47c8a55e89046fb406da) |
| [Table 11-13: Basic Statistics for Composites by Mineralogical Zone for the Scanlan Deposit](#i609e04d9600a480591f7d70476e032a5) | [112](#i609e04d9600a480591f7d70476e032a5) |
| [Table 11-14: Basic Statistics for 2 m Composites by Domain at Bedford](#i0a55780c0ece4fcfbd70e8365ff477f8) | [113](#i0a55780c0ece4fcfbd70e8365ff477f8) |
| [Table 11-15: Basic Statistics for 2.5 m Composites by Domain at Lady Clayre](#i68a3013639074319b724d14b88b02f77) | [114](#i68a3013639074319b724d14b88b02f77) |
| [Table 11-16: Basic Statistics for 2.5 m Composites by Domain at Ivy Ann](#i687ec9cd5ea54a63ae16929334caf5d9) | [114](#i687ec9cd5ea54a63ae16929334caf5d9) |
| [Table 11-17: Bulk Density Data and Average or Assigned Values](#i2f93234061934e2da2c0e04d5de216a4) | [115](#i2f93234061934e2da2c0e04d5de216a4) |
| [Table 11-18: Bulk Density Used for Native Copper Deposits](#i0326282d15ea4fc2ae63bebf03f6d721) | [115](#i0326282d15ea4fc2ae63bebf03f6d721) |
| [Table 11-19: Correlogram models for Little Eva.](#ied9223c9570f4faaa6a8c1ddb77d128c) | [122](#ied9223c9570f4faaa6a8c1ddb77d128c) |
| [Table 11-20: Semi-variogram models for Copper only deposits estimation domains](#i43a520aa4a8b4fa697a85bffd98973c6) | [122](#i43a520aa4a8b4fa697a85bffd98973c6) |
| [Table 11-21: Search Ellipse for Interpolation for Little Eva](#icba0229afa41406896e76404f9b90cb8) | [125](#icba0229afa41406896e76404f9b90cb8) |
| [Table 11-22: Search Criteria for Interpolation for Turkey Creek, Blackard, Scanlan, Legend](#id9e3cab39b4941478adfea6b60d7a78d) | [130](#id9e3cab39b4941478adfea6b60d7a78d) |
| [Table 11-23: Search Criteria for Interpolation for the Bedford Deposit](#ic32bab0a6d314d9d8f6f15ffc8b04e94) | [136](#ic32bab0a6d314d9d8f6f15ffc8b04e94) |
| [Table 11-24: Search Criteria for Interpolation for the Lady Clayre Deposit](#i5992ea42582b4fd7885917799dd70660) | [137](#i5992ea42582b4fd7885917799dd70660) |
| [Table 11-25: Search Ellipse Parameters by Domain for the Lady Clayre Deposit](#iea657d8222004df1a05c39d780107f66) | [137](#iea657d8222004df1a05c39d780107f66) |
| [Table 11-26: Search Criteria for Interpolation for the Ivy Ann Deposit](#i1bb7763d528a41019dad013377603a85) | [137](#i1bb7763d528a41019dad013377603a85) |
| [Table 11-27: Search Ellipse Parameters by Domain for the Ivy Ann Deposit](#i7902b6ae37504c77a9e9fb2f1e51d10a) | [137](#i7902b6ae37504c77a9e9fb2f1e51d10a) |
| [Table 11-28: Eva Copper Project Resources by Category and Deposit](#i025fe14e347a4dad82b3fde95b6bc1e3) | [139](#i025fe14e347a4dad82b3fde95b6bc1e3) |

---

Effective date: 30 June 2025

ix

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

---

| | |
|:---|:---|
| [Table 11-29: Oxide material for the Eva Copper Project](#i849a403eae714917b32f1f62d069460a) | [140](#i849a403eae714917b32f1f62d069460a) |
| [Table 11-30: Historical Resource Estimates for Copper-Only Deposit Mineral Resources](#i952d77beaa57464583e7d036ba6c9f0b) | [141](#i952d77beaa57464583e7d036ba6c9f0b) |

---

Effective date: 30 June 2025

x

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Units of Measure and Abbreviations

---

| | |
|:---|:---|
| **Unit / Abbreviation** | **Description or Definition** |
| °C | degrees Celsius |
| µm | Micrometers |
| 2D | Two-dimensional |
| 3D | Three-dimensional |
| AE | Abnormal expenditure |
| Ag | Silver |
| Al | Aluminium |
| AMD | Absolute Mine Datum (+1000m) |
| AngloGold | AngloGold Limited |
| Au | Gold |
| Ave. | Average |
| BMD | Below mine datum |
| Bn | Billion |
| c. | Approximately |
| CIP | Carbon-In-Pulp |
| cm | Centimetre |
| cmg/t | Centimetre-grams per tonne |
| CODM | Chief Operating Decision-Maker |
| Company | Harmony Gold Mining Company Limited |
| COP | Code of Practice |
| CRG | Central Rand Group |
| CRM | Certified Reference Material |
| Cu | Copper |
| CV | Coefficient of Variation |
| DMPR | Department of Mineral and Petroleum Resources |
| DWS | Department of Water and Sanitation |
| EIA | Environmental Impact Assessment |
| EMPR | Environmental Management Program |
| EMS | Environmental Management System |
| ESG | Environmental Social and Governance |
| ETF's | Exchange Traded Funds |
| EW-SX | Electro-wining solvent extraction |
| FAIG | Fellow of the Australian Institute of Geoscientists |
| FAusIMM | Fellow of the Australasian institute of Mining and Metallurgy |
| Fe | Iron |
| FS | Feasibility Study |
| FX | Foreign Exchange rate |
| g | Gram |
| g/t | Grams per metric tonne |
| GHG | Greenhouse gas |
| GIS | Geographic Information System |
| GISTM | Global Industry Standard on Tailings Management |
| ha | Hectare |
| Harmony | Harmony Gold Mining Company Limited |
| HPE | Hydro-powered |
| kg | Kilogram |
| km | Kilometre |
| km<sup>2</sup> | Square kilometre |
| kV | Kilovolt |

---

Effective date: 30 June 2025

xi

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

---

| | |
|:---|:---|
| **Unit / Abbreviation** | **Description or Definition** |
| kWh | Kilowatt-hour |
| L | Litre |
| LDL | Lower detection limit |
| LIB | Long Inclined Borehole |
| LOM | Life of Mine |
| Ltd | Limited |
| m | Meter |
| M | Million |
| m<sup>3</sup>/hr | Cubic metres per hour |
| masl | Metres above sea level |
| MCC | Mining Charter Compliance |
| MCF | Mine Call Factor |
| Mg | Magnesium |
| Mintek | South Africa's national mineral research organization |
| mm | Millimetre |
| Moz | Million troy ounces |
| MPRDA | Mineral and Petroleum Resources Development Act, 28 of 2002 |
| Mt | Million tonnes |
| Mtpa | Million tonnes per annum |
| Mtpm | Million tonnes per month |
| NEMA | National Environmental Management Act, 107 of 1998 |
| No. | Number |
| NSR | Net Smelter Return |
| NPV | Net present value |
| oz | Troy ounce |
| Pb | Lead |
| PSD | Particle Size Distribution |
| Pty | Proprietary |
| QA/QC | Quality Assurance/Quality Control |
| QP | Qualified Person |
| ROM | Run-of-Mine |
| SACNASP | South African Council for Natural Scientific Professions |
| SAMREC | The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves |
| SEC | Securities and Exchange Commission |
| SGM | Sequential Grid Mining |
| SLP | Social Labour Plan |
| STD | Standard Deviation |
| t | Metric tonne |
| t/m<sup>3</sup> | Tonne per cubic meter |
| TMM | Trackless mobile machinery |
| TRS | Technical Report Summary |
| TSF | Tailings Storage Facility |
| USD | United States Dollars |
| USD/oz | United States Dollar per troy ounce |
| WRG | West Rand Group |
| WUL(s) | Water Use License(s) |
| ZAR | South African Rand |
| ZAR/kg | South African Rand per kilogram |
| Zn | Zinc |

---

Effective date: 30 June 2025

xii

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Glossary of Terms

---

| | |
|:---|:---|
| **Term** | **Definition** |
| Co-kriging | A method that is used to predict the value of the point at unobserved locations by sample points that are known<br>to be spatially interconnected by adding other variables that have a correlation with the main variable or can<br>also be used to predict 2 or more variables simultaneously.<br>|
| Cut-off grade | Cut-off grade is the grade (i.e. the concentration of metal or mineral in rock) that determines the destination of<br>the material during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is<br>the grade that distinguishes material deemed to have no economic value (it will not be mined in underground<br>mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have<br>economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar<br>fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio.<br>|
| Dilution | Unmineralized rock that is by necessity, removed along with ore during the mining process that effectively<br>lowers the overall grade of the ore.<br>|
| Head grade | The average grade of ore fed into the mill. |
| Economically <br>viable<br>| Economically viable, when used in the context of Mineral Reserve determination, means that the qualified<br>person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that<br>extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions.<br>|
| Indicated Mineral <br>Resource<br>| Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are<br>estimated on the basis of adequate geological evidence and sampling. The level of geological certainty<br>associated with an Indicated Mineral Resource is sufficient to allow a qualified person to apply modifying factors<br>in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an<br>Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral<br>Resource, an Indicated Mineral Resource may only be converted to a probable Mineral Reserve.<br>|
| Inferred Mineral <br>Resource<br>| Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are<br>estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty<br>associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely<br>to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.<br>Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resources,<br>which prevents the application of the modifying factors in a manner useful for evaluation of economic viability,<br>an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project,<br>and may not be converted to a Mineral Reserve.<br>|
| Kriging | A method of interpolation based on Gaussian process governed by prior covariances. It uses a limited set of<br>sampled data points to estimate the value of a variable over a continuous spatial field<br>|
| Mine Call Factor | The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after<br>processing with the amount estimated in the ore based on sampling.<br>|
| Measured Mineral <br>Resource<br>| Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are<br>estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty<br>associated with a Measured Mineral Resource is sufficient to allow a qualified person to apply modifying factors,<br>as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the<br>economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than<br>the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured<br>Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.<br>|
| Mineral Reserve | Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resources<br>that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically,<br>it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting<br>materials and allowances for losses that may occur when the material is mined or extracted.<br>|
| Mineral Resource | Mineral Resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in<br>such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A<br>Mineral Resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off<br>grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and<br>economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an<br>inventory of all mineralization drilled or sampled.<br>|

---

Effective date: 30 June 2025

xiii

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

---

| | | | |
|:---|:---|:---|:---|
| **Term** | **Definition** |  |  |
| Modifying Factors | Modifying factors are the factors that a qualified person must apply to Indicated and Measured Mineral<br>Resources and then evaluate in order to establish the economic viability of Mineral Reserves. A qualified person<br>must apply and evaluate modifying factors to convert Measured and Indicated Mineral Resources to Proven and<br>Probable Mineral Reserves. These factors include but are not restricted to; mining; processing; metallurgical;<br>infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with<br>local individuals or groups; and governmental factors. The number, type and specific characteristics of the<br>modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or<br>project.<br>|  |  |
| Pre-Feasibility <br>Study | A pre-feasibility study (or preliminary feasibility study) is a comprehensive study of a range of options for the<br>technical and economic viability of a mineral project that has advanced to a stage where a qualified person has<br>determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a<br>pit configuration, and in all cases has determined an effective method of mineral processing and an effective<br>plan to sell the product.<br>(1) A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate<br>testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a<br>qualified person to determine if all or part of the Indicated and Measured Mineral Resources may be<br>converted to Mineral Reserves at the time of reporting. The financial analysis must have the level of detail<br>necessary to demonstrate, at the time of reporting, that extraction is economically viable.<br>(2) A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A<br>pre-feasibility study is more comprehensive and results in a higher confidence level than an initial<br>assessment. |  |  |
| Pre-Feasibility <br>Study | A pre-feasibility study (or preliminary feasibility study) is a comprehensive study of a range of options for the<br>technical and economic viability of a mineral project that has advanced to a stage where a qualified person has<br>determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a<br>pit configuration, and in all cases has determined an effective method of mineral processing and an effective<br>plan to sell the product.<br>(1) A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate<br>testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a<br>qualified person to determine if all or part of the Indicated and Measured Mineral Resources may be<br>converted to Mineral Reserves at the time of reporting. The financial analysis must have the level of detail<br>necessary to demonstrate, at the time of reporting, that extraction is economically viable.<br>(2) A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A<br>pre-feasibility study is more comprehensive and results in a higher confidence level than an initial<br>assessment. | Probable Mineral <br>Reserve<br>| Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases, a Measured<br>Mineral Resource.<br>|
| Pre-Feasibility <br>Study | A pre-feasibility study (or preliminary feasibility study) is a comprehensive study of a range of options for the<br>technical and economic viability of a mineral project that has advanced to a stage where a qualified person has<br>determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a<br>pit configuration, and in all cases has determined an effective method of mineral processing and an effective<br>plan to sell the product.<br>(1) A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate<br>testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a<br>qualified person to determine if all or part of the Indicated and Measured Mineral Resources may be<br>converted to Mineral Reserves at the time of reporting. The financial analysis must have the level of detail<br>necessary to demonstrate, at the time of reporting, that extraction is economically viable.<br>(2) A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A<br>pre-feasibility study is more comprehensive and results in a higher confidence level than an initial<br>assessment. | Proven Mineral <br>Reserve<br>| Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and can only result<br>from conversion of a Measured Mineral Resource.<br>|
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. |  |  |
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. | Tailings | Finely ground rock of low residual value from which valuable minerals have been extracted is discarded and<br>stored in a designed dam facility.<br>|
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. | Tailings Freeboard | The vertical height between the beached tailings against the embankment crest and the crest itself. |
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. |  |  |
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. |  |  |
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. |  |  |
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. |  |  |
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. |  |  |
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. |  |  |
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. |  |  |
| Qualified Person | A qualified person is:<br>(1) A mineral industry professional with at least five years of relevant experience in the type of mineralization<br>and type of deposit under consideration and in the specific type of activity that person is undertaking on<br>behalf of the registrant; and<br>(2) An eligible member or licensee in good standing of a recognized professional organization at the time the<br>technical report is prepared. For an organization to be a recognized professional organization, it must:<br>(i) Be either:<br>(A) An organization recognized within the mining industry as a reputable professional association; or<br>(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining,<br>geoscience or related field;<br>(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;<br>(iii) Establish and require compliance with professional standards of competence and ethics;<br>(iv) Require or encourage continuing professional development;<br>(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of<br>where the member practices or resides; and<br>(vi) Provide a public list of members in good standing. |  |  |

---

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

1Executive Summary

Section 229.601(b)(iii){B}(96)(1)

The Qualified Person ("QP") of Harmony Gold Mining Company Limited ("Harmony" or the "Company") has

prepared this TRS to disclose the Mineral Resource estimates for the Company's Eva Copper Project (the

'Project" or the "Eva Copper Project"). The TRS has been prepared in accordance with the U.S. Securities and

Exchange Commission ("SEC") Regulation, S-K 1300, with an effective date as at 30 June 2025. This TRS is a

2025 update to the previously filed 2024 TRS. This TRS updates the Technical Report Summary filed by

Harmony on the Eva Copper Project on 31 October 2023, named Exhibit 96.14 Technical Report Summary of

the Mineral Resources and Mineral Reserves for the Eva Copper Project, North West Queensland, Australia,

which was effective on 30 June 2023.This TRS is prepared to satisfy the requirement of Item 1302(e)(6) of

Regulation S-K. No material changes have occurred between the effective date and the date of signature of

this TRS.

The Project is 100% owned by Harmony Eva Copper Limited, a subsidiary of Harmony Gold Mining Company

Ltd. The Project is in North West Queensland, approximately 76 kilometres (km) northwest of Cloncurry, and

194 km northeast of Mount Isa.

The Project is in the Feasibility Study stage that is testing a multiple open pit operation feeding a copper

concentrator to produce copper concentrate for sale. There are seven deposits informing the Resource and

in order of size are Little Eva, Blackard, Scanlan, Turkey Creek, Lady Clayre, Bedford, and Ivy Ann.

Existing major infrastructure closely surrounding the Project site includes the Burke Developmental Road,

located 8.5 km to the east of the Project, which connects Cloncurry with Normanton. A power transmission

line installed by MMG Limited for their Dugald River mine, located 11 km south of the Project. A water

pipeline that runs from Lake Julius to the Ernest Henry Mine traverses the southern portion of the Project

site. A residential area, known as the Mount Roseby Homestead, is located approximately 17.5 km to the

south of the Project plant site. Current infrastructure located on the Project site itself is minor, and includes

dirt tracks for exploration, water points, and fences.

Key Facts

Units of measurement used in this TRS conform to the metric system. All currency is United States dollars

(US$) unless otherwise noted.

**Table 1-1: Eva Copper Project Summary**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Contained Metal** | **Contained Metal** |
| **Mineral Resources** | **Tonnes** <br>**(Mt)**<br>| **Copper** <br>**Grade (%)**<br>| **Gold Grade** <br>**(g/t)**<br>| **Copper** <br>**(Mlb)**<br>| **Gold (Moz)** |
| Total Mineral Resources – Measured and Indicated | 391.7 | 0.40 | 0.03 | 3112 | 420 |
| – Inferred | 83.2 | 0.39 | 0.03 | 653 | 77 |
| Total Mineral Reserves – Proven and Probable |  |  |  |  |  |

---

Notes

1. Mineral Resources are reported in accordance with the SAMREC Code, 2016 and have an effective date of 30 June 2025. For the

purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of

Regulation S-K). The Qualified Person is responsible for the estimate and has relied on data provided by Mr R Reid, Group Resource

Geologist, and employee of Harmony Australasia Services Pty Ltd.

2. Mineral Resources are reported on a 100% basis. Harmony holds a 100% interest.

5. Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have

demonstrated economic viability.

6. Mineral Resources at the Project are reported assuming bulk open pit mining with metallurgical recovery for copper and gold by

sulphide flotation. Mineral Resources are reported above a variable copper grade cut-off based on the results of a profit algorithm NSR

calculation that equates to a marginal ore cut-off grade. The profit algorithm takes account of metal price, grade, ore processing route,

recoveries of 95% (Cu Sulphide), 56% (Cu Native Copper) and 78% (Au) and costs. Metal price assumptions are USD1,941/oz gold,

USD5.10/Lb copper and a 0.68 USD/AusD exchange rate. Adjustments to these figures will potentially impact upon the economic cut-

off grade.

7. Tonnages are metric tonnes. Copper pounds, and Gold and silver ounces are estimates of metal contained in tonnages and do not

include allowances for processing losses.

8. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

Rounding is to three significant figures.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Project Overview

Eva Copper Mine Pty Ltd is a wholly owned subsidiary of Harmony Gold Company Mining Limited which owns

100% of the Project. Harmony acquired the Project from Copper Mountain Mining Pty. Ltd. ("CMMC") in

December 2022.

Eva Copper is located approximately 76 km northwest of Cloncurry in North West Queensland, Australia, and

has extensive exploration potential in the approximately 4,000 km<sup>2</sup> (379,000 hectare [ha]) mineralised land

package (Figure 1-1).

CMMC reported a technically and financially viable operation through its 2020 Feasibility Study Update in

which it declared Reserves. This operation consisted of seven (7) deposits with ore processed through a

copper concentrator to produce a copper concentrate for sale. During its due diligence phase, Harmony

identified a number of risks and opportunities it wished to test in an update of the study. These studies are

ongoing and not yet complete. Harmony is not in position to declare Reserves at this point in time.

**Figure 1-1: Eva Copper Project Location, Tenure, and Regional Infrastructure**

![figure1-1a.jpg](figure1-1a.jpg)

Ownership

The Eva Copper Project is owned by Harmony Eva Services Pty Ltd, a 100% owned subsidiary of Harmony.

Reliance on Other Experts

The QPs' opinions contained herein are based on public and private information provided by Harmony and

others throughout the course of the study. The authors have carried out due diligence reviews of the

information provided to them by Harmony and others for preparation of this TRS. The authors are satisfied

that the information was accurate at the time of writing, and that the interpretations and opinions expressed

are reasonable and are based on a current understanding of the mining and processing techniques and costs,

economics, mineralisation processes, and the host geological setting. The authors have made reasonable

efforts to verify the accuracy of the data relied on for this TRS.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Property Description and Location

The Eva Copper Project is located 76 km northwest by road from Cloncurry, and 194 km northeast by road

from Mount Isa, a regional mining centre (Figure 1-1). Access to the Project is via the sealed Burke

Developmental Road from Cloncurry. This road passes 8.5 km to the east of the proposed processing plant

site and the Little Eva and Turkey Creek pits. The site is also 11 km north of the major operating Dugald River

zinc mine.

The Mineral Resources are within five granted Mining Leases ("ML"), except for the Ivy Ann pit, which is

within the Exploration Permit for Minerals ("EPM") 25760 (King). The MLs total an area of 143 km2 and are

situated across from two pastoral lease holdings and within one Native Title grant. There are two freehold

lots granted in the late 1800s, and 100% owned by the Company, that lie within the MLs; the first sits over

part of the Little Eva deposit, the second over part of the Longamundi deposit.

Necessary agreements are secured with the pastoral leaseholders and Native Title party (Kalkadoon People)

that set out conduct and compensation terms for the future mining activities to proceed.

Numerous royalties apply to the Project. Royalties on minerals are payable annually to the Queensland State

Government on an ad valorem basis, with various costs being permitted as a deduction from sales revenue.

Copper and gold royalty rates vary between 2.5% and 5.0% of value, depending on average metal prices, as

per Schedule 3 of the Mineral Resources Regulation of 2003. No state royalty on copper is applicable to the

two freehold lots owned by the Company. Several royalties also apply to the Project from purchase

agreements and are payable to several parties variably across portions of the Project area. These apply to all

of the deposits in the Project mine plan: a total 1.5% net smelter return ("NSR") royalty is applicable to the

Little Eva, Blackard, Scanlan, Turkey Creek, Bedford, and Lady Clayre deposits, and a 2% NSR royalty is

applicable to the Ivy Ann deposit. Compensation for the effects of mining activities on the Native Title of the

Kalkadoon People has been agreed upon.

Accessibility, Climate, Local Resources, Infrastructure, and Physiography

Current site access is by way of a new access road from a sealed road that passes 8.5 km to the east of the

proposed plant site. The site is also 11 km north of the major operating Dugald River zinc mine, owned by

MMG.

The town of Cloncurry is located on the railway line from Townsville to Mount Isa, and has container handling

facilities, an airport that hosts both commercial and fly-in/fly-out ("FIFO") jet aircraft services, and a regional

fuel depot. It also has schools, hospitals, and other services. The Project lies within the Shire of Cloncurry,

which is the local government administrative area. The Shire offices are also based in Cloncurry.

Grid power is generated in Mount Isa at two gas-fired power stations and is transmitted from Mount Isa to

Cloncurry. A 220 kV power line has been constructed from the Chumvale substation near Cloncurry to the

Dugald River mine.

The Cloncurry region is semi-arid, with a distinct hot, wet season from November to March, which is typical

of inland northern Australia. Average monthly temperatures range from 10.6°C to 38.5°C, with extremes

recorded from 1.8°C to 46.9°C. Rainfall in the wet season largely occurs as storms. Rainfall is highly variable

from year to year, with the region often experiencing both multi-year droughts and large-scale flooding from

major rainfall events.

The Project site is serviced by a complex system of surface drainages that flow generally northward. On the

western side of the processing plant and Little Eva pit is Cabbage Tree Creek, which is joined by other creeks

flowing northward to become a tributary of the Leichhardt River. Creeks and rivers flow only during, and for a

brief period following, the wet season.

The Project has groundwater sources from both hard rock fracture zone systems and from a graben-like

structure infilled with Phanerozoic sediments and alluvial deposits within a paleodrainage adjacent to the

current course of Cabbage Tree Creek.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

The mine site and broader operation area is gently undulating flat topography, with the predominant land

use being low-intensity cattle grazing, although exploration and mining activities have been conducted over

the area since the late 1800s. The site is currently crossed by several gravel roads from pastoral and

exploration activities. Additionally, SunWater Limited's water pipeline from Lake Julius to the Ernest Henry

mine crosses the lease area from west to east.

History

The Project has a long history, and has been held under various tenures by a variety of exploration and

mining companies. Small-scale mining dating back to the early 1900s has occurred at deposits such as Little

Eva, Bedford, and Lady Clayre. Early explorers that contributed significantly to the Project with the discovery

of the copper-only or native copper deposits are Ausminda Pty. Ltd., and then CRA Exploration ("CRAE"), who

completed the first substantive work between 1990 and 1996, also defining a small resource at Little Eva.

CRAE sold its interest in the Project to Pasminco Limited ("Pasminco") in 1998. Universal Resources Limited

("URL") acquired the Project in 2001. URL also purchased the tenement hosting the Ivy Ann deposit from

Dominion Metals Pty. Ltd. ("Dominion") and Pan Australian Resources NL ("PanAust").

The remaining property was acquired by purchasing tenure from both Pasminco and Lake Gold Pty. Ltd. in a

50:50 ownership split between URL and Roseby Copper Pty. Ltd. ("RCPL"). In 2004, URL purchased RCPL, and

thus URL held 100% of the Eva Copper Project resources. Until 2009, work focused extensively on the copper-

only resources, with completion of two feasibility studies based on blends of sulphide ore and copper-only

ore. In 2010 URL merged with Vulcan Resources to become Altona Mining Limited ("Altona"), Altona took

over ownership of the Eva Copper Project. From 2010 to 2012, Altona carried out additional drilling, resulting

in Mineral Resource upgrades at the Little Eva, Bedford, Lady Clayre, Ivy Ann, Blackard, Legend, and Scanlan

deposits. Little Eva's resource estimate was doubled based on the additional drilling.

In 2012, Altona completed a Feasibility Study based on the increased resources at the copper-gold sulphide

deposits, and excluding the Blackard and Scanlan deposits. Altona published Mineral Reserves for the Little

Eva, Bedford, Lady Clayre, and Ivy Ann deposits as part of the 2012 Feasibility Study. Altona published

updates to the Feasibility Study in 2014 and 2017. The 2017 update incorporated the subsequently

delineated significant Mineral Resource at Turkey Creek.

MLs and an EA were granted in 2012 based on the 2009 Feasibility Study mine plan. Following EA

amendments, the Project is currently authorised by EA EMPL00899613, granted 23 October 2024.

Altona completed a DFS update in 2017, incorporating the Turkey Creek deposit in the mine plan and

significant layout changes that included changes to the size and location of the TSF and a Cabbage Tree Creek

diversion channel at Little Eva pit. To support the previous studies, the Little Eva, Bedford, Lady Clayre, and

Ivy Ann deposits have had a number of formal Mineral Resource estimates that reflect stages of resource

definition dating from 2006 to 2017. The Mineral Resource estimate for Turkey Creek was completed in 2015.

Estimates were largely undertaken by external independent experts, initially by McDonald Speijers, and most

recently Optiro, based on data and geological models provided by the CMMC.

In December 2022 Harmony purchased the project from CMMC. In February 2023 Harmony commenced a

confirmatory and expansion drilling programme and other studies designed to progress the project to a

decision to mine.

Geological Setting and Mineralisation

The Project area is situated within the Mount Isa and North West Region of Queensland, Australia, an area

that is one of the premier base metal-bearing areas of Australia, with mining activities having taken place

since the discovery of copper and gold near Cloncurry in the 1860s. The Mount Isa area hosts numerous base

metal copper, zinc, and lead deposits of global significance, including the Mount Isa, Ernest Henry, Century,

Dugald River, Cannington, and Selwyn deposits. The Eva Copper Project is hosted by Proterozoic-aged,

metamorphosed and poly-deformed marine sedimentary and volcanic rocks of the Mary Kathleen domain of

the Eastern Fold Belt Inlier. Deformation, metamorphism, and plutonic activity took place during the Isan

Orogeny, approximately 1,600 to 1,500 million years (Ma) ago.

There are twelve known mineral deposits in the Project area, of which six have been included in the current

mine plan. Mineral deposits are grouped into two types: copper-gold, and copper only. There are five of the

copper-gold deposits, four of which are in the mine plan. These deposits are classified as iron oxide copper-

gold ("IOCG") deposits, where mineralisation is associated with regional-scale hematite and albite alteration

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

(red-rock alteration), and localised magnetite alteration. Copper sulphide mineralisation, primarily

chalcopyrite with lesser bornite, occurs as veins, breccias, fracture fill, and disseminations in mafic to

intermediate volcanic or intrusive rocks. Gold is generally correlated with copper and is recovered in the

copper concentrate. Mineralisation appears to be localised and/or bounded by faults and other deformation-

related structures. The copper-only deposits are stratabound, locally stratiform, and most occur within

metamorphosed calcareous metasedimentary rocks, forming an approximately linear trend stretching over 7

km. The origin of these deposits is uncertain; they may be deformed and metamorphosed versions of

sedimentary or red-bed type copper deposits, or they could be more closely related to the IOCG deposits, but

with enhanced stratigraphic controls related to the calcareous beds being particularly reactive with

hydrothermal fluids.

All of the deposits have a 10 m to 25 m thick overlying zone of oxidation, where the rock is extensively

weathered, and copper sulphide minerals have been leached or converted to various oxide minerals that

cannot be recovered by flotation. The oxide zones are treated as waste, but tonnages and copper grades

have been estimated and the oxide mineralisation will be stockpiled separately. With the exception of the

Turkey Creek deposit, the copper-only deposits commonly have a significant thickness of supergene material,

where carbonate has been leached from the rock, reducing hardness and density, and the copper occurs as

native-copper, chalcocite, and other low-sulphur copper species. The carbonate-leached zone is separated

from the underlying sulphide zone by a thin transition zone. Each of these mineralogical zones has been

modelled so that resources can be estimated for each and the appropriate metallurgical recoveries can be

applied for reserve estimation.

Drilling

Although exploration work has been recorded within the Eva Copper Project area since 1963, usable drill

data dates back to 1988. Total drilling in the seven deposits with planned production includes 1,470 drill

holes for 208,637 m. All the drill holes used for Mineral Resource estimation have accurate collar and

downhole surveys, including the older holes, which were subsequently resurveyed by later exploration

companies (URL, or more recently, Altona). Most of the drilling was done by reverse circulation ("RC")

methods, with a small percentage being diamond drill holes ("DD").

Statistical analysis of the type of drilling, age, and operating company does not indicate any bias to the drill

hole assay data. Assay data from two DDs completed by Sichuan Railway Investment Group (SRIG) in 2017,

and two DD completed in 2018 by CMMC within the Little Eva deposit, provided material for metallurgical

testing and were used to verify the resource block model. Two holes were drilled in the Turkey Creek deposit

in 2018 and 2019 for grade verification and metallurgical material. Eighteen RC holes were drilled in the

Blackard deposit in 2019 by CMMC to upgrade resource classification. Assay data from the 2019 RC drilling

within the Blackard deposit is statistically indistinguishable from historical drilling. Since obtaining the

Project, Harmony has commenced an extensive infill drilling campaign designed to confirm, and extend

confidence in, the Resource and geological models. To date Harmony has drilled 724 drill holes across the

project for a total of 155,914m. These holes have informed the ongoing feasibility study (metallurgical and

geotechnical holes) and recent Resource model updates to grade estimates and classification.

Exploration

Mineral exploration on lands of the Eva Copper Project dates back more than 40 years. The exploration

database for the area contains information from numerous geological, geophysical, and geochemical surveys

carried out by the current and previous operators, in addition to regional government data on geology and

geophysics. Almost all data from historical geophysical and geochemical work is compiled in the Company

database and has been used in the design and guidance of current exploration work.

The most useful historical geophysical work includes ground and airborne magnetics and gravity surveys

which, when combined with soil geochemistry, provide good drill targeting tools. Induced polarization ("IP")

and electromagnetic ("EM") geophysical surveys have also proven to be useful or have some benefit in the

right circumstances. Continuous improvements in electronic instrumentation, computer data processing,

inversion technology for geophysics, and multi-element analysis (particularly in handheld, portable X-ray

fluorescence (XRF) units), provide significant rationale to continue geophysical and geochemical surveying on

the property.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Deposit Types

Copper deposits of the Eva Copper Project are of two types. The most significant are those of the IOCG type,

which are hydrothermal copper-gold deposits associated with relatively high contents of iron oxide minerals

(magnetite or hematite), a general lack of quartz, and extensive sodic alteration. The hydrothermal fluids are

believed to be sourced from, and/or driven by, magmatic systems with possible addition of basin brines;

however, mineralisation is commonly distal (or spatially distinct) from the causative plutonic rocks.

Mineralisation can take many forms, but the dominant ones are vein networks, breccias, dissemination, and

replacement. Both structure (fault or fracture systems) and lithology (chemistry and rheology) are key

features in localization of mineralisation. The second type of copper deposit is termed copper-only; these

deposits do not contain significant gold and are typically hosted within deformed and metamorphosed

calcareous sedimentary rocks as stratabound mineralisation. One deposit, Turkey Creek, is a strataform

copper-only deposit within calc-silicate and schistose rocks but has processing characteristics similar to those

for the copper-gold deposits.

There are 12 defined deposits within the Eva Copper Project, ranging in size from 0.7 Mt to over 100 Mt, six

of which are included within the current mine plan. Three are copper-gold deposits, and three are copper-

only deposits. Metallurgical recoveries for the copper-gold deposits are favourable, due to relatively coarse-

grained chalcopyrite and lesser bornite. All of the deposits have a thin, 10 m to 40 m weathered or oxide

zone at surface, for which tonnage and grades have been estimated, but which have been treated as waste

within the mine plan. The copper-only deposits hosted within calcareous metasedimentary rocks have

additional zones of weathering and/or acid leaching, which has removed carbonate, reducing rock strength

and density in addition to changing sulphide mineralogy. In the two such deposits, Blackard and Scanlan, a

supergene zone termed native copper occurs below the oxide zone, and contains abundant native copper in

addition to chalcocite, cuprite, and other low-sulphur copper species and some copper locked in

hydrobiotite. Extensive metallurgical testing has been carried out on these deposits, with appropriate

processing design and estimation of recoveries. Within these deposits a narrow transition zone occurs

between the copper zone and underlying sulphide zone.

Sample Preparation, Analyses, and Security

There is very little documentation about sample collection, preparation, and security for the pre-1997 drilling

campaigns, although the nature of the exploration programmes, preservation of data, and logging records all

indicate that the drilling programmes were carried out in a professional and competent manner. Later

exploration programmes by URL (beginning in 2002) and Altona (in 2011), which provided the vast majority

of the drill data, were carried out with above industry-standard sample collection methods, and appropriate

quality assurance and quality control (QA/QC) protocols. RC drilling accounts for more than 90% of the

Project samples, and these samples were collected using standard cyclones and splitters at the drill site.

Samples lengths were initially 2 m for URL; however, they were changed to 1 m in 2003. Almost all of Altona's

samples were 1 m in length.

Samples were bagged and sealed in the field, and shipped to commercial laboratories in either Townsville or

Brisbane. Regular duplicate samples of RC chips were inserted into the sample stream at a rate of 1 in every

20, and triplicate samples collected at the time of drilling were inserted into the sample stream at the rate of

1 in every 40. Appropriate reference standards and blank samples were inserted at rates of 1 in every 20 and

1 in every 45, respectively. Much of the sample material has been retained, mostly as pulp samples; however,

there is some coarse reject material, and it is stored in carefully organised warehouses, which also contain

split diamond drill core. All analytical information has been carefully archived in an electronic database,

which has been reviewed for accuracy by independent consultants and Harmony.

Data Verification

Historical drill locations were checked and resurveyed by subsequent operators, and assay data has been

examined and checked by third-party consultants involved in previous Feasibility Studies. There is no

apparent bias in the assay data from drill campaigns involving four different companies. The resource QP

examined drill core on site and found adequate agreement between geology and historical logs, and visual

estimates of copper grade were in agreement with assays. Assay results from drill holes completed to obtain

metallurgical samples in the Little Eva and Turkey Creek deposits in 2018, and in the Blackard deposit in 2019

and additional drilling completed by Harmony during 2023-2025, compare favourably to adjacent block

grades within the block models, supporting both the database and Mineral Resource estimation.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Metallurgical Testwork and Process Design

This section summarises both historical and recent test work associated with the various mineralisation types

on the Project property. This report generalises the various ore sources into one of two classes for design

purposes: sulphides, and native copper. The various ore sources were studied from the perspective of newer

technologies including direct flotation reactors for flotation.

The Little Eva deposit is the largest deposit in the Project. This deposit has been well studied, with 145

flotation tests from multiple sources that ranged in scope from benchtop to pilot plant. This mineralisation

consistently demonstrates high recovery performance with a high degree of liberation at relatively coarse

grinds. The average feed competency lies near the 50th percentile of the JK database, with medium to hard

Bond work indices. Copper is present as chalcopyrite with trace amounts of pyrite. Strong flotation kinetics

result in high recoveries, concentrating to a good final concentrate grade following a nominal regrind with no

pH modification. Overall, this material type presents low technical risk.

The sulphide satellite deposits, comprising Turkey Creek, Bedford, Lady Clayre, and Ivy Ann, are smaller

sources. These mineralisation types are generally similar to Little Eva from both a comminution and flotation

perspective. Some differences include a stronger deportment of copper to bornite, and varying grade

distribution. Overall, these deposits show average copper recoveries of 88% to 95%, and represent sources of

high recovery material. The specific recoveries for each pit are used as inputs into the mine schedule and

financial model.

The copper-only deposits, Blackard and Scanlan, are distinctly different from other deposits in the area,

containing oxide cap, native copper, sulphide transition, and sulphide zones. The native copper zones are the

largest copper-bearing zones within these deposits, containing a relatively fine distribution of native copper

with varying quantities of sulphides. These deposits were studied by previous owners; however, several

recent updates have been completed. In total, 410 flotation tests (including blended ore feed) have been

completed, ranging from benchtop to pilot scale work. On a flotation basis, the native copper zones typically

achieve 60% recovery, with an additional 2% to 3% achievable by gravity methods. Recovery is highly variable

as deportment shifts from native copper to sulphides, requiring flexibility within any processing flowsheet

between gravity and flotation operations to achieve an average of 56% overall recovery. This ore is typically

very soft, resulting in low comminution costs and high mill throughputs. Below the native copper- bearing

zones of both Blackard and Scanlan are sulphide zones containing bornite and chalcopyrite, behaving

similarly to Turkey Creek ore. The flotation response of the ore from the native copper to the sulphide

transition zone increases with sulphide content, as expected.

In total, the abovementioned work has been sourced from 25 metallurgical testing campaigns completed at

established metallurgical labs throughout Australia and British Columbia, Canada, from 1996 to 2019.

Concentrate Characterization

Detailed chemical analyses were performed on the concentrates produced from the testwork programmes,

and the results indicate that there appear to be no impurity elements present in the concentrate at a level

that will incur smelter penalties. Provision for separate dewatering and containment of gravity concentrates

is included in the plant design for future sampling or marketing opportunities.

Tailings Handling

Tailings generated from the bulk samples processed during the DFR testwork were sent to Paterson & Cooke

in Denver, Colorado, for tailings characterisation. The samples were examined both separately and as a

blend. In both cases no concerns were highlighted with tailings settling performance. A reasonable target of

63% solids was selected for tailings thickener underflow design.

Mineral Resources Estimate

Eva Copper Project Resources

Mineral Resource estimates for the three largest deposits (being Little Eva, Blackard and Turkey Creek) were

prepared by SRK and Harmony personnel, based on all drilling conducted up to January 2024. The Resource

models from CMMC have been audited and retained for the other deposits.The effective date of the resource

estimates is 30 June 2025.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

The Mineral Resource for mineralisation, assumed to be amenable to open pit and underground mining

methods, is reported in situ.

The resource estimates were built using Ordinary Kriging for Little Eva, Blackard and Turkey Creek, all other

deposits utilised Inverse distance weighting. Block sizes were selected based on the drillhole spacing to

ensure the estimate is fully informed, Block sizes were matched to the anticipated mining methods and

mining equipment sizes.

Resource domains were based on an assessment of the lithology, alteration, grade distribution and structure.

The grade-based domains resulted from an analysis of the grade distribution from the assay table. For the

IOCG deposits the domains were based on the 0.1% copper grade shell which equates to the first visual

occurrence of chalcopyrite in logging. Turkey Creek and Blackard were constrained by a 0.1% copper shell,

defined by statistical analysis of the drill hole data, the earlier CMMC resource models were defined by a

0.1% copper shell.

Analysis at the Little Eva deposit of the underlying lithology indicates it does not have a significant impact on

grade distribution and so lithology was not included in the domain construction, likewise for the oxidation

profile. There are, however, several significant faults that have an impact on the deposit and these were

incorporated into the estimate, dividing the Little Eva estimation domain into 3 parts. While Turkey Creek

comprises of two sub-parallel high grade domains with a central low grade core, these domains were not

used in the estimate. Lithology and oxidation profiles, while assessed for impact were found to not be

significant contributors to grade distribution and did not inform the grade domains. A significant fault with

splays, the Turkey Creek Fault, cut across the northern end of the deposit and splits the domain into two

components. Blackard and Scanlan are both native copper deposits and analysis of these deposits indicate a

0.1% copper shell was appropriate. Both these deposits are folded and comprise antiform/synform pairs that

were used to inform the estimate, Blackard utilised dynamic anisotropy, guided by the fold surface, Scanlan

was divided into several separate domains in order to handle the changing anisotropy. Lady Clayre comprises

five separate mineralised zones, defined by copper shells at 0.1% based on analysis of the grade distribution.

The geology is strongly deformed and the various domains define the different components of this folded

stratigraphy. The Bedford deposit is a narrow mineralised shear zone, and the estimation domain is

controlled by the 0.1% copper shell which defines the boundaries of the shear, the estimation domain is

entirely geologically based. The Ivy Ann deposit estimation domain is based on the 0.1% Cu shell equating to

the first occurrence of chalcopyrite and comprises several independent structural domains.

The constraining pit shells for defining the limits of Inferred resources and to define reasonable prospects for

economic extraction are based on copper prices, costs and metallurgical recoveries determined from work

carried out, and described, in this TRS. Resources were constrained by Whittle pit shells generated using

metal prices of US$5.10/lb Cu, US$1,941/oz Au and an exchange rate of 0.68 AU$:US$. The Whittle shell was

based on the following parameters:

• Plant throughput of 18 Mtpa, with a mining rate of 60 Mtpa

• A mining reference cost of AU$3.93/tonne

• Approximately AU$11.00/t Ore processing cost.

• Ore Haulage cost of AU$0.35/t/km

• Slope angles informed by historic studies with an average of 45 degrees.

• Copper Recovery is dependant on copper mineralogy, 95% Sulphide and 56% native copper.

• A 10mx10mx10m diluted block model.

A zone of oxidation overlies all of the seven deposits in the Eva Copper Project. The base of the oxidised zone

is generally sharp (±2 m), and was modelled during resource estimation. In the current mine plan, the

oxidised material is treated as waste, as currently there does not appear to be any form of economic

extraction; however, grades have been modelled and tonnages tabulated for general interest and in the

event of a possible processing path being identified in the future. The tonnage and grade of oxidised material

were determined in the same manner and at the same time as the other resource estimations.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Table 1-2: Eva Copper Project Mineral Resources, 30 June 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Copper** | **Tons**<br>**(Mt)**<br>| **Cu Grade**<br>**(% Cu)**<br>| **Cu Pounds**<br>**(Mlb)**<br>|
| Measured |  |  |  |
| Little Eva |  |  |  |
| Bedford |  |  |  |
| Lady Clayre |  |  |  |
| Ivy Ann |  |  |  |
| Turkey Creek |  |  |  |
| Blackard |  |  |  |
| Scanlan |  |  |  |
| Legend |  |  |  |
| Great Southern |  |  |  |
| **Total Measured** |  |  |  |
| Indicated |  |  |  |
| Little Eva | 202.000 | 0.32 | 1310.000 |
| Bedford | 4.000 | 0.55 | 40.000 |
| Lady Clayre | 5.000 | 0.43 | 42.000 |
| Ivy Ann | 6.000 | 0.34 | 39.000 |
| Turkey Creek | 31.000 | 0.42 | 263.000 |
| Blackard | 128.000 | 0.48 | 1223.000 |
| Scanlan | 16.000 | 0.59 | 195.000 |
| Legend | 34.000 | 0.47 | 324.000 |
| Great Southern | 14.000 | 0.42 | 118.000 |
| **Total / Ave. Indicated** | **440.000** | **0.40** | **3554.000** |
| **Measured + Indicated** | **Measured + Indicated** | **Measured + Indicated** | **Measured + Indicated** |
| Little Eva | 202.000 | 0.32 | 1310.000 |
| Bedford | 4.000 | 0.55 | 40.000 |
| Lady Clayre | 5.000 | 0.43 | 42.000 |
| Ivy Ann | 6.000 | 0.34 | 39.000 |
| Turkey Creek | 31.000 | 0.42 | 263.000 |
| Blackard | 128.000 | 0.48 | 1223.000 |
| Scanlan | 16.000 | 0.59 | 195.000 |
| Legend | 34.000 | 0.47 | 324.000 |
| Great Southern | 14.000 | 0.42 | 118.000 |
| **Total / Ave. Measured + Indicated** | **440.000** | **0.40** | **3554.000** |
| **Inferred** | **Inferred** | **Inferred** | **Inferred** |
| Little Eva | 26.000 | 0.33 | 175.000 |
| Bedford | 1.000 | 0.38 | 8.000 |
| Lady Clayre | 1.000 | 0.43 | 7.000 |
| Ivy Ann | 1.000 | 0.33 | 9.000 |
| Turkey Creek | 6.000 | 0.44 | 52.000 |
| Blackard | 37.000 | 0.40 | 300.000 |
| Scanlan | 11.000 | 0.48 | 102.000 |
| Legend | 6.000 | 0.33 | 36.000 |
| Great Southern | 2.000 | 0.39 | 17.000 |
| **Total Inferred** | **91.000** | **0.39** | **706.000** |

---

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

---

| | | | |
|:---|:---|:---|:---|
| **Gold** | **Tons**<br>**(Mt)**<br>| **Au Grade**<br>**(oz/t Au)**<br>| **Au Ounces**<br>**(Moz)**<br>|
| Measured |  |  |  |
| Little Eva |  |  |  |
| Bedford |  |  |  |
| Lady Clayre |  |  |  |
| Ivy Ann |  |  |  |
| **Total / Ave. Measured** |  |  |  |
| Indicated |  |  |  |
| Little Eva | 202.000 | 0.002 | 367.000 |
| Bedford | 4.000 | 0.004 | 16.000 |
| Lady Clayre | 5.000 | 0.005 | 25.000 |
| Ivy Ann | 6.000 | 0.002 | 12.000 |
| **Total / Ave. Indicated** | **217.000** | **0.002** | **420.000** |
| **Measured + Indicated** | **Measured + Indicated** | **Measured + Indicated** | **Measured + Indicated** |
| Little Eva | 202.000 | 0.002 | 367.000 |
| Bedford | 4.000 | 0.004 | 16.000 |
| Lady Clayre | 5.000 | 0.005 | 25.000 |
| Ivy Ann | 6.000 | 0.002 | 12.000 |
| **Total / Ave. Measured + Indicated** | **217.000** | **0.002** | **420.000** |
| **Inferred** | **Inferred** | **Inferred** | **Inferred** |
| Little Eva | 26.000 | 0.003 | 66.000 |
| Bedford | 1.000 | 0.004 | 4.000 |
| Lady Clayre | 1.000 | 0.004 | 3.000 |
| Ivy Ann | 1.000 | 0.003 | 4.000 |
| **Total / Ave. Inferred** | **29.000** | **0.003** | **77.000** |

---

Notes:

Resources are reported at a cut-off grade are based on approximate NSR values which equate to a copper grade of 0.16% Cu for sulphide

material and 0.25% for native copper .

Mineral Resources:

1. SAMREC and CIM definitions were followed for Mineral Resources.

2. Mineral Resources are exclusive of Mineral Reserves (however no Mineral Reserve are declared)

3. Mineral Resources are constrained within a Whittle pit shell generated with a copper price of $5.10/lb, a gold price of $1,941/oz and

an exchange rate of AU$1.00 = US$0.68

4. Density measurements were applied (ranges from 2.4 t/m3 to 3.0 t/m3).

5. Significant figures have been reduced to reflect uncertainty of estimations and therefore numbers may not add due to rounding.

6. Tonnes are Metric Units (1t = 1000Kg)

7. Mineral Resource tonnages and grades are reported in situ.

Mineral Reserve Estimate

Not applicable to this TRS

Mineral Reserves were declared by CMMC as reported in their 43-101 2020 Feasibility Update.

During Harmony due diligence prior to acquiring the Project, a number of risks and opportunities were

identified. Accordingly, upon purchase, Harmony planned and commenced a drilling programme to expand

and refine the resource and commenced studies to test processing, infrastructure, water and power

assumptions. Due to the significant potential change these studies may imply, it is deemed premature to

release the Reserves. It is anticipated that these studies will be completed in late 2025, upon which a Reserve

may be declared.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Royalties

State of Queensland royalties apply to all lands except freehold claims prior to 1904. State royalties range

between 2.5% and 5.0% of metal value, less certain allowable expenses. If the concentrate is processed in

Queensland (Mount Isa) there is a 20% reduction in the copper royalty. 100% of the royalty savings from the

Queensland Government is for the account of CMMC. Royalties are discussed in detail in Section 3.6.

Environment, Permitting, Social, or Community Impact

To support environmental assessments and project studies, flora and fauna surveys, groundwater

programmes and waste and tailings rock characterisation, amongst others, have been undertaken to support

an appreciation of the environment and its sensitivities, to predict impacts and inform mitigation and control

measures. This dataset continues to be supplemented by contemporary studies and monitoring data.

All regional ecosystems mapped within the Project area are classed as Least Concern under the *Vegetation*

*Management Act 1999*. In accordance with the project's EA, significant residual impacts to prescribed

environmental matters, are not authorised with the exception of:

• Regional ecosystems (not within an urban area) within the defined distance from the defining banks

of a relevant watercourse on the vegetation management watercourse map.

• Habitat for an animal that is vulnerable wildlife – Purple-necked Rock-wallaby Monitoring programme

(*Petrogale purpureicollis).*

The maximum extent of impact to each authorised prescribed environmental matter must be offset in

accordance with the *Environmental Offsets Act 2014* and the QLD Environmental Offsets Policy. Staged

delivery of offsets will be secured for the Project aligned with the Project execution schedule.

Tailings and waste characterisation work has shown the majority of samples to be geochemically benign. The

risks associated with release of contaminants into the environment have been considered with the tailings

storage facility ("TSF"), waste rock dump ("WRD"), and processing plant area designs incorporating surface

water management control dams, cut-off drains, monitoring, and low permeability base for the TSF.

Surface water and groundwater monitoring programmes have been in place since 2012 and are reviewed

frequently to align with the prevailing project design and the scale of any site activities. Additional

compliance and monitoring bores have been established during FY25.

The closest sensitive receptor to the Project is the Mount Roseby homestead, approximately 17.5 km

southeast of Little Eva pit and processing plant while the closest pit, Scanlan, is approximately 1 km west of

Mount Roseby. Noise and air quality monitoring is a requirement of the EA, and dust baseline monitoring has

been completed. A Compensation Agreement is in place which includes conditions to be implemented

throughout the life of mine ("LOM") with respect to the Mount Roseby station and its Lands.

The evidence of European history in the area is not of local or State significance. The recognised traditional

owners and Native Title holders of the Project area are the Kalkadoon People. The Company has a Cultural

Heritage and Access Agreement and Management Plan with the Native Title holders covering the full area of

the Project MLs. The ML area has been the subject of systematic Indigenous cultural heritage clearing which

remains ongoing.

In addition to managing environmental and heritage responsibilities the Company recognises and has

reflected the importance it places on building and training its workforce, supporting the local community and

stakeholders, and a commitment to achieve the highest standards of safety and health for its business

practices. Through our agreement with the Kalkadoon People, the Company will strive to provide

employment opportunities for local Indigenous people. The key community risk requiring management from

commencement of operations through the LOM will be the additional vehicular traffic along the Burke

Developmental Road and through Cloncurry.

Adjacent Properties

The Eva Copper Project is located within a world-class mineral province richly endowed with an attractive

number of commodities and deposit types. It is commonly known that the Mount Isa – Cloncurry region is

one of the premier base-metal producing districts in the world with mining dating back to 1867, first at

Cloncurry, then from the larger Mount Isa mining centre starting in 1923. There are numerous historical and

active mines in the region, with the major, internationally important mines closest to the Project being the

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Dugald River lead-zinc-silver mine and the Ernest Henry copper-gold mine. Dugald River is the closest, located

approximately 11 km south of the proposed Eva Copper Project processing plant site.

Mining properties that surround the Eva Copper Project are predominantly EPMs held by Harmony. These

permits cover a highly prospective north-south corridor, with similar geology to that which hosts the Project's

Mineral Resources. Numerous copper-gold mineralised prospects have been established and are being

systematically explored.

Immediate non-mining key local stakeholders associated with the Eva Copper Project are landowners,

leaseholders, state, and local governments. The Company has been in contact with the stakeholders for many

years and has appropriate agreements in place to allow mining and exploration.

Human Rights

The Company is committed to uphold fundamental human rights and respect cultures, customs, and values in

dealing with communities, employees, and others affected by the Company's activities.

Project Due-Diligence and Pre-Engagement

The Company is committed to remain informed of the political, economic, social, technical, and

environmental characteristics of the area in which it operates. Sound data obtained will contribute to the

design and structure of risk management strategies, as well as pre-engagement processes such as

preparation for field activities.

Community and Aboriginal Engagement and Enhancement

The Company is committed to develop long-lasting economic, environmental, and social benefits through the

building of meaningful and transparent relationships with local communities and Native Title holders.

Human Resource Development

The Company is committed to provide long-term benefits for the community through areas, such as

employment, training, and education.

Environmental Integrity and Performance

The Company is committed to manage all operations in a manner that is compatible with environmental

protection standards and integrate closure requirements into all stages of the Company's activities.

Health and Safety Performance

The Company is committed to provide a safe environment for employees, contractors, and visitors to the

Company's facilities, and a commitment to support leadership in preventive and responsive attitudes and

behaviours at all levels of the organization to ensure a safe environment.

Recommendations

Mineral Resources

Drill targets below and within the current pit designs are being drilled to convert Inferred Resources to

Indicated Resources. Additional drilling to perform geotechnical slope studies on the Turkey Creek, Little Eva,

and Blackard deposits is ongoing.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

2Introduction

Section 229.601(b)(96)(iii)(B)(2)(i-v)

This TRS is prepared for Harmony Gold Mining Company Limited, a publicly traded company listed on the

New York Stock Exchange ("NYSE").

The purpose of this TRS is to provide a summary of the mineral resources and mineral reserves for the Eva

Copper Project. This TRS has been compiled in compliance with SEC regulations, particularly Regulation S-K

1300. It includes all material information and scientific analysis to support the disclosure requirements of

Harmony.

2.1Report Section Responsibilities

This TRS on the Eva Copper Project has been prepared for the registrant, Harmony. This TRS has been

prepared in accordance with the U.S. Securities and Exchange Commission's ("SEC") Regulation S-K 1300. It

has been prepared to meet the requirements of Section 229.601(b)96 – Technical Report Summary. The

purpose of this TRS is to provide open and transparent disclosure of all material, exploration activities,

Mineral Resource and Mineral Reserve information to enable the investor to understand the Eva Copper

Project which forms part of Harmony's activities.

The QP states that this TRS updates the Technical Report Summary filed by Harmony on the Eva Copper

Project on 31 October 2023, named Exhibit 96.14 Technical Report Summary of the Mineral Resources and

Mineral Reserves for the Eva Copper Project, North West Queensland, Australia, which was effective on 30

June 2023.This updated TRS has an effective date of 30 June 2025. No material changes have occurred

between the effective date and the date of signature.

This TRS was prepared by a QP employed by Harmony Australasia. The QP's qualifications, areas of

responsibility are set forth below:

Greg Job has more than five years' experience that is relevant to the style of mineralisation and type of

deposit described in this TRS, and to the all activities for which he is accepting responsibility.He is a member

(Fellow) of the Australasian Institute of Mining and Metallurgy (AusIMM) and his registration is as follows:

Greg Job

Executive General Manager - Growth and Resource Development

FAusIMM No. 111561.

Table 2-1 shows a list of all the sections included in this Technical Report Summary under Subpart 1300 of

Regulation S-K, and the respective QPs.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Table 2-1: Scope of Responsibility**

---

| | | | |
|:---|:---|:---|:---|
| Item | Content | Qualified Person | Compiled by |
| 1 | Executive Summary | GJ | All |
| 2 | Introduction | GJ | HMYA |
| 3 | Property Description | GJ | HMYA |
| 4 | Accessibility, Climate, Local Resources, Infrastructure, and <br>Physiography<br>| RR, GJ | HMYA |
| 5 | History | RR | HMYA |
| 6 | Geological Setting, Mineralisation, and Deposit | RR | HMYA |
| 7 | Exploration | RR | HMYA |
| 8 | Sample Preparation, Analysis, and Security | RR | HMYA |
| 9 | Data Verification | RR | HMYA |
| 10 | Mineral Processing and Metallurgical Testing | GH | HMYA |
| 11 | Mineral Resource Estimates | RR | HMYA |
| 12 | Mineral Reserve Estimates | n/a |  |
| 13 | Mining Methods | n/a |  |
| 14 | Processing and Recovery Methods | n/a |  |
| 15 | Infrastructure | n/a |  |
| 16 | Market Studies | n/a |  |
| 17 | Environmental Studies, Permitting, and Plans, Negotiations, or <br>Agreements with Local Individuals or Groups<br>| n/a |  |
| 18 | Capital and Operating Costs | n/a |  |
| 19 | Economic Analysis | n/a |  |
| 20 | Adjacent Properties | RR | HMYA |
| 21 | Other Relevant Data and Information |  | All |
| 22 | Interpretation and Conclusions |  | All |
| 23 | Recommendations |  | All |
| 24 | References |  | All |
| 25 | Reliance on information provided by the registrant |  | n/a |

---

Notes:

The QP relied on input from certain technical experts, whose acronyms are listed above. These individuals, by education, experience,

and professional association, are members in good standing with appropriate professional institutions or associations. "HMYA refers to

Harmony Australasia .

2.2Personal Inspection

Ronald Reid ("RR") most recently visited the Project site in July, 2024.

Greg Job ("GJ") most recently visited the project site in August 2023.

Greg Harbort ("GH") most recently visited the Project site in July 2025

Harmony confirms it has obtained the written consent of the QP to the use of the person's name, or any

quotation from, or summarisation of, this TRS in the relevant registration statement or report, and to the

filing of this TRS as an exhibit to the registration statement or report.

2.3Effective Date

The effective date of the Mineral Resource statement in this TRS is 30 June 2025.

2.4Abbreviations and Units of Measure

Units of measure used in this TRS conform to the metric system, unless noted otherwise. All currency is

United States dollars ("US$") unless noted otherwise. A glossary containing a comprehensive list of acronyms

and units of measure is included in List of contents.

QPs Opinion

In the QP's opinion, the terms of reference, data sources, and inspection information relied upon for this TRS

are adequate and appropriate to support the conclusions drawn. The information has been compiled to the

standard expected for disclosure under Regulation S-K 1300

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

3Property description

Section 229.601(b)(96)(iii)(B)(3)(i-vii)

3.1Location

The Eva Copper Project is located 76 km by road northwest of Cloncurry, a town of about 3,000 inhabitants,

and 194 km by road from Mount Isa, a regional mining centre with a population of about 22,000 people

(Figure 3-1). Townsville on the east coast is 770 km from Cloncurry. Access to the Project is from the sealed

Burke Developmental Road, which originates in Cloncurry. This road passes 8.5 km to the east of the

proposed plant site, and current access is via cattle station and exploration tracks. The planned site for the

plant and major infrastructure is also 11 km north of the major Dugald River Zinc Mine, which was

commissioned in November 2017 and is owned by MMG Limited (MMG). The Eva Copper Project is situated

at a latitude of 19°51'26"S and longitude of 140°10'15"E.

**Figure 3-1: Project Location**

![figure3-1a.jpg](figure3-1a.jpg)

3.2Land Use and Mining Tenure

The Eva Copper Project consists of five MLs and one EPM. All six of the deposits are located within the

MLs, except for the Ivy Ann deposit, which lies within EPM 25760 (King).

Queensland state legislation requires that, where significant disturbance will occur from exploration and

mining activities, the license holder must reach agreement for "Conduct and Compensation" with the

pastoral leaseholder. Harmony has secured such agreements for all the MLs, the Ivy Ann deposit, and those

portions of the EPM where ground disturbance has occurred or is anticipated.

3.3Mining Leases

The MLs were granted in 2012 and are currently owned by the Company's wholly owned subsidiary Eva

Copper Mine Pty. Ltd. ("ECMPL") (Table 3-1). The MLs total area is 143 km<sup>2</sup> and are situated across from two

pastoral lease holdings and within one Native Title determination area.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Table 3-1: Eva Copper Project Mining Leases**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number** | **Name** | **Granted** | **Expiry** | **Area (ha)** |
| 90162 | Scanlan | 4 Oct. 2012 | 31 Oct. 2037 | 2,096.96 |
| 90163 | Longamundi | 4 Oct. 2012 | 31 Oct. 2037 | 1,411.29 |
| 90164 | Blackard | 13 Nov. 2012 | 30 Nov. 2037 | 5,131.07 |
| 90165 | Little Eva | 13 Nov. 2012 | 30 Nov. 2037 | 5,029.96 |
| 90166 | Village | 13 Nov. 2012 | 30 Nov. 2037 | 616.08 |

---

3.4Exploration Permits for Minerals

As shown in Table 3-2, the Company's wholly owned subsidiary ECMPL holds the EPM 25760 (King), which

encompasses the Ivy Ann deposit.

**Table 3-2: Eva Copper Project Exploration Permit for Minerals**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number** | **Name** | **Holder** | **Granted** | **Expiry** | **Area (ha)** |
| 25760 | King | ECMPL | 17 Nov. 2015 | 16 Nov. 2025 | 28,601 |

---

The Company also holds 26 EPMs surrounding the MLs and in the broader Mount Isa region (Figure 3-2).

These are held by the Company's wholly owned subsidiaries Roseby Copper Pty. Ltd. and Roseby Copper

(South) Pty. Ltd.

Agreements exist with four pastoral landholders for both the MLs and key areas of activity in the surrounding

EPMs:

• Coolullah Station, belonging to the North Australian Pastoral Company ("NAPCO")

• Mt. Roseby Station, belonging to Harold Henry McMillan

• Dipvale Station, belonging to Grant and Anita Telford

• Hillside Station, belonging to the Cameron Creek Pastoral Company.

The locations of the pastoral lease boundaries intercepted by the Project tenements and various mineralised

areas are shown in Figure 3-3; in relation to the Project tenements and the areas subject to Conduct and

Compensation Agreements.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 3-2: Eva Copper Project Tenements**

![figure3-2a.jpg](figure3-2a.jpg)

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 3-3: Pastoral Lease Holdings and Current Conduct and Compensation Agreement Areas (Colour indicates** 

**landowner)**

![figure3-3a.jpg](figure3-3a.jpg)

Notes: (NAPCO (red-brown), McMillan (green), Telford (blue) and Cameron Creek Pastoral Company (brown) showing

deposits (mine symbols))

3.5Freehold Land

Two freehold lots that were granted in the late 1800s sit within the MLs. One sits over part of the Little Eva

deposit, the second over part of the Longamundi deposit.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

3.5.1Lot 37 (Agreement Numbers 355, 526, 1069, and 1070)

Lot 37 (on Crown Plan B15752) is located within ML 90165 and overlies the Little Eva deposit. It is owned

100% by the Company; 50% was purchased from Pasminco (referred to as Mineral Selection 3072), and 50%

deeded to the Company by The Public Trustee of Queensland from an intestate deceased estate. The Lot was

previously subject to mining tenure Mineral Development Licence 12 (also purchased from Pasminco) and

has also been referred to as the Kwahu Moiety area.

3.5.2Lot 28 (Agreement Numbers 355, 1069, and 1070)

Lot 28 (on Crown Plan B15753) is located within ML90163, overlies the Longamundi deposit, and is owned

100% by the Company. It was purchased from Pasminco (referred to by them as Mineral Freehold 13961).

The lot was previously subject to ML 7497 (also purchased from Pasminco).

3.6Royalties

Numerous royalties apply to the Project area and are payable to six parties with an average royalty payable

of 5% on Reserves. Table 3-3 summarises the royalties applicable to various deposits.

**Table 3-3: Royalties Applicable to Portions of the Mineral Reserves at Various Deposits**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Area** | **State** | **MMG** | **Lake Gold/**<br>**MMG**<br>| **KD** | **PanAust** | **DOM** |
| Little Eva | Lake Gold | x |  | x | x |  |  |
| Little Eva | Freehold |  | x |  | x |  |  |
| Little Eva |  | x | x |  | x |  |  |
| Blackard |  | x |  | x | x |  |  |
| Scanlan |  | x | x |  | x |  |  |
| Turkey Creek |  | x |  | x | x |  |  |
| Lady Clayre | Lake Gold | x |  | x | x |  |  |
| Lady Clayre |  | x | x |  | x |  |  |
| Bedford |  | x |  | x | x |  |  |
| Ivy Ann |  | x |  |  | x | x | x |

---

Notes: KD = Kalkadoon; DOM = Dominion

3.7Encumbrances

There are no encumbrances or regulatory requirements that affect access, title, or the right or ability to

perform work on the Eva Copper Project.

QP's Opinion: In the QP's opinion, Harmony has secure tenure and mineral rights over the Eva Copper

Project, subject to the agreements and encumbrances disclosed. The arrangements in place are sufficient to

support the disclosure of Mineral Resources.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

4Accessibility, climate, local resources, infrastructure, and physiography.

Section 229.601(b)(96)(iii)(B)(4) (i-iv)

4.1Accessibility and Infrastructure

The Project tenements are in North West Queensland and are shown in Figure 4-1. Access to the Project is by

the sealed Barkly Highway from Mount Isa to Cloncurry, then on the sealed Burke Developmental Road,

through Quamby. The highway passes 8.5 km to the east of the proposed plant site, and current access is by

way of a gravel road. The planned site for the plant and major infrastructure is 11 km due north of the Dugald

River zinc mine owned by MMG, which had first production in November 2017.

The Project is located about 65 km (76 km by road) northwest of Cloncurry, a town of about 3,000

inhabitants, and about 95 km (194 km by road) from Mount Isa, a regional mining centre with a population of

about 22,000 people.

Cloncurry is located on the railway line from Townsville to Mount Isa and has container handling facilities, an

airport (which hosts both commercial and FIFO jet aircraft services), and a regional fuel depot. Cloncurry also

has schools, hospitals, and other services. The Project lies within the Shire of Cloncurry local government

administrative area and the Shire offices are based in Cloncurry.

Quamby is a tiny hamlet to the southeast of the proposed plant site, with a now-closed roadhouse on the

highway, and a Telstra communications tower.

Kajabbi is a small hamlet to the north of the area and has stockyards that were used for loading cattle onto a

railway line that used to run south through Quamby to Cloncurry. The railway line from Cloncurry north to

Kajabbi has been removed, and all that remains is the easement, which is still owned by Queensland

Transport.

Grid power is reticulated from Mount Isa to Cloncurry, and power is generated in Mount Isa at two gas-fired

power stations. A 220-kV power line has been constructed from the Chumvale substation near Cloncurry to

the Dugald River mine, 11 km from Little Eva.

A water pipeline operated by SunWater passes within 4 km of Little Eva and is fed from Lake Julius, 41 km to

the west, and reticulated to the Ernest Henry mine, and the Cloncurry townsite. Dugald River also has a

water take-off from this pipeline. The pipeline has a capacity of seven gigalitres per year (GL/a).

4.2Climate and Surface Water

The Bureau of Meteorology weather station closest to the Project site is located on McIlwraith Street,

Cloncurry, and has records dating back to 1884. The mean annual maximum temperature is 32.2°C, and

the average annual rainfall for the region is 474 mm/a.

Mean temperatures in the dry season range from 26.2°C to 36.4°C from April to October. Temperatures

range from mean monthly highs of 26.2°C to 38.5°C, to monthly lows of 10.6°C to 24.8°C. Minimum and

maximum recorded temperatures range from to 1.8°C to 46.9°C. The hottest months correspond with the

wet season, between November and March.

Mean wind speeds measured at the Mount Isa Airport weather station shows that the later months of the

year exhibit the highest wind speeds, peaking in October at an average speed of 15.8 km/h. Wind speeds are

lowest in the cooler months of the year, at an average of 9.5 km/h in June. Maximum wind gusts range from

a low of 63 km/h in July up to 128 km/h in January.

The relative humidity at the Cloncurry weather station peaks in February, typically reaching 39% at 3:00 p.m.,

and 61% at 9:00 a.m. The peak fire season for the Project area is winter to spring (July to September), when

the vegetation is at its driest.

Rainfall is seasonal, largely occurring between November and March (wet season), and generally occurs in

large storms. Rainfall is highly variable from year to year, with the region often experiencing multi-year

droughts and large-scale flooding from major rainfall events. After the dry season, storm rains of

approximately 25 mm/d may occur, which may include intense periods equivalent to 24 mm/h, which would

generate runoff in the smaller creeks.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

The Project site is serviced by a complex system of surface drainages that flow generally northward. On the

western side of the plant and Little Eva pit is Cabbage Tree Creek, which is joined by other creeks flowing

northward to become a tributary of the Leichhardt River. The central parts of the ML drain into the Dugald

River. Numerous other minor ephemeral watercourses cross the Project area.

Creeks and rivers only flow during, and for a brief period following, the wet season. Intensive rains, with

cumulative falls up to 50 mm over a few days, generate flows in the larger creeks, such as Cabbage Tree

Creek and Dugald River. Peak flows are generally of short duration. Most stream flow ceases within days or a

few weeks after intensive wet periods, after which the flow channel breaks into isolated pools. The rivers and

creeks have a composite profile consisting of a steep-sided main channel 1 m to 1.5 m in depth in which

flows occur annually, often to bank height. Isolated pools in the riverbeds can persist through the dry season

in sand, gravel, and crystalline rock fractures. Water can generally be found below the riverbeds at a depth of

one to two metres.

The Project has groundwater sources from both hard rock fracture zone systems and from a graben- like

structure filled in with Phanerozoic sediments. In addition to this geological feature, the main creeks are

associated with extensive thin sheets of colluvial outwash and alluvial deposits, with groundwater present in

the deeper parts of these deposits.

4.3Landforms and Vegetation

The Project site and broader operation area is gently undulating, with the Knapdale range of hills rising quite

sharply from the plain to the south of the proposed operations area, with a length of approximately 12 km,

and rising to an average height of 300 Australian Height Datum metres above sea level (mASL). A discrete

north–south ridgeline, which includes Mount Rose Bee and the Green Hills, transects the area on the western

side of the Bedford deposit. Mount Rose Bee (approximately 285 mASL) is characterised by ridges of exposed

silicified rock.

The site is currently crossed by several access tracks from farming and exploration activities. SunWater's

water pipeline from Lake Julius to the Ernest Henry mine crosses the lease area from west to east.

The predominant land use is low-intensity cattle grazing, although exploration and mining activities have

been conducted over the area since the late 1800s. Soils of the Project site are typically slightly acid to

moderately alkaline, and non-sodic and therefore non-dispersive in nature, meaning they are not chemically

predisposed to erosion. Most of the erosion potential of these soils originates from the short duration, high

intensity rainfall events that can occur during the summer period (December to March).

4.4Local Mining Industry

Mount Isa was established on the discovery of world-scale copper-zinc-lead deposits in 1923. A major mining

complex and a town of 22,000 people has grown on the site in the last 94 years, with multiple open pit and

underground mines, smelters, mills, flotation plants, and a sulphuric acid plant. The town of Mount Isa hosts

many mining suppliers, service organisations, and a number of skilled mining industry people, as well as

having two electric-powered generators supplied by a natural gas pipeline from South Australia, an airport,

rail line, and other services.

Cloncurry was established much earlier than Mount Isa, on the discovery of copper by Ernest Henry in 1867,

and the town was founded in 1884.

There are several active mines in the area, as shown in Figure 4-1. In addition to Mount Isa, there are five

major active mines: the Ernest Henry copper-gold mine and Lady Loretta lead-zinc-silver mine, both owned

by Glencore; the Cannington silver-lead mine owned by South 32; the Dugald River zinc-lead-silver mine

owned by MMG; and the Capricorn Copper copper-gold mine owned by Capricorn Copper. All are major,

internationally important mines.

Smaller operations (active and in care and maintenance) include: Osborne copper-gold mine, owned by

Inova; Mount Colin copper mine, owned by Aeris Resources Limited, Lady Annie copper-gold mine, owned by

Austral Resources; Mount Cuthbert Copper mine, owned by Mt Cuthbert Resources; Rocklands copper- gold

mine, owned by Mt Cuthbert Resources; and Eloise copper-gold mine, owned by AIC Mines.

Closed major mines include the Mary Kathleen uranium mine.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 4-1: Infrastructure, Major Mines, Deposits, and Eva Copper Project Tenure**

![figure5-1a.jpg](figure5-1a.jpg)

QP's Opinion: In the QP's opinion, the accessibility, climate, local resources, infrastructure, and physiography

of the Eva Copper Project are adequately described and present no unusual features that would compromise

the reporting of Mineral Resources. The conditions are typical of the Mount Isa–Cloncurry district and

provide a reasonable basis for disclosure of the Mineral Resource estimates

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

5History

Section 229.601(b)(96)(iii)(B)(5) (i-ii)

5.1Prior Ownership and Changes

The Project area has a long history of exploration and development. Early work was undertaken by Ausminda

Pty. Ltd. and CRAE between 1990 and 1996. CRAE's principal focus was the copper-only deposits where they

were successful in discovering a number of deposits. The Little Eva and Lady Clayre deposits were of

secondary interest to CRAE, who drilled the Little Eva deposit to define a small deposit of 9 Mt assayed at

0.70% copper (Cu), gold (Au) grade was not reported.

