Good morning and thank you for joining us for Harmony's results for the 6 months ended 31 December 2025. During the period under review, we reinforced Harmony's position as a higher quality, lower risk, global producer of copper and gold.

We continue to grow selectively, sequentially, and affordably, turning today's gold price tailwinds into durable compounding value. Our first rand or dollar spent goes to safety and sustaining our operations.

We then allocate to organic projects and advance copper and gold scale only where risk-adjusted returns clear our hurdles. Every initiative competes on risk, margin, and cash conversion.

We continue preserving balance sheet strength for disciplined and consistent through-the-cycle dividends. Operationally, we remain on track to meet our full-year production, cost, and grade guidance.

An exceptional gold price environment has further supported another strong financial performance. As a result of our strengthened cash flow generation, we are pleased to announce that we have revised our dividend policy to provide shareholders with enhanced upside participation.

The revised policy now includes a base dividend and an upside participation model based on pre-dividend net debt to EBITDA levels. In line with our new dividend policy, we have declared an interim dividend of 530 South African cents, or 32 US cents per share, at a rolling 12-month dividend yield of 2.2%.

The interim dividend payout has doubled to a record R3.4 billion, or $204 million. This represents a payout of 43% of net free cash.

Looking ahead to our FY26 guidance, for our gold operations, we reiterate our previous guidance of production of between 1.4 and 1.5 million ounces, underground recovered grades above 5.8 grams per tonne, and all-in sustaining costs between R1.15 and R1.22 million per kilogram. Our copper production guidance only includes the CSA mine.

Guidance for the financial year '26 is as follows: production of between 17.5 and 18.5 thousand tonnes, C1 cash costs of between $2.65 per pound and $2.80 per pound, and recovered grades above 3.5%. Group capex for financial year '26 has been updated to R18.5 billion, and now includes capital expenditure for CSA and Eva.

Updated capex for gold operations have reduced by R1 billion to R11.8 billion. CSA capex guided at R1.1 billion, or $65 million.

Eva Copper capex is projected to come in at R5.6 billion, or around $302 million this financial year. Project capital for Eva Copper is expected to be between $1.55 and $1.75 billion over the 3-year construction period, with an estimated 20-40-40 split over the 3-year period.

We will rather provide longer-term guidance for the CSA mine at the time of our full-year results release. Thank you, and we will now take any questions.

Morning, Beyers and team. I hope you're all well.

Thanks for the call. I just wanted to get some feedback just in terms of input cost inflation, whether you're seeing any of that, especially on items like sulfuric acid if applicable, diesel.

Then also whether the cyanide shortage has been resolved or if you're still struggling on that front.

Good morning, David. I will start with the latter.

The cyanide supply has normalized. It was an industry-wide force majeure issued by a cyanide supplier.

As I said, that has normalized now. We are also reducing our reliance on external party supply of liquid cyanide by increasing our cyanide dissolution capacity in Harmony where one can dissolve briquettes to reduce your dependency on a sole supplier.

We're not 100% there yet, but we're working on contingency measures to make sure that we do not have an impact like this again. On the inflationary side, obviously Brent crude spiked with what's going on in the world right now.

Just a reminder that the South African costs is quite predictable in a sense that 55% of our cost basket in South Africa, which is still 90% or so of our production, is labor, and that 55% is governed by our 5-year wage agreement. That cost inflation number is pegged.

Then on top of that, if you add water and electricity, you get to more than 70% of the cost basket being quite predictable. We don't use diesel as our main fuel source on all of our operations.

Our labor-intensive underground operations are not typical open pit operations that run on diesel machines. On a relative basis, albeit that we've got Hidden Valley, Telgold, Target, and now the CSA mine in Australia, the Eva Copper development that do run more on diesel, the exposure on the whole portfolio is somewhat muted because of the energy source being different on the labor-intensive underground mines.

Thank you. Then just squeeze a quick question on CSA Copper.

Annualized, that production looks to be about 27,000 tonnes. In the past I've been reporting nameplate capacity on this mine of about 40 41,000 tonnes.

Just if you could explain the discrepancy there if there is one. Then just also whether you can give any guidance on any increases in capex on the CSA as you recapitalize and pull that asset towards itself.

Sure, David. I want to start by saying that we are very happy with the ore body that we bought at CSA.

It's a phenomenal copper ore body, and we continue to be very much excited about that. You'll see in the presentation later today that some phenomenal drill intercepts that sit outside of the current mine shell has also come through.

As to the quality of the mine and what we bought, we are very happy with that. What is important to understand about the guidance that we've given is it incorporates a number of one-off stoppages that we did, one for safety.

We had a 7-day safety stoppage in this period where we addressed some secondary egress systems, upgrading that, making sure that's safe in the event of an emergency for people to egress the mine. Secondly, in the guidance we've given out today on the third quarter, there's a 30-day, a whole month, where we're stopping the operation to complete steelwork in the shaft that needs to be rehabilitated and replaced in terms of making sure that the shaft system is 100% safe.

