Harmony Gold Mining Company Limited (HMY) 6-K Current report (foreign)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a16 OR 15d16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For May 12, 2022

Harmony Gold Mining Company Limited

Randfontein Office Park

Corner Main Reef Road and Ward Avenue Randfontein, 1759

South Africa

(Address of principal executive offices)

*-

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20 F or Form 40F.)

Form 20F ☒ Form 40F ☐

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing

the information to the Commission pursuant to Rule 12g32(b) under the Securities Exchange Act of 1934.)

Yes ☐ No ☒

Harmony Gold Mining Company Limited

Incorporated in the Republic of South Africa

Registration number: 1950/038232/06

JSE share code: HAR

NYSE share code: HMY

ISIN: ZAE000015228

(“Harmony” or “the Company”)

OPERATIONAL UPDATE

for the nine months ended 31 March 2022 (“Q3 FY22”)

RETREATMENT OPERATIONS SHINE; LONG-TERM OBJECTIVES AND FULL YEAR GUIDANCE STILL ON TRACK DESPITE A TOUGH THIRD QUARTER

Johannesburg, South Africa. Thursday, 12 May 2022. Harmony Gold Mining Company Limited (“Harmony” or “the Company”) is pleased to report its operational performance for the nine months ended 31 March 2022.

Over the past few quarters, there has been a renewed wave of uncertainty, specifically for gold, as inflation seems to be returning after an almost 30-year hiatus. This uncertainty has been compounded by concerns of low economic growth, the increasing risk of conflict and further supply chain disruptions.

Despite our stringent controls and leaner operating model, we are not immune to the effects of rising costs. Cost increases are now a worldwide concern and it is imperative we continue to scrutinise our costs while adapting to what seems to be a period of higher inflation with protracted supply chain disruptions.

Encouragingly, Harmony has made significant progress in resolving and adapting to the various disruptions which impacted production across its operations in South Africa and Papua New Guinea during the course of this financial year.

Amidst the global uncertainty, we remain focused on our long term goals and objectives. Uncertainty creates both risks and opportunities but we continue investing in our people and in quality assets to improve our structural profitability. We remain committed to creating shared value through the effective and disciplined allocation of capital in order to take advantage of these opportunities. Our strategy is to produce safe, profitable ounces and improve margins through operational excellence and value-accretive acquisitions. By delivering on our four strategic pillars, the balance between meeting our short-term goals and achieving our longer-term objectives will be maintained as we continue “Mining with Purpose”.

Nine months of the financial year 2022 (“FY22”) – Key operational metrics*#

	Unit	Y-on-Y %		Nine months  FY22	Nine months  FY21	Comments
Gold revenue	Rm	2	%	30 669	30 166	Higher gold price received and higher production from South African operations
Gold price	R/kg	1	%	877 249	868 964	Higher US$ gold price amidst global geopolitical uncertainty and inflation concerns contributed to a higher Rand gold price received
Gold produced total	kg	-2%		34 357	34 969	Overall production was impacted in the third quarter as a result of the Hidden Valley overland conveyor belt failure, adverse ground conditions at Moab Khotsong, and safety-related stoppages at Mponeng and Bambanani as a result of seismicity. Continuous load-shedding and water outages in the Free State have negatively impacted the square meters mined
	oz	-2%		1 104 598	1 124 274
Gold production – South Africa	kg	2	%	32 051	31 470	9-months production from Mponeng and Mine Waste Solutions in this reporting period compared to 6-months in the comparable period
Gold production – Hidden Valley	kg	-34%		2 306	3 499	Lost production as a result of the failure of the overland conveyor belt
Underground total tonnes milled	t’000	3	%	4 762	4 618	Improvement from Tshepong Operations, Moab Khotsong, Joel and Doornkop alongside a full 9-months production from Mponeng
Underground yield	g/t	-3%		5.39	5.54	Adverse ground conditions at Moab Khotsong alongside the seismicity at Mponeng and Bambanani. We are mining out Bambanani and this mine will be closed at the end of June 2022
On-going development capital	Rm	21	%	2 074	1 717	Normalisation of capital expenditure post Covid-19. Tshepong Operations, Mponeng and Doornkop primary drivers of the increase

Major capital	Rm	67	%	787	470	Planned capital expenditure at Tshepong sub-75 decline, the Zaaiplaats project and Great Noligwa pillar project at Moab Khotsong, Mponeng Carbon Leader project and West complex pump station project
All-in sustaining cost (“AISC”)	R/kg	15	%	825 925	720 572	Normalisation of capital expenditure post-Covid-19, lower Q3 FY22 production at Hidden Valley, Bambanani, Tshepong Operations, Target 1, Moab Khotsong and Mponeng
	US$/oz	20	%	1 703	1 416
Average exchange rate	US$/Rand	-5%		15.09	15.82	Rand strengthened against the US$ year on year
Adjusted EBITDA**	Rm	-19%		7 613	9 439	Lower production and higher AISC

