HARMONY GOLD MINING CO (HMY) Company Report

Analyst Coverage

Research analysts who have asked questions during HARMONY GOLD MINING CO earnings calls.

Arnold Van Graan

Nedbank

2 questions for HMY

Adrian Hammond

SBG Securities

1 question for HMY

Also covers: AU, GFI, SBSW +1 more

Bruce Williamson

Integral Asset Management

1 question for HMY

Also covers: DRD

Daniel McConvey

Rossport Investments

1 question for HMY

Also covers: MPVDF

David Leffel

Deutsche Bank

1 question for HMY

Jared Hoover

RMB Morgan Stanley

1 question for HMY

Leroy Mnguni

HSBC

1 question for HMY

Also covers: AU

Mark du Toit

Oystercatcher Investments

1 question for HMY

René Hochreiter

NOAH Capital

1 question for HMY

Latest news

Recent press releases and 8-K filings for HMY.

Harmony Gold Mining Company Limited Expects Solid H1 FY26 Performance and Reaffirms Full-Year Guidance

HMY

Guidance Update

New Projects/Investments

Earnings

Harmony Gold Mining Company Limited anticipates a solid financial performance for the six-month period ended 31 December 2025 (H1FY26), supported by elevated gold prices and strong free-cash-flow generation.
Despite operational impacts in the second quarter of financial year 2026, including mill motor failure, deferred gold shipment, lower metallurgical recoveries, and a cyanide shortage, the company reaffirms its full-year production guidance of 1,400,000 to 1,500,000oz at an all-in-sustaining cost (AISC) of R1,150,000/kg to R1,220,000/kg.
Integration activities at the newly acquired CSA copper mine are progressing, with guidance for this operation to be provided with the interim results, and the Engineering, Procurement and Construction (EPC) contractor for the Eva Copper Project is expected to mobilize to site during the March 2026 quarter.
Harmony will publish its interim operating and financial results for the 2026 financial year on Wednesday, 11 March 2026.

4 days ago

6-K

Harmony Gold Mining Company Limited Reports Strong Q1 FY26 Revenue and Completes MAC Copper Acquisition

HMY

Earnings

M&A

Guidance Update

Harmony Gold Mining Company Limited reported a 20% increase in gold revenue to R21,689 million (US$1,230 million) for the three months ended September 30, 2025 (Q1 FY26), primarily driven by a 34% increase in the average gold price received to R1,818,510/kg (US$3,209/oz).
The company completed the acquisition of MAC Copper, owner of the high-grade CSA mine, on October 24, 2025, marking a significant milestone in its strategy to grow into a global gold and copper producer.
Group gold production for Q1 FY26 decreased by 8% year-on-year to 12,128kg (389,923oz), but the company confirmed it is on track to meet its FY26 production, cost, and grade guidance.
All-in sustaining costs (AISC) rose 15% to R1,107,486/kg (US$1,954/oz) in Q1 FY26, which was in line with planned increases and below the lower end of the FY26 guidance range.

Nov 12, 2025, 12:18 PM

6-K

Harmony Gold Mining Company Limited Publishes FY25 Reports and Announces Board Committee Changes

HMY

Earnings

Board Change

Harmony Gold Mining Company Limited published its annual reporting suite for the financial year ended 30 June 2025 (FY25), which includes audited annual financial statements with no modifications to previously published results.
For FY25, the company met production guidance for the 10th consecutive year, delivered record free cash flows, and provided strong shareholder returns.
An electronic Annual General Meeting (AGM) is scheduled for Wednesday, 26 November 2025, with the record date for voting being Friday, 21 November 2025.
The company proposes changes to its Social and Ethics Committee, with Ms. Zanele Matlala to be appointed as Chairperson and Ms. Karabo Nondumo stepping down from the Chairperson role but remaining a member, both subject to AGM election.