In 1996, the property was acquired by Pasminco, who undertook further exploration and drilling on the

copper-only deposits. Pasminco excised and retained the Dugald River zinc deposit and sold the remainder of

the tenements to URL in 2001. The Little Eva deposit was first fully delineated by URL. Pasminco was taken

over by Zinifex in 2002, and in 2008 Zinifex merged with Oxiana to become Oz Minerals. Oz Minerals' interest

in the Dugald River zinc deposit was acquired in 2009 by MMG, a subsidiary of China Minmetals.

From 2001 to 2004, exploration work on the Blackard, Scanlan, and Longamundi copper-only deposits was

carried out under a joint venture (JV) between URL and Bolnisi Logistics. In 2004, URL acquired Bolnisi

Logistics and assumed full management of the Project. Bolnisi Logistics then changed its name to Roseby

Copper Pty. Ltd. URL focused its 2001–2004 drilling on the Little Eva and Bedford copper-gold deposits, and

completed a Feasibility Study in 2005 based on mining and processing a blend of sulphide ore from the Little

Eva and Bedford deposits with native copper ore from the Blackard and Scanlan deposits; however, URL did

not proceed with development.

URL entered into a JV Option Agreement with Xstrata in 2005, where Xstrata had the right to explore in the

central area of the tenements. Xstrata discovered the Cabbage Tree Creek prospect, and significant sulphide

mineralisation beneath the Blackard deposit. Xstrata elected not to proceed with the option to purchase an

interest in the Project in January 2013. URL completed a second Feasibility Study between 2007 and 2009

based on the same blend of sulphide ore and native copper ore used in the 2005 study.

In December 2009, URL merged with Vulcan Resources Limited, and the company name changed to Altona.

Altona drilled out the Little Eva deposit, doubling the Mineral Resource, and in 2012 completed a Definitive

Feasibility Study ("DFS") based on the increased resources of copper-gold sulphide deposits, with this TRS

excluding the Blackard and Scanlan deposits. Altona's philosophy was to take a simpler approach that did not

rely on ore blending and to address mining and processing of native copper ores once operations were

established, in the context of extending mine life or increasing the production rate.

Altona completed drilling at the Bedford, Lady Clayre, Ivy Ann, Blackard, Legend, and Scanlan deposits, and

published Mineral Resource upgrades for all these deposits. Altona published Mineral Reserves for the Little

Eva, Bedford, Lady Clayre, and Ivy Ann deposits as part of their 2012 DFS. Altona discovered a significant

resource at Turkey Creek and published Mineral Resource and Mineral Reserve estimates for the deposit in

2015 and 2016, respectively. Altona also discovered and delineated major prospects at Anzac, Whitcher,

Matchbox, and Quamby from 2015 to 2016.

MLs and an EA were granted in 2012 based on the 2009 DFS mine plan. An EA amendment was granted in

2016 based on the revised 2012 DFS mine plan and the integration of Turkey Creek into the mine plan.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Altona and the project was acquired by CMMC in 2018. The project was subsequently acquired by Harmony

in 2023.

Prior to the acquisition by Harmony, and excluding acquisition costs, approximately $63 million has been

expended on exploration, resource development, metallurgical and engineering studies, compensation

payments, and government fees and charges by the various parties involved over the past 27 years,

including:

---

| | |
|:---|:---|
| CRAE (estimate) | $7.4 million |
| Zinifex/Pasminco | $0.7 million |
| Bolnisi | $4.1 million |
| URL | $24.2 million |
| Xstrata | $8.5 million |
| Altona | $18.4 million |

---

Note: Exchange rate AU$1.35:US$1.00

5.2Mineral Resource Estimates History

5.2.1Little Eva Deposit

The Little Eva deposit has had several formal Mineral Resource estimates that reflect stages of resource

definition (Table 5-1). The 2008 and 2012 Mineral Resource estimates include both sulphide and oxide

material, while the 2014 estimate is for sulphide material only, with the oxide material excluded.

**Table 5-1: Little Eva Resource Estimate History**

---

| | | | |
|:---|:---|:---|:---|
| **Model** | **Authors** | **Mineral Resource Estimate** | **Comment** |
| Oct 2008\* | MacDonald <br>Speijers<br>| 30.4 Mt at 0.78% Cu, 0.09 g/t Au. (0.3% <br>Cu cut-off grade).<br>| Superseded following additional drilling Includes <br>Inferred resource.<br>|
| Mar 2012\* | Optiro and <br>Altona<br>| 108 Mt at 0.52% Cu, 0.9 g/t Au. <br>Sulphide mineralisation – 100.3 Mt at <br>0.53% Cu and 0.09 g/t Au at a<br>0.2% Cu cut-off grade.<br>| Basis for 2012 DFS and Mineral Reserve <br>estimation.<br>Primary sulphide and oxide mineralisation. <br>Includes Inferred resource.<br>|
| May 2014\* | Altona and <br>Optiro<br>| 105.9 Mt at 0.52% Cu, 0.09 g/t Au at a <br>0.2% Cu cut-off grade.<br>| Sulphide mineralisation only. Includes Inferred <br>resource.<br>|
| Nov 2018 | CMMC | 121.8 Mt at 0.36% Cu, 0.07 g/t Au at a <br>0.17% Cu cut-off grade.<br>| Nominal additional infill drill data only. Sulphide <br>mineralisation only.<br>Excludes Inferred resource.<br>|
| Feb 2023 | SRK | 167 Mt at 0.38% Cu, 0.07g/t Au at a <br>0.17% Cu cut-off grade<br>| Post-purchase model using Indicator kriging.<br>Includes Inferred resources, excludes oxide.<br>Superseded following additional drilling and <br>remodelling.<br>|
| Sept 2023 | SRK | 163 Mt at 0.35% Cu, 0.07g/t Au at a <br>0.17% Cu cut-off grade<br>| Methodology changed to Ordinary Kriging to <br>induce greater dilution aimed at replicating the <br>expected dilution through the Bulk mining <br>methodology.<br>Includes Inferred resources, excludes Oxide <br>material.<br>Utilised an additional 48 drillholes drilled by <br>Harmony during 2023.<br>|
| Feb 2024 | Harmony | 180MT at 0.34% Cu and 0.07g/t Au for <br>0.612Mt of copper and 382Koz of gold <br>at 0.16% Cu cut-off grade<br>| Ordinary Kriged model, Includes inferred and <br>excludes oxide, Used an additional 64 drill holes <br>compared to the last estimate. <br>|

---

Source: \*Altona Mining Limited, Cloncurry Copper Project – DFS, August 2017.

Total estimated Mineral Resource including Inferred; reported in accordance with the Joint Ore Reserves Code (JORC).

In October 2008, McDonald Speijers completed a Mineral Resource estimate for the Little Eva deposit,

reported in accordance with JORC, 2004 Edition (JORC, 2004), which was incorporated into URL's 2009

Roseby Copper Project Feasibility Study. The Mineral Resource amounted to 30.4 Mt at 0.78% Cu and 0.9 g/t

Au, with a 0.3% Cu cut-off grade. Geological domains were poorly constrained.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

In March 2012, Altona, in conjunction with Optiro, reported a Mineral Resource that incorporated newly

acquired assay and geological data provided by extensive drill programmes. The published estimate of 108

Mt at 0.52% Cu and 0.09 g/t Au includes both sulphide and oxide mineralisation. This estimate formed the

basis of pit optimisations used in the 2012 DFS and 2014 DFS update.

In May 2014, Altona published a revised Mineral Resource estimate. Geological models were limited in

former estimates, because of inconsistent drill hole logging between multiple corporations and programmes.

The 2014 used a new geological model based on a detailed drill hole relogging programme by Altona in

2013-2014. The estimate of 105.9 Mt at 0.52% Cu and 0.09 g/t Au is for primary sulphide geotechnical

mineralisation only, and excludes oxide mineralisation, which is not amenable to processing through the

proposed Eva Copper Project plant. No additional drilling was added after the 2012 estimate leading up to

the 2014 estimate, and differences between the 2012 and 2014 Mineral Resource estimates were not

considered material; however, confidence in the geological models was improved. The 2014 estimate was

used for pit optimisations undertaken by Orelogy, and to relocate mine and waste dump layouts and develop

schedules to accommodate Turkey Creek into the mine plan. This work was undertaken for the 2016 EA

Amendment. These optimisations were not used in the mine design or financial modelling of the August 2017

Altona DFS.

In November 2018, CMMC published a Mineral Resource estimate, which incorporated limited newly

acquired assay and geological data provided by diamond core holes drilled for metallurgical, geotechnical,

and due diligence purposes. The published estimate of 121.8 Mt at 0.36% Cu and 0.07 g/t Au includes

sulphide mineralisation only. This estimate formed the basis of pit optimisations used in CMMC's 2018

Feasibility Study and the 2019 Feasibility Study update.

Limited additional drilling was added after the 2014 estimate; differences between the 2014 and 2018

Mineral Resource estimates reflect a lower minimum reporting cut-off grade, different modelling approach,

and exclusion of material classified as Inferred from the reported total.

Harmony completed an update to the resource in February 2023 after project purchase. The estimate used

indicator kriging and resulted in an estimate of 167Mt @ 0.38% Cu and 0.07g/t Au. This model was used to

design new drilling with the aim of targeting under drilled areas of the deposit.

Harmony completed an additional update to the Resource in September of 2023 after stage 1 of the

additional drilling. This Resource, reported and classified in accordance with SAMREC 2016 and Regulation S-

K 1300, resulted in 163Mt @ 0.35% Cu and 0.07g/t Au.

Data from 13 new drill holes was included in the June 2024 Resource estimate. Differences between the

February 2024 and June 2024 Mineral Resource estimates reflect a change in corporate price guidance, a

different modelling approach, and changes to mining costs.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

5.2.2Turkey Creek Deposit

Turkey Creek was discovered in September 2012 after the 2012 DFS was completed. The only Mineral

Resource estimate for Turkey Creek was completed in 2015 by Optiro and Altona. Altona was responsible for

the data and 3D geological model. Mineral Resource estimation and block modelling was conducted by

Optiro (Table 5-2). The estimate was 21 Mt grading 0.59% Cu, and it includes both sulphide and oxide

mineralisation.

**Table 5-2: Turkey Creek Resource Estimate History**

---

| | | | |
|:---|:---|:---|:---|
| **Model** | **Authors** | **Mineral Resource Estimate** | **Comment** |
| Mar 2015\* | Optiro and Altona | 21 Mt at 0.59% Cu (0.3% Cu cut-<br>off grade)<br>| Primary sulphide and oxide mineralisation. <br>Include Inferred resources.<br>|
| Nov 2018\*\* | CMMC | 13.8 Mt at 0.46% Cu<br>(0.17% Cu cut-off grade)<br>| Nominal additional infill diamond drill data <br>only.<br>Primary sulphide mineralisation only. Excludes <br>Inferred resources.<br>|
| Sept 2023 | Harmony (SRK) | 30.8Mt @ 0.43% Cu, (0.17% Cu <br>cut-off grade)<br>| Basis for initial Harmony feasibility studies. <br>Excludes oxide material<br>|

---

Source: \*Courtesy Altona Mining Limited, Cloncurry Copper Project – Definitive Feasibility Study, August 2017. Total estimated Mineral

Resource including Inferred; reported in accordance with JORC. \*\* CMMC, Eva Copper Project – NI43-101 Eva Copper Feasibility Study,

May 2020.

The 2015 resource model was used by Orelogy to generate pit designs and waste volumes included in the

mine plan, and was used to generate a new layout of pits, waste dumps, and the TSF for the 2016 EA. The

Orelogy pit optimisations were based on primary sulphide mineralisation only. The sulphide resource was

estimated at 16.5 Mt at 0.59% Cu.

In November 2018, CMMC published a Mineral Resource estimate, which incorporated limited newly

acquired assay and geological data provided by diamond core holes drilled for metallurgical, geotechnical,

and due diligence purposes. The published estimate of 13.8 Mt at 0.46% Cu includes sulphide mineralisation

only and formed the basis of pit optimisations used in CMMC's 2018 Feasibility Study and their 2019

Feasibility Study update.

The 2015 Mineral Resource for Turkey Creek included an oxide component, while the other deposits

modelled did not. There was a reasonable expectation of achieving acceptable recoveries from the oxide

material based on the mineralogy using the Controlled Potential Sulphidisation (CPS) technique for flotation

processing. However, initial metallurgical testing of this processing method produced poor recoveries, and

the oxide material was excluded from the 2018 Mineral Resource.

Limited additional drilling was added after the 2015 estimate, and differences between the 2015 and 2018

Mineral Resource estimates reflect a lower minimum reporting cut-off grade, different modelling approach,

and exclusion of material classified as Inferred from the reported total.

5.2.3Bedford Deposit

The Bedford deposit has had several formal Mineral Resource estimates completed that reflect stages of

resource definition, as shown in Table 5-3. The 2012 and 2017 estimates are for sulphide material only.

In October 2006, McDonald Speijers completed an initial Mineral Resource estimate. In May 2012, Optiro

completed an estimate based on nominal additional drilling. There was no significant change in the Mineral

Resource of 1.7 Mt at 0.99% Cu and 0.20 g/t Au.

Geological models forming the basis of these estimates were poorly constrained, with isolated individual

structures within a broader shear zone showing limited continuity.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Table 5-3: Bedford Resource Estimate History**

---

| | | | |
|:---|:---|:---|:---|
| **Model** | **Authors** | **Mineral Resource Estimate** | **Comment** |
| Oct 2006\* | McDonald Speijers | 1.77 Mt at 0.93% Cu, 0.24 g/t Au <br>(0.3% Cu cut-off grade)<br>| Superseded following nominal additional <br>drilling.<br>Includes Inferred resource.<br>|
| May 2012\* | Optiro | 1.7 Mt at 0.99% Cu, 0.20 g/t Au (0.3% <br>Cu cut-off grade)<br>| Basis for 2012 DFS and Mineral Reserve <br>estimate.<br>Primary sulphide mineralisation only. <br>Includes Inferred resource.<br>|
| Feb 2017\* | Altona | 4.8 Mt at 0.80% Cu, 0.21 g/t Au (0.3% <br>Cu cut-off grade)<br>| Assay data from two additional drill holes. <br>Additional geological data showing <br>continuity of structures.<br>Primary sulphide mineralisation only. <br>Includes Inferred resource.<br>|
| Nov 2018 | CMMC | 3.0 Mt at 0.54% Cu and 0.14 g/t Au <br>(0.17% Cu cut-off grade)<br>| Primary sulphide mineralisation only. <br>Excludes Inferred resource.<br>|

---

Source: Altona Mining Limited, Cloncurry Copper Project – Definitive Feasibility Study, August 2017.

\*Total estimated Mineral Resource including Inferred; reported in accordance with JORC.

In February 2017, Altona completed a new Mineral Resource estimate of 4.8 Mt at a grade of 0.80% Cu and

0.21 g/t Au that includes primary sulphide mineralisation only. The increase from the 2012 estimate resulted

primarily from a better understanding of geological continuity and geometry.

Mineralised structures were better defined by mapping of surface workings and high-resolution copper- in-

soil sampling. An increase in tonnage was a result of more accurate bulk density data obtained from diamond

drill core, therefore replacing prior bulk density estimates.

In November 2018, CMMC published a Mineral Resource estimate of 3.0 Mt at 0.54% Cu and 0.14 g/t Au

includes sulphide mineralisation only.

No significant new drill data was added after the 2017 estimate, and differences between the 2017 and 2018

Mineral Resource estimates reflect a lower minimum reporting cut-off grade, different modelling approach,

and exclusion of material classified as Inferred from the reported total.

5.2.4Lady Clayre Deposit

The Lady Clayre deposit has had several formal Mineral Resource estimates that reflect stages of resource

definition, as shown in Table 5-4.

In October 2006, McDonald Speijers completed a Mineral Resource estimate that was reported in accordance

with JORC 2004 for the Lady Clayre deposit. This was incorporated into URL's 2009 Feasibility Study.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Table 5-4: Lady Clayre Resource Estimate History**

---

| | | | |
|:---|:---|:---|:---|
| **Model** | **Authors** | **Mineral Resource Estimate** | **Comment** |
| Oct 2006\* | McDonald Speijers | 3.7 Mt grading 0.88% Cu, 0.48 g/t Au <br>(0.3% Cu cut-off grade<br>| Superseded following expanded drilling. |
| May 2012\* | Optiro | 14 Mt grading 0.56% Cu, 0.20 g/t Au <br>(0.3% Cu cut-off grade<br>| Primary sulphide mineralisation only.<br>Includes Inferred resource.<br>|
| Nov 2018 | CMMC | 7.3 Mt at 0.31% Cu and 0.14 g/t Au <br>(0.17% Cu cut-off grade)<br>| Basis for this study.<br>Primary sulphide mineralisation only. <br>Excludes Inferred resource.<br>|

---

Source: Courtesy Altona Mining Limited, Cloncurry Copper Project – Definitive Feasibility Study, August 2017.

\*Total estimated Mineral Resource including Inferred; reported in accordance with JORC.

In November 2018, CMMC published a Mineral Resource estimate of 7.3 Mt at 0.31% Cu and 0.14 g/t Au that

included sulphide mineralisation only.

Significant new drill data was added after the 2012 estimate; the updated CMMC model used the new drill

hole assay data but was not constrained by the revised geological model. Differences between the 2012 and

2018 Mineral Resource estimates reflected new drilling data, a lower minimum reporting cut- off grade,

different modelling approach, and exclusion of material classified as Inferred from the reported total.

5.2.5Ivy Ann Deposit

The Ivy Ann deposit has had three Mineral Resource estimates, as shown in Table 5-5.

**Table 5-5: Ivy Ann Resource Estimate History**

---

| | | | |
|:---|:---|:---|:---|
| **Model** | **Authors** | **Mineral Resource Estimate** | **Comment** |
| Jan 2006\* | URL | 3.98 Mt at 0.93% Cu, 0.24 g/t Au (0.3% <br>Cu cut-off grade)<br>| Superseded following expanded drilling. |
| May 2012\* | Optiro | 7.5 Mt at 0.57% Cu, 0.07 g/t Au (0.3% <br>Cu cut-off grade)<br>| Primary sulphide mineralisation only. <br>Includes Inferred resource.<br>|
| Nov 2018 | CMMC | 5.1 Mt at 0.36% Cu and 0.08 g/t Au <br>(0.17% Cu cut-off grade)<br>| Primary sulphide mineralisation only. <br>Excludes Inferred resource.<br>|

---

Source: Altona Mining Limited, Cloncurry Copper Project – Definitive Feasibility Study, August 2017

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper Mountain Mining Corp, Eva Copper Project - Definitive Feasibility Study, January 2020.

\*Total estimated Mineral Resource including Inferred; reported in accordance with JORC.

In January 2006, URL completed a Mineral Resource estimate for the Ivy Ann deposit.

In May 2012, Optiro completed an estimate of resources for the Ivy Ann deposit that incorporated additional

drilling. The published estimate of 7.5 Mt at 0.57% Cu, and 0.07 g/t Au includes sulphide mineralisation only.

In November 2018, CMMC published the Mineral Resource estimate of 5.1 Mt at 0.36% Cu and 0.08 g/t Au

which includes sulphide mineralisation only.

No significant new drill data was added after the 2012 estimate, and differences between the 2012 and 2018

Mineral Resource estimates reflects a lower minimum reporting cut-off grade, different modelling approach,

and exclusion of material classified as Inferred from the reported total.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

5.2.6Blackard Deposit

The Blackard deposit has had several formal Mineral Resource estimates that reflect stages of resource

definition, as shown in Table 5-6. While early estimates from 2003 included all mineralisation (oxide, copper,

transition, and sulphide zones) the 2012 Mineral Resource estimate only included native copper, transition

and primary sulphide, the oxide zone was excluded.

In December 2005, McDonald Speijers completed a Mineral Resource estimate for the Blackard deposit. In

February 2007, McDonald Speijers completed another Mineral Resource estimate update.

In May 2012, Optiro completed an estimate of recoverable resources for the Blackard deposit. The estimate

of 76.4 Mt at 0.62% Cu includes native copper, transition, and primary sulphide mineralisation only. This

estimate incorporated newly acquired data from substantial additional drilling since the 2006 estimate.

**Table 5-6: Blackard Resource Estimate History**

---

| | | | |
|:---|:---|:---|:---|
| **Model** | **Authors** | **Mineral Resource Estimate** | **Comment** |
| May 1996 | Newbery and Lai <br>(for CRAE)<br>| 27 Mt at 0.73% Cu (0.5% Cu <br>cut-off grade)<br>| Superseded by new model for Bolnisi. Oxide <br>(malachite), native copper, and transition <br>mineralisation only. Indicated resource only.<br>|
| Feb 2003\* | Hellman & <br>Schofield<br>| 26.8 Mt at 0.75% Cu<br>(0.5% Cu cut-off grade)<br>| Superseded following expanded drilling. Oxide <br>(malachite), native copper, transition, and <br>primary sulphide mineralisation. Includes Inferred <br>resource.<br>|
| Dec 2005\* | McDonald Speijers | 43.7 Mt at 0.65% Cu<br>(0.3% Cu cut-off grade)<br>| Superseded following expanded drilling. Oxide <br>(malachite), native copper, transition, <br>mineralisation only. Includes Inferred resource.<br>|
| Jan 2007\* | McDonald Speijers | 46.25 Mt at 0.63% Cu<br>(0.3% Cu cut-off grade)<br>| Superseded following expanded drilling. Oxide <br>(malachite), native copper, transition, and <br>primary sulphide mineralisation. Includes Inferred <br>resource.<br>|
| Jul 2012\* | Optiro | 76.4 Mt at 0.62% Cu<br>(0.3% Cu cut-off grade)<br>| Resource estimate.<br>Native copper, transition, and primary sulphide <br>mineralisation only. Includes Inferred resource.<br>|
| Oct 2019 | CMMC | 77.3 Mt at 0.49% Cu<br>(0.23% Cu, 0.20% Cu, and<br>0.17% Cu cut-off grade for <br>copper, transition, and <br>sulphide zone, respectively)<br>| Native copper, transition, and primary sulphide <br>mineralisation only.<br>Excludes Inferred resource.<br>|
| Sept 2023 | SRK/Harmony | 128.9Mt @ 0.45% Cu, using a <br>global 0.17% Cu cut-off<br>| Included native copper, transitional and primary <br>sulphide material, excluded oxide material but did <br>include inferred.<br>|

---

Source: Altona Library, resource estimation reports for Altona and previous Project operators.

\*Total estimated Mineral Resource including Inferred; reported in accordance with JORC.

Data from 18 new drill holes was added to the 2019 resource estimate by CMMC. Differences between the

reported 2012 and 2019 Mineral Resource estimates reflect lower cut-off grades, different modelling

approach, and exclusion of Inferred resources.

The 202309 SRK Resource model included an additional 15 RC holes and relied on a new geological model

and a different modelling approach using variable anisotropy. The total included inferred material and was

reported using a global cut-off and a reporting constraint shell based on a copper price of US$5.55/Lb. As

input to a high-level study a global cut-off was used while various assumptions on metallurgical recovery,

mining costs and milling costs were tested.

The 202309 SRK model was replaced by the 202402 SRK model which has been built on the original 202309

model but with updates to the DH database, including 44 additional drillholes (many of which were

Metallurgical and geotechnical holes and did not inform the grade estimate), and amended collar coordinates

for a number of drillholes. Additionally, metallurgical and mining studies informed likely cut-off grades for the

different ore domains, and these have been used in the reporting of the 202402 Mineral Resource.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

5.2.7Scanlan Deposit

The Scanlan deposit has had three Mineral Resource estimates, as shown in Table 5-7.

In November 2006, McDonald Speijers completed a Mineral Resource estimate for the Scanlan deposit. This

was incorporated into URL's 2006 and 2009 Feasibility Studies. In both cases the estimates were used for pit

optimizations with resultant Ore Reserve estimates.

**Table 5-7: Scanlan Resource Estimate History**

---

| | | | |
|:---|:---|:---|:---|
| **Model** | **Authors** | **Mineral Resource Estimate** | **Comment** |
| May 1995 | Newbery and Lai <br>(for CRAE)<br>| 15 Mt at 0.81% Cu (0.5% Cu cut-off <br>grade)<br>| Superseded by new model for Bolnisi. <br>Oxide (malachite), native copper, and <br>transition mineralisation only.<br>Indicated resource only.<br>|
| Nov 2006\* | McDonald Speijers | 19.62 Mt at 0.68% Cu<br>(0.3% Cu cut-off grade)<br>| Superseded following additional drilling. |
| Jul 2012\* | Optiro | 22.2 Mt at 0.65% Cu<br>(0.3% Cu cut-off grade)<br>| Native copper, transition, and primary <br>sulphide mineralisation only.<br>Includes Inferred resource.<br>|
| Jan 2020 | CMMC | 21.7 Mt at 0.57% Cu<br>(0.26% Cu, 0.20% Cu, and 0.17% Cu<br>cut-off grade for copper transition and <br>sulphide zones, respectively)<br>| Excludes Inferred resource. |

---

Source:

Altona Library, resource estimation reports for Altona and previous Project operators.

Total estimated Mineral Resource including Inferred; reported in accordance with JORC.

In July 2012, Optiro completed an estimate for the Scanlan deposit. The estimate of 22.2 Mt at 0.65% Cu

included native copper, transition, and primary sulphide mineralisation only. This estimate incorporated

newly acquired data from substantial additional drilling completed since the 2006 estimate.

No significant drill data has been added to the deposit since 2012.

5.2.8Legend Deposit

The Legend deposit has only had one historical inferred resource estimate which was not declared in CMMC's

2020 feasibility study, the estimate totalled 17.1Mt at 0.54% for 94Kt of copper. The historical estimate was

prepared accordance with the JORC 2004 by Altona for their 2017 feasibility report.

5.2.9Great Southern Deposit

The Great Southern deposit has only had one historical inferred resource estimate which was not declared in

CMMC's 2020 feasibility study, the estimate totalled 6.0 Mt at 0.61% for 37Kt of copper. The historical

estimate was prepared accordance with the JORC 2004 by Altona for their 2017 feasibility report.

QP's Opinion: In the QP's opinion, the historical exploration and ownership information presented is reliable

and provides a reasonable basis for the current geological interpretation and Mineral Resource disclosure

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

6Geological setting, Mineralisation, and Deposit

Section 229.601(b)(96) (ii)(B) (6) (i-iii)

6.1Regional Geology

The Project is located within the Proterozoic rocks of the Mount Isa Province of Queensland, Australia. The

region is one of the world's premier base metal provinces, with mining continuing uninterrupted since

discovery of copper and gold near Cloncurry in the 1860s. The Mount Isa Province hosts numerous copper

mines, including several of global significance. The Mount Isa Province also hosts the world's two largest lead

producers, the second largest silver producer, and until recently was the world leading source of zinc.

Economic accumulations of various other commodities, including gold, molybdenum, rare earth elements,

uranium, and phosphate, occur throughout the area.

The Project is situated within the Mary Kathleen domain, and to a lesser extent the Canobie domain of the

late Palaeoproterozoic Eastern Fold Belt of the Mount Isa Inlier (Figure 6-1), which largely comprises

metamorphosed marine sedimentary and volcanic rocks some 1,590 to 1,790 Ma old.

Numerous granite and mafic intrusions were emplaced at various times before 1,100 Ma.

The Project area rocks have undergone polyphase deformation, metamorphism, and metasomatism during

the Isan Orogeny (1,600–1,500 Ma), which resulted in east-west shortening and extensive plutonism. The

orogeny formed the major north-south trending upright folds and structural domains that characterise the

province. Deformation and late- to post-orogenic plutonism is most pronounced in the Eastern Fold Belt

where it is associated with widespread high temperature sodium-iron metasomatism expressed as magnetite

or hematite alteration assemblages. Iron-oxide-copper gold ("IOCG") mineralisation is a variant of the Na-Fe

metasomatism and the Project deposits are examples of such mineralisation. IOCG mineralisation developed

in the waning stages of the Isan Orogeny and is prevalent throughout the Eastern Fold Belt.

North- and north-easterly-trending crustal scale faulting transects the Province, bounding and cutting

geological domains. The structures are the locus of major base and precious metal deposits. The deformation

recorded by faulting and folding is complex, dominated at different stages by extension, shortening, and

transcurrent faulting. The major faults have long reactivation histories during the Proterozoic, with evidence

of recurrent activity in the Phanerozoic. During the latter part of the Isan Orogeny, at the time of IOCG

mineralisation, the pre-existing faults were reactivated into a dominantly strike-slip wrench system, with

east-west to southeast-northwest directed shortening accompanying emplacement of the William Batholiths

(1,530–1,490 Ma).

The Project deposits are located within the Mary Kathleen ("MK") domain, which is an elongate belt on the

east side of the Kalkadoon-Leichhardt domain, has a length of 180 km and an approximate width of 20 km,

and was modified by the Wonga extensional event (approx. 1,740 Ma) which included emplacement of the

Wonga Suite granites. The MK domain hosts the Dugald River zinc deposit, the Tick Hill gold deposit, the

Mary Kathleen uranium deposit, and the Phosphate Hill phosphate deposit, in addition to the Project's

copper-gold deposits.

The Canobie domain is located east of the Mary Kathleen domain, and the two are juxtaposed by the

Fountain Range and Pilgrim Faults. The Canobie domain is fault bounded, poorly exposed, largely defined by

highly magnetic and buried William-Naraku intrusions and is host to the Ernest Henry copper-gold deposit.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-1: Geological Domains of the Mount Isa Province and Project Location**

![figure6-1a.jpg](figure6-1a.jpg)

Note: Little Eva deposit denoted by red star

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

6.1.1Regional Stratigraphy

The Little Eva deposit, which contains most of the resources in the Eva Copper Project, lies within the

northern exposed portion of the Mount Isa Eastern Succession. Rocks within this area include a variety of

Palaeoproterozoic sediments and volcanic and intrusive rocks, as illustrated in Figure 6-2 and Figure 6-3. The

Palaeorproterozoic age (1,770±5 Ma) Corella Formation dominates the deposit area, and comprises scapolitic

calcareous metasediments, quartzites, and granofels (Betts et al., 2011).

**Figure 6-2: Schematic Stratigraphic Diagram of the Little Eva Deposit Area**

![figure6-2a.jpg](figure6-2a.jpg)

Approximately 1,740 Ma, deposition of the Mount Isa eastern succession was terminated by a period of

significant extension referred to as the Wonga Event. The Wonga Event was accompanied by dominantly

felsic extrusive and intrusive magmatism (Greenwood & Dhnaram, 2013). Sedimentation resumed following

the Wonga Event, with deposition of the Knapdale quartzite (feldspathic and micaceous sandstone and

quartzite) at 1,728±5 Ma (Greenwood & Dhnaram, 2013; Betts et al., 2012). Additional sedimentation

occurred with deposition of material that would become the Mount Roseby Schist, the Dugald River Shale

Member, (host to the Ag-Pb-Zn deposit of the same name), and the overlying Lady Clayre dolomite (host to

the Lady Clayre Cu-Au deposit), which has been dated at 1691±7Ma (Carson et al., 2011).

Sedimentation ended with the onset of the Isan Orogeny (approx. 1,600–1,510 Ma), which in its waning

stages was accompanied by widespread emplacement of potassium-rich "A-type" granites. Williams and

Naruku batholiths (approx. 1,550–1,500 Ma) are exposed east of the Project area (Malakoff granite). IOCG

mineralisation has a close temporal relationship with granite formation, and it has been proposed that

mineralising fluids were generated though magma mixing and/or fractionation.

Sedimentation was reinitiated during the Cambrian, with deposition of fine- to medium-grained sandstones

and limestone in basin grabens, including the Landsborough Graben located directly east of the Little Eva

deposit.

6.1.2Regional Deformation

Deformation of Proterozoic units within the Mary Kathleen domain resulted from the approximately 1,600–

1,510 Ma Isan Orogeny. On a regional scale, the orogeny can be divided into three broad stages characterised

by different principal stress directions and subsequent deformation responses. The Early Isan Orogeny (D1,

approximately 1,600–1,570 Ma) was accompanied by north-south to northwest- southeast compression,

which led to the formation of east-west trending folds and related axial plane cleavages. The Middle Isan

Orogeny (D2, approximately 1,570–1,525 Ma) involved east-west compression, resulting in the development

of north-south striking folds and foliation, ubiquitous in the Mary Kathleen domain. The Late Isan Orogeny

(D3, approximately 1,525–1,500 Ma) represented a transition to dominantly brittle deformation, with the

development of wrench-style faulting.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

6.2Project Geology

The Project area straddles the northern part of a north-south striking corridor up to 10 km wide and 80 km

long, bounded to the east by the regionally significant Rose Bee Fault, and to the west by the Coolullah Fault,

which is also the eastern bounding fault of the Phanerozoic Landsborough Graben. These faults terminate

into the regional scale Fountain Range and Quamby faults, which continue south to intersect the Mary

Kathleen domain's eastern margin (Figure 6-3 and Figure 6-4).

The Project area predominantly consists of variably metamorphosed sedimentary and igneous rocks of

Proterozoic age that typically outcrop with limited residual regolith cover. Regolith cover tends to thicken

east of the Rose Bee Fault and a thick sequence of Phanerozoic sediments overlies Proterozoic rock to the

west of the Coolullah Fault in the Landsborough Graben. The graben contains Cambrian limestone and

sandstone, mostly covered by Mesozoic and Cainozoic sediments.

Amphibolite facies schists of the Boomarra Metamorphic Belt are the oldest rocks within the area, outcrop

east of the Rose Bee Fault (Figure 6-3), and are unconformably overlain by metamorphosed fine-grained

sediments and intercalated volcanic rocks of the Corella Formation. The Little Eva copper-gold deposit is

hosted by intermediate to mafic composition volcanic rocks within the Corella Formation, similar to rocks

situated further to the south-east that have been dated, as coeval to the Wonga Suite intrusions

(approximately 1,740 Ma).

The Knapdale Quartzite is a metamorphosed sequence of massive siliciclastics forming a prominent, 12-km

long hill on the western side of the Project area, referred to as the Knapdale Range. The range is interpreted

as a nappe structure, with east-directed thrust faulting juxtaposing older siliciclastics over younger Mount

Roseby Schist (Roseby Schist).

The Roseby Schist, consisting of fine-grained, grey muscovite-quartz-biotite ± scapolite schists interbedded

with carbonate-rich layers, has been structurally juxtaposed against the Corella Formation by major faults.

The Roseby Schist within the Project area is overturned and contains distinctive scapolite porphyroblast-rich

units and is also distinguished by a lack of Wonga Suite felsic intrusions.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-3: Geological Domains and Principal Stratigraphic Units of the Eva Copper Project Area**

![figure6-3a.jpg](figure6-3a.jpg)

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-4: Project Area Geology with Outline of Project Tenure and Major Deposits**

![figure6-4a.jpg](figure6-4a.jpg)

Overlying the Roseby Schist is the Dugald River shale member (carbonaceous zinc-rich slates), which hosts

the Dugald River zinc-lead-silver deposit of 63 Mt at 12.5% Zn, 1.9% Pb, and 31 g/t Ag. The Dugald River

deposit is localised along the highly deformed and faulted eastern margin of the Knapdale Range. On the

western side of the Knapdale Range, similar zinc-rich shales occur in the Coocerina Formation, which is also

overlain by dolomites, and therefore is likely a structural repetition of the Dugald River deposit host

stratigraphy.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Dating indicates maximum ages for the Roseby Schist and the Dugald River Shale Member at approximately

1,686 Ma. The units have temporal equivalents (1,690–1,645 Ma) throughout the Mount Isa Inlier, which are

host to many of the region's significant deposits, including Mount Isa, Hilton, Cannington, Lady Annie, Lady

Loretta, Osborne, and Mount Elliot.

The Neoproterozoic (approx. 1,500 Ma) Quamby Conglomerate forms a ridge in the southern part of the

Project area. Comprising polymictic conglomerate and medium- to coarse-grained sandstone, the Quamby

rocks are relatively undeformed, generally flat-lying with broad open folds. The conglomerate unconformably

overlies Corella Formation rocks in a small graben developed along the Rose Bee Fault during late Isan

Orogeny wrench-fault reactivation. The conglomerate hosts gold mineralisation that was initially mined by

prospectors in the 1920s, and then later in the 1990s.

The Rose Bee Fault is a prominent topographic feature forming linear ridges where it is pervasively silicified

and quartz veined. Locally, the silicification overprints copper mineralisation and may have developed during

the Phanerozoic reactivation of the fault.

6.2.1Little Eva Deposit Geology

The Little Eva deposit is currently the major example of hydrothermal IOCG mineralisation and is the largest

single copper deposit within the Eva Copper Project area. Little Eva is a close analogue of the Ernest Henry

deposit. Indicated and Inferred resources are 207 Mt grading 0.33% Cu and 0.06 g/t Au at a 0.14% Cu cut-off

grade. Gold is strongly correlated with copper and is recovered in the copper concentrate. The deposit is 1.4

km in length and between 20 m to 370 m wide with mineralisation extending from surface to the limits of

drilling at 350 m vertical depth below surface (165 mRL) (Figure 6-5 and Figure 6-6). The deposit is sub-

cropping on a flat plain with thin and variable (<3 m) in-situ soil and alluvium cover. Fresh rock is overlain by

a 5 m to 25 m thickness of weathered rock. Copper occurs as primary sulphide minerals in fresh rock, and as

secondary oxide minerals within the weathered zone.

Mineralisation is hosted by a large body of faulted subvolcanic porphyritic and amygdaloidal intermediate

rock that displays pervasive sodium and potassium feldspar, hematite, and magnetite metasomatic alteration

assemblages. Intermediate volcanic rocks on the western margin of the deposit are cut by felsic intrusions

that are also mineralised. Most of the mineralisation is structurally controlled within breccias, fracture fill and

veinlet stockworks. Chalcopyrite is the dominant copper mineral with lesser amounts of bornite.

Mineralisation is coarse and readily recovered through flotation concentration.

The igneous rocks hosting the Little Eva deposit occur within intercalated folded calc-silicate, marble,

quartzite, and biotite-scapolite schists. The feldspar-phyric and amygdaloidal intermediate rocks are

presumed to be volcanic flows, but probably include some subvolcanic sills as documented at Ernest Henry.

In the northern part of the deposit the volcanic rocks are interpreted to be striking north and dipping to the

east at approximately 60 to 70 degrees, while the mineralisation appears to have a moderately west-dipping

(45 to 65 degree) ladder-like grade distribution. In the central part of the deposit the volcanic stratigraphy is

sub-vertical to westerly dipping, with dips shallowing to the south (Figure 6-6) The intrusive rocks are

dominantly mafic to intermediate in composition, fine- to medium-grained with feldspar-phyric and

amygdaloidal textures. There is a minor porphyritic felsic intrusion along the western margin of the deposit.

In plan, the intrusive rock package has a lenticular shape, imbricated by mineralised breccias and post-

mineral faulting, and is enclosed by metasedimentary rocks. The western contact between igneous rocks and

metasediments is, in part, highly strained and fractured. Copper mineralisation is rare within the

metasediments.

Folding and extensive cross-faulting have resulted in a complex array of fracturing, crackle brecciation, and

veining, particularly within the more competent rocks associated with copper-gold mineralisation. Late, post-

mineralisation, strong shearing, and fracturing occurs parallel to the footwall contact against calc-silicate

rocks, and it is interpreted that more strain took place in the less competent rocks.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Copper-gold mineralisation is high-grade but relatively narrow in the north and has progressively moderating

grades associated with greater width in the southern half of the deposit. Higher-grade zones in the north

occur in stacked zones of breccia, veining, and fracturing. Intervening zones are lower grade with

disseminated and veinlet-hosted mineralisation (Figure 6-7). The breccia zones typically dip west at 45 to 65

degrees, with north-northeast strikes. The breccias occasionally display multiple re-brecciation. Lower-grade

mineralisation in the south is more evenly distributed in fractures, veinlets, and disseminations. Low-grade

mineralisation averages 0.1% Cu to 0.3% Cu over lengths of 25 m to 150 m, whereas breccia zones are in the

order 0.8% Cu and 0.12 g/t Au over widths of 15 m and display gradational contacts.

The mineralised intermediate rock is variably and pervasively altered by multiple stages of alteration. Initial

alteration assemblages of amphibole, magnetite, and biotite (dark grey coloured) are overprinted by

assemblages comprising albite, haematite, magnetite, and carbonate ± chalcopyrite (red coloured).

The mineralisation is open beyond the extents of drilling: the northern tapered high-grade zone is terminated

or offset by faulting or plunges steeply to the north; while the southern extent is poorly constrained by

drilling, with higher-grade mineralisation appearing to plunge to the south.

The sulphide mineralisation is generally coarsely crystalline, and metallurgical tests have demonstrated

recoveries greater than 95% for copper. No deleterious elements were present in the trial flotation

concentrates. The deposit is generally low in sulphur and concentrations of pyrite greater than chalcopyrite

are relatively rare. Many of the drill holes average less than 0.8% sulphur.

A shallow 15m to 25m thick oxidation profile, a result of weathering, contains goethite-haematite with minor

malachite, chrysocolla, covellite, azurite, neotocite, and cuprite. The weathering profile indicates a "dry"

oxidation, as there is no leached zone and no supergene zone. There is a thin transition zone where

predominantly oxide copper changes over to predominantly sulphide copper over 1 m to 2 m. Chalcopyrite

can occur locally at surface. Zones of strong shearing and fracturing locally exhibit deeper oxidation.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-5: Geology and Mineralisation at the Little Eva Deposit**

![figure6-5a.jpg](figure6-5a.jpg)

Note: See Figure 7-6 for locations

**Figure 6-6: Geological Cross-Sections through the Little Eva Deposit from North to South**

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

![figure6-6a.jpg](figure6-6a.jpg)

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-7: Drill Core Illustrating the Principal Mineralisation and Alteration Styles at Little Eva Deposit**

![figure6-7a.jpg](figure6-7a.jpg)

(a)High-grade hydrothermal breccia, with variably altered intermediate igneous clasts in a feldspar ("FD"),

hematite ("HE"), chalcopyrite ("CP"), magnetite ("MT"), and carbonate ("CB") matrix (4.8% Cu, 0.2 ppm Au).

(b)Feldspar phyric intermediate igneous rock (dark domain, right), overprinted by texturally destructive feldspar-

hematite ("FD-HE") alteration (red domain, left) host to a CP, MT, and CB filled veinlet network (0.5% Cu, 0.05 ppm

Au).

(c)Feldspar-phyric intermediate igneous rock with quartz ("QZ") filled amygdales, patchy weak FD-HE alteration, and

low-grade disseminated CP mineralisation (0.2% Cu, 0.02 ppm Au).

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

6.2.2Turkey Creek

The Turkey Creek deposit is located 1.5 km east of the Little Eva deposit. The sulphide resources in the

Indicated and inferred categories are 34 Mt grading 0.42% Cu. Mineralisation at Turkey Creek is very low in

gold. The deposit is sub-cropping in a relatively flat to gently undulating area with thin (<0.5 m) in-situ soils

and alluvium cover. Fresh rock is overlain by a 25-m to 90-m thickness of weathering and oxide

mineralisation. Copper occurs as primary sulphides in fresh rock and as secondary oxide copper minerals

dominated by copper silicates (chrysocolla, hydrobiotite) and minor malachite within the weathered zone.

The deposit extends over 1.8 km in length with mineralisation extending from surface, to drilled depths of

150 m vertically below surface (Figure 6-8 and Figure 6-9), with a simple tabular geometry that displays

excellent continuity along strike and down-dip. True widths vary from 10 m to 30 m at the southern end, to

30 m to 50 m at the northern end. The main part of the deposit strikes north and dips 60 degrees to the east.

At the northern end, the mineralisation and host stratigraphy are folded sharply eastwards into a curved

synform which plunges steeply south. The northern zone is slightly offset by faulting from the main southern

zone.

The tabular deposit has an upper and lower zone of stronger copper mineralisation with a more sporadically

mineralised central zone. Primary copper mineralisation comprises finely disseminated chalcocite, with

subordinate bornite and chalcopyrite, that are disseminated and also occur within minor carbonate veinlets.

Copper sulphide minerals in the upper zone are dominated by chalcopyrite, and in the lower zone by

chalcocite and bornite. Gangue minerals primarily consist of quartz, calcite, scapolite, white mica, and minor

biotite.

The sulphide mineralisation is stratabound and hosted within a sequence of interbedded metasediments

(biotite schists, biotite scapolite schists, and carbonate-rich rocks or marble) The host rocks are variably

altered to carbonate and albite-haematite assemblages.

A consistent 20-m to 30-m thickness of weathering with oxide mineralisation blankets the southern zone. It

includes a zone of complete oxidation, and a thin transition zone with minor secondary and remnant primary

copper sulphides. Copper oxide mineralisation comprises minor malachite, rare occurrences of azurite, and

native copper, with most of the native copper thought to be associated with hydrobiotite similar to the

Blackard deposit. The transition zone is dominated by malachite, minor degraded chalcopyrite, chalcocite,

and rare native copper.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-8: Turkey Creek Deposit Mineralisation**

![turkeycreeka.jpg](turkeycreeka.jpg)

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-9: Geological Cross-Sections through the Southern Zone of the Turkey Creek Deposit**

![turkeycreeksectiona.jpg](turkeycreeksectiona.jpg)

![image_38a.jpg](image_38a.jpg)

6.2.3Native Copper deposits

The Native Copper deposits within the Eva Copper Project include the Blackard, Legend, Great Southern and

Scanlan, characterised by the deep weathering profiles, which has resulted in extensive modification of the

host rock and localised remobilisation of copper. The deposits lie along the Roseby Copper Horizon and

located from 5 km and 17 km south of the Eva deposit. The deposits are geologically very similar and

therefore are described together.

An additional 250 RC and DDs were completed on the Blackard, Legend and Great Southern deposits over

2024/2025, and extensive metallurgical testing was carried out on Blackard and Scanlan samples which has

defined metallurgical recoveries for the mineralogical zones within the deposits. Indicated and Inferred

resources for the Blackard deposit are 150 Mt grading 0.46% Cu. Indicated and Inferred resources for the

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

Scanlan deposit total 25 Mt grading 0.55% Cu. Indicated and Inferred resources for the Legend deposit are 36

Mt grading 0.45% Cu. Indicated and Inferred resources for the Great Southern deposit total 15 Mt grading

0.41% Cu.

The Native Copper deposits are hosted by the Mount Roseby Schist, which comprises intercalated marls and

carbonaceous sediments that represent a shallow marine to lagoonal depositional environment. The unit has

been metamorphosed to calc-silicates, and variable scapolite, biotite and/or muscovite schists that have

undergone polyphase deformation. The most significant folding event forming northerly-trending folds, likely

coinciding with peak amphibolite grade metamorphism. Fold geometry has been inferred from data collected

from diamond drill core and field mapping, and has been variably described as isoclinal, through tight to

open, depending upon location, but primary layering cannot be determined from RC chips and is only rarely

visible in drill core, making interpretation at the deposit scale difficult. The Scanlan through to Blackard-

Legend deposits form a 7 km long trend of mineralisation that appears to follow stratigraphy as it curves

around the east side of the Knapdale Quartzite (Figure 6-4).

The Blackard deposit morphology is a function of folded stratigraphy and/or faulting having a strike length of

3.5 km and a maximum plan width of 350 m (Figure 6-10 and Figure 6-11). The stratigraphic width of the

deposit is only 60 m to 90 m, but a series of parasitic folds and/or fault repetitions results in a much wider

deposit. Fault movement along axial planes may have resulted in rootless folds. The southern area of the

deposit is relatively narrow, steeply dipping to the west, and northerly trending. The deposit width and depth

extent increases to the north, with a gradual shallowing of the westerly- dipping mineralisation (45 degrees)

and a flattening of mineralisation to the east. It is, however, difficult to constrain the mineralised rock within

a symmetrical fold pattern and the slight variations in strike orientation of higher-grade zones in plan suggest

the possibility of an east-west stacking of mineralisation along possible north-south (~010<sup>o</sup> N) faults. To the

north, the deposit narrows to a moderately-dipping 50 m to 60 m thick band that gradually steepens and

thins northwards.

Mining and processing of Blackard and Scanlan deposits will be affected by the deep weathering profiles,

which has resulted in extensive modification of the host rock and localised remobilisation of copper. Much of

the carbonate has been leached from the upper parts of the deposits creating voids between less soluble or

insoluble mineral grains and reducing the mass of the rock (Figure 6-12). Copper released by oxidation of

sulphide minerals has mostly formed native copper particles many of which are very fine-grained. Some of

the copper occurs as ultra-fine particles (<10 µm) within altered biotite (termed hydrobiotite) which is

unrecoverable with any known commercial processing methods. Four zones defined by weathering and

copper speciation have been determined for the deposits, and extensive testing has determined probable

metallurgical recoveries for each zone. From upper to lower, the zones are:

• Oxide Zone. The deposits are capped by a weathered, ferruginous zone that is typically 20 m to 30 m

thick and has a sharp contact with the next underlying zone. In some areas of the Oxide Zone almost

all copper has been leached but other areas have significant copper grades, with copper occurring as

malachite, azurite, hydrobiotite, and Fe-Mn-Cu mineraloids known as neotocite. Testing suggests

copper in this zone it is not economically extractable.

• Native Copper Zone. The Native Copper Zone is defined by the presence of native copper with lesser

cuprite, copper-bearing hydrobiotite, and chalcocite. Leaching of carbonates has reduced the mass

and created a very soft rock. The Native Copper Zone has a variable thickness, reaching a maximum of

120 m. Extensive testing has defined a viable process for extracting a significant percentage of the

native and sulphide copper.

• Transition Zone. A relatively narrow zone ranging from 1 m to 15 m in thickness that marks the

transition from the native Copper Zone to the Copper Sulphide Zone and carries mineral phases of

both adjacent zones. Copper grades tend to be high due to the presence of supergene chalcocite. The

base of this zone is defined by the "top of fresh rock" (TOFR in Figure 6-11).

• Sulphide Zone. Defined by unweathered (fresh) rock with copper sulphide species of bornite,

chalcocite, chalcopyrite, and pyrite, this zone contains sulphide disseminations and clots which are

strongly associated with carbonate veinlets. Metallurgical recoveries from this zone are favourable.

Silver is locally present but was not estimated.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

The Scanlan deposit has a strike length of 1,500 m and a maximum width in plan of 500 m (Figure 6-13). In

the southern half, the deposit is composed of a 10 m to 50 m thick horizon, with the thicker part folded into a

"V" shaped synform on the eastern side, and the thinner part forming a nearly flat antiform to the east,

resembling an extended square root symbol in section, with a 320 degree, northwesterly trend (Figure 6-14).

The east dipping part of the synform is not present in the northern part of the deposit, eroded or possibly

faulted off, and the mineralisation swings to a 12 degrees northerly trend, becoming a steeply west-, then

east-dipping panel of mineralisation, and gradually thinning to uneconomic widths.

There are two possibilities for the origin of mineralisation in the copper-only deposits. The first ascribes a

hypogene hydrothermal source that occurred during the waning stages of the Isan Orogeny due to features

that include orientation of sulphide minerals along foliation planes and/or brittle fractures or pre-existing

carbonate veins, as well as sulphide-phased overprinting metamorphic minerals. Timing of this mineralizing

event would closely correspond with the copper-gold deposits in the district. The second hypothesis for the

mineralisation is that the deposits represent typical stratiform copper deposits that form from metalliferous

basin brines, post-deposition but pre-orogeny. Stratiform-type copper deposits are typically formed by redox

reactions within marine sediments with moderate to high sulphur contents.

These deposits commonly display an inwards pyrite-chalcopyrite-bornite-chalcocite-native copper zonation

as the redox reactions progressively use up the available sulphur; a zonation that may be inferred based on

the deeper, down-dip parts of the Blackard deposit. Additionally, the lower sulphide zones within the copper-

only deposits have virtually no gold but relatively high silver contents, locally, with Cu:Ag ratios typical of

many occurrences of stratiform copper mineralisation. A stratiform origin may also explain the similar

stratigraphic position of all the copper-only deposits (with the exception of Turkey Creek) around the Dugald

River Shale and Knapdale Quartzite units. Many of the sulphide textures ascribed to the hypogene origin are

compatible with metamorphism of earlier formed sulphide deposits within carbonaceous rocks, where

sulphides and some carbonate would be partially remobilised and likely to recrystalise after formation of the

metamorphic silicate minerals. The extensive leaching of carbonate from the upper parts of these deposits

indicates the possibility of weathering of an overlying high-sulphide zone (pyrite-chalcopyrite) to produce the

necessary acid. The origin of the deposits is inconsequential to grades and mining but may have some

significance for future exploration.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-10: Plan View of the Blackard Deposit**

![planbkmina.jpg](planbkmina.jpg)

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-11: Geological Cross-Sections through the Blackard Deposit Illustrating the Distribution of Mineralogical/**

**Metallurgical Zones Produced by Weathering**

![blackard_ara.jpg](blackard_ara.jpg)

**Figure 6-12: Photographs of Drill Core from the Blackard Deposit**

![figure6-121a.jpg](figure6-121a.jpg)

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

![figure6-122a.jpg](figure6-122a.jpg)

Note: The upper photograph is an example of core from Oxide Zone containing ferruginous metasediments with clay alteration

associated with leaching of carbonate. The lower photograph is core from the copper zone consisting of chemically oxidised scapolitic

schist, leached of carbonate. Copper assay values for 1 m samples shown. Horizontal field of view approximately 70 cm.

**Figure 6-13: Plan View of the Scanlan Deposit**

![scgradedomainplana.jpg](scgradedomainplana.jpg)

**Figure 6-14: Cross-Section of Scanlan Deposit Illustrating Mineralisation Zones**

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

![scanlan_arxjpega.jpg](scanlan_arxjpega.jpg)

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

6.2.4Lady Clayre

Lady Clayre is located approximately 19 km south of Little Eva and is the third largest copper-gold deposit

within the Project area. The deposit contains Indicated resources of 5.1 Mt grading 0.38% Cu and 0.17 g/t Au,

plus an additional 1.1 Mt grading 0.37% Cu and 0.09 g/t Au in the Inferred category. The deposit has been

drilled to a vertical depth of 200 m and is open at depth.

The deposit is sub-cropping with thin (<0.5 m) in-situ soil cover. Fresh rock is covered by a thin, 15 m to 25 m,

weathered zone of oxide mineralisation. Copper occurs as primary sulphides in fresh rock and as secondary

oxide minerals within the weathered zone.

Mapping and surface sampling have defined multiple zones of surface mineralisation. Zones A and F (Figure

6-15 and Figure 6-16) have been the focus of drilling, which has delineated a series of moderate to steep

dipping planar mineralised bodies. Zone A mineralisation strikes north-northwest, dips approximately 80

degrees to the west, and extends along strike for 700 m. Zone F mineralisation strikes north-east, dips 70 to

75 degrees to the west, and extends along strike for a total of 480 m.

Lady Clayre is situated in a structurally complex area, with evidence for a number of ductile and brittle

deformation events. The deposit is located close to the junction of two regional faults near the southern

termination of the Knapdale Quartzite. Copper-gold mineralisation is structurally controlled, associated with

faulting/shearing sub-parallel to bedding in a folded sequence of shale, metasiltstone, schist, and dolomite.

The metasedimentary package is intruded by intensely altered, narrow (0.5 m to 5 m) sheets of mafic

intrusive. Alteration mineral assemblages associated with mineralisation are dominated by carbonate,

feldspar, quartz, and tremolite.

The main sulphide ore mineral is chalcopyrite, often associated with lesser pyrite and/or pyrrhotite.

Molybdenite is also noted. Mineralisation is coarse-grained, occurring in sulphide or carbonate- sulphide vein

arrays and as sulphide disseminations in intensely altered rocks. Breccia infill can also be locally significant.

The dominant copper mineral in the oxide zone is malachite, with limonite and goethite.

Mineralisation remains open along strike and down dip in Zones A and F, while a series of additional areas of

surface mineralisation remain untested by drilling.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-15: Geology and Mineralisation at Lady Clayre**

![ladyclayrea.jpg](ladyclayrea.jpg)

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-16: Geological Cross-Section through the Lady Clayre Deposit Zone F**

![figure6-16a.jpg](figure6-16a.jpg)

6.2.5Ivy Ann

Ivy Ann is a modest sized copper-gold deposit located approximately 35 km south-southeast of Little Eva. The

Indicated Resource is estimated at 5.2 Mt at 0.34% Cu and 0.09 g/t Au at a 0.17% Cu cut-off grade, there is a

further 1.2Mt @ 0.33% Cu and 0.11g/t Au classified as inferred. The deposit has been drilled to a vertical

depth of 125 m and is open at depth. Ivy Ann lies to the east of, and adjacent to, the broad Quamby Fault

Zone, which is manifest as a 1-km wide high-strain zone with evidence for dextral displacement (Figure 6-17).

The deposit is sub-cropping in a relatively flat to gently undulating area with thin (<0.5 m) in- situ soils and

transported alluvium cover. There is a 15-m to 30-m-thick weathered zone of oxide mineralisation on top of

the deposit.

The deposit is a lenticular shaped body striking north-northeast with numerous lenses hosted within steeply

east-dipping structures, striking north-south to north-northeasterly. Mineralisation has been defined in two

separate deposits, Ivy Ann and Ivy Ann North. The overall mineralisation extends over a strike length of 3 km.

The main Ivy Ann deposit is defined over a strike length of 630 m, with a width of 20 to 130 m, and a steep

easterly dip; it's a wedge-shaped body striking north-south subparallel to the host lithologies. The Ivy Ann

North deposit is defined over a 420-m strike length with a width of 10 to 30 m and is vertical or dips steeply

to the east.

The copper-gold mineralisation is fault hosted and associated with breccias and networks of veins and micro-

veinlets within a folded sequence of metamorphosed sediments (psammite) and amphibolite. Fold axes are

north-south with interpreted moderate southward plunges (>45 degrees). Main sulphide ore minerals are

chalcopyrite with lesser pyrite and pyrrhotite. Sulphide grain size is relatively coarse.

Alteration mineral assemblages associated with the copper mineralisation are dominated by albite, quartz,

hematite, biotite, and magnetite. Breccias are best developed in albite-quartz-hematite altered rocks, which

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

sit in the hinge of a tight southward-plunging antiform. The metasediments, fault zones, and fold axes are cut

by a swarm of thin (<5 m) pegmatite dykes.

An irregular 15-m to 30-m thick zone of weathering with oxide mineralisation blankets the deposit. The

dominant copper oxide mineral is malachite, present with goethite and hematite, and lesser amounts of

chrysocolla, tenorite, and cuprite. The zone is poorly constrained by current drilling.

**Figure 6-17: Plan of Ivy Ann Mineralisation and Geological Cross-Section of the Ivy Ann Deposit**

![figure6-171a.jpg](figure6-171a.jpg)

![figure6-172a.jpg](figure6-172a.jpg)

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

6.2.6Bedford

Bedford is a modest sized copper-gold deposit located 6 km southeast of the Little Eva deposit. The Indicated

Resource is estimated at 3.3 Mt at 0.55% Cu and 0.15 g/t Au at a 0.17% Cu cut-off grade, with a further 1.0Mt

@ 0.38% Cu and 0.12g/t Au in inferred Resource. The deposit has been drilled to a vertical depth of 140 m

and is open at depth. Bedford lies to the east of the Rose Bee Fault.

The deposit is sub-cropping in a relatively flat to gently undulating area with thin (<0.5 m) soils and limited

alluvium cover. The deposit is overlain by a 20-m to 30-m-thick weathered zone of oxide mineralisation.

The deposit is hosted within a steeply west-dipping shear zone striking north to north-northeast (Figure 6-18

and Figure 6-19). The shear zone varies from 50 m to 120 m wide with internal arrays of mineralised

structures and splays. Mineralisation has been defined in two separate zones, Bedford North, and Bedford

South, within a continuous structure. The deposit extends over a strike length of 2.5 km. The northern zone is

1.15 km, and the southern zone is 850 m long. Within the shear zone individual mineralised structures

associated with mineralisation (>0.3% Cu) true widths ranging from 5 m to 12 m. Mineralisation remains

open to north and south along strike, down dip, and between the two zones.

Host rocks are a north to north-northeast-striking, moderately to steeply west-dipping interlayered sequence

of amphibolite and biotite schist underlain by psammite and intruded concordantly by narrow planar granite

and pegmatite dykes or sills. In Bedford South, mineralised structures are interpreted to be bedding or

foliation parallel. In Bedford North, the main mineralised structures are interpreted to trend north-south,

stepping across the north-northeast-striking stratigraphy, with the development of a set of secondary north-

northeast linking structures along bedding or foliation. An irregular, 20-m to 30-m-thick zone of weathering

with oxide mineralisation blankets the deposit. Although the base of oxidation is well defined, variability of

copper mineral species within the weathering profile is not well understood.

Magnetite-biotite alteration assemblages with quartz veining are concentrated in the ore zones, above a

strongly feldspar-hematite altered footwall.

The dominant ore mineral is coarse-grained chalcopyrite (with minor magnetite, pyrite, pyrrhotite, and gold),

which occurs within quartz veins, breccia fill, and disseminations within the host shear zone.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-18:Bedford Deposit Mineralisation Plan**

![figure6-18a.jpg](figure6-18a.jpg)

Note: In Bedford North the main mineralised structures trend north-south stepping

across north-northeast-striking stratigraphy of intercalated amphibolite, biotite schist,

and narrow granite and pegmatitic dykes/sills. In Bedford South the mineralised structure

is bedding or foliation parallel.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

**Figure 6-19: Geological Cross-Sections through the Bedford Deposit**

![figure6-19a.jpg](figure6-19a.jpg)

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

6.3Deposit Types

Section 229.601(b)(96) (6) (i-iii)

The copper-gold deposits within the Project are of the IOCG style of hydrothermal mineralisation. Significant

examples of Australian IOCG deposits include Olympic Dam and Prominent Hill in South Australia and Ernest

Henry in Queensland, which is located some 60 km from Little Eva.

Mineral deposits occurring within IOCG systems are associated with relatively high temperature, iron- rich

hydrothermal alteration (typically hematite or magnetite), which is both spatially and temporally related to

felsic plutons. Mineralisation can manifest in a variety of styles including vein networks, breccias,

disseminations, and replacements. Deposits are typically localised in dilation zones of structures active during

pluton emplacement and cooling.

Within the Eastern Mount Isa Inlier, deposits are interpreted to have formed during the waning stages of the

Isan Orogeny (1,530–1,495 Ma), in association with intrusion of the Williams-Naraku batholith suites. This is

coincident with wrench reactivation of earlier large, crustal-scale faults, which saw dextral displacement on

north-northwest trending transfer faults, and some regional north-south structures, suggesting northwest-

southeast compression.

In the Project area, deposits fit into two categories: copper-gold, and copper-only. The copper-only deposits

are a distinct, metasediment-hosted stratabound mineralisation style in the region, unique to the Roseby

Schist. The copper-gold deposits are more typical of the IOCG deposits in the Eastern Mount Isa Inlier. The

copper-gold deposits occur within structural-lithological settings that facilitate dilational sites during

deformation, typically within igneous rocks or intercalated metamorphosed igneous and sedimentary rocks

peripheral to Roseby Schist. The copper-only deposits are interpreted from the available data to be gold-poor

end members of the IOCG mineralizing event prevalent throughout the district (varying primarily due to host

rock controls) an alternative hypothesis is that they are stratiform deposits related to an earlier mineralising

event during basin dewatering.

6.3.1Copper-Gold Deposits

Four copper-gold deposits are scheduled for mining: Little Eva, Lady Clayre, Ivy Ann, and Bedford (which

contains two separate zones, Bedford North, and South).

Little Eva, the largest copper deposit within the Project, is considered an IOCG type, and is a close analogue

of the Ernest Henry deposit. The deposit contains gold, which has a strong correlation with copper, and is

recovered in the copper concentrate. The deposit is hosted by a large body of faulted, porphyritic, and

amygdaloidal intermediate rock, which likely represents volcanic flows, and possibly sub-volcanic intrusive

rocks. All rocks display pervasive sodium and potassium feldspar, hematite, and magnetite-bearing

metasomatic alteration assemblages. The mineralisation is structurally controlled within breccia and veinlet

stockworks. Chalcopyrite is the dominant copper mineral.

Mineralisation is generally coarse-grained, and readily recovered through flotation concentration.

Bedford, Lady Clayre, and Ivy Ann have a similar metal association to Little Eva. These are smaller shear

zone-, fault-, and vein-hosted deposits within thinly intercalated metasedimentary and igneous rocks. Gold

grades within these deposits are typically higher than at Little Eva.

All the deposits are sub-cropping, covered by a relatively shallow (approximately 25 m) oxidised cap.

Effective date: 30 June 2025

Technical Report Summary of the

Eva Copper Project, North West Queensland, Australia

6.3.2Copper-Only Deposits

There are three copper-only deposits which are planned for mining: Turkey Creek, Blackard, and Scanlan.

Legend and Great Southern are new resource additions to the project however haven't been included in the

mine plan yet. Other copper-only type deposits within the Project tenures currently excluded from the mine

plan, as they are currently insufficiently explored, are: Longamundi, Caroline, and Charlie Brown. The

copper-only deposits contain trace amounts of gold locally, but generally not in economic quantities as with

the copper-gold deposits. Low tenor silver may be present in the sulphide zones, although data is minimal.

The mineralisation appears to be stratabound, if not stratiform, and in the case of Blackard and Scanlan has

been deformed by folding. Except for Turkey Creek, these deposits are distributed around the eastern margin

of the Knapdale Range over a strike length of 16 km and hosted within a sequence of metamorphosed

calcareous sediments. The deposits are not associated with magnetite enrichment and exhibit some

characteristics of stratiform-copper type deposits. Primary sulphide mineralisation is dominated by bornite,

with minor chalcopyrite and chalcocite, however the deposits have been modified by supergene processes

and extensive leaching of carbonate, that has produced four distinct mineralogical zones as listed below:

• The oxide zone begins at surface, and extends to depths of 15 m to 25 m. The zone is defined by

oxidation of copper and iron bearing minerals to malachite, limonite, goethite, and copper bearing Fe-

Mn mineraloids (neotocite).

• The copper zone occurs below the oxide zone, and can extend to depths of 120 m. The copper zone

contains a significant amount of native or metallic copper, which can account for up to 65% of the

contained copper. Significant copper also occurs in the lattice of altered biotite referred to as

hydrobiotite, which is not recoverable by flotation. Other copper minerals include cuprite, chalcocite

and residual bornite. Carbonate is extensively leached. Almost complete leaching of carbonate has

produced very friable rock.

• The transition zone is a zone that transitions between the copper and sulphide zones. This zone

contains minor secondary and remnant primary copper sulphides (chalcocite, cuprite, tenorite,

bornite, and chalcopyrite), and may contain some metallic copper.

• The sulphide zone, is primary mineralisation in fresh rock containing copper as disseminated bornite,

chalcocite and chalcopyrite.

The copper-only mineralisation is associated with a specific stratigraphic interval that has ubiquitous low-

tenor copper anomalism wherever it is exposed or intersected by drilling and displays complex folding and

fault patterns. Fold axes are predominantly north-northwest-trending but can have variable plunges. At

Blackard and Scanlan, mineralisation occurs within shallow-plunging anticlines, with steeply-dipping to locally

overturned western limbs, and flatter, east-dipping limbs.

QP's Opinion: In the QP's opinion, the geological interpretations and deposit models used in this TRS provide

a sound and defensible basis for Mineral Resource estimation. The styles of mineralisation are well

understood and consistent with known regional analogues.

Effective date: 30 June 2025

7Exploration

Section 229.601(b)(96) (7) (i-vi)

Early exploration in the area that contributed significantly to the database for this Project included that

completed by Ausminda Pty. Ltd., CRAE, and Pasminco, with later exploration by Altona, prior to Project

acquisition by CMMC.

Extensive geophysical surveying, primarily induced polarisation (IP) over the copper deposit areas, and

Electromagnetic (EM) or Controlled Source Audio-Frequency Magnetotellurics ("CSAMT") over the Dugald

River zinc deposit host rocks, as well as gravity and magnetic surveys, were undertaken in the area by CRAE.

All the Project deposits subcrop and were initially identified by surface sampling and mapping. The most

valuable result from the geophysical work was the identification aided definition of the copper-only deposits,

the most valuable were the EM and gravity surveys. Gravity lows are registered over the copper-only

deposits due to deep weathering, while the metallic copper in the supergene zones were mapped as EM

anomalies. Airborne magnetic surveys over the Project area are available from various government agencies.

Satellite hyperspectral surveys have also been used with some success by various companies in the area.

CRAE's bedrock and soil geochemical programmes outside the Roseby copper deposits were not systematic,

with minimal assessment of gold mineralisation, and left most of the surrounding area untested by

geochemical surveys. CRAE's focus at the time was on the copper only (no gold containing) deposits due to

their relatively high grades and the Little Eva and Lady Clayre areas were of secondary exploration interest.

The Little Eva copper-gold prospect was drilled by CRAE to an Inferred resource status, but the gold content

was not assessed. The Lady Clayre prospect was also drilled by CRAE at the time, but no resource estimate

was completed. Metallurgical sampling and testing were conducted at Blackard and Lady Clayre, but not at

Little Eva.

Following the acquisition of the Project from CRAE by Pasminco/Zinifex, drilling, and sampling programmes

focused primarily on the Lady Clayre copper-gold sulphide prospect, Caroline (Lady Clayre East), and the

copper-gold potential of the Mount Rose Bee Fault area. This drilling was insufficient to define a formal

resource at either deposit. Pasminco also initiated a soil and rock sampling programme designed to examine

the Mount Rose Bee Fault and related splay faults. While this programme detected widespread but weak

copper-gold mineralisation, generally in close spatial relationship with copper and gold soil geochemical

anomalies, Pasminco divested the Roseby Copper Project before the exploration programme was completed.

Xstrata conducted exploration in the central Roseby area under the terms of an option and earn-in

agreement with Altona. Xstrata also completed deep drilling below the Little Eva, Blackard, Great Southern,

and Longamundi deposits demonstrating the presence of large mineralised systems. Xstrata also discovered a

mineralised system under cover at Cabbage Tree Creek some 3 km north of Little Eva. Xstrata has also

completed extensive geochemical, rock sampling, mapping, and geophysical surveys generating numerous

targets, some of which have been subject to initial drill testing with positive results.

Altona carried out systematic soil geochemistry work over much of the claim area, and this work was

continued by CMMC. This work has established numerous copper-in-soils targets within the Project tenure

and surrounding EPMs held by Harmony (Figure 7-1). Shallow drilling of these targets has established

numerous mineralised positions with opportunities to established new copper and gold mineral resources.

Effective date: 30 June 2025

**Figure 7-1: Surface Copper Anomalism with Defined Deposits and the Cameron Project Area Indicated**

![figure8-1a.jpg](figure8-1a.jpg)

Exploration carried out by CMMPL in 2018 and 2019 included grade confirmation and metallurgical drilling in

the Little Eva, Turkey Creek, and Blackard deposits, in addition to exploration drilling on some targets in the

Project area. Additionally, exploration drilling was also completed on the prospective areas Quamby and

Matchbox, which are located in the Cameron area south of the Project (Figure 7-1). Compilation of

geophysical surveys and inversion of historical IP geophysical data were completed, as were new surveys in a

few areas. Testing of aquifers for potential water sources near the proposed mine area was successfully

conducted in both 2018, 2019 and 2023.

Effective date: 30 June 2025

7.1Drilling

Section 229.601(b)(96) (8) (i-v)

The seven deposits in this report have relatively lengthy exploration histories, including multiple periods of

drilling implemented and managed primarily by several companies: CRAE, URL, Altona, CMMC and Harmony.

All drill data was collected to industry standards, and the procedures were well documented. Quality control

and data verification are discussed in following sections, and demonstrate that the data is reliable and

suitable for Mineral Resource estimations.

7.1.1Drill Hole Data Description

*7.1.1.1Little Eva*

A total of 121,498 m of drilling in 721 holes was completed at Little Eva. Of these, some 77% are RC (549

holes), and 23% are DD (165 holes). Holes were generally inclined at -55 to -60° or subvertical, drilled on

25-50 m spaced section lines, and 40 m along line spacing. Some areas are more densely drilled or include

holes aligned in alternative directions.

Diamond drilling was conducted for resource definition, metallurgical testwork sampling, geotechnical, and

twinning of RC holes for quality assurance/quality control ("QA/QC"). Diamond drill holes were commonly

drilled with shallow RC pre-collars. RC pre-collars were generally drilled until RC penetration limit was met -

commonly due to water inflow.

The drilling history for the Little Eva deposit is summarised in Table 7-1, and hole locations are shown in

Figure 7-1. The earliest recorded drilling at Little Eva was undertaken by CRAE in 1963 and consisted of a

single DD. Most drilling was conducted by three companies; CRAE (1963 to 1998), URL (2002 to 2009), Altona

(2011 to 2018), CMMC (2019-2022) and Harmony (2023+).