*    The financial information has not been reviewed by the Company’s external auditors

**    The Company reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and non-recurring events. For the reporting period, the non-recurring events include the gain on bargain purchase and acquisition-related costs. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity

#    Quarter-on-quarter operational tables are available on our website: www.harmony.co.za

Health and safety

The Company continues to prioritise the safety of its employees. Through passionate leadership, resilient management systems, effective risk management and organisational learning, Harmony is developing an engaged and interdependent workforce who display a proactive relationship to safety.

January and February 2022 already served as testimony that we are on the correct trajectory, with zero loss of life incidents recorded during these two months. Several notable milestones and achievements were recorded during the third quarter of FY22. The lost-time injury rate was maintained below 6 for the second consecutive quarter at 5.99 per million shifts.

It is therefore with deep regret that Harmony reports that one employee, Mr. Makoae Cosmas Makhang, a tramming team leader at Doornkop, lost his life in a work-related incident on 11 March 2022. The Company sends its heartfelt condolences to the family and loved ones of our colleague who tragically passed away.

We are still in the process of investigating the multiple loss of life which occurred during routine engineering infrastructure-related work at our Kusasalethu mine, near Carletonville, which we announced on 9May2022. While the timing of the incident happened outside of this reporting period, we pay our respect to those who lost their lives. It is our priority to support the families of the deceased as well as everyone impacted by this tragedy and ensure it never happens again. The names of those who passed away will be released once all family members have been informed.

Harmony applies a holistic approach to the health of its employees. This approach includes initiatives aimed at preventing the spread of Covid-19, mitigating the impact thereof, curbing occupational diseases and improving the overall wellness of its employees. The Covid-19 response and vaccination teams have invested significant time in the management of Covid-19 at our operations. Currently, all employees are eligible to be vaccinated at the vaccination sites established at our operations with 85% of our employees having received a second vaccination.

Please see the Company’s website for more information on its safety and health initiatives and the incidents reported during the quarter, as well as the Harmony Risk Management guide.

Operational performance to date

The South African operations delivered a 2% increase in production to 32 051kg (1 030 459oz) for the nine months ended 31 March 2022 from 31 470kg (1 011 778oz) for the nine-month period ended

31 March 2021 (“the comparable period”). Much of this increase was attributable to the additional three months’ production from Mponeng and related assets in this nine-month period compared to only six months’ production in the comparable period.

Gold production during quarter three of financial year 2022 has been particularly challenging with electricity and water supply constraints persisting at our South African operations. With safety as our top priority, we delayed accessing certain higher-grade areas at Moab Khotsong to ensure that these areas were structurally well-supported before mining activities continued and stopped mining in areas impacted by seismicity at Mponeng and Bambanani. We are mining out Bambanani and this operation will be closed at the end of June 2022.

Overall production quarter on quarter was down 11% to 10 131kg (325 719oz) in Q3 FY22 from 11 358kg (365 165oz) in Q2 FY22. Group cash operating unit cost increased by 14% quarter-on-quarter to R767 292/kg from R672 745/kg (an increase of 16% to US$1569/oz from US$1 356/oz) – primarily as a result of Hidden Valley. We expect Hidden Valley to return to normalised levels of production in the fourth quarter of FY22.

For the nine months to date, total cash operating costs for the group increased by 14% to R23 952 million from R20 978 million (an increase of 20% to US$1 588 million from US$1 326 million) against the comparable period. Most of the increase is attributable to the acquisition of Mponeng and related assets in financial year 2021 (“FY21”). Excluding Unisel (which was closed in FY21), and Mponeng and related assets, group cash operating costs increased by only 8% to R19 574 million from R18 092 million (an increase of 13% to US$1 297 million from US$1 143 million).

For the nine months to date, cash operating unit cost for the group increased by 16% to R697 146/kg from R599 910/kg (an increase of 22% to US$1 437/oz from US$1 179/oz) against the comparable period. The unit cost increase was higher than the total cash cost increase due to the abovementioned production challenges.

