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

HARMONY GOLD MINING COMPANY LIMITED

Technical Report Summary of the

Mineral Resources and Mineral Reserves

for

Tshepong Operations

Free State Province, South Africa

Effective Date: 30 June 2022

Final Report Date: 30 July 2022

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

IMPORTANT NOTICE

This Technical Report Summary has been prepared for Harmony Gold Mining Company Limitedin support of disclosure and filing requirements with the United States Securities and Exchange Commission’s (SEC) under Regulation S-K 1300; 229.601(b)(96). The quality of information, estimates, and conclusions contained in this Technical Report Summary apply as of the effective date of this report. Subsequent events that may have occurred since that date may have resulted in material changes to such information, estimates and conclusions in this summary. No other party is entitled to rely on this report beyond its intended use and any reliance by a third party on this report is done so at that party’s own risk.

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Technical Report Summary for
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Signature Page

/s/ Bothepha Phetlhu

___________________________________

Ms Bothepha Phetlhu

BTech (Geology), M (Eng)

SACNASP (No. 120348)

Ore Reserve Manager

Phakisa Mine

Harmony Gold Mining Company Limited

/s/ Andrew Louw

___________________________________

Mr Andrew Louw

B.Sc. (Hons) Geohydrology, CEE Diploma

SACNASP (No. 136445)

Ore Reserve Manager

Tshepong Mine

Harmony Gold Mining Company Limited

List of Contents

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Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

1	Executive Summary			1
2	Introduction			7
3	Property Description and Location			8
	3.1	Mineral Tenure		8
	3.2	Property Permitting Requirements		8
4	Accessibility, Climate, Local Resources, Infrastructure and Physiography			11
	4.1	Accessibility		11
	4.2	Physiology and Climate		11
	4.3	Local Resources and Infrastructure		11
5	History			12
	5.1	Historical Ownership and Development		12
	5.2	Historical Exploration		13
	5.3	Previous Mineral Resource and Mineral Reserve Estimates		13
	5.4	Past Production		15
6	Geological Setting, Mineralisation and Deposit			16
	6.1	Regional Geology		16
	6.2	Local Geology		16
	6.3	Property Geology		19
		6.3.1	Basal Reef Lithology	19
		6.3.2	B Reef Lithology	19
		6.3.3	Structure	22
	6.4	Mineralisation		23
		6.4.1	Basal Reef	23
		6.4.2	B Reef	23
		6.4.3	Alteration	23
	6.5	Deposit Type		23
	6.6	Commentary on Geological Setting, Mineralisation and Deposit		24
7	Exploration			25
	7.1	Geophysical Surveys		25
	7.2	Topographic Surveys		25
	7.3	Underground Mapping		25
	7.4	Channel Sampling Methods and Sample Quality		25
	7.5	Surface Drilling Campaigns, Procedures, Sampling, Recoveries and Results		26
		7.5.1	Drilling Methods	28
		7.5.2	Collar and Downhole Surveys	28
		7.5.3	Logging Procedures	28
		7.5.4	Drilling Results	28
		7.5.5	Core Recovery	31
		7.5.6	Sample Length and True Thickness	31
	7.6	Underground Drilling Campaigns, Procedures and Sampling		32
		7.6.1	Drilling Methods	32
		7.6.2	Collar and Downhole Surveys	32
		7.6.3	Logging Procedures	32
		7.6.4	Drilling Results	33
		7.6.5	Core Recovery	33
		7.6.6	Sample Length and True Thickness	33

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	7.7	Hydrogeology		33
	7.8	Geotechnical Data		33
	7.9	Commentary on Exploration		37
8	Sample Preparation, Analyses and Security			38
	8.1	Sampling Method and Approach		38
		8.1.1	Channel Samples	38
		8.1.2	Core Samples	38
	8.2	Density Determination		39
	8.3	Sample Security		39
	8.4	Sample Storage		39
	8.5	Laboratories Used		39
	8.6	Laboratory Sample Preparation		39
	8.7	Assaying Methods and Analytical Procedures		40
	8.8	Sampling and Assay Quality Control (“QC”) Procedures and Quality Assurance (“QA”)		40
		8.8.1	Standards	40
		8.8.2	Blanks	41
		8.8.3	Duplicates	41
	8.9	Comment on Sample Preparation, Analyses and Security		41
9	Data verification			42
	9.1	Databases		42
	9.2	Data Verification Procedures		42
	9.3	Limitations to the Data Verification		42
	9.4	Comment on Data Verification		42
10	Mineral Processing and Metallurgical Testing			43
	10.1	Extent of Processing, Testing and Analytical Procedures		43
	10.2	Test Results and Recovery Estimates		43
	10.3	Degree of Representation of Mineral Deposit		43
	10.4	Commentary of Mineral Processing and Metallurgical Testing		43
11	Mineral Resource Estimate			45
	11.1	Geological Database		45
	11.2	Global Statistics		45
	11.3	Geological Interpretation		46
	11.4	Structural Wireframe Model		46
	11.5	Compositing		46
	11.6	Capping		47
	11.7	Variography		47
	11.8	Mineral Resource Estimation Methods and Parameters		49
	11.9	Density Assignment		51
	11.1	Model Validation		51
	11.11	Mineral Resource Evaluation		51
	11.12	Mineral Resource Classification and Uncertainties		51
	11.13	Mineral Resource Estimate		52
	11.14	Mineral Resource Reconciliation		56
	11.15	Comment on Mineral Resource Estimates		56
12	Mineral Reserve Estimate			57
	12.1	Phakisa		57

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		12.1.1	Key Assumptions, Parameters, and Methods Used to Estimate the Mineral Reserve	57
		12.1.2	Modifying Factors	58
		12.1.3	Mineral Reserve Estimate	58
		12.1.4	Mineral Reserve Reconciliation	59
	12.2	Tshepong		59
		12.2.1	Key Assumptions, Parameters, and Methods Used to Estimate the Mineral Reserve	59
		12.2.2	Modifying Factors	60
		12.2.3	Mineral Reserve Estimate	60
		12.2.4	Mineral Reserve Reconciliation	61
	12.3	Commentary on Mineral Reserve Estimate		61
13	Mining Method			62
	13.1	Mining Operations		62
		13.1.1	Phakisa	62
		13.1.2	Tshepong	62
		13.1.3	Sequential Grid Mining (“SGM”)	63
		13.1.4	Open Stoping	63
		13.1.5	Breast Mining	63
		13.1.6	Integrated Approach	63
	13.2	Mine Design		64
		13.2.1	Mine Design Parameters	66
	13.3	Geotechnical Considerations and Seismic Monitoring		67
	13.4	Geohydrological Considerations		68
	13.5	Mine Plan Development and Life of Mine (“LOM”) Schedule		68
	13.6	Mining Rates		72
	13.7	Grade and Dilution Control		72
	13.8	Mining Equipment and Machinery		72
	13.9	Ore transport		73
	13.10	Mining Personnel		73
	13.11	Commentary on Mining Methods		75
14	Processing and Recovery Methods			76
	14.1	Mineral Processing Description		76
	14.2	Plant Throughput, Design, Equipment Characteristics and Specifications		78
	14.3	Energy, Water, Process Material and Personnel Requirements		78
		14.3.1	Energy	78
		14.3.2	Water	78
		14.3.3	Process Material	78
		14.3.4	Personnel	78
	14.4	Commentary on the Processing and Recovery Methods		78
15	Infrastructure			80
	15.1	Surface Infrastructure		80
		15.1.1	Ore and Waste Rock Storage Facilities	80
		15.1.2	Tailings Storage Facilities	80
		15.1.3	Rail	80
	15.2	Underground Infrastructure and Shafts		86

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		15.2.1	RailVeyorTM	86
	15.3	Power and Electrical		86
	15.4	Water Usage		86
	15.5	Logistics and Supply		87
	15.6	Commentary on Infrastructure		87
16	Market Studies			88
	16.1	Market Overview		88
	16.2	Global Production and Supply		88
		16.2.1	New Mine Production	88
		16.2.2	Recycling	88
	16.3	Global Consumption and Demand		88
		16.3.1	Jewellery	88
		16.3.2	Investment	89
		16.3.3	Currency	89
	16.4	Gold Price		89
		16.4.1	Historical Gold Price	89
		16.4.2	Forecast Gold Price	89
		16.4.3	Harmony Group Gold Hedging Policy	89
	16.5	Commentary on Market Studies		91
	16.6	Material Contracts		91
17	Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups			92
	17.1	Results of Environmental Studies		92
	17.2	Waste and Tailings Disposal, Monitoring & Water Management		92
	17.3	Permitting and Licences		93
	17.4	Local Stakeholder Plans and Agreements		94
	17.5	Mine Closure Plans		94
	17.6	Status of Issues Related to Environmental Compliance, Permitting, and Local Individuals or Groups		95
	17.7	Local Procurement and Hiring		95
	17.8	Commentary on Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups		95
18	Capital and Operating Costs			96
	18.1	Capital Costs		96
	18.2	Operating Costs		96
	18.3	Comment on Capital and Operating Costs		96
19	Economic Analysis			97
	19.1	Key Economic Assumptions and Parameters		97
		19.1.1	Gold Price	97
		19.1.2	Exchange Rate	97
		19.1.3	Royalties	97
		19.1.4	Taxes	98
		19.1.5	Summary	98
	19.2	Economic Analysis		99
	19.3	Sensitivity Analysis		99
20	Adjacent properties			102

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21	Other Relevant Data and Information	103
22	Interpretation and Conclusions	104
23	Recommendations	106
24	References	107
25	Reliance on Information Provided by the Registrant	108

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List of Figures

Figure 3-1: Location of Tshepong Operations in the Free State Goldfield	9
Figure 3-2: Mineral Tenure for Tshepong Operations	10
Figure 5-1: Graph of Past Production – Tonnes and Grade	15
Figure 5-2: Graph of Past Metal Production	15
Figure 6-1: Regional Geology of the Witwatersrand Basin	17
Figure 6-2: Simplified stratigraphy of the Free State Goldfield	18
Figure 6-3: Structural Geology of the Free State Goldfields	20
Figure 6-4: Tshepong Operations Cross Section	21
Figure 7-1: Location of Channel Samples Collected from the Basal Reef	26
Figure 7-2: Location of Channel Samples Collected from the B Reef	27
Figure 7-3: Location of Surface and Underground Drill Holes on the Basal Reef	29
Figure 7-4: Location of Surface and Underground Drill Holes on the B Reef	30
Figure 11-1: Tshepong Operations Basal and B Reef Geozones	48
Figure 11-2: Tshepong Operations Basal Reef and B Reef Estimation Results	50
Figure 11-3: Location and Classification of Tshepong Operations Mineral Resources and Mineral Reserves for the Basal Reef	53
Figure 11-4: Location and Classification of Tshepong Operations Mineral Resources and Mineral Reserves for the B Reef	54
Figure 13-1: Schematic Representation of the SGM Sequence	65
Figure 13-2: Tshepong Operations LOM Plan	69
Figure 13-3: Graph of Phakisa Mine LOM Plan – Tonnes and Grade	70
Figure 13-4: Graph of Phakisa Mine LOM Plan – Gold Produced (oz)	70
Figure 13-5: Graph of Tshepong Mine LOM Plan – Tonnes and Grade	71
Figure 13-6: Graph of Tshepong Mine LOM Plan – Gold Produced (oz)	71
Figure 13-7: Tshepong Operations Shaft and Underground Infrastructure	74
Figure 14-1: Schematic Flow Diagram of the Metallurgical Process	77
Figure 14-2: Graph of Tshepong Operations Historical Recovery Factor (18 month actual)	79
Figure 15-1: Tshepong Operations Surface Layout and Infrastructure	81
Figure 15-2: Phakisa Detailed Surface Infrastructure	82
Figure 15-3: Tshepong Detailed Surface Infrastructure	83
Figure 15-4: Nyala Detailed Surface Infrastructure	84
Figure 15-5: Harmony One Plant Detailed Surface Infrastructure	85
Figure 16-1: Graph of Annual Gold Price History – ZAR/kg	90
Figure 16-2: Graph of Consensus View of Forecast Gold Price	90
Figure 19-1: Graph of Consensus ZAR : USD Exchange Rate Forecast	98

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List of Tables

Table 1-1: Summary of the Phakisa Mineral Resources as at 30 June 2022 (Exclusive of Mineral Reserves)	2
Table 1-2: Summary of the Tshepong Mineral Resources as at 30 June 2022 (Exclusive of Mineral Reserves)	3
Table 1-3: Summary of the Phakisa Mineral Reserves as at 30 June 2022	4
Table 1-4: Summary of the Tshepong Mineral Reserves as at 30 June 2022	4
Table 1-5: Summary of Capital Cost Estimate for Tshepong Operations	5
Table 1-6: Summary of Operating Cost Estimate for Tshepong Operations	6
Table 1-7: Status of Environmental Permits and Licences	6
Table 2-1: QP Qualification, Section Responsibilities and Personal Inspections	7
Table 3-1: Summary of Mining Rights for Tshepong Operations	8
Table 5-1: Summary of Historical Ownership Changes and Activities of Tshepong Operations	12
Table 5-2: Summary of the Previous Phakisa Mineral Resources as at 30 June 2021 (Exclusive of Mineral Reserves)	13
Table 5-3: Summary of the Previous Tshepong Mineral Resources as at 30 June 2021 (Exclusive of Mineral Reserves)	13
Table 5-4: Summary of the Previous Phakisa Mineral Reserves as at 30 June 2021	14
Table 5-5: Summary of the Previous Tshepong Mineral Reserves as at 30 June 2021	14
Table 7-1: Summary of Surface and Underground Drilling for Phakisa	31
Table 7-2: Summary of Surface and Underground Drilling for Tshepong	31
Table 7-3: Drill hole Acceptance Criteria	31
Table 7-4: Summary of Recent Phakisa Underground Drill Holes Intersecting the Basal Reef	34
Table 7-5: Summary of Recent Phakisa Underground Drill Holes Intersecting the B Reef	35
Table 7-6: Summary of Recent Tshepong Underground Drill Holes Intersecting the Basal Reef	36
Table 7-7: Summary of Recent Tshepong Underground Drill Holes Intersecting the B Reef	37
Table 8-1: Summary of Harmony Assay Laboratory SRM Performance for Phakisa	40
Table 8-2: Summary of Harmony Assay Laboratory SRM Performance for Tshepong	41
Table 11-1: Global Statistics for Basal and B Reef	46
Table 11-2: Capping Values by Reef and Geozone	49
Table 11-3: Harmony Economic Assumptions (30 June 2022)	51
Table 11-4: Summary of the Phakisa Mineral Resources as at 30 June 2022 (Exclusive of Mineral Reserves)	55
Table 11-5: Summary of the Tshepong Mineral Resources as at 30 June 2022 (Exclusive of Mineral Reserves)	55
Table 12-1: Phakisa Modifying Factors Used for Mineral Reserve Determination	58
Table 12-2: Summary of the Phakisa Mineral Reserves as at 30 June 2022	58
Table 12-3: Tshepong Modifying Factors Used for Mineral Reserve Determination	60
Table 12-4: Summary of the Tshepong Mineral Reserves as at 30 June 2022	60
Table 13-1: Phakisa Mine Design Parameters	66
Table 13-2: Tshepong Mine Design Parameters	67
Table 13-3: Phakisa Mine Mining Personnel	73
Table 13-4: Tshepong Mine Mining Personnel	75
Table 14-1: Key Design Parameters and Equipment Specifications	78
Table 14-2: Harmony One Plant Consumables	78
Table 14-3: Harmony One Plant Personnel	78
Table 16-1: Material Contracts	91

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Table 17-1: Status of Environmental Permits and Licences	94
Table 18-1: Summary of Capital Cost Estimate for Tshepong Operations	96
Table 18-2: Summary of Operating Cost Estimate for Tshepong Operations	96
Table 19-1: Conversions Used in Gold Price Calculations	97
Table 19-2: ZAR:USD Exchange Rate Performance (June 2019 – June 2022)	97
Table 19-3: Key Economic Assumptions and Parameters for Tshepong Operations Cash Flow	98
Table 19-4: Tshepong Operations Cash Flow	100
Table 19-5: Gold Price Sensitivity Analysis	101
Table 19-6: Total Operating Cost Sensitivity Analysis	101
Table 19-7: Gold price, Operating Costs, and Production Variation Sensitivity Analysis	101
Table 25 1: Other Specialists	108

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Technical Report Summary for
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Units of Measure and Abbreviations

Unit / Abbreviation	Description or Definition
°C	degrees Celsius
µm	Micrometres
2D	Two-dimensional
3D	Three-dimensional
AE	Abnormal expenditure
Ag	Silver
AngloGold Ashanti	AngloGold Ashanti Limited
ARM	African Rainbow Minerals Limited
ARMGold	ARM Gold Division
Au	Gold
AuBIS	Harmony electronic database
Ave.	Average
BLR	Black Reef
BMD	Below mine datum
Bn	Billion
c.	Approximately
CIP	Carbon-In-Pulp
CLR	Carbon Leader Reef
cm	Centimetre
cmg/t	Centimetre-grams per tonne
CODM	Chief Operating Decision-Maker
Company	Harmony Gold Mining Company Limited
COP	Code of Practice
CRG	Central Rand Group
CRM	Certified Reference Material
CV	Coefficient of Variation
DBH	Dewatering borehole
DMRE	Department of Mineral Resources and Energy
DWAFEC	Department of Water Affairs, Forestry and Environmental Conservation
DWS	Department of Water and Sanitation
EIA	Environmental Impact Assessment
EMPR	Environmental Management Programme
EMS	Environmental Management System
EMTS	Electric Monorail Transport System
ESG	Environmental Social and Governance
ETF	Exchange traded fund
FAG	Fully autogenous
FX	Foreign Exchange rate
g	Gram
g/t	Grams per metric tonne
GBH	Groundwater boreholes
GDARD	Gauteng Department of Agriculture and Rural Development
GHG	Greenhouse gas
GISTM	Global Industry Standard on Tailings Management
ha	Hectare
Harmony	Harmony Gold Mining Company Limited
HLS	Heavy liquid separation
HPE	Hydro-powered
kg	Kilogram