Normalized for that, the production is lower than I guess what was previously guided by the other operator. We confident with what we've got there in terms of setting CSA up for the long term in terms of decongesting the ventilation, making sure that any other sequence mining is to standard, and making sure that the CSA mine is a long-term value add for Harmony.

Thanks, Beyers. I can come back with any other questions later on if possible.

David.

Good morning, Beyers and team. Done.

Good work. I just looking at this gold production being down, what was that about?

Is this a new level that you sort of sink to permanently or is it just an anomaly? Then is there much room to grow quickly with gold in South Africa?

Brownfield extension, near production, that sort of thing. Can you give me some sort of insight into what is possible along the brownfield lines in the quick-growth gold lines?

Good morning, Martin. Thank you.

Martin, our production was down for this period basically on the back of two or three things. One, I'll start with Hidden Valley.

Hidden Valley suffered a tectonic-related mill motor failure in the gold plant. There was a earthquake in-country, and there was some vibrations coming through which damaged some of the civils in a portion of the plant.

That's resolved now. As a result of that, we've also had some gold shipping delays at Hidden Valley which flowed over to the next reporting period.

That would be one-off of nature, and we back to good momentum at Hidden Valley. The South African operations were affected by this force majeure on the cyanide supply we just spoke about with David, and that resulted in some impacts on our recoveries in our plants, and more so on our surface operations where we consume a lot of sodium cyanide in the extraction process of gold.

Other areas, we had some lower grades during this period in total, and that was also affected by some metallurgical plant recoveries which were a little bit lower than what we anticipated and expected. We glad to report that those recoveries in the plants have also normalized now in quarter three.

Not structural in nature, more all one-off, and obviously there's good momentum at the operations at the moment. Martin, as to the conversion of further gold in South Africa, we've got an exciting organic pipeline.

We've still got a huge mineral reserve and a huge mineral resource, and that resource-to-reserve conversion has always been part of the Harmony story. Our gold organic projects are advancing.

We're working on further opportunities to perhaps add more surface re-mining to our portfolio in South Africa. Those are under study, and we will disclose the outcome of that to the market once we're ready.

Thanks, Beyers.

Thank you. Just wanted to follow up on the silver price.

Do you still have a lot of exposure via your book to the silver price, and is there anything you can do to mitigate that situation?

Yeah. David, thank you.

As we produce quite a bit of silver at our Hidden Valley mine, and the phenomenal growth we saw in the silver price during the period have obviously resulted in the outcome as published. Silver revenue decreased by 27% to R740 million from a billion in the previous period due to a 50 2% reduction in Hidden Valley silver production firstly, because of the mill motor impact, and that was obviously offset by the prices as well.

I'll ask Boipelo to maybe just add on the silver and what we can do, but it basically, I guess, David, is what it is, and we need to focus on what we can control, and the prices that are fixed on those contracts are fixed.

David, just to add, we do hedge silver, but you'll notice in the hedging table that we publish in our results that we haven't added on those hedges at the moment, just given where price levels are. There is included in the financials a loss on those silver derivatives.

It's fairly limited and limited to Hidden Valley.

Boipelo, just while I've got you on the phone there, can I ask you, I see that the company is now in a net debt situation. I assume that's not post-dividend.

When do you expect to get back into a net cash, and how do you expect to manage your cash going forward?

At current levels, we expect to be back at net cash by the end of this financial year, and that was notwithstanding the fact that we paid the billion dollars for CSA. In terms of how we manage that, we've always adopted a disciplined approach towards capital allocation.

It's a balance between firstly, investing in sustaining our business, safety always as a first priority, and then the balance between sharing with shareholders, as you can see with the revised dividend policy. It remains a balance, David, as we navigate obviously, integration of CSA, as well as the build on Eva.

Then

I see there's a comment where you say you're actively still evaluating the optimal capital structure. I always thought that was just a reference to the payout policy, but if you're still assessing your capital structure, what else could that refer to?

If you'll note in our balance sheet, we have quite a bit of debt sitting under current liabilities, and that's due to the bridge loan that we took out to pay for the CSA asset. We would have to look at ways in which we take that bridge loan out.

We did indicate that to the market when we came out with CSA and how we intend to fund that.

What typically are the options there?

It could be a number of things, David. I can't say at the moment.

It's fair to say if you look in our financials, we also have just debt which is maturing shortly, we will be refinancing those. It could be a number of things, but that will come to a market when those plans have been finalized.

Thanks so much. Just one final question.

Beyers, do you expect now a very generous re-rate from the market now you've adjusted your payout policy?

Now, David, we just happy that we can share some of the upside of the current tailwinds we have in gold. We equally excited about building our copper portfolio, and making sure that we create a portfolio that will not only reward shareholders and stakeholders now, but even through the cycle with copper coming in.