Annual production, cost and grade guidance

With one quarter’s production remaining for FY22, we are confident that we will achieve our previously revised annual guidance (announced in February 2022) of:

•1 480 000 to 1 560 000oz in total production

•overall AISC guidance of R805 000/kg to R835 000/kg and

•underground grade guidance at 5.40 to 5.57g/t

AISC

Harmony’s overall AISC for the reporting period increased by 15% to R825 925/kg from R720 572/kg (an increase of 20% to US$1 703/oz from US$1 416/oz). This remains within guidance. The primary reason for the increase was the reduced production as a result of the overland conveyor belt failure at Hidden Valley.

South African operations’ AISC increased by 10% to R797 014/kg from R726 100/kg (an increase of 15% to US$1 643/oz from US$1 427/oz).

At Hidden Valley, we anticipate a significant improvement in AISC as production returns to normalised levels.

Hedging

The Company’s hedging strategy is proving to be successful as its approach to hedge more selectively supports stronger margins and cash flows. The average forward Rand gold price on the hedge book is at R1 037 000/kg on a net position of 413 000oz at the end of the third quarter. Harmony will only hedge when it is certain that it can achieve a minimum margin of 25% above AISC and inflation.

Balance sheet and liquidity

Net debt has reduced substantially over the nine months, with a R350 million (US$24 million) decrease to R603 million (US$41 million) at 31 March 2022 from R953 million (US$65 million) at 31 March 2021. Quarter on quarter, net debt remained stable at R603 million (US$41 million) compared to R612 million (US$38 million) at 31 December 2021.

Adjusted EBITDA at 31 March 2022 decreased 19% to R7 613 million (US$521 million) compared to R9 439 million (US$639 million) at 31 March 2021.

The Company’s balance sheet remains strong with net debt to EBITDA stable at 0.1 times.

On 25 February 2022, an interim dividend of 40 SA cents (2.7 US cents) per share was declared and paid on 11 April 2022 in line with our policy of paying 20% of net free cash generated to shareholders.

Papua New Guinea

Discussions with the government of Papua New Guinea are ongoing as it relates to permitting and delivering the much-anticipated Wafi-Golpu project. At Hidden Valley, production has normalised and the Hidden Valley mine life extension project continues as planned.

ESG in action

Harmony remains an example of well-embedded Environment, Social and Governance (ESG) practices in action. This is encapsulated in the words “Mining with Purpose”. More information can be found in our Task Force on Climate-related Financial Disclosures and ESG reports at www.har.co.za

OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (RAND/METRIC)