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km	Kilometre
km2	Square kilometre
kWh	Kilowatt-hour
LBMA	London Bullion Market Association
LIB	Long Inclined Borehole
LOM	Life of Mine
LOI	Loss on ignition
Ltd	Limited
m	Metre
M	Million
m3/hr	Cubic metres per hour
MCC	Mining Charter Compliance
MCF	Mine Call Factor
Moz	Million troy ounces
MPRDA	Mineral and Petroleum Resources Development Act, 28 of 2002
Mt	Million tonnes
Mtpa	Million tonnes per annum
Mtpm	Million tonnes per month
NEMA	National Environmental Management Act, 107 of 1998
No.	Number
NPV	Net present value
oz	Troy ounce
OTC	Over the counter
Phakisa	Phakisa Mine
Pty	Proprietary
QA/QC	Quality Assurance/Quality Control
QEMSCAN	Scanning electron microscope
QP	Qualified Person
ROM	Run-of-Mine
SACNASP	South African Council for Natural Scientific Professions
SAMREC	The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves
SD	Standard Deviation
SEC	Securities and Exchange Commission
SGM	Sequential Grid Mining
SLP	Social Labour Plan
t	Metric tonne
t/m3	Tonne per cubic metre
Target	Target Mine
TCFD	Task Force on Climate-Related Financial Disclosure
TMS	Trace mineral search
TRS	Technical Report Summary
TSF	Tailings Storage Facility
Tshepong	Tshepong Mine
USD	United States Dollars
USD/oz	United States Dollar per troy ounce
WRG	West Rand Group
WUL(s)	Water Use Licence(s)
XRD	X-ray diffraction
ZAR	South African Rand
ZAR/kg	South African Rand per kilogram

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Glossary of Terms

Term	Definition
Co-kriging	A method that is used to predict the value of the point at unobserved locations by sample points that are known to be spatially interconnected by adding other variables that have a correlation with the main variable or can also be used to predict 2 or more variables simultaneously.
Cut-off grade	Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing “prospects of economic extraction,” the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio.
Dilution	Unmineralised rock that is by necessity, removed along with ore during the mining process that effectively lowers the overall grade of the ore.
Head grade	The average grade of ore fed into the mill.
Economically viable	Economically viable, when used in the context of Mineral Reserve determination, means that the qualified person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions.
Indicated Mineral Resource	Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a probable Mineral Reserve.
Inferred Mineral Resource	Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project and may not be converted to a Mineral Reserve.
Kriging	A method of interpolation based on Gaussian process governed by prior covariances. It uses a limited set of sampled data points to estimate the value of a variable over a continuous spatial field
Mine Call Factor	The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing with the amount estimated in the ore based on sampling.
Measured Mineral Resource	Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.
Mineral Reserve	Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.
Mineral Resource	Mineral Resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralisation, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralisation drilled or sampled.

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Modifying Factors	Modifying factors are the factors that a qualified person must apply to Indicated and Measured Mineral Resources and then evaluate in order to establish the economic viability of Mineral Reserves. A qualified person must apply and evaluate modifying factors to convert Measured and Indicated Mineral Resources to Proven and Probable Mineral Reserves. These factors include but are not restricted to; mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.
Pre-Feasibility Study	A pre-feasibility study (or preliminary feasibility study) is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product.
	(1) A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a qualified person to determine if all or part of the Indicated and Measured Mineral Resources may be converted to Mineral Reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable.
	(2) A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A pre-feasibility study is more comprehensive and results in a higher confidence level than an initial assessment.
Probable Mineral Reserve	Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource.
Proven Mineral Reserve	Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and can only result from conversion of a Measured Mineral Resource.
Qualified Person	A qualified person is:
	(1) A mineral industry professional with at least five years of relevant experience in the type of mineralisation and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and
	(2) An eligible member or licensee in good standing of a recognized professional organization at the time the technical report is prepared. For an organization to be a recognized professional organization, it must:
	(i) Be either:
	(A) An organization recognized within the mining industry as a reputable professional association; or
	(B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining, geoscience or related field;
	(ii) Admit eligible members primarily on the basis of their academic qualifications and experience;
	(iii) Establish and require compliance with professional standards of competence and ethics;
	(iv) Require or encourage continuing professional development;
	(v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and
	(vi) Provide a public list of members in good standing.
Tailings	Finely ground rock of low residual value from which valuable minerals have been extracted is discarded and stored in a designed dam facility.

Effective Date: 30 June 2022    

v

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

1Executive Summary

Section 229.601(b)(96) (1)

The Qualified Person(s) (“QP”) of Harmony Gold Mining Company Limited (“Harmony” or the “Company”) have prepared this Technical Report Summary (“TRS”) to disclose the Mineral Resource and Mineral Reserve estimates for the Company’s Tshepong Operations. The TRS has been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) property disclosure regulations, S-K 1300, with an effective date as at 30 June 2022. No material changes have occurred between the effective date and the date of signature of this TRS.

Property Description

The Tshepong Operations comprise the underground and surface assets associated with two mines, namely Tshepong Mine (“Tshepong” or “Tshepong Mine”) and Phakisa Mine (“Phakisa” or “Phakisa Mine”), situated between the towns of Welkom and Odendaalsrus in the Free State Province of South Africa. The mines are both moderate to deep-level gold mines, operating at depths of between 1.6km and 2.4km below mine datum (“BMD”). The primary reef mined is the Basal Reef, with additional gold mineralisation being found in the B Reef and A Reef.

Mining at Tshepong Operations is carried out under the following mining right, covering both Tshepong and Phakisa:

•FS30/5/1/284MR, which is valid from 11 December 2007 to 10 December 2029 and covers an area of 10,798.74 hectares (“ha”).

The mining right is held in a joint venture between African Rainbow Minerals Limited (“ARM”) Gold Division (“ARMGold”) and Harmony.

All relevant underground mining and surface right permits, and any other permit related to the work conducted on the property have been obtained and are valid. There are no known legal proceedings (including violations or fines) against Harmony, which threaten its mineral rights, tenure, or operations.

Ownership

The Tshepong Operations are wholly owned by Harmony, including the associated mineral rights. Harmony commenced acquiring the assets through the acquisition of AngloGold Ashanti Limited’s (“AngloGold Ashanti”) Free State operations in 2001, together with ARMGold. ARMGold was subsequently incorporated into Harmony in 2003, giving Harmony 100% ownership and control of the Tshepong Operations.

Geology and Mineralisation

The Tshepong Operations are situated in the Free State Goldfield, on the southwestern margin of the Witwatersrand Basin of South Africa, one of the most prominent gold provinces in the world. The major gold bearing conglomerate reefs are mostly confined to the Central Rand Group (“CRG”) of the Witwatersrand Supergroup.

The general orientation of the Witwatersrand Supergroup succession in this goldfield is interpreted as north-trending, within a syncline that is plunging to the north. The syncline has been divided by faults into the Odendaalsrus, Central Horst and Virginia sections. The Tshepong Operation mining right area is also affected by the Ophir and Dagbreek faults.

Tshepong Operations exploited primarily the Basal Reef, which occurs within the Harmony Formation of the Johannesburg Subgroup of the CRG.

Mineralisation also occurs within the stratigraphically higher A and B reefs of the Kimberley (formerly Aandenk) Formation, within the Turffontein subgroup of the CRG. However, only the B Reef can be economically extracted.

Mineralisation is associated with the presence of medium to coarse, clast-supported oligomictic pebble horizons. The presence of allogenic pyrite and detrital carbon is also common.

Effective Date: 30 June 2022

1

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

Status of Exploration, Development and Operation

The Basal Reef at Tshepong Operations has been extensively explored. Recent exploration has mainly focused on improving confidence in the geological model, as well as adding and upgrading Mineral Resources to replace the mining depletion. Geological data has been obtained through underground channel sampling, mapping and drilling. Initial exploration included a historical geophysical seismic survey and surface diamond core drilling. This was followed up with, closer spaced underground data gathering exercises.

Mineral Resource Estimate

The Mineral Resources for the Basal Reef and B Reef (both Tshepong and Phakisa Mines) were estimated by the Harmony QP in Datamine™ Studio software. The QP created block models based on a verified electronic database containing surface drill hole data, as well as underground drilling, mapping, and sampling data obtained up until December 2020. Gold values were estimated using ordinary and simple macro kriging interpolation methods.

The Mineral Resources for Phakisa were originally prepared, classified and reported according to the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (“SAMREC, 2016”). For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K).

The QP compiling the Mineral Resource estimate for Phakisa is Ms B Phetlhu, Ore Reserve Manager at Phakisa and employee of Harmony.

The Mineral Resource estimate for Phakisa, as at 30 June 2022, exclusive of the reported Mineral Reserves is summarised in Table 1-1.

Table 1-1: Summary of the Phakisa Mineral Resources as at 30 June 2022 (Exclusive of Mineral Reserves) 1-8

METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	4.741	13.25	62,797
Indicated	7.264	11.27	81,831
Total / Ave. Measured + Indicated	12.005	12.05	144,627
Inferred	27.491	10.77	295,943
IMPERIAL
Mineral Resource Category	Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Measured	5.226	0.386	2.019
Indicated	8.007	0.329	2.631
Total / Ave. Measured + Indicated	13.233	0.351	4.650
Inferred	30.303	0.314	9.515
Notes:
1. Mineral Resources are reported with an effective date of 30 June 2022 were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Ms B Phetlhu, who is Ore Reserve Manager at Phakisa, and a Harmony employee.
2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.
3. No modifying factors or dilution sources have been included to in-situ Reserve which was subtracted from the SAMREC Resource in order to obtain the S-K 1300 Resource.
4. The Mineral Resources are reported using a cut-off value of 780cmg/t determined at a 90% profit guidance, and a gold price of USD1,723/oz.
5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.
6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability.
7. Rounding as required by reporting guidelines may result in apparent summation differences.
8. The Mineral Resource estimate is for Harmony’s 100% interest.

Effective Date: 30 June 2022

2

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

The Mineral Resources for Tshepong were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Mineral Resource estimate, as at 30 June 2022, exclusive of the reported Mineral Reserves is summarised in Table 1-2

The QP compiling the Mineral Resource estimate for Tshepong is Mr A Louw, Ore Reserve Manager at Tshepong and employee of Harmony.

Table 1-2: Summary of the Tshepong Mineral Resources as at 30 June 2022 (Exclusive of Mineral Reserves) 1-8

METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	12.484	12.13	151,437
Indicated	3.977	10.20	40,575
Total / Ave. Measured + Indicated	16.462	11.66	192,012
Inferred	9.43	10.18	96,037
IMPERIAL
Mineral Resource Category	Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Measured	13.762	0.354	4.869
Indicated	4.384	0.298	1.305
Total / Ave. Measured + Indicated	18.146	0.340	6.173
Inferred	10.399	0.297	3.088
Notes:
1. Mineral Resources are reported with an effective date of 30 June 2022 were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Mr A Louw, who is Ore Reserve Manager at Tshepong, and a Harmony employee.
2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.
3. No modifying factors or dilution sources have been included to in-situ Reserve which was subtracted from the SAMREC Resource in order to obtain the S-K 1300 Resource.
4. The Mineral Resources are reported using a cut-off value of 648cmg/t determined at a 90% profit guidance, and a gold price of USD1,723/oz.
5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.
6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability.
7. Rounding as required by reporting guidelines may result in apparent summation differences.
8. The Mineral Resource estimate is for Harmony’s 100% interest.

Mineral Reserve Estimate

Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral Resource conversion to Mineral Reserves considers Modifying Factors, dilution, ore losses, minimum mining widths, planned mine call and plant recovery factors.

The Mineral Reserves for Phakisa were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Mineral Reserve estimate for Phakisa, as at 30 June 2022, is summarised in Table 1-3.

The QP compiling the Mineral Resource estimate for Phakisa is Ms B Phetlhu, Ore Reserve Manager at Phakisa and employee of Harmony.

Effective Date: 30 June 2022

3

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

Table 1-3: Summary of the Phakisa Mineral Reserves as at 30 June 2022 1-5

METRIC
Mineral Reserve Category	Milled Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proved	3.759	6.98	26,243
Probable	0.176	6.49	1,143
Total (Proved + Probable)	3.935	6.96	27,386

IMPERIAL
Mineral Reserve Category	Milled Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Proved	4.144	0.204	0.844
Probable	0.194	0.189	0.037
Total (Proved + Probable)	4.338	0.203	0.880
Notes:
1. The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Ms B Phetlhu, who is Ore Reserve Manager at Phakisa, and a Harmony employee.
2. Tonnes, grade, and gold content are declared as net delivered to the mills.
3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical recovery factors have not been applied to the reserve figures.
4. Gold content has not taken metallurgical recovery factors into account.
5. Mineral Reserves are reported using a cut-off grade of 791cmg/t determined using a gold price of USD1,546/oz gold.

The Mineral Reserves for Tshepong were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Mineral Reserve estimate for Tshepong, as at 30 June 2022 is summarised in Table 1-4.

The QP compiling the Mineral Resource estimate for Tshepong is Mr A Louw, Ore Reserve Manager at Tshepong and employee of Harmony.

Table 1-4: Summary of the Tshepong Mineral Reserves as at 30 June 2022 1-5

METRIC
Mineral Reserve Category	Milled Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proved	4.157	5.15	21,419
Probable	0.336	7.63	2,565
Total (Proved + Probable)	4.493	5.34	23,985
IMPERIAL
Mineral Reserve Category	Milled Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Proved	4.583	0.150	0.689
Probable	0.371	0.223	0.082
Total (Proved + Probable)	4.953	0.156	0.771
Notes:
1. The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Mr A Louw, who is Ore Reserve Manager at Tshepong, and a Harmony employee.
2. Tonnes, grade, and gold content are declared as net delivered to the mills.
3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical recovery factors have not been applied to the reserve figures.
4. Gold content has not taken metallurgical recovery factors into account.
5. Mineral Reserves are reported using a cut-off grade of 650cmg/t determined using a gold price of USD1,546/oz gold.

In the opinion of the QP, given that the Phakisa and Tshepong mines are established operations, the modifying factors informing the Mineral Reserve estimates would at a minimum, satisfy the confidence levels of a Pre-Feasibility Study.

The declared Mineral Reserves are depleted to generate the Tshepong Operation cash flows. The economic analysis of the cash flows displays positive results and are deemed both technically and economically achievable.

Effective Date: 30 June 2022

4

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

Capital and Operating Cost Estimates

The capital cost estimates for the Tshepong Operations are determined at a corporate level, using the business plan as the basis. The capital costs are associated with major equipment outside the main operating sections which is termed abnormal expenditure (“AE”), infrastructure development, as well as ongoing capital development (“OCD”). Costs associated with the Mining Charter Compliance (“MCC”), as per South Africa’s Social Labour Plan (“SLP”) requirements are also included in the capital estimates.

The capital costs are presented in Table 1-5.

The operating cost estimates for Tshepong Operations are categorised into direct and total costs. The operating cost estimates are shown in Table 1-6.

The capital and operating costs are reported in ZAR terms and on a real basis. The economic analysis, including the capital and operating costs are reported for the period comprising financial year (“FY23”) July – June. Both, the capital and operating estimates are accounted for in the economic analysis of Tshepong Operations. The results of the economic analysis demonstrate positive returns over the LOM.

Permitting Requirements

The permits held by Tshepong Operations are presented in Table 1-7.

Tshepong Operations have the necessary valid permits, administered and managed by various departments, and do not require any additional permits to continue with their mining operations, except for the application which have been submitted to amend the Water Use Applications.

An application to renew and amend water use application was submitted to the respective regulator. The approval for these environmental permits is pending at the effective date of this TRS. Based on current industry norms, a realistic timeframe to obtain relevant authorisations is estimated between 12 and 18 months.

There is no material litigation (including violations or fines) against the Company as at the date of this report which threatens its mineral rights, tenure, or operations.

Conclusions

Under the assumptions in this TRS, Tshepong Operations show a positive cash flow over the life-of-mine which supports the Mineral Resource and Mineral Reserve estimates. The mine plan is achievable under the set of assumptions and parameters used.

Recommendations

The gold output can be optimised through improvement of quality of mining and this will result in achieving planned shaft call factor. This impact will be realised through our currently implemented Business Initiative programme that will look at driving quality of mining through measures such as in-stope water controls and better fragmentation during blasting to contain the gold.