Effective date: 30 June 2025

**Table 7-1: Little Eva Drilling Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Company** | **Hole Type** | **Hole Count** | **Metres Drilled** |
| 1963 | CRAE | DD | 1 | 193 |
| 1977 | CRAE | DD | 1 | 254 |
| 1978 | CRAE | DD | 5 | 1159 |
| 1978 | CRAE | PERC | 1 | 34 |
| 1988 | CRAE | RC | 24 | 823 |
| 1990 | CRAE | RC | 5 | 480 |
| 1992 | CRAE | DD | 1 | 543 |
| 1992 | CRAE | RC | 12 | 1182 |
| 1994 | CRAE | RC | 13 | 1627 |
| 1995 | CRAE | DD | 3 | 757 |
| 1995 | CRAE | RC | 6 | 1031 |
| 1996 | CRAE | DD | 3 | 1201 |
| 1996 | CRAE | RC | 1 | 150 |
| 2002 | URL | RC | 14 | 2138 |
| 2003 | URL | RC | 5 | 1249 |
| 2004 | URL | RC | 83 | 9987 |
| 2005 | URL | DD | 18 | 2699 |
| 2005 | URL | RC | 147 | 20875 |
| 2006 | URL | RC | 34 | 3660 |
| 2006 | URL | DD | 12 | 1338 |
| 2006 | Xstrata | DD | 2 | 984 |
| 2007 | Universal | DD | 10 | 1101 |
| 2011 | Altona | RC | 104 | 21085 |
| 2011 | Altona | DD | 7 | 2041 |
| 2015 | SRIG | DD | 2 | 480 |
| 2015 | Altona | DD | 2 | 51 |
| 2018 | CMMC | DD | 8 | 263 |
| 2018 | CMMC | PERC | 5 | 470 |
| 2022 | CMMC | DD | 22 | 429 |
| 2022 | CMMC | RC | 7 | 603 |
| 2023 | Harmony | DD | 29 | 5624 |
| 2023 | Harmony | RC | 83 | 18177 |
| 2023 | Harmony | RC_DDT | 17 | 5224 |
| 2024 | Harmony | RC | 11 | 3032 |
| 2024 | Harmony | RC_DDT | 23 | 10554 |
| **Total** | **Total** | **Total** | **721** | **121498** |

---

Effective date: 30 June 2025

**Figure 7-1: Little Eva Drill Collar Plan**

![mapoflecollarsa.jpg](mapoflecollarsa.jpg)

Effective date: 30 June 2025

*7.1.1.2Turkey Creek*

A total of 19,261 m of drilling in 137 holes was completed at Turkey Creek. Of these, some 93% are RC (131

holes), and 5% are DDs (6 holes). Holes were typically inclined at -60° and drilled along 100 m spaced section

lines with 50 m spacing between drill holes. Diamond drilling was conducted for the primary purpose of

metallurgical testwork sampling and geotechnical data.

The drilling history is summarised in Table 7-2, and hole locations are shown in Figure 7-2. The earliest hole at

Turkey Creek area was a DD drilled by Carpentaria Exploration in 1963, but the location details of this hole

are uncertain, and the hole has been disregarded. The majority of drilling was conducted by Altona from

2012 to 2015, with minor infill drilling completed by CMMC in 2018/2019 and significant infill drilling by

Harmony in 2023.

RC drilling typically utilised face sampling hammers (5.5"), and DD provided either NQ or HQ core samples.

**Table 7-2: Turkey Creek Drilling Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Company** | **Hole Type** | **Hole Count** | **Metres Drilled** |
| 1993 | CRAE | RC | 2 | 218 |
| 2011 | Xstrata | RC | 2 | 300 |
| 2012 | Altona | RC | 7 | 1272 |
| 2014 | Altona | RC | 42 | 6024 |
| 2015 | Altona | DD | 5 | 404 |
| 2018 | CMMC | PERC | 2 | 160 |
| 2018 | CMMC | RC | 9 | 594 |
| 2019 | CMMC | DD | 1 | 132 |
| 2023 | Harmony | RC | 67 | 10157 |
| **Total** | **Total** | **Total** | **137** | **19261** |

---

Effective date: 30 June 2025

**Figure 7-2: Turkey Creek Drilling Locations by Type**

![tccollarsa.jpg](tccollarsa.jpg)

Effective date: 30 June 2025

*7.1.1.3Blackard*

A total of 97,108m of drilling in 642 holes has been completed at the Blackard deposit. Components of the

drilling include 345 RC, 161 DD, and 17 PERC drill holes completed since 1991. While early RC drill holes were

relatively short and vertical, follow-up drilling was angled to keep drilling approximately perpendicular to

mineralisation as the deposit geometry was better understood. Drilling has been carried out relatively

systematically on 50 m spaced sections, with 50 m or more tightly spaced holes along the sections. Drill holes

are spaced much closer on alternating section lines (100 m spaced). A number of sections contain large step-

out holes that tested for down-dip extensions of the deposit. Diamond drilling was conducted for the primary

purpose of metallurgical test sampling.

The drilling history is summarised in Table 7-3, and hole locations are shown in Figure 7-3.

RC drilling typically utilised face sampling hammers (5.25", 5.5", or 6"), and DD mainly used HQ3 or NQ3 core

sizes. Early rotary air blast ("RAB") drilling was carried out, but these holes were not used for resource

estimation.

**Table 7-3: Blackard Drilling Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Company** | **Hole Type** | **Hole Count** | **Metres Drilled** |
| 1990 | CRAE | RC | 5 | 580.0 |
| 1991 | CRAE | AC | 110 | 5391.0 |
| 1991 | CRAE | DD | 6 | 900.0 |
| 1991 | CRAE | PERC | 11 | 484.0 |
| 1991 | CRAE | RC | 1 | 87.0 |
| 1992 | CRAE | AC | 2 | 262.0 |
| 1992 | CRAE | DD | 4 | 790.0 |
| 1992 | CRAE | RC | 4 | 631.0 |
| 1993 | CRAE | AC | 7 | 315.0 |
| 1993 | CRAE | RC | 1 | 100.0 |
| 1994 | CRAE | PERC | 6 | 613.0 |
| 1994 | CRAE | DD | 11 | 3021.0 |
| 1994 | CRAE | RC | 1 | 100.0 |
| 1995 | CRAE | DD | 4 | 1060.2 |
| 2002 | Bolnisi | DD | 8 | 1085.0 |
| 2002 | URL | RC | 122 | 13638.0 |
| 2005 | URL | DD | 22 | 4680.0 |
| 2005 | URL | RC | 82 | 10593.0 |
| 2006 | URL | DD | 10 | 1415.0 |
| 2006 | URL | RC | 36 | 3183.0 |
| 2008 | Xstrata | DD | 9 | 3407.0 |
| 2009 | Xstrata | DD | 6 | 2564.0 |
| 2010 | Xstrata | DD | 4 | 2423.0 |
| 2010 | Altona | RC | 7 | 1687.0 |
| 2011 | Altona | DD | 3 | 549.0 |
| 2011 | Altona | RC | 21 | 4362.0 |
| 2019 | CMMC | RC | 18 | 2695.0 |
| 2023 | Harmony | DD | 6 | 1186.0 |
| 2023 | Harmony | RC | 28 | 4362.0 |
| 2023 | Harmony | RC_DDT | 3 | 971.0 |
| 2024 | Harmony | DD | 2 | 517.0 |
| 2024 | Harmony | RC | 18 | 1896.0 |
| 2024 | Harmony | RC_DDT | 64 | 21561.0 |
| **Total** | **Total** | **Total** | **642** | **97108.2** |

---

Effective date: 30 June 2025

**Figure 7-3: Blackard Deposit Drill Hole Locations by Type**

![bkmapofcollarsa.jpg](bkmapofcollarsa.jpg)

Effective date: 30 June 2025

*7.1.1.4Scanlan*

Scanlan is a relatively near-surface deposit, and has been defined by a total of 173 drill holes for 18,979 m.

Drilling is predominately RC, with only 20 of the holes being core drilling. Drill holes are either vertical or

inclined, depending upon the interpreted dip of the mineralisation. Drilling has been carried out on

approximately 50 m spacing along 50 m spaced section lines, although alternating, or 100 m section lines,

have more drill holes. In general, drill holes are more widely spaced on the northern part of the deposit,

where the mineralisation is narrow and vertically oriented.

The drilling history is summarised in Table 7-4, and hole locations are shown Figure 7-4. CRAE drilled 5 RC

holes in 1990. URL carried out an RAB programme in 2003 as a precursor to resource- definition RC drilling

from 2004 to 2009. Although the RAB holes were not used in resource estimation they did provide additional

information on deposit morphology.

RC drilling typically utilised face sampling hammers (5.25", 5.5", or 6"), and DD mainly used HQ3 or NQ3 core

sizes.

**Table 7-4: Scanlan Drilling Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Company** | **Hole Type** | **Hole Count** | **Metres Drilled** |
| 1991 | CRAE | RC | 24 | 1086.0 |
| 1992 | CRAE | AC | 3 | 110.0 |
|  |  | RC | 39 | 3646.0 |
| 1993 | CRAE | RC | 24 | 1516.0 |
| 1994 | CRAE | RC | 10 | 1305.0 |
|  |  | DD | 5 | 1403.7 |
| 1995 | CRAE | DD | 1 | 232.2 |
| 2002 | Bolnisi | RC | 2 | 397.0 |
| 2005 | URL | DD | 9 | 1594.3 |
|  |  | RC | 45 | 5358.0 |
| 2006 | URL | DD | 2 | 208.9 |
| 2007 | Xstrata | DD | 1 | 447.0 |
| 2008 | Xstrata | DD | 1 | 351.2 |
| 2010 | URL | RC | 7 | 1324.0 |
| **Total** | **Total** | **Total** | **173** | **18979.3** |

---

Effective date: 30 June 2025

**Figure 7-4: Scanlan Deposit Drill Hole Locations by Type**

![figure9-4a.jpg](figure9-4a.jpg)

Effective date: 30 June 2025

*7.1.1.5Bedford*

A total of 12,240 m of drilling in 149 holes was completed at Bedford. Of these, some 68% are RC (102 holes),

30% are RAB (47 holes), and 3% are core (4 holes). RAB holes are vertical. RC and core holes were generally

inclined at around -60°, drilled on 25 m spacing along 25 m spaced section lines. Section line spacing

increases to 50 m and then to 100 m outside the main mineralised zones. Diamond drilling was primarily

conducted for metallurgical sampling.

The drilling history is summarised in Table 7-5, and hole locations are shown in Figure 7-5 and Figure 7-6.

CRAE drilled 5 RC holes in 1990. URL carried out an RAB programme in 2003 as a precursor to resource

definition RC drilling from 2004 to 2009.

RC drilling typically utilised face sampling hammers (5.25", 5.5", or 6"), and DD mainly used HQ3 or NQ3 core

sizes. RAB drilling accounts for some 13% of drilled metres but was not used for resource estimation.

**Table 7-5: Bedford Drilling Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Company** | **Hole Type** | **Hole Count** | **Metres Drilled** |
| 1990 | CRAE | RC | 5 | 420.0 |
| 2003 | URL | RAB | 43 | 1680.0 |
| 2004 | URL | RC | 18 | 1918.0 |
| 2005 | URL | DD | 1 | 160.0 |
| 2005 | URL | RC | 11 | 1280.0 |
| 2006 | URL | DD | 2 | 182.0 |
| 2006 | URL | RC | 60 | 5836.0 |
| 2009 | URL | RC | 8 | 728.0 |
| 2015 | Altona | DD | 1 | 36.0 |
| **Total** | **Total** | **Total** | **149** | **12240.0** |

---

Effective date: 30 June 2025

**Figure 7-5: Bedford North Drill Hole Plan**

![figure9-5a.jpg](figure9-5a.jpg)

Effective date: 30 June 2025

**Figure 7-6: Bedford South Drill Hole Plan**

![figure9-6a.jpg](figure9-6a.jpg)

Effective date: 30 June 2025

*7.1.1.6Ivy Ann*

A total of 15,145 m of drilling in 153 drill holes was completed at Ivy Ann. Of these, some 53% are RC (81

holes), 46% are percussion (PERC) (70 holes) and 1% are DD (2 holes). Holes were generally inclined -50° to

-60°, generally drilled on 50 m spaced section lines, and 20 m to 50 m along line spacing. Section line spacing

increases to 100 m in Ivy Ann North.

The drilling history is summarised in Table 7-6, and hole locations are shown in Figure 7-7. Exploration on the

Ivy Ann prospect began in 1992. Note that Bruce Resources became PanAust in 1995.

**Table 7-6: Ivy Ann Drilling Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Company** | **Hole Type** | **Hole Count** | **Metres Drilled** |
| 1992 | Dominion | PERC | 26 | 863 |
| 1992 | Dominion | RC | 13 | 1309 |
| 1993 | Dominion | RC | 2 | 282 |
| 1995 | Bruce Resources | RC | 18 | 1902 |
| 1996 | PanAust | PERC | 44 | 1972 |
| 1996 | PanAust | RC | 3 | 450 |
| 1997 | PanAust | DD | 2 | 714 |
| 2003 | URL | RC | 5 | 515 |
| 2005 | URL | RC | 4 | 462 |
| 2006 | URL | RC | 4 | 412 |
| 2009 | URL | RC | 5 | 816 |
| 2011 | Altona | RC | 15 | 2850 |
| 2012 | Altona | RC | 12 | 2598 |
| **Total** | **Total** | **Total** | **153** | **15145** |

---

Effective date: 30 June 2025

**Figure 7-7: Ivy Ann Drill Collar Plan**

![figure9-7a.jpg](figure9-7a.jpg)

Effective date: 30 June 2025

*7.1.1.7Lady Clayre*

A total of 25,092 m of drilling in 145 holes was completed at Lady Clayre. Of these, some 79% are RC (114

holes), 20% are DD (29 holes) and 1% are PERC (2 holes). Holes were generally inclined -50° to -60°, generally

drilled on 50 m spaced section lines, and 20 m to 50 m along line spacing.

The drilling history is summarised in Table 7-7, and hole locations are shown in Figure 7-8. Exploration on the

Lady Clayre prospect began in 1978 with a single DD drilled by CRAE.

RC drilling typically used 5.25", 5.5", or 6" hammers, and DDs provided either HQ or NQ core samples.

**Table 7-7: Lady Clayre Drilling Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Company** | **Hole Type** | **Hole Count** | **Metres Drilled** |
| 1978 | CRAE | DD | 1 | 134 |
| 1992 | CRAE | PERC | 2 | 192 |
| 1992 | CRAE | RC | 11 | 1188 |
| 1993 | CRAE | DD | 1 | 294 |
| 1993 | CRAE | RC | 9 | 1250 |
| 1994 | CRAE | DD | 3 | 1163 |
| 1994 | CRAE | RC | 1 | 102 |
| 1995 | CRAE | DD | 19 | 5369 |
| 1995 | CRAE | RC | 5 | 464 |
| 1996 | CRAE | DD | 2 | 503 |
| 1996 | CRAE | RC | 10 | 1484 |
| 1998 | Pasminco | DD | 1 | 180 |
| 1998 | Pasminco | RC | 11 | 1092 |
| 2002 | URL | RC | 5 | 1368 |
| 2003 | URL | RC | 10 | 1651 |
| 2005 | URL | RC | 11 | 1503 |
| 2006 | URL | DD | 2 | 154 |
| 2006 | URL | RC | 11 | 1353 |
| 2009 | URL | RC | 3 | 460 |
| 2011 | Altona | RC | 10 | 1266 |
| 2012 | Altona | RC | 17 | 3922 |
| **Total** | **Total** | **Total** | **145** | **25092** |

---

Effective date: 30 June 2025

**Figure 7-8: Lady Clayre Drill Collar Plan**

![figure9-8a.jpg](figure9-8a.jpg)

Effective date: 30 June 2025

*7.1.1.8Legend*

A total of 21,171m of drilling in 127 holes was completed at Legend. Of these, some 59% are RC (74 holes),

7% are DD (8 holes), 22% are RC-DDT (29 holes) and 1% are air core ("AC") (13 holes). Holes were generally

inclined -50° to -60°, generally drilled on 50 m spaced section lines, and 20 m to 50 m along line spacing.

The drilling history is summarised in Table 10-7, and hole locations are shown in Figure 9-8. Exploration on

the Legend prospect began in 1978 with a single diamond hole drilled by CRAE.

RC drilling typically used 5.25", 5.5", or 6" hammers, and DDs provided either HQ or NQ core samples.

**Table 7-8: Legend Drilling Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Company** | **Hole Type** | **Hole Count** | **Metres Drilled** |
| 1991 | CRAE | AC | 8 | 397 |
| 1991 | CRAE | DD | 1 | 76 |
| 1992 | CRAE | AC | 5 | 298 |
| 1992 | CRAE | RC | 1 | 100 |
| 1993 | CRAE | RC | 1 | 88 |
| 1994 | CRAE | RC | 24 | 2428 |
| 1995 | CRAE | DD | 2 | 248 |
| 2006 | XSTRATA | DD | 1 | 400 |
| 2008 | XSTRATA | DD | 2 | 754 |
| 2010 | ALTONA | RC | 6 | 1116 |
| 2019 | CMMC | RC | 2 | 256 |
| 2023 | HARMONY | RC | 5 | 640 |
| 2024 | HARMONY | RC | 37 | 6530 |
| 2024 | HARMONY | RC_DDT | 29 | 7071 |
| 2024 | HARMONY | DD | 3 | 770 |
| **Total** | **Total** | **Total** | **127** | **21171** |

---

**Figure 7-9: Legend Drill Collar Plan**

![collarbycompanyandtypea.jpg](collarbycompanyandtypea.jpg)

Effective date: 30 June 2025

*7.1.1.1Great Southern*

A total of 9,577m of drilling in 63 holes was completed at Great Southern. Of these, some 67% are RC (42

holes), 6% are DD (4 holes), 17% are RC-DDT (11 holes) and 10% are AC (6 holes). Holes were generally

inclined -50° to -60°, generally drilled on 50 m spaced section lines, and 20 m to 50 m along line spacing.

**Table 7-9: Great Southern Drilling Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Company** | **Hole Type** | **Hole Count** | **Metres Drilled** |
| 1991 | CRAE | AC | 6 | 283 |
| 1992 | CRAE | RC | 4 | 380 |
| 1994 | CRAE | RC | 10 | 930 |
| 2003 | URL | RC | 14 | 1630 |
| 2011 | XSTRATA | DD | 2 | 636 |
| 2024 | HARMONY | RC | 14 | 2556 |
| 2024 | HARMONY | DD | 2 | 458 |
| 2024 | HARMONY | RC_DDT | 11 | 2705 |
| **Total** | **Total** | **Total** | **63** | **9577** |

---

**Figure 7-10: Great Southern Drill Collar Plan**

![gscollarbycompanya.jpg](gscollarbycompanya.jpg)

Effective date: 30 June 2025

7.1.2Drill Hole Collar Survey Control

*7.1.2.1Little Eva*

Collar coordinates for drill holes completed at Little Eva prior to 2002 were determined with reference to an

informal local grid established by CRAE. In 2002, URL resurveyed old hole collar positions at Little Eva using

Differential Global Positioning System ("DGPS") techniques; the work was completed by a survey contractor.

In a few cases, the original collar could not be located, and earlier survey determinations by the CRAE

surveyor in 1994 have been retained.

From mid-2003 through 2011, all survey work was undertaken by licensed surveyors using Trimble DGPS

equipment with a minimum accuracy of ±0.05 m. All data was collected in AGD84 coordinates. From late

2011, Altona completed DGPS surveys in house using a Hemisphere R320 OmniSTAR HP GPS receiver. The

system allows for real time horizontal accuracies of 10 cm to 15 cm.

All drilling by CMMC and Harmony have been surveyed using Differential GPS instruments.

Of the 721 holes drilled at Little Eva, six holes have no DGPS survey available, and the original, local grid-

based, or GPS coordinate, was converted to a GPS coordinate. Geographic transformations have been used

to convert original grid coordinates to GDA20 / MGA zone 54 coordinates.

*7.1.2.2Turkey Creek*

All holes drilled by Altona, comprising the vast majority of the drilling used in defining the Mineral Resource,

were surveyed with high resolution (±0.5 m) DGPS equipment. The two CRAE holes have low accuracy (±10

m).

*7.1.2.3Blackard*

Of the 642 drill holes used in the resource estimate, most were surveyed by DGPS (or traditional theodolite

surveys for 2 holes) with better than 0.1 m confidence. The other holes were located by field GPS with an

accuracy of between 3 and 10 m.

*7.1.2.4Scanlan*

All but six of the drill holes used for resource estimation were surveyed by DGPS with better than

0.1 m accuracy. Two holes were surveyed by field GPS with accuracy of between 3 and 10 m, and another

two holes have undetermined survey methods.

*7.1.2.5Bedford*

Apart from one hole, all RC holes drilled by URL have been located by DGPS by licensed surveyors using

Trimble DGPS equipment with a minimum accuracy of ±0.02 m. All data was collected in AGD84 coordinates.

The early CRAE holes (five) were initially located on local grids. Pasminco relocated the holes and recorded

GPS locations for them, with a lower accuracy (±10 m). All holes drilled by Altona were surveyed with high

resolution (±0.1 m) DGPS equipment.

Geographic transformations have been used to convert original grid coordinates to GDA20 / MGA zone 54

coordinates.

*7.1.2.6Ivy Ann*

Dominion established a local grid on the prospect: all drilling carried out by Dominion and PanAust is

referenced to this local grid. URL calculated a coordinate conversion based on the locations of two early drill

hole collars, and used this to transform the original local coordinates for holes drilled between 1992 and

1997 into GDA20 / MGA zone 54 coordinates.

Except for four holes drilled by URL in 2006, all drilling completed from 2003 to 2009 has been surveyed by

DGPS using Trimble DGPS equipment with a minimum accuracy of ±0.05 m. From 2011, Altona drill collars

were surveyed using a Hemisphere R320 OmniSTAR HP DGPS system with horizontal accuracy of ±0.015 m.

Effective date: 30 June 2025

Geographic transformations have been used to convert original grid coordinates to GDA20 / MGA zone 54

coordinates.

*7.1.2.7Lady Clayre*

All holes drilled by CRAE from 1992 to 1994 were relocated and surveyed using DGPS by a registered

surveyor in 1994. Holes drilled by CRAE, Pasminco, and URL from 1995 to 2002 were relocated where

possible and surveyed with DGPS by URL. Survey control protocols for URL and Altona holes are as for Little

Eva.

Geographic transformations have been used to convert original grid coordinates to GDA20 / MGA zone 54

coordinates.

7.1.3Downhole Surveys

*7.1.3.1Little Eva*

All drill holes have a collar inclination and azimuth measurement in the database. The levels of hole deviation

shown in Figure 7-1 are within expected ranges.

Downhole surveying of CRAE DDs LE006 and LE076 was carried out using Eastman single shot downhole

survey cameras. Survey shots were taken at approximately 40 m intervals. RC holes drilled by CRAE only have

collar orientations, the original DH survey data were unable to be sourced from Rio Tinto/CRAE.

Much of the RC and DD drilling completed by URL and Altona from 2002 to 2011 was surveyed with a variety

of instruments, including those manufactured by Eastman, Camteq, Ranger, and Reflex. Survey

measurements were typically taken at 40 m intervals where possible.

To overcome potential issues with the older, magnetic-based survey techniques caused by variable, and

sometimes considerable, concentrations of magnetite in the rocks, URL resurveyed all available open holes in

2005 and 2006, including those previously drilled by CRAE. A combination of a multi-shot downhole camera

and a downhole gyro instrument (for magnetically quiet and active areas, respectively) was used. Multi-shot

camera survey measurements are generally at 10 m intervals, and the gyro instrument surveys give semi-

continuous measurements at intervals of 1 m or less. Where a hole was not open to depth, the attitude of

the hole at 0 m was determined.

At the end of Altona's 2011 programme, selected holes were resurveyed using a FlexIT GyroSmart tool with

readings at 5 m intervals.

From 2012 on, all Altona, CMMC and Harmony holes were monitored during drilling using a single or multi-

shot camera, typically with completion surveys using a GyroMax isGyro.

*7.1.3.2Turkey Creek*

All Altona and Harmony holes drilled in the Turkey Creek deposit were monitored during drilling using a

REFLEX EZ-TRAC camera. On completion of drilling, downhole surveys were conducted using a GyroMax

isGyro, overcoming any magnetic influences inherent in the EZ-TRAC survey.

*7.1.3.3Blackard, Scanlan and Bedford*

The majority of the RC and DD drilling completed by URL and Altona from 2002 to 2018 was surveyed with

downhole cameras (~69%) or gyro systems (25%), and 6% have collar orientations only. For URL and Altona

holes drilled between 2002 and present, the azimuth and inclination of the hole at the collar was measured

using a compass clinometer. For the earlier holes it is unclear whether these measurements were made by

survey instrument or by clinometer at the collar. All Harmony Holes have been surveyed using a downhole

Gyro tool.

Effective date: 30 June 2025

*7.1.3.4Ivy Ann*

RC and PERC drilling completed by Dominion and PanAust only have collar orientations, and all but two of

these holes are aligned along local grid directions (270° and 90°). The two DDs completed by PanAust have

downhole dip measurements, and the surface azimuths have been extrapolated down the hole. There is no

record of how these dip determinations were made.

URL and Altona used a variety of downhole camera systems to survey their drilling from 2003 to 2011.

Measurements were taken at approximately 50 m intervals. Two holes only have a collar survey. In addition,

URL resurveyed selected holes in 2009 and 2011 with detailed gyro surveys. In 2009, measurements were

taken at 20 m intervals, and this was reduced to 5 m in 2011. Gyro surveys were completed in 2012 on Ivy

Ann drill holes completed by Altona.

*7.1.3.5Lady Clayre*

CRAE holes drilled before 1996 only have a collar orientation. Starting in 1996, CRAE drill holes were

surveyed with a downhole instrument (Eastman camera), and have at least one such measurement.

All Pasminco holes were surveyed with a downhole instrument with readings at approximately 30 m

intervals, with at least one survey close to the surface, and one at the end of the hole.

URL used a variety of downhole cameras to survey their drilling from 2002 to 2011. Measurements were

taken at approximately 50 m intervals. Several holes only have a collar survey. In addition, in 2005 and 2009,

URL resurveyed selected holes with detailed multi-shot camera and gyro surveys.

All but one Altona drill hole was surveyed using a FlexIT GyroSmart tool, with readings at 5 m intervals.

*7.1.3.6Legend and Great Southern*

All downhole surveys have been conducted using the same methods as those employed for other deposits.

All holes drilled by Harmony have been surveyed using a continuous gyro survey at the end of each hole.

7.1.4Drill Hole Logging

*7.1.4.1Little Eva*

Original hard copy drill logs or typed drilling summaries prepared by CRAE geological staff for all CRAE drill

holes at Little Eva are retained in the Altona library. These are descriptive logs that were coded into the

Altona system and stored in the Altona drilling database.

CRAE logged its DDs on variable intervals determined by lithological changes in the core. RC holes were

logged on regular 1 m intervals. The early descriptive logging yielded up to two lithologies per interval,

together with grain size, texture, and colour, upon recording into the digital logging system. Alteration and

ore mineralogy were recorded as mineral species and abundance. Veining, mainly observed in core, is also

logged as mineral composition and abundance. Structural and geotechnical logging of DDs has been done

routinely from 1995 on, with orientations of veins and structures provided as dip and strike angles. The core

orientation method used by CRAE is not recorded.

URL prepared similar descriptive logs for its drilling between 2002 and 2005 that are also retained in the

Altona library. RC logging was done primarily on 1 m intervals, and data was captured from these logs into

the digital system in the same way as the CRAE data was captured, to provide lithology, alteration,

mineralisation, and veining logs. The DD logs produced in this period were logged on intervals based on

lithological changes, and included detailed structural and geotechnical logs.

URL introduced a digital logging system based on the Surpac Logmate in 2005, and from that time on all

logging has been captured digitally in coded form in the field. The templates and libraries used by this system

preserved the style of logging used by both CRAE and URL. The original digital logs produced by this system

were loaded into the Altona drilling database and stored in the Altona library.

The Logmate system was replaced by Field Marshal software in 2011, and this system was used throughout

the 2011 season by Altona, but the same logging procedures were followed as in prior campaigns.

In 2014, Altona completed a comprehensive lithology relogging programme of available historical RC chips

and DD core. This programme has provided a consistent dataset of lithology across the deposit used for

resource domaining.

Effective date: 30 June 2025

In 2019, CMMC introduced the Logchief drillhole logging software from Maxwells, this software continues to

be used by Harmony.

*7.1.4.2Turkey Creek, Blackard, Scanlan, Legend, Great Southern and Bedford*

Logging protocols, data collection and storage are all as described above for Little Eva.

*7.1.4.3Ivy Ann*

There are no original drill logs available for the drilling completed by Dominion in 1992 and 1993, and no

logging is recorded in the Altona database. RC drilling completed by PanAust in 1995 was descriptively logged

on 1 m intervals, with magnetic susceptibility measurements were completed in 1996. Detailed logs for the

1997 RC and diamond programme contain quantitative estimates of mineralisation, veining, and alteration,

as well as lithological descriptions. RC holes were logged on 1 m intervals, while DDs were logged over

lithological intervals. Drill hole logging protocols for URL and Altona are as for Little Eva.

*7.1.4.4Lady Clayre*

Original hard copy drill logs and/or summary logs prepared by CRAE geological staff are held in the library.

The logs contain a description of the lithology, and visual estimates of economic mineralisation and

alteration. Overburden sections of RC holes and RC pre-collars on DDs were logged on 3 m intervals, the

logging and sampling interval reduces to 1 m in mineralised sections. Diamond holes were logged over

intervals determined by the lithology and include a graphic log of the cored sections together with structural

information in the interval description. CRAE began using a lithology code during this period, which has been

recoded in the database.

Pasminco logs were very similar in style to CRAE for the single diamond hole and the 11 RC holes it drilled in

1998. RC holes and pre-collars were logged on 2 m intervals, while the diamond hole was logged on intervals

determined by lithology. Logs included a text-based lithological description, as well as visual estimates of

mineralisation and alteration Drill hole logging protocols for URL and Altona are as for Little Eva.

7.1.5Core and RC Sampling Methods

In general, sampling methodology was consistent among all deposits, with minor variations between the

different companies and years of the programme. More detailed descriptions by deposit are provided in

Section 6.

Early RC sampling by CRAE used a rotary splitter mounted on the drill rig to produce 3 kg to 4 kg subsamples,

which were collected in calico bags and dried on site, then sealed in polyethylene bags for shipment to the

laboratory. However, in the 1994 RC sampling, CRAE used a spear to collect an approximate 3 kg sample from

the cuttings. Similarly, during the 2002–2003 programmes, Bolnisi employed a rig-mounted cyclone and

splitter to collect 12.5% of the cuttings for dry samples, but used the spear to collect the subsample from wet

cuttings. The same sampling methods were also used by URL, Altona, and CMMC for their RC programmes.

During the early programmes (1991 or earlier), drill samples were collected as 3 m samples, but from 1992

onwards sampling was in 1 m or 2 m increments. During the later programmes beginning with URL, samples

from RC and DD were collected and bagged in pre-numbered calico bags at the drill site during drilling.

Unique sample numbers were retained during the whole process. Diamond core was sawn with a diamond

saw after logging, and the half core was collected as 1 m or 2 m samples. RC samples were taken via a

cyclone and rotary splitter mounted on the drill, producing 3 kg to 4 kg of material that was air-dried in the

field.

The remainder of the cuttings were bagged and laid out alongside the drill. All samples were catalogued and

sealed prior to dispatch to laboratory. Samples were either delivered to SGS Analabs as they were collected

or stored in facilities in Cloncurry prior to transport to Townsville. An extensive catalogued library of core,

assay sample pulps, and RC chips are retained in the Company's Cloncurry exploration office for inspection.

Effective date: 30 June 2025

8Sample Preparation, Analysis and Security

Section 229.601(b)(96)(ii)(B) (8) (i-v)

The operations and information in this section were compiled prior to Harmony's acquisition of the Project,

but have been reviewed for reasonableness and accuracy, and updated where appropriate.

The QP is of the opinion that the sampling procedures, analytical quality, and integrity of data meet and/or

exceed standards required for Mineral Reserve estimation.

8.1Little Eva

There is very little documentary information available about sample collection and preparation for the CRAE

drilling campaigns. The available documents covering exploration during this era lack descriptive detail when

describing the mechanics of drilling and sampling procedures. The documents on the exploration work tend

to assume that sampling was carried out in line with CRAE standard procedures, but these procedures are

not recorded.

CRAE DD were sampled on approximately 2 m intervals. It is implied that the core was split or sawn and half

the core retained, since the holes were later relogged by CRAE. RC holes from LE009 to LE033 were sampled

in 1 m intervals, but from LE034 to LE075 the sample interval was expanded to 2 m. Since then, across all

programmes the sample intervals for RC has been 1m.

8.1.1URL 2002 programme

Two metre composite samples of about 2.5 kg were collected from RC chips using a modified trailer-

mounted splitter. Intervals of interest were identified after the first-pass composite assays were received,

and the original 1 m samples were submitted for analysis. The samples were submitted to Australian

Laboratory Services ("ALS") in Townsville. Sample preparation involved drying, crushing, and pulverizing the

entire sample to a nominal 85% passing 75 µm. The primary analysis was by three-acid digestion followed by

Atomic Adsorption Spectroscopy ("AAS") for copper, and fire assay on a 30 g subsample for gold.

8.1.2URL 2003–2006 programme

From 2003 to 2006, URL followed a similar procedure, except that all samples were collected on 1 m intervals

using a trailer-mounted cyclone and triple-deck splitter, or similar arrangement. The major differences over

the years were an increasing refinement of the QC programme and a change from ALS to Analabs/SGS as the

laboratory selected to do the primary analysis in 2003.

Analabs/SGS used methods that included an aqua regia digestion followed by AAS for gold, and three-acid

digestion followed by AAS for copper.

The DDs completed during this period were drilled for geotechnical and metallurgical purposes, and only the

upper parts drilled with RC methods were sampled, except for two DD tails drilled to extend RC holes that

had failed to reach target depths because of poor ground conditions. Core from the extended holes was half-

sawn, and samples collected in 1 m intervals for submission to Analabs.

8.1.3URL 2007 programme

In 2007, URL conducted a metallurgical drill programme of 10 DD drilled with 1 m samples assayed at

Ultratrace Laboratories, using a four-acid digestion, and analysed by inductively coupled plasma-optical

emission spectrometry (ICP-OES) for copper, and fire assay with an ICP-OES finish for gold.

Effective date: 30 June 2025

8.1.4Altona 2011 programme

For the 2011 drilling programme, Altona continued with the procedures for RC sampling established by URL,

but returned to using ALS in Townsville for the primary analysis. The methods requested were ME-ICP41

(aqua regia with inductively coupled plasma-atomic emission spectroscopy (ICP-AES)) for copper, and Au-

AA25 (fire assay with AAS) for gold. Copper analyses over 1% were reanalysed with an ore grade ICP-AES

method (Cu-OG46).

Two DDs, drilled primarily for metallurgical testing, were quarter-sawn, sampled in 1 m intervals, and

submitted to ALS for analysis along with the RC samples. In addition, the core from four geotechnical holes

drilled in 2005 and 2006 was recovered from the core storage, half-sawn, and submitted to ALS for analysis.

The methods requested were ME-ICP61 (four-acid digestion with ICP-AES finish), and later ME-ICP41 (aqua

regia with ICP-AES) for copper, and Au-AA25 (fire assay with AAS) for gold. Copper analyses over 1% were

reanalysed with an ore grade ICP-AES method (Cu-OG46).

8.1.5Altona-Sichuan Railway Investment Group 2015 programme

As part of a due diligence of the Project assets, Sichuan Railway Investment Group ("SRIG") drilled two

confirmatory triple-tube DDs at Little Eva using HQ core. An independent consultant for SRIG managed the

programme. The holes were submitted to ALS for cutting (half core) and analysis.

Altona drilled two DD for metallurgical testwork. These were quarter-sawn and sent to ALS Perth to be

assayed using ME-MS41 (aqua regia with ICP-MS) for copper and Au-AA25 (fire assay with AAS) for gold.

Copper analyses over 1% were reanalysed with an ore grade ICP-AES method (Cu-OG46).

Four DDs, drilled for geotechnical purposes in 2005 and 2011, were half-sawn and submitted to ALS for

analysis. The methods requested were ME-ICP41 (aqua regia with ICP-AES) for copper, and Au-AA25 (fire

assay with AAS) for gold. Copper analyses over 1% were reanalysed with an ore grade ICP-AES method (Cu-

OG46).

8.1.6CMMC 2018 to 2022

CMMC completed a number of DD holes within the Project area for resource, geotechnical and metallurgical

studies. Additionally, they completed RC holes across the planned Mill and Tailings Dam areas for sterilisation

purposes, and to test for water.

8.1.7Harmony Work 2023 to present

Harmony has drilled a significant amount of holes for infill, geotechnical and metallurgical purposes within

the first year of ownership by Harmony. Both DD and RC drill holes were logged digitally; the digital logging

system records lithology, alteration, veining, magnetic susceptibility and oxidation in all holes, and structural

data and geotechnical logs are completed on cored holes. Data is saved to Harmony's server, where it is

merged to the master SQL database.

Half-core samples are collected at 1 m intervals, and RC holes are sampled at 1m intervals and submitted to

Analabs for analysis.

RC holes are assessed using a pXRF machine on 1m samples, and the DD core is assessed using TrueScan

technology that returns continuous sampling data composited over 10cm and 1m intervals along with high-

quality images, or the pXRF machine also.

8.1.8Quality Control Procedures

The QC procedures employed by CRAE are poorly recorded, and appear to have been at a low level by

modern standards. For the programmes from 2002 onwards, URL implemented quality control programmes

which meet with currently accepted practices, and included field duplicates, triplicates, reference standards,

and blanks. No problems within the resource data were revealed by the quality assurance and quality control

(QA/QC) programme.

The data quality and QC procedures were reviewed in December 2009 in the Independent Mineral Specialist

Report prepared by Optiro (Glacken, 2009). Optiro noted that good industry QA/QC practices were applied,

with reasonable rates of inserted standards, repeats, and blanks.

Effective date: 30 June 2025

Later programmes continued with the QC procedures established by URL in 2006, which included:

• Regular duplicate sampling of RC cuttings at a rate of 1 in 20 primary samples.

• Triplicate samples collected at the time of drilling at a rate of 1 in 40 primary samples, submitted to an

umpire laboratory.

• Submission of Certified Reference Materials (CRMs) or standard samples at an overall rate of 1 in 20.

• Submission of blank samples at an overall rate of 1 in 45 primary samples.

8.2Turkey Creek

All RC drilling between 2012 and 2014 was completed using either a 140 mm or 5.5" hammer drill. RC chips

were collected at 1 m intervals, as per Altona's standard procedures.

QA/QC protocols for the 2012 and 2014 drilling programmes at Turkey Creek included the insertion of CRMs

at a ratio of 1 in 20. Field duplicates were taken from the RC drilling using a riffle splitter on site, also at 1 in

20 rates. All samples were sent to ALS Townsville, and a standard sample protocol of drying, crushing,

splitting, and pulverizing was followed, resulting in 250 g pulp samples. These were submitted for ME-MS41

(aqua regia digestion with ICP-MS finish). The aqua regia digestion dissolves sulphide and oxide minerals, but

does not dissolve silicates, so the copper contained in the hydrobiotite will not be reported. Copper analyses

over 1% were reanalysed with an ore grade ICP- AES method (Cu-OG46). Gold was determined via Au-AA25

(fire assay with AAS).

In 2015, Altona drilled five diamond holes for metallurgical samples. Core from these holes was sent to ALS

Ammtec in Perth, where whole core samples were taken at 1 m intervals and assayed using ME-MS41 (aqua

regia with ICP-MS) for copper, and Au-AA25 (fire assay with AAS) for gold. Copper analyses over 1% were

reanalysed with an ore grade ICP-AES method (Cu-OG46).

Harmony has continued with the same sampling techniques of the Altona and CMMC.

8.3Blackard, Scanlan, Legend and Great Southern

Early campaigns of DD by Bolnisi and CRAE at Blackard and Scanlan produced core of various sizes, including

4.5", 5.375", NQ, NQ2, HQ, and HQ3. Half-core or quarter-core samples were routinely cut at intervals of

either 1 m or 2 m.

RC drilling by CRAE and Bolini was predominantly drilled with a 130 mm diameter hammer drill. Percussion

drilling by CRAE was completed using either a 4.5" or 5.5" hammer drill. Chip samples were collected on

either 1 m, 2 m, or 3 m intervals using standard CMMPL procedures.

Samples submitted by CRAE and Bolnisi were typically assayed by Analabs using either four-acid digestion

(hydrofluoric, perchloric, hydrochloric, and nitric) with an AAS finish, or aqua regia digestion with an ICP-OES

finish.

Diamond core drilled by URL and Xstrata at the Blackard and Scanlan deposits were typically either of NQ or

HQ3 diameter and routinely sampled as either half or quarter core at either 1 m or 2 m intervals within

mineralised domains. Material drilled in the barren hanging wall was cut as either half or quarter core at

intervals of up to 6 m. Diamond core drilled by Altona for metallurgical purposes was typically drilled with a

HQ3 bit at 1 m intervals, and sawn to quarter core.

RC drilling completed by URL and Xstrata typically utilised a 5" hammer drill, with samples collected at either

1 m or 2 m intervals, as per standard CMMPL procedures. RC drilling by Altona was completed with a 5.5"

hammer drill and sampled at 1 m intervals using standard Altona procedures as outlined for Little Eva.

Samples were typically submitted by URL and Xstrata to either SGS, Analabs, or ALS Townsville (or ALS Mount

Isa) for either:

• ME-ICP41 (trace level analysis of 34 elements by aqua regia digestion with ICP-AES finish)

• MEMS-61 (ultra trace level analysis of 47 elements by four-acid "near total" digestion [HF-HNO3-

HClO4 acid digestion, HCl leach] and a combination of ICP-MS and ICP-AES finishes)

• Hot aqua regia digestion, diluted HCl added to residue, with an AAS finish

Effective date: 30 June 2025

• Cu-OG46 ore grade copper analysis by aqua regia digestion, with either AAS or ICP-AES finish.

Samples were submitted by Altona to ALS Townsville for either ME-ICP41 (trace level analysis of 34 elements

by aqua regia digestion with ICP-AES finish), or Cu-OG46 (ore grade copper analysis by aqua regia digestion,

with either AAS or ICP-AES finish).

CMMC completed 18 RC drill holes in 2019 at Blackard with a 5.75" hammer drill. Samples were collected

using standard CMMPL procedures at intervals of 2 m.

Samples were submitted by CMMPL to ALS Townsville for either ME-ICP61 (trace level analysis of 27

elements by four-acid "near total" digestion [HF-HNO3-HClO4 acid digestion, HCl leach] and an ICP-AES

finish) or Cu-OG62 (ore grade copper analysis by HF-HNO3-HClO4 digestion, HCl leach for use as over-range,

with either AAS or ICP-AES finish).

Early QC procedures used by CRAE consisted of duplicate samples (1 in 15) and repeat assays (1 in 15), but

insertion of blanks or standards into the sample stream was not documented. Comparison of sample and

analytical duplicates raises no concerns. Bolnisi implemented a QC protocol for their drill programmes by

using field duplicates at the rate of 1 in 50 and inserting native copper standards at the rate of 1 in 40. It is

assumed that the native copper standards were used due to potential problems during assaying, which may

have included the potential for native copper to smear on grinding plates and contaminate subsequent

samples, and segregation of metallic particles during processing yielding poor reproducibility. From 2005 on,

URL implemented a QC programme for RC drilling that used CRMs (1 in 30), field duplicates (1 in 20), and

blanks (1 in 40). Results indicated that variability of assay data in the native copper zone is significant in a

modest number of the samples, and therefore use of an umpire laboratory check at the rate of 1 sample in

40 was implemented in 2004.

URL designed sampling and specific analytical protocols for oxide or native copper, samples, and sulphide

zone drill programmes. These protocols have been maintained or only slightly modified since that time. The

sampling for oxide and primary mineralisation is the same, using a trailer-mounted cyclone and triple-deck

splitter that divides the RC cuttings into 12.5% and 87.5% volume splits. The larger sample is stored on site in

plastic bags. Subsamples are collected from the larger split, on every tenth sample in the native copper zone,

and every 20th sample in the sulphide zone, and inserted into the sample shipment stream. Additionally, a

sequence of CRMs and blanks are inserted into the sample stream at the rate of 1 in every 40 samples.

Finally, a second subsample is collected from the larger split, at a frequency of 1 in 30 for the native copper

zone, and 1 in 40 for the sulphide zone, and shipped to a second laboratory.

The analytical protocol for the sulphide analysis is as follows: oven-dry entire sample and pulverise to 85%

passing 75 µm, then remove a 1 g subsample with a duplicate sample at the rate of 1 in 20; insert blank and

reference samples into the sample stream, each at the rate of 1 in 50; use three-acid digestion, and analyse

for copper by AAS.

The analytical protocol for the native copper zone samples is more involved. Samples are oven-dried and

then weighed, jaw crushed to -6 mm, then ground in a disc mill (Analabs Supercrunch) to -500 µm. One in 20

samples are reweighed to check for weight loss. Riffle-split into a 1 kg subsample and residual. A duplicate

sample is taken from every 20th residual sample. Subsamples are pulverised to P85 75 µm in a ring mill. A 20

g split is taken, with another duplicate at 1 in 20.

Blanks and reference standards are inserted at a rate of 1 in 50. Aqua regia digestion is used, and analysed by

AAS.

8.4Bedford

Sampling and QA/QC protocols for Bedford are as for Little Eva, except during 2009; the sampling procedure

employed by URL in 2009 was essentially unchanged from their earlier work.

URL initially used a 6" hammer drill, then later a 5.375" hammer drill for RC drilling. The majority of samples

were collected at 1 m intervals, with a small number of early samples collected at 2 m intervals using

standard URL procedures. URL drilled several DD holes with either NQ3 or HQ3 core diameter. This core was

cut to half- or quarter-core subsamples for laboratory submission.

Effective date: 30 June 2025

Early URL sampling was submitted to Analabs Townsville for mixed acid, ore grade AAS analysis (old code

GA145). Later sampling was submitted to SGS, with methods modified to include a multi-element ICP-OES

method (ICP21R) for Ag, Al, As, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, K, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Se, Sn, Sr, Ti,

U, V, Zn, and Zr. Gold was determined by method FAA505 (50 g fire assay, followed by AAS).

In 2015, Altona drilled one DD hole for metallurgical testwork that was quarter-cored and sent to ALS Perth

to be assayed using ME-MS41 (aqua regia with ICP-MS) for copper, and Au-AA25 (fire assay with AAS) for

gold. Copper analyses over 1% were reanalysed with an ore grade ICP-AES method (Cu-OG46).

8.5Ivy Ann

The sampling procedures used by Dominion in 1992 and 1993 are not recorded, but all RC and PERC drill

holes were sampled on a uniform 2 m interval and analysed for copper and gold. From 1995 to 1996, all RC

holes were sampled on 2 m intervals and riffle-split to produce a nominal 4 kg sample for analysis. Samples

were dispatched to ALS for analysis for copper and cobalt using method G001 (perchloric acid digestion

followed by flame AAS), and using method PM203 for gold (fire assay with AAS). Approximately 1 in 20

samples were resampled at the drill as field duplicates, but there is no report or evidence that CRMs or

blanks were used in the programme. In 1997, the analytical method for base metals was changed to ICP

method, and the suite was extended to include Pb, Zn, As, Ni, and Mo.

The two-DDs completed in 1997 were sampled on 1 m intervals and submitted to ALS for assay for the same

elements as the RC drilling.

RC drilling completed by Altona in 2012 utilised a 140 mm hammer drill, with samples collected at 1 m

intervals, as per standard Altona procedures.

Altona submitted samples to ALS Townsville for analysis by ME-MS41 (aqua regia with ICP-MS) for copper,

and Au-AA25 (fire assay with AAS) for gold. Copper analyses over 1% were reanalysed with an ore grade ICP-

AES method (Cu-OG46).

8.6Lady Clayre

All CRAE DD holes from 1992 through 1996 were sampled on 1 m intervals. CRAE RC drilling and RC pre-

collars on diamond holes for the 1992 campaign were routinely sampled in 3 m intervals in non-mineralised

sections and pre-collars. Mineralised sections were sampled on 1 m intervals. In later years, CRAE

standardided to 2 m intervals for all RC holes. Details of the laboratories and analytical procedures used are

not recorded.

Pasminco drilled one RC_DDT hole and 11 RC holes into the Lady Clayre prospect in 1998. The RC sections

were sampled in 2 m intervals, and the diamond sections were sampled in 1 m intervals. Samples were

analysed by Amdel Analytical laboratories ("Amdel") using fire assay/AAS for gold, and mixed acid/ICP-OES

for copper and base metals.

RC drilling completed by Altona in 2012 utilised a 140 mm hammer drill with samples collected at 1 m

intervals, as per standard Altona procedures.

Altona submitted samples to ALS Townsville for analysis by ME-MS41 (aqua regia with ICP-MS) for copper,

and Au-AA25 (fire assay with AAS) for gold. Copper analyses over 1% were reanalysed with an ore grade ICP-

AES method (Cu-OG46).

8.7Security

Samples from RC and DD programmes were collected and bagged into pre-numbered calico bags at the drill

site during drilling operations. Unique sample numbers were retained during the entire project. All samples

were then catalogued and sealed prior to dispatch to laboratory or secure storage facilities. Samples were

either collected daily and delivered to Analabs/SGS or delivered to and stored in Company facilities in

Cloncurry prior to shipment to laboratories in Townsville.

A catalogued and extensive library of core, assay sample pulps, and RC chips is retained in the Company's

Cloncurry exploration office for inspection.

Effective date: 30 June 2025

9Data verification

Section 229.601(b)(96)(iii)(B) (9) (i-iii)

Estimation of Mineral Resources and Mineral Reserves relies on analytical data (assays) from samples

collected from drill holes, and the position of those samples in 3D space. The methods and quality of the

sample collection procedures and analytical data have been examined previously by independent consultants

who found the data quality to be appropriate for the purposes of Resource Estimation. Additionally, data

validation and verification has been undertaken by Harmony. Physical verification of drill hole locations and

additional drilling was only completed on the Little Eva, Turkey Creek, and Blackard deposits, the three

largest deposits. The quality of the assay databases was investigated by the QP for all deposits but primarily

focused on the three largest deposits.

Altona maintained a very extensive and high-quality database using Datashed software and has carefully

preserved historical records and thoroughly documented checks and resurveys of drill hole collar locations

and downhole surveys. Collars were probed using a Gyro Survey instrument by URL Resources to obtain an

accurate collar survey record for all historic drill holes. All drill collars checked in the field with handheld

Global Positioning System (GPS) units on the Little Eva deposit were found to be correctly positioned.

Review of drill holes on section did not reveal any anomalies with respect to drill hole locations or

deflections, any deviations found where checked and corrected by the QP. Checking the database against

analytical certificates for approximately 200 samples did not reveal any discrepancies and confirmed

placement of standards and blanks into the sample stream. Visual examination and estimation of copper

grades in drill core and cuttings at the core storage yard was consistent with recorded analytical data.

Previous checks by third-party consultants, including SRK and Optiro, reported similar satisfaction with data

quality.

Statistical analysis of the Project drill data separated by company and/or year of drilling, as reported in

Section 11, indicates that there is no systematic bias to the data, either by company or drill type. New drilling

by Harmony at the Little Eva, Blackard and Turkey Creek closely matches block grades within the resource

block model, providing additional validation of the dataset and estimation methodology.

In the QP's opinion, the database verification steps undertaken are sufficient, and the data relied upon in this

TRS are adequate for the purposes of Mineral Resource estimation and disclosure under Regulation S-K 1300

Effective date: 30 June 2025

10Mineral Processing and Metallurgical testing

Section 229.601(b)(96) (10) (i-v)

10.1Introduction

This section summarises both historical and recent testwork associated with the various ore types on the

Project property. For additional information, please reference the 2018 Feasibility Study completed by Hatch

for CMMC in 2018, the GR Engineering Services (GRES) DFS for Altona in 2014, and the GRES DFS for URL in

2009. The previous feasibility studies discuss in detail the metallurgical performance of ores from Little Eva

and associated deposits, which contain classic, flotation-amenable copper sulphide ore types.

The Little Eva pit will be the main ore source for the Project. This deposit has been well studied, with 145

flotation tests from multiple core and RC chip sources that ranged in scope from benchtop to pilot plant. This

ore consistently demonstrates high recovery performance with a high degree of liberation at relatively coarse

grinds. The average ore competency lies near the 50th percentile of the JK database, with medium to hard

Bond work indices. Copper is present as chalcopyrite with trace amounts of pyrite. Strong flotation kinetics

result in high recoveries, concentrating to a saleable final concentrate grade following a nominal regrind with

no pH modification. The gold is predominantly associated with the chalcopyrite and reports to the copper

concentrate. Overall, this ore type presents low technical risk.

The sulphide satellite deposits, comprising Turkey Creek, Bedford, Lady Clayre, and Ivy Ann, are smaller ore

sources. These ore types are generally similar to Little Eva from both a comminution and flotation

perspective. Some differences include a stronger deportment of copper to bornite and varying grade

distribution. Overall, these pits show average copper recoveries of 88% to 95% and represent sources of high

recovery material.

The native copper-bearing deposits, Blackard and Scanlan, are distinctly different from other deposits in the

area, containing oxide cap, native copper, sulphide transition, and sulphide zones. The native copper zones

are the largest copper-bearing zones within these deposits, containing a relatively fine distribution of native

copper with varying quantities of sulphides. These pits were studied by previous owners; however, several

recent updates have been completed. In total, 410 flotation tests (including blended ore feed) have been

completed, ranging from benchtop to pilot scale work. On a flotation basis, the native copper zones typically

achieve 60% recovery, with an additional 2% to 3% achievable by gravity methods. Recovery is highly variable

as deportment shifts from native copper to sulphides, requiring flexibility within the processing flowsheet

between gravity and flotation operations to achieve an average of 63% overall native copper recovery. This

ore is typically very soft, resulting in low comminution costs and high mill throughputs. Below the native

copper-bearing zones of both Blackard and Scanlan are sulphide zones containing bornite and chalcopyrite,

behaving similarly to Turkey Creek ore. The flotation response of the ore from the native copper to the

sulphide transition zone increases with sulphide content, as expected.

10.2Little Eva Deposit

The Little Eva deposit is classified as an IOCG deposit. Copper is present as chalcopyrite, with trace amounts

of bornite and chalcocite. The host rock contains high levels of iron oxides such as hematite and magnetite.

Most of the deposit contains trace quantities of pyrite requiring no pH modification at the rougher and

cleaner stage. Chalcopyrite is present in relatively coarse grain sizes, resulting in 95% liberation at 212 µm.

Overall, this ore presents minimal challenges from a metallurgical perspective, as it has average comminution

characteristics and yields high copper recovery.

Effective date: 30 June 2025

10.2.1Mineralogy

Previous mineralogical studies of Little Eva highlighted that the ore is predominantly feldspar, quartz,

carbonate, amphibole, biotite mica and iron oxide minerals, with minor to trace amounts of copper and iron

sulphides. The deposit is low in overall sulphur content, with sulphur assays commonly being less than 0.8%

but ranging as high as 1.6%. QEMSCAN analysis of the bulk flotation feed and the tailings composite samples

has identified chalcopyrite (CuFeS2) as the main copper- bearing mineral, locally ranging in abundance from

0.1% to 2%. Trace bornite (Cu5FeS4) usually occurs intergrown with chalcopyrite and is less than one tenth

the abundance of chalcopyrite. Pyrite (FeS2) and chalcocite (Cu2S) occur in ultra-trace amounts of about one

hundredth the abundance of chalcopyrite. A scanning electron microscope (SEM) analysis of hand-panned

flotation concentrate identified very fine particles (ranging in size from 2 μm to 9 μm) of electrum (gold ±

silver) associated with pyrite and/or chalcopyrite. Figure 10-1 and Figure 10-2 show typical chalcopyrite and

bornite associations with gangue minerals within the host rock.

**Figure 10-1: Drill Hole LED495, Specimen 94975, Scale** 

**4.6 mm**

![figure12-1a.jpg](figure12-1a.jpg)

In the QP's opinion, the metallurgical testwork

completed to date is sufficiently representative

of the styles of mineralisation present at Eva to

inform reasonable recovery assumptions for

Mineral Resource disclosure. Additional

confirmatory testwork may further refine these

assumptions.

**Figure 10-2: Drill Hole LED495, Specimen 94966, Scale** 

**1.6 mm**

![figure12-2a.jpg](figure12-2a.jpg)

Effective date: 30 June 2025

11Mineral Resource Estimates

Section 229.601(b)(96)(iii)(B) (11) (i-vii)

11.1Introduction

The Eva Copper Project is currently composed of six deposits; in order of importance, they are Little Eva,

Turkey Creek, Blackard, Scanlan, Bedford, and Lady Clayre. Little Eva is the main deposit, hosting a majority of

the Mineral Resource and Reserve, while the others are considered satellite or supplemental deposits. As

there are significant differences in the deposits with respect to tonnage, metal grades, nature of

mineralisation, and drill density, different resource estimation strategies were employed for each deposit.

The geology, structural setting, and mineralisation of each of the deposits has been described in previous

sections and will only be touched upon in this section as is required for understanding resource estimation.

All deposits have had previous resource and reserve estimates carried out. Some additional drilling has been

carried out on the Little Eva, Turkey Creek, and Blackard deposits since the previous resource estimates were

made, but the amount of drilling, in comparison to past work, was relatively minor, as the new drilling was

mostly for verification of historical data and to collect material for metallurgical testing. For the most part,

resources have been re-estimated using different techniques and block sizes to better match proposed

mining equipment and incorporate anticipated mining dilution and ore losses associated with the larger

equipment. The type of mineralisation is such that the larger mining equipment, while increasing mining

efficiency, will likely result in higher levels of dilution with resultant lower grades. However, the amount of

contained metal within the earlier and current estimates is similar. It is anticipated that there will be

opportunities to increase grades delivered to the mill through enhanced grade control procedures during

mining together with the use of stockpiling strategies. Resource estimates leading to reserves that form the

basis of pit design should be conservative. Mineral Resources were estimated under the supervision of Mr.

Ronald Reid, B.Sc.(Hons), FAIG., Harmony's QP responsible for Mineral Resources.

11.2Resource Estimation Procedures

The resource estimation methodology was similar for all deposits, and involved the following procedures:

• Understanding, to the extent possible, geological controls of mineralisation and grade distribution,

and determination of domains

• Deposit description and mineralisation domains based on geology, structure, and weathering profiles

• Determine suitable block model sizes and extents for each deposit

• Describe drill hole database, validate drill data, and extract the relevant data required for resource

estimation

• Analyse the data through univariate and bivariate statistical data analysis Determine what, if any, data

conditioning (capping and compositing) is required

• Variography on deposits and deposit domains (required for kriging interpolations)

• Grade interpolation

• Resource, classification, and validation

• Mineral Resource Statement.

11.3Geological and Mineralisation Models and Domains

The following sections describe the criteria for the definition of the geological and mineralisation models at

the deposits. Domains for grade estimation are based on structural orientation and/or lithological controls on

mineralisation as well as metallurgical/mineralogical zones related to weathering profiles. The weathering

profile for all the copper-gold deposits is reasonably consistent, with an upper zone of oxidised rock generally

between 15 m and 25 m in depth, with a relatively sharp boundary between fresh rock or supergene zones,

depending upon the deposit. The oxide and supergene zones are defined by observation during core or chip

logging and verified by sulphur analyses on a subset of the drill holes within the deposit. Deposit geology and

figures describing weathering or supergene domains used for resource estimation are presented in Section 6.

Domains defined by structural or lithological orientation are described in Sections 11.6 and 11.7.

Effective date: 30 June 2025

11.3.1Little Eva

Three major structural-lithological domains, separated by faults, have been defined for the Little Eva deposit,

each domain with differing orientations of mineralisation continuity. Previous workers defined additional

subzones of either high- or mid-grade domains based on drill hole copper grades. Recent work, both with the

data and limited drill core examination, determined that the subdomain boundaries were gradational and

not likely to be visually distinct during mining. Attempts to define the high-grade zones with variography

were not successful and therefore these subdomains were not maintained during grade interpolation. A plan

view and typical drill sections illustrating the four larger domains (and earlier subdomains) are provided in

Figure 6-5 and Figure 6-6.

The upper part of the deposit is oxidised, usually to a depth of 15 m to 25 m, and the transition to sulphide

mineralisation is quite sharp. The oxidised zone contains copper in native form as well as neotocite (Fe-Mn-

Cu mineraloid) and carbonate copper species. Additional testing for recovery of copper from the oxide zone

has been carried out, and no economical method of copper extraction has been determined and

consequently, the oxide zone is considered to be waste. The oxide zone is present over top of all structural-

lithological domains. The contact between the oxide zone and fresh rock was treated as 'soft' during

interpolation as grade changes across the boundary were minimal.

11.3.2Turkey Creek

The Turkey Creek deposit was the most recent discovery at the Eva Copper Project and is a copper- only

deposit (without gold). Resource estimation of the Turkey Creek deposit was constrained within a

stratigraphically controlled grade shell above 0.1% Cu. The Turkey Creek deposit occurs as two tabular

higher-grade zones separated by a lower grade zone. Although a lower grade internal core has been defined

as a domain, these domain boundaries were not used during the interpolation as it may not be possible to

segregate this zone during mining. However, interpolated block grades, clearly define the medial low-grade

zone indicating that grade interpolation correctly honours drill data, as well as the potential for selective

removal during mining, depending upon applied cut-off grade. Changes in orientation of the mineralisation

on the north end of the deposit, to the north of the Turkey Creek Fault, resulted in two additional domains.

11.3.3Native Copper deposits

The Native Copper are very similar deposits geologically, being stratabound with locally deep weathered

profiles containing native copper. Additional drilling on Blackard and metallurgical testing on both Blackard

and Scanlan has been completed and will be used to inform a mine plan.

Blackard, Legend, Great Southern and Scanlan are nearly identical geologically and metallurgically, both

occurring near- surface and within deformed and metamorphosed carbonate rich sediments. Folded

stratigraphy and changes in copper mineralisation due to weathering require modification to the resource

estimation procedures employed for the Little Eva deposit. The deposits appear to occur as thin (10 m) to

thick (100 m) bands of mineralisation folded into a tight synform and open antiform pair. The deposits

contain weathering profiles that include an upper oxide zone, which is treated as waste (although grades are

interpolated within the zone), followed by the copper zone where a significant proportion of the copper is

contained as fine native copper, followed by a narrow transition zone of mixed metallic copper and sulphide

species, and a lowermost sulphide zone (Figure 6-11 and Figure 6-14). In both deposits, the weathering

profile and related native copper zone is much deeper or more extensively developed over the synform part

of the deposit areas. The silver content of the sulphide zone is locally significant but was not included in the

resource estimates due to a lack of informing data.

Effective date: 30 June 2025

The Blackard deposit strikes northerly and has been subdivided into structural domains based on the dip

and/or plunge of the mineralisation (Figure 6.-10). An outer 0.1% copper shell that reflects interpreted folded

stratigraphy and separates barren rock from mineralisation on drill sections, was used to constrain the

resource estimates. Mineralisation is folded and curved, whereas interpolation searches are generally linear,

so to account for the folded stratigraphy dynamic anisotropy was used to follow the fold curvature (Figure

6-11). Histograms of assay grades on drill sections display high variability of grade down hole, but in some

areas, particularly within the Blackard deposit, alternating high and lower grade bands were noted to align

over moderate distances, both on section and along strike these bands were used to guide the orientation of

the interpolation search rather than the outline of the grade shell. The boundaries between mineralogical

domains are treated as soft during resource estimation but are used as hard boundaries for assigning

metallurgical recoveries. The three structural domains at Blackard were treated as hard boundaries for

estimation.

11.3.4Ivy Ann

Ivy Ann is a copper-gold mineralised trend that consists of two deposits hosted within steep, east-dipping

zones, with strikes to the north and northeast (Figure 6-17). The two deposits are separated by 700 m of

barren rock and are termed Ivy Ann and Ivy Ann North. The mineralisation domain at Ivy Ann includes a main

structural zone and two minor hanging wall structures, defined within an outer grade shell at a copper cut-off

of 0.1%. At Ivy Ann North there are 14 separate mineralised structures interpreted which were interpolated

within a single outer grade shell defined by a copper cut-off of 0.1%.

The Ivy Ann deposit is not currently being considered by Harmony in the current mining study due to its size

and distance from the Mill.

11.3.5Lady Clayre

Mineralisation at Lady Clayre occurs in a variety of orientations with multiple geological controls, both

structure and lithology exert control on mineralisation within a sequence of poly-deformed shales, siltstones,

schists, and dolomites (Figure 6-15). Copper-gold mineralisation is coarse-grained and commonly occurs

within brecciated rocks. Five zones were defined by Altona based on 0.1% Cu grade shells. Mineralisation in

the northern part of the deposit strikes northwesterly and dips moderately to steeply to the west, while

mineralisation to the south strikes northeast and also dips moderately to steeply to the west. The deposit

area was divided into two domains based on orientation of mineralisation, but neither enclosing grade shells

nor smaller subdomains were used for estimation. A separate domain was created for the oxide zone, which

consists of a 15 m to 25 m thick layer with both oxide and carbonate copper species (Figure 6-16).

11.3.6Bedford

Bedford geology was reinterpreted by Altona in 2016, integrating drill data, surface mapping, high- resolution

soil geochemistry, and geophysics into a structural analysis. The confidence in the geological interpretation is

moderate to high, based on well-defined local and regional controls on the mineralisation geometry.

Mineralisation outcrops at surface and has been tested to a depth of 140m and remains open. The Bedford

mineralisation is hosted within a steep westerly- dipping shear zone 50m to 120m wide, striking north-

northeast (Figure 6-18). Within the broad shear zone there is an array of mineralised structures with typical

widths of 5m to 12m, which anastomose but follow the broad overall shear zone trend (Figure 6-19). Drilling

has defined two separate areas of mineralisation within the shear zone (Bedford South and Bedford North)

where sufficient mineralisation is present to be extracted by open pit mining.

The mineralisation is divided into two domains, Bedford north and Bedford South. Both domains lie within

the Bedford shear zone and are separated by an area poorly drilled and mineralised about 800m long. The

current state of the lithology logs restricts a lithology model to be developed at this stage and will require a

relogging programme to inform future models. The mineralisation is controlled by north-northeast trending,

steeply dipping veins which plunge towards the north, there is sufficient grade continuity in all directions

within the 0.1% shells.

Effective date: 30 June 2025

11.3.7Block Models

Mineral resources are estimated by interpolating composited drill hole grades into a block model, which

models the space containing the mineralisation into rectangles or cubes (blocks). The appropriate block size

is determined by considering the smallest selective mining unit (SMU), which is a function of either the size

and type of mining equipment to be used or the spacing planned for grade control drilling, and the spacing of

the data used to interpolate grades into the blocks. Differences in the size and shapes of the deposits, and

different data densities within the Project area result in different blocksizes. Each block is assigned a

geological rock type code, oxidation code or domain code by intersecting the block model with 3D wireframe

models of the geology.

The software used for grade interpolation is determined by the estimator or consultancy undertaking the

work. The Lady Clayre and Ivy Ann Resource models were estimated by CMMC using GemCom Gems

software. The Turkey Creek 2025 Resource updates for Harmony were completed by SRK in Maptek Vulcan

2023, Datamine RM, and Isatis.Neo. Micromine 2024 was used for the other deposits and to validate the

estimates.

Deposit block models are usually laid out as 3D rectilinear shapes that will fully envelop all known

mineralisation. Details of the deposit block models are provided in Table 11-1.

**Table 11-1: 3D Block Model Limits (UTM Coordinates and MineRL (AMD+1000 m)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Deposit | Direction | Minimum | Maximum | Block Size | No. of Blocks |
| Little Eva | Easting | 409760 | 411690 | 10 | 193 |
| Little Eva | Northing | 7770755 | 7773355 | 20 | 130 |
| Little Eva | Elevation | 530 | 1210 | 10 | 68 |
| Turkey Creek | Easting | 412000 | 413100 | 10 | 110 |
| Turkey Creek | Northing | 7770750 | 7772510 | 20 | 88 |
| Turkey Creek | Elevation | 650 | 1250 | 5 | 120 |
| Blackard | Easting | 411800 | 413400 | 10 | 160 |
| Blackard | Northing | 7764300 | 7766800 | 20 | 125 |
| Blackard | Elevation | 500 | 1300 | 5 | 160 |
| Scanlan | Easting | 411600 | 413040 | 20 | 72 |
| Scanlan | Northing | 7753550 | 7755770 | 40 | 55 |
| Scanlan | Elevation | 735 | 1205 | 10 | 47 |
| Bedford | Easting | 414797 | 415207 | 10 | 42 |
| Bedford | Northing | 7765697 | 7768457 | 10 | 477 |
| Bedford | Elevation | 1000 | 1190 | 10 | 20 |
| Lady Clayre | Easting | 409132 | 410492 | 5 | 272 |
| Lady Clayre | Northing | 7751523 | 7753283 | 5 | 352 |
| Lady Clayre | Elevation | 400 | 1400 | 5 | 200 |
| Ivy Ann | Easting | 425100 | 427000 | 5 | 380 |
| Ivy Ann | Northing | 7741000 | 7744600 | 5 | 720 |
| Ivy Ann | Elevation | 900 | 1280 | 5 | 76 |
| Legend | Easting | 409011 | 411796 | 20 | 141 |
| Legend | Northing | 7767240 | 7769000 | 10 | 177 |
| Legend | Elevation | 800 | 1190 | 10 | 40 |
| Great Southern | Easting | 425100 | 427000 | 5 | 380 |
| Great Southern | Northing | 7741000 | 7744600 | 5 | 720 |
| Great Southern | Elevation | 900 | 1280 | 5 | 76 |

---

All block models are in metric units without any rotation and generally are rectangular shaped, with the long

axis to the north and the shorter axis to the east due to the north-south trending deposits. multiple of 5m

high RL blocks were used for all deposits to allow for bench heights of 5m, 10m, or 15m depending on

Effective date: 30 June 2025

deposit size. Where blocks are cut by a domain boundary (e.g., ore-waste boundary), a sub-block of 5x5x5m

has been used to define the boundary. All block models are in GDA2020 / MGA Zone 54 projection and in

Mine RL, which is AHD + 1000 m.

A variety of information is stored in the block model, including interpolated grades for copper and gold

(where present), geological codes, specific gravities (SGs), and royalty requirements (Discussed in Section

3.6), various kriging parameters, metallurgical zones, and block classifications. Block models for Little Eva,

Turkey Creek, Blackard, Scanlan, and Bedford are coded according to domains defined by computer solids

models built on geological wireframes that represent mineralisation boundaries and/or any distinct structural

areas or breccia zones. Outer domain boundaries for the Little Eva, Turkey Creek, Blackard, Scanlan, and

Bedford deposits, and all structural boundaries were treated as hard, as the boundary is in most cases

geological, and any drill data outside the boundary was not used for interpolation of block grades.

However, boundaries between mineral-type domains are soft, and data on either side of the boundary can

be used by the interpolation. Blocks are segregated by all domain boundaries. For the Scanlan deposit, all

drill data were available for interpolation, although not all data were used, as many isolated holes were too

distant to have an adjacent hole within the search area, which was a requirement of interpolation protocol.

Only blocks that were inside the geological (or grade) shell were used to report the Resources.

**Figure 11-1: Little Eva Block Model 0.1% Cu Domain Containing the Estimation Domains**

![le_domainsa.jpg](le_domainsa.jpg)

Note:

The Little Eva deposit showing three main structural domains.

Image view is southwest with north to bottom right.

Effective date: 30 June 2025

**Figure 11-2: Isometric View of the Blackard estimation domains**

![gradedomainsa.jpg](gradedomainsa.jpg)

Note:

The Blackard deposit showing internal higher grade core.

Image view is northeast with north to the left

11.4Database and Statistical Analysis

11.4.1Drill Hole Database

The Harmony drill hole database is stored on the company server and SQL format and is accessed via a

Maxwells Datashed front end. Data for each of the deposits was uploaded to a Micromine workspace, where

it was reviewed and analysed. Little Eva, Turkey Creek, Blackard, and Scanlan databases were uploaded

directly from the previously defined file structure used for the 2012–2015 Optiro resource estimates and any

data from recent drilling was added to the appropriate data base. Data quality was reviewed and combined

with Altona's extensive previous validation work by third-party consultants, the data was determined to be of

high quality, and valid for use in resource estimation.

Standard checks (missing intervals, missing holes, overlapping intervals) did not reveal any errors in the

database, although there were a small number of copper assays without a corresponding gold assay. The

Project database includes collar, survey, assay, and lithological information, as well as drill hole type, year

drilled, and company information from the various historical drill campaigns (see Table 11-2).

Both, DD and RC drilling have taken place throughout all the deposits by many companies, including URL,

Dominion, Bruce Resources, PanAust, Xstrata, Altona and CMMC. A small amount of drilling for due diligence

and/or to collect metallurgical sample material was carried out by Sichuan Railway Investment Group (SRIG)

and CMMC in between 2016 and 2018 and an 18-hole RC programme on the Blackard deposit was completed

in 2019. Table 11-2 gives the breakdown of the drill data by company, the number of drill holes, and the

years that the drilling occurred in all the current resource areas.

The drilling history of the Eva Copper Project dates to the late 1970s, when CRAE began drilling in the Little

Eva and Lady Clayre areas (Figure 11-3, Table 11-2). Since then, numerous campaigns of RAB, RC, and DD

drilling have taken place throughout the Project area and on all the deposits by many companies including:

URL, Dominion, Bruce Resources, Pan Australian, Xstrata, Altona and CMMC. A small amount of drilling for

grade confirmation and to obtain fresh samples for metallurgical testing was carried out by SRIG (2016-2017)

and CMMC in 2018 and 2019.

Most of the drilling on the Project was focused on the Little Eva (36%) (Figure 11-4) and Blackard (28%)

deposits while Lady Clayre has 11% of total drilled metres, followed by Scanlan, Bedford, Ivy Ann, and Turkey

Creek, with 9%, 6%, 6%, and 4%, respectively. Much of the RAB drilling was for exploration outside of the

Effective date: 30 June 2025

deposit areas, and due to possible contamination issues with RAB samples, no RAB holes were used in the

resource estimations.