		Nine months ended	SOUTH AFRICA
			UNDERGROUND PRODUCTION
			Tshepong operations		Moab Khotsong		Mponeng		Bambanani		Joel		Doornkop		Target 1		Kusasalethu		Masimong		Unisel		Total Underground
Ore milled	– t'000	Mar-22	1 167		701		615		139		315		657		345		458		365		—		4 762
		Mar-21	1 123		656		442		167		257		624		371		538		383		57		4 618
Yield	– g/tonne	Mar-22	4.48		6.94		7.32		8.03		3.36		4.06		4.13		7.46		3.85		—		5.39
		Mar-21	4.77		8.36		7.83		8.84		3.98		4.27		3.38		5.75		3.97		4.33		5.54
Gold produced	– kg	Mar-22	5 226		4 868		4 502		1 116		1 057		2 668		1 424		3 415		1 407		—		25 683
		Mar-21	5 358		5 486		3 459		1 477		1 022		2 663		1 255		3 095		1 520		247		25 582
Gold sold	– kg	Mar-22	5 263		4 866		4 515		1 125		1 064		2 730		1 421		3 476		1 416		—		25 876
		Mar-21	5 262		5 461		3 250		1 453		1 005		2 630		1 274		3 069		1 494		242		25 140
Gold price received	– R/kg	Mar-22	885 165		885 941		917 957		877 664		884 992		879 473		890 521		885 622		889 311		—		890 681
		Mar-21	862 411		868 317		920 517		873 290		867 458		874 219		890 027		870 183		826 924		925 979		874 123
Gold revenue1	(R'000)	Mar-22	4 658 626		4 310 989		4 144 574		987 372		941 631		2 400 962		1 265 431		3 078 421		1 259 265		—		23 047 271
		Mar-21	4 538 005		4 741 880		2 991 680		1 268 890		871 795		2 299 195		1 133 894		2 670 593		1 235 425		224 087		21 975 444
Cash operating cost (net of by-product credits)	(R'000)	Mar-22	3 771 500		3 098 908		3 279 364		891 578		957 203		1 829 006		1 336 876		2 300 049		1 119 348		—		18 583 832
		Mar-21	3 646 124		2 864 447		1 891 369		866 356		838 601		1 601 328		1 234 973		2 232 842		1 074 876		178 154		16 429 070
Inventory movement	(R'000)	Mar-22	22 581		(68 962)		37 140		9 918		3 221		29 239		(5 821)		14 389		715		—		42 420
		Mar-21	(74 187)		8 075		3 675		(15 032)		(12 864)		(20 782)		6 782		(15 366)		(22 126)		3 679		(138 146)
Operating costs	(R'000)	Mar-22	3 794 081		3 029 946		3 316 504		901 496		960 424		1 858 245		1 331 055		2 314 438		1 120 063		—		18 626 252
		Mar-21	3 571 937		2 872 522		1 895 044		851 324		825 737		1 580 546		1 241 755		2 217 476		1 052 750		181 833		16 290 924
Production profit	(R'000)	Mar-22	864 545		1 281 043		828 070		85 876		(18 793)		542 717		(65 624)		763 983		139 202		—		4 421 019
		Mar-21	966 068		1 869 358		1 096 636		417 566		46 058		718 649		(107 861)		453 117		182 675		42 254		5 684 520
Capital expenditure	(R'000)	Mar-22	1 090 513		592 872		428 026		25 444		145 839		328 257		275 462		148 239		36 609		—		3 071 261
		Mar-21	769 822		457 707		343 844		48 812		128 354		316 598		274 479		147 212		17 005		—		2 503 833
Cash operating costs	– R/kg	Mar-22	721 680		636 588		728 424		798 905		905 585		685 534		938 817		673 514		795 557		—		723 585
		Mar-21	680 501		522 138		546 796		586 565		820 549		601 325		984 042		721 435		707 155		721 271		642 212
Cash operating costs	– R/tonne	Mar-22	3 232		4 421		5 332		6 414		3 039		2 784		3 875		5 022		3 067		—		3 903
		Mar-21	3 247		4 367		4 279		5 188		3 263		2 566		3 329		4 150		2 806		3 126		3 558
Cash operating cost and capital	– R/kg	Mar-22	930 351		758 377		823 498		821 704		1 043 559		808 569		1 132 260		716 922		821 576		—		843 168
		Mar-21	824 178		605 569		646 202		619 613		946 140		720 213		1 202 751		769 000		718 343		721 271		740 087
All-in sustaining cost	– R/kg	Mar-22	906 720		718 295		847 203		842 684		1 048 263		777 090		1 124 321		726 124		850 225		—		834 860
		Mar-21	828 079		604 840		701 250		638 621		966 315		682 872		1 164 805		788 756		745 626		782 126		749 497
Operating free cash flow margin2	%	Mar-22	(4)	%	14	%	11	%	7	%	(17)	%	10	%	(27)	%	20	%	8	%	—	%	6	%
		Mar-21	3	%	30	%	25	%	28	%	(11)	%	17	%	(33)	%	11	%	12	%	20	%	14	%

¹ Includes a non-cash consideration to Franco-Nevada (Mar-22: R370.984m, Mar-21: R231.013m), excluded from the gold price calculation
² Excludes run-of-mine costs for Kalgold (Mar-22: R1.224m, Mar-21:- R2.703m) and Hidden Valley (Mar-22: R293.954m, Mar-21: -R16.974m)

OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (RAND/METRIC)

