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.