**Table 11-2: Summary of Exploration Drilling by Company**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Deposit | Year | Company | Hole Type | Hole Count | Metres | % of Total |
| Little Eva | 1978–1996 | CRAE | DD | 6 | 2330 | 37% |
| Little Eva |  |  | RC | 61 | 5293 | 37% |
| Little Eva | 2002–2006 | URL | RC | 281 | 37855 | 37% |
| Little Eva |  |  | DD | 30 | 4037 | 37% |
| Little Eva | 2006 | Xstrata | DD | 2 | 984 | 37% |
| Little Eva | 2011–2018 | Altona | RC | 102 | 20899 | 37% |
| Little Eva |  |  | DD | 11 | 2572 | 37% |
| Little Eva | 2018-2022 | CMMC | DD | 22 | 429 | 37% |
| Little Eva |  |  | RC | 7 | 6030 | 37% |
| Little Eva | 2023-2025 | Harmony | DD | 69 | 21402 | 37% |
| Little Eva |  |  | RC | 94 | 21209 | 37% |
| Turkey Creek | 1993 | CRAE | RC | 2 | 218 | 6% |
| Turkey Creek | 2011 | Xstrata | RC | 2 | 300 | 6% |
| Turkey Creek | 2012–2015 | Altona | RC | 49 | 7296 | 6% |
| Turkey Creek |  |  | DD | 5 | 404 | 6% |
| Turkey Creek | 2018-2022 | CMMC | DD | 1 | 132 | 6% |
| Turkey Creek |  |  | RC | 9 | 594 | 6% |
| Turkey Creek | 2023-2025 | Harmony | RC | 67 | 10157 | 6% |
| Blackard | 1991–1995 | CRAE | DD | 19 | 4770 | 26% |
| Blackard |  |  | RC | 8 | 1120 | 26% |
| Blackard |  |  | PERC | 6 | 613 | 26% |
| Blackard | 2002 | Bolnisi Logistics | DD | 7 | 927.8 | 26% |
| Blackard |  |  | RC | 121 | 13558 | 26% |
| Blackard | 2005–2009 | URL | DD | 46 | 12419 | 26% |
| Blackard |  |  | RC | 117 | 13746 | 26% |
| Blackard | 2011 | Altona | DD | 3 | 548 | 26% |
| Blackard |  |  | RC | 21 | 4049 | 26% |
| Blackard | 2019 | CMMC | RC | 18 | 2695 | 26% |
| Blackard | 2023-2025 | Harmony | DD | 74 | 23286 | 26% |
| Blackard |  |  | RC | 47 | 6411 | 26% |
| Scanlan | 1991–1995 | CRAE | RC | 97 | 7553 | 6% |
| Scanlan |  |  | DD | 5 | 1636 | 6% |
| Scanlan |  |  | AC | 3 | 110 | 6% |
| Scanlan | 2002 | Bolnisi Logistics | RC | 2 | 397 | 6% |
| Scanlan | 2005–2006 | URL | RC | 45 | 5358 | 6% |
| Scanlan |  |  | DD | 11 | 1803 | 6% |
| Scanlan | 2007–2008 | Xstrata | DD | 2 | 798.2 | 6% |
| Scanlan | 2010 | URL | RC | 7 | 1324 | 6% |
| Bedford | 1990 | CRAE | RC | 5 | 420 | 4% |
| Bedford | 2003–2009 | URL | RAB\* | 43 | 1680 | 4% |
| Bedford |  |  | RC | 97 | 9762 | 4% |
| Bedford |  |  | DD | 1 | 160 | 4% |
| Bedford | 2015 | Altona | DD | 1 | 36 | 4% |

---

Effective date: 30 June 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Deposit | Year | Company | Hole Type | Hole Count | Metres | % of Total |
| Ivy Ann | 1992–1993 | Dominion | RAB\* | 26 | 863 | 4% |
| Ivy Ann |  |  | RC | 15 | 1591 | 4% |
| Ivy Ann | 1995 | Bruce Resources | RC | 11 | 1084 | 4% |
| Ivy Ann | 1995–1996 | Pan Australian | RC | 10 | 1268 | 4% |
| Ivy Ann |  |  | RAB | 44 | 1972 | 4% |
| Ivy Ann | 2003–2009 | URL | RC | 18 | 2205 | 4% |
| Ivy Ann | 2011–2012 | Altona | RC | 27 | 5448 | 4% |
| Lady Clayre | 1978–1998 | CRAE | RAB\* | 50 | 471 | 8% |
| Lady Clayre |  |  | RC | 46 | 5477 | 8% |
| Lady Clayre |  |  | DD | 30 | 7994 | 8% |
| Lady Clayre | 2002–2009 | URL | RAB | 39 | 1913 | 8% |
| Lady Clayre |  |  | RC | 40 | 4967 | 8% |
| Lady Clayre |  |  | DD | 2 | 154 | 8% |
| Lady Clayre | 2011–2012 | Altona | RC | 27 | 5188 | 8% |
| Legend | 1991-1995 | CRAE | RC | 26 | 2616 | 6% |
| Legend |  |  | DD | 3 | 323 | 6% |
| Legend |  |  | AC | 13 | 695 | 6% |
| Legend | 2006-2008 | Xstrata | DD | 3 | 1153 | 6% |
| Legend | 2010 | Altona | RC | 6 | 1116 | 6% |
| Legend | 2019 | CMMC | RC | 2 | 256 | 6% |
| Legend | 2023-2024 | Harmony | RC | 42 | 7071 | 6% |
| Legend |  |  | RC_DDT | 29 | 7071 | 6% |
| Legend |  |  | DD | 3 | 770 | 6% |
| Great Southern | 1991-1994 | CRAE | AC | 6 | 283 | 3% |
| Great Southern |  |  | RC | 14 | 1310 | 3% |
| Great Southern | 2003 | URL  | RC | 14 | 1630 | 3% |
| Great Southern | 2011 | Xstrata | DD | 2 | 635 | 3% |
| Great Southern | 2024 | Harmony | RC | 14 | 2556 | 3% |
| Great Southern |  |  | RC_DDT | 11 | 2705 | 3% |
| Great Southern |  |  | DD | 20 | 458 | 3% |
| Total  |  |  |  | 2219 | 328564 |  |

---

Notes: DD = diamond drilling, RC = reverse circulation, RAB = rotary air blast, RC_DDT = RC with diamond core tail

\* denotes holes not used in resource estimates.

Effective date: 30 June 2025

**Figure 11-3: Little Eva Drill Collar Plan by Company**

![le_dhplana.jpg](le_dhplana.jpg)

Effective date: 30 June 2025

**Figure 11-4: Number of Little Eva Drill Holes by Year and Company**

![littleevadhcounta.jpg](littleevadhcounta.jpg)

Note: Chart shows all drilling at Little Eva

11.4.2Deposit Assay Data Statistics

Assay datasets for each deposit were examined using univariate statistics to provide an understanding of

ranges, distribution, and variance to determine the appropriate methods of resource estimation. In some

cases, outlying holes which did not intersect the area of mineralisation were removed prior to statistical

analysis. A summary of assay statistics for each deposit is provided in Table 11-3, and selected histograms of

assay data and composites are presented in the various figures and tables that follow in this section.

The Little Eva deposit has lognormal distributions of both copper and gold, with high, but acceptable

coefficient of variation ("CoV"), drilling was composited to 2m intervals to assist with stationarity. Turkey

Creek mineralisation is a much smaller dataset, and is unusual in that it is negatively skewed, with the

number of samples increasing towards higher grades, likely a function of visually distinct mineralised zones

favouring sampling within the mineralisation. The Bedford, lady Clayre, and Ivy Ann deposits all have high

maximums and correspondingly high CoVs, with low median values due to multiple relatively narrow zones of

mineralisation separated by non-mineralised material. The Blackard and Scanlan deposits both have log-

normal distributions with relatively low CoV's and have similar statistics to each other with slightly higher

median and mean grades in the Scanlan deposit.

**Table 11-3: Summary of Assay Statistics by Deposit**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deposits** | **Statistics** | **Raw Assays\* Uncapped** | **Raw Assays\* Uncapped** | **2m Composite used in Estimate\*\*** | **2m Composite used in Estimate\*\*** |
| **Deposits** | **Statistics** | **Cu (%)** | **Au (g/t)** | **Cu (%)** | **Au (g/t)** |
| Little Eva | Count | 104256 | 102873 | 54655 | 53881 |
| Little Eva | Mean | 0.24 | 0.04 | 0.25 | 0.05 |
| Little Eva | Median | 0.09 | 0.02 | 0.11 | 0.02 |
| Little Eva | Minimum |  |  |  |  |
| Little Eva | Maximum | 18.89 | 12.70 | 16.80 | 5.82 |
| Little Eva | Std. Dev. | 0.55 | 0.15 | 0.50 | 0.12 |
| Little Eva | CoV | 2.27 | 3.42 | 2.02 | 2.40 |

---

Effective date: 30 June 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deposits** | **Statistics** | **Raw Assays\* Uncapped** | **Raw Assays\* Uncapped** | **2m Composite used in Estimate\*\*** | **2m Composite used in Estimate\*\*** |
| **Deposits** | **Statistics** | **Cu (%)** | **Au (g/t)** | **Cu (%)** | **Au (g/t)** |
| Turkey Creek | Count | 19054 |  | 2589 |  |
| Turkey Creek | Mean | 0.17 |  | 0.45 |  |
| Turkey Creek | Median | 0.03 |  | 0.35 |  |
| Turkey Creek | Minimum |  |  |  |  |
| Turkey Creek | Maximum | 4.50 |  | 3.12 |  |
| Turkey Creek | Std. Dev. | 0.31 |  | 0.34 |  |
| Turkey Creek | CoV | 1.86 |  | 0.76 |  |
| Bedford | Count | 9499 | 9395 | 5650 | 56050 |
| Bedford | Mean | 0.19 | 0.05 | 0.19 | 0.06 |
| Bedford | Median | 0.03 | 0.01 | 0.03 | 0.01 |
| Bedford | Minimum |  | 0.01 |  | 0.01 |
| Bedford | Maximum | 11.5 | 6.46 | 8.24 | 3.98 |
| Bedford | Std. Dev. | 0.59 | 0.19 | 0.52 | 1.68 |
| Bedford | CoV | 3.08 | 3.41 | 2.79 | 2.98 |
| Lady Clayre | Count | 19157 | 19218 | 19157 | 19218 |
| Lady Clayre | Mean | 0.16 | 0.07 | 0.16 | 0.07 |
| Lady Clayre | Median | 0.03 | 0.01 | 0.03 | 0.01 |
| Lady Clayre | Minimum |  |  |  |  |
| Lady Clayre | Maximum | 20.7 | 45.1 | 20.7 | 45.1 |
| Lady Clayre | Std. Dev. | 0.48 | 0.49 | 0.48 | 0.49 |
| Lady Clayre | CoV | 3.09 | 7.43 | 3.09 | 7.43 |
| Ivy Ann | Count | 11458 | 11458 | 11458 | 11458 |
| Ivy Ann | Mean | 0.17 | 0.03 | 0.17 | 0.03 |
| Ivy Ann | Median | 0.03 | 0 | 0.03 | 0 |
| Ivy Ann | Minimum |  |  |  |  |
| Ivy Ann | Maximum | 23.5 | 3.18 | 23.5 | 3.18 |
| Ivy Ann | Std. Dev. | 0.51 | 0.08 | 0.51 | 0.08 |
| Ivy Ann | CoV | 3.09 | 3.22 | 3.09 | 3.22 |
| Blackard | Count | 59660 |  | 42751 |  |
| Blackard | Mean | 0.24 |  | 0.25 |  |
| Blackard | Median | 0.10 |  | 0.11 |  |
| Blackard | Minimum |  |  |  |  |
| Blackard | Maximum | 8.97 |  | 7.26 |  |
| Blackard | Std. Dev. | 0.39 |  | 0.33 |  |
| Blackard | CoV | 1.60 |  | 0.15 |  |
| Scanlan | Count | 4882 |  | 4289 |  |
| Scanlan | Mean | 0.52 |  | 0.51 |  |
| Scanlan | Median | 0.14 |  | 0.138 |  |
| Scanlan | Minimum | 0 |  |  |  |
| Scanlan | Maximum | 6.85 |  | 6.85 |  |
| Scanlan | Std. Dev. | 0.56 |  | 0.57 |  |
| Scanlan | CoV | 1.04 |  | 1.11 |  |

---

Effective date: 30 June 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deposits** | **Statistics** | **Raw Assays\* Uncapped** | **Raw Assays\* Uncapped** | **2m Composite used in Estimate\*\*** | **2m Composite used in Estimate\*\*** |
| **Deposits** | **Statistics** | **Cu (%)** | **Au (g/t)** | **Cu (%)** | **Au (g/t)** |
| Legend | Count | 17850 |  | 10412 |  |
| Legend | Mean | 0.17 |  | 0.17 |  |
| Legend | Median | 0.04 |  | 0.04 |  |
| Legend | Minimum | 0 |  |  |  |
| Legend | Maximum | 13.85 |  | 7.89 |  |
| Legend | Std. Dev. | 0.34 |  | 0.32 |  |
| Legend | CoV | 1.97 |  | 1.85 |  |
| Great Southern | Count | 7638 |  | 4774 |  |
| Great Southern | Mean | 0.19 |  | 0.19 |  |
| Great Southern | Median | 0.07 |  | 0.07 |  |
| Great Southern | Minimum | 0 |  |  |  |
| Great Southern | Maximum | 4.64 |  | 4.52 |  |
| Great Southern | Std. Dev. | 0.11 |  | 0.10 |  |
| Great Southern | CoV | 1.73 |  | 1.63 |  |

---

Note: \*Assay data from both sulphide and oxide zones. \*\*Lady Clayre and Ivy Ann use 2.5m composites.

More detailed analysis was carried out on the Little Eva, Blackard, and Scanlan deposits to evaluate potential

for data bias between drill hole type, company, and drill hole orientation. Comparisons of statistics between

exploration programmes by company for Little Eva are shown in Table 11-4. In general, the statistics are quite

similar, except for the mean grade, which is lower for the Altona holes due to the additional drilling around

the edges of the deposit, as can be observed in the drill hole plan (Figure 11-3), which shows the collars

colour-coded by company. Similarly, Table 11-5 compares basic statistics between RC and DD; the higher

mean and medians for the DDs are a result of the DDs being preferentially drilled in the north-central, higher

grade area of the deposit as illustrated in Figure 11-5.

*11.4.2.1Little Eva Deposit*

Drill hole data for the Little Eva deposit was examined for any form of bias related to different drill

programmes by different companies, or differing drill equipment or drill hole orientations. While differences

are noted in Table 11-4 and Table 11-5, it is believed these differences are more reflective of the location of

the drill holes as opposed to any inherent bias. Table 11-6 shows the global raw assay data for the estimation

domains at Little Eva. The database is deemed good for resource estimation.

**Table 11-4: Summary of Cu Assay Statistics for Little Eva by Company Drill Data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CRAE** | **URL** | **Altona** | **Xstrata** | **Harmony** |
| Count | 4,757 | 61,796 | 529 | 716 | 36,458 |
| Mean | 0.26 | 0.294 | 0.389 | 0.264 | 0.147 |
| Median | 0.10 | 0.126 | 0.182 | 0.166 | 0.013 |
| Minimum | 0 | 0 | 0 | 0 | 0 |
| Maximum | 16.8 | 18.9 | 11.0 | 2.5 | 15.2 |
| Std. Dev. | 0.65 | 0.61 | 0.75 | 0.30 | 0.41 |
| CoV | 2.49 | 2.07 | 1.94 | 1.14 | 2.78 |

---

**Table 11-5: Summary of Basic Statistics for RC vs. Diamond Drill Hole Assays for Little Eva**

---

| | | |
|:---|:---|:---|
|  | **RC** | **DD** |
| Count | 80,252 | 24,004 |
| Mean | 0.25 | 0.23 |
| Median | 0.10 | 0.06 |
| Minimum | 0 | 0 |
| Maximum | 18.9 | 15.2 |
| Std. Dev. | 0.56 | 0.57 |
| CoV | 2.22 | 2.45 |

---

Effective date: 30 June 2025

A review of drill hole orientation was undertaken on the Little Eva deposit to assess for any grade bias in the

data. Drill holes were partitioned based on either easterly orientations (azimuth 50–140), westerly

orientations (azimuth 230–320) or vertical holes (dip ≥ -80). A very small sub-set of holes were drilled

towards the south or north and are not included (Figure 11-6). Statistics for copper assays based on drill hole

orientation is provided in Table 11-7 and indicates that there is little difference between westerly- inclined

drill holes and easterly-inclined drill holes. Vertical drill holes have a higher mean grade, probably related to a

concentration of these holes in the higher-grade central and northerly parts of the deposit. Examination of

the detailed drill sections indicates that mineralisation is not systematically vertically oriented, and therefore

vertical drill holes are unlikely to produce grade bias.

**Table 11-6: Basic Statistics for Raw Assays by Domain at Little Eva**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **North** | **North** | **Central** | **Central** | **South** | **South** | **Total** | **Total** |
| | **Cu%** | **Au g/t** | **Cu%** | **Au g/t** | **Cu%** | **Au g/t** | **Cu%** | **Au g/t** |
| Count | 8720 | 8720 | 26242 | 26242 | 26580 | 26580 | 61542 | 61542 |
| Mean | 0.64 | 0.08 | 0.42 | 0.08 | 0.27 | 0.08 | 0.39 | 0.07 |
| Minimum | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
| Maximum | 18.89 | 4.95 | 16.80 | 12.86 | 16.09 | 7.57 | 18.89 | 12.86 |
| Std. Dev. | 1.11 | 0.18 | 0.72 | 0.24 | 0.38 | 0.13 | 0.67 | 0.18 |
| CoV | 1.68 | 1.72 | 1.61 | 2.51 | 1.39 | 1.84 | 1.71 | 2.52 |

---

Note:

**Table 11-7: Cu% Assay Statistics Based on Drill Hole Orientation at Little Eva**

---

| | | | |
|:---|:---|:---|:---|
|  | **East Dip** | **West Dip** | **Vertical** |
| Count | 30,707 | 6,618 | 8,537 |
| Mean | 0.32 | 0.37 | 0.45 |
| Median | 0.17 | 0.18 | 0.21 |
| Minimum |  |  |  |
| Maximum | 16.80 | 16.09 | 18.89 |
| Std. Dev. | 0.54 | 0.69 | 0.78 |
| CoV | 1.70 | 1.87 | 1.72 |

---

Effective date: 30 June 2025

**Figure 11-5: Little Eva Drill Collar Plan with Drill Holes Colour Coded by Orientation**

![littleeva_dhplanxdhdirectia.jpg](littleeva_dhplanxdhdirectia.jpg)

Note: The concentration of vertical holes in the northern, higher-grade end of the deposit.

Effective date: 30 June 2025

**Figure 11-6: Plan View of Drill Collars Colour-Coded by Drill Type**

![littleeva_dhplanxdhtypea.jpg](littleeva_dhplanxdhtypea.jpg)

Effective date: 30 June 2025

*11.4.2.2Blackard Deposit*

A combination of drilling was used on the Blackard deposit and potential for bias between drill types was

examined. Additionally, basic statistics between domains were examined to support the use of soft domain

boundaries during interpolation. Examples of assay data statistics for Blackard domains are provided below in

Table 11-8, whereas examples of statistical analysis of composited data for the various deposits is provided in

Section 12.5.

Basic statistical analysis of copper assays was initially carried out on each mineralogical/structural domain;

however, a better comparison is provided by data above a very low-grade cut-off value as shown in Table

11-8. For statistical analysis three structural or orientation domains were defined for the Blackard deposit as

defined by faults: variable west dipping Northern domain, a central domain and southern domain, which

were further split into oxide, native copper and sulphide domains for resource estimation. The model was

estimated using dynamic anisotropy where the search ellipse follows the curvilinear fold of the deposit but

the statistics have been split into various domains to show the variation across the deposit.

The oxide zone typically has lower grades than the other zones which is as expected since copper has been

leached from this zone. The native copper domains are generally slightly higher grade, than the sulphide

domains, and shows less variability. The relatively small differences in statistical measures between the zones

supports the use of soft boundaries between the oxide, native copper and sulphide domains. The faulted

domain boundaries were treated as hard.

**Table 11-8: Cu% Assay Statistics by Resource Domain for the Blackard Deposit**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Zone** | **Oxide** | **Oxide** | **Oxide** | **Native Cu** | **Native Cu** | **Native Cu** | **Sulphide** | **Sulphide** | **Sulphide** |
| Domains | Centre | North | South | Centre | North | South | Centre | North | South |
| Blackard Deposit Assay Statistics (All assays) | Blackard Deposit Assay Statistics (All assays) | Blackard Deposit Assay Statistics (All assays) | Blackard Deposit Assay Statistics (All assays) | Blackard Deposit Assay Statistics (All assays) | Blackard Deposit Assay Statistics (All assays) | Blackard Deposit Assay Statistics (All assays) | Blackard Deposit Assay Statistics (All assays) | Blackard Deposit Assay Statistics (All assays) |  |
| Count | 1364 | 858 | 1724 | 4688 | 7173 | 3401 | 4782 | 3950 | 4102 |
| Mean | 0.350 | 0.200 | 0.390 | 0.600 | 0.410 | 0.490 | 0.370 | 0.350 | 0.380 |
| Median | 0.290 | 0.149 | 0.280 | 0.500 | 0.250 | 0.435 | 0.195 | 0.214 | 0.239 |
| Minimum | 0.010 | 0.010 | 0.010 | 0.010 | 0.010 | 0.010 | 0.010 | 0.010 | 0.010 |
| Maximum | 1.480 | 1.210 | 2.560 | 5.160 | 8.970 | 4.740 | 5.530 | 5.110 | 8.800 |
| Std. Dev. | 0.260 | 0.180 | 0.310 | 0.470 | 0.450 | 0.370 | 0.500 | 0.460 | 0.540 |
| CoV | 0.740 | 0.920 | 0.800 | 0.780 | 1.090 | 0.760 | 1.360 | 1.320 | 1.420 |
| Assays at, or >0.05% Cu Cut-off | Assays at, or >0.05% Cu Cut-off | Assays at, or >0.05% Cu Cut-off | Assays at, or >0.05% Cu Cut-off | Assays at, or >0.05% Cu Cut-off | Assays at, or >0.05% Cu Cut-off | Assays at, or >0.05% Cu Cut-off | Assays at, or >0.05% Cu Cut-off | Assays at, or >0.05% Cu Cut-off |  |
| Count | 1321 | 795 | 1673 | 4528 | 6828 | 3282 | 3135 | 3693 | 3341 |
| Mean | 0.360 | 0.220 | 0.400 | 0.620 | 0.430 | 0.510 | 0.440 | 0.470 | 0.460 |
| Median | 0.300 | 0.150 | 0.280 | 0.520 | 0.260 | 0.449 | 0.253 | 0.270 | 0.281 |
| Minimum | 0.050 | 0.050 | 0.050 | 0.050 | 0.050 | 0.050 | 0.050 | 0.050 | 0.050 |
| Maximum | 1.480 | 1.210 | 2.560 | 5.160 | 8.970 | 4.740 | 5.110 | 5.530 | 8.800 |
| Std. Dev. | 0.260 | 0.190 | 0.310 | 0.470 | 0.450 | 0.370 | 0.480 | 0.520 | 0.570 |
| CoV | 0.710 | 0.860 | 0.770 | 0.750 | 1.050 | 0.730 | 1.110 | 1.120 | 1.230 |

---

Basic statistics were also examined by drill type for Blackard. The differing statistics between core drilling and

RC drilling is believed to reflect the different locations of the drill holes (Table 11-9).

Diamond drill holes were used for deep step-outs and therefore drilled much greater distances in weakly

mineralised or unmineralised areas than the RC drilling, which is more concentrated within the deposit area.

There are no significant statistical differences when grades within the deposit shell were compared for the

two drill types.

Effective date: 30 June 2025

**Table 11-9: Cu% Assay Statistics by Drill Type for the Blackard Deposit**

---

| | | |
|:---|:---|:---|
| **Drill Hole Type** | **Core** | **RC** |
| Count | 15,188 | 25,488 |
| Mean | 0.209 | 0.279 |
| Median | 0.035 | 0.120 |
| Minimum | 0.010 | 0.010 |
| Maximum | 8.118 | 5.160 |
| Std. Dev. | 0.394 | 0.383 |
| CoV | 1.888 | 1.373 |

---

**Figure 11-7: Plan View of Drill Collars, Colour-Coded by Hole Type for the Blackard Deposit**

![blackard_dhplanxdhtypea.jpg](blackard_dhplanxdhtypea.jpg)

Effective date: 30 June 2025

*11.4.2.3Scanlan Deposit*

Most of the drilling on the Scanlan deposit was by RC, with only the deeper (down-dip) and metallurgical

holes completed by DD, as displayed by the drill plan in Figure 11-8. Therefore, a significant amount of the

DD was peripheral to the ore zone. Grades within metallurgical holes drilled proximal to RC holes are similar

and no bias between drill types has been detected.

**Figure 11-8: Plan View of Drill Collars for the Scanlan Deposit Showing the Resource grade shell**

![scanlan_dhplanxdhtypea.jpg](scanlan_dhplanxdhtypea.jpg)

Effective date: 30 June 2025

11.4.3Data Conditioning and Assay Composites

Data populations were examined using histograms and probability plots. Histograms indicate that

distribution of both copper and gold grades are log-normal, with varying amounts and directions of skewness

between deposits. Compositing of all drill hole assays to equal lengths is required for interpolation. The

choice of composite length is determined by raw data distribution and block size: composite lengths must be

less than the block size, and half the block height is a common and convenient selection. Compositing the

predominately 1m assays to a length of 2m smooths out the histograms, and indicates a reasonably uniform

distribution of values, apart from spikes at, or near, analytical detection limits as illustrated in Figure 11-9 and

Figure 11-10.

Cumulative probability plots were examined to determine whether capping would be required (Figure 11-11).

Basic statistics, for 2m composites by domain for all deposits, except the Ivy Ann and Lady Clayre deposits

where 2.5m was used are provided in Table 11-10 through Table 11-16, and can be compared with the raw

data statistics (Table 11-3). Some high assay values (> 6.5% Cu) in the drill data from Little Eva and Lady

Clayre remained after compositing, however, these values were neither random nor isolated anomalies but

part of a continuous population distribution. The number of high-value composites is very small (for example

in Little Eva deposit the number of composites >4.0%Cu is less than 0.0026% of the total number of

composites) and would have a negligible impact on resource values. Samples were assessed for top-cutting

and capping of copper assays was applied where required. Only a handful of composites were top cut and

the impact on the statistics was negligible. The single very high assay in the Lady Clayre deposit was from a

very narrow sample and was reduced to 4% Cu by the compositing process.

**Figure 11-9: Log Histogram for Raw Assay Data from Little Eva Deposit**

![le_rawxloghista.jpg](le_rawxloghista.jpg)

Effective date: 30 June 2025

**Figure 11-10: Log Histogram of 2 m Copper Composites, Little Eva Deposit**

![le_compxloghista.jpg](le_compxloghista.jpg)

Note: Bold values below the histograms are arithmetic.

**Figure 11-11: Cumulative Probability Plot for Cu Assays, Little Eva**

![le_compxppplota.jpg](le_compxppplota.jpg)

**Table 11-10: Basic Statistics for 2 m Composites by Domain at Little Eva**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **North** | **North** | **Central** | **Central** | **South** | **South** | **Total** | **Total** |
| | **Cu %** | **Au g/t** | **Cu %** | **Au g/t** | **Cu %** | **Au g/t** | **Cu %** | **Au g/t** |
| Count | 4638 | 4638 | 14269 | 14269 | 13703 | 13703 | 32610 | 32610 |
| Mean | 0.621 | 0.082 | 0.420 | 0.078 | 0.273 | 0.061 | 0.398 | 0.019 |
| Median | 0.271 | 0.045 | 0.261 | 0.040 | 0.184 | 0.035 | 0.222 | 0.039 |
| Minimum | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
| Maximum | 10.865 | 3.700 | 16.800 | 5.480 | 8.480 | 3.870 | 16.800 | 5.480 |
| Std. Dev. | 0.932 | 0.134 | 0.638 | 0.170 | 0.323 | 0.099 | 0.604 | 0.139 |
| CoV | 1.50 | 1.63 | 1.44 | 2.19 | 1.19 | 1.62 | 1.52 | 1.95 |

---

Effective date: 30 June 2025

The Turkey Creek deposit has been defined by 121 RC, and 6 DD for a total of 19,261m. Fourty seven of the

holes, and one Diamond hole (together totalling 7,422m), were completed during 2023 by Harmony. The

mineralisation is strongly tabular and stratabound, striking north- south and dipping east at 60°. At the

northern end of the deposit, the strike of the mineralisation swings sharply towards the east, and dips

steeply south (Figure 11-19). Basic statistics of composite assays by domain are provided in Table 11-11.

Although the number of composites is low in comparison to the to the other deposits, the grade continuity of

mineralisation within the narrow, tabular zones is sufficient for defining Indicated resources.

**Table 11-11: Basic Statistics for 2 m Composites by Domain at Turkey Creek**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Fresh** | **North Oxide** | **Northwest Fresh** | **South Fresh** | **South Oxide** |
| Count | 394 | 206 | 164 | 1,464 | 146 |
| Mean | 0.358 | 0.625 | 0.432 | 0.447 | 0.490 |
| Minimum | 0.003 | 0.060 | 0.024 | 0.011 | 0.089 |
| Maximum | 2.350 | 3.120 | 1.487 | 2.149 | 2.128 |
| Std. Dev. | 0.330 | 0.274 | 0.378 | 0.303 | 0.368 |
| CoV | 0.846 | 0.799 | 0.659 | 0.712 | 0.752 |

---

**Table 11-12: Basic Statistics for 2 m Composite Grades in Blackard Deposit Mineralogical Domains**

---

| | | | |
|:---|:---|:---|:---|
| **Mineral** <br>**Zone**<br>| **Oxide** | **Native Copper** | **Sulphide** |
| Count | 3,126 | 11,261 | 4,701 |
| Mean | 0.329 | 0.486 | 0.375 |
| Minimum | 0.001 | 0.010 | 0.005 |
| Maximum | 2.560 | 5.040 | 6.610 |
| Std. Dev. | 0.272 | 0.413 | 0.472 |
| CoV | 0.826 | 0.850 | 1.262 |

---

Note: \*Refer to Figure 7-10 for mineralogical domains.

**Table 11-13: Basic Statistics for Composites by Mineralogical Zone for the Scanlan Deposit**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Oxide** | **Copper Zone** | **Transitional** | **Sulphide Zone\*** | **Total** |
| Count | 1267 | 4098 | 254 | 1244 | 6933 |
| Mean | 0.152 | 0.412 | 0.211 | 0.108 | 0.299 |
| Median | 0.076 | 0.238 | 0.072 | 0.030 | 0.130 |
| Minimum | 0.01 | 0.001 | 0.001 | 0.001 | 0.001 |
| Maximum | 1.58 | 5.41 | 2.08 | 2.66 | 5.41 |
| Std. Dev. | 0.200 | 0.52 | 0.37 | 0.24 | 0.45 |
| CoV | 1.33 | 1.26 | 1.77 | 2.25 | 1.500 |

---

Note: \* Includes all drilling below the deposit.

The mineralisation at the Bedford deposit is separated into two deposits, Bedford North and South, which

are 600m apart and lie within the same structure. Previously, narrow high-grade structures were modelled

using a sectional approach for the Bedford estimates to constrain the resource.

However, the estimate was only constrained within the broader low-grade envelope (originally modelled by

Altona) using a larger block size of 5m<sup>3</sup>. Blocks were interpolated based on two passes, which generated both

Indicated and Inferred resources.

Effective date: 30 June 2025

**Table 11-14: Basic Statistics for 2 m Composites by Domain at Bedford**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Primary** | **Primary** | **Oxide** | **Oxide** |
| | **Cu** | **Au** | **Cu** | **Au** |
| Count | 4,498 | 4,498 | 1,862 | 1,862 |
| Mean | 0.18 | 0.05 | 0.16 | 0.05 |
| Median | 0.03 | 0.01 | 0.03 | 0.01 |
| Minimum |  |  |  |  |
| Maximum | 6.62 | 3.44 | 8.25 | 3.98 |
| Std. Dev. | 0.49 | 0.16 | 0.52 | 0.17 |
| Coefficient of Variance | 2.73 | 2.91 | 3.30 | 3.40 |

---

Mineralisation at Lady Clayre has been separated into two zones, East and West, which together form a V

shape. The West zone mineralisation trends north-south and was previously interpreted into 11 different

domains defined by modelled grade shells. The East zone was also split into multiple domains. As with

Bedford, two zones were modelled within the low-grade envelope based on a 0.1% Cu cut-off and use

different search parameters for each zone based on the interpreted generalised trends to the mineralisation.

**Figure 11-12: Log Histogram of Copper Assays from Lady Clayre Deposit**

![image_132a.jpg](image_132a.jpg)

Effective date: 30 June 2025

**Figure 11-13: Log Probability Plot of Copper Assays from Lady Clayre Deposit**

![image_133a.jpg](image_133a.jpg)

**Table 11-15: Basic Statistics for 2.5 m Composites by Domain at Lady Clayre**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | West Zone – Primary | West Zone – Primary | East Zone – Primary | East Zone – Primary | Oxide Zone – All | Oxide Zone – All |
| | Cu | Au | Cu | Au | Cu | Au |
| Count | 5904 | 5904 | 4438 | 4438 | 1407 | 1407 |
| Mean | 0.14 | 0.06 | 0.15 | 0.07 | 0.17 | 0.07 |
| Median | 0.044 | 0.01 | 0.04 | 0.01 | 0.06 | 0.01 |
| Min. |  |  |  |  |  |  |
| Max. | 17.00 | 10.43 | 7.37 | 10.52 | 3.6 | 10.5 |
| Std. Dev. | 0.42 | 0.29 | 0.36 | 0.36 | 0.32 | 0.36 |
| CoV | 2.89 | 4.94 | 2.37 | 5.31 | 1.91 | 5.30 |

---

**Table 11-16: Basic Statistics for 2.5 m Composites by Domain at Ivy Ann**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Ivy Ann – Primary** | **Ivy Ann – Primary** | **Ivy Ann – Oxide** | **Ivy Ann – Oxide** | **Ivy Ann North – Primary** | **Ivy Ann North – Primary** | **Ivy Ann North – Oxide** | **Ivy Ann North – Oxide** |
| | **Cu** | **Au** | **Cu** | **Au** | **Cu** | **Au** | **Cu** | **Au** |
| Count | 3825 | 3825 | 702 | 702 | 815 | 815 | 440 | 440 |
| Mean | 0.18 | 0.03 | 0.15 | 0.02 | 0.07 | 0.01 | 0.04 |  |
| Median | 0.04 |  | 0.04 |  | 0.02 |  | 0.01 |  |
| Minimum |  |  |  |  |  |  |  |  |
| Maximum | 4.00 | 0.30 | 2.58 | 0.35 | 2.85 | 0.50 | 0.5 | 0.2 |
| Std. Dev. | 0.35 | 0.05 | 0.28 | 0.04 | 0.18 | 0.03 | 0.06 | 0.02 |
| CoV | 1.97 | 1.95 | 1.86 | 1.92 | 2.53 | 3.54 | 1.62 | 3.93 |

---

Effective date: 30 June 2025

11.5Bulk Density

There are 1,721 bulk density measurements in the Little Eva deposit data base. The measurements were

made on drill core using the "weigh in water, weigh in air" method. A histogram of the density

measurements (Figure 11-14) indicates multiple populations: separating the data by rock type shows the

separate populations. There were 1,316 bulk density measurements collected from rocks classified as the

fresh volcanic package which has a mean bulk density of 2.84 t/m3. A further 139 measurements were

collected from the metasedimentary rocks, with a mean bulk density of 2.88 t/m3. A total of 203

measurements were made on the calc silicate rocks, which yielded a mean bulk density of 2.65 t/m3.

The mean bulk density values that were assigned to the Little Eva block model is presented in Table 11-17.

The oxide zone did not have enough bulk density data points for detailed statistical analysis. A bulk density of

2.5 t/m3 was assigned to all the oxide zone blocks in the block model. This value is based on the McDonald

Speijers resource report from 2006.

**Table 11-17: Bulk Density Data and Average or Assigned Values**

---

| | | |
|:---|:---|:---|
| **Description** | **Bulk Density\*** | **Sample Count** |
| Overburden | 1.80 | 1 |
| Volcanics/Andesite (Fresh) | 2.84 | 1316 |
| Volcanics/Andesite (Transitional) | 2.61 | 35 |
| Volcanics/Andesite (Oxide) | 2.50 | 5 |
| Felsic Intrusive (Fresh) | 2.62 |  |
| Felsic Intrusive (Transitional) | 2.62 |  |
| Felsic Intrusive (Oxide) | 2.50 |  |
| Metasediments (Fresh) | 2.88 | 139 |
| Metasediments (Transitional) | 2.69 |  |
| Metasediments (Oxide) | 2.55 |  |
| Calc Silicate (Fresh) | 2.65 | 203 |
| Calc Silicate (Transitional) | 2.61 | 8 |
| Calc Silicate (Oxide) | 2.50 | 1 |

---

Limited bulk density measurements have been collected at Turkey Creek but as Turkey Creek is similar to the

Blackard sulphide domains, the bulk densities from Blackard were applied to Turkey Creek. Bulk densities for

the Blackard and Scanlan deposits were assigned to blocks based on their mineralogical domains, as shown in

Table 11-18. The density determinations were derived from a limited, but relatively consistent, set of

measurements completed during exploration and metallurgical testing. The density determinations were

derived from over 618 historical data records (sourced from previous project operators) and the recent

completion of 24 bulk sample tests on the Blackard deposit to confirm the historical findings.

Density measurements for the Ivy Ann, Bedford, and Lady Clayre deposits are limited. The oxide zones were

assigned a value of 2.11 t/m3, and for the sulphide zones and/or fresh rock a bulk density of 2.58 t/m3 was

assigned. Samples from the Bedford deposit suggest a higher density (2.78 t/m3), which should be

considered in future work.

**Table 11-18: Bulk Density Used for Native Copper Deposits**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Oxide | Strongly <br>Weathered<br>| Moderately <br>Weathered<br>| Weakly <br>Weathered<br>| Fresh |
| Fill/Cover | 1.8/1.5 | 0 | 0 | 0 | 0 |
| Oxide | 2.18 | 2.22 | 2.50 | 2.50 | 2.50 |
| Native Copper | 2.18 | 2.22 | 2.26 | 2.73 | 2.73 |
| Sulphide | 2.18 | 2.22 | 2.26 | 2.56 | 2.73 |

---

Effective date: 30 June 2025

**Figure 11-14: Little Eva Bulk Density Histograms**

![figure13-14a.jpg](figure13-14a.jpg)

Note: For all samples (top), volcanic rocks (2nd from top), metasediments (3rd from top), felsic intrusive (bottom)

Effective date: 30 June 2025

11.6Variography

The Little Eva and Bedford deposit variography was undertaken by Harmony and both downhole,

correlograms and directional Gaussian variograms were generated on assay data within each of the grade

domains for copper and gold. The four native copper deposit's variography was undertaken by Harmony and

both downhole and three directional correlograms were generated for each grade domain, a dynamic

anisotropy was used to adjust the dip and dip direction for to match the folded geometries. The Turkey

Creek variography was undertaken by SRK South Africa and both downhole and directional variograms were

generated on assay data within each of the domains.

Variography was only undertaken on the other deposits to investigate data continuity within the larger

domains, but kriging interpolations were not used due to the limited size and shape of most of the domains

and an ID2 interpolation was used.

Variography is required to provide the necessary inputs to use the ordinary kriging (OK) method of

interpolation. The semi-variogram is used to determine the spatial continuity of mineralisation in 3D. The

direction with the best continuity is referred to as the major axis, with the semi-major being the next-best

direction of continuity, and the minor being the direction of least continuity in an orthogonal coordinate

system. Semi-variograms provide measurements of three components of continuity: the nugget, the sill, and

the range. The nugget is a measure of the randomness of samples, or put another way, the variability

between samples over very short distances. There is an implicit assumption in grade modelling of mineral

deposits that a spatial relationship exists between samples, and that this relationship is stronger between

closely spaced samples but diminishes with increasing distance between samples. The sill is a measure of the

point at which the maximum variability between samples is reached and this distance is referred to as the

range. In addition to the variogram axes, nugget, sill, and range, the curve of the semi-variogram is modelled,

and the type of model (e.g., spherical, exponential) is also used by the kriging programme during

interpolation.

3D analysis and the resulting semi-variograms were produced for copper in all the Little Eva domains.

Geometric anisotropy was demonstrated in most cases, and nested exponential models were fitted to the

data. Variogram maps, generated by the process of determining the orientations of maximum mineralisation

continuity and the appropriate lag distances, are displayed in Figure 11-15 and Figure 11-16. The gold

correlograms are provided in Figures 13-17, 13-18 and 13-19 and the variogram parameters for Little Eva are

summarised in the Table 11-19.

Effective date: 30 June 2025

**Figure 11-15: Variogram for Little Eva Northern Domain**

![domainnortherncorvariogramb.jpg](domainnortherncorvariogramb.jpg)

Note: The nugget is determined from the DH variogram before the axes are modelled for the corellograms in normal space.

Effective date: 30 June 2025

**Figure 11-16: Variograms for Central (top) and South (Bottom) Domains of the Little Eva Deposit**

![domaincentralcorvariogramca.jpg](domaincentralcorvariogramca.jpg)

![domainsouthcorvariogramcopa.jpg](domainsouthcorvariogramcopa.jpg)

Note: Both domains show high nugget, but consistent variograms.

Effective date: 30 June 2025

**Figure 11-17: Gold Variograms for the North Domain**

![domainnortherncorvariogramc.jpg](domainnortherncorvariogramc.jpg)

Note: Very high Nugget values

Effective date: 30 June 2025

**Figure 11-18: Gold Variogram for the Central Domain**

![domaincentralcorvariogramga.jpg](domaincentralcorvariogramga.jpg)

Note: Relatively High Nugget Values, and a Range of around 45-100 m

**Figure 11-19: Gold Variogram for the South Domain**

![domainsouthcorvariogramgolda.jpg](domainsouthcorvariogramgolda.jpg)

Note: Relatively High Nugget Values, and effective Ranges of around 100-200 m

Effective date: 30 June 2025

**Table 11-19: Correlogram models for Little Eva.**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Deposit | Domain | Variable | Nugget | Dip | Dip <br>Azimuth<br>| Pitch | Struct | Sill 1 | Range - <br>Major <br>(m)<br>| Range - <br>Semi <br>(m)<br>| Range - <br>Minor <br>(m)<br>| Sill 2 | Range - <br>Major <br>(m)<br>| Range - <br>Semi <br>(m)<br>| Range - <br>Minor <br>(m)<br>| Sill 3 | Range - <br>Major <br>(m)<br>| Range - <br>Semi <br>(m)<br>| Range - <br>Minor <br>(m)<br>|
| Little Eva | North  | Cu%  | 0.22 | 54 | 96 | 36 | Spherical | 0.33 | 25 | 8 | 8 | 0.29 | 40 | 73 | 26 | 0.16 | 230 | 230 | 40 |
| Little Eva | Central  | Cu%  | 0.155 | 69 | 90 | 30 | Spherical | 0.532 | 10 | 12 | 8 | 0.158 | 30 | 35 | 20 | 0.155 | 350 | 265 | 155 |
| Little Eva | South  | Cu%  | 0.2 | 40 | 255 | 25 | Spherical | 0.43 | 5 | 20 | 10 | 0.15 | 25 | 70 | 110 | 0.22 | 350 | 250 | 200 |
| Little Eva | North  | Au g/t  | 0.31 | 54 | 96 | 36 | Spherical | 0.28 | 10 | 10 | 5 | 0.25 | 40 | 46 | 20 | 0.16 | 155 | 130 | 50 |
| Little Eva | Central  | Au g/t  | 0.5 | 83 | 109 | 18 | Spherical | 0.24 | 5 | 15 | 15 | 0.13 | 25 | 40 | 35 | 0.13 | 350 | 185 | 115 |
| Little Eva | South  | Au g/t  | 0.33 | 40 | 255 | 25 | Spherical | 0.37 | 15 | 15 | 8 | 0.11 | 40 | 40 | 70 | 0.19 | 210 | 200 | 180 |
| Little Eva | North  | S% | 0.15 | 55 | 93 | 8 | Spherical | 0.35 | 55 | 13 | 10 | 0.5 | 177 | 32 | 36 |  |  |  |  |
| Little Eva | Central  | S% | 0.25 | 50 | 105 | 4 | Spherical | 0.45 | 19 | 10 | 10 | 0.22 | 220 | 65 | 125 | 0.08 | 950 | 750 | 350 |
| Little Eva | South  | S% | 0.2 | 29 | 230 | 2 | Spherical | 0.45 | 19 | 35 | 10 | 0.25 | 340 | 60 | 74 | 0.1 | 750 | 375 | 212 |
| Little Eva | North  | Fe% | 0.03 | 55 | 93 | 8 | Spherical | 0.21 | 45 | 4 | 4 | 0.19 | 140 | 10 | 39 | 0.57 | 360 | 110 | 80 |
| Little Eva | Central  | Fe% | 0.03 | 50 | 105 | 4 | Spherical | 0.17 | 25 | 50 | 20 | 0.8 | 500 | 300 | 400 |  |  |  |  |
| Little Eva | South  | Fe% | 0.03 | 29 | 230 | 2 | Spherical | 0.12 | 14 | 16 | 10 | 0.4 | 100 | 110 | 150 | 0.45 | 1000 | 500 | 250 |
| Bedford | North | Cu% | 0.24 | 60 | 270 | 141 | Spherical | 0.39 | 31 | 23 | 7.1 | 0.4 | 58 | 39 | 14 |  |  |  |  |
| Bedford | South | Cu% | 0.348 | 70 | 275 | 160 | Spherical | 0.612 | 64.6 | 34.6 | 10.1 | 0.068 | 104.4 | 374 | 20.2 |  |  |  |  |
| Bedford | North | Au g/t | 0.296 | 60 | 270 | 141 | Spherical | 0.491 | 18.2 | 23 | 7.1 | 0.276 | 108.2 | 73.7 | 37.2 |  |  |  |  |
| Bedford | South | Au g/t | 0.636 | 70 | 275 | 160 | Spherical | 0.221 | 39.4 | 18.8 | 10.1 | 0.191 | 78.8 | 32.9 | 76.7 |  |  |  |  |

---

**Table 11-20: Semi-variogram models for Copper only deposits estimation domains**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Deposit | Domain | Variable | Nugget | Dip (°) | Dip <br>Azimuth <br>(°)<br>| Pitch (°) | Struct | Sill 1 | Range - <br>Major (m)<br>| Range - <br>Semi (m)<br>| Range - <br>Minor <br>(m)<br>| Sill 2 | Range - <br>Major (m)<br>| Range - <br>Semi (m)<br>| Range - <br>Minor <br>(m)<br>|
| Blackard | North  | Cu%  | 0.0374 | 70 | 250 | 240 | Spherical | 0.1034 | 96.2 | 78.7 | 22.1 | 0.0164 | 33.4 | 457.4 | 9.2 |
| Blackard | Central  | Cu%  | 0.0386 | 60 | 250 | 250 | Spherical | 0.0952 | 35.7 | 25.4 | 60.7 | 0.0563 | 138.5 | 302.4 | 28.6 |
| Blackard | South  | Cu%  | 0.0495 | 80 | 290 | 320 | Spherical | 0.0693 | 64 | 46.1 | 21.9 | 0.0444 | 151.8 | 174.5 | 189.1 |
| Blackard | Oxide  | S ppm  | 1292653 | 70 | 250 | 180 | Spherical | 1752521 | 7 | 14.1 | 26.4 | 769728 | 104.2 | 50.5 | 5.7 |
| Blackard | Native Copper  | S ppm  | 3154834 | 70 | 260 | 180 | Spherical | 844582 | 114 | 42.5 | 45.4 | 317137 | 30.5 | 11.9 | 12.5 |
| Blackard | Sulphide  | S ppm  | 1604471 | 70 | 260 | 180 | Spherical | 4251934 | 64 | 37.5 | 40.6 | 1312884 | 1206.7 | 11.3 | 14.4 |
| Turkey Creek | North Fresh  | Cu%  | 0.04715 | 70 | 210 | 230 | Spherical | 0.0551 | 27.48 | 18.53 | 14.74 |  |  |  |  |
| Turkey Creek | North Oxide <br>and Fresh <br>| Cu%  | 0.04715 | 70 | 210 | 230 | Spherical | 0.0728 | 27.85 | 18.74 | 14.9 |  |  |  |  |
| Turkey Creek | South Fresh  | Cu%  | 0.01867 | 55 | 80 | 90 | Spherical | 0.0429 | 23.32 | 25.41 | 7.63 | 0.0294 | 111.01 | 198.08 | 17.72 |

---

Effective date: 30 June 2025

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Deposit | Domain | Variable | Nugget | Dip (°) | Dip <br>Azimuth <br>(°)<br>| Pitch (°) | Struct | Sill 1 | Range - <br>Major (m)<br>| Range - <br>Semi (m)<br>| Range - <br>Minor <br>(m)<br>| Sill 2 | Range - <br>Major (m)<br>| Range - <br>Semi (m)<br>| Range - <br>Minor <br>(m)<br>|
| Turkey Creek | South Oxide <br>and Fresh <br>| Cu%  | 0.02123 | 55 | 80 | 90 | Spherical | 0.0475 | 22.95 | 27.81 | 7.52 | 0.0327 | 110.16 | 149.83 | 17.62 |
| Turkey Creek | North Fresh  | S ppm  | 218652 | 60 | 190 | 180 | Spherical | 250764 | 40 | 40 | 5.91 | 492128 | 120 | 50 | 46.14 |
| Turkey Creek | North Oxide <br>and Fresh <br>| S ppm  | 218652 | 60 | 190 | 180 | Spherical | 189877 | 48.72 | 113.1 | 12.06 | 691656 | 105.51 | 57.75 | 93.17 |
| Turkey Creek | South Fresh  | S ppm  | 413269 | 55 | 80 | 260 | Spherical | 557983 | 67.65 | 218.82 | 32.56 | 548909 | 178.61 | 83.11 | 7.75 |
| Turkey Creek | South Oxide <br>and Fresh <br>| S ppm  | 429370 | 55 | 80 | 260 | Spherical | 568728 | 160.29 | 109.19 | 26.88 | 576480 | 71.45 | 267.91 | 83.86 |
| Scanlan | North | Cu% | 0.14 | 64 | 283 | 193 | Spherical | 0.43 | 44 | 9.8 | 20 | 0.44 | 163 | 23 | 26.1 |
| Scanlan  | South | Cu% | 0.1825 | 64 | 244 | 164 | Spherical | 0.41 | 48 | 13 | 18.5 | 0.41 | 172 | 74 | 49 |
| Legend | Mineralised | Cu% | 0.2931 | 80 | 252 | 36 | Spherical | 0.619 | 24 | 21 | 12 | 0.114 | 119 | 77 | 63 |
| Legend | Sulphide | S% | 0.332 | 63 | 298 | 30 | Spherical | 0.599 | 9 | 8 | 7 | 0.098 | 62 | 47 | 25 |
| Great <br>Southern<br>| Mineralised | Cu% | 0.3244 | 74 | 80 | 152 | Spherical | 0.597 | 39 | 34.7 | 18 | 0.104 | 204 | 174 | 99 |
| Great <br>Southern <br>| Sulphide | S% | 0.22 | 62 | 82 | 164 | Spherical | 0.72 | 50 | 40 | 36 | 0.07 | 174 | 94 | 72 |

---

Effective date: 30 June 2025

11.7Grade Interpolation

Grade interpolation is dependent on the deposit being modelled. Little Eva, Bedford, Blackard, Scanlan,

Legend and Great Southern were modelled by Harmony estimated using Micromine 2024 and was estimated

using Ordinary Kriging with the estimate written to the Cu and Au fields (if applicable). Turkey Creek was

modelled by SRK South Africa and was estimated using Ordinary Kriging and dynamic aniostropy using

Isatis.Neo 2023. For all other deposits, the grade interpolation was carried out with Gemcom software by

CMMC and were interpolated using ID2 methods. Copper and gold (where appropriate) were interpolated

within "3D solids models" that enclose the mineralised area below overburden. Little Eva, Bedford, Blackard,

Scanlan, Legend and Great Southern domains were modelled using the Micromine Origin software by

Harmony and was based on detailed analysis of the composite data and the geology. The two southern

deposits, Lady Clayre and Ivy Ann, were interpolated unconstrained due to poorly understood geometry of

controls on mineralisation.

Boundaries between domains in the Little Eva deposit were hard boundaries, where the search ellipse can

not use data across the boundary, the outer boundaries were also hard. The interpolation at Little Eva was

conducted in a series of three passes with the dimensions and orientations of the search ellipsoid in each

pass related to the semi-variogram parameters listed in Table 11-19. The copper only deposits (Blackard,

Scanlan, Turkey Creek, Legend and Great Southern) were estimated using Ordinary Kriging and the semi-

variogram parameters listed in Table 11-20, the estimate used dynamic anisotropy to ensure the folded

grade trends are modelled. All the other deposits, which were interpolated with ID2 methods, blocks were

also estimated with three passes of increasing search size to ensure the models are fully estimated.

The search ellipsoid is defined by three orthogonal axis which are given lengths and orientations which

reflects the interpreted continuity of mineralisation in each domain (Figure 11-19). Thus, the shape of the

search ellipse attempts to mimic the anisotropy of mineralisation in each structural domain for each deposit.

Orientation and dimensions of the searches are listed in tables for each deposit. The search orientations are

given as the strike and plunge of the primary and secondary axis, the minor or tertiary axis is not required as

it is perpendicular to the plane, which contains the primary and secondary axis. For a block to be estimated it

must fit defined criteria of the search ellipse as listed in Table 11-21 for the Little Eva deposit, Table 11-22 for

Blackard and Turkey Creek and in subsequent tables for the other deposits. The search criteria include the

dimensions of the search ellipse, and the minimum and maximum number of grade composites required

collectively, as well as the minimum and maximum number of composites required from any drill hole. The

three passes are carried out with increasing dimensions of the search ellipse, to where the resource model is

fully informed. The different passes are usually multiples of the average sample distance. For the deposits

interpolated with ID2, variography from the larger, structurally linear sections of the deposit was used to

provide support for search distances in smaller domains that were determined by a combination of visual

inspection of grade distribution and drill spacing. For blocks that did not fit the estimation criteria in the first

pass, a second pass was completed with a larger search ellipse. A third and final pass was completed for any

blocks that were not interpolated in the first two passes. If a block still is not interpolated by the third pass,

then it is left blank. A maximum number of composites per drill hole is specified to ensure that an

appropriate amount of data form adjacent drill holes is used. The maximum number of composites used per

drillhole is typically a maximum of 3 or 6 composites from any particular drill hole. Criteria for the

interpolations within each deposit are listed in Table 11-24 through Table 11-29.

Effective date: 30 June 2025

**Table 11-21: Search Ellipse for Interpolation for Little Eva** %

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **No.** <br>**Sectors**<br>| **Dip** | **Dip Azi** | **Pitch** | **Pass** <br>**Factor 2** <br>**& 3**<br>| **Min** <br>**Samp**<br>| **Max** <br>**Samp**<br>| **Max/**<br>**Hole**<br>| **Search** <br>**Major**<br>| **Search** <br>**Int.**<br>| **Search** <br>**Minor**<br>|
| Cu % <br>North<br>| 8 | 54°  | 096°  | 144° | 2.0x/- | 16 | 4 | 6 | 250 m | 150 m | 50 m |
| Cu % <br>Central<br>| 8 | 69°  | 090°  | 120° | 2.0x/- | 16 | 4 | 6 | 250 m | 200 m | 100 m |
| Cu % <br>South<br>| 8 | 40°  | 255°  | 155° | 2x/3x | 16 | 4 | 6 | 250 m | 150 m | 50 m |
| Au g/t <br>North<br>| 8 | 54°  | 096°  | 144° | 2.0x/- | 16 | 4 | 6 | 250 m | 150 m | 50 m |
| Au g/t <br>Central<br>| 8 | 83°  | 109°  | 162° | 2.0x/- | 16 | 4 | 6 | 250 m | 200 m | 100 m |
| Au g/t <br>South<br>| 8 | 40°  | 255°  | 155° | 2x/3x | 16 | 4 | 6 | 250 m | 150 m | 50 m |
| S % <br>North<br>| 2 | 55°  | 093°  | 172° | 2.0x/2.7x | 16 | 4 | 6 | 250 m | 150 m | 50 m |
| S % <br>Central<br>| 2 | 50°  | 105°  | 176° | 2.0x/2.7x | 16 | 4 | 6 | 250 m | 200 m | 100 m |
| S % <br>South<br>| 2 | 30°  | 230°  | 178° | 2.0x/2.7x | 16 | 4 | 6 | 250 m | 150 m | 50 m |
| Fe % <br>North<br>| 2 | 55°  | 093°  | 172° | 2.0x/2.5x | 16 | 4 | 6 | 250 m | 150 m | 100 m |
| Fe % <br>Central<br>| 2 | 50°  | 105°  | 176° | 2.0x/- | 16 | 4 | 6 | 250 m | 200 m | 100 m |
| Fe % <br>South<br>| 2 | 30°  | 230°  | 178° | 2.0x/- | 16 | 4 | 6 | 300 m | 200 m | 100 m |

---

Note: Rotation is Geological dip, dip direction and pitch inside the plane from the north. A second pass was run for all domains where

search ranges were doubled, all other parameters stayed the same.

Effective date: 30 June 2025

**Figure 11-19: Oblique View of the Little Eva estimation domains**

![le_domainmodelxobliquea.jpg](le_domainmodelxobliquea.jpg)

Note: Estimation domains are North = blue, Central = green and South = maroon.

Effective date: 30 June 2025

**Figure 11-20: Little Eva Deposit Plan View of Colour-Coded Block Grades at 120 m Elevation**

![littleeva_blockmodela.jpg](littleeva_blockmodela.jpg)

Note: Two benches below the top of the sulphide zone.

Effective date: 30 June 2025

**Figure 11-21: Cross-Section 7,772,100 mN (see plan above) Displaying Colour-Coded Block Grades**

![littleeva_blockmodelxxseca.jpg](littleeva_blockmodelxxseca.jpg)

Note: See above plan for location

At Turkey Creek, assay data above 0.01% Cu was examined and an inflection in the data distribution on the

cumulative probability plot was noted at approximately 0.2% Cu. This confirms Altona's application of a 0.2%

nominal grade for interpretation of a grade-shell outlining the copper mineralisation.

The grade domain models were rebuilt by Harmony resulting in an improved copper mineralisation domain

at Turkey Creek. Mineralisation within the Southern zone is generally tabular and is oriented north-south

with dips at 60° to the east. At the northern end of the deposit, the strike of the mineralisation swings

sharply towards the east and dips steeply south: this zone is referred to as the Northern fold area and was

estimated using dynamic anisotropy. The mineralisation within the Southern zone is truncated to the south

and north by fault zones, (Figure 11-22). The mineralisation within the Southern zone contains both hanging

wall and footwall zones, with a narrow band of low-grade or waste between them. There is evidence of lower

grade mineralisation within the central part of the Northern fold area; however, drilling is too widely spaced

to permit a robust interpretation of that horizon.

Effective date: 30 June 2025

**Figure 11-22: Wire framed Domains for the Turkey Creek Deposit**

![estimationdoainsa.jpg](estimationdoainsa.jpg)

Effective date: 30 June 2025

**Table 11-22: Search Criteria for Interpolation for Turkey Creek, Blackard, Scanlan, Legend**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Pass** | **Search** | **Turkey Creek** | **Turkey Creek** | **Turkey Creek** |
| **Deposit** | **Pass** | **Radius (m)** | **Min Samp** | **Max Samp** | **Max/Hole** |
| Blackard | North 1 | 50x50x20m<br> DA | 8 | 4 | 5 |
| Blackard | North 2 | 100x100x24m<br> DA | 8 | 4 | 5 |
| Blackard | North 3 | 150x150x26m<br> DA | 8 | 4 | 5 |
| Blackard | Central 1 | 80x80x20m<br> DA | 8 | 4 | 5 |
| Blackard | Central 2 | 120x120x26m<br> DA | 8 | 4 | 5 |
| Blackard | Central 3 | 240x240x26m<br> DA | 8 | 4 | 5 |
| Blackard | South 1 | 80x80x40m<br> DA | 8 | 4 | 5 |
| Blackard | South 2 | 120x120x60m<br> DA | 8 | 4 | 5 |
| Blackard | South 3 | 240x240x120m<br> DA | 8 | 4 | 5 |
| Turkey Creek | North Fresh 1 | 50x40x20x<br> DA | 10 | 20 | 5 |
| Turkey Creek | North Fresh 2 | 100x80x24x<br> DA | 10 | 20 | 5 |
| Turkey Creek | North Fresh 3 | 150x240x30m<br> DA | 10 | 20 | 5 |
| Turkey Creek | Northwest <br>Fresh 1<br>| 65x55x30m<br> DA | 10 | 20 | 5 |
| Turkey Creek | Northwest <br>Fresh 2<br>| 130x110x36m<br> DA | 10 | 20 | 5 |
| Turkey Creek | Northwest <br>Fresh 3<br>| 195x165x45m<br> DA | 10 | 20 | 5 |
| Turkey Creek | South Fresh 1 | 60x120x12m<br> DA | 10 | 20 | 5 |
| Turkey Creek | South Fresh 2 | 120x240x12m<br> DA | 10 | 20 | 5 |
| Turkey Creek | South Fresh 3 | 180x360x12m<br> DA | 10 | 20 | 5 |
| Scanlan  | North 1 | 160x75x30<br> DA | 16 | 32 | 5 |
| Scanlan  | North 2 | 480x225x90<br> DA | 16 | 32 | 5 |
| Scanlan  | South 1 | 140x100x27<br> DA | 16 | 32 | 5 |
| Scanlan  | South 2 | 420x300x81<br> DA | 16 | 32 | 5 |
| Legend | Mineralised1 | 75x40x25<br> DA | 16 | 32 | 8 |
| Legend | Mineralised2 | 150x80x50<br> DA | 16 | 32 | 8 |
| Legend | Mineralised3 | 260x140x90<br> DA | 16 | 32 | 8 |
| Great Southern  | Mineralised1 | 75x40x30<br> DA | 16 | 32 | 8 |
| Great Southern  | Mineralised2 | 150x80x60<br> DA | 16 | 32 | 8 |
| Great Southern  | Mineralised3 | 260x120x90<br> DA | 16 | 32 | 8 |

---

Note: Estimation used Dynamic Anisotropy (DA) where the search parameters are coded into the block model and the search ellipse

follows a predetermined trend defined by a wireframe - this wireframe defines the folded nature of the deposit.

Effective date: 30 June 2025

**Figure 11-23: Turkey Creek Cross-Section at 7,771,500N (mid-point of Main Zone) of Colour-Coded Block Grades**![tkcreek_blockmodelxxseca.jpg](tkcreek_blockmodelxxseca.jpg)

Effective date: 30 June 2025

**Figure 11-24: Turkey Creek Plan View of Colour-Coded Block Grades at 120 m Elevation**

![tkcreek_blockmodelxplana.jpg](tkcreek_blockmodelxplana.jpg)

Note: Two benches below the top of the sulphide zone.

Effective date: 30 June 2025

The Native copper deposits are hosted in folded meta sediments. To handle the folded nature of the

orebodies the estimate used dynamic anisotropy, a limited the number of composites from a single drill hole

was also used, and the block grades reliably reflect grade changes within the drill holes. The estimation

domains are illustrated in a plan view in Figure 11-25. Drill spacing at depth was insufficient to meet the

distance requirements of the interpolation, even for the Inferred category, and therefore block grades were

not estimated; however, the areas with insufficient drill density for estimation are generally will below the

designed pit shell. Specifying the number of grade composites used by the search ellipse during the

interpolation is used both to ensure a requisite number of drill holes are used for a particular classification,

and also to limit the composites used to preserve sharp grade changes.

The smaller Bedford, Great Southern, Lady Clayre, and Ivy Ann deposits were estimated with just 2 or 3

domains, all interpolation parameters for these smaller deposits are listed in Tables 13-24 through to 13-29.

Given these deposits are not material to the operation they are not covered in depth here.

**Figure 11-25: Structural Domains of the Blackard (left), Scanlan (right) and Legend (bottom) Deposits**![sclgbkdomainsa.jpg](sclgbkdomainsa.jpg)

Effective date: 30 June 2025

**Figure 11-26: Blackard Deposit Cross-Section at 7,765,250N**

![bmsectiona.jpg](bmsectiona.jpg)

Notes: Colour-coded block grades within model can be compared to drill hole grades (bold).

Effective date: 30 June 2025

**Figure 11-27: Scanlan Deposit Cross-Section at 754,100 mN, Dip lines showing the locally varying anisotropy**

![bmsection1a.jpg](bmsection1a.jpg)

Effective date: 30 June 2025

**Figure 11-28: Legend Deposit Cross-Section at 410685mE**

![bmsection410685mea.jpg](bmsection410685mea.jpg)

**Table 11-23: Search Criteria for Interpolation for the Bedford Deposit**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **No.** <br>**Sectors**<br>| **Dip** | **Dip Azi** | **Pitch** | **Pass** <br>**Factor 2** <br>**& 3**<br>| **Min** <br>**Samp**<br>| **Max** <br>**Samp**<br>| **Max/**<br>**Hole**<br>| **Search** <br>**Major**<br>| **Search** <br>**Minor**<br>|
| Cu % <br>North<br>| 8 | 60°  | 270°  | 141° | 1.5x/4x | 16 | 32 | 5 | 75 m<br> 50m | 35 m |
| Cu % <br>South<br>| 8 | 70°  | 275°  | 160° | 1.5x/4x | 16 | 32 | 5 | 75 m<br> 50m | 35 m |
| Au g/t <br>North<br>| 8 | 60°  | 270°  | 141° | 1.5x/4x | 16 | 32 | 5 | 75 m<br> 50m | 35 m |
| Au g/t <br>South<br>| 8 | 70°  | 275°  | 160° | 1.5x/4x | 16 | 32 | 5 | 75 m<br> 50m | 35 m |

---

Note: Rotation is Geological dip, dip direction and pitch inside the plane from the north. A second pass was run for all domains where

search ranges were doubled, all other parameters stayed the same.

Effective date: 30 June 2025

**Table 11-24: Search Criteria for Interpolation for the Lady Clayre Deposit**

---

| | | | |
|:---|:---|:---|:---|
| Pass | Criteria | Lady Clayre | Lady Clayre |
| Pass | Criteria | East | West |
| Measured | Minimum No. of Composites | 5 | 5 |
| Measured | Maximum No. of Composites | 15 | 15 |
| Measured | Maximum No. of Composites/Hole | 3 | 3 |
| Indicated | Minimum No. of Composites | 5 | 5 |
| Indicated | Maximum No. of Composites | 15 | 15 |
| Indicated | Maximum No. of Composites/Hole | 3 | 3 |
| Inferred | Minimum No. of Composites | 5 | 5 |
| Inferred | Maximum No. of Composites | 15 | 15 |
| Inferred | Maximum No. of Composites/Hole | 3 | 3 |

---

**Table 11-25: Search Ellipse Parameters by Domain for the Lady Clayre Deposit**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Domain | Pass | Class | X (m) | Y (m) | Z (m) | 1st Azimuth | Plunge | 2nd Azimuth | Plunge |
| East (77) | 1 | Measured | 25 | 30 | 10 |  |  |  |  |
| East (77) | 2 | Indicated | 30 | 37.5 | 12.5 | 35 | 0 | 305 | -45 |
| East (77) | 3 | Inferred | 50 | 60 | 25 |  |  |  |  |
| West (66) | 1 | Measured | 25 | 30 | 10 |  |  |  |  |
| West (66) | 2 | Indicated | 30 | 37.5 | 12.5 | 345 | 0 | 255 | -50 |
| West (66) | 3 | Inferred | 50 | 60 | 25 |  |  |  |  |

---

Note: see Table 24-21 for orientation information

**Table 11-26: Search Criteria for Interpolation for the Ivy Ann Deposit**

---

| | | | |
|:---|:---|:---|:---|
| Pass | Criteria | Ivy Ann | Ivy Ann |
| Pass | Criteria | Ivy Ann | Ivy Ann North |
| Measured | Minimum No. of Composites | 5 | 5 |
| Measured | Maximum No. of Composites | 15 | 15 |
| Measured | Maximum No. of Composites/Hole | 3 | 3 |
| Indicated | Minimum No. of Composites | 5 | 5 |
| Indicated | Maximum No. of Composites | 15 | 15 |
| Indicated | Maximum No. of Composites/Hole | 3 | 3 |
| Inferred | Minimum No. of Composites | 5 | 5 |
| Inferred | Maximum No. of Composites | 15 | 15 |
| Inferred | Maximum No. of Composites/Hole | 3 | 3 |

---

**Table 11-27: Search Ellipse Parameters by Domain for the Ivy Ann Deposit**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Pass** | **Class** | **X**<br>**(m)**<br>| **Y**<br>**(m)**<br>| **Z**<br>**(m)**<br>| **Principal** <br>**Azimuth**<br>| **Principal** <br>**Plunge**<br>| **Intermediate** <br>**Azimuth**<br>| **Intermediate** <br>**Plunge**<br>|
| Ivy Ann <br>South | 1 | Measured | 20 | 25 | 5 | 26 | 0 | 116 | -46 |
| Ivy Ann <br>South | 2 | Indicated | 40 | 45 | 20 | 26 | 0 | 116 | -46 |
| Ivy Ann <br>South | 3 | Inferred | 70 | 80 | 40 | 26 | 0 | 116 | -46 |
| Ivy Ann <br>North | 1 | Measured | 20 | 25 | 5 | 35 | 0 | 125 | -80 |
| Ivy Ann <br>North | 2 | Indicated | 40 | 45 | 20 | 35 | 0 | 125 | -80 |
| Ivy Ann <br>North | 3 | Inferred | 70 | 80 | 40 | 35 | 0 | 125 | -80 |

---

Note: \*Gems Search anisotropy: Azimuth, Dip, Azimuth

11.8Classification and Mineral Resource Statement

Estimated blocks within the different deposit models were tabulated between an upper and lower surface.

For the sulphide part of the deposits, the upper surface was the base of the oxide or top of the sulphide zone

boundary, and the lower surface was the constraining Whittle pit shell.

Effective date: 30 June 2025

The constraining pit shells for defining the limits of Inferred resources and to define reasonable prospects for

economic extraction are based on copper prices, costs and metallurgical recoveries determined from work

carried out, and described, in this TRS. Resources were constrained by Whittle pit shells generated using

metal prices of US$5.10/lb Cu, US$1,941/oz Au and an exchange rate of 0.68 AU$:US$. The Whittle shell was

based on the following parameters:

• Plant throughput of 18.4 Mtpa, with a mining rate of 60 Mtpa

• A mining reference cost of AU$3.93/tonne

• Approximately AU$11.00/t Ore processing cost.

• Ore Haulage cost of AU$0.35/t/km

• Slope angles informed by historic studies with an average of 45 degrees.

• Copper Recovery is dependant on copper mineralogy, 95% Sulphide and 56% native copper.

• A 10mx10mx10m diluted block model.

For the copper-only deposits, the blocks were tabulated between surfaces defined by the base of the oxide

zone, base of copper zone, base of transition zone, and the constraining resource shell.

Classification of the resources is based on definitions from SAMREC (2016) in accordance with Regulation S-K

1300. Classification was completed using wireframes that outlined regions of similar support, geological

continuity and estimation strength (based on average search distances and estimate robustness via Kriging

slope of regression and Kriging variance). There were no Measured Resources declared as the QP felt the

data support did not warrant a Measured classification in this instance, as Indicated Resources are adequate

for mine studies. Resources are reported at a variable Cu cut-off as defined by deposit and copper

mineralogy type and a classification of Indicated and inferred resources for each deposit are reported in

Table 11-30.

Despite the level of work completed to date, there remains some uncertainties with respect to mineralogy

the impact on copper recovery for some of the Native Copper deposits and these uncertainties are being

addressed in the forward work plan. These uncertainties are not expected to significantly impact the

economics of the project.

Effective date: 30 June 2025

**Table 11-28: Eva Copper Project Resources by Category and Deposit** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tons (Mt)** | **Cu Grade (%** <br>**Cu)**<br>| **Au Grade (oz/**<br>**t)**<br>| **Cu Pounds** <br>**(Mlb)**<br>| **Au Ounces** <br>**(Moz)**<br>|
| Measured |  |  |  |  |  |
| Little Eva |  |  |  |  |  |
| Bedford |  |  |  |  |  |
| Lady Clayre |  |  |  |  |  |
| Ivy Ann |  |  |  |  |  |
| Turkey Creek |  |  |  |  |  |
| Blackard |  |  |  |  |  |
| Scanlan |  |  |  |  |  |
| Legend |  |  |  |  |  |
| Great Southern |  |  |  |  |  |
| **Total Measured** | **—** | **—** | **—** | **—** | **—** |
| Indicated |  |  |  |  |  |
| Little Eva | 202 | 0.32 | 0.002 | 1310 | 367 |
| Bedford | 4 | 0.55 | 0.004 | 40 | 16 |
| Lady Clayre | 5 | 0.43 | 0.005 | 42 | 25 |
| Ivy Ann | 6 | 0.34 | 0.002 | 39 | 12 |
| Turkey Creek | 31 | 0.42 |  | 263 |  |
| Blackard | 128 | 0.48 |  | 1223 |  |
| Scanlan | 17 | 0.59 |  | 195 |  |
| Legend | 34 | 0.47 |  | 324 |  |
| Great Southern | 14 | 0.42 |  | 118 |  |
| **Total Indicated** | **441** | **0.40** | **0.002** | **3554** | **420** |
| **Measured + Indicated** | **Measured + Indicated** | **Measured + Indicated** | **Measured + Indicated** | **Measured + Indicated** | **Measured + Indicated** |
| Little Eva | 202 | 0.32 | 0.002 | 1310 | 367 |
| Bedford | 4 | 0.55 | 0.004 | 40 | 16 |
| Lady Clayre | 5 | 0.43 | 0.005 | 42 | 25 |
| Ivy Ann | 6 | 0.34 | 0.002 | 39 | 12 |
| Turkey Creek | 31 | 0.42 |  | 263 |  |
| Blackard | 128 | 0.48 |  | 1223 |  |
| Scanlan | 17 | 0.59 |  | 195 |  |
| Legend | 34 | 0.47 |  | 324 |  |
| Great Southern | 14 | 0.42 |  | 118 |  |
| **Total Measured + Indicated** | **441** | **0.40** | **0.002** | **3554** | **420** |
| **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** |
| Little Eva | 26 | 0.33 | 0.003 | 175 | 66 |
| Bedford | 1 | 0.38 | 0.004 | 8 | 4 |
| Lady Clayre | 1 | 0.43 | 0.004 | 7 | 3 |
| Ivy Ann | 1 | 0.33 | 0.003 | 9 | 4 |
| Turkey Creek | 6 | 0.44 |  | 52 |  |
| Blackard | 37 | 0.40 |  | 300 |  |
| Scanlan | 11 | 0.48 |  | 102 |  |
| Legend | 6 | 0.33 |  | 36 |  |
| Great Southern | 2 | 0.39 |  | 17 |  |
| **Total Inferred** | **91** | **0.39** | **0.003** | **706** | **77** |

---

Note: Mineral Resources

1. SAMREC and Regulation S-K 1300 definitions were followed for Mineral Resources.

2. Mineral Resources are exclusive of Mineral Reserves.

3. Mineral Resources are constrained within a Whittle pit shell generated with a copper price of $5.10/lb, a gold price of $1,582/oz and

an exchange rate of Aus$0.68 = US$1.00.