		Nine months ended	SOUTH AFRICA														Hidden Valley		TOTAL HARMONY
			SURFACE PRODUCTION												TOTAL SOUTH AFRICA
			Mine Waste Solutions		Phoenix		Central plant reclamation		Dumps		Kalgold		Total Surface
Ore milled	– t'000	Mar-22	17 924		4 662		3 020		6 776		1 084		33 466		38 228		2 285		40 513
		Mar-21	11 211		4 646		3 012		7 193		1 121		27 183		31 801		2 750		34 551
Yield	– g/tonne	Mar-22	0.128		0.122		0.141		0.326		0.80		0.19		0.84		1.01		0.85
		Mar-21	0.122		0.126		0.141		0.373		0.74		0.22		0.99		1.27		1.01
Gold produced	– kg	Mar-22	2 299		567		427		2 209		866		6 368		32 051		2 306		34 357
		Mar-21	1 372		587		424		2 681		824		5 888		31 470		3 499		34 969
Gold sold	– kg	Mar-22	2 277		561		418		2 274		873		6 403		32 279		2 258		34 537
		Mar-21	1 340		580		426		2 623		827		5 796		30 936		3 513		34 449
Gold price received	– R/kg	Mar-22	748 486		883 768		890 847		895 073		882 457		839 958		880 620		829 066		877 249
		Mar-21	747 663		806 409		869 277		887 894		878 695		844 639		868 599		872 186		868 964
Gold revenue1	(R'000)	Mar-22	2 075 286		495 794		372 374		2 035 397		770 385		5 749 236		28 796 507		1 872 031		30 668 538
		Mar-21	1 232 882		467 717		370 312		2 328 947		726 681		5 126 539		27 101 983		3 063 988		30 165 971
Cash operating cost (net of by-product credits)	(R'000)	Mar-22	1 193 631		328 102		215 004		1 452 705		659 550		3 848 992		22 432 824		1 519 021		23 951 845
		Mar-21	679 806		294 182		205 096		1 501 537		577 660		3 258 281		19 687 351		1 290 907		20 978 258
Inventory movement	(R'000)	Mar-22	(18 057)		(4 834)		(3 510)		29 796		265		3 660		46 080		(47 997)		(1 917)
		Mar-21	90 468		(5 413)		415		15 342		865		101 677		(36 469)		(10 398)		(46 867)
Operating costs	(R'000)	Mar-22	1 175 574		323 268		211 494		1 482 501		659 815		3 852 652		22 478 904		1 471 024		23 949 928
		Mar-21	770 274		288 769		205 511		1 516 879		578 525		3 359 958		19 650 882		1 280 509		20 931 391
Production profit	(R'000)	Mar-22	899 712		172 526		160 880		552 896		110 570		1 896 584		6 317 603		401 007		6 718 610
		Mar-21	462 608		178 948		164 801		812 068		148 156		1 766 581		7 451 101		1 783 479		9 234 580
Capital expenditure	(R'000)	Mar-22	124 165		13 140		12 519		22 872		118 960		291 656		3 362 917		1 103 885		4 466 802
		Mar-21	49 580		1 163		10 591		30 463		144 501		236 298		2 740 131		899 463		3 639 594
Cash operating costs	– R/kg	Mar-22	519 196		578 663		503 522		657 630		761 605		604 427		699 910		658 725		697 146
		Mar-21	495 485		501 162		483 717		560 066		701 044		553 377		625 591		368 936		599 910
Cash operating costs	– R/tonne	Mar-22	67		70		71		214		608		115		587		665		591
		Mar-21	61		63		68		209		515		120		619		469		607
Cash operating cost and capital	– R/kg	Mar-22	573 204		601 838		532 841		667 984		898 972		650 227		804 834		1 137 427		827 157
		Mar-21	531 622		503 143		508 696		571 429		876 409		593 509		712 662		625 999		703 991
All-in sustaining cost	– R/kg	Mar-22	557 865		600 758		540 332		661 570		910 825		645 432		797 014		1 239 065		825 925
		Mar-21	622 149		500 945		507 282		589 913		894 631		625 868		726 100		671 901		720 572
Operating free cash flow margin2	%	Mar-22	19	%	31	%	39	%	28	%	(1	%)	22	%	9	%	(24	%)	7	%
		Mar-21	22	%	37	%	42	%	34	%	0	%	27	%	16	%	28	%	18	%

¹ Includes a non-cash consideration to Franco-Nevada (Mar-22: R370.984m, Mar-21: R231.013m), excluded from the gold price calculation
² Excludes run-of-mine costs for Kalgold (Mar-22: R1.224m, Mar-21:- R2.703m) and Hidden Valley (Mar-22: R293.954m, Mar-21: -R16.974m)

OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (US$/IMPERIAL)