Table 1-5: Summary of Capital Cost Estimate for Tshepong Operations

Capital Cost Element (ZAR'000s)	Total LOM (FY2023 - FY2030)
AE	302,068
Shaft Projects	227,797
Major Projects	400,470
Total	930,335
OCD	2,565,792
Total (including OCD)	3,496,125

Effective Date: 30 June 2022

5

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

Table 1-6: Summary of Operating Cost Estimate for Tshepong Operations

Operating Cost Element (ZAR'000)	Total LOM (FY2023 - FY2030)
Mining	14,280,664
Services	4,299,907
Medical Hub / Station	781,819
Engineering	12,794,649
Total Direct Costs	32,157,038
Mine Overheads	1,652,395
Royalties	463,002
Ongoing Capex	2,565,792
Total Cost	36,838,228

Table 1-7: Status of Environmental Permits and Licences

Permit / Licence	Reference No.	Issued By	Date Granted	Validity
Environmental Management Programme	FS 30/5/1/2/3/2/1(84)EM	DMRE	16-Apr-10	LOM
Environmental Management Updated	FS 30/5/1/2/2/84MR	DWAFEC	Pending Approval Submitted in 2019	LOM
Water Permit 936B. Harmony. Free State Geduld Mines. Discharge of untreated effluents	B33/2/340/31	DWAFEC	02-Apr-81	LOM
Water Permit 870B. Harmony. Discharge of untreated effluents.	B33/2/340/25	DWAFEC	27-May-91	LOM
Water Permit 1214N. Free State Consolidated Gold Mine. Tshepong, Freddie’s and Phakisa shafts.	B33/2/340/12	DWAFEC	Not indicated.	LOM
Notes: DWAFEC - Department of Water Affairs, Forestry and Environmental Conservation, DWA - Department of Water Affairs.

Effective Date: 30 June 2022

6

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

2Introduction

Section 229.601(b)(96) (2) (i-v)

This TRS on Tshepong Operations has been prepared for the registrant, Harmony. The TRS has been prepared in accordance with the U.S. SEC Disclosure by Registrants Engaged in Mining Operations (disclosure regulations S-K 1300). It has been prepared to meet the requirements of Section 229.601(b)96 - Technical Report Summary. The purpose of this TRS is to provide open and transparent disclosure of all material, exploration activities, Mineral Resource and Mineral Reserve information to enable the investor to understand the Tshepong Operations, which forms part of Harmony’s activities.

This TRS has been prepared from the following sources of information:

•Harmony Operational Report 2021;

•File 18 (Competency Report) Phakisa Mineral Resource and Reserve Statement FY2023;

•Phakisa Gold Mine 2022 SAMREC Table 1;

•Tshepong Gold Mine 2022 SAMREC Table 1;

•2021 Report to Shareholders; and

•Harmony Mineral Resources and Mineral Reserves Report at 30 June 2021 (“HAR-RR21”).

The TRS was prepared by QPs employed on a full-time basis by the registrant. The QPs qualifications, areas of responsibility and personal inspection of the property are summarised in Table 2-1.

Table 2-1: QP Qualification, Section Responsibilities and Personal Inspections

Qualified Person	Professional Organisation	Qualification	TRS Section Responsibility	Personal Insp.
Mr A Louw	SACNASP	BSc. Hons. (Geohydro)	All Sections (Tshepong)	Full Time
Ms B Phetlhu	SACNASP	BTech. (Geol), M (Eng)	All Sections (Phakisa)	Full Time

This TRS is the first filing of such a document with the SEC and has an effective date as at 30 June 2022. No material changes have occurred between the effective date and the date of signature.

Effective Date: 30 June 2022

7

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

3Property Description and Location

Section 229.601(b)(96) (3) (i-vii)

The Tshepong Operations comprise two operating underground gold mines namely, Tshepong and Phakisa. Tshepong is a mature, moderate to deep-level underground operation that uses conventional undercut mining, to depths of 2,400m BMD. Phakisa, younger than Tshepong, is a moderate to deep-level underground operation using conventional underground mining methods to depths of 2,427m BMD. The mines utilise the Tshepong, Phakisa and Nyala shafts.

The mines are located in the Free State Province of South Africa, approximately 250km southwest of Johannesburg and 15km to the north of the town of Welkom (Figure 3-1). Tshepong is situated at a latitude of 27°51’56.45”S and longitude of 26°42’45.15”E. Phakisa is situated adjacent to the south of Tshepong, and is located at a latitude of 27°54’1.27”S and longitude of 26°43’30.05”E.

3.1Mineral Tenure

South African Mining Law is regulated by the MPRDA which is the predominant piece of legislation dealing with acquisitions or rights to conduct reconnaissance, prospecting and mining. There are several other pieces of legislation which deal with such ancillary issues such as royalties (the Mineral and Petroleum Resources Royalty Act, 2008), title registration (the Mining Titles Registration Act, 1967), and health and safety (the Mine Health and Safety Act, 1996).

The current mining right for the Tshepong Operations encompasses an area of 10,798.74ha (Figure 3-2). Harmony holds several mining rights in the Free State goldfields which have been successfully converted and executed as new order mining rights, some of which are still to be registered at the Mineral and Petroleum Resources Titles Office (“MPRTO”). The mining right for Tshepong is presented in Table 3-1.

The Tshepong Operations are wholly owned by Harmony, including the associated mineral rights. Harmony commenced acquiring the assets through the acquisition of AngloGold Ashanti Limited’s (“AngloGold Ashanti”) Free State operations in 2001, together with ARMGold. ARMGold was subsequently incorporated into Harmony in 2003, giving Harmony 100% ownership and control of the Tshepong Operations.

Table 3-1: Summary of Mining Rights for Tshepong Operations

Licence Holder	Licence Type	Reference No.	Effective Date	Expiry Date	Area (ha)
ARMGold / Harmony JV	Mining Right	FS30/5/1/284MR	11-Dec-2007	10-Dec-2029	10,798.74

There are no known legal proceedings (including violations or fines) against the Company which threatens its mineral rights, tenure, or operations.

3.2Property Permitting Requirements

All relevant underground mining and surface permits, and any other permit related to the work conducted on the property have been obtained and are valid.

Harmony has access to all the properties it requires to conduct its current mining activities. The surface lease and surface right areas are sufficient in size and nature to accommodate the required surface infrastructure to facilitate current and planned mining and processing operations.

Harmony monitors complaints and litigation against the Company as part of its risk management systems, policies and procedures. There is no material litigation (including violations or fines) against the Company as at the date of this report which threatens its mineral rights, tenure or operations.

Effective Date: 30 June 2022

8

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

Figure 3-1: Location of Tshepong Operations in the Free State Goldfield

Effective Date: 30 June 2022

9

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

Figure 3-2: Mineral Tenure for Tshepong Operations

Effective Date: 30 June 2022

10

Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

4Accessibility, Climate, Local Resources, Infrastructure and Physiography

Section 229.601(b)(96) (4) (i-iv)

4.1Accessibility

Access to the Tshepong Operations is accessible via the local R70 road between Welkom and Odendaalsrus (Figure 3-1). The area has well-established rail links and an airfield within close proximity.

Entry into the mining area is restricted by security fencing, security guards, booms and lockable gates at the main entrance. In addition, a communication system and access control system monitors personnel entering and leaving the mine property.

4.2Physiography and Climate

The mine lease area is flat with an average height of around 1,344m above mean sea level (“masl”). There are no prominent topographical landmarks in the area. The topography has been affected by the presence of slimes dams, waste rock dumps and solid waste disposal sites.

Tshepong Operations are situated in the Free State Goldfield, a semi-arid region with an annual rainfall of between 400mm and 600mm. Local thunderstorms and showers are responsible for most of the precipitation during summer, from October to March, peaking in January. Hail is sometimes associated with thunderstorms.

The seasonal fluctuations in mean temperatures between the warmest and the coldest months vary between an average minimum of 7.7°C in winter to a maximum of 37°C in summer. The month of July is generally the coldest month with the hottest month typically being February.

Tshepong and Phakisa are not restricted by climatic or seasonal variability.

4.3Local Resources and Infrastructure

The surrounding areas of Welkom and Odendaalsrus are well developed in terms of access and mining-related infrastructure, which supports the numerous operational gold mines in the area. The regional infrastructure includes national and provincial paved road networks, power transmission and distribution networks, water supply networks and communication infrastructure.

Tshepong has a twin shaft system with ore and waste being hoisted to surface through the main vertical shaft (Figure 3-2).

Phakisa operates a single vertical shaft for man and materials. Rock is transported from the underground working via a RailVeyorTM system to the Nyala Shaft for hoisting.

The Tshepong and Phakisa ore is transported, by rail, from their respective shafts to the Harmony One Plant in Welkom for processing (Figure 3-2).

Operations are powered by electricity from Eskom Holdings State Owned Company (“SOC”) Limited.

Effective Date: 30 June 2022

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Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

5History

Section 229.601(b)(96) (5) (i-ii)

5.1Historical Ownership and Development

Phakisa was formerly known as FSG 4, Freddies 4 and Tshepong South. Phakisa development commenced in October 1993 and shaft sinking was started in February 1994. In 1995, shaft sinking was halted on 59 Level due to the prevailing low gold price. Operations at Phakisa recommenced in September 1996 and sinking was completed to 75 Level, before being halted again in 1999.

The Feasibility Study for the initial development of Tshepong was concluded in 1984. Work to establish the site started in September 1984 and, by 1986, shaft sinking was underway. Sinking and equipping of the shaft were completed in 1991, with the mine being commissioned in November 1991.

Harmony acquired Phakisa as part of the acquisition from AngloGold Ashanti’s Free State operations (previously known as Freegold), which completed in September 2003. Sinking and equipping was completed to a depth of 2,427m in 2006.

The Phakisa and Tshepong operations were merged into the Tshepong Operations by Harmony in 2017.

The historical ownership and associated activities related to Tshepong operations are summarised in Table 5-1.

Table 5-1: Summary of Historical Ownership Changes and Activities of Tshepong Operations

Year	Asset History Highlights
Phakisa
1994	Shaft sinking began.
2002	Harmony (as part of a 50:50 joint venture with ARMGold) acquired Phakisa from AngloGold Ashanti.
2003	The Phakisa Shaft Project began development. ARMGold and Harmony merged.
2005	Phakisa shaft completed and shaft equipping underway.
2008	Phakisa started production with full-scale production planned by June 2011.
2009	Five ice plants commissioned, improving ventilation and cooling.
2011	Phakisa reached full production.
2017	Tshepong and Phakisa merged into Tshepong Operations
Tshepong
1984	The Feasibility Study for the Tshepong development section concluded. Site establishment started.
1986	Shaft sinking began.
1991	The Tshepong project was commissioned.
2001	AngloGold announced sale of its assets in the Free State to African Rainbow Metals and Harmony Gold Mining. African Rainbow and Harmony would hold equal joint venture interests, effective January 1, 2002.
2003	Harmony Gold and ARMGold merged.
2004	Tshepong began production and produced 390,747oz Au. Tshepong Sub 55 Decline Project (an extension at depth of the mine from the current shaft bottom to a depth of some 2,200m) was on schedule for completion in July 2006.
2005	Harmony completed 62% of the decline, including 1,500m of rail construction and 700m of the conveyer system.
2006	The mine operated at full capacity and the Tshepong Decline Project had been completed.
2007	Conversion of Harmony's old order mining rights into new order mining rights in terms of the MPRDA, including that for the Tshepong operation.
2008	The Tshepong Sub 66 decline project in a build-up phase, and the Sub 71 Decline project was under development.
2017	Tshepong and Phakisa merged into Tshepong Operations.

Effective Date: 30 June 2022

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Technical Report Summary for
Tshepong Operations, Free State Province, South Africa

5.2Historical Exploration

Strong linear B-Reef value trends running from Tshepong Mine into Phakisa Mine were identified where an expected value of the area averaged 1291cmg/t. A high level capital exploration drilling project for B-Reef was approved in August 2016 for Phakisa mine. Eight drill holes were planned, totalling of 5,180m at a total cost of ZAR5.5m. The exploration drilling programme was successfully concluded in October 2020, with the planned eight holes drilled in the target area which confirmed the extension of the Tshepong payshoot.

5.3Previous Mineral Resource and Mineral Reserve Estimates

The previous in-situ Mineral Resource estimates for the Tshepong Operations were declared as at 30 June 2021 by Harmony, according to the SAMREC, 2016. The previous Mineral Resource estimates, exclusive of Mineral Reserves, are summarised in Table 5-2 and Table 5-3 for Phakisa and Tshepong, respectively. These have been superseded by the current estimate prepared by Harmony in Section 11 of this TRS.

Table 5-2: Summary of the Previous Phakisa Mineral Resources as at 30 June 2021 (Exclusive of Mineral Reserves)

METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	5.676	12.20	69,228
Indicated	7.561	10.99	83,060
Total / Ave. Measured + Indicated	13.237	11.50	152,288
Inferred	26.303	10.80	283,991
IMPERIAL
Mineral Resource Category	Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Measured	6.257	0.356	2.226
Indicated	8.335	0.320	2.670
Total / Ave. Measured + Indicated	14.592	0.336	4.896
Inferred	28.994	0.315	9.131

Table 5-3: Summary of the Previous Tshepong Mineral Resources as at 30 June 2021 (Exclusive of Mineral Reserves)

METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	3,680	15,88	58 449
Indicated	1,082	16,96	18 361
Total / Ave. Measured + Indicated	4,762	16,13	76 810
Inferred	8,999	10,65	95 795
IMPERIAL
Mineral Resource Category	Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Measured	4,056	0,463	1,879
Indicated	1,193	0,495	0,590
Total / Ave. Measured + Indicated	5,249	0,470	2,469
Inferred	9,919	0,310	3,080

The previous Mineral Reserve estimate for Tshepong Operations was declared by Harmony as at 30 June 2021 in accordance with SAMREC, 2016. Modifying Factors were applied to the in situ Mineral Resources to arrive at the Mineral Reserve estimate. The Mineral Reserve estimate represents the ore delivered to the mill. The recovered gold content considers the plant recovery factor. Dilution and modifying factors are based on historic performance.

The previous Mineral Reserve estimate is summarised in Table 5-4 and Table 5-5, respectively. These have been superseded by the current estimate prepared by Harmony as detailed in Section 0 of this TRS.

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Table 5-4: Summary of the Previous Phakisa Mineral Reserves as at 30 June 2021

METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proven	3.900	6.36	24,793
Probable	0.371	6.58	2,445
Total / Ave. Proven + Probable	4.271	6.38	27,238
IMPERIAL
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Proven	4.299	0.185	0.797
Probable	0.409	0.192	0.079
Total / Ave. Proven + Probable	4.708	0.186	0.876

Table 5-5: Summary of the Previous Tshepong Mineral Reserves as at 30 June 2021

METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proven	16,150	5,63	90 979
Probable	4,313	4,28	18 458
Total / Ave. Proven + Probable	20,463	5,35	109 437
IMPERIAL
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Proven	17,802	0,164	2,925
Probable	4,754	0,125	0,593
Total / Ave. Proven + Probable	22,556	0,156	3,518

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5.4Past Production

The annual tonnage, grade and gold production for the Tshepong Operations is presented in Figure 5-1 and Figure 5-2. The reader should note that the Tshepong Operations were reported separately in FY16, FY17. Phakisa and Tshepong results have been combined since 2018.

Figure 5-1: Graph of Past Production – Tonnes and Grade

Figure 5-2: Graph of Past Metal Production

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6Geological Setting, Mineralisation and Deposit

Section 229.601(b)(96) (6) (i-iii)

6.1Regional Geology

Tshepong and Phakisa are located on the southwestern margin of the Archean Witwatersrand Basin, one of the prominent gold provinces in the world. The Witwatersrand Basin is an approximately 7,000m thick terrigenous sequence comprising mainly arenaceous and argillaceous, together with minor rudaceous, lithologies deposited in a fluvio-deltaic environment in the centre of the Archaean Kaapvaal Craton of South Africa (Robb and Meyer, 1995). The regional geology of the Witwatersrand Basin is shown in Figure 6-1.

The Witwatersrand Basin hosts the Witwatersrand Supergroup, which either conformably or unconformably overlies the metamorphosed volcanic and minor clastic sediments of the Dominion Group (Tucker et al., 2016). The Dominion Group overlies the older granite-greenstone basement.

The majority of the Witwatersrand Supergroup is capped by the volcano-sedimentary sequence of the Ventersdorp Supergroup through an angular unconformity. The Ventersdorp Supergroup is in turn overlain by the dolomitic and quarzitic sequence of the Transvaal Supergroup, and sediments of the Karoo Supergroup (Tucker et al., 2016). Several suites of dykes and sills cut across the Archaean basement and the Witwatersrand, Ventersdorp, Transvaal and Karoo supergroups, and form important geological time-markers.

The Witwatersrand Supergroup is sub-divided into the basal West Rand Group (“WRG”) and overlying CRG (Robb and Robb, 1998). The WRG extends over an area of 43,000km2 and is up to 5,150m thick. It is sub-divided in three subgroups, namely, from bottom upwards, the Hospital Hill Subgroup; Government Subgroup and Jeppestown Subgroup. The stratigraphic succession of the WRG mainly consists of shale sediments, with occasional units of banded iron formation and conglomerate.

The CRG is up to 2,880m thick and covers an area of up to 9,750km2, with a basal extent of c.290km x 150km. It is sub-divided into the lower Johannesburg Subgroup and upper Turffontein Subgroup as shown in Figure 6-2. These subgroups are separated by the Booysens Shale Formation. The stratigraphic succession of the CRG comprises coarse-grained fluvio-deltaic sedimentary rocks.

