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    René Hochreiter

    Senior Analyst specializing in metals and mining at NOAH Capital

    René Hochreiter is a Senior Analyst specializing in metals and mining at NOAH Capital Markets, with a focus on South African platinum, gold, iron ore, and ferrous metals companies such as Sibanye-Stillwater and Sylvania Platinum. Renowned for his market insights, Hochreiter has earned top performance track records, holding the No. 1 JSE Platinum sector Analyst FM Ratings for 10 consecutive years and No. 1 in Small Caps for 4 years, and has been recognized as the best forecaster by Cape Institution analysis. His career spans decades with prior experience at Sieberana Research and consultancies, joining NOAH Capital Markets as a highly respected figure in commodity research. Hochreiter's credentials include professional recognition through industry awards and a substantial history in financial analysis; however, specific securities licensing or FINRA registration details are not publicly available.

    René Hochreiter's questions to HARMONY GOLD MINING CO (HMY) leadership

    René Hochreiter's questions to HARMONY GOLD MINING CO (HMY) leadership • Q4 2025

    Question

    René Hochreiter of NOAH Capital inquired about a production gap in the 2030-2035 profile, asked for an update on the Target mine's performance, and questioned how long the high-grade VCR at Mponeng would last before declining to the ore body's average.

    Answer

    CEO & Executive Director Beyers Nel clarified the production profile gap is due to the tapering of high-cost optimized assets, not a lack of value, and that Mac Copper is already included in the chart. He reported that the Target mine's recapitalization is complete and it is showing 'green shoots'. Regarding Mponeng's grade, Nel reiterated that it's difficult to predict how long the 11 g/t grade will last and that planning should be based on the stated reserve grade.

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