		Nine months ended	SOUTH AFRICA
			UNDERGROUND PRODUCTION
			Tshepong operations		Moab Khotsong		Mponeng		Bambanani		Joel		Doornkop		Target 1		Kusasalethu		Masimong		Unisel		Total Underground
Ore milled	- t'000	Mar-22	1 287		774		678		153		347		724		380		505		403		—		5 251
		Mar-21	1 238		723		487		184		284		688		408		593		423		63		5 091
Yield	- oz/ton	Mar-22	0.131		0.202		0.213		0.235		0.098		0.118		0.120		0.217		0.112		—		0.157
		Mar-21	0.139		0.244		0.228		0.258		0.116		0.124		0.099		0.168		0.116		0.126		0.162
Gold produced	- oz	Mar-22	168 020		156 510		144 742		35 880		33 983		85 777		45 783		109 795		45 235		—		825 725
		Mar-21	172 263		176 378		111 209		47 486		32 858		85 617		40 348		99 506		48 869		7 941		822 475
Gold sold	- oz	Mar-22	169 209		156 445		145 160		36 170		34 208		87 771		45 687		111 757		45 525		—		831 932
		Mar-21	169 177		175 575		104 490		46 715		32 311		84 556		40 960		98 670		48 033		7 780		808 267
Gold price received	- $/oz	Mar-22	1 825		1 827		1 893		1 809		1 825		1 813		1 836		1 826		1 833		—		1 836
		Mar-21	1 695		1 707		1 809		1 717		1 705		1 718		1 749		1 710		1 625		1 820		1 718
Gold revenue1	($'000)	Mar-22	308 792		285 750		274 719		65 447		62 415		159 145		83 878		204 050		83 469		—		1 527 665
		Mar-21	286 784		299 668		189 062		80 189		55 094		145 300		71 658		168 771		78 074		14 161		1 388 761
Cash operating cost (net of by-product credits)	($'000)	Mar-22	249 990		205 408		217 369		59 097		63 447		121 234		88 613		152 456		74 195		—		1 231 809
		Mar-21	230 420		181 021		119 527		54 750		52 996		101 197		78 045		141 107		67 928		11 259		1 038 250
Inventory movement	($'000)	Mar-22	1 497		(4 571)		2 462		657		214		1 938		(386)		954		47		—		2 812
		Mar-21	(4 688)		510		232		(950)		(813)		(1 313)		429		(971)		(1 398)		232		(8 730)
Operating costs	($'000)	Mar-22	251 487		200 837		219 831		59 754		63 661		123 172		88 227		153 410		74 242		—		1 234 621
		Mar-21	225 732		181 531		119 759		53 800		52 183		99 884		78 474		140 136		66 530		11 491		1 029 520
Production profit	($'000)	Mar-22	57 305		84 913		54 888		5 693		(1 246)		35 973		(4 349)		50 640		9 227		—		293 044
		Mar-21	61 052		118 137		69 303		26 389		2 911		45 416		(6 816)		28 635		11 544		2 670		359 241
Capital expenditure	($'000)	Mar-22	72 284		39 298		28 371		1 687		9 667		21 758		18 259		9 826		2 427		—		203 577
		Mar-21	48 650		28 925		21 730		3 085		8 111		20 008		17 346		9 303		1 075		—		158 233
Cash operating costs	- $/oz	Mar-22	1 488		1 312		1 502		1 647		1 867		1 413		1 936		1 389		1 640		—		1 492
		Mar-21	1 338		1 026		1 075		1 153		1 613		1 182		1 934		1 418		1 390		1 418		1 262
Cash operating costs	- $/t	Mar-22	194		265		321		386		183		167		233		302		184		—		235
		Mar-21	186		250		245		298		187		147		191		238		161		179		204
Cash operating cost and capital	- $/oz	Mar-22	1 918		1 564		1 698		1 694		2 151		1 667		2 334		1 478		1 694		—		1 738
		Mar-21	1 620		1 190		1 270		1 218		1 860		1 416		2 364		1 512		1 412		1 418		1 455
All-in sustaining cost	- $/oz	Mar-22	1 869		1 481		1 747		1 737		2 161		1 602		2 318		1 497		1 753		—		1 721
		Mar-21	1 628		1 189		1 378		1 255		1 899		1 342		2 290		1 550		1 466		1 537		1 473
Operating free cash flow margin2	%	Mar-22	(4	%)	14	%	11	%	7	%	(17	%)	10	%	(27	%)	20	%	8	%	0	%	6	%
		Mar-21	3	%	30	%	25	%	28	%	(11	%)	17	%	(33	%)	11	%	12	%	20	%	14	%

¹ Includes a non-cash consideration to Franco-Nevada (Mar-22: US$24.590m, Mar-21: US$14.599m), excluded from the gold price calculation
² Excludes run-of-mine costs for Kalgold (Mar-22: US$0.081m, Mar-21:- US$0.168m) and Hidden Valley (Mar-22: US$19.484m, Mar-21: -US$0.574m)

OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (US$/IMPERIAL)