4. Density measurements were applied

5. Significant figures have been reduced to reflect uncertainty of estimations and therefore numbers may not add due to rounding.

Effective date: 30 June 2025

Two grade bins will be used to separate waste material from expected low-grade and high-grade mill feed to

allow the mine to maximise NPV using a stock-piling strategy. The oxide material overlies all the deposits and

carries potentially economic copper grades and was estimated at the same time and with the same methods

used for the sulphide material. Oxide resources were tabulated between the bottom of the oxide zone and

topographic surface. At present, there is no demonstrated process to economically recover copper from the

oxide zones; however, as this oxide material will be removed by mining, it will be stockpiled for potential

processing at some future date. Oxide material has been modelled, and will be stockpiled for possible future

processing, but not included into the Resource figures nor the Reserve. The oxide material are presented by

deposit and classification in Table 11-31.

**Table 11-29: Oxide material for the Eva Copper Project**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Deposit | Tonnes (kt) | Cu (%) | Au (g/t) | Cu Pound <br>(Mlb)<br>| Au Ounces <br>(koz)<br>|
| Little Eva | 3983 | 0.40 | 0.07 | 35 | 9 |
| Blackard | 13471 | 0.37 |  | 111 |  |
| Turkey Creek | 7468 | 0.50 |  | 82 |  |
| Bedford | 806 | 0.46 | 0.11 | 8 | 2 |
| Lady Clayre | 2387 | 0.27 | 0.09 | 14 | 7 |
| Scanlan | 1735 | 0.46 |  | 18 |  |
| **Total Inferred** | **29851** | **0.41** | **0.03** | **268** | **29** |

---

Notes:

Mineral Resource:

1. SAMREC and Regulation S-K 1300 definitions were followed for Mineral Resources.

2. Oxide materials are constrained within the same Whittle spatial constraint used to report the Mineral Resources as detailed in section

14.8 above.

3. Density value of 2.5 t/m3 was applied to all oxide zones.

4. Significant figures have been reduced to reflect uncertainty of estimations and therefore numbers may not add due to rounding.

The Eva Project hosts additional copper-only deposits that have received exploration attention in the past for

which historical resource estimates exist as listed in Table 11-32. These copper-only deposits are similar to

the Blackard and Scanlan deposits, hosted within the same stratigraphy and with the same deep weathering

profiles, containing a mix of copper oxide minerals, native copper and other copper bearing minerals,

transitioning to sulphide minerals at depth. Assuming the same processing method that is planned for use

with the Blackard and Scanlan deposits, these deposits should be considered for further exploration,

highlighted by the recent exploration success at the Legend and Great Southern deposits.

In the opinion of the QP the uncertainty and limitations are adequately captured within the classifications

applied to each deposit. The QP is satisfied that the level of risk is adequately managed and that all relevant

technical and economic factors that are likely to influence the prospect for economic extraction of the

Resource has been properly assessed.

Effective date: 30 June 2025

**Figure 11-29: Isometric View (looking south) of the Little Eva Resource Block Model at 0.17% Cut-off**

![lemodelobliquea.jpg](lemodelobliquea.jpg)

**Table 11-30: Historical Resource Estimates for Copper-Only Deposit Mineral Resources**

---

| | | | |
|:---|:---|:---|:---|
| **Deposits** | **Tonnes (Mt)** | **Cu (%)** | **Cu Pounds (Mlb)** |
| Longamundi | 10.4 | 0.66 | 151 |
| Caroline | 3.6 | 0.53 | 42 |
| Charlie Brown | 0.7 | 0.40 | 6 |
| Total | 14.7 | 0.58 | 199 |

---

Notes:

Mineral Resource:

1. Historical Resources should not be relied upon.

2. Significant figures have been reduced to reflect uncertainty of estimations and therefore numbers may not add due to rounding.

11.9Resource Verification

The resource block models were examined for validity and reasonableness by several methods:

• Visual comparison of block grades relative to drill holes on cross-sections

• Comparison of statistical summary of assay, composite, and block grades

• Comparison of different method of interpolations such as OK to ID2 or Nearest Neighbour (NN)

• Comparison to past estimations

A basic method of validation is to compare drill hole composites to adjacent block grades on plans and

sections. While this method demonstrates that block grades are reasonable and accurately reflect drill data,

since block grades are interpolated from data at some distance from the section, it does not necessarily

follow that the block grade will exactly match the proximal drill hole. Additionally, it is not possible to

examine every block value, thus this method may only reveal significant problems with an interpolation.

Examination of drill hole grades relative to adjacent block grades demonstrates a good degree of

correspondence, suggesting that block grades are fairly representing drill hole composites, as illustrated in

Figure 11-30 through Figure 11-34.

Effective date: 30 June 2025

Drill hole composites from drilling completed after the Resource was run are plotted for Little Eva along with

block grades on a cross-section in Figure 11-30 and are well correlated, indicating that the interpolation is

working well in this location. Comparison of mean copper grades from raw assays, drill hole composites, and

blocks by each domain from the Little Eva deposit are displayed graphically in Figure 11-33 and Figure 11-34.

As would be expected, the mean of the composite grades is lower than the mean grades from the raw

samples, whereas mean grades of blocks are lower again. The difference between the mean grade of assays

and the mean grades of the blocks is a function of smoothing, sample support and volume variance and

indicates the incorporation of lower-grade or barren material as the sample volume is increased. Since data

used to estimate block grades is taken from a number of composites within the search ellipse, it is expected

that some low-grade or barren material will be incorporated as dilution, a feature that becomes more

accentuated by selecting data above the copper cut-off grade (Figure 11-35).

**Figure 11-30: Cross-Section through the North End of the Eva Deposit with Block Grades and Drill Hole Composites** 

**from Drilling completed Post Estimation.**

![littleeva_blockmodelxnortha.jpg](littleeva_blockmodelxnortha.jpg)

**Figure 11-31: Cross-Section through the Central part of the Eva Deposit with Block Grades and Drill Hole Composites**

![littleeva_blockmodelxcntrlc.jpg](littleeva_blockmodelxcntrlc.jpg)

Effective date: 30 June 2025

**Figure 11-32: Cross-Section 7,772,000N in Little Eva Deposit**

![littleeva_blockmodelxcntrlb.jpg](littleeva_blockmodelxcntrlb.jpg)

![lezoomsectiona.jpg](lezoomsectiona.jpg)

Note: Illustrates Colour-Coded Drill Hole Composites Relative to block grades in upper image and a close-up (box) with printed grades in

lower.

Effective date: 30 June 2025

**Figure 11-33: Mean Assay, Composite, and Block Gold Grades for the Different Resource Domains in the Little Eva** 

**Deposit**

![image1a.jpg](image1a.jpg)

**Figure 11-34: Mean Assay, Composite, and Block Gold Grades for Domains in the Little Eva Deposit at a 0.17% Cu Cut-**

**off Grade**

![image2a.jpg](image2a.jpg)

Example swath plots which plot the average grades over a slice width for both the composite grades and the

block models are shown for the Little Eva deposit and the Blackard deposit are shown in Figure 11-35. It is

expected that the block grades closely match the composite grades, but are slightly more smoothed. This can

be seen in the Little Eva plot where the red line of the block model grades closely matches the green of the

composites. Also evident in the example from Blackard where the black line of the block estimate closely

matches the red of the composite file.

Effective date: 30 June 2025

**Figure 11-35: Examples of Swath plots for Little Eva (top) and Blackard (bottom), showing the block grades replicate** 

**the composite grades.**

![image3a.jpg](image3a.jpg)

![imagea.jpg](imagea.jpg)

ID2 interpolations produce similar results to OK methods, particularly when the same composite and block

sizes are used; the variation in composite grades is reasonable (CoV <1.7), and the drill hole data is not

excessively clustered. As these conditions were generally met by the other deposits, it is reasonable that

resource estimates in this TRS were similar to previous methods where kriging and or other methodology had

been used.

Every deposit at the Eva Project was estimated using a variety of methodologies, Little Eva, Blackard and

Turkey Creek using Ordinary Kriging with dynamic anisotropy for Turkey Creek and Blackard to account for

the folding, and Scanlan, Lady Clayre, Bedford and Ivy Ann using Inverse distance weighting were the

Effective date: 30 June 2025

variography was not well formed due to sample support. In all cases the models were validated and in the

opinion of the QP are robust enough for use in further studies. Overall, In the QP's opinion, the Mineral

Resource estimates have been prepared using industry-standard methods, with appropriate application of

cut-off grades, classification criteria, and consideration of uncertainty. The estimates are suitable for

disclosure under Regulation S-K 1300

12Mineral Reserve Estimates

Section 229.601(b)(96)(iii)(B) (12) (i-vi)

This section is not applicable as no Mineral Reserves are declared in this TRS

13Mining Methods

Section 229.601(b)(96)(iii)(B) (13) (i-v)

Conventional open pit mining using drill and blast, backhoe excavators and haul trucks is being considered at

Eva Copper Project. Work to assess these extraction methods is well advanced. Harmony has engaged with

mining contractors to develop benchmark pricing. Optimisations have been run using US$4.25/lb copper

price run multiple optimisations that show economic returns before capital is considered.

Geotechnical, and hydrogeological studies have been completed that inform the basis of design for the

optimisation.

The QP considers the results of these studies, together with the metallurgy and other modifying factors,

satisfies the requirement for reasonable prospect for eventual economic extraction

14Processing and Recovery Methods

Section 229.601(b)(96)(iii)(B) (14) (i-iv)

This section is not applicable as no Mineral Reserves are declared in this TRS

15Infrastructure

Section 229.601(b)(96)(iii)(B) (15)

This section is not applicable as no Mineral Reserves are declared in this TRS

16Market Studies

Section 229.601(b)(96)(iii)(B) (16) (i-ii)

This section is not applicable as no Mineral Reserves are declared in this TRS

17Environmental Studies, Permitting and Plans, Negotiations or Agreements

with Local Individuals or Groups

Section 229.601(b)(96)(iii)(B) (17) (i-vii)

This section is not applicable as no Mineral Reserves are declared in this TRS

18Capital and Operating Costs

Section 229.601(b)(96)(iii)(B) (18) (i-ii)

This section is not applicable as no Mineral Reserves are declared in this TRS

19Economic Analysis

Section 229.601(b)(96)(iii)(B) (19) (i-iv)

This section is not applicable as no Mineral Reserves are declared in this TRS

Effective date: 30 June 2025

20Adjacent properties

Section 229.601(b)(96) (iii)(B) (20) (i-iv)

20.1Mining Properties (Regional)

Mount Isa was established on the discovery of world-scale copper-zinc-lead deposits in 1923. A major mining

complex and a city of 22,000 people have grown on the site in the last 94 years, with multiple open pit and

underground mines, smelters, mills and flotation plants, and a sulphuric acid plant. The town hosts many

mining suppliers and service organisations and has a deep pool of skilled mining industry people. Mt. Isa has

two electric power generators supplied by a natural gas pipeline from South Australia, an airport, rail, and

other services.

Cloncurry was established much earlier than Mount Isa, in 1867, on the discovery of copper by Ernest Henry,

and the town was founded in 1884.

There are numerous active mines in the area. In addition to Mount Isa, there are five major active mines:

Ernest Henry copper-gold mine and Lady Loretta lead-zinc-silver mine, both owned by Glencore; Cannington

silver-lead mine, owned by South 32; the Dugald River zinc-lead-silver mine, owned by MMG; and the Mount

Gordon copper-gold mine, owned by Capricorn Copper. All are major, internationally important mines.

Smaller operations (active or in care and maintenance) include Osborne copper-gold mine, owned by

Chinova; Mount Colin copper mine, owned by Round Oak Minerals, Lady Annie copper-gold mine, owned by

CST Mining; Mount Cuthbert Copper mine, owned by Malaco Mining; Rocklands copper- gold mine, owned

by Cudeco; and Eloise copper-gold mine, owned by FMR Investments.

The only major closed mine is the Mary Kathleen Uranium mine.

20.2Mining Properties (Adjacent)

Mining properties that surround the Eva Project are predominantly EPMs held by the company. These

properties cover a highly prospective north–south corridor with similar geology to that which hosts the

Project's Mineral Resources, where numerous copper-gold mineralised prospects have been established and

are being systematically explored. No additional Mineral Resources have as yet been defined.

The major Dugald River zinc-lead-silver mine owned by MMG is located 11 km south of the planned Eva

Copper Project mine site, within a ML surrounded by MLs and EPMs held by the Company. The mine was

commissioned in November 2017. MMG indicates that the mine will process an average 1.7 Mt/a of ore, to

initially produce 170,000 tonnes of zinc concentrate, plus by-products. The mine will operate over an

estimated 25 years while the ore body remains open at depth. The mine is an underground operation

accessed via declines. Published Measured, Indicated, and Inferred Mineral Resources are: zinc resources of

64.8 Mt at 12% Zn, 2.2% Pb, and 31 g/t Ag (plus stockpiles of 0.23 Mt at 10.8% Zn, 1.7 Pb, and 49 g/t); and

copper resources of 4.4 Mt at 1.8% Cu and 0.2 g/t Au. Published Proven and Probable Ore Reserves are 32.8

Mt at 11.9% Zn, 2.2% Pb, and 44 g/t Ag. Resources and Reserves are from MMG 2017 statements published

in accordance with Joint Ore Reserves Code (JORC) 2012 edition (JORC, 2012). Stratigraphy interpreted to be

prospective for similar zinc mineralisation is identified within the tenure held by the Company surrounding

the Dugald River Project.

Effective date: 30 June 2025

**Figure 20-1: Adjacent Mining Properties and Major Mines around the Eva Copper Project**

![figure30-1a.jpg](figure30-1a.jpg)

Effective date: 30 June 2025

20.3Non-Mining Properties

Immediate key local non-mining stakeholders associated with the Eva Copper Project are landowners,

leaseholders, the Kalkadoon people, and state and local governments. They are:

• Landowner: Harold MacMillan (Mt. Roseby Homestead)

• Landowner: NAPCO (Coolullah Homestead)

• Kalkadoon people

• Commonwealth and Queensland State departments

• Cloncurry Shire Council.

CMMPL has been in continuous communication with the above stakeholders for many years. Refer to Section

4.4 regarding Pastoral Leases and Compensation Agreements with the four pastoral landholders for both the

MLs and key areas of activity in the surrounding EPMs.

Effective date: 30 June 2025

21Other Relevant Data and Information

Section 229.601(b)(96)(iii)(B) (21)

No other relevant data or information is known to the QP

Effective date: 30 June 2025

22Interpretation and Conclusion

Section 229.601(b)(96)(iii)(B) (22)

22.1Geology, Mineral Resources

The Eva Copper Project Mineral Resources are IOCG deposits that vary according to setting. The main

deposit, Little Eva, is similar to Ernest Henry.

Mineralisation primarily occurs as chalcopyrite, with subordinate bornite and chalcocite. The Native coper

orebodies comprise Native Copper with varying amounts of copper bearing hydrobiotite and contain a

Sulphide copper portion at depth.

The mineralised zones typically trend north to south and are moderately to steeply dipping.

All models are sufficient for further studies.

22.2Mining

This Resource is suitable for conventional open pit mining methods and typical processing through a copper

concentrate. Mining studies will be orientated around this approach.

22.3Metallurgical Testwork and Mineral Processing

Little Eva, being the largest source of sulphide ore, is expected to see 95% Cu recovery. The remaining

sulphide ore sources are expected to see between 88% to 95% recoveries, depending on the mineralogy.

Blackard and Scanlan native copper zones are expected to achieve 63% recovery through gravity and

flotation recovery methods

The recovery within the native copper zone of Blackard will be variable; however, it will average 63%, as

shown in the testwork. The sulphide zone located below this, is expected to behave similarly to Turkey Creek,

at an anticipated 88% recovery.

Extensive work has been done on Blackard. Scanlan has not seen the same degree of study; however, pilot

flotation work and geological observations on Scanlan have shown it to have similar mineralogical

characteristics as Blackard.

22.4Process Plant

N/A

22.5Infrastructure

N/A

22.6Environmental, Permitting, and Social Considerations

N/A

22.7Capital and Operating Costs

N/A

22.8Economics

N/A

Effective date: 30 June 2025

23Recommendations

Section 229.601(b)(96)(iii)(B) (23)

23.1Mineral Resources and Mineral Reserves

Although this TRS does not declare Mineral Reserves, a number of technical studies and planning activities

have been completed to support future conversion of Mineral Resources. The QP recommends the following

next steps:

Resource conversion: Target drilling of areas below and within the current pit designs to upgrade Inferred

Resources to the Indicated category.

Development drilling: At the Little Eva pit, conduct development drilling ahead of mining to improve

confidence in Mineral Resource estimates, support future Mineral Reserve definition, and optimise mining

selectivity and grade control strategies.

Geotechnical studies: Perform slope stability investigations on the Blackard, Scanlan, Turkey Creek, Lady

Clayre, and Bedford deposits to inform pit design parameters.

Mine planning: Continue detailed mine design and mine planning studies for the Eva Copper Project in

preparation for potential production.

Dewatering plans: Develop detailed pit dewatering strategies for the Little Eva, Blackard, Scanlan, and Turkey

Creek deposits.

Effective date: 30 June 2025

24References

Section 229.601(b)(96)(iii)(B) (24)

24.1References

The references cited in this TRS include the following:

AARC (2007). Roseby Copper Project, Environmental Impact Statement (EIS) Supplementary Report. (L2800).

AARC (2008). Roseby Copper Project, Environmental Impact Statement (EIS) Response to Information

Request. (L2800).

AARC (2011). Roseby Copper Project, Environmental Management Plan. (L3428). AARC (2019). Eva Project,

Ecology Report. (L10479)

ALS AMMTEC (2012a). Metallurgical Testwork conducted upon Copper Ore Samples from the Roseby Copper

Project for Altona Mining Limited Report A13828 September 2012. Perth: ALS AMMTEC. (L8464).

ALS AMMTEC (2012b). Quantitative Automated Mineralogical Analysis conducted on Five (5) Copper Core

Samples from the Roseby Project for Altona Resources (Project A14159). Perth: ALS AMMTEC. (L7842).

ALS AMMTEC (2012c). Quantitative Automated Mineralogical Analysis conducted on Two (2) Flotation Feed

and Two (2) Flotation Tail Samples for Altona Resources (Project A13828). Perth: ALS AMMTEC. (L7844).

ALS Metallurgy (2016). Metallurgical Testwork conducted upon Turkey Creek and Little Eva Copper Ores.

Perth: ALS Metallurgy. (L9654).

Altona & Department of Natural Resources and Mines. (2017). Query to the Department of Natural

Resources and Mines, Queensland, about Water License requirements for the Little Eva Project. Queensland:

Altona & DNRM) (L9714).

Altona Mining Limited (Altona) (2014a). ALT2014004/005 Turkey Creek Drill Programme Completion Report.

Perth: Altona (L9719).

Altona (2014). Little Eva Mineral Resource Update. Perth: Altona (L9111).

Altona (2014a). Little Eva Geotechnical Review Version 2. Perth: Altona. (L5561). Altona (2014b). Little Eva

Geological Report. Perth: Altona (L9110).

Altona (2014b). Review of Little Eva Unconfined Compressive Strength Measurements. Perth: Altona.

(L9759).

Altona (2017). ALT2015009 Metallurgical Drilling Programme Completion Report. Perth: Altona (L9748).

Altona (2017). Detailed Metallurgical Review, Cloncurry Copper Project. Perth: Altona. (L9782). Altona (2017).

Detailed Metallurgical Review. Perth: Altona. (L978).

Altona (2017). Query to the Department of Natural Resources and Mines, Queensland, about Water License

Requirements for the Little Eva Project. Perth: Altona. (L9714).

AMML (2007a). Bond Ball Mill Work Index Tests on Little Eva Ore Samples for Universal Resources Limited.

Perth: AMML. (L2902).

AMML (2007b). AMML Interim Report 0013-2, Batch and Locked Cycle Flotation on Little Eva Ore Samples.

Sydney: AMML. (L2901).

AMMTEC (2006a). Comminution Testing Conducted Upon Samples from the Roseby Copper Project for

Universal Resources Limited, Report A10110. Perth: AMMTEC. (L1356).

AMMTEC (2007b). Comminution Testwork Conducted Upon Sulphide Composite Samples from the Little Eva

Copper Deposit (Roseby Copper Project) for Universal Resources Limited, Report A10997. Perth: AMMTEC.

(L2904).

Effective date: 30 June 2025

AMMTEC Consultants PLLC (AMMTEC). (2005a). Metallurgical Testwork Conducted Upon Samples of Ore

from the Roseby Copper Deposit, Report A9761. Perth: AMMTEC. (L1260).

AMMTEC. (2005b). Flotation Testwork on Bedford, Little Eva and Lady Clayre Samples for Universal

Resources, Report A9656. Perth: AMMTEC. (L3380).

AMMTEC. (2006b). Bench Scale Flotation Testwork on Roseby Ore Samples for Universal Resources Limited,

Report No. A9880, Part B. Perth: AMMTEC. (L1352).

AMMTEC. (2006c). Pilot Grinding and Preliminary Pilot Flotation on Ore Sample Composites from the Roseby

Copper Project for Universal Resources Limited, Report No. A9880 Part C. Perth: AMMTEC Ltd. (L1353).

AMMTEC. (2007). Flotation Testwork on Blend Master Composites for Universal Resources Limited.

Report No. A10851-D, Perth: AMMTEC. (L2905).

Ausenco (2020). Process Plant and Facilities Layout Drawings, Ausenco, February 2020. AustralAsian

Resource Consultants (AARC). (2007). Roseby Copper Project, Environmental Impact

Statement (EIS). (L2800).

Browning, F. (2016). Thesis: Geological Model and Resource Estimate for the Bedford Copper-Gold Deposit,

Mount Isa Inlier, North West Queensland. Cornwall: University of Exeter (L9754) [Report Only].

Chadwick, R. (1992). Ivy Ann Prospect, EPM 8059 "Cameron River," 1992 Exploration Summary and

Discussion. Perth: Dominion Mining Limited. (L987).

CITIC-SMCC Process Technology (2018). Review of the Equipment Selection for the Comminution Circuit of

the Cloncurry Project, January 2018.

Copper Mountain Mining Corporation (CCMC). (2018). Copper Mountain Concentrator, July 2018.

Eva Flotation Testwork Progress Report No. 1.

CRAE. (1996). The Geology and Origin of the Blackard, Lady Clayre and CRA Flat Cu and Cu-Au Prospects

within the Mount Roseby Area. Brisbane: CRA Exploration Pty. Ltd. (L852).

Department of Environment and Heritage Protection (DEHP), Queensland. (2012). Environmental Authority

MIN102973311 (ML90162, ML90163, ML90164, ML 90165, and ML90166) for

Altona Mining Limited and Roseby Copper Pty. Ltd. Cairns: DEHP. (L8299).

DEHP, Queensland. (2013). Amendment of Environmental Authority EPML00899613 (ML90162, ML90163,

ML90164, ML 90165, and ML90166) for Altona Mining Limited and Roseby Copper Pty. Ltd. Cairns: DEHP.

(L8299).

DEHP, Queensland. (2016). Amendment of Environmental Authority EPML00899613 (ML90162, ML90163,

ML90164, ML 90165, and ML90166) for Altona Mining Limited and Roseby Copper Pty. Ltd. Cairns: DEHP.

(L8299).

EHW (1996). Report on Field Mapping and Proposed Diamond Drill Holes at Ivy Ann. Perth: EHW. (L991).

Environmental Geochemistry International. (2006). Geochemical Characterisation and ARD Assessment of

Samples from the Roseby Copper Project. Perth: Environmental Geochemistry International. (L2959).

Gekko Systems (Gekko) (2019). Eva Copper Project Gravity and Flotation Testwork, December 2019

Geological Survey of Queensland. (2011). Northwest Queensland Mineral and Energy Province

Report. Brisbane: Department of Employment, Economic Development and Innovation (L8418) [Report Only].

Effective date: 30 June 2025

George Orr and Associates (George Orr) (2006). Little Eva Deposit: Geotechnical Evaluation for Mining

Feasibility Purposes, July 2006, updated 2012.

George Orr (2006). Roseby Copper Project: Little Eva Deposit, Geotechnical Evaluation for Mining Feasibility

Purpose. Perth: George Orr. (L1349).

George Orr (2012). Roseby Copper Project, Little Eva Deposit, Definitive Mining Feasibility Study:

Geotechnical Evaluation for Open Pit Mining. Perth: George Orr. (L7821).

Gilbride Management (2011). Altona Mining Limited, Little Eva Project, Definitive Feasibility Study, Appendix

9.1, Logistics Study. Perth: Gilbride Management. (L8443).

GR Engineering Services (GRES) (2012). Altona Mining Limited, Little Eva Project, Definitive Feasibility Study.

Perth: GRES. (L8443).

GRES (2015). Turkey Creek Slighter Testwork. Perth: GRES. (L9347).

Habermann, P. (1999). Thesis: Alteration and Mineralisation at the Lady Clayre Cu-Au Prospect, Mount Isa,

Eastern Succession, NW Queensland. Townsville: James Cook University. (L1064).

Hatch (2018). The Eva Copper Project Feasibility Study Report, Copper Mountain Mining Corp, November

2018. Hatch (2018). 3D Process Plant Layout Drawings for the Eva Copper Feasibility Study. Vancouver: Hatch.

Hatch (2018). Electrical Single Line Diagrams for the Eva Copper Feasibility Study. Vancouver: Hatch.

Hatch (2018). Mass Balance and Water Balance for the Eva Copper Feasibility Study. Vancouver: Hatch.

Hatch (2018). Mechanical Equipment List for the Eva Copper Feasibility Study. Vancouver: Hatch. Hatch

(2018). Process Design Criteria for the Eva Copper Feasibility Study. Vancouver: Hatch.

Hatch (2018). Process Flow Diagrams for the Eva Copper Feasibility Study. Vancouver: Hatch.

Kendrick, S. (2013). Email: Altona's Little Eva Project Preliminary Questions [GRES- PROJECTS.FID2795]. Perth:

GRES. (L8907).

KH Morgan and Associates (KH Morgan) (2009). Hydrogeology Report, December 2009.

KH Morgan and Associates (KH Morgan) (2011). Hydrogeology Report, Environmental Management Plan,

Roseby Copper Project, Northwest Queensland. Perth: KH Morgan. (L1536).

KH Morgan (2012). Dewatering Procedures Impact and Water Resources, Little Eva Pit, Altona Mining

Limited. Perth: KH Morgan. (L8414).

Klohn Crippen Berger (KCB) (2019). Eva Project Tailings Characterization Factual Report, September 2019.

KCB (2010). Definitive Feasibility Study review and update of the Tailings Storage Facility for the Eva Copper

Project, Klohn Crippen Berger, December 2019.

Knight Piésold Pty. Ltd. (Knight Piésold) (2012). Altona Mining Limited, Little Eva Project, Definitive Feasibility

Study, Appendix. Perth: Knight Piésold.

Knight Piésold (2016). Tailings Storage Facility Preliminary Design Report (Incorporates Regional Surface

Water Management Design). Perth: Knight Piésold. (L9566).

Knight Piésold (2016a). Tailings Storage Facility Preliminary Design Report (Incorporates Regional Surface

Water Management Design). Perth: Knight Piésold. (L9566).

Knight Piésold (2016b). Cabbage Tree Creek Inundation Study and Little Eva Pit Diversion. Perth: Knight

Piésold. (L9567).

Effective date: 30 June 2025

Knight Piésold (2018). Tailings Storage Facility Definitive Feasibility Study, Book A. Geotechnical, Tailings, and

Water Management Report; and Book B. Geotechnical Interpretative Report, October 2018.

Knight Piésold (2019). Eva Copper Project, Cabbage Tree Creek Inundation Study and Little Eva Pit Diversion.

Perth: Knight Piésold. (L10498).

Knight Piésold (2019). Eva Project, Definitive Feasibility Study – Geotechnical, Tailings and Water

Management Report. Perth: Knight Piésold. (L10397).

Knight Piésold (2019). Eva Project, Definitive Feasibility Study – Geotechnical Interpretative Report.

Perth: Knight Piésold. (L10399).

Knight Piésold (2019). Cabbage Tree Creek Inundation Study and Little Eva Pit Diversion Update, Knight

Piésold, December 2019.

Lane, G., Foggiatto, B. and Bueno, M.P. (2013). Power-based comminution calculations using Ausgrind. In

Alvarez, M., Doll, A., Kracht, W. and Kuyvenhoven, R. (Eds.), Proceedings of 10th International Mineral

Processing Conference (Procemin 2013), pp. 85-96. Santiago: Gecamin.

LAROX (2008). Test Report 7.2.12 – Pilot Produced Final Copper Concentrate. Perth: LAROX. (L3294).

Li, C. (1996). Lady Clayre Prospect – Locked Cycle Testing. Melbourne: CRA ATD. (L930).

Mason Geoscience (2003). Petrographic Descriptions for Twenty-two Drill Core Rock Samples from Lady

Clayre and Little Eva Prospects (Eastern Succession, Mount Isa Inlier, Queensland) Report 2811. Adelaide:

Mason Geoscience. (L1058).

Mason Geoscience (2004). Petrographic and Minerographic Descriptions for Sixteen Drill Chip Rock Samples

from the Little Eva, Lady Clayre, Bedford and Tin Lizzie Prospects (Roseby Project, Cloncurry Region,

Queensland). Report # 2966. Adelaide: Mason Geoscience. (L1061).

Mason Geoscience (2005). Mineralogy of Three Cu-Bearing Ores: LED197, LED198, and BC Master Composite

(Roseby Project, Queensland). Perth: Mason Geoscience Pty. Ltd. (L1188).

MBS Environmental (MBS). (2011). Roseby Copper Project Tailings Characterization and Acid Mine Drainage

Management. Perth: Martinick Bosch Sell Pty. Ltd. (L3402).

MBS (2011). Roseby Copper Project, Waste Rock Characterisation and Acid Mine Drainage Management.

Perth: MBS. (L3403).

MBS (2012). Altona Mining Limited, Little Eva Project, Definitive Feasibility Study, Appendix 10.2,

Geochemical Assessment of Little Eva Tailings. Perth: MBS. (L8443).

MBS (2012). Roseby Copper Project, Surface Water and Sediment Quality Monitoring (March 2012). Perth:

MBS. (L8613).

MBS (2015). Roseby Copper Project 2014/15 Water and Sediment Quality Monitoring Summary.

Perth: MBS. (L9352).

MBS (2016). Little Eva Project, Environmental Authority Amendment Application Supporting Document.

Perth: MBS. (L9609).

MBS (2016). Little Eva Project, Environmental Authority Amendment Application Supporting Document.

Perth: MBS. (L9609).

MBS (2016). Memorandum: Environmental Approvals, Little Eva Project. Perth: MBS (L9768). MBS (2016).

Memorandum: Environmental Offsets Act 2014. (L9767).

MBS (2016). Roseby Copper Project 2015/16 Water and Sediment Quality Monitoring Summary May 2016.

(L9655).

Effective date: 30 June 2025

MBS (2016). Waste Rock Characterisation, Little Eva Project, Satellite Deposits (Turkey Creek, Bedford, Lady

Clayre). Perth: MBS. (L9569).

MBS (2017). Cloncurry Copper Project 2016/17 Water and Sediment Quality Monitoring Summary. (L9772).

Merit and Sedgman (2017). CMMC Business Case Analysis Completed in October 2017.

Metso Corporation (Metso) (2019). Eva Copper HPGR Testwork (April 2019), and Little Eva-Blackard Blend

Testwork, November 2019.

Milligan, S. & C. Li. (1996). Lady Clayre Prospect – Metallurgical Characterisation, Melbourne: CRA ATD.

(L0842).

MMG Limited (2019). Mineral Resources and Ore Reserves. Available at: https://www.mmg.com/our-

business/mineral-resources-and-ore-reserves/, accessed 23 April 2020.

NeoProTec Pty. Ltd. (NeoProTec) (2003). Testwork Report for Universal Resources Limited.

Metallurgical Testwork Program, Little Eva, UR0301. Perth: NeoProTec. (L3022).

NeoProTec (2003b). Testwork Report for Universal Resources Limited. Metallurgical Testwork Program, Little

Eva, UR0301. Perth: NeoProTec. (L3440).

NeoProTec (2005). Preliminary Flotation Response of: 1. Little Eva Low-grade and its Revenue Impact on Little

Eva. 2. Lady Clayre. 3. Bedford. Ref: UR 05011, Perth: NeoProTec Pty. Ltd. (L1175).

NeoProTec (2006). Roseby Project. Comminution Testwork. Perth: NeoProTec. (L1388).

NeoProTec (2008). Roseby Copper Project – DFS Metallurgical Summary Report. Perth: NeoProTec. Optimet

Laboratories (Optimec) (2003). Metallurgical Testing of Roseby Copper Project Report P0013. Adelaide:

Optimet. (L1580 & L1581).

Optimet (2005). Report P0117 Universal Resources Little Eva/Roseby Project Oxide/Sulphide Blend Flotation.

Adelaide: Optimet. (L1577).

Orway Mineral Consultants. (2006). Universal Resource Ltd. Roseby Copper Project Feasibility Study

Comminution Circuit Design, Report 46203. Perth: Lycopodcium Engineering Pty. Ltd. (L8434).

Outotec (2008). SUPAFLO® Thickener Test Data Report S394TA. Perth: Outotec. (L3292) Paterson & Cooke

(2019). Blackard Ore Pumping Conceptual Study, November 2019.

Paterson & Cooke (2019). Eva Tailings Dewatering Conceptual Study, November 2019. Paterson & Cooke

(2019). Tailings and Ore Characterization, November 2019.

Queensland Department of Environment and Heritage Protection (2016). Amendment of Environmental

Authority EPML00899613, July 2016.

Rockwater Hydrogeological and Environmental Consultants (Rockwater). (2018). Water Supply Investigation

for the Eva Copper Project.

Rockwater (2011). Little Eva Copper-Gold Deposit Water Supply Investigation. Results or RC Exploration

Drilling. Perth: Rockwater. (L7816).

RPS Group plc. (2019). Little Eva Mine Site LiDAR. RPS Reference PR139400-1. (L10479). SRK Consulting (SRK)

(2014). Review of the Roseby Project Queensland. Perth: SRK (L9096).

Sedgman Limited (Sedgman) (2017). Cloncurry Copper Project Business Case Analysis, CMMC, and Merit,

October 2017.

Taylor, R.G. (2009). Petrological Observations and Overview Comments Concerning 18 Samples from the

Little Eva Copper-Gold Prospect, Cloncurry Region, Queensland, Australia.

Effective date: 30 June 2025

Townsville: School of Earth and Environmental Science, James Cook University. (L8850).

Townend (2015). Semiquantitative Analysis of Eight Metallurgical Samples. Perth: Townend Mineralogy

Laboratory. (In L9347).

Universal Resources Inc., Como Engineers Pty. Ltd., & GR Engineering Services (2009). Roseby Copper Project

5MT/A Definitive Feasibility Study. (L1585).

Walker, Newman & Associates (2012). Altona Mining Limited, Little Eva Project, Definitive Feasibility Study,

Appendix 9.2, Telecommunications and IT Cost Estimate. Perth: Walker, Newman & Associates. (L8443).

Withnal, I.W. & L.C. Cranfield (2013). Geological Framework of Queensland. Geological Survey of Queensland.

Brisbane: Department of Natural Resources and Minerals.

Woodgrove Technologies (2019). Eva Project DFR Pilot Plant Report, May 2019.

25Reliance on information provided by the registrant

Section 229.601(b)(96)(iii)(B) (25)

Harmony management determined the gold prices used for estimating Mineral Resources. These prices were

calculated using historical, publicly-available gold price data.Other than this, the QP has not relied upon

information provided by the registrant that could not be independently verified.

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'? hmy-20250630_d2

---

| | |
|:---|:---|
| **Harmony Gold Mining Company Limited** | **Harmony Gold Mining Company Limited** |
| Reports of the Independent Registered Public Accounting Firms | F-[2](#i171b8580b06347fdb0fca0fa1bb3015f_61) |
| Group Income Statement for the years ended 30 June 2025, 2024 and 2023 | F-[6](#i171b8580b06347fdb0fca0fa1bb3015f_76) |
| Group Statement of Comprehensive Income for the years ended 30 June 2025, 2024 and 2023 | F-[7](#i171b8580b06347fdb0fca0fa1bb3015f_82) |
| Group Balance Sheet at 30 June 2025 and 2024 | F-[8](#i171b8580b06347fdb0fca0fa1bb3015f_91) |
| Group Statement of Changes in Shareholders' Equity for the years ended 30 June 2025, 2024 and 2023 | F-[9](#i171b8580b06347fdb0fca0fa1bb3015f_97) |
| Group Cash Flow Statement for the years ended 30 June 2025, 2024 and 2023 | F-[10](#i171b8580b06347fdb0fca0fa1bb3015f_103) |
| Notes to the Group Financial Statements | F-[11](#i171b8580b06347fdb0fca0fa1bb3015f_112) |

---

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Directors of Harmony Gold Mining Company Limited** 

***Opinion on the Financial Statements***

We have audited the accompanying group balance sheets of Harmony Gold Mining Company Limited (the Company) as of 30 June

2025 and 2024, the related group income statements, group statements of comprehensive income, group statements of changes in

shareholders' equity and the group cash flow statements, for each of the two years in the period ended 30 June 2025, and the related

notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present

fairly, in all material respects, the financial position of the Company at 30 June 2025 and 2024, and the results of its operations and its

cash flows for each of the two years in the period ended 30 June 2025, in conformity with International Financial Reporting Standards

as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)

(PCAOB), the Company's internal control over financial reporting as of 30 June 2025, based on criteria established in Internal Control

—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and

our report dated 31 October 2025 expressed an adverse opinion thereon.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the

Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to

be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and

regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit

to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or

fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due

to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,

evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting

principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial

statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical audit matter***

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was

communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material

to the financial statements and (2) involved our especially challenging, subjective or complex judgements. The communication of a

critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not,

by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or

disclosure to which it relates.

---

| | |
|:---|:---|
| ***Description of the*** <br>***Matter***<br>| **Provision for environmental rehabilitation** |
|  | As more fully described in note 24 to the consolidated financial statements, the Company recognises a <br>provision for environmental rehabilitation obligations, comprising pollution control, rehabilitation and mine <br>closure for the Company's mines, related surface infrastructure and tailings dams. Based on disturbances <br>to date, except for groundwater and radiation disturbances, as disclosed in note 36(b) to the consolidated <br>financial statements, the net present value of expected rehabilitation cost estimates is recognised and <br>provided for in full, in the consolidated financial statements. The provision amounted to R6 098 million at 30 <br>June 2025.<br>|
|  | Auditing the Company's provision for environmental rehabilitation was complex and required significant <br>judgment, particularly in evaluating the additional or revised extent of disturbances to date, cost rates used <br>in estimating the rehabilitation cost, and assumptions related to future inflation and discount rates. These <br>estimates and assumptions are inherently subjective and required the involvement of our environmental and <br>valuation specialists.<br>|
| ***How We Addressed*** <br>***the Matter in Our*** <br>***Audit***<br>| To test the provision for environmental rehabilitation, we performed audit procedures with the assistance of <br>our environmental specialists. These procedures included, among others, evaluating the Company's <br>compliance with applicable regulatory and legislative requirements, and assessing the methodology used by <br>management to estimate the provision against industry practice. We further assessed the reasonableness of <br>rehabilitation cost estimates by comparing them to the Company's regulatory submissions. We evaluated a <br>sample of additional or revised measurements of disturbances by comparing them to supporting <br>documentation, such as geographical area maps and surveyor measurements made by the Company. In <br>relation to cost rate assumptions, we assessed the reasonableness of management's estimated cost rates <br>by comparing them to cost rates we have observed in the market.<br>|

---

---

| |
|:---|
| We assessed the completeness of the provision, by, among other procedures, comparing the current year <br>capital projects to the corresponding additional or revised extent of disturbances to date. We also performed <br>a comparison between changes in geographical area maps and surveyor measurements, since the prior <br>year, to the respective changes in the disturbances to date used to estimate the provision. <br>|
| With the involvement of our valuation specialists, we evaluated management's future inflation and discount <br>rate assumptions, used in the rehabilitation models, by comparing them to relevant market data and <br>benchmarks.<br>|

---

/s/ Ernst & Young Incorporated

We have served as the Company's auditor since 2023.

Johannesburg, Republic of South Africa

31 October 2025

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Directors of Harmony Gold Mining Company Limited**

***Opinion on Internal Control Over Financial Reporting***

We have audited Harmony Gold Mining Company Limited's internal control over financial reporting as of 30 June 2025, based on

criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway

Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weaknesses described below

on the achievement of the objectives of the control criteria, Harmony Gold Mining Company Limited (the Company) has not

maintained effective internal control over financial reporting as of 30 June 2025, based on the COSO criteria.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a

reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or

detected on a timely basis. The following material weaknesses have been identified and included in management's assessment.

Management has identified a material weakness related to the inadequate design of control activities to adequately address identified

risks or operate at a sufficient level of precision, that would identify material misstatements to their consolidated financial statements.

This material weakness contributed to additional material weaknesses, being (i) controls related to the completeness and accuracy of

information produced by the Company, (ii) the level of precision and documentation around management review controls or controls

that contain an element of review and (iii) ineffective information technology general controls.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)

(PCAOB), the group balance sheets of the Company as of 30 June 2025 and 2024, the related group income statements, group

statements of comprehensive income, group statements of changes in shareholders' equity and the group cash flow statements, for

each of the two years in the period ended 30 June 2025, and the related notes (collectively referred to as the "consolidated financial

statements"). These material weaknesses were considered in determining the nature, timing and extent of audit tests applied in our

audit of the 2025 consolidated financial statements, and this report does not affect our report dated 31 October 2025, which expressed

an unqualified opinion thereon.

***Basis for Opinion***

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of

the effectiveness of internal control over financial reporting included in the accompanying "Management's Report on Internal Control

over Financial Reporting". Our responsibility is to express an opinion on the Company's internal control over financial reporting based

on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the

Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit

to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material

respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness

exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing

such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for

our opinion.

***Definition and Limitations of Internal Control Over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of

financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting

principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the

company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements

in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only

in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding

prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect

on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections

of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in

conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young Incorporated

Johannesburg, Republic of South Africa

31 October 2025

**Report of Independent Registered Public Accounting Firm**

**To the Board of Directors and Shareholders of Harmony Gold Mining Company Limited**

***Opinion on the Financial Statements***

We have audited the consolidated Group income statement, Group statement of comprehensive income, Group statement of changes

in shareholders' equity and Group cash flow statement of Harmony Gold Mining Company Limited and its subsidiaries (the

"Company") for the year ended 30 June 2023, including the related notes (collectively referred to as the "consolidated financial

statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the results of operations and

cash flows of the Company for the year ended 30 June 2023 in conformity with International Financial Reporting Standards as issued

by the International Accounting Standards Board.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an

opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the

Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the

Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards

require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are

free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test

basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the

accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the

consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers Inc.

Johannesburg, Republic of South Africa

31 October 2023

We served as the Company's auditor from 1950 to 2023.

**Group income statement**

*For the year ended 30 June 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | Notes | **2025** | 2024<br>Restated<sup>1</sup><br>| 2023<br>Restated<sup>1</sup><br>|
| Revenue | 4 | **73 896** | 61 379 | 49 275 |
| Cost of sales | 5 | **(49 635)** | (47 233) | (39 535) |
| Production costs |  | **(43 155)** | (38 923) | (34 866) |
| Amortisation and depreciation |  | **(4 842)** | (4 642) | (3 454) |
| Impairment of assets |  | **—** | (2 793) |  |
| Other items |  | **(1 638)** | (875) | (1 215) |
| **Gross profit** |  | **24 261** | 14 146 | 9 740 |
| Corporate, administration and other expenditure | 6 | **(1 647)** | (1 294) | (1 044) |
| Exploration expenditure |  | **(915)** | (1 047) | (506) |
| Gains/(losses) on derivatives | 17 | **(59)** | 453 | (194) |
| Foreign exchange translation gain/(loss) | 7 | **(107)** | 97 | (634) |
| Contingent consideration remeasurement<sup>1</sup> | 27 | **(830)** | (484) | (64) |
| Other operating expenses<sup>1</sup> | 8 | **(346)** | (195) | (204) |
| **Operating profit** |  | **20 357** | 11 676 | 7 094 |
| Acquisition-related costs | 13 | **(40)** |  | (214) |
| Share of profits from associate | 19 | **106** | 81 | 57 |
| Impairment of investments in associate | 19 | **(23)** |  |  |
| Investment income | 9 | **1 504** | 809 | 663 |
| Finance costs | 10 | **(698)** | (796) | (994) |
| **Profit before taxation** |  | **21 206** | 11 770 | 6 606 |
| Taxation | 11 | **(6 658)** | (3 082) | (1 723) |
| **Net profit for the year** |  | **14 548** | 8 688 | 4 883 |
| **Attributable to:** |  |  |  |  |
| Non-controlling interest |  | **164** | 101 | 63 |
| Owners of the parent |  | **14 384** | 8 587 | 4 820 |
| **Earnings per ordinary share (cents)** |  |  |  |  |
| **Total earnings** | 12 | **2 313** | 1 386 | 780 |
| **Diluted earnings per ordinary share (cents)** |  |  |  |  |
| **Total earnings** | 12 | **2 288** | 1 364 | 777 |

---

<sup>1</sup>*Refer to note 2 for further information on the reclassification restatement of financial statement line items.*

The accompanying notes are an integral part of these consolidated financial statements.

**Group statement of comprehensive income**

*For the year ended 30 June 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | Notes | **2025** | 2024 | 2023 |
| Net profit for the year |  | **14 548** | 8 688 | 4 883 |
| Other comprehensive income for the year, net of income tax |  | **(5 597)** | (1 420) | (80) |
| Items that may be reclassified subsequently to profit or loss | 23 | **(5 661)** | (1 442) | (110) |
| Foreign exchange translation gain/(loss) |  | **(819)** | (943) | 1 123 |
| Remeasurement of gold hedging contracts |  | **(4 842)** | (499) | (1 233) |
| Items that will not be reclassified to profit or loss | 23 | **64** | 22 | 30 |
| **Total comprehensive income for the year** |  | **8 951** | 7 268 | 4 803 |
| **Attributable to:** |  |  |  |  |
| Non-controlling interest |  | **164** | 101 | 63 |
| Owners of the parent |  | **8 787** | 7 167 | 4 740 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Group balance sheet**

*As at 30 June 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SA Rand** | **SA Rand** |
| *Figures in million* | Notes | **At 30 June**<br>**2025**<br>| At 30 June <br>2024<br>|
| **Assets** |  |  |  |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 14 | **48 269** | 41 348 |
| Intangible assets |  | **6** | 19 |
| Restricted cash and investments | 15 | **7 015** | 6 494 |
| Investments in associates | 19 | **197** | 165 |
| Deferred tax assets | 11 | **114** | 140 |
| Other non-current assets | 16 | **360** | 344 |
| Derivative financial assets | 17 | **236** | 453 |
| **Total non-current assets** |  | **56 197** | 48 963 |
| **Current assets** |  |  |  |
| Inventories | 21 | **3 825** | 3 603 |
| Restricted cash and investments | 15 | **46** | 39 |
| Trade and other receivables | 18 | **4 002** | 2 604 |
| Derivative financial assets | 17 | **332** | 558 |
| Cash and cash equivalents | 32 | **13 101** | 4 693 |
| **Total current assets** |  | **21 306** | 11 497 |
| **Total assets** |  | **77 503** | 60 460 |
| **Equity and liabilities** |  |  |  |
| **Share capital and reserves** |  |  |  |
| Attributable to equity holders of the parent company |  | **48 235** | 40 774 |
| Share capital and premium | 22 | **32 934** | 32 934 |
| Other reserves | 23 | **717** | 5 602 |
| Retained earnings |  | **14 584** | 2 238 |
| Non-controlling interest |  | **277** | 175 |
| **Total equity** |  | **48 512** | 40 949 |
| **Non-current liabilities** |  |  |  |
| Deferred tax liabilities | 11 | **4 475** | 2 951 |
| Provision for environmental rehabilitation | 24 | **6 098** | 5 155 |
| Other provisions | 25 | **196** | 526 |
| Borrowings | 30 | **1 894** | 1 785 |
| Contingent consideration liability | 27 | **976** | 850 |
| Other non-current liabilities | 28 | **276** | 276 |
| Derivative financial liabilities | 17 | **2 688** | 609 |
| **Total non-current liabilities** |  | **16 603** | 12 152 |
| **Current liabilities** |  |  |  |
| Other provisions | 25 | **65** | 19 |
| Borrowings | 30 | **59** | 9 |
| Trade and other payables | 31 | **6 724** | 5 629 |
| Contingent consideration liability | 27 | **481** | 115 |
| Derivative financial liabilities | 17 | **5 059** | 1 502 |
| Streaming contract liability | 29 | **—** | 85 |
| **Total current liabilities** |  | **12 388** | 7 359 |
| **Total equity and liabilities** |  | **77 503** | 60 460 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Group statement of changes in shareholders' equity**

*For the year ended 30 June 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Number of <br>ordinary <br>shares <br>issued<br>| Share capital <br>and <br>premium<br>| Retained <br>earnings/<br>(Accumulated <br>loss)<br>| Other <br>reserves<br>| Non-<br>controlling <br>interest<br>| Total |
| Notes | 22 | 22 |  | 23 |  |  |
| *Figures in million (SA Rand)* |  |  |  |  |  |  |
| **Balance – 30 June 2022** | 616 525 702 | 32 934 | (9 639) | 6 744 | 78 | 30 117 |
| Issue of shares |  |  |  |  |  |  |
| – Exercise of employee share options | 1 546 270 |  |  |  |  |  |
| Share-based payments |  |  |  | 114 |  | 114 |
| Net profit for the year |  |  | 4 820 |  | 63 | 4 883 |
| Other comprehensive income for the year |  |  |  | (80) |  | (80) |
| Dividends paid |  |  | (136) |  | (18) | (154) |
| **Balance – 30 June 2023** | 618 071 972 | 32 934 | (4 955) | 6 778 | 123 | 34 880 |
| Issue of shares |  |  |  |  |  |  |
| – Exercise of employee share options | 1 910 916 |  |  |  |  |  |
| – Harmony ESOP Trust | 12 651 525 |  |  |  |  |  |
| Share-based payments |  |  |  | 244 |  | 244 |
| Partial purchase of non-controlling interest |  |  |  |  | (6) | (6) |
| Net profit for the year |  |  | 8 587 |  | 101 | 8 688 |
| Other comprehensive income for the year |  |  |  | (1 420) |  | (1 420) |
| Dividends paid |  |  | (1 394) |  | (43) | (1 437) |
| **Balance – 30 June 2024** | 632 634 413 | 32 934 | 2 238 | 5 602 | 175 | 40 949 |
| Issue of shares |  |  |  |  |  |  |
| – Exercise of employee share options | **2 133 311** | **—** | **—** | **—** | **—** | **—** |
| Share-based payments | **—** | **—** | **—** | **712** | **—** | **712** |
| Net profit for the year | **—** | **—** | **14 384** | **—** | **164** | **14 548** |
| Other comprehensive income for the year | **—** | **—** | **—** | **(5 597)** | **—** | **(5 597)** |
| Dividends paid | **—** | **—** | **(2 038)** | **—** | **(62)** | **(2 100)** |
| **Balance – 30 June 2025** | **634 767 724** | **32 934** | **14 584** | **717** | **277** | **48 512** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Group cash flow statement** 

*For the year ended 30 June 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | Notes | **2025** | 2024 | 2023 |
| **Cash flow from operating activities** |  |  |  |  |
| Cash generated by operations | 32 | **26 322** | 18 175 | 10 589 |
| Dividends received |  | **52** | 27 | 75 |
| Interest received |  | **820** | 343 | 165 |
| Interest paid |  | **(258)** | (507) | (363) |
| Income and mining taxes paid |  | **(4 289)** | (2 388) | (518) |
| **Cash generated by operating activities** |  | **22 647** | 15 650 | 9 948 |
| **Cash flow from investing activities** |  |  |  |  |
| Increase in restricted cash and investments |  | **(372)** | (21) | (138) |
| Amounts refunded from restricted cash and investments |  | **557** | 120 | 58 |
| Acquisition of Eva Copper | 13 | **—** |  | (2 996) |
| Payment of Mponeng contingent consideration liability | 27 | **(338)** | (108) |  |
| ARM BBEE Trust loan repayment | 16 | **28** | 42 | 74 |
| Proceeds from disposal of property, plant and equipment |  | **25** | 4 | 46 |
| Additions to property, plant and equipment | 32 | **(11 855)** | (8 398) | (7 640) |
| **Cash utilised by investing activities** |  | **(11 955)** | (8 361) | (10 596) |
| **Cash flow from financing activities** |  |  |  |  |
| Borrowings raised | 30 | **226** | 300 | 3 619 |
| Borrowings repaid | 30 | **(50)** | (4 047) | (2 071) |
| Partial repurchase of non-controlling interest |  | **—** | (5) |  |
| Dividend paid | 12 | **(2 100)** | (1 437) | (154) |
| Lease payments | 26 | **(291)** | (246) | (200) |
| **Cash generated/(utilised) by financing activities** |  | **(2 215)** | (5 435) | 1 194 |
| **Foreign currency translation adjustments** |  | **(69)** | (28) | (127) |
| Net increase in cash and cash equivalents |  | **8 408** | 1 826 | 419 |
| Cash and cash equivalents – beginning of year |  | **4 693** | 2 867 | 2 448 |
| **Cash and cash equivalents – end of year** | 32 | **13 101** | 4 693 | 2 867 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Notes to the group financial statements**

*For the year ended 30 June 2025*

1General information

Harmony Gold Mining Company Limited (the company) and its subsidiaries (collectively Harmony or the group) are engaged in

gold mining and related activities, including exploration, extraction and processing. Gold bullion, the group's principal product, is

currently produced at its operations in South Africa and Papua New Guinea (PNG). Uranium and silver are produced as by-

products.

The company is a public company, incorporated and domiciled in South Africa. The address of its registered office is Randfontein

Office Park, Corner Main Reef Road and Ward Avenue, Randfontein, 1759.

The consolidated financial statements were authorised for issue by the board of directors on 24 October 2025.

2Accounting policies

**Basis of preparation**

The principal accounting policies applied in the preparation of the consolidated financial statements have been consistently

applied in all years presented, except for the changes as described under "Recent accounting developments" below.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as

issued by the International Accounting Standards Board (IASB) and IFRS Interpretations Committee (IFRIC) Interpretations

(collectively IFRS Accounting Standards).

The consolidated financial statements have been prepared on a going concern basis.

The consolidated financial statements have been prepared to the nearest million and rounding may cause differences.

**Restatement of comparative information**

*Group Income statement reclassification*

The contingent consideration remeasurement has been presented separately on the group income statement due to its

materiality in the 2025 financial year. The contingent consideration remeasurement was included as part of other operating

expenses in the prior periods. The reclassification had no impact on any reported totals or sub-totals in the group income

statement, headline earnings or on any amounts presented in the group statement of comprehensive income, group balance

sheet, group statement of changes in shareholders' equity and the group cash flow statement.

*Restatement of disclosure of financial liability portion of trade and other payables*

During the 2025 financial year, an understatement related to the 2024 amounts for the financial liability portion of trade and other

payables, as disclosed in the financial risk management note, was identified. Specifically, shaft-related liabilities and certain other

accruals had been omitted from the financial liabilities measured at amortised cost and liquidity risk disclosures pertaining to

trade and other payables. This resulted in the financial liability portion of trade and other payables being understated by

R1425million. These disclosures in the financial risk management note have therefore been restated for the 2024 financial year

(refer to note 37). The restatement had no impact on the group income statement, statement of comprehensive income, balance

sheet, statement of changes in shareholders' equity, cash flow statement, any of the earnings per share amounts or any other

note disclosures.

**Recent accounting developments**

*New standards, amendments to standards and interpretations to existing standards adopted by the group*

During the financial year, the following new standards, amendments to standards and interpretations to existing standards were

adopted by the group. No other standards and amendments to standards that became effective during the 2025 year were

relevant to the consolidated financial statements.

*IAS 1 Presentation of Financial Statements (Amendment) - Classification Of Liabilities asCurrent or Non-current*

The IASB issued amendments to IAS 1 *Presentation of Financial Statements* to clarify its requirements for the presentation of

liabilities in the statement of financial position. The amendments are effective from annual reporting periods beginning on or after

1 January 2024. The amendments did not have a material impact on the group.

*IAS 1 Presentation of Financial Statements (Amendment) - Non-current Liabilities With Covenants*

The amendments improved the information an entity provides when its right to defer settlement of a liability for at least twelve

months is subject to compliance with covenants. The amendments also responded to stakeholders' concerns about the

classification of such a liability as current or non-current. The amendments are effective for annual reporting periods beginning

on or after 1 January 2024. The amendments did not have a material impact on the group.

*New standards, amendments to standards and interpretations to existing standards that are not yet effective and have not been* 

*early adopted*

At the date of authorisation of these financial statements, the standards, amendments to standards and interpretations relevant

to the consolidated financial statements listed below were in issue but not yet effective. These new standards and interpretations

have not been early adopted by the group and the group plans on adopting these standards, amendments to standards and

interpretations on the dates when they become effective.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

2Accounting policies continued

**Recent accounting developments** continued

*New standards, amendments to standards and interpretations to existing standards that are not yet effective and have not been* 

*early adopted* continued

*IFRS 7 Financial Instruments : Disclosures & IFRS 9 Financial Instruments (Amendment) - Contracts Referencing Nature-dependent* 

*Electricity*

The IASB has made targeted amendments to IFRS 9 *Financial Instruments* and related requirements in IFRS 7 *Financial* 

*Instruments: Disclosure*s to better report the financial effects of nature-dependent electricity contracts, which are often structured

as power purchase agreements. These amendments include:

▪clarifying the application of the 'own-use' requirements

▪permitting hedge accounting if these contracts are used as hedging instruments and

▪adding new disclosure requirements to enable investors to understand the effect of these contracts on a company's financial

performance and cash flows.

The amendments are effective for annual reporting periods beginning on or after 1 January 2026. The amendments are not

expected to have a material impact on the group.

*IFRS 7 Financial Instruments : Disclosures & IFRS 9 Financial Instruments (Amendment) - Classification And Measurement*

The IASB issued Amendments to the Classification and Measurement of Financial Instruments in response to feedback received

as part of the post-implementation review of the classification and measurement requirements in IFRS 9 *Financial Instruments* 

and related requirements in IFRS 7 *Financial Instruments: Disclosures*. The IASB amended to the requirements related to:

▪settling financial liabilities using an electronic payment system and

▪assessing contractual cash flow characteristics of financial assets, including those with environmental, social and governance

(ESG)-linked features.

The IASB also amended disclosure requirements relating to investments in equity instruments designated at fair value through

other comprehensive income and added disclosure requirements for financial instruments with contingent features that do not

relate directly to basic lending risks and costs. The amendments are effective for annual reporting periods beginning on or after

1January 2026. The amendments are not expected to have a material impact on the group.

*IFRS 18 Presentation and Disclosure in Financial Statements*

The IASB issued IFRS 18 *Presentation and Disclosure in Financial Statements*, with the aim to improve the quality of financial

reporting by:

▪requiring defined subtotals in the statement of profit or loss

▪requiring disclosure about management-defined performance measures and

▪adding new principles for aggregation and disaggregation of information.

The IASB expects these improvements will enable investors to make more informed decisions leading to better allocations of

capital that will contribute to long-term financial stability. This standard replaces IAS 1 *Presentation of Financial Statements*.

IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027. Harmony is still assessing the impact of

this new accounting standard.

**Measurement basis**

The financial statements have been prepared under the historical cost convention except for certain financial assets and

financial liabilities which are measured at fair value through profit or loss or other comprehensive income – refer to note 37.

**Group accounting policies**

Accounting policies are included in the relevant notes to the consolidated financial statements and have been highlighted

between red lines in the notes to the consolidated financial statements. The accounting policies that follow are applied

throughout the financial statements.

*2.1Consolidation*

The group recognises that control is the single basis for consolidation for all types of entities in accordance with IFRS 10

*Consolidated Financial Statements*. The consolidated financial information includes the financial statements of the company, its

subsidiaries, interest in associates and joint arrangements and structured entities. Where the group has no control over an entity,

that entity is not consolidated.

*Control*

The group, regardless of the nature of its involvement with an entity, shall determine whether it is a parent by assessing whether

it controls the investee. The group controls an entity when it is exposed, or has rights, to variable returns from its involvement

with the entity and has the ability to affect those returns through its power to direct the activities of the entity.

*(i) Subsidiaries*

Subsidiaries are entities over which the group has control. Subsidiaries are fully consolidated from the date on which control is

transferred to the group up until when that control ceases. Intercompany transactions, balances and unrealised gains or losses

on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed to ensure

consistency with the policies adopted by the group.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

2Accounting policies continued

**Group accounting policies** continued

*2.1Consolidation* continued

*Control* continued

*(i) Subsidiaries* continued

The group uses the acquisition method of accounting to account for business combinations. The consideration transferred for

the acquisition of an acquiree is the fair value of the assets transferred, liabilities incurred and the equity interests issued by the

group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration

arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent

liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-

by-acquisition basis, the group recognises any non-controlling interests in the acquiree either at fair value or at the non-

controlling interest's proportionate share of the acquiree's net assets.

The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the

acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the group's share of the

identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary

acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement below operating profit

or loss.

*(ii) Associates* 

Associates are entities in which the group has significant influence, but not control, over operational and financial policies. This

may be when there is a shareholding of between 20% and 50% of the voting rights or when significant influence can be

otherwise demonstrated, for example where the group has the right of representation on the board of directors, or other

governing body, of the entity.

Investments in associates are accounted for by using the equity method of accounting, and are initially recognised at cost. The

group's investment in associates includes goodwill identified on acquisition. Cumulative post-acquisition movements are

adjusted against the carrying amount of the investment. The group's share of the associates' post-acquisition profits or losses is

recognised in the income statement, and its share of post-acquisition movement in reserves is recognised in other reserves.

When the group's share of losses in an associate equals or exceeds its interest in the associate, the group does not recognise

further losses, unless it has incurred obligations or made payments on behalf of the associate. The carrying value of an

associate is reviewed on a regular basis and, if impairment in the carrying value has occurred, it is written off in the period in

which such impairment is identified.

Accounting policies of associates have been reviewed to ensure consistency with the policies adopted by the group.

*(iii) Joint arrangements*

Joint arrangements are arrangements of which two or more parties have joint control and are contractually bound. The joint

arrangement can either be a joint operation or a joint venture. A joint operation is a joint arrangement whereby the parties that

have joint control of the arrangement and have the right to the assets, and obligations for the liabilities, relating to the

arrangement. These parties are called joint operators. A joint venture is a joint arrangement where the parties that have joint

control of the arrangement have rights to the net assets of the arrangement. Those parties are called joint venturers.

For interest in joint operations, the group includes its share of the joint operations' individual income and expenses, assets and

liabilities and cash flows on a line-by-line basis with similar items in the group's financial statements.

Where an additional interest in a joint operation is acquired, the principles of IFRS 3 are applied to account for the transaction.

The group recognises the portion of gains or losses on the sale of assets by the group to the joint operation that is attributable to

the other joint operators. The group does not recognise its share of profits or losses from the joint operation that results from the

purchase of assets by the group from the joint operation until it resells the assets to an independent party. However, if a loss on

the transaction provides evidence of a reduction in the net realisable value of current assets or an impairment loss, the loss is

recognised immediately. The group recognises its interest in a joint venture as an investment and accounts for it using the equity

accounting method.

*(iv) Structured entities*

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who

controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by

means of contractual arrangements.

The accounting treatment for a structured entity will fall into one of the aforementioned categories (i to iii) depending on whether

the group has control over that structured entity.

*2.2Foreign currency translation*

*(i) Functional and presentation currency*

Items included in the financial statements of each of the group's entities are measured using the currency of the primary

economic environment in which the entity operates (the functional currency). The consolidated financial statements are

presented in South African Rand, which is the group's presentation currency.

References to "A$" refers to Australian currency, "R" to South African currency, "$" or "US$" to United States currency and

"PGK" or "Kina" to Papua New Guinean currency.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

2Accounting policies continued

**Group accounting policies** continued

*2.2Foreign currency translation* continued

*(ii) Transactions and balances*

Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation to

year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income

statement. This includes the gains and losses on the translation of the US$-denominated facilities.

*(iii) Group companies*

The results and financial position of all group entities (none of which has the currency of a hyperinflationary economy) that have

a functional currency different from the presentation currency are translated into the presentation currency as follows:

▪Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet

while equity items are translated at historic rates

▪Income and expenses for each income statement are translated at average exchange rates (the rate on the date of the

transaction is used if the average is not a reasonable rate for the translation of the transaction)

▪All resulting exchange differences are recognised as a separate component of other comprehensive income.

On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of

borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive

income. When a foreign operation is sold or control is otherwise lost, exchange differences that were recorded in other

comprehensive income are recognised in profit or loss in the period of the disposal or change in control. Goodwill and fair value

adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign entity and

translated at the closing rate.

*2.3Derivatives and hedging activities*

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently

remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends

on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

The difference between the fair value of the derivative at initial recognition and expected forward transaction price is deferred

and recognised as a day one gain or loss. The day one gain or loss is amortised over the derivative contract period and

recognised in profit or loss in gains/losses on derivatives.

The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity is more than

12 months; it is classified as a current asset or liability when the remaining maturity is less than 12 months.

*(i) Cash flow hedge*

The group designates certain derivatives as hedges of a particular risk associated with the cash flows of highly probable forecast

transactions (cash flow hedges). At inception of the hedge relationship, the group documents the economic relationship between

hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to

offset changes in the cash flows of hedged items. The group documents its risk management objective and strategy for

undertaking its hedge transactions.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised

in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is

recognised immediately in profit or loss within gains/losses on derivatives.

Amounts accumulated in equity are reclassified to profit or loss in the periods when the forecast sale that is hedged takes place

and affects profit or loss. The gain or loss relating to the effective portion of the Rand and US$ gold forward sales contracts and

Rand and US$ gold collars is recognised in profit or loss within revenue.

When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting,

any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction that

was hedged is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative

gain or loss that was reported in equity is immediately reclassified to profit or loss.

*(ii) Derivatives not designated for hedge accounting purposes*

Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value as well as gains and losses on

expiry, disposal or termination of any derivative instrument that does not qualify for hedge accounting are recognised

immediately in profit or loss and are included in gains/losses on derivatives.

*2.4Exploration expenditure*

The group expenses all exploration and evaluation expenditures until it is concluded that the project is technically feasible and

commercially viable, and that future economic benefits are therefore probable. The information used to make that determination

depends on the level of exploration as well as the degree of confidence in the ore body as set out below.

Exploration and evaluation expenditure on greenfield sites, being those where the group does not have any mineral deposits

which are already being mined or developed, is expensed as incurred until the technical and commercial viability of the project

has been demonstrated usually through the completion of a final feasibility study. However, in certain instances, the technical

and commercial viability of the deposit may be demonstrated at an earlier stage, for example where an extended feasibility study

is conducted and the underlying feasibility study in respect of specific components of the mineral deposit has advanced to such

a stage that significant commercially viable reserves has been established, and the other criteria for the recognition of an asset

have been met. At this point the expenditure is capitalised as mine development cost to the extent that future economic benefits

are expected.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

2Accounting policies continued

**Group accounting policies** continued

*2.4Exploration expenditure* continued

Exploration and evaluation expenditure on brownfield sites, being those adjacent to mineral deposits which are already being

mined or developed, is expensed as incurred until the group is able to demonstrate that future economic benefits are probable

through the completion of a feasibility study, after which the expenditure is capitalised as mine development cost to the extent

that future economic benefits are expected. A "feasibility study" consists of a comprehensive study of the viability of a mineral

project that has advanced to a stage where the mining method has been established, and which, if an effective method of

mineral processing has been determined, includes a financial analysis based on reasonable assumptions of technical,

engineering, operating economic factors and the evaluation of other relevant factors. The feasibility study, when combined with

existing knowledge of the mineral property that is adjacent to mineral deposits that are already being mined or developed, allows

the group to conclude that the project is technically feasible and commercially viable.

Exploration and evaluation expenditure relating to extensions of mineral deposits which are already being mined or developed,

including expenditure on the definition of mineralisation of such mineral deposits, is capitalised as a mine development cost

following the completion of an economic evaluation equivalent to a feasibility study. This economic evaluation is distinguished

from a feasibility study in that some of the information that would normally be determined in a feasibility study is instead obtained

from the existing mine or development. This information, when combined with existing knowledge of the mineral property already

being mined or developed, allows the directors to conclude that the project is technically feasible and commercially viable.

*2.5Impairment of non-financial assets*

Assets that have an indefinite useful life are not subject to amortisation or depreciation and are tested annually for impairment or

when there is an indication of impairment. Assets that are subject to amortisation are reviewed annually on 30 June for

impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognised in the income statement for the amount by which the asset's carrying amount exceeds its

recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the

purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows

(cash generating unit or CGU). Each operating shaft, along with allocated common assets such as plants and administrative

offices, is considered to be a cash generating unit as each shaft is largely independent from the cash flows of other shafts and

assets belonging to the group.

Fair value less cost to sell is generally determined by using discounted estimated after-tax future cash flows. Future cash flows

are estimated based on quantities of recoverable minerals, expected commodity prices (considering current and historical prices,

price trends and related factors), production levels and cash costs of production, all based on life-of-mine (LoM) plans. Future

cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the

time value of money and risk specific to the asset. Refer to note 14 for detail.

The term "recoverable minerals" refers to the estimated amount of gold that will be obtained from reserves and resources and all

related exploration stage mineral interests (except for other mine-related exploration potential and greenfields exploration

potential discussed separately below) after taking into account losses during ore processing and treatment. Estimates of

recoverable minerals from such related exploration stage mineral interests will be risk adjusted based on management's relative

confidence in such materials.

In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely

independent of cash flows from other asset groups. Except for other mine-related exploration potential and greenfields

exploration potential, estimates of future undiscounted cash flows are included on an area of interest basis, which generally

represents an individual operating mine, even if the mines are included in a larger mine complex. Areas of exploration potential

are grouped on an area of activity basis.

In the case of mineral interests associated with other mine-related exploration potential and greenfields exploration potential,

cash flows and fair values are individually evaluated based primarily on recent exploration results and recent transactions

involving sales of similar properties, if any. Assumptions underlying future cash flow estimates are subject to significant risks and

uncertainties.

Impairment losses on goodwill are recognised immediately in the income statement and are not reversed. The impairment

testing is performed annually on 30 June or when events or changes in circumstances indicate that it may be impaired.

Non-financial assets other than goodwill that suffered an impairment are reviewed annually for possible reversal of the

impairment at 30 June. Reversal of impairments is also considered when there is objective evidence to indicate that the asset is

no longer impaired. Where an impairment subsequently reverses, the carrying amount of the asset or CGU is increased to the

revised estimate of its recoverable amount, but not higher than the carrying value that would have been determined had no

impairment been recognised in prior years.

*2.6Operating profit*

The group defines operating profit as the profit earned from the normal core mining operations. In reporting operating profit in the

income statement, capital transactions involving subsidiaries, joint arrangements and associates are excluded from operating

profit as these are not considered to be part of the mining operations of the Harmony group. Any gains or losses on capital

transactions are presented below the operating profit line.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

3Critical accounting estimates and judgements

The preparation of the financial statements in conformity with IFRS requires the group's management to make estimates and

assumptions that affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at

the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual

results could differ from those estimates.

*Key accounting estimates and assumptions applied:*

▪Estimate of taxation – note 11

▪Recognition of deferred tax asset – note 11

▪Gold Mineral Reserves and Resources – note 14

▪Production start date – note 14

▪Stripping activities – note 14

▪Impairment of assets – note 14

▪Depreciation of property, plant and equipment – note 14

▪Exploration and evaluation assets – note 14

▪Estimate of exposure and liabilities with regard to

rehabilitation costs – note 24

▪Estimate of provision for silicosis settlement – note 25

▪Leases – note 26

▪Valuation of contingent consideration liability – note 27

▪Fair value of share-based payments – note 34

▪Assessment of contingencies – note 36

▪Valuation of derivative financial instruments – note 37.

*Other accounting estimates and assumptions applied:*

▪Valuation of interest in associate – note 19

▪Provision for stock obsolescence – note 21

▪Estimate of employee benefit liabilities – note 25

▪Streaming contract liability – note 29.

4Revenue

Accounting policy

*(a) Commodities*

Revenue from metal sales include the sale of gold, silver and uranium. Revenue from metal sales is recognised when the group

satisfies its performance obligations under its contract with the customer, by transferring such metals to the customer's control.

Transfer of control is generally determined to be when the risk and title to the metals passes to the customer. Revenue is

measured based on the consideration specified in the contract with the customer and is driven by the quoted market prices of

the metals.

