Harmony Gold Mining : Investor brief (November 25, 2025)

#MiningWithPurpose

INVESTOR BRIEF

NOVEMBER 2025

JSE ticker code HAR / NYSE ticker code HMY

#MiningWithPurpose

ABOUT HARMONY

Discovering, developing and delivering metals that sustain the world 4

A de-risked and geographically diversified gold and copper mining company

South Africa

Australia

Papua New Guinea

Eva Copper: 100% owned

CSA mine: 100% owned

10 years of meeting production guidance
FY25 gold production		Mineral Resources		Mineral Reserves		Operating mines
1.48Moz14		135.5Moz14		36.8Moz14		12
South Africa's largest gold producer		Significant resource base placing Harmony in global top 10		Higher quality ounces as we invest in grade and margin		10 underground and 2 open-pit mines

SA underground high-grade

SA surface High-margin

SA underground optimised

International gold and copper growth

5

Largest gold tailings retreatment business globally

Surface retreatment operations

2

Eva Copper (Australia)

Wafi-Golpu (Papua New Guinea)

Copper-gold growth projects

Unearthing tomorrow 5

Over 75 years of operational excellence and value-creation

Our strategy:

To produce safe, profitable ounces and improve margins through operational excellence and value-accretive acquisitions

SA

underground high-grade

SA

underground optimised

• Gold remains our core. Strategic addition of copper to de-risk portfolio

• Enhancing portfolio quality and margin expansion through

  • focus on value over volume

  • ongoing investment in high-grade gold and copper assets

  • strategic geographical diversification

• Positioned for robust cash flow generation as improved asset quality supports resilience through commodity cycles

  International copper-gold growth

  SA

  surface high-margin

  
  
  
  
  
  
  

  Mining with purpose central to what we do 6

  Continued improvement in ESG5 ratings and recognition

  Embedded sustainability recognised by third parties

  Upgraded to 4.2

  out of 5.0, placing Harmony in 93rd

  percentile in ICB9

  Supersector

Upgraded to BB Overall performance better than industry average

Harmony ranked in

Top 50 in

gold sub-industry category

Scored 'A-' for our water management strategy

Harmony conforms with the SBTi criteria

Taking safety personally 7

Proactive safety culture sees good momentum carried forward with LTIFR13 below 5.00 in Q1FY26

Safety performance

• Group LTIFR13 at 4.29 per million hours worked in Q1FY26 and continues trending lower

• Second consecutive quarter LTIFR below 5.00 (Q4FY25: 4.28)

• Maintained safety momentum from Q4FY25 to Q1FY26

Group LTIFR13 per million hours worked

5.57

4.28

5.39

4.29

Q1FY25 Q4FY25 FY25 Q1FY26

Investor brief - November 2025

Operational snapshot (Q1FY26) 8

Creating long-term value through operational excellence and effective capital allocation

LTIFR13 continues trending lower and below 5.00 for second consecutive quarter

Underground recovered grade ahead of guidance

Group gold production on track to meet guidance

All-in sustaining cost tracking

in line with guidance

4.29

per million hours worked

5.91g/t8

12 128kg10

(390koz11)

R1 107 486/kg10

(US$1 954/oz16)

FY26 guidance: Production: 1.4Moz14 to 1.5Moz14 Grade: >5.8g/t8 AISC2: R1 150 000/kg10 to R1 220 000/kg10

Adjusted free cash flow* boosts balance sheet

R7.4 billion

(US$418 million)

Balance sheet in net cash position of

R17.1 billion

(US$989 million)

Total available headroom in cash and available facilities

R26.6 billion

(US$1.5 billion)

* For definition of adjusted free cash flow (AFCF1), see Glossary

Investor brief - November 2025

A decade of consistency 9

Record cash flows and a future powered by quality orebodies, copper and collaboration

Production guidance met for 10th consecutive year

Record cash flows, strong balance sheet and record dividend pay-out

Higher-quality orebodies drive higher margins

Meaningful copper exposure through CSA mine, Eva Copper and

Wafi-Golpu projects

De-risking business through collaboration and partner of choice

Investor brief - November 2025

Funding growth and delivering shareholder returns 10

Disciplined and balanced capital allocation focused on value

Safety and production optimisation:

Aiming for ZERO loss-of-life

Returning capital to

shareholders: Paying a dividend consistent with policy and overall growth strategy

CCRREEAATTIINNGG LLOONNGG--TTEERRMM VVAALLUUEE

Debt repayment:

Significant net cash position; aim for <1x net debt/EBITDA4

Inorganic growth:

Value-accretive mergers

and acquisitions

Organic growth and investment: Focus on increasing grades and improve margins

EBITDA4: Earnings before interest, tax, depreciation and amortisation as defined, also excludes unusual items such as impairment and restructuring cost: rolling 12-month historical