The major gold bearing conglomerates are mostly confined to the CRG, and these conglomerate horizons are known as reefs. The most important reefs within the CRG are at six stratigraphic positions, three within the Johannesburg Sub-group and three within the Turffontein Sub-group. The reefs are mined in seven major goldfields, and a few smaller occurrences, which extend for over 400km in what has been called “The Golden Arc”. This arc is centred on the prominent Vredefort Dome, as shown in Figure 6-1,. which is thought to be a major meteorite impact site in the centre of the Witwatersrand Basin (Therriault et al., 1997). The goldfields, as shown in Figure 6-1, include: East Rand, South Rand, Central Rand, West Rand, West Wits, Klerksdorp, Free State (Welkom), and Evander.

6.2Local Geology

Tshepong and Phakisa are located within the Free State Goldfield (Figure 6-1). The stratigraphic column of the Free State Goldfield is presented in Figure 6-2. The Johannesburg Subgroup comprises the Virginia, St Helena, Welkom, Harmony and Dagbreek formations.

The Free State Goldfield forms a triangle between the towns of Allanridge, Welkom and Virginia. The area is host to several gold mines, all of which produce gold from auriferous bearing reefs situated within sediments of the Central Rand Group of the Witwatersrand Sequence (Figure 6-2). Most of the presently exploitable reefs are situated within five stratigraphically separate placers including the Basal/Steyn, Saaiplaas Leader, B, Kimberley and Eldorado, with the majority of tonnage derived from the Basal/ Steyn and Saaiplaas Leader.

The Witwatersrand and overlying Ventersdorp lavas were deposited in a basin with significant and continual down warping to accommodate the sediments and lavas. During Platburg times, the basin underwent a significant rifting and tilting event, resulting in the region being split by significant faults. These faults are generally westerly dipping, with downthrows to the west, and strata dipping generally to the east.

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Figure 6-1: Regional Geology of the Witwatersrand Basin

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Figure 6-2: Simplified stratigraphy of the Free State Goldfield

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The general orientation of the Witwatersrand Supergroup succession in the Free State Goldfield is interpreted as north-trending within a syncline that is plunging to the north (Figure 6-3). The syncline is cut by two major faults resulting in the formation of three major fault bounded blocks:

•Odendaalsrus Section to the west of the De Bron fault;

•the Central Horst between the De Bron and Homestead faults; and

•the Virginia Section to the east of the Homestead Fault.

The Central Horst was uplifted, and the Central Rand Group rocks eroded away prior to deposition of the Ventersdorp Supergroup and therefore comprises West Rand quartzites. The western margin of the Tshepong Lease is also marked by structures including the Ophir Fault that is bisected into eastern and western portions by a second, the Dagbreek Fault.

A cross section through the fault bounded blocks is presented in Figure 6-4.

6.3Property Geology

The principal gold-bearing orebody is the stratiform and strata-bound Basal Reef (or Basal Reef Zone (“BRZ”)) (Figure 6-2). A secondary reef, the B Reef, lying between 150m and 170m stratigraphically above the Basal Reef, contributes less than 20% to the mining production at Tshepong Mine.

6.3.1Basal Reef Lithology

The Basal Reef comprises a thin conglomerate, overlain by clean ‘placer’ quartzites. The Basal Reef is underlain by a thick series of siliceous and argillaceous quartzites comprising the Welkom Formation and overlain by shales and quartzites of the Harmony Formation, both of the Johannesburg Sub-group of the CRG. The Basal Reef sits unconformably on the Welkom Formation (Figure 6-2).

The Upper Cycle Black Chert facies Basal Reef prevails in the south of the Tshepong area and consists of a slightly polymictic (yellow shale specks present), matrix-supported medium-pebble conglomerate with a more gradational contact absent of carbon, where mineralisation is associated with fine disseminated and buck-shot pyrite. The conglomerate is slightly thicker compared to the Lower Cycle, but is also overlain by barren reef quartzite, the entire package being characteristically up to only 40cm thick. The lower Khaki Shale is up to 1m thicker.

There are two facies of Basal Reef on Phakisa, namely; the Lower Cycle Black Chert facies in the north and the Upper Cycle Black Chert facies in the south. The reef package ranges from 100cm to 160cm thick.

The Lower Cycle Black Chert facies predominates in the north with a northwest / southeast value trend. The reef consists of an oligomictic small pebble matrix-supported conglomerate lag with fly-speck carbon contact. The rest of the reef package constitutes barren siliceous fine-grained reef quartzite. The entire reef package reaches up to 160cm thick and is overlain by 1cm to 30cm of lower khaki shale. This in turn is overlain by the approximately 3-4m thick waxy brown leader quartzite, above which lies the 3-4m thick upper khaki shale.

6.3.2B Reef Lithology

The B Reef at Tshepong occurs approximately 150m stratigraphically (or approximately two production working levels) above the Basal Reef. Consequently, the B Reef is not normally intersected in either Basal Reef development or routine diamond drilling.

The lowest unit is a basal lag (Zone A), overlying Doornkop Quartzite Formation. Where this unit is developed (or preserved), it may be highly mineralised oligomictic or polymictic conglomerate, with visible gold, buckshot pyrite and carbon mineralisation. This unit may carry gold values of many thousands of cmg/t and represents a potentially rewarding exploration target.

The unit overlying the Zone A may be either Zone B, which comprises a mildly erosive pebbly quartzite formation, and/or the stratigraphically younger Zone C, which is a polymictic conglomerate with low values and is erosional into the underlying A and B zones.

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Figure 6-3: Structural Geology of the Free State Goldfields

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Figure 6-4: Tshepong Operations Cross Section

Source: Modified after Tucker et al. (2016)

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The B Reef at Phakisa is located about 170m stratigraphically above the Basal Reef and varies in thickness from 30cm to 170cm. The conglomerate varies in character depending on the facies, with B1 being a small to medium pebble conglomerate and usually no more than 30cm thick with abundant carbon. The B2 facies is a small pebble lag in an argillaceous quartzite, with little to no mineralisation. B3 facies is a 20 to 150cm thick conglomerate, mature, well packed, with pebble sizes varying from small to cobble size, very polymictic, normally with abundant pyrite and some carbon. This is the most common facie

6.3.3Structure

At Tshepong, the Dagbreek Fault that strikes north-south bisects the mine into western and eastern domains. The shaft infrastructure itself is situated largely within the zone of fault loss associated with the Dagbreek Fault (Figure 6-3 and Figure 6-4).

The fault has a variable down throw to the west of approximately 350m, with no significant lateral displacement. It is interpreted as an early compressional structure that has experienced later Platberg age relaxation and subsequent extension. Reef in the eastern domain dips to the east at an average of 23° and extends from 55 Level (1,674m depth) to 66 Level (2,010m depth), which is the lowest working level of the Main shaft. Tshepong is currently developing the Sub 71 Decline Capital Project, which extends access down dip to 75 Level (2,286m depth), the lowest planned working level of the Sub 71 Decline Project.

Relative to the eastern domain, the western domain at Tshepong is more structurally deformed. This is prevalent to the north where major block rotation has occurred resulting in the reef dipping to the west. The structural complexity of this western domain necessitates an intensive, ongoing drilling programme to locate fault bounded reef blocks.

A second structural family of faults and dykes occurs on a NW-SE trend and are thought to be conjugate to and thus of a similar age to the Dagbreek Fault system, but this direction of faults tends to be associated with lateral shifts.

Many faults shown signs of lateral displacement, but the amount of this displacement is often difficult to determine. These faults are typically oriented between N-S and NNW-SSE. Maximum displacement identified thus far is approximately 200m on the Thelma Fault.

At Phakisa, there are several major faults and dykes present interpreted from surface drill holes and intersected in the development and stoping. Among these are the Enrico, Zero, Zindaba, Eland and Savannah Dykes, as well as the Southern and Phakisa Faults. The easterly limit of the ore body is not clearly defined but appears to cut off at approximately 3,000m below surface on a major component of the north-south striking Arrarat Fault.

Two principal age-based divisions in Phakisa’s intrusive structures have been identified, namely; Ventersdorp and post-Ventersdorp eras. Various subdivisions within each of these two categories have also been observed.

Yellow porphyry, acicular and quartz diorite dykes are found in the Ventersdorp suite of intrusives, while Karoo dolerites and lamprophyres occur in the post-Ventersdorp suite of intrusives. These intrusives tend to utilise any plane of weakness in their passage. It is therefore not unusual to find an intrusive infill along the various fault planes and other faults within the mine area. Accompanying gouge material, showing slicken-siding along the contacts of the intrusions, indicates that movement has taken place after these rocks were intruded.

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6.4Mineralisation

The gold mineralisation in the Witwatersrand deposits is believed to have followed an episode of deep burial, fracturing and alteration. The mineralisation model is that Archean gold bearing hydrothermal fluid was introduced into the conglomerates and circulated throughout in hydrothermal cells. The fluids precipitated gold and other elements through reactions that took place at elevated temperatures along the reef horizons, which was the more favourable fluid conduit.

The generic mineralisation model for the Tshepong Basal Reef is based on structurally controlled fluid flow within a conglomerate hosted lithology. Fluid flow is dependent on the permeability of the host rock mass during mineralisation. Fluid flow, permeability and subsequent gold mineralisation are believed to be controlled by four key factors, including:

•chanical stratigraphy;

•the presence or absence of mineralisation age thrust faulting;

•sedimentology; and

•precipitation agent

It is the QP's view, the sedimentological parameters are more influential and predictive for gold distribution on a regional scale.

The gold mineralisation is related to the facies-type, and the mineralisation characteristics within the facies are similar between Tshepong and Phakisa and are hence simply described by facies in the section to follow.

6.4.1Basal Reef

Within the Lower Cycle Black Chert facies, mineralisation is characterised by a fine disseminated interstitial pyrite, together with a carbon contact. Mineralisation is associated with the carbon contact and conglomerate, although some concentration is also found just below the upper reef contact. At the top of the reef is a granular textured often gritty quartzite with fine pyrite stringers about 10cm thick.

In the Upper Cycle Black Chert Facies, mineralisation is associated with the carbon contact and conglomerate, although some concentration is also found just below the upper reef contact. It does not have such a well-developed carbon contact as the Lower Cycle facies and is often of lower grade.

6.4.2B Reef

The B1 facies has abundant carbon and gold as associated with the carbon. The B2 facies has little to no gold mineralisation, while the B3 facies normally has abundant pyrite and some carbon. Free gold is found in association with the flyspeck carbon.

6.4.3Alteration

Alteration is evident in the Basal Reef and B Reef at Tshepong and is a result of the hydrothermal fluids that infiltrated the reef and have overprinted on the original mineral assemblage. The reefs contain authigenic sulphides such as pyrite, and other minerals associated with alteration such as chlorite. Gold associations with these mineral assemblages indicate a strong correlation of gold mobilisation and redistribution at the time of the hydrothermal fluid influx.

While alteration is an important part of the mineralisation, alteration is not used for the identification, modelling or mining of the reefs.

6.5Deposit Type

The Tshepong and Phakisa deposits are classed a meta-sedimentary gold deposit. Folding and basin edge faulting have been important controls for sediment deposition and gold distribution patterns within the Witwatersrand Basin and fold trends have been employed in the economic evaluation of various reef horizons.

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6.6Commentary on Geological Setting, Mineralisation and Deposit

The regional geological setting, local and property geology, mineralisation and deposit-type for Tshepong Operations is well established, through many decades of exploration and mining. Reliable geological models, maps and cross sections are available that support the interpretations and inform the Mineral Resource estimates.

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7Exploration

Section 229.601(b)(96) (7) (i-vi)

Geological data has been obtained through initial surface drilling, followed by underground drilling, mapping and channel (chip) sampling.

Exploration from underground platforms is currently continuing for the Tshepong sub-75 development, to improve geological confidence.

Both, the Phakisa and Tshepong Mines are undergoing B reef exploration drilling to identify any potential continuation of the current pay shoots connecting these mines. Footwall development began at the Tshepong Mine during FY20 and will be used as a drilling platform to confirm and delineate the anticipated B Reef channel.

7.1Geophysical Surveys

Initial exploration included a historical geophysical seismic survey and surface diamond core drilling.

7.2Topographic Surveys

As an underground operation, topographic surveys are not material to the Mineral Resource estimates.

7.3Underground Mapping

Face and reef development mapping is undertaken by a team comprising a Sampler or Geologist, and an assistant. Face tapes are setup along gullies and the stope face and secured with reference to the latest survey pegs installed in the workplaces. Reef position and other lithological and stratigraphic information is collected and measured relative to the reference tapes. The information is captured in a notebook.

Once at surface, the person responsible transfers the information from the notebook into CADSMineTM, where a mapping report is produced for each mapped workplace. The mapping reports depict the geological information graphically relative to the survey measurement points. Data from the mapping is also incorporated into the geological models.

Approximately 80-90% of all workplaces are inspected by member of the Geosciences team monthly to ensure that suitable mapping information coverage is achieved.

7.4Channel Sampling Methods and Sample Quality

Channel sampling of underground panels are carried out on monthly basis. Sampling is conducted perpendicular to the channel contact across the exposed channels. The section lines demarcating the width of the sample are drawn parallel to the reef waste contact while those demarcating the length of the sample are drawn at right angles to the reef waste contact and are marked 10cm apart. The samples are chipped out between these section lines.

Sampling of the Basal Reef stoping channels are undertaken at the advancing face on a grid spacing of 5m x 6m at Phakisa and 5m x 5m at Tshepong. The sampling process is audited monthly and annually by the Geoscience Manager. Development sampling is on a smaller grid at 4m x 4m. Development sampling is done in addition to the face sampling. The results are captured into the information system and plotted on a development sampling sheet.

The location of samples collected from the Basal and B Reef, to date, are shown in Figure 7-1 and Figure 7-2.

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7.5Surface Drilling Campaigns, Procedures, Sampling, Recoveries and Results

Most surface drill holes used in the estimation of the current Mineral Resources were drilled by AngloGold Ashanti, or its forebearers, before Harmony acquired Tshepong Operations.

Figure 7-1: Location of Channel Samples Collected from the Basal Reef

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Figure 7-2: Location of Channel Samples Collected from the B Reef

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7.5.1Drilling Methods

The surface diamond core drilling has been undertaken using a thin-walled core barrel (AXT size core barrel) that delivers 35.51mm core. A single mother hole is drilled, typically with multiple deflection.

The drill grid spacing of the surface drill hole intersections is up to 100m and is often required to be complimented by underground drill hole intersections. The accuracy of the surface drilling intersection positions from drill holes that are from 2,000m to 3,000m in depth is the major limiting factor of achieving the planned grid. Long surface drill holes often deflect and controlling direction over that depth has always been challenging in the South African gold mining context.

7.5.2Collar and Downhole Surveys

The drill holes are surveyed to confirm both collar position and trajectory. Drill hole collar and downhole surveys are conducted on all surface drill holes.

Surface drill hole collars are surveyed by internal Land Survey Department. Underground drill hole collars are checked against layouts issued to diamond drilling.

Downhole surveying is conducted using Electronic Multishot System and non-magnetic north seeking Gyro tools as supplied by a certified and specialised downhole survey company, Digital Surveying (Pty) Limited. The instrument is a magnetic based tool and as such all readings are relevant to magnetic north.

7.5.3Logging Procedures

Upon arrival at the core yard located on-site, drill core is marked at every meter interval. The core is then orientated so that the low point of bedding is coincident with the edge of the angle iron. The cut line is defined by the low point of the bedding at the base of the reef zone, when viewed as per convention, from left to right in the direction of increasing depth, is drawn parallel to the core. The core is then rotated through 90° and a yellow line was then drawn parallel to the core, to define the retention half core.

All drill cores are photographed prior to logging and sampling. The geologist conducts the core logging.

Drill core logging is quantitative and qualitative. The following information is recorded:

•lithology;

•packing density;

•roundness;

•sorting;

•contact type, grain/pebble size;

•sediment maturity; and

•mineralisation; and alteration.

The geologist responsible for logging the core stores the original paper record. Core logging is also stored electronically using both DeswikTM and DatamineTM software. Internal peer reviewing is undertaken on the interpretation of the stratigraphy and spatial correlation of drill holes.

Observations are captured on the diamond drilling database by geologists. The logs are checked by the Senior Geologist prior to sampling. Logging procedures are conducted as per the Harmony company standards, which are used on all underground mines and are best practice and have been in place since 2001.

7.5.4Drilling Results

The location of the surface drill holes intersecting the Basal and B reefs are presented in Figure 7-3 and Figure 7-4. There are no recent surface drilling results (Table 7-1 and Table 7-2), all drilling dates back to previous project owners and is pre 2017. The results have, however, been included into the geological modelling and Mineral Resource estimation process. These drill holes were drilled to a depth of 2,373m below the surface.

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Figure 7-3: Location of Surface and Underground Drill Holes on the Basal Reef

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Figure 7-4: Location of Surface and Underground Drill Holes on the B Reef

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Table 7-1: Summary of Surface and Underground Drilling for Phakisa

Year	Company	No. Drill Holes	Surface (m)	Underground (m)
<2017	Harmony	801	0	26,158
2018	Harmony	129	0	11,081
2019	Harmony	105	0	7,305
2020	Harmony	58	0	4,265
2021	Harmony	113	0	7,190
2022	Harmony	32	0	2,132
Total		1,238	0	58,131

Table 7-2: Summary of Surface and Underground Drilling for Tshepong

Year	Company	No. Drill Holes	Surface (m)	Underground (m)
2015	Harmony	144	0	17,058
2016	Harmony	154	0	18,221
2017	Harmony	155	0	18,358
2018	Harmony	150	0	17,794
2019	Harmony	141	0	16,745
2020	Harmony	149	0	17,656
2021	Harmony	158	0	18,669
2022	Harmony	198	0	21,978
Total		1,249	0	146,479

7.5.5Core Recovery

Upon delivery to the core yard, and prior to logging and sampling, the drill core is checked to ensure 100% core recovery. Core recovery is determined by dividing the measured length of the recovered core by the total length of the core run.