*(b) Toll treatment*

The group has entered into agreements with various third parties to treat gold-bearing material at certain of the group's

metallurgical plants in South Africa. The determination of the consideration receivable is set out in each individual contract,

based on the third parties' specific circumstances. Revenue from toll treatment services is recognised as the group satisfies its

single performance obligation under its contract with the third parties, which is the recovery of the gold through the treatment

process and the facilitation of the ultimate sale of recovered gold. This is satisfied over time. The gold-bearing material, and

thereafter recovered gold, remains at all times under control of the third parties until the ultimate sale of the recovered gold.

Harmony therefore acts as agent in treating the gold-bearing material. Settlement is done in the month following the sale of gold

(see below).

Subsequent to treatment, the group delivers the recovered gold on behalf of the third parties to Rand Refinery for further refining,

whereafter it is sold. The group acts as an agent in the sales process, receiving payment on behalf of the third parties before

transferring the amounts owed to them.

*(c) Hedging* 

The effective portion of gains or losses on the derivatives designated as cash flow hedging items (forecast sales transactions)

are recognised in revenue when the forecast sales transactions occur. See the accounting policy for derivatives and hedging

activities in note 2.

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| Commodities |  |  |  |
| Gold (a) | **75 240** | 59 212 | 47 366 |
| Silver (b) | **1 810** | 1 667 | 1 021 |
| Uranium (c) | **822** | 866 | 304 |
|  | **77 872** | 61 745 | 48 691 |
| Toll treatment services (d) | **532** | 576 | 430 |
| Revenue from contracts with customers | **78 404** | 62 321 | 49 121 |
| Consideration from streaming contract (e) | **86** | 323 | 338 |
| Hedging loss (f) | **(4 594)** | (1 265) | (184) |
| **Total revenue**<sup>1</sup> | **73 896** | 61 379 | 49 275 |

---

<sup>1</sup>*A geographical analysis of revenue origin is provided in the segment report. Refer to note 39 for further information.*

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

4Revenue continued

**Revenue from contracts with customers**

The points of transfer of control are as follows:

---

| | |
|:---|:---|
| Gold: South Africa (excluding streaming contract) | Gold is delivered and a certificate of sale is issued. |
| Gold and silver: Hidden Valley | Metal is collected from Hidden Valley and a confirmation of collection <br>is sent to and accepted by the customer.<br>|
| Uranium | Confirmation of transfer is issued. |
| Toll treatment services | As the gold-bearing material is treated and processed over time. |
| Streaming contract | Gold is delivered and credited into the Franco-Nevada designated <br>gold account.<br>|

---

(a)The increase in gold revenue during the 2025 financial year is due to the average dollar gold price increasing by 31.1%,

from US$1 999/oz in the 2024 year to US$2 620/oz in 2025. This was offset by a 4.2% decrease in gold sold from

48 222kg to 46 193kg, coupled with the strengthening of the Rand/US$ exchange rate from an average of R18.70/US$ to

R18.15/US$.

The increase in gold revenue during the 2024 financial year is due to the average dollar gold price increasing by 10.6%,

from US$1 808/oz in the 2023 year to US$1 999/oz in 2024. Further to this there was a 5.5% increase in gold sold from

45 690kg to 48 222kg. In addition, the Rand/US$ exchange rate weakened from an average of R17.76/US$ to R18.70/

US$.

(b)Substantially all of the group's silver is derived from the Hidden Valley mine in Papua New Guinea. The increase in silver

revenue in the 2025 financial year is mainly due to the average dollar silver price increased by 26.2% from US$24.72/oz in

the 2024 year to US$31.20/oz. This was offset by silver production decreasing 14.6% from 114 240kg in the 2024 year to

97 590kg.

The increase in silver revenue in the 2024 financial year is mainly due to an increase in production of 39.2% to 114 240kg

from 82 093kg in 2023. In addition, the average dollar silver price increased by 12.9% from US$21.89/oz in 2023 to

US$24.72/oz.

(c)Uranium is derived from the Moab Khotsong operation. The decrease is mainly due to uranium produced from 267 667kg

in the 2024 year to 221 374kg in 2025.

The increase in 2024 is due to uranium produced increasing by 12.7% to 267 667kg from 237 438kg in 2023, together

with an increase in the average uranium price of 59.2% to R3 121/kg in 2024 from R1 960/kg in 2023.

(d)The fees for services rendered for the treatment of third-party gold-bearing material at the Doornkop of R203 million

(2024:R196 million) and Moab Khotsong operations of R329 million (2024: R380 million).

(e)The streaming arrangement results in the non-cash consideration recognised as part of revenue for the streaming

arrangement. Refer to note 29 for further information*.*

(f)The realised effective portion of the hedge-accounted gold derivatives was impacted by the average gold market spot

price of R1 644 902/kg (2024: R1 249 344/kg) (2023: R1 045 527/kg) during the 2025 financial year compared to the

average forward price of matured contracts of R1 306 033/kg (2024: R1 134 735/kg) (2023: R1 028 764/kg). Refer to note

17 for further information.

5Cost of sales

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| Production costs (a) | **43 155** | 38 923 | 34 866 |
| Amortisation and depreciation of mining assets (b) | **4 765** | 4 546 | 3 355 |
| Amortisation and depreciation of assets other than mining assets | **77** | 96 | 99 |
| Rehabilitation expenditure (c) | **142** | 3 | 32 |
| Care and maintenance costs of restructured shafts  | **380** | 246 | 227 |
| Employment termination and restructuring costs (d) | **200** | 86 | 597 |
| Share-based payments (e) | **573** | 171 | 51 |
| Impairment of assets (f) | **—** | 2 793 |  |
| Toll treatment costs (g) | **368** | 420 | 323 |
| Other  | **(25)** | (51) | (15) |
| **Total cost of sales** | **49 635** | 47 233 | 39 535 |

---

(a)Production costs include mine production, transport and refinery costs, applicable general administrative costs, movement

in inventories and ore stockpiles, concurrent environmental rehabilitation costs and transfers for stripping activities.

Employee termination costs are included, except for employee termination costs associated with major restructuring and

shaft closures, which are separately disclosed.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

5Cost of sales continued

(a)Production costs continued

Production costs increased by R4 232 million (10.9% year on year) during the 2025 year. These costs increased mainly

due to above-inflation increases on costs including labour, contractors, consumables and electricity. The royalty expense

increased due to a higher rate being applied as a result of higher profits, as well as the increased revenue base to which it

is applied. The change in inventory for the year increased production costs by R50 million due to lower gold stock

quantities on hand as at 30 June 2025.

Production costs increased by R4 057 million (12.0% year on year) during 2024. These costs increased mainly due to

inflationary pressures on costs including labour, contractors and electricity. Labour costs were also impacted by bonuses

related to higher production. The royalty tax increased due to a higher rate being applied as a result of higher profits, as

well as the increased revenue base to which it is applied. A decrease in the stripping activities of Hidden Valley's stage 7

also impacted the total, resulting in a lower credit to production costs. The overall increase in production costs was offset

by a change in inventory as a result of higher gold stock volume in the South African operations, together with a higher

cost per kilogram attributable to the gold stock at Hidden Valley.

Production costs, analysed by nature, consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| Labour costs, including contractors | **22 414** | 21 333 | 19 760 |
| Consumables | **10 461** | 10 101 | 9 982 |
| Water and electricity | **8 894** | 7 633 | 6 342 |
| Insurance | **318** | 293 | 551 |
| Transportation | **552** | 517 | 281 |
| Change in inventory | **50** | (487) | (11) |
| Capitalisation of mine development costs | **(2 429)** | (2 315) | (2 349) |
| Stripping activities | **(730)** | (892) | (1 514) |
| Royalty expense - regulatory | **1 910** | 1 277 | 652 |
| Other | **1 715** | 1 463 | 1 172 |
| **Total production costs** | **43 155** | 38 923 | 34 866 |

---

(b)The increased depreciation for the 2025 year is mainly attributable to higher production at Hidden Valley, increasing

depreciation by R230 million year on year. Furthermore, assets brought into use on the completion of phase 1 of the

Kareerand TSF Extension project at the Mine Waste Solutions operation contributed a R102 million increase. These

increases were offset by a decrease for Mponeng, where the depreciation decreased by R149 million year on year. This

decrease stemmed from Mponeng's increased reserve tonnes, which is the base for the depreciation calculation in terms

of the units-of-production method.

The increased depreciation for the 2024 year was mainly due to higher production at the Hidden Valley and Kalgold

operations, primarily for stripping activities, with an increase of R535 million year on year. A further increase related to

assets brought into use during the 2024 year, in addition to the impact of the increased production and the year-on-year

change in the reserve tonnes which is used to calculate depreciation based on the units-of-production method.

(c)For the assumptions used to calculate the rehabilitation costs, refer to note 24. This expense includes the change in

estimate for the rehabilitation provision where an asset no longer exists as well as costs related to the rehabilitation

process. For 2025, R82 million (2024: R92 million) (2023: R90 million) was spent on rehabilitation in South Africa. Refer to

note 24.

(d)Harmony offered voluntary severance packages to employees to address over-complement labour and improve

redundancies following the approval of the 2025 business plan in August 2024. The costs in 2023 were attributable to the

voluntary severance packages that were taken up following the disaggregation of the Tshepong Operations into Tshepong

North and Tshepong South and the closure of Bambanani in June 2022.

(e)Refer to note 34 for details on the share-based payment schemes implemented by the group.

(f)Management performed an assessment for indicators of impairment as well as indicators of reversal of previously

recorded impairment losses in terms of IAS 36 *Impairment of Assets*. Specific circumstances surrounding each of the

individual CGUs were considered in this assessment in order to identify significant changes in the current financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Joel, Target 1, Masimong, Kusasalethu, Tshepong South and Kalgold CGUs experienced operational issues during the

year ended 30 June 2025. Additionally, there were adverse changes to Target 1's LOM plan. These operational issues and

the changes in the LOM plan of Target 1 were considered to be indicators of potential impairment and therefore an

impairment assessment was performed for these CGUs.

For the 2024 financial year, the Target 1 and Doornkop CGUs experienced operational issues. Additionally, there were

significant adverse changes to Doornkop's LOM plan. These issues and changes were considered to be indicators of

potential impairment and therefore an impairment assessment was performed for the Target 1 and Doornkop CGUs.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

5Cost of sales continued

(f)Impairment of assets continued

Subsequent to 30 June 2024, management received information relating to the preliminary results of the exploration

drilling programme conducted for Target North. These preliminary results indicated that a decrease of the mineral

resource estimation attributable to Target North is likely. The decrease in the attributable ounces indicated by the

preliminary results constitutes an indication of impairment. Even though the information was received after the reporting

date, it has been assessed to be an adjusting event in terms of IAS 10, *Events after the Reporting Date*, as it provides

more reliable information of circumstances that already existed as at 30 June 2024. Therefore an impairment assessment

was also performed for Target North in 2024.

For the 2023 financial year, impairment assessments were performed for the Target 1, Kalgold and Kusasalethu CGUs as

a result of the operational issues experienced.

The recoverable amounts for the CGUs tested were determined on a fair value less cost to sell basis using assumptions

in the discounted cash flow models and attributable resource values. These are fair value measurements classified as

level 3 of the fair value hierarchy.

Where CGUs had previously been impaired, management considered indicators of whether the impairment loss (or the

contributors to the previously recognised impairment loss) no longer exists or might have decreased. Management

considered general and specific factors for each CGU and concluded that although overall the gold price had improved

from the time that the impairment losses had been recognised, the specific circumstances that led to the original

impairments had not reversed. Furthermore, the service potential of the asset has not increased. Management therefore

deemed it appropriate for no reversal of previously recognised impairment losses to be recorded for the year ended 30

June 2025. There was no reversal of impairment for the 2024 and 2023 financial years. Refer to note 14 for further

information.

Based on the impairment tests performed, no impairments were recorded for the 2025 and 2023 financial years. For the

2024 financial year, an impairment of property, plant and equipment was recorded for Target North of R2 793 million.

The recoverable amount of Target North as at 30 June 2024 was R888 million. Target North is a greenfields exploration

project. The impairment was as a result of information received during August 2024 by management relating to the

preliminary results of the exploration drilling programme conducted. These preliminary results indicated a decrease in the

mineral resource estimation. The mineral resource estimate used to determine the recoverable amount of Target North

changed from the previous estimate of 56.4 million resource ounces, consisting of 22 million indicated resources and

34.4 million inferred resources, to the current mineral resource estimate of 13.8 million ounces of inferred resources. The

gold resource multiple price in US dollar terms was unchanged from previous assessments. Any reasonable possible

changes to the unobservable inputs of the mineral resource estimate for Target North would have resulted in immaterial

changes.

(g)Relates to costs associated with services rendered for the treatment of third-party gold-bearing material. Refer to note 4

for further detail.

6Corporate, administration and other expenditure

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| Professional and legal fees | **104** | 92 | 87 |
| Compliance and assurance costs | **84** | 75 | 63 |
| Corporate business development | **73** | 38 | 20 |
| Corporate office expenditure<sup>1</sup> | **1 356** | 1 007 | 847 |
| Other corporate and administration expenses | **30** | 82 | 27 |
| **Total corporate, administration and other expenditure** | **1 647** | 1 294 | 1 044 |

---

<sup>1</sup>*The increase year on year is mainly due to annual inflationary increases and higher annual incentives.*

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

7Foreign exchange translation gain/(loss)

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| Borrowings (a) | **46** | 83 | (820) |
| Other items (b) | **(153)** | 14 | 186 |
| **Total foreign exchange translation gain/(loss)** | **(107)** | 97 | (634) |

---

(a)The gain in 2025 and2024 was predominantly caused by favourable translations on US dollar loan balances. The

favourable translations on US dollar loans are attributable to the Rand strengthening against the US dollar, evidenced by a

closing exchange rate of R17.75/US$1 (2024: R18.19/US$1) (2023:18.83 /US$1).

The loss in 2023 was predominantly caused by unfavourable translations on US dollar loan balances. The unfavourable

translations on US dollar loans are attributable to the Rand weakening against the US dollar. Also contributing to the loss

for 2023 was the draw down of US$170 million (R2 919 million) during the year for the acquisition of the Eva Copper

Project and other assets.

(b)This relates mainly to the translation of metal trade receivables and cash denominated in a foreign currency to the

functional currencies of the operating entities.

8Other operating expenses

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024<br>Restated<sup>1</sup><br>| 2023<br>Restated<sup>1</sup><br>|
| Social investment expenditure | **166** | 185 | 208 |
| Loss on scrapping of property, plant and equipment (a) | **164** | 97 | 182 |
| Silicosis settlement provision (b) | **2** | (174) | (183) |
| Loss allowance | **(19)** | 35 | 4 |
| Other (income)/expenses – net | **33** | 52 | (7) |
| **Total other operating expenses**<sup>1</sup> | **346** | 195 | 204 |

---

<sup>1</sup> *Refer to note 2 for further detail on restatement.*

(a)These losses arise from the derecognition of property, plant and equipment that is no longer in use. No future economic

benefits are expected from the use or disposal of these assets. Refer to note 14 for further detail on the accounting policy

as well as the amounts per asset category.

(b)Refer to note 25 for details on the movement in the silicosis settlement.

9Investment income

Accounting policy

Interest income is recognised on the effective interest method, taking into account the principal outstanding and the effective rate

over the period to maturity, when it is determined that such income will accrue to the group. Dividend income is recognised when

the shareholder's right to receive payment is established. This is recognised at the last date of registration.

Cash flows from interest and dividends received are classified under operating activities in the cash flow statement.

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| Interest income from financial assets at amortised cost (a) | **1 228** | 690 | 425 |
| Dividend income | **16** | 15 | 19 |
| Net gain on financial instruments (b) | **260** | 104 | 219 |
| **Total investment income** | **1 504** | 809 | 663 |

---

(a)Interest income increased during 2025 mainly due to higher favourable cash balances.

(b)The net gain primarily relates to the environmental trust funds (refer to note 15). In 2025, fair value gains on the equity-

linked deposits that form part of restricted investments increased by R159 million mainly due to the improved performance

of the JSETop 40 index to which they are linked.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

10Finance costs

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| **Financial liabilities** |  |  |  |
| Borrowings (a) | **266** | 426 | 467 |
| Other creditors and liabilities | **30** | 35 | 29 |
| **Total finance costs from financial liabilities** | **296** | 461 | 496 |
| **Non-financial liabilities** |  |  |  |
| Time value of money for other provisions | **28** | 68 | 97 |
| Streaming arrangements  | **1** | 18 | 41 |
| Time value of money and inflation component of rehabilitation costs  | **521** | 486 | 483 |
| **Total finance costs from non-financial liabilities** | **550** | 572 | 621 |
| Total finance costs before interest capitalised | **846** | 1 033 | 1 117 |
| Interest capitalised (b) | **(148)** | (237) | (123) |
| **Total finance costs** | **698** | 796 | 994 |

---

(a)The decrease in finance costs on borrowings for 2025 and 2024 is as a result of lower borrowings due to repayments

during the 2024 financial year and minimal drawdowns during the 2025 financial year. Refer to note 30 for further detail.

(b)The capitalisation rate used to determine capitalised borrowing costs is:

---

| | | | |
|:---|:---|:---|:---|
|  | **Percent (%)** | **Percent (%)** | **Percent (%)** |
|  | **2025** | 2024 | 2023 |
| Capitalisation rate | **7.5** | 8.2 | 9.2 |

---

The capitalisation rate for 2023 includes the impact of the foreign exchange loss for the year where the Rand equivalent

rate is used.

11Taxation

Accounting policy

Taxation is made up of current and deferred taxation. The current income tax charge is calculated on the basis of the tax laws

enacted or substantively enacted at the balance sheet date in the countries where the group operates and generates taxable

income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax

regulations are subject to interpretation and establishes provisions, where appropriate, on the basis of amounts expected to be

paid to the tax authorities.

Deferred taxation is recognised on temporary differences existing at each reporting date between the tax base of all assets and

liabilities and their carrying amounts. Substantively enacted tax rates are used to determine future anticipated effective tax rates

which in turn are used in the determination of deferred taxation, except to the extent that deferred tax arises from the initial

recognition of an asset or liability in a transaction that is not a business combination and does not affect the accounting or

taxable profit or loss at the time of the transaction. Deferred tax is charged to profit or loss, except where the tax relates to items

recognised in other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive

income or directly in equity. The effect on deferred tax of any changes in tax rates is recognised in the income statement, except

to the extent that it relates to items previously charged or credited directly to equity.

The principal temporary differences arise from amortisation and depreciation on property, plant and equipment, provisions,

unutilised tax losses, unutilised capital allowances carried forward and unrealised gains and losses on the gold forward sale

contracts and gold collars sale contracts. Deferred tax assets relating to the carry forward of unutilised tax losses and unutilised

capital allowances are recognised to the extent that it is probable that future taxable profit will be available against which the

unutilised tax losses and unutilised capital allowances can be utilised. The recoverability of these assets is reviewed at each

reporting date and adjusted if recovery is no longer probable.

Deferred income tax is provided on temporary differences arising from investments in subsidiaries, joint ventures and associates,

except where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the

temporary difference will not reverse in the foreseeable future.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against

current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation

authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

11Taxation continued

Critical accounting estimates and judgements

The group is subject to income tax in several jurisdictions. Significant judgement is required in determining the worldwide

provision for income taxes due to the complexity of legislation. There are many transactions and calculations for which the

ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome is different from the

amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in

which such determination is made.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is

realised or the liability is settled. When different tax rates apply to different levels of taxable income, deferred tax assets and

liabilities are measured using the average tax rates that are expected to apply to the taxable profit (tax loss) of the periods in

which the temporary differences are expected to reverse. At the group's South African operations, such average tax rates are

directly impacted by the profitability of the relevant mine. The deferred tax rate is therefore based on the current estimate of

future profitability of an operation when temporary differences will reverse, based on tax rates and tax laws that have been

enacted at the balance sheet date. The future profitability of each mine, in turn, is determined by reference to the life-of-mine

(LoM) plan for that operation. The LoM plan is influenced by factors as disclosed in note 14, which may differ from one year to

the next and normally result in the deferred tax rate changing from one year to the next.

Management has to exercise judgement with regard to deferred tax assets. The recoverability of deferred tax assets is assessed

with reference to the current estimate of future profitability of the relevant legal entity's operations. Where it is not probable that

future taxable income may flow against which these assets can be offset, the deferred tax assets are not recognised.

The taxation expense for the year is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| **SA taxation** |  |  |  |
| Mining tax (a) | **3 968** | 2 309 | 631 |
| – current year | **3 968** | 2 313 | 633 |
| – prior year | **—** | (4) | (2) |
| Non-mining tax (b) | **204** | 107 | 12 |
| – current year | **202** | 107 | 6 |
| – prior year | **2** |  | 6 |
| Deferred tax (c) | **2 486** | 666 | 1 080 |
| – current year | **2 486** | 666 | 1 080 |
| **Total taxation expense** | **6 658** | 3 082 | 1 723 |

---

(a)Mining tax on gold mining taxable income in South Africa is determined according to a formula, based on the taxable

income from mining operations. 5% of total revenue is exempt from taxation, while the remainder is taxable at a higher

rate (up to a maximum of 33%) than non-mining income (27%) as a result of applying the gold mining formula. Mining and

non-mining income of Australian and PNG entities are taxed at a standard rate of 30%.

All qualifying mining capital expenditure is deducted from taxable mining income to the extent that it does not result in an

assessed loss. Accounting depreciation is eliminated when calculating the South African mining taxable income. Excess

capital expenditure is carried forward as unredeemed capital to be claimed from future mining taxable income. The group

has several tax paying entities in South Africa. In terms of the mining ring-fencing application, each ring-fenced mine is

treated separately and deductions can normally only be utilised against mining income generated from the relevant ring-

fenced mine.

The increased mining tax expense is mainly attributable to the increased gold price realised, resulting in a significant

increase in the profitability of the group's operations. Additionally, the increase for Golden Core Trade and Invest

(Proprietary) Limited, the legal entity which owns the Mponeng operation, was due to higher quantities of gold sold.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

11Taxation continued

(a)mining tax continued

The following legal entities contributed significantly to the mining tax expense:

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| Harmony Gold Mining Company Limited (Harmony Company) | **253** | 144 |  |
| Golden Core Trade and Invest (Proprietary) Limited (Mponeng) | **1 990** | 1 129 | 272 |
| Freegold (Harmony) (Proprietary) Limited (Freegold) | **365** | 235 |  |
| Harmony Moab Khotsong Operations (Proprietary) Limited (Moab) | **688** | 539 | 263 |
| Kalahari Goldridge Mining Company Limited (Kalgold) | **135** | 42 |  |
| Randfontein Estates Limited (Randfontein) | **216** | 42 |  |
| Tswelopele Beneficiation Operation Proprietary Limited (TBO) | **269** | 181 | 97 |

---

The mining tax rate remained unchanged at 33% for the 2025, 2024 and 2023 financial years. Additionally, there is an

annual limitation of assessed loss utilisation to 80% of taxable income applicable for the 2025, 2024 and 2023 financial

years.

(b)Non-mining taxable income of mining companies and the taxable income for non-mining companies are taxed at the

statutory corporate rate of 27%. The expense for the 2025 and 2024 financial years relate mainly to non-mining tax on

interest income received in Harmony Company.

The non-mining tax rate and statutory corporate rate remained unchanged at 27% for the 2025, 2024 and 2023 financial

years. Additionally, there is an annual limitation of assessed loss utilisation to 80% of taxable income applicable for the

2025, 2024 and 2023 financial years.

(c)The deferred tax rate used to calculate deferred tax is based on the current estimate of future profitability when temporary

differences will reverse based on tax rates and tax laws that have been enacted at the balance sheet date. Depending on

the profitability of the operations, the deferred tax rate can consequently be significantly different from year to year.

Following the completion of the annual life-of-mine plans, management revised the weighted average deferred tax rates

for all the South African operations. The higher gold price assumptions used resulted in an increase in the estimated

profitability and consequently higher rates than in the prior year for all the subsidiaries. Refer to note 14 for assumptions

used.

Changes to the deferred income tax rates were significant for the following entities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Percent (%)** | **Percent (%)** | **Percent (%)** |
|  | **2025** | 2024 | 2023 |
| Harmony Company | **20.8** | 26.4 | 26.4 |
| Freegold  | **17.4** | 12.6 | 11.4 |
| Moab | **21.2** | 19.0 | 16.7 |
| Mponeng | **17.2** | 8.1 | 17.7 |
| Randfontein | **17.2** | 12.3 | 10.5 |
| Kalgold | **26.2** | 21.5 | 17.1 |
| Chemwes Proprietary Limited (Chemwes) | **26.3** | 18.1 | 11.0 |

---

These changes, together with changes in the temporary differences, had the following impacts:

▪Increase of temporary differences related to the carrying value of property, plant and equipment resulted in an increase

of R1 079 million in the deferred tax expense (2024: R510 million) (2023: R377 million)

▪Unwinding of temporary differences related to the utilisation of unredeemed capital expenditure and assessed loss

balances resulted in an increase of R167 million in the deferred tax expense (2024: R74 million) (2023: R169 million)

and R17 million (2024: R120 million) (2023: R9 million) in the deferred tax expense, respectively

▪The change in deferred tax rates of Mponeng, applied to balances excluding hedge accounted derivatives, resulted in a

increase in the deferred tax expense to the amount of R329 million (2024: R379 million decrease)

(2023: R144 million increase)

▪The change in deferred tax rates of the remaining legal entities in the group, applied to balances excluding hedge

accounted derivatives, resulted in an increase in the deferred tax expense to the amount of R805 million

(2024: R239 million) (2023: R444 million).

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

11Taxation continued

(d)The Harmony group is within the scope of the Pillar Two model rules established by the Organisation for Economic

Co-operation and Development (OECD). Harmony is liable to pay a top-up tax for the difference between its Pillar Two

effective tax rate per jurisdiction and the 15% minimum rate. Harmony has applied the exemption to recognising and

disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Harmony operates in the

South African, Australian and Papua New Guinea tax jurisdictions. Legislation addressing Pillar Two income tax laws has

been passed and implemented by the governments of South Africa and Australia for an implementation date for years of

assessment beginning on or after 1 January 2024. No announcements regarding Pillar Two income tax laws have been

made by the Papua New Guinean government.

Harmony is therefore subject to Pillar Two income tax laws in the South African and Australian jurisdictions for the 2025

financial year and onwards. Based on the assessment performed and application of the available transitional safe

harbours for the South African jurisdiction, it is assessed that none of Harmony's profits in this jurisdiction would be at risk

of being subject to Pillar Two income taxes. For the Australian jurisdiction, the detailed assessment performed determined

an effective tax rate that exceeds 15%, resulting in no Pillar Two top-up taxes being payable for this jurisdiction.

**Income and mining tax rates**

Major items causing the group's income tax provision to differ from the South African mining statutory tax rate of 33% were:

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| Tax expense on net profit at the mining statutory tax rate | **6 998** | 3 884 | 2 180 |
| Non-allowable deductions and non-taxable items | **602** | 510 | 314 |
| Equity-settled share-based payments | **226** | 82 | 32 |
| Exploration expenditure | **201** | 242 | 25 |
| Finance costs | **87** | 138 | 145 |
| Other | **88** | 48 | 112 |
| Movement in temporary differences related to property, plant and equipment <br>(a)<br>| **649** | 1 596 | 333 |
| Movements in other temporary differences  | **(236)** | (699) | (80) |
| Difference between effective mining tax rate and statutory mining rate on <br>mining income<br>| **(796)** | (650) | (303) |
| Difference between non-mining tax rate and statutory mining rate on non-<br>mining income<br>| **(43)** | (23) | (1) |
| Effect on temporary differences due to changes in effective tax rates | **1 150** | (87) | 588 |
| Capital allowances (b) | **(1 327)** | (1 183) | (1 059) |
| Utilisation of deferred tax asset previously not recognised (c) | **(339)** | (266) | (249) |
| **Income and mining taxation expense** | **6 658** | 3 082 | 1 723 |
| **Effective income and mining tax rate (%)** | **31** | 26 | 26 |

---

(a)The amount in 2025 was mainly as a result of the increase in the unredeemed capital expenditure balance of Avgold

Limited (Avgold). This was offset by an increase in net carrying value of property, plant and equipment for Mponeng, Moab

and Chemwes. The amount in 2024 mainly relates to an increase in the unredeemed capital expenditure balance of

Avgold as well as the impairment of Target North. This was offset by an increase in the net carrying value of property, plant

and equipment of Chemwes.

(b)This relates to the additional capital allowance that may be deducted from taxable income from mining operations in South

Africa. A significant portion relates to Avgold which has a 0% effective tax rate.

(c)This relates to the utilisation of PNG tax losses for which future taxable profits were previously assessed as uncertain and

were not considered probable.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

11Taxation continued

**Deferred tax**

The analysis of deferred tax assets and liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Deferred tax assets | **(2 184)** | (1 080) |
| Deferred tax asset to be recovered after more than 12 months | **(1 121)** | (844) |
| Deferred tax asset to be recovered within 12 months | **(1 063)** | (236) |
| Deferred tax liabilities | **6 545** | 3 891 |
| Deferred tax liability to be recovered after more than 12 months | **5 874** | 3 488 |
| Deferred tax liability to be recovered within 12 months | **671** | 403 |
| **Net deferred tax liability** | **4 361** | 2 811 |

---

Deferred tax liabilities and assets on the balance sheet as of 30 June 2025 and 30 June 2024 relate to the following:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Gross deferred tax liabilities | **6 545** | 3 891 |
| Amortisation and depreciation (a) | **6 468** | 3 778 |
| Derivative financial instruments | **26** | 61 |
| Other | **51** | 52 |
| Gross deferred tax assets | **(2 184)** | (1 080) |
| Unredeemed capital expenditure (b) | **(1 725)** | (2 623) |
| Provisions, including non-current provisions | **(1 300)** | (1 227) |
| Derivative financial instruments | **(1 578)** | (350) |
| Contingent consideration liability | **(334)** | (154) |
| Streaming contract liability | **—** | (15) |
| Other | **(29)** | (3) |
| Tax losses (c) | **(1 872)** | (1 922) |
| Deferred tax asset not recognised (d) | **4 654** | 5 214 |
| **Net deferred tax liability** | **4 361** | 2 811 |

---

(a)The increase in amortisation and depreciation year on year is as a result of the increase in the carrying amount of

property, plant and equipment, mainly relating to asset additions. Refer to note 14.

(b)Unredeemed capital expenditure mainly consists of Hidden ValleyR1 358 million (2024: R2 374 million).

(c)The majority of the amount relates to Australia and PNG tax losses of R1 023 million (2024: R787 million) and

R823 million (2024: R1 101 million) respectively.

(d)The deferred tax asset not recognised relates to Harmony's PNG and Australian operations.

Movement in the net deferred tax liability recognised in the balance sheet is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **2 811** | 2 105 |
| Expense per income statement | **2 486** | 666 |
| Tax expense/(credit) directly charged to other comprehensive income<sup>1</sup> | **(936)** | 40 |
| **Balance at end of year** | **4 361** | 2 811 |
| **Deferred tax assets per balance sheet** | **(114)** | (140) |
| **Deferred tax liabilities per balance sheet** | **4 475** | 2 951 |

---

<sup>1</sup>*Relates predominantly to hedge-accounted derivative financial instruments. Refer to note 17 and 23.*

A deferred tax asset continues to be recognised for Harmony Company at 30 June 2025. At 30 June 2025, it is considered

probable that sufficient future taxable profits will be available against which the remaining deductible temporary differences

existing at the reporting date can be utilised.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

11Taxation continued

**Deferred tax** continued

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| As at 30 June, the group had the following potential future tax deductions: |  |  |
| Unredeemed capital expenditure available for utilisation against future mining taxable <br>income (a)<br>| **53 889** | 51 988 |
| Tax losses carried forward utilisable against mining taxable income (b) | **9 504** | 9 296 |
| Capital gains tax (CGT) losses available to be utilised against future CGT gains (d) | **570** | 570 |
| As at 30 June, the group has not recognised the following deferred tax asset amounts <br>relating to the above:<br>| **19 742** | 19 140 |
| The unrecognised temporary differences are: |  |  |
| Unredeemed capital expenditure (c) | **52 361** | 51 018 |
| Tax losses (b) | **9 504** | 9 231 |
| CGT losses (d) | **570** | 570 |

---

(a)Includes Avgold R38 661 million (2024: R34 368 million), Chemwes Rnil (2024: R635 million), Moab R1 139 million

(2024: R161 million) and Hidden Valley R13 700 million (2024: R16 650 million). These have an unlimited carry-forward

period.

(b)Relates mainly to Australia R3 410 million (2024: R2 623 million), PNG R2 744 million (2024: R3 670 million) and Avgold

R3 255 million (2024: R2 851 million). These have an unlimited carry-forward period.

(c)Relates to Avgold and Hidden Valley.

(d)The CGT losses relate to the gross CGT losses available to be utilised against future CGT gains. These have an unlimited

carry-forward period.

**Dividend tax (DT)**

The withholding tax on dividends remained unchanged at 20%.

12Earnings per share

**Basic earnings per share**

Basic earnings per share is calculated by dividing the net income attributable to shareholders by the weighted number of

ordinary shares in issue during the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| Ordinary shares in issue (000) | **634 768** | 632 634 | 618 072 |
| Adjustment for weighted number of ordinary shares in issue (000) (a) | **(468)** | (7 930) | (428) |
| Weighted number of ordinary shares in issue (000) | **634 300** | 624 704 | 617 644 |
| Adjustment for weighted number of treasury shares (000) (b) | **(12 451)** | (5 267) | (47) |
| Basic weighted average number of ordinary shares in issue (000) | **621 849** | 619 437 | 617 597 |
|  | **SA Rand** | **SA Rand** | **SA Rand** |
|  | **2025** | 2024 | 2023 |
| Total net profit attributable to shareholders (million) | **14 384** | 8 587 | 4 820 |
| Total basic earnings per share (cents) | **2 313** | 1 386 | 780 |

---

(a)These are the weighted number of ordinary shares for the years presented. The increase in 2024 was mainly due to

12 651 525 shares issued on 4 April 2024 as part of the new Harmony ESOP scheme. Refer to note 22 for the actual

number of treasury shares that are in issue.

(b)These are the weighted number of treasury shares for the years presented. The increase in 2025 was due to the ESOP

plan shares being weighted for a full 12-month period in 2025 compared to a five-month period in 2024. The impact of the

shares on the basic weighted average number of shares was 12 404 035 in 2025 (2024: 5 219 618).Refer to note 22 for

the actual number of treasury shares that are in issue.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

12Earnings per share continued

**Diluted earnings per share**

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all

potential dilutive ordinary shares as a result of share options granted to employees under the share option schemes in issue. A

calculation is performed to determine the number of shares that could have been acquired at fair value, determined as the

average annual market share price of the company's shares, based on the monetary value of the subscription rights attached to

the outstanding share options. The number of shares calculated as above is compared with the number of shares that would

have been issued assuming the exercise of the share options.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| Weighted average number of ordinary shares in issue (000) | **621 849** | 619 437 | 617 597 |
| Potential ordinary shares (000) (a)  | **6 851** | 10 256 | 2 877 |
| Weighted average number of ordinary shares for diluted earnings per share <br>(000)<br>| **628 700** | 629 693 | 620 474 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
|  | **2025** | 2024 | 2023 |
| Total diluted earnings per share (cents) | **2 288** | 1 364 | 777 |

---

(a)The issue price and the exercise of share options issued to the employees include the fair value of any services to be

supplied to the entity in the future under the share option or other share-based payment arrangements.

The increase in the weighted average number of diluted shares in 2024 was as a result of the significant increase in the

Harmony share price during the year. This impacted the base as well as the percentage applied to it to determine the

bonus element. As a result, there were a larger number of dilutive shares across all active shares schemes, with the

exception of the new ESOP scheme, which were anti-dilutive. This, combined with the 2023 deferred share plan

implemented in September 2023, resulted in an increase in the diluted shares. The inclusion of the share options as

potential ordinary shares had a dilutive effect on earnings per share.

**Dividends**

Accounting policy

Dividends declared are recognised in the period in which they are approved by the board of directors. Dividends are payable in

South African Rand.

Cash flows from dividends paid are classified under financing activities in the cash flow statement.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

12Earnings per share continued

**Dividends** continued

▪The board declared an interim ordinary dividend of 227 SA cents for the year ended 30 June 2025 and R1 442 million was

paid on 14 April 2025. In 2024, a dividend of 147 SA cents was declared and R930 million was paid on 15 April 2024. The

board did not declare an interim ordinary dividend for the year ended 30 June 2023.

▪For the 2024 year, a final dividend of94 SA cents was declared by the board, amounting to R596 million which was paid on

14 October 2024. For 2023, 75 SA cents was declared and an amount of R464 million was paid on 16 October 2023.

▪The board declared a final ordinary dividend of 155 SA cents for the year ended 30 June 2025 on 27 August 2025. An amount

of R986 million was paid on 13 October 2025.

▪Harmony declares an annual preference share dividend to the Harmony Gold Community Trust (the Trust) relating to the

convertible preference shares which are treasury shares (refer to note 22for details). The board declared a preference

dividend of R22 million which was paid to the Trust on 15 September 2025 (2024: R15 million on 17 September 2024 and

2023: R9 million on 15 August 2023).

▪During 2025, dividend payments of R62 million were made to the non-controlling interest holders in Tswelopele Beneficiation

Operation (Proprietary) Limited (TBO) (2024: R43 million) (2023: R18 million).

*Dividends paid to owners of the parent*

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
|  | **2025** | 2024 | 2023 |
| Dividends declared (millions) | **2 038** | 1 394 | 136 |
| Dividend per share (cents) | **321** | 222 | 22 |

---

13Acquisitions and business combinations

**Acquisition of MAC Copper**

On 27 May 2025, Harmony announced that it has entered into a binding agreement to acquire, through its wholly owned

Australian subsidiary Harmony Gold (Australia) Pty Limited, 100% of the securities in MAC Copper Limited (MAC Copper). MAC

Copper has a 100% interest in the CSA Copper Mine (CSA), its sole asset, which is located in the Cobar Region of New South

Wales, Australia. The acquisition supports Harmony's strategic objective of transitioning into a low-cost, global gold and copper

mining company.

Upon completion of the transaction, the following obligations of MAC Copper will be assumed by Harmony:

▪The silver purchase agreement (silver stream) with OR Royalties Inc. (OR Royalties) pursuant to which OR Royalties receives

refined silver equal to 100% of the payable silver production from CSA and makes ongoing payments equal to 4% of the spot

silver price per ounce at the time of delivery

▪The copper purchase agreement (copper stream) with OR Royalties pursuant to which OR Royalties receives refined copper

equal to 2.25% to 4.875% of the payable copper production from CSA, which amounts may be reduced through the exercise

of a buy-down option, with OR Royalties making ongoing payments equal to 4% of the spot copper price per tonne at the time

of delivery

▪The royalty deed with Glencore Operations Australia (Pty) Limited (Glencore) pursuant to which Glencore is entitled to a 1.5%

net smelter return royalty over the life of the CSA mine and

▪The sale and purchase agreement between MAC and Glencore relating to US$150 millionof contingent payments, where a

once-off payment of US$75 million is due in the event that the copper price averages more than US$4.25/lb for 18 continuous

months at any stage during the life of the CSA mine and a further once-off payment of US$75 million in the event that the

copper price averages more than US$4.50/lb for 24 continuous months during the life of the CSA mine.

The consideration for the transaction is a cash payment of US$12.25 per MAC Copper share, amounting to US$1.01 billion

(approximately R17.90 billion as at 30 June 2025).

*Effective date*

The last condition precedent for the transaction was fulfilled during October 2025, resulting in an acquisition date of

24 October 2025.

*Accounting considerations*

Harmony has performed an initial assessment of the assets acquired and has determined that they meet the definition of a

business per IFRS 3, *Business Combinations*. As the effective date of the transaction coincided with the date the consolidated

financial statements for the 2025 financial year were authorised, the initial accounting and related disclosures of the fair values of

identified assets acquired and liabilities assumed and the resultant goodwill or gain on bargain purchase has yet to be

determined. Management will begin with a purchase price allocation in accordance with the requirements of IFRS 3 for the

business combination during Q2FY26. The process is expected to take several months to complete.

*Funding of acquisition*

Harmony intends to fund the transaction with a US$1.25 billion bridge facility (refer to note 30 for further detail) together with

existing cash reserves. The loan origination fees of R197 million related to the bridge facility were capitalised during the year.

These are presented as part of prepayments in note 18.

*Acquisition-related costs*

In anticipation of the transaction. Harmony has incurred various costs directly attributable to the acquisition process. The total of

R40 million for acquisition-related costs for the year ended 30 June 2025 relates to advisory fees. Acquisition-related costs

continued to be incurred after 30 June 2025 up until the acquisition date of 24 October 2025 and will be expensed in the 2026

financial year. Management considers the disclosure of these amounts in the 2025 consolidated financial statements

impracticable due to the timing of the acquisition and the information available at the reporting date.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

13Acquisitions and business combinations continued

**Acquisition of MAC Copper** continued

*Performance of acquired operation*

For the year ended 30 June 2025, the operation acquired did not contribute to the group revenue and net profit for the year as

the transaction was completed after the reporting date. Should the acquisition have occurred on 1 July 2024, the group's

consolidated revenue and net profit would have been R79 738 million and R13 528 million respectively.

The following information was used to determine the revenue and net loss for the acquired operation for the period 1July2024

to 30 June 2025:

▪1 July 2024 to 31 December 2024: The revenue and net loss in US$ terms per the FY24 audited financial statements of MAC

Copper was used, after deducting the revenue and net loss in US$ terms related to the six-month period of 1 January 2024 to

30 June 2024, as disclosed in the reviewed financial statements of MAC Copper for that period

▪1 January 2025 to 30 June 2025: The revenue and net loss in US$ terms per the reviewed financial statements of MAC

Copper for the period ended 30 June 2025 was used

▪The revenue and net loss in US$ terms for the period of 1 July 2024 to 30 June 2025 as determined above was translated

using the average Rand/US$ exchange rate of R18.15/US$.

**Acquisition of Eva Copper** 

On 6 October 2022, Harmony announced that it had entered into an agreement to acquire the entity which owns 100% of the

Eva Copper Project and a package of regional exploration tenements from Copper Mountain Mining Corporation (collectively

Eva Copper). The acquisition is in line with the group's strategic objective of transitioning into a low-cost gold and copper mining

company. Diversifying into copper enables Harmony to participate in the global transition to a low-carbon economy.

The last condition precedent for the acquisition was fulfilled during December 2022, resulting in an acquisition date of

16 December 2022. Based on management's assessment, the transaction met the definition of a business combination as

defined by IFRS 3 *Business Combinations*. This is based on the feasibility study, mine development plan and organised

workforce acquired constituting substantive processes which significantly contributes to the ability to generate outputs.

Management also opted to not apply the optional concentration test as per IFRS 3.

The Eva Copper Project was identified as a cash generating unit (CGU).

*Consideration transferred*

Consideration for the transaction amounted to a cash payment of R2 996 million (US$170 million), paid during December 2022,

and contingent consideration subject to the following criteria:

▪A maximum of US$30 million payable via a 10% sharing of net incremental revenue above US$3.80/Ib Cu (excess payment)

▪A maximum US$30 million payable on a new copper resource discovered and declared within the acquired tenements,

calculated using a resource multiple of US$0.03/Ib Cu (new resource payment).

These criteria are applicable for the entire life of the operation until the maximum payments are reached.

As at 16 December 2022, the contingent consideration was valued at R169 million by using a probability weighted method for

the new resource payment and a discounted cash flow valuation for the excess payment, both discounted at a post-tax nominal

rate of 12.9%. All other assumptions applied in the valuation are consistent with those used in the valuation of identified assets

acquired and liabilities assumed (refer below). The fair value calculated for the contingent consideration is level 3 in the fair value

hierarchy due to the use of unobservable inputs. The remeasurement of the liability is presented separately in the group income

statement. Refer to note 27 for the measurement of the liability.

The amount disclosed in the cash flow statement for cash paid for the acquisition of Eva Copper is equal to the cash

consideration paid of R2 996 million.

*Acquisition and integration costs*

The total of R214 million for acquisition-related costs for the financial year ended 30 June 2023 relates to various costs directly

attributable to the acquisition process. These costs include professional services fees and Australian stamp duty costs paid.

14Property, plant and equipment

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Mining assets | **34 628** | 28 884 |
| Mining assets under construction | **8 712** | 7 502 |
| Undeveloped properties | **4 341** | 4 475 |
| Other non-mining assets | **588** | 487 |
| **Total property, plant and equipment** | **48 269** | 41 348 |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

14Property, plant and equipment continued

**Mining assets** 

Accounting policy

Mining assets, including mine development costs and mine plant facilities, are initially recorded at cost, whereafter they are

measured at cost less accumulated depreciation and impairment. Costs include expenditure that is directly attributable to the

acquisition of the items. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as

appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of

the item can be measured reliably.

The net assets of operations placed on care and maintenance are impaired to their recoverable amount. Expenditure on the care

and maintenance of these operations is charged against income, as incurred. Mineral and surface use rights represent mineral

and surface use rights for parcels of land, both owned and not owned by the group.

Mineral and surface rights include acquired mineral use rights in production, development and exploration phase properties. The

amount capitalised related to a mineral and surface right, either as an individual asset purchase or as part of a business

combination, is the fair value at acquisition.

The group's mineral use rights are enforceable regardless of whether proved or probable reserves have been established. In

certain limited situations, the nature of use changes from an exploration right to a mining right upon the establishment of proved

and probable reserves. The group has the ability and intent to renew mineral use rights where the existing term is not sufficient

to recover all identified and valued proved and probable reserves and/or undeveloped mineral interests.

*Depreciation*

Depreciation of mining assets is computed principally by the units-of-production method over life-of-mine based on estimated

quantities of economically recoverable proved and probable reserves, which can be recovered in future from known mineral

deposits.

Mineral rights associated with production phase mineral interests are amortised over the life-of-mine using the units-of-

production method in order to match the amortisation with the expected underlying future cash flows.

*Impairment*

Testing for impairment is done in terms of the group policy as discussed in note 2.5.

*Scrapping of assets*

Where significant adverse changes have taken place relating to the useful life of an asset, that asset is tested for impairment in

terms of the group policy as discussed in note 2.5. Whether or not an impairment is recognised, it is then necessary to review

the useful lives and residual values of the assets within the CGU – this is reviewed at least annually. Where necessary, the

useful lives and residual values of the individual assets are revised.

Where the useful life of an asset is nil as a result of no future economic benefit expected from the use or disposal of that asset, it

is necessary to derecognise the asset. The loss arising from the derecognition is included in profit or loss in the period in which

the asset was derecognised.

*Stripping activities*

The removal of overburden and other mine waste materials is often necessary during the initial development of an opencast

mine site, in order to access the mineral ore deposit. The directly attributable cost of this activity is capitalised in full within mining

assets under construction, until the point at which the mine is considered to be capable of commercial production. The removal

of waste material after the point at which a mine is capable of commercial production is referred to as production stripping.

When the waste removal activity improves access to ore extracted in the current period, the costs of production stripping are

charged to the income statement as operating costs in accordance with the principles of IAS 2 *Inventories*.

Where production stripping activity both produces inventory and improves access to ore in future periods the associated costs of

waste removal are allocated between the two elements. The portion which benefits future ore extraction is capitalised within

stripping and development capital expenditure. If the amount to be capitalised cannot be specifically identified, it is determined

based on the volume of waste extracted compared to expected volume for the identified component of the orebody. Components

are specific volumes of a mine's orebody that are determined by reference to the life-of-mine plan.

In certain instances significant levels of waste removal may occur during the production phase with little or no associated

production. The cost of this waste removal is capitalised in full.

All amounts capitalised in respect of waste removal are depreciated using the units-of-production method based on proved and

probable ore reserves of the component of the orebody to which they relate.

The effects of changes to the life-of-mine plan on the expected cost of waste removal or remaining reserves for a component are

accounted for prospectively as a change in estimate.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

14Property, plant and equipment continued

**Mining assets** continued

Critical accounting estimates and judgements – Gold Mineral Reserves and Resources

Gold mineral reserves and resources are estimates of the amount of ounces that can be economically and legally extracted from

the group's properties. In order to calculate the gold mineral reserves and resources, estimates and assumptions are required

about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates,

production costs, commodity prices and exchange rates. Estimating the quantities and/or grade of the reserves and resources

requires the size, shape and depth of the orebodies to be determined by analysing geological data such as the logging and

assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the

data.

Because the economic assumptions used to estimate the gold mineral reserves and resources change from year to year, and

because additional geological data is generated during the course of operations, estimates of the mineral reserves and

resources may change from year to year.

Changes in the reserves and resources may affect the group's financial results and financial position in a number of ways,

including:

▪Asset carrying values may be affected due to changes in estimated cash flows

▪Scrapping of assets to be recorded in the income statement following the derecognition of assets as no future economic

benefit expected

▪Depreciation and amortisation charged in the income statement may change as they are calculated on the units-of-production

method

▪Environmental provisions may change as the timing and/or cost of these activities may be affected by the change in mineral

reserves

▪Useful life and residual values may be affected by the change in mineral reserves.

At the end of each financial year, the estimate of proved and probable gold mineral reserves and resources is updated.

Depreciation of mining assets is prospectively adjusted, based on these changes.

Critical accounting estimates and judgements – production start date

Various relevant criteria are considered in order to assess when the mine is substantially complete and ready for its intended use

and moves into the production phase. Some of the criteria would include but are not limited to the following:

▪The level of capital expenditure compared to the total project cost estimates

▪The ability to produce gold in a saleable form (where more than an insignificant amount of gold has been produced)

▪The ability to sustain the ongoing production of gold.

Critical accounting estimates and judgements – stripping activities

The determination of the volume of waste extracted and the expected volume for the identified component of the orebody is

dependent on an individual mine's design and life-of-mine plan and therefore changes to the design or life-of-mine plan will result

in changes to these estimates. Identification of the components of a mine's orebody is made by reference to the life-of-mine

plan. The assessment depends on a range of factors including each mine's specific operational features and materiality.

Critical accounting estimates and judgements – impairment of assets

The recoverable amount of mining assets is generally determined utilising real discounted future cash flows (post tax). No

material difference in recoverable amounts is expected should real future cash flows be discounted on a pre-tax basis.

Management also considers such factors as the quality of the individual orebody, market risk, asset-specific risks and country

risk in determining the fair value.

Key assumptions for the calculations of the mining assets' recoverable amounts are the commodity prices, resource values,

market discount rates, costs to sell, exchange rates and the annual life-of-mine plans. In determining the commodity prices and

resource values to be used, management assesses theviews of several reputable institutions on commodity prices and based

on this, derives the commodity prices and resource values.

The life-of-mine plans are based on the proved and probable reserves as included in the Reserve Declaration, which are

determined in terms of SAMREC, as well as resources where management has high confidence in the orebody and economical

recovery of gold, based on historic and similar geological experience.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

14Property, plant and equipment continued

**Mining assets** continued

Critical accounting estimates and judgements – impairment of assets continued

During the years under review, the group calculated the recoverable amounts (generally fair value less costs to sell) of CGUs for

which indicators of impairment were identified (refer to note 5). These recoverable amounts are based on updated life-of-mine

plans and the following relevant assumptions:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| **US$ gold price per ounce** |  |  |  |
| – Year 1 | **3 105** | 2 258 | 1 932 |
| – Year 2 | **2 892** | 2 173 | 1 844 |
| – Year 3 | **2 604** | 2 049 | 1 725 |
| – Long term (Year 4 onwards) | **2 237** | 1 772 | 1 582 |
| **Exchange rate (R/US$)** |  |  |  |
| – Year 1 | **17.95** | 18.39 | 18.28 |
| – Year 2 | **17.63** | 17.96 | 17.44 |
| – Year 3 | **18.01** | 18.36 | 17.13 |
| – Long term (Year 4 onwards) | **18.54** | 18.26 | 16.22 |
| **Rand gold price (R/kg)** |  |  |  |
| – Year 1 | **1 792 000** | 1 335 000 | 1 135 000 |
| – Year 2 | **1 639 000** | 1 255 000 | 1 034 000 |
| – Year 3 | **1 508 000** | 1 209 000 | 950 000 |
| – Long term (Year 4 onwards) | **1 334 000** | 1 040 000 | 825 000 |

---

The following are the attributable gold resource value assumptions:

---

| | | | |
|:---|:---|:---|:---|
|  | **South Africa** | **South Africa** | **South Africa** |
| *US dollar per ounce* | **2025** | 2024 | 2023 |
| **Underground resources** |  |  |  |
| Measured | **n/a** | 16.50 | n/a |
| Indicated | **n/a** | 9.00 | n/a |
| Inferred | **n/a** | 3.60 | n/a |

---

The recoverable amount of mining assets is determined utilising real discounted future cash flows. Certain CGUs' recoverable

amounts included resource multiple valuations in the case of undeveloped properties and certain resource bases. In 2025 and

2023, the CGUs to which the resource bases are attributed to were not tested for impairment, nor were the undeveloped

properties. For the 2024 financial year, the recoverable amounts of Target North and Doornkop's Kimberley reef have been

determined using the resource multiple valuations. Refer to note 5 for more information regarding CGUs tested for impairment.

One of the most significant assumptions that influence the group's operations' life-of-mine plans, and therefore the impairment

assessment, is the expected commodity prices. Management continues to differentiate between short-, medium- and long-term

assumptions used in the models. The long-term price was determined as part of the annual budgeting process and is used as

the cut-off price for calculating Mineral Reserves included in the declaration of Mineral Reserves and Resources in terms of

SAMREC.

The discounted cash flow models include the estimated production cost and carbon tax savings arising from the rollout of

Harmony's renewable energy programme, as part of its greater decarbonisation strategy.

During the current year, post-tax real discount rates ranging between 11.20% (2023: 11.69%) and 12.43% (2023: 13.15%) were

used to determine the recoverable amounts of the CGUs tested. In 2024, the post-tax real discount rates of 10.69% and 12.15%

were used to determine the recoverable amounts for the Doornkop and Target 1 CGUs, respectively. No material difference in

recoverable amounts is expected should future cash flows be discounted on a pre-tax basis. Refer to note 5 for more information

regarding CGUs tested for impairment.

Cash flows used in the impairment calculations are based on life-of-mine plans which exceed five years for the majority of the

mines. Cash flows from potential projects, life-of-mine extensions and residual ounces can also be included in the impairment

assessment where deemed appropriate. An additional risk premium is added to the post-tax real discount rates in these

instances.

Should management's estimate of the future not reflect actual events, further impairments may be identified.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

14Property, plant and equipment continued

**Mining assets** continued

Critical accounting estimates and judgements – impairment of assets continued

Factors affecting the estimates may include:

▪Changes to proved and probable ore reserves

▪Economical recovery of resources

▪The grade of the ore reserves may vary significantly from time to time

▪Review of strategy

▪Unforeseen operational issues at the mines

▪Differences between actual commodity prices and commodity price assumptions

▪Changes in the discount rate and foreign exchange rates

▪Changes in capital, operating mining, processing and reclamation costs

▪Mines' ability to convert resources into reserves

▪Potential production stoppages for indefinite periods

▪The implementation of Harmony's renewable energy programme

▪Carbon tax.

*Sensitivity analysis – impairment of assets*

*Commodity prices*

One of the most significant assumptions that influence the LOM plans and therefore impairment assessments is the expected

commodity prices. Management determined a 10.8% decrease (2024: 11.9%) and 29.1% increase (2024: 11.9%) in gold price

assumptions as reasonably possible changes. In 2025, management determined a reasonably possible change in gold prices

based on determining reasonably possible adjusted long-term US$ gold price assumptions using the standard deviation of

market analysts' forecasted long-term US$ gold price assumptions. These reasonably possible adjusted long-term US$ gold

price forecasts was then compared to Harmony's long-term US$ gold price assumption. In 2024, management determined a

reasonably possible change in gold price assumptions based on the standard deviation of market analysts' forecasted long-term

gold price assumptions.

The 29.1% increase in the gold price assumptions would have resulted in no impairments being recorded. A 10.8% decrease in

the gold price assumptions (with all other variables held constant and not taking any actions, such as stopping capital projects,

into account) would have resulted in the following post-tax impairments being recorded as at 30 June 2025:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **10.8% decrease (2024: 11.9% decrease)** |  |  |
| Target 1 | **558** | 450 |
| Tshepong South | **741** | n/a |
| Doornkop | **n/a** | 2 623 |
| Target North | **n/a** | 2 898 |
| **29.1% increase (2024: 11.9% increase)** |  |  |
| Target North | **n/a** | 2 688 |

---

*Production profile*

In addition to the expected commodity prices in 2025, the production profiles of Target 1 and Tshepong South have also been

assessed as sensitive assumptions that influences the LOM plans, and therefore the impairment assessments of these CGUs.

For Target 1, the recoverable amount was determined as R4 212 million as at 30 June 2025. Management determined that

should the production profile of Target 1 decrease by 8.6% (with all other variables held constant), this would result in the

recoverable amount being equal to the post-tax carrying amount of R2 065 million as at 30 June 2025.

For Tshepong South, the recoverable amount was determined as R3 314 million as at 30 June 2025. Management determined

that should the production profile of Tshepong South decrease by 5.3% (with all other variables held constant), this would result

in the recoverable amount being equal to the post-tax carrying amount of R2 343 million as at 30 June 2025.

The production profiles of the other CGUs tested for impairment are not considered to be sensitive assumptions. This is based

on the fact that a 15.0% decrease in these production profiles (with all other variables held constant) would not result in any

impairments being recognised.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

14Property, plant and equipment continued

**Mining assets** continued

The movement in the mining assets is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Cost** |  |  |
| Balance at beginning of year | **79 099** | 76 774 |
| Fully depreciated assets no longer in use derecognised (a) | **(487)** | (586) |
| Additions (b) | **6 595** | 5 426 |
| Scrapping of assets (c) | **(532)** | (622) |
| Adjustment to rehabilitation asset (d) | **519** | (531) |
| Transfers and other movements (e) | **4 181** | 749 |
| Translation | **(1 829)** | (2 111) |
| **Balance at end of year** | **87 546** | 79 099 |
| **Accumulated depreciation and impairments** |  |  |
| Balance at beginning of year | **50 215** | 48 156 |
| Fully depreciated assets no longer in use derecognised (a) | **(487)** | (586) |
| Scrapping of assets (c) | **(362)** | (525) |
| Depreciation | **4 759** | 4 546 |
| Translation | **(1 207)** | (1 376) |
| **Balance at end of year** | **52 918** | 50 215 |
| **Net carrying value** | **34 628** | 28 884 |

---

(a)The 2025 figure primarily relates to fully depreciated assets derecognised at Hidden Valley, and right-of-use assets at

various operations. The 2024 figure primarily relates to fully depreciated assets derecognised at the Hidden Valley,

Tshepong North, Moab Khotsong and Doornkop operations.

(b)Included in additions for 2025 is an amount of R64 million (2024: R84 million) for capitalised depreciation associated with

stripping activities at the Hidden Valley operations.

(c)Refer to note 8 for the total loss on scrapping recognised. Both the 2024 and 2025 amounts primarily relates to the

Tshepong North and Kusasalethu operations.

(d)Refer to note 24 for details on the adjustment to the rehabilitation asset.

(e)During the 2025 year an amount of R1 108 million (2024: R761 million) was transferred to mining assets at Hidden Valley.

This related to ongoing mining development costs. During the 2025 year the Doornkop 207 Level and Kareerand Tailings

Storage Facility projects were completed and amounts of R643 million and R1 661 million, respectively, were transferred

to mining assets.

*Stripping activities*

Included in the balance for mining assets is an amount of R886 million (2024: R829 million) relating to Kalgold and R2 369

million (2024: R3 028 million) relating to Hidden Valley. Depreciation of R58 million (2024: R130 million) and R1 055 million

(2024: R823 million) was recorded for Kalgold and Hidden Valley respectively.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

14Property, plant and equipment continued

**Mining assets under construction**

Accounting policy

At the group's surface mines, when it has been determined that a mineral property can be economically developed as a result of

establishing proved and probable reserves, costs incurred to develop the property are capitalised as incurred until the mine is

considered to have moved into the production phase. These costs include costs to further delineate the orebody and remove

overburden to initially expose the orebody.

At the group's underground mines, all costs incurred to develop the property, including costs to access specific ore blocks or

other areas of the underground mine, are capitalised to the extent that such costs will provide future economic benefits. These

costs include the cost of shaft sinking and access, the costs of building access ways, lateral development, drift development,

ramps, box cuts and other infrastructure development.

Where a depreciable asset is used in the construction or extension of a mine, the depreciation is capitalised against the mine's

cost.

Mineral interests associated with development and exploration phase mineral interests are not amortised until such time as the

underlying property is converted to the production stage.

Capitalisation of pre-production costs ceases when commercial levels of production are reached. Commercial levels of

production are discussed under "production start date" above.

The movement in the mining assets under construction is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Cost** |  |  |
| Balance at beginning of year | **8 172** | 5 721 |
| Additions (a) | **5 434** | 3 247 |
| Finance costs capitalised (b) | **148** | 237 |
| Transfers and other movements | **(4 131)** | (770) |
| Translation | **(242)** | (263) |
| **Balance at end of year** | **9 381** | 8 172 |
| **Accumulated impairments** |  |  |
| Balance at beginning of year | **670** | 670 |
| Translation | **(1)** |  |
| **Balance at end of year** | **669** | 670 |
| **Net carrying value** | **8 712** | 7 502 |

---

(a) The additions for 2025 mainly relates to:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Hidden Valley | **1 215** | 865 |
| Zaaiplaats (Moab Khotsong) | **962** | 794 |
| Doornkop 207 Level<sup>1</sup> | **—** | 197 |
| Doornkop 212 Level | **303** | 54 |
| Mponeng LOM Extension Project | **890** | 16 |
| Eva Copper Project<sup>2</sup> | **807** |  |
| Sungazer 2 Project (Moab Khotsong)<sup>3</sup> | **1 004** |  |
| Kareerand Tailings Storage Facility (Mine Waste Solutions)<sup>1</sup> | **203** | 960 |

---

<sup>1</sup> *Project completed during 2025 and transferred to mining assets*

<sup>2</sup> *See discussion on developments on the project below*

<sup>3</sup> *Construction of the 100MW solar photovoltaic plant commenced during 2025*

(b)Refer to note 10 for further detail on the capitalisation rate applied.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

14Property, plant and equipment continued

**Mining assets under construction** continued

*Eva Copper developments*

During the 2025 year, significant progress was made on the Eva Copper Project final feasibility study, mineral resource

development and early works execution. The feasibility study is in its final phase, with front end engineering and design

progressing in parallel. The costs capitalised for the advanced early works construction for the 2025 year amounted to

R747 million.

In recognition of its significance, Eva Copper was declared a Prescribed Project by the Queensland Government in March 2024.

The application to amend the Project's existing Environmental Authority and align the project's approvals with the outcomes of

the final feasibility study has been accepted and is under active assessment by the Queensland Department of the Environment,

Tourism, Science and Innovation.

Progress continues to be made on preliminary site works, supported by a conditional grant from the Queensland Government to

fund preparatory activities for the project. During February 2025, the board approved advanced early work construction for the

project, including front end engineering and design activities and early-phase bulk earthworks. These expenditures have been

capitalised as future economic benefits are expected given the advanced stage of the final feasibility study and the ongoing

permitting process, which is being supported by the relevant authorities.

Upon completion of the final feasibility study, Harmony's board will consider a final investment decision.

*Wafi-Golpu development*

Capitalisation of certain project expenses on Wafi-Golpu was halted from 1 July 2019 following delays in the permitting of the

project (refer to note 20). All ongoing expenses since were for holding purposes and did not result in future economic benefits.

These have been included in exploration expenditure in the income statement and amounted to R23 million (2024: R37 million)

for the year.

**Undeveloped properties**

Accounting policy

Undeveloped properties are initially recognised at cost, which is generally based on the fair value of resources obtained through

acquisitions. The carrying values of these properties are tested for impairment or reversal of previously recognised impairment

when an indicator is identified. Once development commences, these properties are transferred to mining assets and accounted

for in accordance with the related accounting policy.

Critical accounting estimates and judgements – exploration and evaluation assets

The recoverability of exploration and evaluation assets is assessed when indicators for impairment or reversal of previously

recognised impairment has been identified. The balances assessed include undeveloped properties and assets under

construction. Significant judgement is required as to whether an area of activity is to be carried forward on the balance sheet, or

written off through the identification of areas of activity which have not yet reached a stage that permits a reasonable

assessment of the existence of economically recoverable reserves, where there is no continuing significant activity plan in

relation to the area.

The movement in the undeveloped properties is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Cost** |  |  |
| Balance at beginning of year | **8 743** | 8 861 |
| Transfers and other movements | **—** | 9 |
| Translation | **(135)** | (127) |
| **Balance at end of year** | **8 608** | 8 743 |
| **Accumulated depreciation and impairments** |  |  |
| Balance at beginning of year | **4 268** | 1 476 |
| Impairment<sup>1</sup> | **—** | 2 793 |
| Translation | **(1)** | (1) |
| **Balance at end of year** | **4 267** | 4 268 |
| **Net carrying value** | **4 341** | 4 475 |

---

<sup>1</sup>*Relates to Target North. Refer to note 5 for details.*

Currently the assets classified as undeveloped properties are the Wafi-Golpu Project, Target North and the Eva Copper Project.

For further details regarding the permitting process and other developments of the Wafi-Golpu Project, refer to note 20. For

further details regarding the Eva Copper Project, please refer to the mining assets under construction section above. No further

developments have occurred post the impairment in the 2024 year for Target North.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

14Property, plant and equipment continued

**Undeveloped properties** continued

The carrying value of the undeveloped properties are as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Target North | **888** | 888 |
| Wafi-Golpu Project | **336** | 349 |
| Eva Copper Project | **3 117** | 3 238 |
| **Total undeveloped properties** | **4 341** | 4 475 |

---

**Other non-mining assets**

Accounting policy

Land is shown at cost and not depreciated. Other non-mining fixed assets are shown at cost less accumulated depreciation and

accumulated impairment losses. Other non-mining fixed assets are depreciated on a straight-line basis over their estimated

useful lives as follows:

▪Vehicles at 20% per year

▪Computer equipment at 33.3% per year.

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

The movement in the non-mining assets is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Cost** |  |  |
| Balance at beginning of year | **1 116** | 1 000 |
| Transfers and other movements | **(32)** |  |
| Fully depreciated assets no longer in use derecognised | **(1)** |  |
| Additions | **204** | 117 |
| Translation | **(1)** | (1) |
| **Balance at end of year** | **1 286** | 1 116 |
| **Accumulated depreciation and impairments** |  |  |
| Balance at beginning of year | **629** | 547 |
| Fully depreciated assets no longer in use derecognised | **(1)** |  |
| Depreciation | **71** | 82 |
| Translation | **(1)** |  |
| **Balance at end of year** | **698** | 629 |
| **Net carrying value** | **588** | 487 |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

Accounting policy – financial assets (applicable to notes 15, 16, 17 and 18)

Financial assets are initially recognised when the group becomes a party to their contractual arrangements. On initial

recognition, a financial asset is classified as measured at:

▪Amortised cost

▪Fair value through other comprehensive income (FVTOCI) or

▪Fair value through profit or loss (FVTPL).

A financial asset is classified as measured at amortised cost if it is held within the business model whose objective is to hold

assets to collect contractual cash flows and its contractual terms give rise, on specified dates, to cash flows that are solely

payments of principal and interest on the principal amount outstanding.

The group measures a financial asset initially at its fair value plus, in the case of a financial asset not at FVTPL, transaction

costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL

are expensed. The subsequent measurement of financial assets is discussed below.

---

| | |
|:---|:---|
| **Financial asset category** | **Description** |
| Debt instruments at <br>amortised cost<br>| Financial assets at amortised cost consist of restricted cash, certain restricted investments, <br>loans, trade receivables and cash and cash equivalents. Interest income from these financial <br>assets is included in investment income using the effective interest rate method. Any gain or <br>loss arising on derecognition is recognised directly in profit or loss. Impairment losses are <br>presented in other operating expenses in the income statement.<br>|
| Debt instruments at fair <br>value through profit or loss<br>| Equity-linked investments which are held to meet rehabilitation liabilities are classified as <br>FVTPL. Debt instruments where the contractual cash flows fail to meet the solely payments of <br>principal and interest (SPPI) criteria are also classified as FVTPL. A gain or loss on a debt <br>investment that is subsequently measured at FVTPL is recognised in profit or loss and <br>presented net within investment income in the period in which it arises. On derecognition of a <br>financial asset, the difference between the proceeds received or receivable and the carrying <br>amount of the asset is included in profit or loss.<br>|
| Equity instruments <br>designated at fair value <br>through OCI<br>| The group's equity investments are designated as FVTOCI. The group subsequently <br>measures all equity investments at fair value. Where the group's management has elected to <br>present fair value gains and losses on equity investments in OCI, there is no subsequent <br>reclassification of fair value gains and losses to profit or loss following the derecognition of the <br>investment. Dividends from such investments are recognised when the group's right to <br>receive payments is established either in profit or loss as other income or as a deduction <br>against the asset if the dividend clearly represents a recovery of part of the cost of the <br>investment. Residual values in OCI are reclassified to retained earnings on derecognition of <br>the related FVTOCI instruments. <br>|

---

Impairment losses on financial assets at amortised cost are assessed using the forward-looking expected credit loss (ECL)

approach. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash

shortfalls (ie the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the

group expects to receive). At each reporting date, the group assesses whether financial assets carried at amortised cost are

credit impaired. A financial asset is ''credit impaired'' when one or more events that have a detrimental impact on the estimated

future cash flows of the financial asset have occurred. Trade receivable loss allowances are measured at an amount equal to

lifetime ECLs. Loss allowances are deducted from the gross carrying amount of the assets.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable

right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability

simultaneously.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

15Restricted cash and investments

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Restricted cash  | **330** | 489 |
| Restricted investments | **6 731** | 6 044 |
| **Total restricted cash and investments** | **7 061** | 6 533 |
| **Current portion of restricted cash and investments** | **46** | 39 |
| **Non-current portion of restricted cash and investments** | **7 015** | 6 494 |

---

**Restricted cash**

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Non-current | **284** | 450 |
| Current | **46** | 39 |
| **Total restricted cash** | **330** | 489 |

---

The restricted cash consist of funds set aside for:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Environmental guarantees and rehabilitation (a) | **257** | 217 |
| Guarantee – Tshiamiso Trust (b) | **—** | 205 |
| PNG communities (c) | **51** | 45 |
| Other | **22** | 22 |
| **Total restricted cash** | **330** | 489 |

---

(a)The amount primarily relates to funds set aside to serve as collateral against guarantees made to the Department of

Mineral and Petroleum Resources (DMPR) in South Africa for environmental and rehabilitation obligations. Refer to note

24. The funds are invested in short-term money market funds and call accounts, which require third-party approval for

release.

(b)The decrease is as a result of the benefit and admin contributions made, reducing the total that the guarantee is calculated

on. Refer to note 25 for details on the silicosis settlement and the arrangement with the trust.

(c)Relates to monies set aside for affected communities of the group's PNG operations.

**Restricted investments** 

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Investments held by environmental trust funds | **6 716** | 6 030 |
| Investments held by the Social Trust Fund | **15** | 14 |
| **Total restricted investments (non-current)** | **6 731** | 6 044 |

---

*Environmental trust funds*

Accounting policy

Contributions are made to the group's environmental trust funds, created in accordance with statutory requirements, to fund the

estimated cost of pollution control, rehabilitation and mine closure at the end of the life of the group's mines. The trusts are

consolidated into the group as the group exercises control of the trusts. The measurement of the investments held by the trust

funds is dependent on their classification under financial assets. Income received and gains are treated in accordance with these

classifications. The equity-linked deposits and investment in unit trusts are classified and measured at fair value through profit or

loss, while the equity investments are classified and measured at fair value through other comprehensive income. Interest-

bearing short-term investments as well as investments in government bonds are classified and measured as debt instruments at

amortised cost.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

15Restricted cash and investments continued

**Restricted investments** continued

*Environmental trust funds* continued

The environmental trust funds are irrevocable trusts under the group's control. Contributions to the trusts are invested in various

instruments which include the following: listed equity securities, unit trusts, government bonds, interest-bearing short-term and

medium-term cash investments and medium-term equity-linked deposits. The equity-linked deposits are issued by commercial

banks that provide guaranteed interest and additional interest or growth linked to the growth of the Top 40 index of the JSE.

These investments provide for the estimated cost of rehabilitation at the end of the life of the group's mines. Income earned on

the investments is retained in the funds and reinvested.

The environmental trust funds consist of:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Fixed deposits | **4 013** | 3 665 |
| Cash equivalents | **79** | 74 |
| Equity-linked deposits | **1 744** | 1 494 |
| Government bonds  | **427** | 401 |
| Equity investments | **384** | 335 |
| Collective investment scheme (unit trusts) | **69** | 61 |
| **Total environmental trust funds** | **6 716** | 6 030 |

---

Reconciliation of the movement in investments held by environmental trust funds:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **6 030** | 5 673 |
| Interest income | **369** | 329 |
| Fair value gain through profit and loss<sup>1</sup> | **254** | 95 |
| Fair value gain through other comprehensive income | **48** | 18 |
| Dividends received | **16** | 15 |
| Maturity of equity-linked deposits | **—** | (96) |
| Acquisition/(maturity) of fixed deposits | **84** | (5) |
| Maturity of collective investment schemes (unit trusts)  | **—** | (138) |
| Acquisition of government bonds | **32** | 145 |
| Net transfer of cash equivalents | **(117)** | 93 |
| Withdrawal of funds for rehabilitation work performed | **—** | (99) |
| **Balance at end of year** | **6 716** | 6 030 |

---

<sup>1</sup> *Refer to note 9 for more detail.*

*The Social Trust Fund*

The Social Trust Fund is an irrevocable trust under the group's control. The purpose of the trust is to fund the social plan to

reduce the negative effects of restructuring on the group's workforce, to put measures in place to ensure that the technical and

life skills of the group's workforce are developed and to develop the group's workforce in such a manner as to avoid or minimise

the effect of job losses and a decline in employment through turnaround or redeployment strategies.