		Nine months ended	SOUTH AFRICA														Hidden Valley		TOTAL HARMONY
			SURFACE PRODUCTION												TOTAL SOUTH AFRICA
			Mine Waste Solutions		Phoenix		Central plant reclamation		Dumps		Kalgold		Total Surface
Ore milled	- t'000	Mar-22	19 765		5 140		3 330		7 472		1 195		36 902		42 153		2 520		44 673
		Mar-21	12 362		5 124		3 322		7 932		1 236		29 976		35 067		3 033		38 100
Yield	- oz/ton	Mar-22	0.004		0.004		0.004		0.010		0.023		0.006		0.024		0.029		0.025
		Mar-21	0.004		0.004		0.004		0.011		0.021		0.006		0.029		0.037		0.030
Gold produced	- oz	Mar-22	73 915		18 229		13 728		71 020		27 842		204 734		1 030 459		74 139		1 104 598
		Mar-21	44 110		18 873		13 632		86 196		26 492		189 303		1 011 778		112 496		1 124 274
Gold sold	- oz	Mar-22	73 208		18 036		13 439		73 110		28 068		205 861		1 037 793		72 596		1 110 389
		Mar-21	43 082		18 648		13 696		84 331		26 589		186 346		994 613		112 945		1 107 558
Gold price received	- $/oz	Mar-22	1 543		1 822		1 837		1 845		1 819		1 732		1 816		1 709		1 809
		Mar-21	1 470		1 585		1 709		1 745		1 727		1 660		1 707		1 714		1 708
Gold revenue1	($'000)	Mar-22	137 558		32 863		24 682		134 914		51 064		381 081		1 908 746		124 086		2 032 832
		Mar-21	77 913		29 558		23 402		147 180		45 923		323 976		1 712 737		193 632		1 906 369
Cash operating cost (net of by-product credits)	($'000)	Mar-22	79 119		21 748		14 251		96 291		43 718		255 127		1 486 936		100 687		1 587 623
		Mar-21	42 961		18 591		12 961		94 891		36 506		205 910		1 244 160		81 580		1 325 740
Inventory movement	($'000)	Mar-22	(1 197)		(320)		(233)		1 975		18		243		3 055		(3 181)		(126)
		Mar-21	5 717		(342)		26		970		55		6 426		(2 304)		(657)		(2 961)
Operating costs	($'000)	Mar-22	77 922		21 428		14 018		98 266		43 736		255 370		1 489 991		97 506		1 587 497
		Mar-21	48 678		18 249		12 987		95 861		36 561		212 336		1 241 856		80 923		1 322 779
Production profit	($'000)	Mar-22	59 636		11 435		10 664		36 648		7 328		125 711		418 755		26 580		445 335
		Mar-21	29 235		11 309		10 415		51 319		9 362		111 640		470 881		112 709		583 590
Capital expenditure	($'000)	Mar-22	8 230		871		830		1 516		7 885		19 332		222 909		73 170		296 079
		Mar-21	3 133		73		669		1 925		9 132		14 932		173 165		56 842		230 007
Cash operating costs	- $/oz	Mar-22	1 070		1 193		1 038		1 356		1 570		1 246		1 443		1 358		1 437
		Mar-21	974		985		951		1 101		1 378		1 088		1 230		725		1 179
Cash operating costs	- $/t	Mar-22	4		4		4		13		37		7		35		40		36
		Mar-21	3		4		4		12		30		7		35		27		35
Cash operating cost and capital	- $/oz	Mar-22	1 182		1 241		1 099		1 377		1 853		1 341		1 659		2 345		1 705
		Mar-21	1 045		989		1 000		1 123		1 723		1 167		1 401		1 230		1 384
All-in sustaining cost	- $/oz	Mar-22	1 150		1 239		1 114		1 364		1 878		1 331		1 643		2 555		1 703
		Mar-21	1 223		985		997		1 160		1 758		1 230		1 427		1 321		1 416
Operating free cash flow margin2	%	Mar-22	19	%	31	%	39	%	28	%	(1)	%	22	%	9	%	(24)	%	7	%
		Mar-21	22	%	37	%	42	%	34	%	—	%	27	%	16	%	28	%	18	%

¹ Includes a non-cash consideration to Franco-Nevada (Mar-22: US$24.590m, Mar-21: US$14.599m), excluded from the gold price calculation
² Excludes run-of-mine costs for Kalgold (Mar-22: US$0.081m, Mar-21:- US$0.168m) and Hidden Valley (Mar-22: US$19.484m, Mar-21: -US$0.574m)

DIRECTORATE AND ADMINISTRATION

HARMONY GOLD MINING COMPANY LIMITED

Harmony Gold Mining Company Limited was incorporated and registered as a public company in South Africa on 25 August 1950
Registration number: 1950/038232/06

CORPORATE OFFICE

Randfontein Office Park

PO Box 2, Randfontein, 1760, South Africa

Corner Main Reef Road and Ward Avenue

Randfontein, 1759, South Africa

Telephone: +27 11 411 2000

Website: www.harmony.co.za

DIRECTORS

Dr PT Motsepe* (chairman), JM Motloba* (deputy chairman), Dr M Msimang*^ (lead independent director), PW Steenkamp (chief executive officer),

BP Lekubo (financial director),

HE Mashego (executive director)