An intersection is complete and representative if core recovery is greater than 99%. Drill holes with poor recovery are not sampled. Extra caution is taken during the drilling process to ensure maximum core recovery on reef intersections, to prevent sample bias.

Reef intersection “acceptability” is categorised as per the criteria summarised in Table 7-3 and is determined by geologists based on, amongst others, drill core condition and faulting. The acceptability is verified for each reef intersection before the assay results are used for Mineral Resource estimation.

Table 7-3: Drill hole Acceptance Criteria

Category	Comment
Acceptable	100% core recovery in the reef zone, or very minor loss due to reef chipping. No evidence of faulting within the reef horizon or at either contact with hanging wall or footwall lithologies.
Minimum value	Light to moderate disking of core in the core barrel due to drilling and/or ground conditions. Visual observations indicate that the conglomerate portion of the reef is usually more prone to disking, resulting in possible gold loss.
Faulted minimum value	If the fault loss is considered to be minor, this term may be used if the geologist is certain that only low-value internal quartzite is missing from the intersection.
Not acceptable	Heavy disking of core which may indicate core loss, partial known core loss due to grinding. Also faulting of any description within the reef zone.

7.5.6Sample Length and True Thickness

Mineralisation of the reefs is perpendicular to or at an angle to the drill holes. As such, all drill hole reef intersection widths are corrected to true thickness for gold value calculation.

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7.6Underground Drilling Campaigns, Procedures and Sampling

Underground exploration drilling has been ongoing throughout the operational life of Tshepong Operations as the mine deepens. Most of the underground drill holes used in the estimation of the current Mineral Resources were drilled by AngloGold Ashanti before Harmony acquired the mine.

7.6.1Drilling Methods

Underground diamond core drilling is conducted using hydraulic driven and pneumatic drill rigs, which typically delivers an AXT size core (35.51mm). These are short drill holes rarely exceeding 200m in length.

Fans of drill holes are drilled from diamond drilling bays, which are developed at 50m intervals along footwall developments ends (X/Cs) and 100m intervals along haulages and RAWS. The drilling fans consist of up to ten individual drill holes at inclinations ranging from -15° to +30° of vertical, or as dictated by local geological structures.

7.6.2Collar and Downhole Surveys

The drill holes used for reef delineation at Tshepong Operations are surveyed to confirm both collar position and trajectory. Drill hole collar and downhole surveys are conducted on long inclined borehole (“LIBs”) or long vertical boreholes (“LVBs”), as well as on most of the groundwater boreholes (“GBH”) and dewatering boreholes (“DBH”) drilled on the mine.

Surveying of exploration drill holes at Tshepong is outsourced to Digital Surveying (Pty) Limited. All underground drill hole surveys are conducted using an Electronic Multishot Survey instrument. Downhole surveys are conducted on all LIB/LVB drill holes for verification purposes, and the results are submitted together with the primary survey data used to determine the drill hole trajectories and are checked for quality and then captured on Microsoft ExcelTM and transferred to DatamineTM database.

At Phakisa, exploration holes are normally not surveyed as the maximum length of the holes are 120m and stabilisers are used to minimise the risk of deflections. LIBs drilled for the Phakisa Sub 75 Capital Project and the B reef initial drilling project before footwall development was established were all surveyed, including the deflections.

All records received from the survey company are checked for quality and then captured and stored in the electronic databases.

7.6.3Logging Procedures

Upon arrival at the core yard located on-site, drill core is marked at every meter interval. The core is then orientated so that the low point of bedding is coincident with the edge of the angle iron. The cut line is defined by the low point of the bedding at the base of the reef zone, when viewed as per convention, from left to right in the direction of increasing depth, is drawn parallel to the core. The core is then rotated through 90° and a yellow line was then drawn parallel to the core, to define the retention half core.

All drill cores are photographed prior to logging and sampling. The geologist conducts the core logging.

Drill core logging is quantitative and qualitative. The following information is recorded:

•lithology;

•packing density;

•roundness;

•sorting;

•contact type, grain/pebble size;

•sediment maturity; and

•mineralisation; and alteration.

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The geologist responsible for logging the core stores the original paper record. Core logging is also stored electronically using both DeswikTM and DatamineTM software. Internal peer reviewing is undertaken on the interpretation of the stratigraphy and spatial correlation of drill holes.

Observations are captured on the diamond drilling database by geologists. The logs are checked by the Senior Geologist prior to sampling. Logging procedures are conducted as per the Harmony company standards, which are used on all underground mines and are best practice and have been in place since 2001.

7.6.4Drilling Results

The location of the underground drill holes intersecting the Basal and B reefs are presented in Figure 7-3 and Figure 7-4.

With over 182,632 Basal Reef and B Reef samples having been taken since 2003, the results are too voluminous to be reported in this report. The results have, however, been included into the geological modelling and Mineral Resource estimation process.

The recent Basal Reef and B Reef underground drilling results for Phakisa are summarised in Table 7-4 and Table 7-5. A total of 32 underground drill holes were drilled in 2022 which included 29 Basal Reef intersections, two Leader Reef (minor reef) and a single B Reef intersection.

A total of 198 underground drill holes were drilled in 2022. The Basal Reef and B Reef underground drilling results for Tshepong for 2022 are summarised in Table 7-6 and Table 7-7.

7..6.5Core Recovery

Upon delivery to the core yard, and prior to logging and sampling, the drill core is checked to ensure 100% core recovery. Core recovery is determined by dividing the measured length of the recovered core by the total length of the core run.

An intersection is complete and representative if core recovery is greater than 99%. Drillholes with poor recovery are not sampled. Extra caution is taken during the drilling process to ensure maximum core recovery on reef intersections, to prevent sample bias.

Reef intersection “acceptability” is categorised as per the criteria summarised in Table 7-3 and is determined by geologists based on, amongst others, drill core condition and faulting. The acceptability is verified for each reef intersection before the assay results are used for Mineral Resource estimation.

7.6.6Sample Length and True Thickness

Mineralisation of the reefs is perpendicular to or at an angle to the drill holes. As such, all drill hole reef intersection widths are corrected to true thickness for gold value calculation.

7.7Hydrogeology

Currently no geohydrology holes (water related) drilled in the last five years.

7.8Geotechnical Data

Geological exploration drilling is not typically used to gather geotechnical data – these data are gathered independently by the Geotechnical Engineer. Geotechnical issues related to underground workings are discussed in more detail in Section 13.3.

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Table 7-4: Summary of Recent Phakisa Underground Drill Holes Intersecting the Basal Reef

Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)	Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)	Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)
2021	CDD 2050	752	28	2021	GDD 2166	399	93	2021	GDD 2259	332	116
2021	CDD 2054	124	37	2021	GDD 2167	1,014	47	2021	GDD 2260	862	134
2021	CDD 2141	528	35	2021	GDD 2169	219	38	2021	GDD 2260	739	117
2021	CDD 2177	2,486	212	2021	GDD 2170	927	59	2021	GDD 2265	77	49
2021	CDD 2177	4,123	170	2021	GDD 2172	173	44	2021	GDD 2267	127	24
2021	GDD 1894	409	159	2021	GDD 2173	682	60	2021	GDD 2271	1,841	232
2021	GDD 2021	3,043	277	2021	GDD 2175	2,264	136	2021	GDD 2272	2,782	40
2021	GDD 2028	301	45	2021	GDD 2176	1,021	212	2021	GDD 2273	359	32
2021	GDD 2036	1,108	36	2021	GDD 2178	1,352	198	2021	GDD 2277	1,184	60
2021	GDD 2062	1,358	52	2021	GDD 2183	324	54	2021	GDD 2286A	5,239	130
2021	GDD 2064	1,862	125	2021	GDD 2184	1,015	46	2021	GDD 2287	844	144
2021	GDD 2065	2,139	44	2021	GDD 2185	1,091	88	2021	GDD 2288	966	37
2021	GDD 2066	522	44	2021	GDD 2186	1,277	139	2021	GDD 2289	376	43
2021	GDD 2071	222	47	2021	GDD 2188	725	39	2021	GDD 2291	1,237	41
2021	GDD 2079	870	31	2021	GDD 2189	643	59	2021	GDD 2294	580	194
2021	GDD 2080	1,912	39	2021	GDD 2190	2,192	31	2021	GDD 2295	3,862	295
2021	GDD 2087	874	127	2021	GDD 2195	619	35	2021	GDD 2300	1,082	123
2021	GDD 2093	1,197	46	2021	GDD 2196	1,486	24	2021	GDD 2309	5,614	121
2021	GDD 2095	347	41	2021	GDD 2197	335	48	2022	CDD 2318	1,965	59
2021	GDD 2096	693	43	2021	GDD 2199	785	131	2022	GDD 2268	2,315	37
2021	GDD 2098	4,237	30	2021	GDD 2200	666	143	2022	GDD 2274	1,879	42
2021	GDD 2101	1,223	40	2021	GDD 2202	302	46	2022	GDD 2276	2,731	67
2021	GDD 2104	3,384	48	2021	GDD 2203	186	49	2022	GDD 2292	1,263	41
2021	GDD 2105	2,128	35	2021	GDD 2205	211	31	2022	GDD 2298	3,479	43
2021	GDD 2106	1,370	128	2021	GDD 2206	874	32	2022	GDD 2302	1,500	39
2021	GDD 2108	52	48	2021	GDD 2207	141	18	2022	GDD 2310	2,568	37
2021	GDD 2110	522	34	2021	GDD 2208	336	42	2022	GDD 2311	2,089	38
2021	GDD 2111	3,856	36	2021	GDD 2209	985	122	2022	GDD 2312	658	48
2021	GDD 2114	362	39	2021	GDD 2210	749	124	2022	GDD 2313	397	47
2021	GDD 2118	965	38	2021	GDD 2211	1,266	120	2022	GDD 2316	2,625	115
2021	GDD 2119	656	54	2021	GDD 2213	1,435	44	2022	GDD 2326	400	23
2021	GDD 2123	1,051	39	2021	GDD 2215	854	334	2022	GDD 2333	943	140
2021	GDD 2125	3,072	52	2021	GDD 2216	1,264	197	2022	GDD 2335	629	44
2021	GDD 2126	637	38	2021	GDD 2222	425	184	2022	GDD 2336	2,625	46

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2021	GDD 2129	7,587	56	2021	GDD 2225	1,024	30	2022	GDD 2337	367	21
2021	GDD 2130	666	56	2021	GDD 2228	971	194	2022	GDD 2341	5,139	43
2021	GDD 2131	157	47	2021	GDD 2229	963	49	2022	GDD 2356	223	111
2021	GDD 2136	581	91	2021	GDD 2230	843	40	2022	GDD 2357	510	165
2021	GDD 2138	204	43	2021	GDD 2230	843	40	2022	GDD 2363	822	113
2021	GDD 2145	434	22	2021	GDD 2234	879	46	2022	GDD 2368	1,450	50
2021	GDD 2146	1,257	30	2021	GDD 2236	1,964	104	2022	GDD 2372	1,187	33
2021	GDD 2147	255	53	2021	GDD 2239	374	37	2022	GDD 2375	1,930	333
2021	GDD 2148	257	41	2021	GDD 2243	1,221	172	2022	GDD 2384	2,959	58
2021	GDD 2149	149	96	2021	GDD 2244	1,592	148	2022	GDD 2386	Faulted	56
2021	GDD 2157	1,339	43	2021	GDD 2250	1,448	68	2022	GDD 2387	685	169
2021	GDD 2159	1,604	30	2021	GDD 2251	8,521	56	2022	GDD 2394	1,613	57
2021	GDD 2160	3,890	42	2021	GDD 2252	50	129	2022	GDD 2400	337	40
2021	GDD 2161	721	37	2021	GDD 2258	6,266	73

Table 7-5: Summary of Recent Phakisa Underground Drill Holes Intersecting the B Reef

Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)
<2017	GDD1357	670	169
<2017	HBD1368A	36	162
2018	HBD 1368	2	29
2018	HBD 1368	36	162
2022	GDD 2296	38	47

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Table 7-6: Summary of Recent Tshepong Underground Drill Holes Intersecting the Basal Reef

Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)	Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)
2022	Gbh8145	190	103	2022	Gbh8481	307	25
2022	Gbh8180	61	118	2022	Gbh8482	1,203	9
2022	Gbh8223	40	112	2022	Gbh8483	57	17
2022	Gbh82256	39	55	2022	Gbh84881st	479	28
2022	Gbh8325	476	8	2022	Gbh84882nd	329	23
2022	Gbh8326	462	12	2022	Gbh8494	97	15
2022	Gbh8336	440	26	2022	Gbh8495	187	24
2022	Gbh8353	35	24	2022	Gbh8499	277	23
2022	Gbh8360	14	14	2022	Gbh8507	201	20
2022	Gbh8361	362	25	2022	Gbh8521	252	26
2022	Gbh8364	770	22	2022	Gbh8524	259	15
2022	Gbh8375	240	21	2022	Gbh8528	287	14
2022	Gbh8388	566	20	2022	Gbh8529	341	13
2022	Gbh8397	1,586	20	2022	Gbh8530	758	19
2022	Gbh8402	423	16	2022	Gbh8539	2,635	23
2022	Gbh8404	163	55	2022	Gbh8541	328	13
2022	Gbh8408	34	22	2022	Gbh8548	1,275	19
2022	Gbh8410	24	17	2022	Gbh8559	1,394	19
2022	Gbh8410	24	17	2022	Gbh8577	181	16
2022	Gbh8418	1,272	14	2022	Gbh8589	190	14
2022	Gbh8419	1,436	20	2022	Gbh8590	2,616	37
2022	Gbh8421	47	24	2022	Gbh8594	820	13
2022	Gbh8422	676	15	2022	Gbh8600	1,382	21
2022	Gbh8424	142	25	2022	Gbh8601	1,349	14
2022	Gbh8428	348	24	2022	Gbh8602	774	11
2022	Gbh8430	514	23	2022	Gbh8612	310	15
2022	Gbh8430	886	20	2022	Gbh8614	610	11
2022	Gbh8446	342	35	2022	Gbh8627	1,289	16
2022	Gbh8446	269	18	2022	Gbh8628a	1,070	15
2022	Gbh8447	1,027	16	2022	Gbh8639	216	13
2022	Gbh8450	370	15	2022	Gbh8640	219	24
2022	Gbh8453	320	15	2022	Gbh8641	96	17
2022	Gbh8455	261	21	2022	Gbh8657	429	20
2022	Gbh8456	7	23	2022	Gbh8658	332	18
2022	Gbh8462	218	34	2022	Gbh8664	125	26
2022	Gbh8465	120	21	2022	Gbh8668	71	17
2022	Gbh8467	32	8	2022	Gbh8677	1,515	11
2022	Gbh8468	81	11	2022	Gbh8692	366	26
2022	Gbh8476	852	19	2022	Gbh8693	510	22
2022	Gbh8479	141	24	2022	Gbh8701	198	27
2022	Gbh8480	133	23

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Table 7-7: Summary of Recent Tshepong Underground Drill Holes Intersecting the B Reef

Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)	Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)
2022	Gbh8270	93	148	2022	Gbh8534	425	197
2022	Gbh8287	1,073	270	2022	Gbh8543	68	141
2022	Gbh8305	748	138	2022	Gbh8544	652	321
2022	Gbh8333	35	113	2022	Gbh8545	406	235
2022	Gbh8334	888	320	2022	Gbh8546	973	9
2022	Gbh8336	1,290	38	2022	Gbh8549	250	55
2022	Gbh8342	555	99	2022	Gbh8562	75	136
2022	Gbh8343	872	169	2022	Gbh8569	96	51
2022	Gbh8345	373	106	2022	Gbh8572	151	75
2022	Gbh8348	1,384	103	2022	Gbh8575	32	234
2022	Gbh8350	573	121	2022	Gbh8579	124	127
2022	Gbh8354	208	127	2022	Gbh8581	161	305
2022	Gbh8355	639	90	2022	Gbh8582	595	288
2022	Gbh8362	362	98	2022	Gbh8591	428	119
2022	Gbh8372	541	34	2022	Gbh8595	1,115	52
2022	Gbh8377	424	108	2022	Gbh8596	117	.76.60
2022	Gbh8384	163	126	2022	Gbh8596A	56	220
2022	Gbh8385	86	105	2022	Gbh8598	4,254	193
2022	GBh8394	410	120	2022	Gbh8599	259	113
2022	Gbh8395	1,862	125	2022	Gbh8604	106	178
2022	Gbh8400	375	119	2022	Gbh8606	96	49
2022	Gbh8416	720	124	2022	Gbh8619	139	336
2022	Gbh8420	1,451	149	2022	Gbh8629	76	116
2022	Gbh8429	47	59	2022	Gbh8630	275	119
2022	Gbh8432	492	145	2022	Gbh8631	284	92
2022	Gbh8436	615	130	2022	Gbh8634	192	105
2022	Gbh8437	221	117	2022	Gbh8635	10	40
2022	Gbh8438	55	110	2022	Gbh8638	750	109
2022	Gbh8440	897	143	2022	Gbh8642	149	161
2022	Gbh8450	281	112	2022	Gbh8644	111	132
2022	Gbh8459	1,068	150	2022	Gbh8647	31	177
2022	Gbh8471	1,497	84	2022	Gbh8662	449	49
2022	Gbh8473	521	229	2022	Gbh8670	566	54
2022	Gbh8484	138	228	2022	Gbh8676	54	32
2022	Gbh8496	305	368	2022	Gbh8679	5,761	165
2022	Gbh8497	359	197	2022	Gbh8686	1,784	87
2022	Gbh8502	2	25	2022	Gbh8690	21,009	42
2022	Gbh8522	9	41	2022	Gbh8691	1,751	110
2022	Gbh8526	288	247	2022	Gbh8709	7,795	102
2022	Gbh8533	91	189

7.9Commentary on Exploration

Surface drilling was used as the initial exploration drilling, and this was later infilled to provide sufficient detail for geological modelling and Mineral Resource estimation. The underground infill drilling system is in place to improve data density in specific areas and are drilled from the underground development access drives.

