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    Arnold Van Graan

    Research Analyst at Nedbank

    Arnold Van Graan is the Head of Markets Research at Nedbank Corporate and Investment Banking, specializing in equity research focused on South African gold and platinum producers. With 18 years of mining sector financial experience, he has covered leading mining companies in the precious metals space and is known for his deep sector insights and investment perspectives, though specific performance metrics or third-party rankings are not publicly available. Van Graan began his career in the Mining Team at Ernst & Young, followed by equity research roles at Investec Securities, Canadian Imperial Bank of Commerce, and Royal Bank of Canada, before joining Nedbank in 2016. His professional credentials pertain to extensive international investment banking experience, but no specific securities licenses or regulatory registrations are disclosed in publicly accessible records.

    Arnold Van Graan's questions to HARMONY GOLD MINING CO (HMY) leadership

    Arnold Van Graan's questions to HARMONY GOLD MINING CO (HMY) leadership • Q4 2025

    Question

    Arnold Van Graan from Nedbank Group Limited asked about the operational and CapEx changes planned for Mac Copper to align it with Harmony's standards, and also questioned the flexibility to maintain margins at the lower-margin optimized assets amid potential environmental changes.

    Answer

    CEO & Executive Director Beyers Nel stated that once the Mac Copper deal closes, Harmony will conduct a detailed technical analysis and provide an update in February. He noted the mine has ventilation challenges but is in good physical condition. Regarding the optimized assets, Nel explained they receive sustaining CapEx to maintain flexibility and extend their life, but not major growth capital due to lower margins. He affirmed they will continue operating as long as they are safe and provide acceptable grade.

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    Arnold Van Graan's questions to HARMONY GOLD MINING CO (HMY) leadership • H1 2023

    Question

    Arnold Van Graan of Nedbank inquired about the drivers of grade variability at the Moab and Mponeng mines and asked for an outlook on a final dividend, assuming stable gold prices.

    Answer

    Group COO Beyers Nel explained that grade variability is special in nature, driven by specific high-grade areas and managed through mining practices and seismic response control, expressing confidence in maintaining grades. Financial Director Boipelo Lekubo stated that while the dividend policy is clear, the board's discretion and the need to maintain a strong balance sheet after the Eva Copper acquisition led to no interim dividend, and she could not guide on a final dividend.

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