JA Chissano*^#, KT Nondumo*^, VP Pillay*^, GR Sibiya*^, P Turner*^, JL Wetton*^, AJ Wilkens*

* Non-executive

^ Independent

# Mozambican

INVESTOR RELATIONS

E-mail: HarmonyIR@harmony.co.za
Telephone: +27 11 411 6073 or +27 82 746 4120

COMPANY SECRETARIAT

E-mail: companysecretariat@harmony.co.za

Telephone: +27 11 411 2359

TRANSFER SECRETARIES

JSE Investor Services (Proprietary) Limited

(Registration number 2000/007239/07)

19 Ameshoff Street, 13th Floor, Hollard House, Braamfontein

PO Box 4844, Johannesburg, 2000, South Africa

Telephone: +27 86 154 6572

E-mail: info@jseinvestorservices.co.za

Fax: +27 86 674 4381

ADR* DEPOSITARY

Deutsche Bank Trust Company Americas

c/o American Stock Transfer and Trust Company

Operations Centre, 6201 15th Avenue, Brooklyn,

NY 11219, United States

E-mail queries: db@astfinancial.com

Toll free (within the US): +1 886 249 2593

Int: +1 718 921 8137

Fax: +1 718 921 8334

*ADR: American Depositary Receipts

SPONSOR

JP Morgan Equities South Africa

(Proprietary) Limited

1 Fricker Road, corner Hurlingham Road, Illovo, Johannesburg, 2196

Private Bag X9936, Sandton, 2146

Telephone: +27 11 507 0300

Fax: +27 11 507 0503

TRADING SYMBOLS

ISIN: ZAE 000015228

HARMONY’S ANNUAL REPORTS

Harmony’s Integrated Annual Report, and its annual report filed on a Form 20F with the United States’ Securities and Exchange Commission for the financial year ended 30 June 2021, are available on our website (www.harmony.co.za/invest).

FORWARD-LOOKING STATEMENTS

This booklet contains forward-looking statements within the meaning of the safe harbour provided by Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive positions, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters. These forward-looking statements, including, among others, those relating to our future business prospects, revenues, and the potential benefit of acquisitions (including statements regarding growth and cost savings) wherever they may occur in this booklet, are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in our integrated annual report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation: overall economic and business conditions in South Africa, Papua New Guinea, Australia and elsewhere, impact of Covid-19 on our operational and financial estimates and results estimates of future earnings, and the sensitivity of earnings to the prices of gold and other metals prices estimates of future production and sales for gold and other metals, estimates of future cash costs, estimates of future cash flows, and the sensitivity of cash flows to the prices of gold and other metals, estimates of provision for silicosis settlement; estimates of future tax liabilities under the Carbon Tax Act, statements regarding future debt repayments, estimates of future capital expenditures, the success of our business strategy, exploration and development activities and other initiatives; future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings and financing plans; estimates of reserves statements regarding future exploration results and the replacement of reserves, the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operation, fluctuations in the market price of gold, the occurrence of hazards associated with underground and surface gold mining, the occurrence of labour disruptions related to industrial action or health and safety incidents, power cost increases as well as power stoppages, fluctuations and usage constraints, supply chain shortages and increases in the prices of production imports and the availability, terms and deployment of capital; our ability to hire and retain senior management, sufficiently technically-skilled employees, as well as our ability to achieve sufficient representation of historically disadvantaged persons in management positions, our ability to comply with requirements that we operate in a sustainable manner and provide benefits to affected communities, potential liabilities related to occupational health diseases; changes in government regulation and the political environment, particularly tax and royalties, mining rights, health, safety, environmental regulation and business ownership including any interpretation thereof; court decisions affecting the mining industry, including, without limitation, regarding the interpretation of mining rights, our ability to protect our information technology and communication systems and the personal data we retain, risks related to the failure of internal controls, the outcome of pending or future litigation or regulatory proceedings; fluctuations in exchange rates and currency devaluations and other macroeconomic monetary policies; the adequacy of the Group’s insurance coverage; any further downgrade of South Africa’s credit rating and socio-economic or political instability in South Africa, Papua New Guinea and other countries in which we operate.

The foregoing factors and others described under “Risk Factors” in our Integrated Annual Report (www.har.co.za) and our Form 20F should not be construed as exhaustive. We undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as required by law. All subsequent written or oral forward-looking statements attributable to Harmony or any person acting on its behalf are qualified by the cautionary statements herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Harmony Gold Mining Company Limited
Date: May 12, 2022	By: /s/ Boipelo Lekubo
	Name: Boipelo Lekubo
	Title: Financial Director