Logging procedures are conducted as per the Harmony company standards, which are used on all surface and underground mines and are best practice and have been in place consistently since 2001.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to support the estimation of Mineral Resources and Mineral Reserves.

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8Sample Preparation, Analyses and Security

Section 229.601(b)(96) (8) (i-v)

This section summarises information relating to the sample preparation on site through to the laboratory preparation and analysis. Tshepong and Phakisa have very similar sampling procedures. Therefore, they are described together in the sections to follow, with only their differences being highlighted.

8.1Sampling Method and Approach

Sample types used to support both production and geological exploration include diamond drill core samples and channel (chip) samples.

8.1.1Channel Samples

Channel sampling is undertaken according to industry best practice, as well as according to Harmony’s Underground Sampling Procedure.

Phakisa’s standard is to achieve 100% stope sampling coverage by sampling at 5m intervals along dip and strike, thus creating a 5m x 5m grid. Tshepong sampling grid in the Basal Reef stoping is a 5m interval on a 6m grid.

For 100% development coverage on Tshepong and Phakisa, the full extent of the on-reef development must be sampled on one sidewall every 4m. Due to the high nugget effect and variability associated with B Reef, these intervals may be increased where appropriate (currently 2m interval).

Samples are chipped from the advancing face from within clearly measured and marked channel sections, including the 2cm hanging wall and footwall width. Sample widths are measured at right angles to the dip of the reef. Individual sample widths are measured from bottom to top along the two parallel lines. Two clino-rules are used for measuring the sample widths. One ruler is held horizontally with the sprit level on strike, and another held at right angles to the dip. The two rulers must cross each other at right angles. The face measured must agree with the totals of all individual widths. All measurements are made to the nearest centimetre.

The channel and sample lines are chipped out using a standard chisel and mallet, bagged, labelled with a unique sampling number, and sealed. An adequate mass of each sample is collected to allow sufficient sized aliquots to be analysed at the designated laboratory. The minimum sample weight sent for assay is approximately 300g.

Samples are weighed and submitted to the designated laboratory for analyses. All inter-person transfers are recorded. This process continues until the samples have been submitted to the laboratory.

8.1.2Core Samples

Diamond drill core is transported to the on-site storage facility under the supervision of a Senior Geologist. Upon arrival, the core is logged and sampled according to the internal Harmony Drill hole Sampling Procedure.

Where possible the entire channel width intersected in each drill hole is split using a diamond drill core cutter and one half of the sample is bagged, tagged and sent to the designated laboratory for assay. The remaining half is retained for future reference. If the core condition is such that a successful cut cannot be achieved, then the whole core is submitted for assay.

Pertinent data captured during sampling includes sample width (cm), mass, core lithological intersection angles and a detailed visual description of the reef. The data is recorded in the drill hole database together with the unique sample number, collection date and spatial location.

All samples are assessed for quality and signed-off by the Senior Geologist for completeness and auditability, prior to laboratory dispatch.

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8.2Density Determination

The relative density of samples was determined through the work conducted by the Harmony Free State central office regarding relative densities on the various shafts since August 2009.

More recently (2020), a total of 40 samples were taken from underground workings including hanging wall, reef and footwall samples. The dry mass and the submerged mass of the samples in water were measured and the density was calculated.

Tests have occasionally been conducted thereafter on samples collected from the working places.

A single relative density of 2.72 is used for Mineral Resource estimates.

8.3Sample Security

Chip samples are bagged, sealed and delivered by the samplers to the onsite coreyard on the same day as they are collected. The core yard is a secure facility with access control measures in place. Samples are delivered to the laboratory by the mine.

Cores are delivered to the core yard at the end of each day’s drilling for secure storage. Sampling only takes place at the core yard. The samples are bagged and sealed and stored until they are delivered to the laboratory.

Samples are stored in secured facility and can only be transported by a permit holder for transporting gold bearing material. Waybills and registers are checked and signed off by security. The samples are received from the mine in locked containers with seals.

The sample labels are scanned at the designated laboratory and the batches compared to the submitted sample sheets. The scanned bar codes are kept at the laboratory and compared to the work sheets that are automatically created on the system. Sample lists submitted by the mine are used to compare what is received at the laboratory.

8.4Sample Storage

All pulp samples of exploration drill hole intersections and underground chip sample are kept for a few months at the laboratory and later discarded. The remaining half of the sampled core of exploration holes is kept at the core yard for future references.

8.5Laboratories Used

Both the underground and surface exploration samples were historically sent to the SGS South Africa (Pty) Limited (“SGS”) independent laboratory, with Anglo American Laboratories used as a secondary independent laboratory.

All samples are currently sent to the Harmony Assay Laboratory located in Welkom for preparation and assay. The laboratory is ISO/IEC 17025:2017 certified for chemical analysis by the South African National Accreditation System (Accreditation No. T0520). Harmony Assay Laboratory is however not an independent laboratory.

8.6Laboratory Sample Preparation

Upon receipt, the samples are dried, crushed, and milled to the appropriate size. Routine screen tests on pulps by the assay laboratory are used to check comminution of samples to contract specification. The contract specification is that the comminution should be 80% passing 75µm for Tshepong and 80% passing 75µm for Phakisa.

The total percentage mass loss on each sample should not exceed 2%.

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8.7Assaying Methods and Analytical Procedures

For the period 1 January to 30 June 2022 , Phakisa submitted a total of 33,832 samples for analysis of gold and Tshepong submitted 102,828. Gold is analysed by fire assay with a gravimetric finish, while uranium is analysed by XRD. For a period ranging from 2010 up to March 2020, the development and drill hole reef samples were also assayed for uranium.

After the preparation stage the samples are packed into trays and transported to the fluxing-room. A catch weight aliquot of ±25g and a flux aliquot of ±100g is placed into a fire assay crucible and thoroughly mixed. The samples are then transferred to the ovens for the fusion process. The cupellation process is where the precious metals are collected in a lead button and then separated from the lead by means of oxidation fusion. The gold prill is then added to a nitric acid solution to dissolve the silver and thereafter the remaining gold prill is weighed to determine its mass relative to the original sample mass.

To ensure that a high standard of analysis is maintained, each step of the analytical process and procedure,

including the adherence to safety standards, is checked by a supervisor.

8.8Sampling and Assay Quality Control (“QC”) Procedures and Quality Assurance (“QA”)

The assessment of assaying accuracy and precision is carried out using certified Standard Reference Materials (“SRM”), blanks and duplicates. SRMs, blank samples and duplicate samples are added with the underground chip sample and drill hole core sample streams prior to being sent to the assay laboratory.

In addition, regular audits of the laboratory processes and facilities are conducted by mine evaluators and regional experts to monitor compliance and quality controls.

8.8.1Standards

A range of SRMs were sourced from African Minerals Standards (“AMIS”) and inserted into the sample sequence by the logging geologist.

For analysis of surface and underground drill holes, a minimum of one gold SRM is required for every 20 drill hole samples assayed. This equates to approximately 5% of the total drill hole samples analysed for Tshepong, and approximately 6% for Phakisa.

Laboratory statistical control is deemed acceptable should SRMs be within two standard deviations of the recommended value. Investigative action is taken when reference materials returned exceed the standard deviation limit.

If the SRM or blank sample has been deemed to have failed, the entire batch of samples re-assayed with the failed QAQC sample having to be identified. A request must then be sent to the laboratory requesting the laboratory to repeat the assay procedure on all samples within the batch.

A second SRM or blank sample is provided to the laboratory to include with the batch of samples. Should the batch of samples fail the QAQC standards again, these samples are excluded from the sampling database (not captured in the sampling system), and the panel/drill hole will have to be resampled if necessary.

A total of 776 SRMs were submitted to Harmony Assay Laboratory for Phakisa between January 2021 and June 2022. The results are summarised in Table 8-1. Three out of 776 samples (0.4%) failed, and the respective sample trays deleted from the system and do not form part of model.

Table 8-1: Summary of Harmony Assay Laboratory SRM Performance for Phakisa

Quality Control Material Type	No. of Samples Submitted	No. of Failed Samples	Action Taken
AMIS0685	233	1	Second tray accepted.
AMIS0694	543	2	Two trays discarded, three warnings.
Total	776	3

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Technical Report Summary for
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A total of 1,005 SRMs were submitted to Harmony Assay Laboratory for Tshepong between January 2021 and June 2022. The results are summarised in Table 8-2 A total of 11 (1%) SRMs failed, and the respective sample trays deleted from the system and do not form part of model.

Table 8-2: Summary of Harmony Assay Laboratory SRM Performance for Tshepong

Quality Control Material Type	No. of Samples Submitted	No. of Failed Samples	Action Taken
AMIS0428	190	3	Failed samples were queried from the lab and re-assays were requested. If the re-assays failed the sample sheet was deleted from the system.
AMIS0455	256	5
AMIS0460	229	3
AMIS0685	245	0
AMIS0694	47	0
AMIS0764	38	0
Total	1,005	11

8.8.2Blanks

A total of 967 coarse blank samples were submitted to Harmony Assay Laboratory during January 2021 to June 2022 for Phakisa and 1,346 were submitted for Tshepong. The lowest detection limit at the laboratory is 0.063g/t.

For Phakisa, 1,346 blank samples were analysed. The control chart for performance indicated that 147 outliers (results outside two standard deviations) were observed. Only four of the 147 samples plotted outside the 3x detection limit. For Tshepong, 20 samples plotted outside the 3x detection limit.

Failed samples were queried from the lab and re-assays were requested. If the re-assays failed the sample sheet was deleted from the system.

8.8.3Duplicates

For the samples analysed at Harmony Assay Laboratory during January 2021 to June 2022, results of duplicate analysis indicated correlation at lower grades. A total of 704 duplicate samples were analysed for Phakisa and, out of the analysis, a total of 318 samples (45%) were outside the average required mean value. Tshepong analysed 1,201 duplicates with a total of 376 samples outside the limit (31%).

Failures were queried during the central QA/QC meetings held every six months.

8.9Comment on Sample Preparation, Analyses and Security

In the opinion of the QP that:

•the drill core sampling method is appropriate for the mineralisation styles encountered at Tshepong Operations;

•all underground chip sampling is representative of the channel sampled;

•the sample preparation, security and analytical procedures followed for gold grade determination are adequate; and

•the results of the QAQC assessment have been appropriately addressed to ensure that the assay results of the primary samples are adequate for Mineral Resource estimation.

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9Data verification

Section 229.601(b)(96) (9) (i-iii)

9.1Databases

The Tshepong Operations drill hole and underground channel sampling data was previously captured and stored in AuBIS electronic database. Upon acquisition of the mine, Harmony has migrated to data capture in the GMSITM system.

Geological core logging is stored using both Deswik CADTM (“Deswik”) and DatamineTM Fusion (“Datamine”). This database is protected through administration rights allocated to an authorised administrator.

9.2Data Verification Procedures

Data verification procedures included the following:

•the drill hole database was checked against the original logs;

•the database was integrated with DeswikTM and DatamineTM software to check for missing collar coordinates, collar position and elevation errors, downhole survey errors, interval errors and duplicate sample records;

•when assay results were returned from the laboratory, they were captured into the electronic database by the Senior Evaluator and Geologist. The QC sample results were assessed for performance before the primary sample results could be used for Mineral Resource estimation;

•the primary assay results captured in the database were validated by spot checking a selection of drill holes used in the current Mineral Resource estimate; and

•the assays captured in the electronic database were checked against the original laboratory certificates.

The QP did not identify any critical errors in the database.

9.3Limitations to the Data Verification

Previous data has been verified through various methodologies i.e. a “post plot” of all sample points relative to the mine workings are made in order to locate any co-ordination errors. When “manual” capturing (re-digitising old assay tracings) of data occurs, there is a risk that entire sample sheets may plotted incorrectly due to the use of incorrect projections and or scales/ constants. All co-ordination errors are identified and corrected.

9.4Comment on Data Verification

The QP is of the opinion that the Phakisa and Tshepong drill hole and sample databases are reliable and adequate for the purposes Mineral Resource estimation.

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10Mineral Processing and Metallurgical Testing

Section 229.601(b)(96) (10) (i-v)

The Harmony One plant and its processing facility have been in operation since 1986, as such the mineral processing method is considered well established for the style of mineralisation processed.

The most recent mineralogical test work done was in June 2020 (Mineralogical Report 19/699 and 19/648). The main objective of the investigation was to understand the mode of occurrence of the minerals present in samples that may influence lower recoveries of gold in the sample.

10.1Extent of Processing, Testing and Analytical Procedures

The mineralogical investigation consisted of head chemical analysis, X-ray diffraction (“XRD”) analysis, scanning electron microscope (“QEMSCAN”) analysis and heavy liquid separation (“HLS”). Each HLS fraction underwent automated mineralogical analysis by QEMSCAN (concentrate/sinks). The mineralogical investigation involved determining the gold species and their occurrence in the samples, including gold grain size distribution, liberation and association.

From the two submitted samples, a representative aliquot of each sample was sub-sampled for chemical analysis, mineralogical analysis and HLS. The aliquots were pulverised and homogenised for XRD analysis and chemical analysis. The unpulverised portion was prepared into polished section for quantitative evaluation of minerals by QEMSCAN analysis and the other unpulverised 1kg of each sample was subjected to HLS.

10.2Test Results and Recovery Estimates

The chemical analysis of Beatrix Reef feed samples shows that they have a gold grade of 5.1g/t. The results also shows that in relation to major element concentrations, samples are dominated by quartz (SiO2 - c.87%) and aluminium oxide (Al2O3 - 4,2%) with minor to trace concentrations of potassium oxide (K2O), iron oxides (Fe2O3), magnesium oxide (MgO), loss on ignition (“LOI”) and calcium oxide (CaO) observed (<3%). These results suggest that the sample is composed of aluminium-silicate minerals (e.g., quartz, pyrophyllite, feldspar, chlorite and mica); limited to negligible concentrations of sulphides and carbonates and/or clays can be inferred from the relatively low LOI value of <2%.

Native gold is the only gold species detected in the two samples. From the bulk modal analysis, the presence of pyrite and carbonates were observed; these are known to be the reagent and oxygen consumers. Quartz was found to be the major mineral in the feed samples, with minor amounts of iron oxide minerals, mica, chlorite and pyrophyllite. However, most of the gangue minerals were upgraded to the floats fraction during HLS.

The trace mineral search (“TMS”) bulk mineral composition shows that the Basal Reef is 1.11% of the mass with pyrite as the main sulphide mineral at greater than 70% of the mass in all samples. The grains size distribution of the reefs from the Tshepong Operations range IS <75μm. In general, the grain size distribution of gold grains is erratic. It is based on the premise that the phases of primary interest i.e., target phases, have a higher back-scattered electron brightness than the bulk of the gangue phases. This enables each block to be scanned for particles containing the target phase, and only those of interest are fully analysed. As the entire block is scanned, this also produces the highest possible statistical population for the trace phase.

10.3Degree of Representation of Mineral Deposit

The two samples used were representative of the reef as the type of gold mineralization was similar. The recoveries were both in the order of 96%.

10.4Commentary of Mineral Processing and Metallurgical Testing

The metallurgical test work showed the potential to upgrade the ore through HLS. Notwithstanding there being insufficient material mass of Beatrix Reef to conduct gold fire assays, the QEMSCAN data showed that there was an upgrading of the gold grains. The QEMSCAN data further showed that most gold grains are associated with the sulphides.

It is a particularly useful analysis method for determining losses of sulphides and precious metal phases to silicate-rich tails. The process efficiency was determined to have total gold recovery typically ranging c.95% - 97% and gold not dissolved, typically c.4 %.

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The testwork was representative of the ore being treated at Phakisa and Tshepong.

The reader is referred to the Modifying Factors for the Phakisa Mine in Section 12.1.2 and for the Tshepong Mine in Section 12.2.2, respectively, which contain the recoveries used for the LOM Plans for Tshepong Operations. A detailed description of the processing facilities is provided in Section 14.

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11Mineral Resource Estimate

Section 229.601(b)(96) (11) (i-vii)

The current Mineral Resources for Tshepong Operations have been estimated using DatamineTM Studio 3 (“Datamine”) modelling software, which is linked to a customised scripting menu. This scripting menu allows for professional and easy managing of the data and building of geostatistical models.

The narrow-tabular nature of the reefs lends themselves to the estimation of grade and thickness in two-dimensional (“2D”) block models, without the requirements for geological wireframes. An independent process of building a set of three-dimensional (“3D”) wireframes of the structural interpretation to inform mine planning and the Mineral Reserve estimates is also undertaken.