The Social Trust Fund investment comprises a unit trust portfolio that is exposed to the fair value changes in the equity market

and is classified as a fair value through profit or loss investment.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

16Other non-current assets

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Debt instruments** | **46** | 76 |
| Loans to associates (a) | **116** | 116 |
| Loan to ARM BBEE Trust (b) | **45** | 68 |
| Other loans | **1** | 8 |
| Loss allowance (a) | **(116)** | (116) |
| **Equity instruments** | **107** | 88 |
| Rand Mutual Assurance (c) | **94** | 78 |
| Other investments | **13** | 10 |
| **Inventories** | **207** | 180 |
| Non-current portion of final gold in lock-up (d) | **207** | 180 |
| **Total other non-current assets** | **360** | 344 |

---

(a)A loan of R116 million (2024: R116 million) owed by Pamodzi Gold Limited (Pamodzi) which was placed into liquidation

during 2009, was provided for in full. Harmony is a concurrent creditor in the Pamodzi Orkney liquidation.

(b)During 2021, Harmony advanced R264 million to the ARM Broad-Based Economic Empowerment Trust (the ARM BBEE

Trust), a shareholder of African Rainbow Minerals Limited (ARM), after the restructuring of the original loan advanced in

2016. The ARM BBEE Trust is controlled and consolidated by ARM, who holds 10.66% of Harmony's shares at

30 June 2025. Harmony is a trustee of the ARM BBEE Trust. The loan under the revised loan agreement is interest-free

and is receivable on the maturity of the loan on 30 June 2035. The loan is unsubordinated and unsecured.

The loan does not meet the requirements for amortised cost measurement as it fails the solely payments of principal and

interest test and was therefore classified as fair value through profit and loss (refer to the fair value determination section

innote 37 for detail). The group determined that the contractual terms include exposure to risk and volatility that is

inconsistent with a basic lending arrangement. In making this assessment the group considered contingent events that

would change the amount and timing of cash flows and potential limits on the group's claim to cash flows from specified

assets (eg non-recourse asset arrangements).

During the 2025 financial year, repayments of R28 million (2024: R42 million) were received on the loan.

(c)Refer to note 37 for the fair value valuation technique used to measure the investment.

(d)Refer to note 21 for further details on inventories.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

17Derivative financial instruments

The group has the following derivative financial instruments:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Hedging contracts**  | **Hedging contracts**  | **Hedging contracts**  | **Hedging contracts**  |  |  |  |
| *Figures in million (SA Rand)* | **Rand gold** <br>**forwards**<br>**(a)**<br>| **US$ gold** <br>**forwards**<br>**(b)**<br>| **Rand gold** <br>**collars**<br>**(a)**<br>| **US$ gold** <br>**collars**<br>**(b)**<br>| **US$ silver** <br>**contracts** <br>**(b)**<br>| **Foreign** <br>**exchange** <br>**contracts** <br>**(c)**<br>| <br>**Total**<br>|
| **At 30 June 2025** |  |  |  |  |  |  |  |
| **Derivative financial assets** | **30** | **5** | **207** | **35** | **3** | **288** | **568** |
| Non-current | **14** | **3** | **164** | **28** | **3** | **24** | **236** |
| Current | **16** | **2** | **43** | **7** | **—** | **264** | **332** |
| **Derivative financial liabilities** | **(4 279)** | **(716)** | **(2 082)** | **(522)** | **(148)** | **—** | **(7 747)** |
| Non-current | **(675)** | **(166)** | **(1 492)** | **(316)** | **(39)** | **—** | **(2 688)** |
| Current | **(3 604)** | **(550)** | **(590)** | **(206)** | **(109)** | **—** | **(5 059)** |
| **Net derivative financial** <br>**instruments**<br>| **(4 249)** | **(711)** | **(1 875)** | **(487)** | **(145)** | **288** | **(7 179)** |
| Unrealised losses included in other <br>reserves, net of tax<sup>1</sup><br>| **(3 405)** | **(731)** | **(1 468)** | **(490)** | **—** | **—** | **(6 094)** |
| **Movements for the year ended** <br>**30 June 2025**<br>|  |  |  |  |  |  |  |
| Realised losses included in revenue | **(3 910)** | **(459)** | **(178)** | **(47)** | **—** | **—** | **(4 594)** |
| Unrealised losses on gold contracts <br>recognised in other comprehensive <br>income<br>| **(6 674)** | **(970)** | **(2 155)** | **(551)** | **—** | **—** | **(10 350)** |
| Gains/(losses) on derivatives | **—** | **—** | **—** | **—** | **(150)** | **235** | **85** |
| Day one loss amortisation | **(83)** | **(11)** | **(40)** | **(10)** | **—** | **—** | **(144)** |
| **Total gains/(losses) on derivatives** | **(83)** | **(11)** | **(40)** | **(10)** | **(150)** | **235** | **(59)** |
| **Hedge effectiveness** |  |  |  |  |  |  |  |
| Changes in the fair value of the <br>hedging instrument used as the <br>basis for recognising hedge <br>ineffectiveness<br>| **(6 674)** | **(970)** | **(1 596)** | **(511)** | **—** | **—** | **(9 751)** |
| Changes in the fair value of the <br>hedged item used as the basis for <br>recognising hedge ineffectiveness<br>| **6 674** | **970** | **1 596** | **511** | **—** | **—** | **9 751** |

---

<sup>1</sup>*Includes deferred tax of R936 million.*

*(a)Rand gold contracts*

Harmony maintains a derivative programme for some of the South African companies by entering into commodity

derivative contracts. The contracts comprise forward sale contracts and zero cost collars. Hedge accounting is applied to

these contracts.

*(b)US$ commodity contracts*

Harmony maintains a derivative programme for Hidden Valley by entering into commodity derivative contracts. The

contracts comprise US$ gold forward sale contracts as well as US$ gold zero cost collars and US$ silver zero cost collars

which establish a minimum (floor) and maximum (cap) commodity sales price. Hedge accounting is applied to all

US$goldcontracts, shown separately from the US$ silver zero cost collars that are not hedge accounted.

*(c)Foreign exchange contracts*

Harmony maintains a foreign exchange derivative programme in the form of zero cost collars, which sets a floor and cap

Rand/US$ exchange rate at which to convert US dollars to Rands, and foreign exchange forward contracts (FECs). Hedge

accounting is not applied to these contracts.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

17Derivative financial instruments continued

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Hedging contracts** | **Hedging contracts** | **Hedging contracts** | **Hedging contracts** |  |  |  |
| *Figures in million (SA Rand)* | Rand gold <br>forwards<br>(a)<br>| US$ gold <br>forwards<br>(b)<br>| Rand gold <br>collars<br>(a)<br>| US$ gold <br>collars<br>(b)<br>| US$ silver <br>contracts <br>(b)<br>| Foreign <br>exchange <br>contracts <br>(c)<br>| Total |
| **At 30 June 2024** |  |  |  |  |  |  |  |
| **Derivative financial assets** | 282 | 30 | 155 | 18 | 3 | 523 | 1 011 |
| Non-current | 172 | 27 | 135 | 18 | 3 | 98 | 453 |
| Current | 110 | 3 | 20 |  |  | 425 | 558 |
| **Derivative financial liabilities** | (1 799) | (236) | (9) | (4) | (63) |  | (2 111) |
| Non-current | (510) | (77) |  | (1) | (21) |  | (609) |
| Current | (1 289) | (159) | (9) | (3) | (42) |  | (1 502) |
| **Net derivative financial** <br>**instruments**<br>| (1 517) | (206) | 146 | 14 | (60) | 523 | (1 100) |
| Unrealised gains/(losses) included in <br>other reserves, net of tax<sup>1</sup><br>| (1 192) | (197) | 123 | 14 |  |  | (1 252) |
| **Movements for the year ended** <br>**30 June 2024**<br>|  |  |  |  |  |  |  |
| Realised losses included in revenue | (1 215) | (50) |  |  |  |  | (1 265) |
| Unrealised gains/(losses) on gold <br>contracts recognised in other <br>comprehensive income<br>| (1 580) | (310) | 141 | 15 |  |  | (1 734) |
| Gains/(losses) on derivatives |  |  |  |  | (98) | 670 | 572 |
| Day one gain/(loss) amortisation | (114) | (11) | 5 | 1 |  |  | (119) |
| **Total gains/(losses) on derivatives** | (114) | (11) | 5 | 1 | (98) | 670 | 453 |
| **Hedge effectiveness** |  |  |  |  |  |  |  |
| Changes in the fair value of the <br>hedging instrument used as the <br>basis for recognising hedge <br>ineffectiveness<br>| (1 580) | (310) | 141 | 15 |  |  | (1 734) |
| Changes in the fair value of the <br>hedged item used as the basis for <br>recognising hedge ineffectiveness<br>| 1 580 | 310 | (141) | (15) |  |  | 1 734 |
| **Movements for the year ended** <br>**30 June 2023**<br>|  |  |  |  |  |  |  |
| Realised gains/(losses) included in <br>revenue<br>| (209) | 25 |  |  |  |  | (184) |
| Unrealised losses on gold contracts <br>recognised in other comprehensive <br>income<br>| (1 748) | (34) |  |  |  |  | (1 782) |
| Gains/(losses) on derivatives |  |  |  |  | 21 | (145) | (124) |
| Day one loss amortisation | (66) | (4) |  |  |  |  | (70) |
| **Total gains/(losses) on derivatives** | (66) | (4) |  |  | 21 | (145) | (194) |

---

<sup>1</sup>*Includes deferred tax of R39 million.*

**Hedge accounting**

During April 2024, Harmony added gold zero cost collar (gold collar) hedging contracts to the gold forward sale derivative

contracts to hedge the risk of lower gold prices. Cash flow hedge accounting is applied to the majority of these contracts,

resulting in the effective portion of the unrealised gains and losses being recorded in other comprehensive income (other

reserves – refer to note 23). Referto note 37 for a summary of the risk management strategy applied and the balances relating

to designated hedging instruments as at reporting date.

Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness

assessments. The group enters into gold forward and gold zero cost collar contracts that have similar terms as the hedged item,

such as notional amount, maturity date and reference gold spot price thereby ensuring that an economic relationship exists

between the hedging instrument and the hedged item and resulting in a hedge ratio of 1:1. Potential sources of hedge

ineffectiveness include counterparty and own credit risk, day one gains and losses, a mismatch in the timing of the derivative and

underlying gold sale maturities, location differential and the refining margin. Hedge ineffectiveness is measured by comparing the

change in the expected cash flows from a forward sale contract/zero cost collar contract versus the sale of an equivalent quantity

of gold in the open market. Ineffectiveness results when the changes in the fair values in the hedging instruments exceed the fair

value changes in the hedged item. A negligible amount of hedge ineffectiveness was experienced in the years presented.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

17Derivative financial instruments continued

**Hedge accounting** continued

The gains and losses from derivative contracts to which hedge accounting is not applied are included in gains/(losses) on

derivatives in profit or loss.

The following table shows the open position at the reporting date:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FY26** | **FY26** | **FY27** | **FY27** | **FY28** | **FY28** | **Total** |
|  | HY1<sup>1</sup> | HY2<sup>2</sup> | HY1<sup>1</sup> | HY2<sup>2</sup> | HY1<sup>1</sup> | HY2<sup>2</sup> |  |
| **At 30 June 2025** |  |  |  |  |  |  |  |
| **Foreign exchange contracts** |  |  |  |  |  |  |  |
| Zero cost collars |  |  |  |  |  |  |  |
| US$m | 120 | 74 | 28 | 4 |  |  | 226 |
| Average floor – R/US$ | 18.45 | 18.58 | 18.73 | 19.09 |  |  | 18.54 |
| Average cap – R/US$ | 20.45 | 20.58 | 20.74 | 21.10 |  |  | 20.54 |
| Forward contracts |  |  |  |  |  |  |  |
| US$m | 42 | 11 |  |  |  |  | 53 |
| Average forward rate – R/US$ | 19.94 | 20.15 |  |  |  |  | 19.98 |
| **Commodity contracts**  |  |  |  |  |  |  |  |
| Rand gold forward contracts  |  |  |  |  |  |  |  |
| 000 oz – cash flow hedge | 156 | 92 | 36 | 20 | 10 |  | 314 |
| Average R'000/kg | 1 396 | 1 561 | 1 669 | 1 735 | 1 792 |  | 1 510 |
| US$ gold forward contracts  |  |  |  |  |  |  |  |
| 000 oz – cash flow hedge | 19 | 13 | 6 | 6 | 1 |  | 45 |
| Average US$/oz | 2 264 | 2 531 | 2 631 | 2 765 | 2 760 |  | 2 468 |
| Rand gold zero cost collar contracts |  |  |  |  |  |  |  |
| 000 oz – cash flow hedge | 42 | 100 | 88 | 100 | 62 | 40 | 432 |
| Average floor – R'000/kg | 1 595 | 1 706 | 1 633 | 1 770 | 1 868 | 2 123 | 1 757 |
| Average cap – R'000/kg | 1 835 | 1 940 | 1 861 | 2 005 | 2 119 | 2 385 | 1 996 |
| US$ gold zero cost collar contracts |  |  |  |  |  |  |  |
| 000 oz – cash flow hedge | 11 | 18 | 13 | 12 | 11 | 7 | 72 |
| Average floor – US$/oz | 2 589 | 2 817 | 2 597 | 2 778 | 2 874 | 3 348 | 2 796 |
| Average cap – US$/oz | 2 893 | 3 145 | 2 894 | 3 093 | 3 197 | 3 733 | 3 118 |
| Total gold contracts |  |  |  |  |  |  |  |
| 000 oz – cash flow hedge | 228 | 223 | 143 | 138 | 84 | 47 | 863 |
| US$ silver contracts |  |  |  |  |  |  |  |
| 000 oz | 660 | 660 | 660 | 500 |  |  | 2 480 |
| Average floor – US$/oz | 28.28 | 30.15 | 32.16 | 35.25 |  |  | 31.22 |
| Average cap – US$/oz | 31.38 | 33.52 | 36.45 | 40.01 |  |  | 35.04 |

---

<sup>1</sup>*July – December.* 

<sup>2</sup>*January – June.*

Refer to note 37 for the details on the fair value measurements.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

18Trade and other receivables

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Trade receivables (metals)<sup>1</sup> | **2 344** | 1 239 |
| Other trade receivables | **312** | 401 |
| Loss allowance | **(171)** | (212) |
| Trade receivables – net | **2 485** | 1 428 |
| Interest and other receivables | **231** | 150 |
| Employee receivables | **17** | 10 |
| Prepayments | **450** | 355 |
| Value added tax and general sales tax | **737** | 625 |
| Income and mining taxes | **82** | 36 |
| **Total trade and other receivables** | **4 002** | 2 604 |

---

<sup>1</sup>*The increase is primarily due to higher average prices received. The spot price of gold moved from R1 359 748/kg at the end of FY24 to R1 884 586/kg at* 

*the end of FY25.* 

The movement in the loss allowance for trade and other receivables during the year was as follows (refer to note 37 for details):

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **212** | 211 |
| Increase in loss allowance recognised during the year | **40** | 49 |
| Reversal of loss allowance during the year | **(80)** | (48) |
| **Balance at end of year** | **171** | 212 |

---

The movement relates to various individually immaterial debtors.

The loss allowance for trade and other receivables stratified according to the ageing profile at the reporting date is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **Gross** | **Loss** <br>**allowance**<br>|
| **30 June 2025** |  |  |
| Not past due<sup>1</sup> | **2 383** | **—** |
| Past due by 1 to 30 days | **57** | **—** |
| Past due by 31 to 60 days | **14** | **—** |
| Past due by 61 to 90 days | **5** | **—** |
| Past due by more than 90 days | **33** | **28** |
| Past due by more than 361 days | **164** | **143** |
| **Total** | **2 656** | **171** |
| **30 June 2024** |  |  |
| Not past due<sup>1</sup> | 1 364 |  |
| Past due by 1 to 30 days | 33 | 12 |
| Past due by 31 to 60 days | 21 | 9 |
| Past due by 61 to 90 days | 15 | 7 |
| Past due by more than 90 days | 54 | 50 |
| Past due by more than 361 days | 153 | 134 |
| **Total** | 1 640 | 212 |

---

<sup>1</sup>*The gross amount includes the full trade receivables (metals) balance, which has no attributable loss allowance.*

There were no renegotiations of the terms of any receivables during 2025 and 2024. As at 30 June 2025 and 30 June 2024,

there was no collateral pledged or held for any of the receivables.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

19Investments in associates

Critical accounting estimates and judgements

The investments in associates are evaluated for impairment by comparing the entire carrying value of the investment (including

loans to associates and preference shares) to the recoverable amount, which is the higher of value in use or fair value less costs

to sell. Discounted cash flow models are used to calculate the net present value of the investments. The cash flows in the

models include expected interest and capital payments on loans, dividends, redemption amounts and proceeds on disposal.

(a)Harmony acquired a 32.40% interest in Pamodzi on 27 February 2008, initially valued at R345 million. Pamodzi was listed

on the JSE and had interests in operating gold mines in South Africa. Pamodzi was placed in liquidation in March 2009.

As at 30 June 2025, to the best of our knowledge, the liquidation process has not been concluded. Refer to note 16(a) for

details of the loan and provision for impairment of the loan.

(b)Rand Refinery provides precious metal smelting and refining services in South Africa. Harmony holds a 10.38% share in

Rand Refinery. This investment is a strategic investment for the group as Rand Refinery is the only company that provides

such services in South Africa. Although the group holds less than 20% of the equity shares of Rand Refinery, the group is

able to exercise significant influence by virtue of having a right to appoint a director on the board. Through the 10.38%

shareholding and the right to appoint a director on the board, the investment has been accounted for as an associate.

Rand Refinery has a 31 August financial year-end.

In the current year, a dividend of R52 million (2024: R27 million) was received from Rand Refinery.

The R23 million impairment of Rand Refinery, recognised on 31 December 2024, was as a result of the strategic changes

made by Rand Refinery which negatively impacted on expected dividends and the terminal cash flow value. This

impairment was not reversed at 30 June 2025.

20Investment in joint operations

The group has a 50% interest in certain exploration assets located in the Morobe Province, PNG. Newmont Corporation owns

the remaining 50% interest in these assets. The primary asset in the joint arrangement is the Wafi-Golpu Project. The joint

arrangement is accounted for as a joint operation.

**State participation**

Under the conditions of the Wafi-Golpu exploration tenements, the PNG government (the State) has reserved the right prior to

the commencement of mining to take up an equitable interest of up to 30% of any mineral discovery within the Wafi-Golpu

tenements. The right is exercisable by the State once only at any time prior to the commencement of mining. If the State

exercises this right, the exercise price is a pro-rata share of the accumulated exploration expenditure. Once the right is

exercised, the State is responsible for its proportionate share of ongoing exploration, project development and operational costs.

The State has indicated its intention to exercise its option in full, however, as at 30 June 2025, the option has not been

exercised.

**Permitting**

*Special Mining Lease* 

In August 2016, application was made to the Mineral Resources Authority for a Special Mining Lease (SML) under the PNG

Mining Act 1992. The application was subsequently updated and amended in March 2018.

There have been considerable delays in the permitting process. In December 2018 the State of PNG and the project proponents

entered into a memorandum of agreement (MoU) regarding progress towards a Mining Development Contract (MDC). However,

following a judicial review instituted in 2019 by the Governor and Government of Morobe Province, the State withdrew from the

MoU in November 2019.

Meaningful negotiations with the PNG State Negotiating Team only recommenced in the second half of 2022, and in April 2023

the State and the project proponents entered into a Framework Memorandum of Understanding, setting out the key terms and

principles to guide the negotiation and preparation of the MDC and other project agreements. Permitting and other contract

negotiations are ongoing.

*Progress to Development*

The Wafi-Golpu Project will progress to development only once all project agreements have been executed and the SML and all

other associated tenements and permits are granted.

Any potential future development of the Wafi-Golpu Project is subject to further studies, completion of the remaining statutory

processes, receipt of all necessary or desirable government permissions and approvals, market and operating conditions as well

as approval by the board of directors of the Wafi-Golpu Joint Venture and of both Newmont Corporation and Harmony.

*Environment Permit*

In July 2018, application was made to the Conservation and Environment Protection Authority for an Environment Permit under

the PNG Environment Act 2000, by the submission under the Act of an Environmental Impact Statement. The Environment

Permit was granted in December 2020.

During March 2021, the Governor and Government of the Morobe Province instituted a judicial review in the Lae National Court

against the grant by the Minister for the Environment of the Environment Permit. The project proponents are not parties to this

proceeding, and the present Governor, who was appointed in September 2022, has stated publicly that he intends to withdraw

the proceedings instituted by his predecessor, however as at 30 June 2025, has not yet done so.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

20Investment in joint operations continued

**Permitting** continued

*Environment Permit continued*

In December 2022, coastal villagers represented by the Centre for Environmental Law and Community Rights Inc commenced

legal proceedings also seeking judicial review of the grant of the Environment Permit. The project proponents are not parties to

this proceeding, which progressed to substantive hearing on 12 June 2025. Judgment was reserved and the matter was

adjourned to a date to be determined by the judge.

Either of the proceedings, if determined against the State and the Minister for Environment, could result in the setting aside of

the

Environment Permit or the staying of the permitting process or the delay of grant of the SML. Any such event could have a

material adverse impact on the Wafi-Golpu project.

**Carrying amount and impairment considerations**

The carrying amount of the project amounts to R2.5 billion (2024: R2.8 billion). The majority of the change year on year relates

to foreign exchange translation. There was no indicator of impairment at 30 June 2025 and 2024.

21Inventories

Accounting policy

Inventories, which include finished inventories (includes bullion on hand), work in process, gold in lock-up, ore stockpiles and

consumables, are measured at the lower of cost and net realisable value. Net realisable value is assessed at each reporting

date and is determined with reference to relevant market prices.

The cost of finished inventories, work in process and gold in lock-up is determined by reference to production cost, including

amortisation and depreciation at the relevant stage of production. Ore stockpiles are valued at average production cost.

Stockpiles and gold in lock-up are classified as non-current assets where the stockpile's volume exceeds current processing

capacity and where a portion of static gold in lock-up is expected to be recovered more than 12 months after balance sheet date.

Work in process inventories represent materials that are currently in the process of being converted to a saleable product.

In-process material is measured based on assays of the material fed to process and the projected recoveries at the respective

plants. In-process inventories are valued at the average cost of the material fed to process attributable to the source material

coming from the mine or stockpile plus the in-process conversion costs, including the applicable depreciation relating to the

process facility, incurred to that point in the process. Gold-in-process includes dynamic gold in lock-up, which is generally

measured from the plants onwards. Final gold in lock-up is expected to be extracted when plants are demolished at the end of

their useful lives, which is largely dependent on the estimated useful life of the operations feeding the plants.

At the group's open pit operations, gold-in-process represents production in broken ore form.

Consumables are valued at weighted average cost value after appropriate allowances for slow-moving and redundant items.

Critical accounting estimates and judgements

Judgement is applied in estimating the provision for stock obsolescence. The provision is recognised on items not considered

critical as a percentage of the value of the inventory, depending on the period elapsed since the inventory was purchased or

issued. Inventory held for longer than five years is written down to zero unless there is sufficient evidence of a recoverable

amount.

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Final gold in lock-up  | **207** | 180 |
| Work in process, ore stockpiles and finished inventories | **1 437** | 1 533 |
| Consumables at weighted average cost (net of provision) (a) | **2 388** | 2 070 |
| Total inventories | **4 032** | 3 783 |
| Non-current portion of final gold in lock-up included in Other non-current assets | **(207)** | (180) |
| **Total current portion of inventories** | **3 825** | 3 603 |
| Included in the balance above is: |  |  |
| Inventory valued at net realisable value<sup>1</sup> | **161** | 145 |

---

<sup>1</sup>*The inventory at net realisable value relates to non-current gold in lock-up.*

(a) During the year, the provision for slow-moving and redundant stock decreased by R190 million (2024: R12 million), as a

result of a change in the provision estimate mainly relating to the percentage applied and the period lapsed. The total

provision at 30 June 2025 was R290 million (2024: R480 million).

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

22Share capital

Accounting policy

Ordinary shares are classified as equity, incremental costs directly attributable to the issue of new shares or options are shown

in equity as a deduction, net of tax, from the proceeds.

The cost and number of treasury shares are eliminated against the share capital balance and total, respectively.

**Authorised**

1 200 000 000 (2024: 1 200 000 000) ordinary shares with no par value.

6 866 103 (2024: 6 866 103) convertible preference shares with no par value.

**Issued**

634 767 724 (2024: 632 634 413) ordinary shares with no par value. All issued shares are fully paid.

6 866 103 (2024: 6 866 103) convertible preference shares with no par value.

**Share issues**

*Share issues relating to employee share options*

An additional 2 133 311 (2024: 1 910 916) shares were issued to settle the exercise of share options by employees relating to

Harmony's management share option schemes. During FY24, Harmony implemented a new employee share option scheme

referred to as the Katleho ya Moruo Employee Share Ownership Plan (Katleho ya Moruo ESOP). On 4 April 2024 a total of

12 651 525 shares were issued to the Harmony ESOP Trust as part of the new scheme. These shares have subsequently been

used to facilitate the non-managerial share based payment scheme. Note 34 sets out the details in respect of the share option

schemes.

*Convertible preference shares*

On 21 February 2024, Harmony issued 2 466 103 convertible preference shares to the Harmony Gold Community Trust. The

convertible preference shares carry a minimum annual preference dividend of R2 per share and are convertible into ordinary

shares on a 1:1 basis after the tenth anniversary of the date on which the shares were issued. The conversion is at the election

of Harmony.

*Treasury shares*

Included in the total of issued shares are the following treasury shares:

---

| | | |
|:---|:---|:---|
| *Number of shares* | **2025** | 2024 |
| **Ordinary shares** |  |  |
| Lydenburg Exploration Limited<sup>1</sup> | **335** | 335 |
| Kalgold Share Trust<sup>2</sup> | **47 046** | 47 046 |
| Harmony ESOP Trust<sup>2,3</sup> | **12 168 183** | 12 651 525 |
| **Convertible preference shares** |  |  |
| Harmony Gold Community Trust<sup>2</sup> | **6 866 103** | 6 866 103 |

---

<sup>1</sup>*A wholly-owned subsidiary.*

<sup>2</sup>*Trust controlled by the group.*

<sup>3</sup>*The decrease in shares relates to the issue of shares to good leavers. Refer to note 34 for further information.* 

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

23Other reserves

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Foreign exchange translation reserve (a) | **2 458** | 3 277 |
| Hedge reserve (b) | **(5 727)** | (1 389) |
| Time value reserve (b) | **(367)** | 137 |
| Share-based payments (c) | **4 319** | 3 607 |
| Post-retirement benefit actuarial loss (d) | **—** | (3) |
| Equity instruments designated at fair value through other comprehensive income (e) | **267** | 203 |
| Acquisition of non-controlling interest in subsidiary (f) | **(381)** | (381) |
| Equity component of convertible bond (g) | **277** | 277 |
| Repurchase of equity interest (h) | **(98)** | (98) |
| Other | **(31)** | (28) |
| **Total other reserves** | **717** | 5 602 |

---

(a)The foreign exchange translation reserve movement represents the cumulative translation effect of the group's off-shore

operations. Refer to note 37 for details on the exchange rate movements year on year.

(b)Harmony has entered into gold hedging contracts. Cash flow hedge accounting is applied to these contracts, resulting in

the effective portion of the unrealised gains and losses being recorded in other comprehensive income (other reserves).

Changes in time value relating to gold collars has been included in the time value reserve and presented separately from

the changes in intrinsic value of all Harmony's gold hedging contracts. Refer to note 17 for further information.

The R4 842 million decrease in the total reserve is mainly attributable to the market spot price being higher than the

average locked-in gold forward prices and the average cap rate for the gold collars. Refer to 37 for further details on the

commodity hedging contracts.

The reconciliation of the hedge and time value reserves are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **Hedge** <br>**reserve**<br>| **Time value** <br>**reserve** <br>| **Total** |
| **At 30 June 2025** |  |  |  |
| Balance at beginning of year | **(1 389)** | **137** | **(1 252)** |
| Remeasurement of gold hedging contracts | **(4 338)** | **(504)** | **(4 842)** |
| Unrealised loss on gold hedging contracts | **(9 751)** | **(599)** | **(10 350)** |
| Released to revenue | **4 594** | **—** | **4 594** |
| Foreign exchange translation | **(22)** | **—** | **(22)** |
| Deferred taxation thereon | **841** | **95** | **936** |
| **Balance at end of year** | **(5 727)** | **(367)** | **(6 094)** |
| Attributable to: |  |  |  |
| Rand gold hedging contracts | **(4 532)** | **(341)** | **(4 873)** |
| US dollar gold hedging contracts | **(1 195)** | **(26)** | **(1 221)** |
| **At 30 June 2024** |  |  |  |
| Balance at beginning of year | (753) |  | (753) |
| Remeasurement of gold hedging contracts | (636) | 137 | (499) |
| Unrealised gain/(loss) on gold hedging contracts | (1 891) | 157 | (1 734) |
| Released to revenue | 1 265 |  | 1 265 |
| Foreign exchange translation | 10 | (1) | 9 |
| Deferred taxation thereon | (20) | (19) | (39) |
| **Balance at end of year** | (1 389) | 137 | (1 252) |
| Attributable to: |  |  |  |
| Rand gold hedging contracts | (1 192) | 123 | (1 069) |
| US dollar gold hedging contracts | (197) | 14 | (183) |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

23Other reserves continued

(c)The reconciliation of the movement in the share-based payments is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **3 607** | 3 363 |
| Share-based payments expensed (i) | **712** | 244 |
| **Balance at end of year** | **4 319** | 3 607 |

---

(i)The group issues equity-settled instruments to certain qualifying employees under an employee share option

scheme and employee share ownership plan (ESOP) to award shares from the company's authorised but unissued

ordinary shares. Equity share-based payments are measured at the fair value of the equity instruments at the grant

date and are expensed over the vesting period, based on the group's estimate of the shares that are expected to

vest. The increase primarily relates to the costing under the new equity-settled plan known as the Katleho ya Moruo

ESOP from 4 April 2024. Refer to note 34 for further details.

(d)The post-retirement benefit obligation was transferred in September 2024 and the related actuarial loss was transferred to

retained earnings. Refer to note25 for details.

(e)Includes R139 million (2024: R123 million) related to the cumulative fair value movement of Harmony's interest in Rand

Mutual Assurance. Refer to note 16. The remainder relates to investments held by the environmental trusts.

(f)On 15 March 2004, Harmony announced that it had made an off-market cash offer to acquire all the ordinary shares, listed

and unlisted options of Abelle Limited, held by non-controlling interests. The excess of the purchase price of R579 million

over the carrying amount of non-controlling interest acquired, amounting to R381 million, has been accounted for under

other reserves.

(g)On 24 May 2004, the group issued a convertible bond. The amount representing the value of the equity conversion

component is included in other reserves, net of deferred income taxes. The equity conversion component is determined on

the issue of the bonds and was not changed in subsequent periods. The convertible bonds were repaid in 2009.

(h)On 19 March 2010, Harmony Gold Mining Company Limited concluded an agreement with African Vanguard Resources

(Proprietary) Limited (AVRD), for the purchase of its 26% share of the mining titles of the Doornkop South Reef. The

original sale of the 26% share in the mining titles was accounted for as an in-substance call option by AVRD over the 26%

mineral right. The agreement to purchase AVRD's 26% interest during the 2010 financial year was therefore considered to

be a repurchase of the option (equity interest). The 26% interest was transferred from AVRD to Harmony in exchange for

Harmony repaying the AVRD Nedbank loan and the issue of 2 162 359 Harmony shares. The difference between the

value of the shares issued of R152 million, the liability to the AVRD and transaction costs, have been taken directly to

equity.

Accounting policy – provisions (applicable to notes 24, 25 and 28)

Provisions are recognised when the group has a present legal or constructive obligation as a result of past events where it is

probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable

estimate of the amount of the obligation can be made.

The amount recognised as a provision is the net present value of the best estimate of the expenditure required to settle the

present obligation at balance sheet date. It is calculated using a pre-tax rate that reflects the current market assessment of the

time value of money and the risks specific to the obligation. The estimate takes into account the associated risks and

uncertainties. The increase in the provision due to the passage of time is recognised as interest expense.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable

that an outflow of economic benefits will be required, the provision is reversed.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

24Provision for environmental rehabilitation

Accounting policy

Estimated long-term environmental obligations, comprising pollution control, rehabilitation and mine closure, are based on the

group's environmental management plans in compliance with current technological, environmental and regulatory requirements.

Based on disturbances to date, the net present value of expected rehabilitation cost estimates is recognised and provided for in

full in the financial statements. The estimates are reviewed annually and are discounted using a pre-tax risk-free rate that is

adjusted to reflect the current market assessments of the time value of money and the risks specific to the obligation.

Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and

inflationary increases in the provision estimate, as well as changes in estimates. The present value of environmental

disturbances created is capitalised to mining assets against an increase in the rehabilitation provision. If a decrease in the

liability exceeds the carrying amount of the asset, the excess is recognised immediately in the income statement. If the asset

value is increased and there is an indication that the revised carrying value is not recoverable, impairment is assessed in

accordance with the accounting policy dealing with impairments of non-financial assets (refer to note 2.5). Rehabilitation projects

undertaken included in the estimates are charged to the provision as incurred. The cost of ongoing current programmes to

prevent and control pollution is charged against income as incurred. Over time, the liability is increased to reflect an interest

element, and the capitalised cost is depreciated over the life of the related asset.

Critical accounting estimates and judgements

Significant judgement is applied in estimating the ultimate rehabilitation cost that will be required in future to rehabilitate the

group's mines, related surface infrastructure and tailings dams. Ultimate cost may significantly differ from current estimates. The

following rates were used in the calculation of the provision:

---

| | | | |
|:---|:---|:---|:---|
| *%* | **2025** | 2024 | 2023 |
| **South African operations** |  |  |  |
| Inflation rate |  |  |  |
| – short term (Year one) | **5.23** | 5.83 | 6.59 |
| – short term (Year two) | **5.51** | 5.68 | 5.65 |
| – medium term (Year three) | **5.51** | 5.64 | 5.68 |
| – long term (Year four onwards) | **5.51** | 5.64 | 5.64 |
| Discount rates<sup>1,2</sup> |  |  |  |
| – 12 months | **7.60** | 9.00 | 9.30 |
| – one to five years | **—** |  | 9.20 |
| – two to four years | **—** | 9.20 |  |
| – five to seven years | **—** | 10.90 |  |
| – six to nine years | **—** |  | 10.60 |
| – 10 years or more | **—** | 12.00 | 12.10 |
| – 15 years or more | **—** | 12.60 |  |
| – 20 years or more | **—** | 12.70 |  |
| – life of mine (two years) | **7.91** |  |  |
| – life of mine (three years) | **8.19** |  |  |
| – life of mine (five years) | **8.69** |  |  |
| – life of mine (six years) | **8.95** |  |  |
| – life of mine (seven years) | **9.25** |  |  |
| – life of mine (11 years) | **10.27** |  |  |
| – life of mine (12 years) | **10.48** |  |  |
| – life of mine (14 years) | **10.80** |  |  |
| – life of mine (17 years) | **11.11** |  |  |
| – life of mine (19 years) | **11.19** |  |  |
| **PNG operations** |  |  |  |
| Inflation rate | **4.56** | 4.74 | 4.84 |
| Discount rate | **8.79** | 10.33 | 9.33 |

---

<sup>1</sup>*In 2024, the grouping of the discount rates were updated to reflect the changes in the concentration of the lives of group's mines.*

<sup>2</sup>*In 2025, the discount rates used are per a South African bond yield curve at 30 June 2025, with the period to maturity determined with reference to the* 

*life of mine.*

The group's mining and exploration activities are subject to extensive environmental laws and regulations. The group has made,

and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of

such future expenditures. Estimated future reclamation costs are based principally on legal and regulatory requirements.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

24Provision for environmental rehabilitation continued

The following is a reconciliation of the total provision for environmental rehabilitation:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **5 155** | 5 473 |
| Change in estimate – Balance sheet (a) | **519** | (531) |
| Change in estimate – Income statement (a) | **133** | 3 |
| Utilisation of provision | **(92)** | (117) |
| Time value of money and inflation component of rehabilitation costs  | **521** | 486 |
| Translation | **(138)** | (159) |
| **Balance at end of year** | **6 098** | 5 155 |

---

(a)The change in 2025 is mainly due to the decrease in discount rates which resulted in a significant increase in the net

present value of the liability. In 2024, the majority of the change related to the inclusion of the deepening project for

Mponeng in its life of mine plan. This increased the number of years and together with higher discount rates resulted in a

significant decrease in the net present value of the liability.

The environmental provision for PNG amounts to R1 570 million (2024: R1 446 million) and is unfunded due to regulations in the

operating country.

While the ultimate amount of rehabilitation costs to be incurred in the future is uncertain, the group has estimated that, based on

current environmental and regulatory requirements, the total undiscounted cost for the operations, in current monetary terms, is

as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Future net undiscounted obligation** |  |  |
| Ultimate estimated rehabilitation cost | **9 055** | 8 387 |
| Amounts invested in environmental trust funds (refer to note 15) | **(6 716)** | (6 030) |
| **Total future net undiscounted obligation** | **2 339** | 2 357 |

---

The group is required to adhere to the National Environmental Act's (NEMA) financial provision requirements. They are also

required to substantively review and align their financial provision in accordance with these regulations during the relevant

transitional period, which has now been extended with no firm date given. The group intends to finance the ultimate rehabilitation

costs from the money invested in environmental trust funds as well as the proceeds on the sale of assets and gold from plant

clean-up at the time of mine closure. The group has guarantees in place, some cash-backed, relating to some of the

environmental liabilities. Refer to notes 15 and 36.

25Other provisions

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Provision for silicosis settlement (a) | **261** | 255 |
| Retirement benefit obligation (b) | **—** | 290 |
| **Total other provisions** | **261** | 545 |
| **Current portion of other provisions** | **65** | 19 |
| **Non-current portion of other provisions** | **196** | 526 |

---

.

**(a)Provision for silicosis settlement**

Critical accounting estimates and judgements

The provision amount was based on estimates of the number of potential claimants, levels of disease progression and

take-up rates. These estimates were informed by historic information, published academic research and professional

opinion. The key assumptions that were made in the determination of the provision amount include:

▪Silicosis prevalence rates

▪Estimated settlement per claimant

▪Benefit take-up rates

▪Disease progression rates

▪Timing of cash flows

A discount rate of 8.2% (2024: 9.3%) (2023: 9.5%) was used, based on South African government bonds with similar

terms to the obligation.

Significant judgement is applied in estimating the cost that will be required to settle any future claims. There is uncertainty

with regards to the rate at which potential claims would be reported as well as the benefit take-up rates. Refer to sensitivity

analysis on the key assumptions below. The ultimate cost may differ from current estimates.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

25Other provisions continued

**(a)Provision for silicosis settlement** continued

Harmony and certain of its subsidiaries (Harmony group), together with other mining companies, were named in a class

action suit for silicosis and tuberculosis which was certified by the Johannesburg High Court in May 2016. On 26 July

2019, the Johannesburg High Court approved the settlement of the silicosis and tuberculosis class action suit between the

Occupational Lung Disease Gold Working Group (the Working Group) – representing Gold Fields, African Rainbow

Minerals, Anglo American SA, AngloGold Ashanti, Harmony and Sibanye Stillwater – and lawyers representing affected

mineworkers (settlement agreement). The mandatory three-month period, during which potential beneficiaries could opt

out of the settlement agreement and the audit thereof was completed in December 2019. The Tshiamiso Trust was set up

to oversee the tracking and tracing of class members, process all submitted claims, including the undertaking of benefit

medical examinations, and pay benefits to eligible claimants. A jointly controlled Special Purpose Vehicle has been set up

to act as an agent for the Working Group in relation to certain matters set out in the settlement agreement and trust deed.

Claims will be accepted for a twelve-year period with an effective date of December 2019.

The Working Group paid the legal costs of the claimants' attorneys and other initial amounts as set out in the settlement

agreement in 2021. On 31 January 2020, the Working Group commenced the payment of their quarterly administration

and benefit contributions to the Tshiamiso Trust to enable the trustees to settle benefits of eligible claimants. Those

payments are revisited as necessary annually, based on activities and claims.

Harmony has provided for the estimated cost of the settlement based on actuarial assessments. A portion of the provision

has been transferred to current liabilities. The nominal amount for Harmony group at 30 June 2025 is R329 million.

The following is a reconciliation of the total provision for the silicosis settlement:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **255** | 549 |
| Change in estimate (a) | **2** | (174) |
| Time value of money and inflation component | **21** | 33 |
| Payments (b) | **(17)** | (153) |
| **Balance at end of year** | **261** | 255 |
| **Current portion of silicosis settlement provision** | **65** | 19 |
| **Non-current portion of silicosis settlement provision** | **196** | 236 |

---

(a)The change in estimate relates mainly to a change in the assumptions due to the potential preserved claims, which

resulted in an increase of the estimated obligation as at 30 June 2025. This was offset due to the availability of

actual exit data and an adjustment to the take-up rate.

(b)These payments comprise of the administration and benefit contributions to the Tshiamiso Trust. Harmony had

surplus funds available in the Tshiamiso Trust therefore no further benefit contributions have been made during the

2025 year per instruction of the Tshiamiso Trust.

*Sensitivity analysis*

Management has considered the information available regarding key assumptions, as well as the uncertainties and term of

the projections, and determined variances for a reasonable (possible) range to apply to the key assumptions. Information

considered included medical data and evidence from the silicosis claim process. Management also considered the

guidance provided by the actuarial specialists as to what could be a reasonably possible change for each item. The impact

of these reasonable possible changes on the assumptions would not have a material impact on the balance.

The ultimate outcome of this matter remains uncertain, with the number of eligible potential claimants successfully

submitting claims and receiving compensation being uncertain. The provision recorded in the financial statements is

consequently subject to adjustment or reversal in the future.

**(b)Retirement benefit obligation**

Critical accounting estimates and judgements

An updated actuarial valuation was carried out at the end of each financial year up until the 2024 year. During

September 2024, Harmony entered into an agreement with RMA Life Assurance Company Limited (RMA) to transfer a

once-off amount of R350 million to RMA as a single premium for the transfer of the liability in respect of the medical

promise and medical aid subsidy, and the administration thereof from Harmony to RMA. For 2025, the net liability was

measured at Rnil based on the agreement entered into with RMA. In 2024, the assumptions used to determine the liability

included a discount rate of 12.2%, no increases in employer subsidies (in terms of the agreement), mortality rates

according to the SA 1956/62 mortality table (SA "a mf" tables) (retirement age of 60) and a medical inflation rate of 9.7%

(2023:discount rate of 13.5%, retirement age of 60 and 10.1% inflation rate). Management determined the discount rate

by assessing South African government bonds with similar terms to the liability. The changes to the discount rate and

medical inflation rate were similar to changes in interest and inflation rates in South Africa.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

25Other provisions continued

**(b)Retirement benefit obligation** continued

*Pension and provident funds*

The group contributed to several pension and provident funds governed by the Pension Funds Act, 1956 for the

employees of its South African subsidiaries. The pension funds are multi-employer defined contribution industry plans. The

group's liability is therefore limited to its monthly determined contributions. The provident funds are funded on a "monetary

accumulative basis" with the member's and employer's contributions having been fixed in the constitution of the funds. The

Australian group companies make contributions to each employee's superannuation (pension) funds in accordance with

the Superannuation Guarantee Scheme (SGS). The SGS is a Federal Government initiative enforced by law which

compels employers to make regular payments to regulated funds providing for each employee on their retirement. The

SGS was set at a minimum of 11.5% of gross salary and wages for the 2025 year (2024: 11.0%). The fund is a defined

contribution plan. The PNG Superannuation Act 2002 requires a compulsory employer contribution of 8.4% (2024: 8.4%)

into an approved superannuation (pension) fund if an employee is appointed for a period of three months or more. The

approved superannuation funds are defined contribution plans.

Substantially all the group's employees are covered by the above mentioned retirement benefit plans. Funds contributed

by the group for the 2025 financial year amounted to R1 312 million (2024: R1 226 million).

*Post-retirement benefits other than pensions*

Harmony inherited post-retirement medical benefit obligations with the Freegold acquisition in 2002, the Moab Khotsong

acquisition in 2018 and the Mponeng acquisition in 2021. Except for the above mentioned employees, Harmony has no

other post-retirement benefit obligation for the other group employees.

During September 2024, Harmony entered into an agreement with RMA to transfer a once-off amount of R350 million to

RMA as a single premium for the transfer of the economic and financial risk associated with the liability in respect of the

medical promise and medical aid subsidy, and the administration thereof, from Harmony to RMA. Harmony remains to

retain the legal risk relating to the liability.

The group's obligation is to pay a subsidy of 2% for every completed year of employment up to a maximum of 50% of total

medical aid contributions, commencing on date of retirement. Should the employee die, either in service or after

retirement, this benefit will transfer to his/her dependants. The medical aid tariffs is based on the Bestmed medical

scheme (Bestmed) options.

The principal actuarial assumptions used to determine the present value of unfunded obligations are discussed above. In

addition, the following was also considered:

▪It is assumed that all Continuation and Widow Members (CAWMs) will remain on the current benefit option and income

band. For employed members, post-employment contributions were assumed to be equal to the average payable for

the current CAWMs membership

▪It is assumed that not all employed members will remain employed until retirement therefore estimated resignation and

ill-health retirement rates are also taken into account

▪It is assumed that 90% of employed members will be married at retirement or earlier death and that wives are four

years younger than their husbands.

Through the post-employment medical plan, the group is exposed to a number of risks, the most significant of which are

discussed below:

▪Change in bond yields: A decrease in the bond yields will increase the plan liability

▪Inflation risk: The obligation is linked to inflation and higher inflation will lead to a higher liability

▪Life expectancy: The obligation is to provide benefits for the life of the member, so increases in life expectancy will result

in an increase in the plan's liabilities.

The liability is based on an actuarial valuation conducted using the projected unit credit method.

The following is a reconciliation of the retirement benefit obligation:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Present value of all unfunded obligations | **—** | 290 |
| Current employees | **—** | 101 |
| Retired employees | **—** | 189 |
| The movement in the retirement benefit obligation is as follows: |  |  |
| Balance at beginning of year | **290** | 264 |
| Contributions paid | **(2)** | (16) |
| Other expenses included in staff costs/current service cost | **—** | 3 |
| Finance costs | **6** | 35 |
| Remeasurement of liability | **56** |  |
| Transfer of liability (a) | **(350)** |  |
| Net actuarial loss recognised in other comprehensive income during the year (b) | **—** | 4 |
| **Balance at end of year (non-current)** | **—** | 290 |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

25Other provisions continued

**(b)Retirement benefit obligation** continued

(a)During September 2024, Harmony transferred a once-off amount of R350 million to RMA as a single premium for

the transfer of the economic and financial risk associated with the liability of R294 million. Harmony and RMA have

fulfilled all the relevant clauses per the contract, and the liability was transferred to RMA

(b)The net actuarial loss for 2024 is mainly due to a lower net discount rate driven by the low interest rates assumed

and used.

In 2024, management considered whether a reasonably possible change in any of the key assumptions would have a

material impact on the obligation, service cost or finance costs. It was determined that changes would result in an

immaterial increase or decrease.

26Leases

Accounting policy

The group assesses the presence of leases in supply contracts with external parties as at the commencement date of the

agreement. Having determined that a contract contains a lease asset (and respective contractual cash obligations), Harmony

recognises a right-of-use asset and lease liability. The group discloses expensed amounts for contracts assessed as variable

leases, low value asset leases and short-term leases. The disclosed value of these expensed leases is either determined on a

straight-line basis over the duration of the lease or on a systematic basis that fairly indicates the consumption of the lease

contract. All expensed lease contracts are recognised in production costs, corporate, administration and other expenditure in the

income statement.

The group applies the following practical expedients when assessing lease contracts:

▪The low value lease exemption – the group has elected to take the low value exemption with a value of R50 000 for the

individual leased asset value and also applied its accounting policy on capitalisation of assets based on IAS 1 materiality

assessment

▪The short-term lease exemption – leases with a duration of less than a year will be expensed in the income statement on a

straight-line basis

▪Non-lease components – the group has applied the practical expedient not to separate non-lease components from lease

components, and instead account for each lease component and any associated non-lease components as a single lease

component for the classes of the underlying asset where it is appropriate to do so.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,

discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the group uses its incremental

borrowing rate. The group has applied the IFRS 16 portfolio approach in determining the discount rate for leases. As such, a

single discount rate has been used for contracts that share similar characteristics. The group has determined that a portfolio of

contracts that are denominated in the same currency may use a single discount rate. This rate has been determined using

various factors including in-country borrowings as well as other sources of finance. The nature of the right-of-use assets was

also considered.

Lease payments included in the measurement of the lease liability comprise:

▪Fixed lease payments (including in-substance fixed payments), less any lease incentives

▪Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement

date

▪The amount expected to be payable by the lessee under residual value guarantees

▪The exercise price of purchase options, if the lessee is reasonably certain to exercise the options

▪Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The non-current and current portions of the lease liability are included in other non-current liabilities and trade and other

payables in the balance sheet respectively.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the

effective interest method) and by reducing the carrying amount to reflect the lease payments made. The group remeasures the

lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

▪The lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease

liability is remeasured by discounting the revised lease payments using a revised discount rate

▪The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed

residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial

discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised

discount rate is used)

▪A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease

liability is remeasured by discounting the revised lease payments using a revised discount rate.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

26Leases continued

Accounting policy continued

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before

the commencement day, any initial direct costs and restoration costs as described below. They are subsequently measured at

cost less accumulated depreciation and impairment losses.

The lease term shall be determined as the non-cancellable period of a lease, together with:

▪Periods covered by an option to extend the lease if management is reasonably certain to make use of that option and/or

▪Periods covered by an option to terminate the lease, if management is reasonably certain not to make use of that option.

Whenever the group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located

or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and

measured under IAS 37 *Provisions, Contingent Liabilities and Contingent Assets*. The costs are included in the related right-of-

use asset, unless those costs are incurred to produce inventories.

Right-of-use assets are depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease

transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a

purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts

at the commencement date of the lease.

The right-of-use assets are presented in mining assets and non-mining assets as part of the property, plant and equipment line

in the balance sheet. The group applies its existing accounting policy on impairment of non-financial assets to determine whether

a right-of-use asset is impaired and accounts for any identified impairment loss accordingly.

Critical accounting estimates and judgements

Key judgements applied in determining the right-of-use assets and lease liability are:

▪Assessing whether an arrangement contains a lease: various factors are considered, including whether a service contract

includes the implicit right to the majority of the economic benefit from assets used in providing the service

▪Determining the lease term: management considers all facts and circumstances that create an economic incentive to exercise

an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only

included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if

a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control

of the lessee. The company applies the considerations for short-term leases where leases are modified to extend the period

by 12 months or less on expiry and these modifications are assessed on a standalone basis

▪Determining the discount rate: in determining the incremental borrowing rates, management considers the term of the lease,

the nature of the asset being leased, the currency in which the lease payments are denominated, in-country borrowings as

well as other sources of finance

▪Determination of whether Harmony has control over the special purpose entities (SPVs) owning the photovoltaic generation

facilities of the Phase 1 renewable energy program. Harmony has entered into three 15-year agreements whereby Harmony

will purchase all the electricity produced by the photovoltaic generation facilities of the Phase 1 renewable energy program at

favourable rates. Harmony has no equity or voting interest in the SPVs and did not provide a direct guarantee for any of the

obligations of the SPVs towards their shareholders or third-party debt funders. At the end of the PPA tenure, Harmony is

obliged to take up, for a nominal amount, either the solar generation facilities or the shares of the SPVs (provided all liabilities

in the SPVs are settled at that date). In the event of termination of the agreement by Harmony or in the event of force majeure

due to unforeseeable circumstances that prevent one of the parties from fulfilling their obligations set out in the agreements,

Harmony is required to assume the photovoltaic generation facilities and would be required to settle all third-party outstanding

debt in the SPVs. In some instances Harmony may have to settle all or a portion of outstanding shareholder loans as well as

incur a termination penalty. Harmony has assessed these clauses as protective in nature and the exposure to losses are

deemed to be remote. Harmony was assessed to not have control over the SPVs based on the assessment that Harmony

does not have substantive rights to direct the relevant activities of the SPVs. The payments made for electricity generated by

the Phase 1 photovoltaic generation facilities is to be accounted for as variable lease payments once the facilities have been

commissioned.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

26Leases continued

The movement in the right-of-use assets is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **569** | 553 |
| Additions | **290** | 270 |
| Modifications | **11** | 15 |
| Depreciation | **(258)** | (248) |
| Terminations | **(77)** | (5) |
| Translation | **(30)** | (16) |
| **Balance at end of year** | **505** | 569 |

---

The non-current and current portions of the lease liability are included in other non-current liabilities and trade and other

payables in the balance sheet respectively.

The movement in the lease liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **506** | 526 |
| Additions | **250** | 249 |
| Modifications | **11** | 15 |
| Interest expense on lease liabilities | **28** | 32 |
| Lease payments made | **(319)** | (278) |
| Terminations | **(10)** | (6) |
| Translation | **(30)** | (32) |
| **Balance at end of year** | **436** | 506 |
| **Current portion of lease liabilities** | **206** | 260 |
| **Non-current portion of lease liabilities** | **230** | 246 |

---

The maturity of the group's undiscounted lease payments is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Less than and including one year | **208** | 270 |
| Between one and five years | **168** | 182 |
| Five years and more | **146** | 131 |
| **Total** | **522** | 583 |

---

The amounts included in the income statement relating to leases:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Depreciation of right-of-use assets (a) | **258** | 248 |
| Interest expense on lease liabilities (b) | **28** | 32 |
| Short-term leases expensed (c) | **310** | 348 |
| Leases of low value assets expensed (c) | **49** | 17 |
| Variable lease payments expensed (c) & (d) | **2 632** | 2 030 |

---

(a)Included in depreciation and amortisation.

(b)Included in finance costs.

(c)Included in production costs and corporate, administration and other expenditure.

(d)These payments relate mostly to mining and drilling contracts as well as contracts for transportation of marginal gold ore.

Variable lease payments comprise 80% of the total lease payments made during the period. The majority of the variable

lease payments made relate to the contracting of specialists for mining operations at Harmony's open-pit mines and are

determined on a per tonne or square metre basis*.*

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

26Leases continued

The total cash outflows for leases are:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Principal and interest payments made for lease liabilities | **319** | 278 |
| Short-term lease payments | **310** | 348 |
| Lease payments of low value assets leased | **49** | 17 |
| Variable lease payments | **2 632** | 2 030 |
| **Total cash outflows for leases** | **3 310** | 2 673 |

---

During 2022, Harmony reached financial close on three 15-year term power purchase agreements for the procurement of

electricity from 30 MW photovoltaic generation facilities. These agreements constitute variable lease contracts that Harmony is

committed to. The variable lease payments from these contracts are determined with reference to the quantity of megawatt

hours (MWh) generated by the facilities. The commercial operating date for the three plants was achieved during August 2023.

The variable lease payments incurred as it relates to these power purchase agreements amounted to R78 million (2024: R54

million).

27Contingent consideration

Accounting policy

Contingent consideration is initially recognised at fair value in accordance with IFRS 3. Changes in the fair value of the liability

subsequent to initial recognition are included in the income statement.

Critical accounting estimates and judgements

The contingent consideration liability comprises of the contingent consideration included as part of the consideration transferred

for the acquisition of the Mponeng operations and related assets and Eva Copper.

The Mponeng contingent consideration liability was valued using the discounted cash flow valuation method. As at

30 June 2025, the contingent consideration was valued using a post-tax real discount rate of 10.8% (2024: 10.5%). Refer to

note 14 for exchange rate assumptions and other estimates used in the life-of-mine plans.

The Eva Copper contingent consideration liability was valued using a probability weighted method for the new resource payment

and a discounted cash flow valuation for the excess payment. Refer to note 13 for further details on the assumptions applied on

initial recognition. As at 30 June 2025, the contingent consideration was valued using a post-tax nominal discount rate of 11.4%

(2024: 11.4%).

The fair value calculated for the contingent consideration liability is level 3 in the fair value hierarchy due to the use of

unobservable inputs.

The contingent consideration liability is attributable to the following business combinations:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Mponeng (a) | **676** | 587 |
| Eva Copper (b) | **781** | 378 |
| **Total contingent consideration** | **1 457** | 965 |

---

(a)The contingent consideration for Mponeng has two parts associated with it. The first part consists of US$260 per ounce

payable on all underground production from the Mponeng, Savuka and Tau Tona mines in excess of 250 000 ounces per

year for six years commencing 1 January 2021. The second part is subject to US$20 per ounce payable on underground

production from the Mponeng, Savuka and Tau Tona mines sourced from levels developed in the future below the current

infrastructure.

The remeasurement for both parts during the 2025 financial year amounted to R427 million (2024: R291 million), mainly

as a result of changes in the production profile.

(b)The contingent consideration for Eva Copper is subject to two criteria. The first criteria is a maximum of US$30 million

payable via a 10% sharing of net incremental revenue above US$3.80/Ib Cu (excess payment). The second criteria is a

maximum US$30 million payable on a new copper resource discovered and declared within the acquired tenements,

calculated using a resource multiple of US$0.03/Ib Cu (new resource payment). These criteria are applicable for the entire

life of the operation until the maximum payments are reached.

The remeasurement for the 2025 financial year amounted to R403 million (2024: R193 million). This increase was

predominantly as a result of the declaration of additional mineral resources and includes an amount of R264 million which

is due in September 2025.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

27Contingent consideration continued

The movement in the contingent consideration liability is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **965** | 589 |
| Payment of Mponeng contingent consideration liability | **(338)** | (108) |
| Remeasurement of contingent consideration | **830** | 484 |
| **Balance at end of year** | **1 457** | 965 |
| **Current portion of contingent consideration** | **481** | 115 |
| **Non-current portion of contingent consideration** | **976** | 850 |

---

28Other non-current liabilities

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Sibanye Beatrix ground swap royalty<sup>1</sup> | **42** | 25 |
| Lease liability – non-current<sup>2</sup> | **230** | 246 |
| Provision for Harmony Education Benefit Fund | **4** | 5 |
| **Total other non-current liabilities** | **276** | 276 |

---

<sup>1</sup>*The increase in royalty provision is due to an increase in gold prices and production profile used in the valuation.*

<sup>2</sup>*Refer to note 26 for an analysis of the lease liability.*

29Streaming arrangements

Accounting policy

The streaming contract was assessed and has been accounted for as an own-use customer contract. At acquisition, the

streaming contract was initially recognised at a fair value of R1.4 billion in accordance with IFRS 3. The fair value of the contract

took into consideration the existing unfavourable gold price terms at acquisition, in relation to the comparative market gold price.

The obligation to deliver the contractually stipulated ounces over the remaining term of the agreement results in a significant

financing component. The interest accrues on the contract liability over the remaining contractual term. As the performance

obligation to deliver gold is met, the contract liability unwinds into revenue classified as "consideration from streaming contract"

in note 4.

The current portion of the liability is determined with reference to the current production profile of the operation for the next

12 months.

Critical accounting estimates and judgements

The fair value of the unfavourable contract liability, which forms part of the streaming arrangement with Franco-Nevada

Barbados (Franco-Nevada), was measured as the difference between a market analyst consensus of gold prices and the fixed

cash consideration to be received for gold delivered. A post-tax real rate of 11.6% was used to discount the liability over the

expected period of delivery to settle the contract.

Changes in the production plan will affect the subsequent measurement prospectively. This is the only input that is considered

for subsequent measurement. Harmony's cost of debt of 7.7% was used to impute the finance cost for the significant financing

component recognised on the streaming contract liability.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

29Streaming arrangements continued

**Streaming arrangement with Franco-Nevada Barbados**

Harmony's subsidiary, Chemwes, which owns the Mine Waste Solutions operation (MWS), has a contract with Franco-Nevada.

Franco-Nevada is entitled to receive 25% of all the gold produced through MWS. As part of the acquisition of MWS, Harmony

assumed the obligations enforced by the Franco-Nevada contract.

The contract is a streaming agreement that commenced on 17 December 2008 for which Franco-Nevada paid US$125 million

upfront for the right to purchase 25% of the gold production through MWS for a fixed amount of consideration until the balance of

the gold cap is delivered. As at 1 October 2020, the US$125 million upfront payment has been settled. The gold cap is a

provision included in the contract, which stipulates the maximum quantity of gold to be sold to Franco-Nevada over the term of

the agreement. The consideration is determined as the lower of the quoted spot gold price as per the London Metals Exchange

or US$400 per ounce, adjusted with an annual escalation adjustment.

On 23 October 2024, Harmony fulfilled all its obligations stemming from the streaming agreement with Franco Nevada.

**Contract liability and gold delivered**

Reconciliation of the ounces owed to Franco-Nevada:

---

| | | |
|:---|:---|:---|
| *Figures in ounces (oz)* | **2025** | **2024** |
| Balance at beginning of year | **9 164** | 38 888 |
| Delivered | **(9 164)** | (29 724) |
| **Balance at end of year** | **—** | 9 164 |

---

The contract price receivable in US$/oz for each ounce of gold delivered is as follows:

▪1 July 2023 – 16 December 2023: US$446/oz

▪17 December 2023 – 23 October 2024: US$451/oz.

Reconciliation of the streaming contract liability:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **85** | 390 |
| Finance costs related to significant financing component | **1** | 18 |
| Non-cash consideration for delivery of gold ounces (included in Revenue) | **(86)** | (323) |
| **Balance at end of year** | **—** | 85 |
| **Current portion of streaming contract liability** | **—** | 85 |

---

Accounting policy – financial liabilities (applicable to notes 30 and 31)

Financial liabilities are initially measured at fair value when the group becomes a party to its contractual arrangements.

Transaction costs are included in the initial measurement of financial liabilities, except for financial liabilities classified at fair

value through profit or loss. The subsequent measurement of financial liabilities is discussed below. A financial liability is

derecognised when the obligation under the liability is discharged, cancelled or expires. The group classifies financial liabilities

as follows:

▪Borrowings are initially recognised at fair value net of transaction costs incurred and subsequently measured at amortised

cost, comprising original debt and accrued interest less principal payments and amortisation, using the effective yield method.

Any difference between proceeds (net of transaction cost) and the redemption value is recognised in the income statement

over the period of the borrowing using the effective interest rate method. Extension options of borrowings facilities are treated

as loan commitments.

Fees paid on the establishment of the loan facilities are capitalised as a pre-payment and amortised over the period of the

facility to which it relates, to the extent it is probable that some or all of the facility will be drawn down. To the extent there is no

evidence that it is probable that some or all of the facility will be drawn down, the fee is expensed.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for

at least 12 months after the balance sheet date.

▪Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the

effective interest method. Payables are classified as current liabilities if payment is due within a year or less. If not, they are

presented as non-current liabilities.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

30Borrowings

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary of facilities' terms** | **Summary of facilities' terms** | **Summary of facilities' terms** | **Summary of facilities' terms** | **Summary of facilities' terms** | **Summary of facilities' terms** | **Summary of facilities' terms** | **Summary of facilities' terms** | **Summary of facilities' terms** | **Summary of facilities' terms** |
|  | Commenced | Tenor <br>(years)<br>| Matures | Secured | Security | Interest <br>payment <br>basis<br>| Interest <br>charge<br>| Repayment <br>term<br>| Repaid |
| **Existing** |  |  |  |  |  |  |  |  |  |
| R2.5 billion revolving <br>credit facility – <br>sustainability linked<br>| May 2022 | Five <br>years<br>| May 2027 | No | Unsecure<br>d<br>| Variable | JIBAR <br>(b) + <br>2.40%<br>| On maturity | n/a |
| US$400 million facility <br>– sustainability linked<br>| May 2022 | Five <br>years<br>| May 2027 | No | Unsecure<br>d<br>| Variable |  | On maturity | n/a |
| – US$100 million term <br>facility<br>|  |  |  |  |  |  | SOFR + <br>2.85%<br>|  |  |
| – US$300 million<br>revolving credit facility<br>|  |  |  |  |  |  | SOFR + <br>2.70%<br>|  |  |
| R1.5 billion facility <br>(green term loan) (a)<br>| May 2022 | Six <br>years, <br>six <br>months<br>| Novembe<br>r 2028<br>| No | Unsecure<br>d<br>| Variable | JIBAR <br>(b) + <br>2.65%<br>| Bi-annual <br>(c)<br>| n/a |
| US$1.25 billion bridge <br>facility (d)<br>| May 2025 | One year | May 2026 | No | Unsecure<br>d<br>| Variable |  | On maturity | n/a |
| – US$250 million term <br>facility<br>|  |  |  |  |  | First six <br>months<br>| SOFR + <br>2.00%<br>|  |  |
| – US$1 billion term <br>facility<br>|  |  |  |  |  | Next six <br>months<br>| SOFR + <br>2.80%<br>|  |  |
|  |  |  |  |  |  | Last six <br>months<br>| SOFR + <br>4.00%<br>|  |  |

---

(a)This facility can only be drawn down for qualifying projects.

(b)The interest rates of these facilities is expected to be impacted by the South African IBOR reform, where JIBAR is planned

to be discontinued and replaced with the South African Rand Overnight Index Average (ZARONIA). The transition to

ZARONIA is expected to be finalised by the end of 2026. As these facilities' agreements makes provision for the use of

replacement benchmarks for determining interest rates, the impact of the IBOR reform is expected to be immaterial.

(c)Initially ten equal bi-annual instalments starting from June 2024, with the final instalment on maturity. Due to the delay in

the project process, and the resultant impact on the drawdowns, the lenders have agreed to amend the repayments to

nine equal bi-annual instalments starting from November 2024. The period of the draw down has lapsed, therefore the

balance of the facility is no longer available.

(d)On 26 June 2025, a bridge facility agreement between Harmony, Harmony Australia and a syndicate of lenders was

concluded. The purpose of the agreement is to secure funding to finance the acquisition of MAC Copper and related costs

(refer to note 13 for further information). Under the agreement, a US$250 million facility (Facility A) and a US$1 billion

facility (Facility B) were made available to Harmony Australia and Harmony, respectively. The facility is undrawn as at

30 June 2025 and has a tenure of 364 days with a six-month extension option.

Origination fees of R197 million were incurred for the facility. These fees are regarded as an integral part of the effective

interest rate of the facility. As no drawdown on the bridge facility has taken place as at 30 June 2025, though still being

regarded as probable in the future, these origination fees have been deferred and will be treated as a transaction cost

when draw down of the facility takes place.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

30Borrowingscontinued

**Debt covenants**

The debt covenant tests for both the Rand and US dollar facilities are as follows:

▪The group's interest cover ratio shall be more than five times (EBITDA<sup>1</sup>/ Total interest paid)

▪Leverage<sup>2</sup> shall not be more than 2.5 times.

<sup>1</sup>*Earnings before interest, taxes, depreciation and amortisation (EBITDA), as defined in the agreement excludes extraordinary items such as impairment,* 

*restructuring cost and gains/losses on disposal of fixed assets.*

<sup>2</sup>*Leverage is defined as total net debt to EBITDA.*

Debt covenants tests were performed for the loan facilities for the 2025 and 2024 financial years and no breaches were noted.

For the 2025 financial year, the group's interest cover ratio was 97.3 times (2024: 44.1 times), while the group's leverage was

negative 0.4 (2024: 0.2). Management believes that it is very likely that the covenant requirements will be met in the foreseeable

future given the current earnings and interest levels.

**Interest-bearing borrowings**

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Non-current borrowings**  |  |  |
| R2.5 billion facility – sustainability linked | **—** |  |
| Balance at beginning of year | **—** |  |
| Drawn down | **—** | 300 |
| Repayments | **—** | (300) |
| Amortisation of issue costs | **—** | 16 |
| Reclassification from prepayments (Trade and other receivables) | **—** | (16) |
| US$400 million facility – sustainability linked | **1 770** | 1 785 |
| Balance at beginning of year | **1 785** | 5 592 |
| Repayments | **—** | (3 747) |
| Amortisation of issue costs | **29** | 23 |
| Translation | **(44)** | (83) |
| R1.5 billion facility – green loan | **124** |  |
| Balance at beginning of year | **—** |  |
| Drawn down | **226** |  |
| Repayments | **(50)** |  |
| Amortisation of issue costs | **1** |  |
| Reclassification from prepayments (Trade and other receivables) | **(3)** |  |
| Transferred to current liabilities | **(50)** |  |
| Translation |  |  |
| **Total non-current borrowings** | **1 894** | 1 785 |
| **Current borrowings** |  |  |
| US$400 million facility – sustainability linked | **7** | 9 |
| Balance at beginning of year | **9** | 103 |
| Interest accrued | **138** | 129 |
| Interest paid | **(138)** | (224) |
| Translation | **(2)** | 1 |
| R1.5 billion facility – green loan | **52** |  |
| Balance at beginning of year | **—** |  |
| Interest accrued | **12** |  |
| Interest paid | **(10)** |  |
| Transferred from non-current liabilities | **50** |  |
| **Total current borrowings** | **59** | 9 |
| **Total interest-bearing borrowings** | **1 953** | 1 794 |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

30Borrowings continued

**Interest-bearing borrowings** continued

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **The maturity of borrowings is as follows:** |  |  |
| Current | **59** | 9 |
| Between one to two years | **1 820** |  |
| Between two to three years | **50** | 1 785 |
| Between three to four years | **24** |  |
| **Total** | **1 953** | 1 794 |

---

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Undrawn committed borrowing facilities:** |  |  |
| Expiring within one year (a) | **22 181** | 1 350 |
| Expiring after one year | **7 824** | 7 958 |
| **Total** | **30 005** | 9 308 |

---

(a) The amount for 2025 relates to the US$1.25 billion bridge facility. The amount for 2024 related to the green loan. At the

end of November 2024, a portion of the green loan was drawn down and the remainder expired.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Effective interest rates (%)** |  |  |
| R2.5 billion RCF – sustainability linked | **—** | 10.8 |
| US$400 million – sustainability linked | **7.5** | 8.2 |
| R1.5 billion facility – green loan | **10.3** |  |

---

31Trade and other payables

Accounting policy

The group accrues for the cost of the leave days granted to employees during the period in which the leave days accumulate.

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Trade payables<sup>1</sup> | **1 460** | 1 138 |
| Lease liability – current<sup>2</sup> | **206** | 260 |
| Shaft-related liabilities<sup>1</sup> | **1 826** | 1 367 |
| Other liabilities | **640** | 566 |
| Payroll accruals | **1 093** | 968 |
| Leave liabilities (a) | **904** | 848 |
| Other accruals | **298** | 116 |
| Value added tax | **225** | 214 |
| Income and mining tax<sup>3</sup> | **72** | 152 |
| **Total trade and other payables** | **6 724** | 5 629 |

---

<sup>1</sup>*The increase is predominately due to timing of payments and receipt of invoices.* 

<sup>2</sup>*Refer to note 26 for an analysis of the lease liability.*

<sup>3</sup>*The decrease relates to higher tax payments made in FY25, which settled both the outstanding tax payable from FY24 and the majority of the current tax* 

*expense for FY25.*

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

31Trade and other payables continued

(a)Employee entitlements to annual leave are recognised on an ongoing basis. An accrual is made for the estimated liability

for annual leave as a result of services rendered by employees up to the balance sheet date. The movement in the liability

recognised in the balance sheet is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Balance at beginning of year | **848** | 794 |
| Benefits paid | **(897)** | (838) |
| Total expense per income statement | **966** | 907 |
| Translation gain | **(13)** | (15) |
| **Balance at end of year** | **904** | 848 |

---

32Cash generated by operations

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| **Reconciliation of profit before taxation to cash generated by** <br>**operations**<br>|  |  |  |
| Profit before taxation | **21 206** | 11 770 | 6 606 |
| *Adjustments for:* |  |  |  |
| Amortisation and depreciation | **4 842** | 4 642 | 3 454 |
| Impairment of assets | **—** | 2 793 |  |
| Share-based payments | **699** | 250 | 112 |
| Net decrease in provision for post-retirement benefits | **(3)** | (16) | (15) |
| Payment for the transfer of post-retirement medical benefit liability | **(350)** |  |  |
| Net increase/(decrease) in provision for environmental rehabilitation | **140** | (114) | (88) |
| (Profit)/loss on sale of property, plant and equipment | **(8)** | 13 | (46) |
| Loss on scrapping of property, plant and equipment | **164** | 97 | 182 |
| Profit from associates | **(106)** | (81) | (57) |
| Impairment of investment in associate | **23** |  |  |
| Investment income | **(1 504)** | (809) | (663) |
| Finance costs | **698** | 796 | 994 |
| Inventory-related adjustments | **(141)** | (503) | 31 |
| Foreign exchange translation differences | **(11)** | (110) | 795 |
| Non-cash portion of (gains)/losses on derivatives | **463** | (432) | 253 |
| Day one loss amortisation | **(116)** | (16) | (45) |
| Streaming contract revenue | **(86)** | (323) | (338) |
| Silicosis settlement provision – net | **(14)** | (327) | (338) |
| Contingent consideration remeasurement | **830** | 484 | 64 |
| Other non-cash adjustments | **33** | 37 | 5 |
| **Effect of changes in operating working capital items** |  |  |  |
| Increase in Receivables | **(1 242)** | (258) | (627) |
| Increase in Inventories | **(273)** | (50) | (308) |
| Increase in Payables | **1 078** | 332 | 618 |
| **Cash generated by operations** | **26 322** | 18 175 | 10 589 |

---

**Additional cash flow information**

*Cash and cash equivalents:* 

Cash and cash equivalents comprises cash on hand and demand deposits.

*Taxation paid:* 

The income and mining taxes paid in the statement of cash flows represents actual cash paid less refunds received.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

32Cash generated by operations continued

**Additional cash flow information** continued

*Non-cash adjustments:* 

The amounts presented in the cash flow statement exclude transactions that do not represent inflows or outflows of cash and

cash equivalents.