Oh, can I just ask also, just on the copper side, what are you budgeting, if you can share, just in terms of the contribution from copper for the remainder of the financial year?

Contribution from copper in terms of, sorry, David, if you could just clarify.

Cash. Sorry.

In terms of cash generation. Yeah.

I cannot guide that. We've guided the production and the C1 cost.

I think you can pretty much work it out.

Thank you. Thanks so much, guys.

Thanks, David.

Hello?

Hello?

Yes. Hello, can you hear me?

Yes. We can hear you.

You can hear me?

Dineo,

Yes, thank you. Thank you so much for that, and good morning, everyone.

The question that I have is about Eva Copper Mine. For us to just get an update on if I missed it, what plans you have there for the Eva mine.

Secondly, it seems like a lot of gold mining companies are buying assets in Australia, just from your side, tell us why you've gone to Australia, what opportunities that you further see in that country. Then the other question that I have is seeing that the gold price is so high, are there more incidents of illegal mining?

Because we've seen even there's a move by the government to arrest it through deployment of soldiers. Thank you.

Good morning, Dineo. Starting with Eva, we are extremely excited about this project.

We have announced final investment decision to the market November last year in 2025. Since then, it's been a beehive of activity, and we have completed most early works and then have ramped up to full construction at the moment.

We look forward to our first production towards the end of calendar year 2028, and we've guided the capex over a 3-year period to be between $1.55 and $1.75 billion rand billion US dollars over that 3-year period. Everything according to plan at this point in time, and as I said, a good jurisdiction to build a copper mine in, and we are quite excited to take that through the EPC and the construction of the concentrator and building the mine.

As to Australia, Australia was for a long time part of our filters, and just a reminder to the market, we have been operating our regional hub in Australia for more than 20 years now. We support our Papua New Guinean operations through a hub in Brisbane.

It was always a natural extension of our capability in-country to consider the Southeast Asia region, if you will, and Australia is a key part of that. We've got a healthy mix of Australians and South Africans and people in the office there, this is not a new entry into Australia for Harmony.

We've been there for a long time, and we feel we've got a good understanding and good capability in-country to leverage in terms of adding production. We're quite excited to invest in Australia.

As to gold and illegal mining, yes, true. If the price of any commodity goes up, there is often an increase in illicit activity.

We do see some of that coming through, albeit we don't suffer any impact or major impacts on our operations. We believe it is an issue, but it is well controlled, and we believe we've developed over the years some sort of blueprint, Dineo, particularly in the Free State where we get some good cooperation from the South African Police Service in combating these illegal activities.

Thank you.

No, thank you.

Sorry.

to add to Dineo's question on the Eva Copper, we've actually got a video which we will be publishing on our website and putting through on social media, if you do want to go and have a look at that, it will give you some additional information on Eva. Quite exciting.

Thank you. You refer to your gold production as being high quality gold production.

Could you just give me some insight into the expected grade levels, and whether these will be going up and down at any stage, and you'll be able to continue to refer to yourselves as high quality gold producers?

Martin, if I start with our four quadrants in our business, I would start with the high-grade underground operations. Those are two mines.

These are the mines we acquired the last two remaining AngloGold Ashanti assets in South Africa, which are Mponeng, Kusasalethu, and Bambanani mines. These mines produce about seven produce 7.8 tonnes of gold at 8.86 grams per tonne.

Now these are the mines that when we acquired them had a relatively short life to them, and these are the mines that are now on an organic level being extended. They will have a 20-year life.

We are referring to these high-grade mines that are performing so well with the recapitalization projects that Harmony's initiated and commenced since acquisition will have tenure. They will have a long life ahead of them, and those are high quality, and when we say high quality, good quality, we mean high grade with good margins ahead of them.

Similarly, in South Africa, we also have what we call the second quadrant is the South African surface operations, which we call albeit maybe not high grade, but high-margin surface. This is the re-mining operations which produce 3.5 tonnes of gold at 0.17 grams per tonne.

Now those, from an all-in sustaining cost perspective and a cash generation potential perspective, are high-margin operations which add to the quality. It is our optimized assets during this cycle which is the lower quality assets at 4.3 grams a tonne.

Albeit these mines have doubled their margins in the reporting period and are generating cash, these are the mines that are shorter in life of mine going forward. As these higher-cost mines, lower-grade mines mine out, and we maintain the high grade and build the high-grade production out for the 20 years, as I said, and add the high-margin surface production, that's the high-margin, high-quality gold base we're talking about that's going to be around for the future in Harmony, Martin.

Thanks for that comprehensive insight there. Thank you.

In closing, we are intentionally transitioning into a significant global gold and copper producer. This journey is grounded in mining with purpose, ensuring that everything we do creates value for all stakeholders wherever we operate.

Thank you very much.