The estimation method used for Measured Mineral Resource estimates at Tshepong Operations is ordinary kriging (“OK”), while simple macro kriging (“SMK”) is used for Indicated and Inferred Mineral Resource estimates.

11.1Geological Database

The Tshepong Operations Mineral Resource estimate is based on the surface and underground exploration data obtained up to 30 December 2021. The database was exported from the electronic database to DatamineTM modelling software.

The Basal Reef validated database contains a total of 580,251 surface and underground drill holes and 511,974 underground channel (chip) samples. The B Reef validated database contains a total of 44 661surface and underground drill holes, and 40,194 underground channel (chip) samples which is approximately 90% of the B Reef database.

11.2Global Statistics

Histograms and statistics of the raw data are calculated for each geological domain for comparison purposes. The Coefficient of Variation ("COV"), calculated by dividing the standard deviation with the mean, gives a measure of the variability of the data. A high COV (>1) represents highly variable or highly skewed data, which may require some form of capping of extreme values to lower the COV to a more reasonable value (c.1).

The global statistics for the Basal and B reefs, reported according to geozones, are provided in Table 11-1.

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Table 11-1: Global Statistics for Basal and B Reef

Reef / Geozone	No. Samples	Minimum (cmg/t Au)	Maximum (cmg/t Au)	Mean (cmg/t Au)	Variance	SD (cmg/t Au)	COV
Basal Reef
1	3,321	0.700	7,376	642	355,113	596	0.928
2	71,156	0.000	32,511	984	1,170,071	1,082	1.099
3	157,370	0.140	6,154	1,538	1,694,660	1,301	1.007
4	14,853	1.000	13,066	693	488,847	699	1.008
5	131,692	0.000	33,878	1,245	1,362,041	1,167	0.939
6	58,947	0.000	32,215	876	762,282	873	1.002
7	29	18.000	1,528	270	71,167	267	0.990
8	34,761	1.000	5,140	1,940	2,400,198	1,549	0.799
9	18,756	1.000	33,943	885	874,028	935	1.018
10	38,937	4.000	29,497	1,388	1,900,293	1,379	0.836
11	3,866	1.000	7,762	2,532	3,937,062	1,984	0.784
12	46,559	4.000	3,956	1,303	853,670	924	0.709
13	4	525.000	1,218	967	70,255	265	0.274
B Reef
1	702	1.000	26,112	894	3,884,147	1,971	2.204
2	1,653	1.000	10,438	1,088	41,429,837	1,196	1.099
3	4,966	0.400	61,987	783	4,107,208	2,027	2.578
4	21,026	0.400	132,352	1,670	13,480,252	3,672	2.456
5	5,925	0.800	132,958	1,487	22,351,094	4,728	3.180
6	4,832	0.300	367,721	2,126	213,990,934	14,628	6.880
7	3,769	0.900	127,457	5,154	67,178,797	8,196	1.579
Total	623,124

11.3Geological Interpretation

The imported data is attributed to geological domains or geozones. Geozones are selected based upon continuity in facies type, as well as gold grade and channel width distribution. Geozones may be constrained by geological structures. Geozones are identified for both the Basal and B reefs.

The Basal Reef is continuous over both Tshepong and Phakisa, and a single model is created across both mines. The area is divided into 13 geozones. The B Reef only occurs at Tshepong Mine and has been divided into a series of six geozones. The geozones for both reefs are presented in Figure 11-1.

Geozones are continuously updated based on geological information, new sampling and drilling results. Any proposed changes to the geozones are presented to the geostatistical team for approval and signed off.

11.4Structural Wireframe Model

The geological structure is interpreted by means of series of 1:1,000 structural plan overlays. These plans are vertical projections of the reef plane showing base-of-reef strike lines at 10m intervals based on elevations below datum. Interruptions in the continuity of the reef are marked by fault-reef cut-offs illustrating the loss or gain of ground and with displacement measured as vertical stratigraphic throws. Known or suspected lateral shifts are also illustrated.

A set of 3D structural wireframes is generated, representing the geological interpretation for each reef. This is informed by the geological drilling, chip sampling and underground geological mapping and is created in Datamine™ to allow subsequent mine design and planning to take cognisance of the latest geological information. These wireframes are not required for the Mineral Resource estimates.

11.5Compositing

The drill hole and chip samples are composited over the full length of the reef intersection.

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11.6Capping

Outlying values (both for cmg/t and channel width) are calculated per domain at an optimal percentile using the “QUANTILE” process. The capping allows for meaningful Semi-Variogram modelling and avoids potential over-estimation due to extreme sample values. The capping values applied are shown in Table 11-2.

11.7Variography

The experimental semi-variogram is a descriptive statistical diagnostic tool for spatially characterizing regionalized variables. The semi-variogram is a mathematical function that describes how the spatial continuity of the sampled attribute changes as a function of distance and orientation.

Either an isotropic or an anisotropic model can be defined, comprising a nugget variance and up to nine individual structures, although it is rarely necessary to include more than three structures. Each structure may be either spherical, power, exponential, Gaussian or De Wijsian, although spherical models are deemed adequate for Tshepong and Phakisa. Point-support semi-variograms are modelled for the Measured Mineral Resources; 60m x 60m declustered-support semi-variograms are modelled for the Indicated Mineral Resources and 120m x 120m declustered-support semi-variograms are modelled for the Inferred Mineral Resources.

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Figure 11-1: Tshepong Operations Basal and B Reef Geozones

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Table 11-2: Capping Values by Reef and Geozone

Geozone	Gold Cut (cmg/t) (Max)	CW Cut (cm) (Max)	Geozone	Gold Cut (cmg/t) (Max)	CW Cut (cm) (Max)
Basal Reef			B Reef
1	1,748	20	1	7,204	170
2	4,023	123	2	4,515	215
3	6,154	137	3	4,907	232
4	1,807	20	4	9,923	219
5	4,474	28	5	10,510	199
6	3,226	28	6	15,433	172
7	1,528	32	7	28,606	216
8	5,073	77
9	3,408	100
10	5,266	74
11	7,336	27
12	3,363	58
13	1,218	45

11.8Mineral Resource Estimation Methods and Parameters

Grade and thickness estimates are undertaken within each geozone and informed by statistical and geostatistical analysis. Two variables are estimated namely; gold accumulation (cmg/t) (which factors in both the thickness of the reef thickness and grade) and channel width. No change of support corrections is considered necessary as it is assumed that the differing support sizes for chip samples and drill hole samples are negligible.

The orientations and ranges of each geozone’s semi-variogram are used to determine the optimised set of kriging estimation parameters. The search ellipse is aligned with respect to its range and direction, to the direction of the associated semi-variogram, as well as the range distances.

Measured Mineral Resource estimates are undertaken using OK. Estimates are generally kriged into 30m x 30m blocks for the Measured Mineral Resource from the point support data.

Indicated and Inferred Mineral Resource estimates are undertaken using SMK. The Indicated Mineral Resource is kriged into 60m x 60m block sizes. The Inferred Mineral Resource is estimated using the associated regularized variograms and kriging into 120m x 120m blocks. Any un-kriged areas in the Inferred Mineral Resource areas are then covered by global mean estimates.

The results of the Basal and B reef estimation are shown in Figure 11-2, for the Tshepong Operations.

The current minimum and maximum sample points for the Basal Reef is:

•15 and 25 for the Basal Reef Measured Mineral Resource estimation;

•8 and 20 for Indicated Mineral Resource estimation; and

•3 and 10 for the Inferred Mineral Resource estimation.

The current minimum and maximum sample points for the B Reef is:

•12 and 30 for Measured Mineral Resource estimation;

•8 and 20 for Indicated Mineral Resource estimation; and

•3 and 15 for the Inferred Mineral Resource estimation.

Any un-kriged areas in the Inferred Mineral Resource category regions are then estimated using a global mean.

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Figure 11-2: Tshepong Operations Basal Reef and B Reef Estimation Results

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The Measured Mineral Resource model is constrained using the Slope of Regression Estimation Confidence and merged with the Indicated Mineral Resource and Mineral Resource models to produce a combined kriged block model.

The channel width is estimated for all block sizes and ranges between 8cm and 34cm, averaging 18cm for Basal Reef. For B Reef, the channel width ranges between 52cm and 94cm and averages 79cm.

11.9Density Assignment

The relative density currently used for tonnage calculations at the Tshepong Operations is 2. Reef volume is determined by block area multiplied by the thickness estimate. The tonnage of each reef horizon is determined by multiplying the volume by the relative density.

11.10Model Validation

The QP validated the Tshepong Operations Mineral Resource model using the following:

•visual comparisons with the raw drill hole data;

•comparisons of the raw drill hole data statistics with the model statistics;

•model volume; and

•visual assessment of the block model with drill hole intersections to ensure that the grades are locally honoured by the model.

The QP did not identify any critical errors in the block model.

11.11Mineral Resource Evaluation

The Mineral Resource estimate for the Tshepong Operations is considered to have reasonable prospects for economic extraction. This is demonstrated by the results of the cash flow for the mines. The cut-off value for the Mineral Resources is determined at 648cmg/t, Tshepong and 780cmg/t, Phakisa for the gold based on the economic assumptions presented in Table 11-3 at the effective date 30 June 2022. This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery assumptions.

Table 11-3: Harmony Economic Assumptions (30 June 2022)

Tshepong			Phakisa
Description	Unit	Value	Description	Unit	Value
Gold price	USD/oz	1 723	Gold price	USD/oz	1 723
FX rate	ZAR:USD	15,35	FX rate	ZAR:USD	15,35
Gold price	ZAR/kg	850 191	Gold price	ZAR/kg	850 191
Plant recovery factor	%	95,22	Plant recovery factor	%	94,86
Unit cost	ZAR/t	3 367	Unit cost	ZAR/t	3 975
Notes: Unit cost includes cash operating cost, royalty and ongoing development capital			Notes: Unit cost includes cash operating cost, royalty and ongoing development capital

The gold price was derived by the Harmony Executive Committee at Head Office. The QP considers the price to be appropriate for Mineral Resource estimation and is slightly higher than that used for estimating Mineral Reserves (USD1,546/oz). The operating costs (both mining and processing) are based on historical performance and budget.

11.12Mineral Resource Classification and Uncertainties

The Tshepong Mineral Resources have been classified into Measured, Indicated and Inferred categories, according to the S-K 1300 definitions. The classification is based on drill hole spacing, geological and geostatistical confidence.

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For the geostatistical confidence, the Measured Mineral Resource model is constrained by the Slope of Regression Estimation Confidence, and the Indicated and Inferred Mineral Resource models are constrained by their kriging estimation parameters.

The QP then considers if the geostatistical confidence boundaries require modification based on the geological confidence in an area. The geological confidence could include confidence in the sedimentary facies and mineralisation model, or confidence in the structural model.

The application of the classification criteria results in the following set of approximate sample spacings for each Mineral Resource category:

•5m x 5m for Measured Mineral Resources (underground channel sampling);

•100m x 100m for Indicated Mineral Resources; and

•1,000m x 1,000m for Inferred Mineral Resources.

Mineral Resources are discounted by a geological loss to account for unknown but anticipated fault loss. The discounts used for the Basal Reef are between:

•1% and 3% for Measured Mineral Resources;

•3% and 11% for Indicated Mineral Resources; and

•7% and 60% for Inferred Mineral Resources.

Similar information applies to the for B Reef.

Factors that may affect the Mineral Resource estimates include the following:

•gold price assumptions;

•exchange rate assumptions;

•operating and capital cost assumptions;

•gold recovery assumptions;

•geology-related risks; and

•operational risks.

11.13Mineral Resource Estimate

The Mineral Resources for Phakisa and Tshepong were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K).

The location of the Basal Reef Mineral Resources across both Phakisa and Tshepong are presented in Figure 11-3. The location of the B Reef Mineral Resources is shown in Figure 11-3.

The QP compiling the Mineral Resource estimate for Phakisa is Ms B Phetlhu, Ore Reserve Manager at Phakisa and employee of Harmony. The Mineral Resource estimate for Phakisa, as at 30 June 2021, exclusive of Mineral Reserves, is summarised in Table 11-4.

The QP compiling the Mineral Resource estimate for Tshepong is Mr A Louw, Ore Reserve Manager at Tshepong and employee of Harmony. The Mineral Resource estimate for Tshepong, as at 30 June 2021, exclusive of Mineral Reserves, is summarised in Table 11-5.

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Figure 11-3: Location and Classification of Tshepong Operations Mineral Resources and Mineral Reserves for the Basal Reef

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Figure 11-4: Location and Classification of Tshepong Operations Mineral Resources and Mineral Reserves for the B Reef

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Table 11-4: Summary of the Phakisa Mineral Resources as at 30 June 2022 (Exclusive of Mineral Reserves) 1-8

METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	4.741	13.25	62,797
Indicated	7.264	11.27	81,831
Total / Ave. Measured + Indicated	12.005	12.05	144,627
Inferred	27.491	10.77	295,943
IMPERIAL
Mineral Resource Category	Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Measured	5.226	0.386	2.019
Indicated	8.007	0.329	2.631
Total / Ave. Measured + Indicated	13.233	0.351	4.650
Inferred	30.303	0.314	9.515
Notes:
1. Mineral Resources are reported with an effective date of 30 June 2022 were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Ms B Phetlhu, who is Ore Reserve Manager at Phakisa, and a Harmony employee.
2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.
3. No modifying factors or dilution sources have been included to in-situ Reserve which was subtracted from the SAMREC Resource in order to obtain the S-K 1300 Resource.
4. The Mineral Resources are reported using a cut-off value of 780cmg/t determined at a 90% profit guidance, and a gold price of USD1,723/oz.
5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.
6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability.
7. Rounding as required by reporting guidelines may result in apparent summation differences.
8. The Mineral Resource estimate is for Harmony’s 100% interest.

Table 11-5: Summary of the Tshepong Mineral Resources as at 30 June 2022 (Exclusive of Mineral Reserves) 1-8

METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	12.484	12.13	151,437
Indicated	3.977	10.20	40,575
Total / Ave. Measured + Indicated	16.462	11.66	192,012
Inferred	9.434	10.18	96,037
IMPERIAL
Mineral Resource Category	Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Measured	13.762	0.354	4.869
Indicated	4.384	0.298	1.305
Total / Ave. Measured + Indicated	18.146	0.340	6.173
Inferred	10.399	0.297	3.088
Notes:
1. Mineral Resources are reported with an effective date of 30 June 2022 were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Mr A Louw, who is Ore Reserve Manager at Tshepong, and a Harmony employee.
2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.
3. No modifying factors or dilution sources have been included to in-situ Reserve which was subtracted from the SAMREC Resource in order to obtain the S-K 1300 Resource.
4. The Mineral Resources are reported using a cut-off value of 648cmg/t determined at a 90% profit guidance, and a gold price of USD1,723/oz.
5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.
6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability.
7. Rounding as required by reporting guidelines may result in apparent summation differences.
8. The Mineral Resource estimate is for Harmony’s 100% interest.

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11.14Mineral Resource Reconciliation

The Phakisa Measured and Indicated Mineral Resource gold content estimate, exclusive of Mineral Reserves, decreased by approximately 5%, from 4,896Moz gold as at June 2021 to 4,650Moz gold as at June 2022. The major difference in the reconciled Mineral Resources between June 2021 and June 2022 is due to depletion and geological difficulties including structure and challenging hanging wall ground conditions experienced towards the south of the mine.

Tshepong Measured and Indicated Mineral Resource gold content estimate, exclusive of Mineral Reserves, increased by 3,97Moz from 2.203Moz gold as at June 2021 to 6.173Moz gold as at June 2022. The increase is mainly a result of the increase in the B Reef Mineral Resource currently being mined and explored in the decline section of the mine.

11.15Comment on Mineral Resource Estimates

The QP is of the opinion that Mineral Resources were estimated using industry accepted practices and conform to SAMREC, 2016. The Mineral Resources have also been reported in accordance with the S-K 1300 guidelines.

There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the QP that would materially affect the estimation of Mineral Resources that are not discussed in this TRS.

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12Mineral Reserve Estimate

Section 229.601(b)(96) (12) (i-iv)

The reported Mineral Reserves are derived through a business planning process and consideration by the Chief Operating Decision-Maker (“CODM”). The business planning process comprises multi-functional reviews inclusive of all mining, support and service departments that are involved in the verification of the inputs and the Modifying Factors. The CODM consists of various executive roles and responsibilities. These executives assess the profitability, the revenue and production costs. The CODM also considers capital expenditure, gold production and tonnes milled when assessing the overall economic sustainability.

12.1Phakisa

12.1.1Key Assumptions, Parameters, and Methods Used to Estimate the Mineral Reserve

The results and assumptions derived from the business planning process extends over an 18-month period. The planning process carefully considers strategic plan directives; analysis of historical performance; realistic productivity, and cost parameters; Modifying Factors; and technical and economic studies that have demonstrated justified extraction, as applicable to specific portions of the Mineral Reserves.

All reported Mineral Reserves originate in situ from the Basal Reef. The Mineral Reserves are considered based on several factors, including:

•the latest geological structure and associated Mineral Resource estimation models that constrain the layout for the mine design and LOM planning;

•the need for regional rock engineering stability pillars;

•the extent of pillar mining, mining of remnant areas, reclamation of broken ore out of old areas, tailings, or any other source;

•the Sequential Grid Mining (“SGM”) method in use at the mine,

•the sources of dilution and other Modifying Factors; and

•only Measured and Indicated Mineral Resources are used to derive Mineral Reserves.