(a)Share-based payments (refer to note 34).

(b)Investment income from restricted investments is considered non-cash for the purposes of the cash flow statement.

Included in investment income is interest earned from restricted investments ofR369 million (2024: R329 million)

(2023:R258 million).

(c)Finance costs on borrowings includes accrued interest and amortisation of commitment fees, which is treated as non-cash

adjustments for the determination of interest paid in the cash flow statement.

(d)Additions to property, plant and equipment include right-of-use assets which are treated as non-cash adjustments for the

determination of additions to property, plant and equipment in the cash flow statement.

*Acquisitions of investments/business:* 

(a)On 27 May 2025, Harmony announced that it has entered into a binding agreement to acquire, through its wholly owned

Australian subsidiary Harmony Gold (Australia) Proprietary Limited, 100% of the securities in MAC Copper. The last

condition precedent was fulfilled during October 2025, resulting in an acquisition date of 24 October 2025.

In anticipation of the transaction, Harmony has incurred various costs directly attributable to the acquisition process. The

total of R40 million for acquisition-related costs for the year ended 30 June 2025 relates to advisory fees. Refertonote 13.

(b)The conditions precedent for the acquisition of the entity which owns 100% of the Eva Copper Project and a package of

regional exploration tenements from Eva Copper were fulfilled on 16 December 2022. Refer to note 13 for details on the

consideration paid.

*Undrawn facilities:* 

At 30 June 2025, R30 005 million (2024: R9 308 million) (2023:R5 883 million) of borrowing facilities had not been drawn and

are therefore available for future operational activities, capital commitments and acquisitions. Refer to note 30.

33Employee benefits

Accounting policy

Pension, provident and medical benefit plans are funded through monthly contributions. The group pays fixed contributions into

a separate entity in terms of the defined contribution pension, provident and medical plans which are charged to the income

statement in the year to which they relate. The group's liability is limited to its monthly determined contributions and it has no

further liability, legal or constructive, if the fund does not hold sufficient assets to pay all employees the benefits relating to

employee service in the current and prior periods. Refer to note 25 for details of the post-retirement medical benefit plan.

Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee

accepts voluntary redundancy in exchange for these benefits. The group recognises termination benefits at the earlier of the

following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs

for a restructuring that is within the scope of IAS 37 *Provisions, Contingent Liabilities and Contingent Assets*, and involves

the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits

are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after

balance sheet date are discounted to present value.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Number of permanent employees as at 30 June:** |  |  |
| South African operations<sup>1</sup> | **32 688** | 33 123 |
| International operations<sup>2</sup> | **1 662** | 1 592 |
| **Total number of permanent employees** | **34 350** | 34 715 |

---

<sup>1</sup>*The South African operations include permanent employees for TBO of 88 and Margaret Water Company NPC of 52 as a result of Harmony's* 

*shareholding of 72% and 66% respectively.*

<sup>2</sup>*The Wafi-Golpu joint operation employees included in the total is 61 (2024: 61).*

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

33Employee benefits continued

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Aggregate earnings** |  |  |
| The aggregate earnings of employees including executive directors were: |  |  |
| Salaries and wages and other benefits (excluding share-based payments) | **18 440** | 17 006 |
| Retirement benefit costs | **1 312** | 1 226 |
| Medical aid contributions | **427** | 403 |
| **Total aggregated earnings**<sup>1</sup> | **20 179** | 18 635 |

---

<sup>1</sup>*These amounts have been included in cost of sales, corporate expenditure and capital expenditure.*

During the 2025 financial year, termination costs included in payroll costs decreased to R219 million (2024: R182 million).

Termination costs include the cost relating to the voluntary retrenchment and restructuring process as well as retrenchments due

to shaft closures (refer to note 5 for further detail).

34Share-based payments

Accounting policy

The group operates the following employee share incentive plans where the group granted share options to certain employees in

exchange for services received:

▪The equity-settled Management Deferred Share Plan (DSP) initially awarded in 2020

▪The equity-settled Katleho ya Moruo ESOP scheme. Shares were issued to the Harmony ESOP Trust on 4 April 2024.

However award letters were issued to employees on 1 July 2024. Refer to critical accounting estimates and judgements

below for further details.

Equity-settled share-based payments are measured at fair value that includes market performance conditions but excludes the

impact of any service and non-market performance conditions of the equity instruments at the date of the grant. The share-

based payments are expensed over the vesting period, based on the group's estimate of the shares that are expected to

eventually vest. The group used an appropriate option pricing model in determining the fair value of the options granted. Non-

market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance

sheet date, the estimates of the number of options that are expected to become exercisable are revised.

The impact of the revision of original estimates, if any, is recognised in the income statement, with a corresponding adjustment to

equity. The proceeds received (if any) net of any directly attributable transaction costs are credited to share capital and premium

when the options are exercised.

Critical accounting estimates and judgements

(a) On 31 January 2024, the shareholders of Harmony approved the establishment of the Katleho ya Moruo ESOP. The

Harmony ESOP Trust subscribed for Harmony shares equal to 2% of the shareholding in Harmony at a value of R100.66

per share equating to a total contribution of R1 274 million. The Trust received funding for the subscription of the shares

from Harmony and the subsidiaries in the Harmony group who will receive the promised services from the eligible

employees. The shares were issued to the Trust on 4 April 2024, while the allocation notices were sent to employees on 1

July 2024.

The trust deed determines that employees will be deemed to have accepted their allocations unless they formally reject

within 10 days from the date of allocation (therefore on or before 10 July 2024). For the Katleho ya Moruo ESOP scheme,

the service/vesting period commenced on 4 April 2024 while the grant date is 10 July 2024. This is when eligible

employees are notified individually, via letters, of their participation unit allocation and acceptance thereof following the

passing of 10 business days. Harmony has to recognise employee services as they are received. Therefore, for the period

of 4 April 2024 to 30 June 2024, share-based payment expenses for the Katleho ya Moruo ESOP scheme were

recognised in advance of the grant date and prior to the participation units being issued.

The fair value of the options granted under the Katleho ya Moruo ESOP was based on an estimation of what Harmony's

share price would be on the grant date of 10 July 2024. The estimated share price used was R175.65. The actual share

price on 10 July 2024 was R176.36, which has been used for the awards prospectively. For determining the grant date fair

value, Harmony's share price was deemed appropriate as there were no market conditions attached to the grant.

Expected dividends were not incorporated in the measurement of the fair value as the employees granted awards under

the scheme are entitled to receive dividends on the underlying shares during the vesting period.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

34Share-based payments continued

Critical accounting estimates and judgements *continued*

(b)The fair value of options granted under the DSP:

---

| | |
|:---|:---|
|  | **Fair value** |
| 18 September 2019 - First issue | **R45.89 - R56.87** |
| 18 September 2020 - Second issue | **R74.90** |
| 20 September 2021 - Third issue | **R45.58 - R57.93** |
| 19 September 2022 - Fourth Issue | **R42.48 - R47.25** |
| 18 September 2023 - Fifth Issue | **R84.88 - R105.85** |
| 18 September 2024 - Sixth Issue | **R162.42 - R203.88** |

---

The fair value of the first and second issue of options granted under the DSP was based on the Harmony spot share price

at each grant date, as there were no market conditions attached to the grant. The fair value of the subsequent issues of

options granted under the DSP was determined using a Black-Scholes valuation model. The significant inputs into the

model are:

---

| | |
|:---|:---|
|  | **DSP** |
| **18 September 2024 - Sixth issue** |  |
| Risk-free interest rate<sup>1</sup> | **7.29% - 7.65%** |
| Expected volatility<sup>2</sup> | **51.74% - 58.95%** |
| Expected dividend yield<sup>3</sup> | **0.11% - 0.71%** |
| Spot price on grant date | **R168.28 - R204.55** |
| Vesting period (from grant date)<sup>4</sup> | **3/5 years** |

---

<sup>1</sup>*The risk-free rate was derived from a zero-coupon curve stripped from forward rate agreements and swap inputs.*

<sup>2</sup>*The volatility was estimated on the historical returns of the Harmony share price over a period matching the time to maturity of the shares.*

<sup>3</sup>*The dividend yield was based on Harmony's dividend forecasts and estimates of future share prices.*

<sup>4</sup>*Refer to Vesting under Options granted under the Management Deferred Share Plan below.*

**Employee share-based payments**

The objective of these schemes is to recognise the contributions of employees to the group's financial position and performance

and to retain key employees.

Executive management is encouraged to retain shares when they vest and a minimum shareholding requirement has been

introduced to achieve this. This shareholding is meant to align shareholder and executive objectives to grow total shareholder

return.

The total cost relating to employee share-based payments is made up as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| Katleho ya Moruo ESOP | **456** | 112 |  |
| Management DSP | **256** | 132 | 114 |
| **Total share-based payments** | **712** | 244 | 114 |

---

In December 2018, the board approved the new Total Incentive Plan for management which includes deferred shares. The first

allocations under the new plan occurred in October 2019, the subsequent allocations occurring in October of each year since

then. Our shareholders have authorised up to 25 000 000 shares of the issued share capital to be used for this plan. As at

30 June 2025, 6 395 468 shares have been issued in terms of the Management DSP.

On 31 January 2024, our shareholders approved the issue of Harmony shares equal to 2% of the shareholding in Harmony to

the Harmony ESOP Trust. This equated to 12 651 525 shares. These shares will be used to facilitate the non-managerial share-

based payment scheme.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

34Share-based payments continued

**Employee share-based payments** continued

*Options granted under the Management Deferred Share Plan*

Harmony implemented the Total Incentive Plan, comprising a long-term DSP and a short-term annual cash payment with effect

from 1 July 2019. The total incentive for each management-level employee is determined every year through a balanced

scorecard calculation. The balanced scorecard result includes a number of key short- and long-term company performance

measures (to be measured over trailing three- and one-year periods). The measures are reviewed and defined annually with

appropriate weightings. A portion of the total incentive is paid immediately in cash and the balance is settled by means of

deferred shares.

The awards will vest at a rate of 20% per annum over the following five years for executive directors and prescribed officers, and

one-third per annum over the following three years for qualifying management. The only performance criteria is that the

participant is still employed within the group at time of vesting.

Termination of employees' participation in the share scheme is based on "no fault" and "fault" definitions:

---

| | |
|:---|:---|
| ▪Fault | All unvested and unexercised DS not yet vested are lapsed and cancelled |
| ▪No fault | All unvested and unexercised DS will continue in force to vest on the original vesting dates in accordance <br>with the rules of the plan.<br>|

---

*Activity on share options*

---

| | | |
|:---|:---|:---|
|  | **Number of DS** | **Number of DS** |
| **Activity on DS granted but not exercised** | **2025** | 2024 |
| Balance at beginning of year | **5 012 332** | 5 085 520 |
| Options granted | **1 984 084** | 1 993 119 |
| Options exercised  | **(2 014 976)** | (1 765 592) |
| Options forfeited and lapsed | **(71 484)** | (300 715) |
| **Balance at end of year** | **4 909 956** | 5 012 332 |

---

---

| | | |
|:---|:---|:---|
| **List of options granted but not yet exercised (listed by grant date)** | **Number of** <br>**options**<br>| **Remaining** <br>**life (years)**<br>|
| **As at 30 June 2025** |  |  |
| Deferred shares |  |  |
| 18 September 2019 – 5 years | **63 863** | **—** |
| 18 September 2020 – 5 years | **141 001** | **0.2** |
| 20 September 2021 – 5 years | **481 971** | **1.2** |
| 19 September 2022 – 3 years | **499 382** | **0.2** |
| 19 September 2022 – 5 years | **439 580** | **2.2** |
| 18 September 2023 – 3 years | **925 576** | **1.2** |
| 18 September 2023 – 5 years | **395 002** | **3.2** |
| 18 September 2024 – 3 years | **1 523 914** | **2.2** |
| 18 September 2024 – 5 years | **439 667** | **4.2** |
| **Total options granted but not yet exercised** | **4 909 956** |  |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

34Share-based payments continued

**Employee share-based payments** continued

*Options granted under the Management Deferred Share Plan continued*

*Activity on share options continued*

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| *18 September 2019 – 5 years* |  |  |
| Gain realised by participants on options exercised during the year (R million) | **7** | 3 |
| Weighted average share price at the date of exercise (SA Rand) | **180.19** | 90.60 |
| Remaining life (years) | **—** | 0.2 |
| *18 September 2020 – 3 years* |  |  |
| Gain realised by participants on options exercised during the year (R million) | **—** | 23 |
| Weighted average share price at the date of exercise (SA Rand) | **—** | 85.46 |
| Remaining life (years) | **—** |  |
| *18 September 2020 – 5 years* |  |  |
| Gain realised by participants on options exercised during the year (R million) | **9** | 4 |
| Weighted average share price at the date of exercise (SA Rand) | **179.30** | 90.60 |
| Remaining life (years) | **0.2** | 1.2 |
| *20 September 2021 – 3 years* |  |  |
| Gain realised by participants on options exercised during the year (R million) | **121** | 62 |
| Weighted average share price at the date of exercise (SA Rand) | **175.17** | 85.00 |
| Remaining life (years) | **—** | 0.2 |
| *20 September 2021 – 5 years* |  |  |
| Gain realised by participants on options exercised during the year (R million) | **22** | 9 |
| Weighted average share price at the date of exercise (SA Rand) | **179.01** | 90.60 |
| Remaining life (years) | **1.2** | 2.2 |
| *19 September 2022 – 3 years* |  |  |
| Gain realised by participants on options exercised during the year (R million) | **88** | 43 |
| Weighted average share price at the date of exercise (SA Rand) | **177.44** | 82.20 |
| Remaining life (years) | **0.2** | 1.2 |
| *19 September 2022 – 5 years* |  |  |
| Gain realised by participants on options exercised during the year (R million) | **16** | 7 |
| Weighted average share price at the date of exercise (SA Rand) | **180.25** | 93.32 |
| Remaining life (years) | **2.2** | 3.2 |
| *18 September 2023 – 3 years* |  |  |
| Gain realised by participants on options exercised during the year (R million) | **83** |  |
| Weighted average share price at the date of exercise (SA Rand) | **175.18** |  |
| Remaining life (years) | **1.2** |  |
| *18 September 2023 – 5 years* |  |  |
| Gain realised by participants on options exercised during the year (R million) | **10** |  |
| Weighted average share price at the date of exercise (SA Rand) | **179.26** |  |
| Remaining life (years) | **3.2** |  |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

34Share-based payments continued

**Employee share-based payments** continued

*Options granted under the Katleho ya Moruo ESOP*

Following the expiration of the Sisonke Employee Share Ownership Plan in 2022, Harmony approved the establishment of the

Katleho ya Moruo ESOP in January 2024. The scheme aims to continue facilitating beneficial interest and ownership by non-

managerial employees in South Africa (the beneficiaries) of Harmony shares in order to:

▪Facilitate economic empowerment of Harmony's employees

▪Incentivise Harmony's employees, so as to promote the shared interests of employees and shareholders in the value growth

of Harmony

▪Further align the interests of the Harmony shareholders and those of the employees of Harmony.

The shares were issued to the Harmony ESOP Trust (the Trust) on 4 April 2024. Each beneficiary under the scheme is awarded

360 Participation Units (PU) from 1 July 2024 if they qualified for the scheme upon its formation or within six months of the

formation thereof. Thereafter, qualifying employees will be awarded PU on a pro-rata basis in line with the scheme rules.

Participation Unit refers to the vested rights of a beneficiary to an equal number of Harmony shares held by the Trust. The PU

will vest after a service period of five years commencing on 4 April 2024. The only performance criteria is that the participant is

still employed within the group at time of vesting. The Katleho ya Moruo ESOP is equity-settled.

Termination of employees' participation in the share scheme is based on "no fault" and "fault" definitions:

---

| | |
|:---|:---|
| ▪Fault | All unvested and unexercised PU are lapsed and cancelled |
| ▪No fault | Accelerated vesting occurs and all unvested and unexercised PU are settled in accordance with the rules of <br>the plan.<br>|

---

*Activity on share options*

---

| | | |
|:---|:---|:---|
|  | **Number of PU** | **Number of PU** |
| **Activity on PU granted but not exercised** | **2025** | 2024 |
| Balance at beginning of year | **—** |  |
| Options granted | **11 851 218** |  |
| Options exercised | **(483 342)** |  |
| Options forfeited and lapsed | **(219 276)** |  |
| **Balance at end of year** | **11 148 600** |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Gain realised by participants on options exercised during the year (R million) | **100** |  |
| Weighted average share price at the date of exercise (SA Rand) | **207.46** |  |
| Remaining life (years) | **3.8** |  |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

35Related parties

None of the directors or major shareholders of Harmony or, to the knowledge of Harmony, their close families, had an interest,

directly or indirectly, in any transaction from 1 July 2022 or in any proposed transaction that has affected or will materially affect

Harmony or its subsidiaries, other than as stated below.

**Directors and other key management**

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the

activities of the group, directly or indirectly, including any director (whether executive or otherwise) of the group.

The directors' remuneration is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **Executive** <br>**directors**<br>| **Non-executive** <br>**directors**<br>|
| **2025** |  |  |
| Salaries | **39** | **—** |
| Retirement contributions | **4** | **—** |
| Bonuses | **25** | **—** |
| Exercise/settlement of share options | **87** | **—** |
| Directors' fees | **—** | **17** |
| **Total** | **155** | **17** |
| **2024** |  |  |
| Salaries | 23 |  |
| Retirement contributions | 3 |  |
| Bonuses | 12 |  |
| Exercise/settlement of share options | 13 |  |
| Directors' fees |  | 13 |
| **Total** | 51 | 13 |

---

The following directors and prescribed officers owned shares in Harmony at year-end. The balance of shares held is attributable

to shares held privately and in terms of the minimum shareholding requirement as set out in our remuneration policy:

---

| | | |
|:---|:---|:---|
|  | **Number of shares** | **Number of shares** |
| **Name of director/prescribed officer** | **2025** | 2024 |
| **Directors** |  |  |
| Beyers Nel<sup>1</sup> | **111 869** | 79 706 |
| Boipelo Lekubo | **86 985** | 52 918 |
| Harry Mashego | **85 164** | 55 053 |
| Peter Steenkamp<sup>2</sup> | **n/a** | 612 436 |
| **Prescribed officers** |  |  |
| Floyd Masemula<sup>3</sup> | **—** | n/a |
| Jaco Boshoff<sup>3</sup> | **—** | n/a |
| Anton Buthelezi  | **27 934** | 13 390 |
| Urishanie Govender<sup>3</sup> | **—** | n/a |
| Marian van der Walt | **68 107** | 47 092 |
| Johannes van Heerden | **112 436** | 74 065 |

---

<sup>1</sup>*Appointed as executive director effective 1 January 2025. See further details below.*

<sup>2</sup>*Retired as an employee and consequently resigned as executive director, effective 31 December 2024.*

<sup>3</sup>*See details below.*

On 1 October 2024, Dr Urishanie Govender was appointed as Chief Sustainability Officer and has been classified as a

prescribed officer. Effective 1 January 2025, Mr Beyers Nel was appointed as the Group Chief Executive Officer and executive

director of the Company. He was previously classified as prescribed officer. On the same date, Mr Floyd Masemula was

appointed as Deputy Group Chief Executive Officer and classified as a prescribed officer. Additionally, Mr Jaco Boshoff, now

serving as Chief Operating Officer: Australasia, was also classified as a prescribed officer as of 1 January 2025.

On 17 January 2025, Ms Mametja Moshe, Ms Zanele Matlala and Mr Mangisi Gule were appointed to the board of directors of

Harmony as independent non-executive directors. Refer to note 38 for information on appointments to the board of directors

subsequent to year end.

There were no other changes to the directors' interest between the reporting date and the date of the approval of the financial

statements other than indicated above.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

35Related parties continued

**Other related parties**

The services rendered to joint operations relate to professional and technical services. All the production of the group's

South African operations is sent to Rand Refinery in which Harmony holds a 10.38% interest. Refer to note 19.

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Sales and services rendered to related parties** |  |  |
| Joint operations | **7** | 5 |
| **Total** | **7** | 5 |

---

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Purchases and services acquired from related parties** |  |  |
| Associates | **78** | 76 |
| **Total** | **78** | 76 |

---

36Commitments and contingencies

**Commitments and guarantees**

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Capital expenditure commitments** |  |  |
| Contracts for capital expenditure (a) | **4 316** | 1 681 |
| Share of joint operation's contracts for capital expenditure | **13** | 21 |
| Authorised by the directors but not contracted for (b) | **18 462** | 14 442 |
| **Total capital commitments** | **22 791** | 16 144 |

---

(a)The increase relates mainly to capital commitments of approximately R1.8 billion for the Eva Copper mine in anticipation

of its start. Further, approximately R0.6 billion of the increase relates to the renewable energy project at Moab Khotsong.

(b)The increase relates mainly to reclamation and deposition projects and the Nooitgedacht TSF construction project,

increasing approximately R2.1 billion and R1.2 billion respectively. Further to this is approximately R1.6 billion for the

Mponeng life of mine extension and deepening project. This was partially offset by a R0.8 billion decrease for the

Kareerand TSF extension as the project comes to an end in FY26.

Contractual obligations in respect of mineral tenement leases amount to R45 million (2024: R64 million). This relates to the

Wafi-Golpu and Eva Copper projects.

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Guarantees** |  |  |
| Guarantees and suretyships<sup>1</sup> | **757** | 519 |
| Environmental guarantees<sup>2</sup> | **539** | 509 |
| **Total guarantees** | **1 296** | 1 028 |

---

<sup>1</sup>*The guarantees and suretyships mainly relate to Eskom guarantees.*

<sup>2</sup>*At 30 June 2025, R257 million (2024: R217 million) has been pledged as collateral for environmental guarantees in favour of certain financial institutions.* 

*Refer to note 15.*

**Contingent liabilities**

Critical accounting estimates and judgements

Contingencies will only realise when one or more future events occur or fail to occur. The exercise of significant judgement and

estimates of the outcome of future events are required during the assessment of the impact of such contingencies.

Litigation and other judicial proceedings as a rule raise difficult and complex legal issues and are subject to uncertainties and

complexities including, but not limited to, the facts and circumstances of each particular case, issues regarding the jurisdiction in

which the suit is brought and differences in applicable law. Upon resolution of any pending legal matter, the group may be forced

to incur charges in excess of the presently established provisions and related insurance coverage. It is possible that the financial

position, results of operations or cash flows of the group could be materially affected by the outcome of the litigation.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

36Commitments and contingencies continued

**Contingent liabilities** continued

The following contingent liabilities have been identified:

(a)On 1 December 2008, Harmony issued 3 364 675 Harmony shares to Rio Tinto Limited (Rio Tinto) for the purchase of Rio

Tinto's rights to the royalty agreement entered into prior to our acquisition of the Wafi deposits in PNG. The shares were

valued atR242 million on the transaction date. An additional US$10 million in cash will be payable when the decision to

mine is made. Of this amount, Harmony is responsible for paying the first US$7 million, with the balance of US$3 million

being borne equally by the joint operators.

(b)The group may have a potential exposure to rehabilitate groundwater and radiation that may exist where the group has

and/or continues to operate. The group has initiated analytical assessments to identify, quantify and mitigate impacts if and

when (or as and where) they arise. Scientific, technical and legal studies are underway to assist in determining the

magnitude of the contamination and to find sustainable remediation solutions. The group has implemented measures to

assist with mitigating seepage and plume migration. It has been demonstrated that Monitored Natural Attenuation (MNA)

will contribute to the improvement of the environment.

To date, water treatment facilities were successfully implemented at Doornkop, Tshepong West, Harmony One Plant,

Kareerand (MWS), Target 1 and Tau Tona. These facilities are now assisting in reducing our dependency on externally

supplied potable water.

In terms of Free State operations, Harmony has taken the initiative to develop a regional flood model. In addition to

improving the operational water balances for all our operations, the geohydrological studies undertaken to date confirm

that there is no risk of decant in Welkom. As more studies are undertaken in the area from time to time, this will add to our

knowledge base in the Free State area. If the studies yield different solutions or regulators reject the proposed plans,

requiring the group to recognise contingencies as liabilities, it could have a material impact on the group's financial

statements.

(c)Due to the interconnected nature of mining operations in South Africa, any proposed solution for potential flooding and

potential decant risk posed by deep groundwater needs to be a combined one, supported by all the mines located in these

goldfields. As a result, the Department of Mineral and Petroleum Resources (DMPR) and affected mining companies

require the development of a regional mine closure strategy. In 2024, the DMPR released a draft mine closure strategy for

comment.

Harmony operations have conducted a number of specialist studies and the risk of surface decant due to rising

groundwater levels has been obviated at the entire Free State region and Kalgold. Regional geohydrological assessments

are currently underway for all South African Operations. Previous studies have indicated that there is no risk of decant

from Doornkop, Kusasalethu and Mponeng, however the aforementioned geohydrological assessments will confirm such.

In addition, the decant from the Klerksdorp-Orkney-Stilfontein-Hartebeestfontein groundwater system tied with our Moab

Khotsong operation has been proactively managed.

Preliminary studies have also been completed to manage and mitigate the seepage from tailings facilities. Should

additional studies result in different solutions than the one's initially proposed, or the regulators do not approve the

proposed plans, it might result in a change in estimate to the recorded liabilities or the group recording liabilities over and

above the current provisions.

(d)Harmony South African operations have applied for and/or obtained a Water Use Licence in respect of the National Water

Act, from the Department of Water and Sanitation (DWS). The respective Water Use Licences for the Free State

Operations and Doornkop have not yet been approved by DWS. All operations continue to operate legally and responsibly.

(e)In terms of the sale agreements entered into with Rand Uranium, Harmony retained financial exposure relating to

environmental disturbances and degradation caused by it before the effective date, in excess ofR75 million of potential

claims. Rand Uranium is therefore liable for all claims up to R75 million and retains legal liability. The likelihood of potential

claims cannot be determined presently and no provision for any liability has been made in the financial statements.

(f)Randfontein Estates Limited (REL), a subsidiary of Harmony has an existing legal dispute with the Merafong Municipality

(Merafong) relating to rates payable in terms of Merafong's Supplementary Valuation Roll 6 (SVR6). REL lodged appeals

against the market values contained in SVR6. Merafong is contending for total rates payable of between R124 million and

R164 million under SVR6, while Harmony is contending for total rates payable of between R17 million and R69 million on

the basis that certain items of the mining operations are not rateable and/or disregarded for valuation purposes and that

depreciation, rehabilitation, phasing-in and category use changes are favourably considered by the Merafong Valuation

Appeal Board (Merafong VAB). Payment arrangements have been concluded between REL and Merafong in relation to

these rates disputes. The Merafong VAB hearings are currently underway with other mining companies with similar legal

disputes. Harmony's appeal hearings have been extended to end in November 2025, where the outcome of the matter will

be decided upon by the Merafong VAB.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

37Financial risk management

The group's operating activities expose it to a variety of financial risks: market risk (including foreign exchange risk, commodity

price risk, other price risk and interest rate risk), credit risk and liquidity risk. The group may use derivative financial instruments

to hedge certain risk exposures.

The group's financial assets and liabilities are classified as set out below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **Debt** <br>**instruments** <br>**at amortised** <br>**cost**<br>| **Equity** <br>**instruments** <br>**designated** <br>**at fair value** <br>**through OCI**<br>| **Derivatives** <br>**designated** <br>**as cash flow** <br>**hedges**<br>| **Derivatives** <br>**at fair value** <br>**through** <br>**profit or loss**<br>| **Debt** <br>**instruments** <br>**at fair value** <br>**through** <br>**profit or loss**<br>| **Financial** <br>**liabilities at** <br>**amortised** <br>**cost**<br>|
| **At 30 June 2025**  |  |  |  |  |  |  |
| **Financial assets** |  |  |  |  |  |  |
| Restricted cash and investments | **4 849** | **384** | **—** | **—** | **1 828** | **—** |
| Other non-current assets | **1** | **107** | **—** | **—** | **45** | **—** |
| Non-current derivative financial <br>instruments<br>| **—** | **—** | **209** | **27** | **—** | **—** |
| – Rand gold forwards | **—** | **—** | **14** | **—** | **—** | **—** |
| – US$ gold forwards  | **—** | **—** | **3** | **—** | **—** | **—** |
| – Rand gold collars | **—** | **—** | **164** | **—** | **—** | **—** |
| – US$ gold collars | **—** | **—** | **28** | **—** | **—** | **—** |
| – US$ silver contracts | **—** | **—** | **—** | **3** | **—** | **—** |
| – Foreign exchange contracts | **—** | **—** | **—** | **24** | **—** | **—** |
| Current derivative financial <br>instruments<br>| **—** | **—** | **68** | **264** | **—** | **—** |
| – Rand gold forwards | **—** | **—** | **16** | **—** | **—** | **—** |
| – US$ gold forwards  | **—** | **—** | **2** | **—** | **—** | **—** |
| – Rand gold collars | **—** | **—** | **43** | **—** | **—** | **—** |
| – US$ gold collars  | **—** | **—** | **7** | **—** | **—** | **—** |
| – Foreign exchange contracts | **—** | **—** | **—** | **264** | **—** | **—** |
| Trade and other receivables | **2 647** | **—** | **—** | **—** | **86** | **—** |
| Cash and cash equivalents | **13 101** | **—** | **—** | **—** | **—** | **—** |
| **Financial liabilities** |  |  |  |  |  |  |
| Non-current derivative financial <br>instruments<br>| **—** | **—** | **2 649** | **39** | **—** | **—** |
| – Rand gold forwards | **—** | **—** | **675** | **—** | **—** | **—** |
| – US$ gold forwards  | **—** | **—** | **166** | **—** | **—** | **—** |
| – Rand gold collars  | **—** | **—** | **1 492** | **—** | **—** | **—** |
| – US$ gold collars | **—** | **—** | **316** | **—** | **—** | **—** |
| – US$ silver contracts | **—** | **—** | **—** | **39** | **—** | **—** |
| Current derivative financial <br>instruments<br>| **—** | **—** | **4 950** | **109** | **—** | **—** |
| – Rand gold forwards | **—** | **—** | **3 604** | **—** | **—** | **—** |
| – US$ gold forwards  | **—** | **—** | **550** | **—** | **—** | **—** |
| – Rand gold collars | **—** | **—** | **590** | **—** | **—** | **—** |
| – US$ gold collars | **—** | **—** | **206** | **—** | **—** | **—** |
| – US$ silver contracts | **—** | **—** | **—** | **109** | **—** | **—** |
| Borrowings | **—** | **—** | **—** | **—** | **—** | **1 953** |
| Contingent consideration liability | **—** | **—** | **—** | **—** | **1 457** | **—** |
| Other non-current liabilities | **—** | **—** | **—** | **—** | **—** | **272** |
| Trade and other payables | **—** | **—** | **—** | **—** | **—** | **4 372** |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

37Financial risk management continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | Debt <br>instruments <br>at amortised <br>cost<br>| Equity <br>instruments <br>designated <br>at fair value <br>through OCI<br>| Derivatives <br>designated <br>as cash flow <br>hedges<br>| Derivatives <br>at fair value <br>through <br>profit or loss<br>| Debt <br>instruments <br>at fair value <br>through <br>profit or loss<br>| Financial <br>liabilities at <br>amortised <br>cost<br>(Restated)<sup>1</sup><br>|
| **At 30 June 2024** |  |  |  |  |  |  |
| **Financial assets** |  |  |  |  |  |  |
| Restricted cash and investments | 4 629 | 335 |  |  | 1 569 |  |
| Other non-current assets | 8 | 88 |  |  | 68 |  |
| Non-current derivative financial <br>instruments<br>|  |  | 352 | 101 |  |  |
| – Rand gold forwards |  |  | 172 |  |  |  |
| – US$ gold forwards  |  |  | 27 |  |  |  |
| – Rand gold collars |  |  | 135 |  |  |  |
| – US$ gold collars |  |  | 18 |  |  |  |
| – US$ silver contracts |  |  |  | 3 |  |  |
| – Foreign exchange contracts |  |  |  | 98 |  |  |
| Current derivative financial <br>instruments<br>|  |  | 133 | 425 |  |  |
| – Rand gold forwards |  |  | 110 |  |  |  |
| – US$ gold forwards  |  |  | 3 |  |  |  |
| – Rand gold collars |  |  | 20 |  |  |  |
| – Foreign exchange contracts |  |  |  | 425 |  |  |
| Trade and other receivables | 1 588 |  |  |  |  |  |
| Cash and cash equivalents | 4 693 |  |  |  |  |  |
| **Financial liabilities** |  |  |  |  |  |  |
| Non-current derivative financial <br>instruments<br>|  |  | 588 | 21 |  |  |
| – Rand gold forwards |  |  | 510 |  |  |  |
| – US$ gold forwards  |  |  | 77 |  |  |  |
| – US$ gold collars |  |  | 1 |  |  |  |
| – US$ silver contracts |  |  |  | 21 |  |  |
| Current derivative financial <br>instruments<br>|  |  | 1 460 | 42 |  |  |
| – Rand gold forwards |  |  | 1 289 |  |  |  |
| – US$ gold forwards  |  |  | 159 |  |  |  |
| – Rand gold collars |  |  | 9 |  |  |  |
| – US$ gold collars |  |  | 3 |  |  |  |
| – US$ silver contracts |  |  |  | 42 |  |  |
| Borrowings |  |  |  |  |  | 1 794 |
| Contingent consideration liability |  |  |  |  | 965 |  |
| Other non-current liabilities |  |  |  |  |  | 271 |
| Trade and other payables<sup>1</sup> |  |  |  |  |  | 3 389 |

---

<sup>1</sup> *Refer to note 2 for further detail on restatement.*

Risk management is carried out by a central treasury department (Group treasury) under policies approved by the board of

directors. Group treasury identifies, evaluates and hedges certain selected financial risks in close cooperation with the group's

operating units. The audit and risk committee and the board provide written principles for overall risk management, as well as

written policies covering specific areas, such as foreign exchange risk, commodity price risk, interest rate risk, credit risk, use of

derivative financial instruments and non-derivative financial instruments, and the investment of excess liquidity.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

37Financial risk management continued

**Market risk**

*Foreign exchange risk*

The group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily

with respect to the US dollar (US$). Foreign exchange risk arises when future commercial transactions or recognised financial

assets or liabilities are denominated in a currency that is not the entity's functional currency. Harmony's revenues are sensitive to

the R/US$ exchange rate as majority of revenues are generated by commodity sales denominated in US$. A weakening of the

Rand will increase the reported revenue total; conversely a strengthening will decrease it.

Harmony maintains a foreign currency derivative programme to manage foreign exchange risk. The limit currently set by the

board is 25% of the group's foreign exchange risk exposure for a period of 24 months. The audit and risk committee reviews the

details of the programme quarterly. Refer to note 17 and the fair value determination for financial assets and liabilities section

below for further details on these contracts.

The Rand strengthened during the 2025 year from a closing rate of R18.19/US$1 on 30 June 2024 to R17.75/US$1 on

30 June 2025. The strengthening of the Rand resulted in the average locked-in rates being higher than the spot exchange rate

at 30 June 2025, which had a positive impact on the contracts that matured during the period as well as those that were

outstanding as at 30 June 2025.

The group is exposed to foreign exchange risk arising from borrowings and cash denominated in a currency other than the

functional currency of that entity (refer to note 2.2 for details on the group's functional currencies). These exposures are mainly

due to the US$. The strengthening of the Rand also had a positive impact on the translation of the US$ debt facilities at 30 June

2025. Refer to note 30 for further detail.

Translation of the international net assets was impacted by the strengthening of the Rand against the Australian dollar from

R12.14/A$1 at 30 June 2024 to R11.68/A$1 on 30 June 2025. Additionally, the Kina weakened against the Australian dollar from

a closing rate of PGK2.57/A$1 on 30 June 2024 to PGK2.72/A$1 on 30 June 2025. The translation from Kina to Australian dollar

and Australian dollar to Rand, combined with the average rate at which income statement items were translated at, resulted in a

foreign exchange translation loss of R819 million being recognised in other comprehensive income for the year.

The relevant exchange rates traded in the following ranges:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **30 June 2025** | 30 June 2024 |
| R/US$ foreign exchange rate range for the year | **17.10 – 19.75** | 17.54 – 19.51 |
| R/A$ foreign exchange rate range for the year | **11.29 – 12.41** | 11.71 – 12.72 |
| A$/PGK foreign exchange rate range for the year | **2.42 – 2.75** | 2.30 – 2.60 |

---

The group has reviewed its foreign currency exposure on financial assets and financial liabilities and has identified the following

sensitivities in the exchange rates that would affect profit and loss before tax:

▪Rand/US$ exchange rate – 4% (2024: 3%) based on the standard deviation from a one-year forecast of various financial

institution outlooks

▪Rand/A$ exchange rate – 3% (2024: 3%) based on the standard deviation from a one-year forecast of various financial

institution outlooks

▪A$/US$ exchange rate – 4% (2024: 3%) based on the standard deviation from a one-year forecast of various financial

institution outlooks.

Only material foreign currency exposure balances were considered when determining the need for a sensitivity analysis and

therefore management has not performed a sensitivity analysis on PGK/US$ exchange rates.

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| ***Sensitivity analysis – borrowings*** |  |  |
| **Rand against US$** |  |  |
| Balance at 30 June | **1 777** | 1 794 |
| Strengthen by 4% (FY24: 3%) | **71** | 54 |
| Weaken by 4% (FY24: 3%) | **(71)** | (54) |
| **Closing rate** | **17.75** | 18.19 |
| ***Sensitivity analysis – contingent consideration liability: Mponeng*** |  |  |
| **Rand against US$** |  |  |
| Balance at 30 June | **676** | 587 |
| Strengthen by 4% (FY24: 3%) | **27** | 18 |
| Weaken by 4% (FY24: 3%) | **(27)** | (18) |
| **Closing rate** | **17.75** | 18.19 |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

37Financial risk management continued

**Market risk** continued

*Foreign exchange risk continued*

Sensitivity analysis continued

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| ***Sensitivity analysis – contingent consideration liability: Eva Copper*** |  |  |
| **A$ against US$** |  |  |
| Balance at 30 June | **781** | 378 |
| Strengthen by 4% (FY24: 3%) | **31** | 11 |
| Weaken by 4% (FY24: 3%) | **(31)** | (11) |
| **Closing rate** | **0.66** | 0.67 |
| ***Sensitivity analysis – other financial instruments*** |  |  |
| **Rand against US$** |  |  |
| Balance at 30 June | **288** | 523 |
| Strengthen by 4% (FY24: 3%) | **162** | 250 |
| Weaken by 4% (FY24: 3%) | **(143)** | (241) |
| **Closing rate** | **17.75** | 18.19 |
| **A$ against US$** |  |  |
| Balance at 30 June | **2 796** | 252 |
| Strengthen by 4% (FY24: 3%) | **112** | 7 |
| Weaken by 4% (FY24:3%) | **(112)** | (8) |
| **Closing rate** | **0.66** | 0.67 |

---

*Commodity price sensitivity*

The profitability of the group's operations, and the cash flows generated by those operations, are affected mainly by changes in

the market price of gold, and in the case of Hidden Valley, silver as well. Harmony entered into derivative contracts to manage

the variability in cash flows from the group's production, in order to create cash certainty and protect the group against lower

commodity prices.The limit for gold hedging as set by the board is 30%, 20% and 10% of production in a 12-, 24- and 36-month

period, respectively, for contracts entered into on or after 1April2024. The limit set by the Board is 50% of silver exposure over a

24-month period and 50% for uranium exposure over a 60-month period. Management continues to top up these programmes

as and when opportunities arise to lock in attractive margins for the business, but are not required to maintain hedging at these

levels. The audit and risk committee reviews the details of the programme quarterly.

The exposure to the variability in the price of gold is managed by entering into gold forward sales contracts and gold zero cost

collar contracts for a portion of the group's production. A portion of the production of the South African operations is linked to

Rand gold forward contracts and Rand gold zero cost collar contracts. US$ gold forward contracts and US$ gold zero cost collar

contracts were entered into for the production from Hidden Valley. The exposure to the variability in the price of silver for Hidden

Valley is managed by entering into US$ silver zero cost collars. The US$ silver zero cost collars contracts have not been

designated as hedging instruments for hedge accounting and the gains and losses are accounted for in the income statement.

Refer to note17 and the fair value determination for financial assets and liabilities section below for further detail on these

contracts.

During the year under review, the group's cash inflows from uranium were managed by way of a forward contract, whereby

uranium prices are predetermined for a fixed amount of uranium production. These contracts are not designated as derivative

contracts as the "own use" exemption of IFRS 9 *Financial instruments* is applicable to them.

An increase in the price of gold in US$ terms resulted in the average locked-in gold forward prices being lower than the gold

spot price which had a negative impact on the gold forward hedging contracts that matured during the period as well as those

that were outstanding as at 30 June 2025. The average cap prices were also lower than the gold spot price of the remaining

gold zero cost collar contracts, resulting in a negative valuation as at 30 June 2025.

Gold and silver traded in the following ranges:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **30 June 2025** | 30 June 2024 |
| Gold price range in US$/oz for the year  | **2 329 – 3 432** | 1 820 – 2 425 |
| Silver price range in US$/oz for the year | **26.60 – 37.25** | 20.90 – 32.11 |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

37Financial risk management continued

**Market risk** continued

*Commodity price sensitivity continued*

The group has reviewed its exposure to commodity-linked instruments and identified a sensitivity of 11% (2024: 8%), based on

the standard deviation of a one-year forecast gold price from various financial institution outlooks. The estimated sensitivity

would affect other comprehensive income.

Only material commodity balances were considered when determining the need for a sensitivity analysis and therefore

management has not performed a sensitivity analysis on silver commodities.

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| ***Sensitivity analysis*** |  |  |
| **Rand gold derivatives** |  |  |
| Other comprehensive income |  |  |
| Increase by 11% (FY24: 8%) | **(4 489)** | (2 740) |
| Decrease by 11% (FY24: 8%) | **3 985** | 2 439 |
| **US$ gold derivatives** |  |  |
| Other comprehensive income |  |  |
| Increase by 11% (FY24: 8%) | **(735)** | (418) |
| Decrease by 11% (FY24: 8%) | **651** | 376 |

---

*Other price risk*

The group is exposed to the risk of fluctuations in the fair value of fair value through profit or loss financial assets as a result of

changes in market prices (other than changes in interest rates and foreign currencies). Harmony generally does not use any

derivative instruments to manage this risk.

*Sensitivity analysis*

Certain restricted investments are linked to the Top 40 Index on the JSE.Management has performed an assessment and there

is no reasonable possible change that would result in a material impact for the year.

*Interest rate risk*

The group's interest rate risk arises mainly from borrowings. The group has variable interest rate borrowings. Variable rate

borrowings expose the group to cash flow interest rate risk.

With inflation rates easing and economies recovering, central banks started to reduce interest rates during the year ended

30June2025. The reduced interest rates had a positive impact on Harmony's cost of borrowings compared to the prior year.

Thegroup has therefore not entered into interest rate swap agreements as the interest rate risk continues to be assessed as

low. Further to this, the decreased interest rates have lowered outstanding bond yields and this has resulted in a decrease in

discount rates. Thisimpact can be seen in the change in the environmental rehabilitation provision. Refer to note 24 for further

information. Theaudit and risk committee reviews the group's risk exposure quarterly.

Management has performed an assessment and there is no reasonable possible change that would result in a material impact

on profit/(loss) for the year.

**Credit risk**

Credit risk is the risk that a counterparty may default or not meet its obligations in a timely manner. Financial instruments which

are subject to credit risk are restricted cash and investments, derivative financial assets and cash and cash equivalents, as well

as trade and other receivables (excluding non-financial instruments).

*Assessment of credit risk*

In assessing the creditworthiness of local institutions, management uses the national scale long-term ratings. The credit risk

arising from restricted cash and investments, derivative financial assets and cash and cash equivalents is managed by ensuring

amounts are only invested with financial institutions of good credit quality based on external credit ratings and by assessing the

underlying source of where the funds are invested. The group has policies that limit the amount of credit exposure to any one

financial institution. The audit and risk committee reviews the exposure on a quarterly basis. Exposure to credit risk on trade and

other receivables is monitored on a regular basis by management.

At 30 June 2025, the national scale investment grade rating of the major South African banks remained unchanged at AA+ and

the group's Australian counterparts remained at AA-, which is in line with the group's credit risk policy.

An assessment of the expected credit losses for the financial assets measured at amortised cost at 30 June 2025 resulted in an

immaterial amount for each instrument, in line with the assessment performed in 2024 (refer to the expected credit loss

assessment below for further detail).

Management will continue to review the underlying strength of the economies we operate in as well as the creditworthiness of

the financial institutions and make any changes deemed necessary to safeguard the assets and reduce the credit risk.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

37Financial risk management continued

**Credit risk** continued

*Assessment of credit risk continued*

The group's maximum exposure to credit risk is represented by the carrying amount of all financial assets determined to be

exposed to credit risk, amounting to R23 125 million as at 30 June 2025 (2024: R13 566 million).

The group has restricted investments that are invested in various collective investment schemes totalling R84 million

(2024: R75 million) and equity investments of R384 million (2024: R335 million).

Financial institutions' credit rating by exposure (source: Fitch Ratings and Global Credit Ratings)

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| **Cash and cash equivalents** |  |  |
| AA+ | **8 558** | 3 598 |
| AA- | **4 543** | 1 095 |
| **Total** | **13 101** | 4 693 |
| **Restricted cash and investments (refer to note 15)** |  |  |
| AAA | **—** | 401 |
| AA+ | **6 542** | 5 677 |
| AA- | **51** | 45 |
| **Total** | **6 593** | 6 123 |
| **Derivative financial assets (refer to note 17)** |  |  |
| AA+  | **239** | 407 |
| AA  | **66** | 221 |
| AA-  | **91** | 156 |
| A+  | **172** | 227 |
| **Total** | **568** | 1 011 |

---

*Expected credit loss assessment*

The group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at amortised cost. The

group's debt instruments at amortised cost consist of cash and cash equivalents, a portion of restricted cash and investments

and trade and other receivables. The assessment of ECLs for the different debt instruments is discussed below:

*Cash and cash equivalents*

The cash and cash equivalents are held with banks and financial institutions which are rated between AA- and AA+ (see above).

The ECL on cash and cash equivalents has been determined using the simplified approach that allows the group to assume that

the credit risk on financial instruments determined to have low credit risk at the reporting date, has not increased significantly

since initial recognition of the financial instrument. The ECL was estimated with reference to a probability of default model using

external credit ratings in determining the default risk of counterparties. The ECL was determined to be immaterial.

*Restricted cash and investments*

The restricted cash and investments relate largely to the environmental trust funds. These funds are held with banks and

financial institutions that are rated between AA+ and AA- (2024: AA+ and AA-) (see above) as well as investments in government

bonds rated at AA+ (2024: AAA). Impairment of investments with investment-grade ratings has been determined using the

simplified approach that allows the group to assume that the credit risk on financial instruments determined to have low credit

risk at the reporting date, has not increased significantly since initial recognition of the financial instrument. The group considers

that the majority of its restricted cash and investments have low credit risk based on the external credit ratings of the

counterparties with which the funds are deposited. The ECL was estimated with reference to a probability of default model using

external credit ratings in determining the default risk of counterparties. Concentration of credit risk on restricted cash and

investments is considered minimal due to the group's investment risk management and counterparty exposure risk management

policies.

*Trade and other receivables*

The group's exposure to credit risk arising from trade receivables (metals) and other trade receivables is influenced mainly by

the individual characteristics of each customer.

Trade receivables result largely from the sale of gold and are fully performing. Exposure to credit risk on receivables from gold

sales is limited through payment terms of two to three days after recognition of revenue for gold sales. The majority of other

receivables comprise a limited number of individually significant customers. The group determines the ECL on trade receivables

and individually significant other receivable balances with reference to a probability of default model using external credit ratings

in determining the default risk of counterparties. The external credit ratings used range between A- to AA. The ECL was

determined to be immaterial.

Loss allowances on individually insignificant other trade receivables has been determined using the simplified ECL approach

using a provision matrix and reflects the short-term maturities of the exposures and past experienced credit judgement. Refer to

note 18 for details on the amount of the loss allowance recognised and the stratification of trade and other receivables for

purposes of the assessment.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

37Financial risk management continued

**Liquidity risk**

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, and the availability of funding

through an adequate amount of committed credit facilities.

In the ordinary course of business, the group receives cash from its operations and is required to fund working capital and capital

expenditure requirements. Management prepares cash flow forecasts weekly and ensures that surplus funds are invested in a

manner to achieve market-related returns and to provide sufficient liquidity at the minimum risk. The group maintains and

refinances committed credit facilities as medium-term forecasts require. The audit and risk committee reviews the updated

forecasts quarterly. The group is able to actively source financing at competitive rates. Where necessary, funds will be drawn

from its revolving credit facilities (refer to note 30).

The following are the undiscounted contractual maturities of financial liabilities (including principal and interest payments

assuming the closing R/US$ exchange rate, closing spot US$ gold price, closing spot US$ silver price and interest rate at year

end):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | **2025** | 2024 | 2024 |
|  | **Current** | **Non-current** | Current<br>(Restated)<sup>4</sup><br>| Non-current |
| Contingent consideration liability |  |  |  |  |
| Due between 0 to five years | **492** | **971** | 115 | 636 |
| Due between five to 10 years | **—** | **229** |  | 414 |
| Due between 10 to 15 years | **—** | **564** |  | 490 |
| Due between 15 to 20 years | **—** | **375** |  | 461 |
| Other non-current liabilities<sup>1</sup> | **—** | **42** |  | 25 |
| Lease liability<sup>2</sup> | **208** | **314** | 270 | 313 |
| Trade and other payables (excluding non-financial <br>liabilities)<sup>1,3,4</sup><br>| **4 166** | **—** | 3 129 |  |
| Derivative financial liabilities<sup>3</sup> |  |  |  |  |
| Due between 0 to six months | **3 296** | **—** | 973 |  |
| Due between six to 12 months | **2 073** | **—** | 649 |  |
| Due between one to two years | **—** | **2 504** |  | 766 |
| Due between two to three years | **—** | **668** |  |  |
| Borrowings<sup>3</sup> |  |  |  |  |
| Due between 0 to six months | **97** | **—** | 75 |  |
| Due between six to 12 months | **95** | **—** | 74 |  |
| Due between one to two years (a) | **—** | **1 950** |  | 149 |
| Due between two to three years | **—** | **56** |  | 1 953 |
| Due between three to four years | **—** | **26** |  |  |
| **Total** | **10 427** | **7 699** | 5 285 | 5 207 |

---

<sup>1</sup>*These balances exclude the lease liability as it has been disclosed separately.*

<sup>2</sup>*Refer to note 26 for details of the maturity periods.*

<sup>3</sup>*The group will utilise its cash generated from operations to settle outstanding obligations.*

<sup>4</sup>*Refer to note 2 for further detail on the restatement.*

(a)Final repayment of capital amount for the US$ term loan of R1 888 millionin May 2027. This repayment is based on the

final outstanding balance of US$100 million and the closing exchange rate of R17.75/US$.

**Capital risk management**

The primary objective of managing the group's capital is to ensure that there is sufficient capital available to support the funding

requirements of the group, in a way that optimises the cost of capital and matches the current strategic business plan.

The group manages and makes adjustments to the capital structure, which consists of debt and equity, as and when borrowings

mature or when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof. In doing so,

the group ensures it stays within the debt covenants agreed with lenders. The group may also sell assets to reduce debt or

schedule projects to manage the capital structure.

The group made repayments of R50 million during the year ended 30 June 2025 (2024: R4 047 million). Refer to note 30 for

further details. It remains the group's objective to adhere to a conservative approach to debt and maintain low levels of gearing in

order to be well positioned for upcoming capital expenditure on the various growth projects and acquisitions.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

37Financial risk management continued

**Capital risk management continued**

Net cash is as follows:

---

| | | |
|:---|:---|:---|
|  | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 |
| Cash and cash equivalents | **13 101** | 4 693 |
| Borrowings | **(1 953)** | (1 794) |
| **Net cash** | **11 148** | 2 899 |

---

There were no changes to the group's approach to capital management during the year.

**Fair value determination for financial assets and liabilities**

The fair value levels of hierarchy are as follows:

Level 1:Quoted prices (unadjusted) in active markets

Level 2:Inputs other than quoted prices included within level 1 that are observable for the asset, either directly (that is, as

prices) or indirectly (that is, derived from other prices)

Level 3:Inputs for the asset that are not based on observable market data (that is, unobservable inputs).

The following table sets out the group's assets and liabilities measured at fair value by level within the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **At 30 June 2025** | **At 30 June 2025** | **At 30 June 2025** | At 30 June 2024 | At 30 June 2024 | At 30 June 2024 |
|  | **Level 1**  | **Level 2**  | **Level 3**  | Level 1 | Level 2  | Level 3  |
| **Fair value through other** <br>**comprehensive income**<br>|  |  |  |  |  |  |
| Other non-current assets (a) | **—** | **—** | **107** |  |  | 88 |
| Restricted cash and investments (b) | **384** | **—** | **—** | 335 |  |  |
| **Fair value through profit or loss** |  |  |  |  |  |  |
| Restricted cash and investments (b) | **—** | **1 828** | **—** |  | 1 569 |  |
| Derivative financial assets (c) | **—** | **568** | **—** |  | 1 011 |  |
| Derivative financial liabilities (c) | **—** | **(7 747)** | **—** |  | (2 111) |  |
| Trade and other receivables (d) | **—** | **86** | **—** |  |  |  |
| Loan to ARM BBEE Trust (e) | **—** | **—** | **45** |  |  | 68 |
| Contingent consideration liability (f) | **—** | **—** | **(1 457)** |  |  | (965) |

---

(a)The majority of the balance relates to the equity investment in Rand Mutual Assurance. The fair value of the investment

was estimated with reference to an independent valuation. A combination of the "Embedded Valuation" and "Net Asset

Value" techniques were applied to revalue the investment at the reporting dates. In evaluating the group's share of the

business, common practice marketability and minority discounts as well as additional specific risk discounts were applied.

There are no inputs to the valuation that a reasonably possible change would result in a material change in the fair value

of the investment.

(b)The level 1 valued assets comprise listed equity securities designated as fair value through other comprehensive income

instruments. Themajority of the level 2 valued assets are directly derived from the Top 40 index on the JSE and are

discounted at market interest rates. This relates to equity-linked deposits in the group's environmental rehabilitation trust

funds. The remaining balance of the environmental trust funds is carried at amortised cost and therefore not disclosed

here.

(c)The mark-to-market remeasurement of the derivative contracts (refer to note 17 for further details) was determined as

follows:

▪Foreign exchange contracts comprise zero cost collars and FECs: The zero cost collars were valued using a Black-

Scholes valuation technique derived from spot Rand/US$ exchange rate inputs, implied volatilities on the Rand/US$

exchange rate, Rand/US$ inter-bank interest rates and discounted at a market interest rate (zero-coupon interest rate

curve). The value of the FECs is derived from the forward Rand/US$ exchange rate and discounted at a market interest

rate (zero-coupon interest rate curve)

▪Rand gold forward sale contracts: spot Rand/US$ exchange rate, Rand and dollar interest rates (forward points), spot

US$ gold price, differential between the US interest rate and gold lease interest rate which is discounted at a market

interest rate

▪US$ gold forward sale contracts: spot US$ gold price, differential between the US interest rate and gold lease interest

rate and discounted at a market interest rate

▪Silver contracts (zero cost collars): a Black-Scholes valuation technique, derived from the spot US$ silver price, strike

price, implied volatilities, time to maturity and interest rates and discounted at a market interest rate

▪Rand gold zero cost collar contracts: a Black-Scholes valuation technique, derived from spot Rand/US$ exchange rate,

spot US$ gold price, Rand and dollar interest rates (forward points) with discounting at the market interest rate (zero-

coupon interest rate curve), US$ gold forward rates, time to maturity and implied volatilities

▪US$ gold zero cost collar contracts: a Black-Scholes valuation technique, derived from spot US$ gold price, US$ gold

forward rates, US$ interest rates with discounting at the market interest rate (zero-coupon interest rate curve), time to

maturity and implied volatilities.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

37Financial risk management continued

**Fair value determination for financial assets and liabilities** continued

(d)The balance of level 2 valued trade and other receivables relates to a contract for the sale of gold-bearing material which

contains variable consideration, dependent on the spot gold price and the quantities of gold recovered once refining at

Rand Refinery has been concluded. The fair value of the trade receivable was determined based on the expected value

method using the estimated gold content of material sold and the expected spot gold price. There are no inputs to the

valuation that a reasonably possible change would result in a material change in the fair value of the trade receivable.

(e)At 30 June 2025, the fair value movement was calculated using a discounted cash flow model, taking into account forecast

dividend payments over the estimated repayment period of the loan at a rate of 11.5% (2024: 12.6%). A 28 basis points

(2024: 73 basis points) change in the discount rate, which would represent a reasonably possible change based on

expected movement in lending rates, would not cause a material change in the fair value of the loan. The loan balance

forms part of other non-current assets in the balance sheet. During the 2025 year, repayments to the value of R28 million

(2024: R42 million) were received.

(f)Contingent consideration liabilities (refer to note 27) consist of the following:

▪Mponeng operation

The contingent consideration related to the Mponeng operation was determined using the expected gold production

profile for Mponeng. At 30 June 2025, the liability was valued at R676 million (2024: R587 million),using a discounted

cash flow valuation method at a post-tax real rate of 10.8% (2024: 10.5%). Should the expected gold production profile

increase by11.5%or decrease by 11.5%, the contingent consideration liability would increase by R319 million

(2024:R354 million at 9.7%) or decrease by R319 million (2024: R340 million at 9.7%) respectively. This represents

reasonably expected changes which were determined based on the average variance between the planned production

and the actual production achieved over a number of years. No other reasonably expected changes in key

unobservable inputs would have caused a material change in the fair value of the liability. The remeasurement of the

liability is disclosed as a separate line in the income statement.

▪Eva Copper

The contingent consideration for Eva Copper includes contingent consideration valued at R781 million

(2024: R378 million), using a probability weighted method for the new resource payment and a discounted cash flow

valuation for the excess payment, both discounted at a post-tax nominal rate of 11.4% (2024: 11.4%). A long-term

copper price of US$4.25/lbs (2024: US$4.00/lbs) was applied in the valuation. A 11.8% change (2024: 10.4%) in the

long-term copper price, which would represent a reasonably possible change based on the standard deviation of market

analysts long-term forecasts of the copper price, would not cause a material change in the fair value of the contingent

consideration. The remeasurement of the liability is disclosed as a separate line in the income statement.

The carrying values (less any impairment allowance) of short-term financial instruments are assumed to approximate their fair

values. This includes restricted cash and investments carried at amortised cost. The carrying values of borrowings fairly

approximates their fair values, as these values do not differ materially due to the interest payable on the borrowings being set at

market-related floating interest rates.

38Subsequent events

(a)On 22 July 2025, Harmony has entered into restructuring documents with MAC Copper, OR Royalties and Glencore

pursuant to which the parties have agreed to amend various documents in connection with the copper stream, silver

stream and the royalty deed with such amendments to take effect after the Jersey law scheme of arrangement pursuant to

Article 125 of the Companies (Jersey) Law 1991 (as amended) (the scheme) for the acquisition of MAC Copper has been

implemented.

(b)On 14 August 2025, Mr Frans Lombard was appointed to the board of directors of Harmony as an independent non-

executive director.

(c)On 27 August 2025, a final dividend of 155 SA cents was declared, which was paid on 13 October 2025.

(d)On 9 October 2025, it was confirmed that all of the conditions to the scheme for the acquisition of MAC Copper had been

satisfied or waived and the Royal Court of Jersey made orders sanctioning the proposed acquisition. Following lodgement

by MAC Copper of a copy of the Court's order with the Jersey Registrar of Companies on 10 October 2025, the scheme

became legally effective. On 22 October 2025, a drawdown of US$875 million (R15.21 billion) was made from the

US$1.25 billion bridge facility. These funds were utilised on 23 October 2025 to settle the cash consideration of

US$1.01 billion (R17.52 billion). Following the receipt of the funds, the scheme was implemented, resulting in an

acquisition date of 24 October 2025.

(e)On 28 October 2025, a payment of US$223 million (R3.83 billion) was made to Citicorp International Limited in full as final

settlement of the MAC Copper senior debt.

(f)On 29 October 2025, a payment of US$75 million (R1.29 billion) was made to Glencore in settlement of the first contingent

copper consideration. This consideration became payable as a result of the lapsing of the payment holiday agreed

between Glencore and MAC Copper following the change of control of MAC Copper.

/

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

39Segment report

Accounting policy

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision

maker (CODM). The CODM has been identified as the Group CEO's office.

The group has one main economic product, being gold. In order to determine operating and reportable segments, management

reviewed various factors, including geographical location as well as managerial structure. It was determined that an operating

segment consists of a shaft or a group of shafts or open pit mine managed by an operational management team.

After applying the qualitative and quantitative thresholds from IFRS 8 *Operating Segments*, the reportable segments were

determined as: Tshepong North, Tshepong South, Moab Khotsong, Bambanani, Joel, Doornkop, Target 1, Kusasalethu,

Masimong, Mponeng, Mine Waste Solutions and Hidden Valley. All other operating segments have been grouped together under

all other surface operations.

The CODM comprises of the following executives:

▪Chief Executive Officer

▪Financial Director

▪Executive Director: Stakeholder Relations and Corporate Affairs

▪Deputy Chief Executive Officer

▪Chief Development Officer

▪Executive Operating Officer: Australasia.

The following members of the Group CEO's office provide strategic and technical support to the CODM. As such, they are not

considered part of the CODM for the purpose of IFRS 8:

▪Chief People Officer

▪Chief Corporate Officer

▪Chief Sustainability Officer

▪Chief Financial Officer: Treasury

▪Chief Information Officer.

When assessing profitability, the CODM considers the revenue and production costs of each segment. The net of these amounts

is the production profit or loss. Therefore, production profit has been disclosed in the segment report as the measure of profit or

loss. The CODM also considers capital expenditure, gold production and tonnes milled when assessing the overall economic

sustainability of each segment. The CODM, however, does not consider depreciation or impairment and therefore these

amounts have not been disclosed in the segment report.

Segment assets consist of mining assets and mining assets under construction included under property, plant and equipment

which can be attributed to the segment. Current and non-current group assets that are not allocated at a segment level form part

of the reconciliation to total assets.

A reconciliation of the segment totals to the group financial statements has been included in note 40.

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

39Segment report continued

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenue**<sup>1</sup><br>**30 June** | **Revenue**<sup>1</sup><br>**30 June** | **Revenue**<sup>1</sup><br>**30 June** | **Production cost**<br>**30 June** | **Production cost**<br>**30 June** | **Production cost**<br>**30 June** | **Production** <br>**profit/(loss)**<br>**30 June** | **Production** <br>**profit/(loss)**<br>**30 June** | **Production** <br>**profit/(loss)**<br>**30 June** | **Segment assets**<br>**30 June** | **Segment assets**<br>**30 June** | **Segment assets**<br>**30 June** | **Capital expenditure**<sup>#</sup><br>**30 June** | **Capital expenditure**<sup>#</sup><br>**30 June** | **Capital expenditure**<sup>#</sup><br>**30 June** | **Kilograms produced\***<br>**30 June** | **Kilograms produced\***<br>**30 June** | **Kilograms produced\***<br>**30 June** | **Tonnes milled\***<br>**30 June** | **Tonnes milled\***<br>**30 June** | **Tonnes milled\***<br>**30 June** |
|  | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 |
|  | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Rand million* | *Kg* | *Kg* | *Kg* | *000t* | *000t* | *000t* |
| **South Africa** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Underground** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Moab Khotsong | **9 455** | 8 108 | 7 036 | **5 229** | 4 638 | 4 515 | **4 226** | 3 470 | 2 521 | **8 023** | 6 017 | 5 125 | **2 427** | 1 330 | 1 167 | **6 184** | 6 599 | 6 668 | **753** | 822 | 920 |
| Mponeng | **16 079** | 10 577 | 7 845 | **7 037** | 5 795 | 4 997 | **9 042** | 4 782 | 2 848 | **6 051** | 4 438 | 4 630 | **2 043** | 890 | 704 | **10 370** | 8 751 | 7 449 | **920** | 880 | 884 |
| Tshepong North | **4 447** | 3 877 | 3 530 | **3 107** | 2 827 | 2 701 | **1 340** | 1 050 | 829 | **2 553** | 2 369 | 2 226 | **695** | 559 | 553 | **2 900** | 3 248 | 3 354 | **673** | 726 | 795 |
| Tshepong South | **4 233** | 3 734 | 3 607 | **2 917** | 2 564 | 2 395 | **1 316** | 1 170 | 1 212 | **2 584** | 2 326 | 2 043 | **570** | 527 | 514 | **2 739** | 3 129 | 3 431 | **448** | 465 | 506 |
| Doornkop | **4 158** | 4 198 | 4 384 | **3 243** | 3 041 | 3 009 | **915** | 1 157 | 1 375 | **4 519** | 3 924 | 3 624 | **914** | 686 | 716 | **2 720** | 3 470 | 4 213 | **742** | 815 | 898 |
| Joel | **2 484** | 2 079 | 2 044 | **1 876** | 1 663 | 1 616 | **608** | 416 | 428 | **1 437** | 1 372 | 1 306 | **270** | 235 | 231 | **1 634** | 1 733 | 1 947 | **374** | 401 | 435 |
| Target 1 | **2 161** | 2 262 | 1 308 | **2 534** | 2 352 | 2 009 | **(373)** | (90) | (701) | **2 067** | 1 951 | 1 745 | **491** | 488 | 428 | **1 387** | 1 859 | 1 275 | **391** | 462 | 365 |
| Kusasalethu | **5 594** | 4 638 | 3 621 | **4 003** | 3 670 | 3 343 | **1 591** | 968 | 278 | **690** | 520 | 634 | **461** | 226 | 253 | **3 629** | 3 842 | 3 460 | **544** | 584 | 567 |
| Masimong | **2 245** | 2 137 | 2 053 | **1 980** | 1 852 | 1 724 | **265** | 285 | 329 | **62** |  | 16 | **111** | 44 | 47 | **1 478** | 1 780 | 1 961 | **424** | 473 | 470 |
| Bambanani<sup>2</sup> | **—** |  | 18 | **—** |  | 16 | **—** |  | 2 | **—** |  |  | **—** |  |  | **—** |  |  | **—** |  |  |
| **Surface** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mine Waste Solutions | **4 458** | 4 016 | 2 689 | **2 220** | 2 047 | 1 809 | **2 238** | 1 969 | 880 | **4 563** | 3 546 | 2 060 | **1 061** | 1 463 | 932 | **2 996** | 3 770 | 2 804 | **23 054** | 22 655 | 23 067 |
| All other surface operations  | **7 495** | 6 463 | 4 945 | **3 921** | 3 694 | 3 371 | **3 574** | 2 769 | 1 574 | **1 479** | 1 268 | 1 234 | **334** | 338 | 316 | **4 879** | 5 296 | 4 719 | **18 787** | 19 676 | 19 382 |
| **Total South Africa** | **62 809** | 52 089 | 43 080 | **38 067** | 34 143 | 31 505 | **24 742** | 17 946 | 11 575 | **34 028** | 27 731 | 24 643 | **9 377** | 6 786 | 5 861 | **40 916** | 43 477 | 41 281 | **47 110** | 47 959 | 48 289 |
| **International** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hidden Valley | **7 923** | 6 181 | 4 440 | **2 456** | 2 247 | 2 036 | **5 467** | 3 934 | 2 404 | **5 355** | 5 570 | 5 766 | **1 620** | 1 541 | 1 737 | **5 107** | 5 101 | 4 370 | **3 787** | 3 360 | 3 846 |
| **Total international** | **7 923** | 6 181 | 4 440 | **2 456** | 2 247 | 2 036 | **5 467** | 3 934 | 2 404 | **5 355** | 5 570 | 5 766 | **1 620** | 1 541 | 1 737 | **5 107** | 5 101 | 4 370 | **3 787** | 3 360 | 3 846 |
| **Total operations** | **70 732** | 58 270 | 47 520 | **40 523** | 36 390 | 33 541 | **30 209** | 21 880 | 13 979 | **39 383** | 33 301 | 30 409 | **10 998** | 8 327 | 7 598 | **46 023** | 48 578 | 45 651 | **50 897** | 51 319 | 52 135 |
| Reconciliation of segment information to <br>the group income <br>statement and group balance sheet. Refer <br>to note 40.<br>| **3 164** | 3 109 | 1 755 | **2 632** | 2 533 | 1 325 | **532** | 576 | 430 | **38 120** | 27 159 | 26 831 | **—** |  |  | **—** |  |  | **—** |  |  |
|  | **73 896** | 61 379 | 49 275 | **43 155** | 38 923 | 34 866 | **30 741** | 22 456 | 14 409 | **77 503** | 60 460 | 57 240 | **10 998** | 8 327 | 7 598 | **46 023** | 48 578 | 45 651 | **50 897** | 51 319 | 52 135 |

---

<sup>#</sup>*Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu and Eva Copper of R857 million (2024: R71 million) (2023: R41 million).*

<sup>\*</sup>*Production statistics are unaudited.*

<sup>1</sup>*Segment revenue consists of revenue from the sale of gold, realised gains or losses of the hedge-accounted gold derivatives and, for Mine Waste Solutions, the non-cash consideration of the streaming arrangement.*

<sup>2</sup>*The Bambanani operation closed during June 2022. The transactions in FY23 relate to the inventory at 30 June 2022.*

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

40Reconciliation of segment information to consolidated income statement and balance sheet

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| **Reconciliation of production profit to consolidated profit**<br>**before taxation**<br>|  |  |  |
| Revenue per segment report | **70 732** | 58 270 | 47 520 |
| Revenue per group income statement | **73 896** | 61 379 | 49 275 |
| Other metal sales treated as by-product credits in the segment report | **(2 632)** | (2 533) | (1 325) |
| Toll treatment services | **(532)** | (576) | (430) |
| Production costs per segment report | **(40 523)** | (36 390) | (33 541) |
| Production costs per group income statement | **(43 155)** | (38 923) | (34 866) |
| Other metal sales treated as by-product credits in the segment report | **2 632** | 2 533 | 1 325 |
| **Production profit per segment report** | **30 209** | 21 880 | 13 979 |
| Revenue not included in segments - Toll treatment services | **532** | 576 | 430 |
| Cost of sales items other than production costs | **(6 480)** | (8 310) | (4 669) |
| Amortisation and depreciation of mining assets | **(4 765)** | (4 546) | (3 355) |
| Amortisation and depreciation of assets other than mining assets | **(77)** | (96) | (99) |
| Rehabilitation expenditure | **(142)** | (3) | (32) |
| Care and maintenance cost of restructured shafts | **(380)** | (246) | (227) |
| Employment termination and restructuring costs | **(200)** | (86) | (597) |
| Share-based payments | **(573)** | (171) | (51) |
| Impairment of assets | **—** | (2 793) |  |
| Toll treatment costs | **(368)** | (420) | (323) |
| Other | **25** | 51 | 15 |
| **Gross profit** | **24 261** | 14 146 | 9 740 |
| Corporate, administration and other expenditure | **(1 647)** | (1 294) | (1 044) |
| Exploration expenditure | **(915)** | (1 047) | (506) |
| Gains/(losses) on derivatives | **(59)** | 453 | (194) |
| Foreign exchange translation gain/(loss) | **(107)** | 97 | (634) |
| Contingent consideration remeasurement | **(830)** | (484) | (64) |
| Other operating expenses | **(346)** | (195) | (204) |
| **Operating profit** | **20 357** | 11 676 | 7 094 |
| Acquisition-related costs | **(40)** |  | (214) |
| Share of profit from associate | **106** | 81 | 57 |
| Impairment of investments in associate | **(23)** |  |  |
| Investment income | **1 504** | 809 | 663 |
| Finance costs | **(698)** | (796) | (994) |
| **Profit before taxation** | **21 206** | 11 770 | 6 606 |

---

**Notes to the group financial statements** continued

*For the year ended 30 June 2025*

40Reconciliation of segment information to consolidated income statement and balance sheet continued

---

| | | | |
|:---|:---|:---|:---|
|  | **SA Rand** | **SA Rand** | **SA Rand** |
| *Figures in million* | **2025** | 2024 | 2023 |
| **Reconciliation of total segment assets to consolidated assets** <br>**includes the following:**<br>|  |  |  |
| **Non-current assets (a)** |  |  |  |
| Property, plant and equipment not allocated to a segment | **8 886** | 8 047 | 11 098 |
| Mining assets (b) | **1 259** | 1 064 | 1 080 |
| Undeveloped property (c) | **4 341** | 4 475 | 7 384 |
| Other non-mining assets | **776** | 567 | 516 |
| Assets under construction (d) | **2 510** | 1 941 | 2 118 |
| Intangible assets | **6** | 19 | 33 |
| Restricted cash and investments | **7 015** | 6 494 | 6 121 |
| Investments in associates | **197** | 165 | 111 |
| Deferred tax assets | **114** | 140 | 189 |
| Other non-current assets | **360** | 344 | 332 |
| Derivative financial assets | **236** | 453 | 269 |
| **Current assets** |  |  |  |
| Inventories | **3 825** | 3 603 | 3 265 |
| Restricted cash and investments | **46** | 39 | 41 |
| Trade and other receivables | **4 002** | 2 604 | 2 395 |
| Derivative financial assets | **332** | 558 | 110 |
| Cash and cash equivalents  | **13 101** | 4 693 | 2 867 |
| **Total** | **38 120** | 27 159 | 26 831 |

---

(a)Non-current assets, excluding financial assets, relating to the group's Australian and PNG operations only consists of

property, plant and equipment.

(b)These balances relate to Wafi-Golpu assets and assets that provide services to several CGUs, such as Harmony One

Plant.

(c)Undeveloped properties comprise the Target North property, Eva Copperand Wafi-Golpu's undeveloped properties. Refer

to note14for the carrying amounts of these undeveloped properties. Refer to note 5 for details on the impairment of

Target North in 2024.

(d)Assets under construction consist of the Wafi-Golpu and Eva Copper assets.