Oct 24, 2025, 1:51 PM

6-K

Harmony Gold Mining Company Limited completes MAC Copper acquisition

HMY

M&A

New Projects/Investments

Harmony Gold Mining Company Limited (Harmony) completed the acquisition of MAC Copper Limited (MAC) on October 24, 2025.
Harmony acquired 100% of MAC's securities for a total equity value of US$1.01 billion, funded by cash reserves and a US$1.25 billion bridge facility.
This transaction provides Harmony with full ownership of the high-grade CSA copper mine in Australia, reinforcing its strategy to grow into a global gold and copper producer.
Harmony will integrate the CSA mine over the next three months and plans to provide an update on its operational performance and development milestones, along with updated FY26 production guidance, at its H1FY26 results presentation in late February or early March 2026.

Oct 24, 2025, 11:24 AM

6-K

Harmony Gold Mining Company Limited: MAC Copper Shareholders Approve Acquisition

HMY

M&A

New Projects/Investments

Harmony Gold Mining Company Limited announced on September 1, 2025, that MAC Copper Limited's shareholders have approved the sale of 100% of its issued share capital to Harmony Gold (Australia) Pty Ltd.
MAC Copper owns the high-grade CSA Copper mine in Cobar, New South Wales, Australia, which is expected to add approximately 40,000 tonnes per annum in high-quality copper to Harmony's portfolio and be immediately cash flow positive.
This acquisition is intended to accelerate Harmony's strategy of adding high-margin, long-life ore bodies, enhance cash flow resilience, and provide commodity and geographical diversification, serving as a natural hedge against gold price volatility.
The transaction remains subject to the satisfaction of remaining conditions, including a Court Sanction Hearing scheduled from October 9, 2025, with Harmony anticipating control of the asset towards the end of October 2025.

Sep 3, 2025, 11:07 AM

6-K

Harmony Gold Mining Company Limited Reports Strong FY25 Results, Advances Copper Strategy, and Declares Record Dividend

HMY

Earnings

Dividends

M&A

Harmony Gold Mining Company Limited reported strong financial results for the year ended June 30, 2025 (FY25), with adjusted free cash flow increasing by 54% to a record R11.1 billion (US$614 million) and headline earnings per share rising 26% to 2,337 SA cents (129 US cents).
Group revenue grew 20% to R73,896 million (US$4,071 million), while group gold production was 46,023kg (1,479,671oz), a 5% decrease but within guidance.
The company's copper strategy is advancing, with the Eva Copper Mineral Resource increasing 31% to 1.93Mt of contained copper, and the acquisition of MAC Copper expected to close in October 2025.
A final dividend of 155 SA cents (9 US cents) per share was declared, bringing the total FY25 payout to a record R2.4 billion (US$133 million).

Aug 28, 2025, 2:30 PM

6-K

Harmony Gold Mining Co Ltd Forecasts Significant Earnings Increase for FY25

HMY

Earnings

Guidance Update

Harmony Gold Mining Company Limited expects basic earnings per share (EPS) for the financial year ended June 30, 2025 (FY25) to be between 2,180 and 2,450 SA cents (or 120 and 132 US cents), representing an increase of 57% to 77% (or 64% to 81%) compared to FY24. Headline earnings per share (HEPS) are anticipated to be between 2,190 and 2,500 SA cents (or 121 and 137 US cents), an increase of 18% to 35% (or 22% to 38%) from FY24.
This positive outlook is primarily due to an increase in group revenue, driven by continued operational excellence and a 27% higher average gold price received of R1,529,358/kg (US$2,620/oz), along with no impairment recognized on assets in FY25, contrasting with a R2,793 million (US$154 million) impairment in FY24.
Operationally, Harmony achieved its tenth consecutive year of meeting guidance in FY25, delivering group production of 46,023kg (1,479,671oz) and improving recovered underground grades by 3% to 6.27g/t, while maintaining all-in sustaining costs (AISC) at R1,054,346/kg (US$1,806/oz), all within guided ranges.