| In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited ("JSE"), a company listed on the JSE is required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the next period to be reported upon - being its interim results for the six months ended 31 December 2024 ("H1FY25") - will differ by at least 20% from the financial results for the comparable six months ended 31 December 2023 ("the previous comparable period" or "H1FY24"). |
| "The outstanding H1FY25 results are on the back of continuous investment in safety, operational excellence and higher quality ounces. We have a stable, predictable, rand-based cost structure and have been delivering operational consistency across the entire group. Our disciplined approach to capital allocation has enabled us to leverage the current high gold price environment to generate exceptionally robust operating free cash flows. Mining with purpose ensures we take Harmony forward sustainably and responsibly as we continue using our wealth of experience and specialised skills to create long-term value for all," says Beyers Nel, CEO. |
| Expected basic and headline earnings for H1FY25 |
| Shareholders of Harmony are advised that a reasonable degree of certainty exists that basic earnings for H1FY25 will be higher than for H1FY24. This is due to an increase in revenue as a result of the delivery of safe, predictable and consistent production and a higher average gold price received. The average gold price received increased by 23% to R1 405 020/kg in H1FY25 from R1 141 424/kg in H1FY24. In US dollar terms, the average gold price received increased by 28% to $2 437/oz in H1FY25 from $1 900/oz in H1FY24. |
| The increase in earnings was partially offset by the following: |
- An increase in production costs due to planned above-inflation increases in labour and electricity costs
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- An increase in the current taxation due to higher taxable income and higher royalty taxes is driven by an increase in revenue and profitability resulting from favourable gold prices.
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| Consequently, earnings per share (“EPS”) are expected to be between 1182 and 1355 South African cents per share, which represents an increase of between 24% and 42% on the EPS of 956 South African cents per share for the previous comparable period. In United States ("US") dollar terms, the EPS is expected to be between 66 and 76 US cents per share, which is an increase of between 29% and 48% on the EPS of 51 US cents per share reported for the previous comparable period. |
| Headline earnings per share (“HEPS”) are expected to be between 1188 and 1361 South African cents, which represents an increase of between 24% and 42% from the HEPS of 956 South African cents reported in the previous comparable period. In US dollar terms, the HEPS is expected to be between 67 and 77 US cents per share, which is an increase of between 31% and 50% on the headline earnings of 51 US cents per share reported for the previous comparable period. |
| Harmony will publish its financial results for the six months ended 31 December 2024 on Tuesday, 4 March 2025. Please see Harmony's website for more details: www.harmony.co.za. |
| For the full document click the link below: |
| Harmony Gold Mining Company Limited |
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