A combination of modelling exercises forms an integrated model informing the LOM plan and the Phakisa Mine Mineral Reserves estimates, and includes the:

•geological block model;

•structural model depicting prominent geological features;

•isopach model highlighting the mine’s sedimentology and shale formations; and

•geotechnical model including interpreted data, modelled in the form of support pillars.

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12.1.2Modifying Factors

The Modifying Factors used to convert the Mineral Resource to a Mineral Reserve for Phakisa are presented in Table 12-1.

Table 12-1: Phakisa Modifying Factors Used for Mineral Reserve Determination

Modifying Factor	Unit	Value
Relative Density	t/m3	2,72
Stoping Width	cm	125
Gully	%	6,72
Off Reef	%	4,06
Waste to Reef	%	0,57
Flushing tons	%	0
Discrepancy	%	13,79
Mine Call Factor	%	83
Plant Recover Factor	%	94,86
Mine Recover Factor	%	78,73
Plant Call Factor	%	100
Mineral Reserve cut-off	cmg/t	791
Notes: Development waste to reef, including the decline development.

The Modifying Factors are consistent with the modelling, planning and computing estimates used in determining the Mineral Reserves, which are also consistent with historical performance. The plant recovery as shown in Table 12-1, is also consistent with the processing and recovery methods.

12.1.3Mineral Reserve Estimate

The Mineral Reserves for Phakisa were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Mineral Reserve estimate for Phakisa, as at 30 June 2021, is summarised in Table 12-2.

The location of the Tshepong Operations’ Basal and B Reef Mineral Reserves are presented in Figure 11-3 and Figure 11-4, respectively.

The QP compiling the Mineral Resource estimate for Phakisa is Ms B Phetlhu, Ore Reserve Manager at Phakisa and employee of Harmony.

Table 12-2: Summary of the Phakisa Mineral Reserves as at 30 June 2022 1-5

METRIC
Mineral Reserve Category	Milled Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proved	3.759	6.98	26,243
Probable	0.176	6.49	1,143
Total (Proved + Probable)	3.935	6.96	27,386
IMPERIAL
Mineral Reserve Category	Milled Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Proved	4.144	0.204	0.844
Probable	0.194	0.189	0.037
Total (Proved + Probable)	4.338	0.203	0.880
Notes:
1. The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Ms B Phetlhu, who is Ore Reserve Manager at Phakisa, and a Harmony employee.
2. Tonnes, grade, and gold content are declared as net delivered to the mills.
3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical recovery factors have not been applied to the reserve figures.
4. Gold content has not taken metallurgical recovery factors into account.
5. Mineral Reserves are reported using a cut-off grade of 791cmg/t determined using a gold price of USD1,546/oz gold.

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12.1.4Mineral Reserve Reconciliation

The declared Mineral Reserve increased from 0.876Moz as at 30 June 2021 to 0.880Moz as at 30 June 2022. The key variances can be attributed to:

•depletions 14kg loss;

•geological structures 274kg loss;

•geological ground conditions 1,244kg loss; and

•Mineral Reserve remodel 1,689kg gain.

12.2Tshepong

12.2.1Key Assumptions, Parameters, and Methods Used to Estimate the Mineral Reserve

The results and assumptions derived from the business planning process extends over an 18-month period. The planning process carefully considers strategic plan directives; analysis of historical performance; realistic productivity, and cost parameters; Modifying Factors; and technical and economic studies that have demonstrated justified extraction, as applicable to specific portions of the Mineral Reserves.

All reported Mineral Reserves originate from the Basal Reef, and to a lesser extent, the B Reef. The Mineral Reserves are considered based on several factors, including:

•the latest geological structure and associated Mineral Resource estimation models that constrain the layout for the mine design and LOM planning;

•the need for regional rock engineering stability pillars;

•the extent of pillar mining, mining of remnant areas, reclamation of broken ore out of old areas, tailings, or any other source;

•the SGM method in use,

•the sources of dilution and other dilution and other Modifying Factors; and

•only Measured and Indicated Mineral Resources are used to derive Mineral Reserves.

A combination of modelling exercises forms an integrated model informing the LOM plan and the Phakisa Mine Mineral Reserves estimates, and includes the:

•geological block model;

•structural model depicting prominent geological features;

•isopach model highlighting the mine’s sedimentology and shale formations; and

•geotechnical model including interpreted data, modelled in the form of support pillars.

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12.2.2Modifying Factors

The Modifying Factors used to convert the Mineral Resource to a Mineral Reserve for Phakisa are presented in Table 12-3. The Modifying Factors are consistent with the modelling, planning and computing estimates used in determining the Mineral Reserves, which are also consistent with historical performance. The plant recovery as shown in Table 12-3, is also consistent with the processing and recovery methods.

Table 12-3: Tshepong Modifying Factors Used for Mineral Reserve Determination

Modifying Factor	Unit	Value
Relative Density	t/m3	2,72
Stoping Width	cm	110,6
Gully	%	8,8
Off Reef	%	5,27
Waste to Reef	%	0
Flushing tons	%	2,92
Discrepancy	%	5,06
Mine Call Factor	%	72
Plant Recover Factor	%	95,22
Mine Recover Factor	%	67,37
Plant Call Factor	%	100
Mineral Reserve cut-off	cmg/t	650
Notes: Development waste to reef, including the decline development.

12.2.3Mineral Reserve Estimate

The Mineral Reserves for Tshepong were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K).

The location of the Basal and B Reef Mineral Reserves are presented in Figure 11-3 and Figure 11-4.

The QP compiling the Mineral Resource estimate for Tshepong is Mr A Louw, Ore Reserve Manager at Tshepong and employee of Harmony.The Mineral Reserve estimate for Tshepong, as at 30 June 2022 is summarised in Table 12-4.

Table 12-4: Summary of the Tshepong Mineral Reserves as at 30 June 2022 1-5

METRIC
Mineral Reserve Category	Milled Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proved	4.157	5.15	21,419
Probable	0.336	7.63	2,565
Total (Proved + Probable)	4.493	5.34	23,985
IMPERIAL
Mineral Reserve Category	Milled Tonnes (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Proved	4.583	0.150	0.689
Probable	0.371	0.223	0.082
Total (Proved + Probable)	4.953	0.156	0.771
Notes:
1. The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Mr A Louw, who is Ore Reserve Manager at Tshepong, and a Harmony employee.
2. Tonnes, grade, and gold content are declared as net delivered to the mills.
3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical recovery factors have not been applied to the reserve figures.
4. Gold content has not taken metallurgical recovery factors into account.
5. Mineral Reserves are reported using a cut-off grade of 650cmg/t determined using a gold price of USD1,546/oz gold.

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12.2.4Mineral Reserve Reconciliation

The declared Mineral Reserve decreased from 3.727Moz as at 30 June 2021 to 0.771Moz as at 30 June 2022. The key variances can be attributed to:

•decrease in stoping mining rate, significant change in the Life of Mine strategy – 2.30Moz;

•depletion – 0.224Moz; and

•abandoned blocks – 0.14Moz.

12.3Commentary on Mineral Reserve Estimate

The declared Mineral Reserves takes into consideration all Modifying Factors, respective to the mining area. The declared Mineral Reserves are depleted to generate the Tshepong Operation cash flows. The economic analysis of the cash flows displays positive results and are deemed both technically and economically achievable.

Any by-products that are recovered as part of the refining process, make up an immaterial component of the total metal inventory, and is thus not reported as part of the Mineral Reserve estimate.

There are no obvious material risks that could have significant effect on the Mineral Reserves.

In the opinion of the QP, given that Phakisa and Tshepong mines are established operations, the modifying factors informing the Mineral Reserve estimates would at a minimum, satisfy the confidence levels of a Pre-Feasibility Study.

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13Mining Methods

Section 229.601(b)(96) (13) (i-v)

The Tshepong Operations may be classified as moderate to deep level underground gold mines currently operating at depths of up to 2,427m below surface (Phakisa) and 2,161m below surface (Tshepong).

13.1Mining Operations

The Tshepong Operations resulted from the integration and consolidation of the Phakisa and Tshepong mines. This will enable Harmony to optimize existing synergies, reduce costs and make better use of the Tshepong section’s underused infrastructure.

Tshepong Operations utilise three main shafts (Figure 3-2). The Tshepong and Phakisa shafts operate semi-independently with respect to ventilation requirements, ore and waste hoisting and men and material movement. An underground lightweight electric rail system, referred to as the RailVeyorTM is used to transport ore and waste from the working sections to the Nyala Shaft where it is hoisted to surface. More information on the details of the shaft operations, any interdependencies and the railway systems are described in Section 15

Tshepong Operations are currently investigating an optimisation strategy, whereby the Phakisa North block will be mined and hoisted through the Tshepong Shaft to minimise constraints on the Koepe winder at Phakisa shaft. This will also enable Phakisa to hoist any excess waste emanating from development.

13.1.1Phakisa

The Phakisa Mine was established approximately 8 years after the Tshepong Mine. Production from the Phakisa Mine is attributable to the Basal Reef only. The Phakisa Mine is accessed via a single underground vertical shaft. The mine is also assisted by two other shafts for the supply of air.

All working levels are accessed via the single vertical shaft system. The strata-bound Basal Reef has a shaly roof and, in some instances, a waxy brown quartzite footwall. The Basal Reef contributes approximately 82% to the total production volume. Development and stoping operations are based on conventional mining methods.

13.1.2Tshepong

The Tshepong Mine is a mature underground section and is made up of two mineable reefs namely the Basal Reef and B Reef. The reefs at the Tshepong are accessed via a single underground vertical shaft and a twin decline system.

Currently five working levels are being mined from the Tshepong Shaft and four working levels are being mined in the decline. The decline system was constructed as a 1,700m extension to access the Basal Reef.

The characteristics of the Basal Reef at the Tshepong Mine are synonymous to the characteristics of the reef at the Phakisa Mine. Tshepong Mine extracts the Basal Reef via undercut mining methods, , leaving a quartzite beam in the hanging wall to ensure the stability of the overlaying shale.

The B Reef is stratigraphically located two production working levels above the Basal Reef. The B Reef occurs in three facies, with varying widths of 30cm - 170cm and displays erratic high-grade distributions. Minor amounts of the B Reef are extracted per annum which typically does not exceed 18% of the total production volume. The reef is extracted via open stoping mining operations. It is also supported by a separate development of footwall infrastructure based on its stratigraphic location.

Structurally, the Dagbreek Fault is the most prominent feature at the Tshepong Mine, and largely hosts the shaft infrastructure. Since the Tshepong Shaft is in a fault loss zone, there is no associated shaft pillar.

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13.1.3Sequential Grid Mining (“SGM”)

SGM is the preferred mining method used at the Tshepong Operations. This method makes use of dip pillars and reduced mining spans with pre-developed tunnels, aimed at further control of stresses experienced in rock movement.

The SGM sequence is a V-shaped configuration, colloquially referred to as the “inverted Christmas tree”. A schematic representation of the SGM sequence used at the Tshepong Operations is shown in Figure 13-1.

The SGM mining methods are suitable for underground, narrow reef mining. A common feature of the SGM method is the layout of the primary and secondary development. Primary development is done off-reef (in waste rock), while secondary development is done on-reef (in the mineralised zone). In primary development, horizontal haulages are developed from the vertical shaft, extending to the extremities of the mining level. Inter-level spacing is the perpendicular distance between two consecutive level stations underground. Further development is done at set intervals along the haulages towards the mineralised zones in the form of crosscuts. For secondary development, an inclined excavation that connects two levels is established, referred to a raise or winze, depending on the upwards or downwards direction of the development.

The SGM is employed for a deeper mining approach and offers various advantages, the critical one being increased safety. A noticeable characteristic of the SGM method is that mining from the raises is advanced in only one direction at a time, which is directed towards the stabilizing or regional pillars. This SGM mining sequence eliminates the creation of remnant pillars reducing the risk of seismicity.

13.1.4Open Stoping

While Tshepong Operations business plan is based primarily on the SGM methodology and sequencing, there are sections of the mine that are operating using the breast, undercut and open stoping mining methods.

Minor amounts of the B Reef that do not exceed 30% of the on-reef mined per annum, are extracted as an open stoping mining operation. Reason for mining at open stoping is as a result of the erratic nature of the channel width and the support design specific to B reef mining. This mining method is practised, without much reliance on the other operating mining sections, and based on its location, poses a low risk to geotechnical considerations.

13.1.5Breast Mining

The Phakisa Mine was originally based on breast mining methods but transitioned to the SGM method with increasing depths.

A key feature of breast mining is that the mine design includes pillars in the stoping areas that are designed to cave in a planned and controlled manner. These pillars are referred to as crush pillars and the dimensions of the pillars are determined by the geotechnical properties of the host rock. The use of crush pillars minimises the risk of unpredicted collapse of stoping areas. These collapses can compromise the safety of mining operations and may lead to permanent closure of stoping panels or sterilisation of ore.

The breast mining method has consequently evolved into the SGM.

13.1.6Integrated Approach

The differences of the reef formations and mining conditions at the respective shafts have led to the application of an integrated mining method approach. The objective of the adopted mining methods is aimed at the safe and profitable extraction of the Mineral Reserves, while reducing the occurrence of large seismic events.

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13.2Mine Design

The mine design strategy aims at maximising the safe extraction of ore, while minimising the risk of geotechnical failures, which can result in operational disruptions and dangerous working conditions. The Basal Reef is modelled and designed across the Tshepong Operations. In addition, the Tshepong Mine considers the B Reef for design and planning.

Both, the Basal and B Reef horizons have been subject to faulting and intrusions by igneous dykes and sills that cut across the reefs. The most significant form of control at the Tshepong Operations for rockfalls and rockbursts is the systematic modelling and design processes. Dip stabilising, bracket and strike pillars are considered for an integrated support system. The central raise line maintains stability, during stoping operations, using support packs.

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Figure 13-1: Schematic Representation of the SGM Sequence

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The occurrence of geological faults is also a source of groundwater intersections during mining operations which may lead to production delays, geotechnical risks, and the potential of flooding. Depending on the geology of the dyke or sill, a change in the mining direction may be required, or as in the case of low-risk scenarios the Rock Engineering department may suggest a safety and support strategy to mitigate the associated geotechnical risk. A change in mining direction may result in Mineral Resource losses, or an increase in dilution.

Based on the latest geological structure model and the SGM method the geotechnical team design a suitable pillar layout based on modelling results. A detailed mine design and schedule is done based on the pillar design taking cognisance of uneconomical areas which are excluded on macro scale. This design and schedule are the basis of the mine plan and the declared Mineral Reserves.

A mine design that is sufficiently informed, with geological data, is progressed to the mine planning phase. Mine planning is done on a macro scale as well as on a micro scale. On a macro scale, the material below cut-off is excluded from the mining model. On a micro scale, the mining model is then subject to constraints that are applied because of the geotechnical design and other limitations.

The geotechnical modelling is driven by the most recent information from mining operations, which ensures that the model is an accurate representation of the current operational conditions.

Development is done by either mechanised, mechanical or conventional method depending on the most suitable method for the specific requirements. The Tshepong Mine is essentially a conventional mine design with trackless mining in the twin decline.

Mining production is accessed through underground excavations, developed as haulages and cross cuts. Crosscuts are primary development, in the direction of the mine workings. Inclined secondary development is used to access the reef contact, and advanced from the position of respective crosscuts. Ore is extracted from stoping panels established from the inclined development.

13.2.1Mine Design Parameters

Mine design is done internally, with the mine designs for the Basal Reef and B Reef horizons done separately, using the DatamineTM software. The geological models, and the geotechnical parameters formulated by the Rock Engineers, are used as a basis of the mine planning process. The mine design parameters used for the Phakisa and Tshepong Mine, are shown in Table 13-1 and Table 13-2, respectively.

Table 13-1: Phakisa Mine Design Parameters

Parameter	Unit	Value
Regional Stability
Dip stabilizing pillar dimensions
Strike span	m	180
Dip span	m	N/A
Strike stability pillar spacing¹	m	N/A
Access haulages middling to reef	m	90
Primary Development
Advance	m/month	35
Crosscut spacing	m	160
Secondary Development
Advance	m/month	N/A
Stoping Parameters
CW < 80cm	m	105
CW > 80cm	m	125
Economic Parameters
Cut-off grade (planning)	cmg/t	790
RD		2.72
Notes: 1. Pillar spacing is measured skin to skin.

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Table 13-2: Tshepong Mine Design Parameters

Parameter	Unit	Value
Regional Stability
Dip stabilizing pillar dimensions
Strike span	m	90
Dip span	m	180
Strike stability pillar spacing¹	m	N/A
Access haulages middling to reef	m	90
Primary Development
Advance	m/month	28
Crosscut spacing	m	20
Secondary Development
Advance	m/month	N/A
Stoping Parameters
CW < 80cm	m	105
CW > 80cm	m	120
Economic Parameters
Cut-off grade (planning)	cmg/t	650
RD		2.72
Notes: 1. Pillar spacing is measured skin to skin.

13.3Geotechnical Considerations and Seismic Monitoring

Tshepong Operations maintains working geotechnical and Isopach models, to manage and control seismicity risk. The geotechnical and Isopach models for Tshepong Operations take the latest geological structural model and the SGM method into account to design a suitable pillar layout.

The purpose of the pillar designs, regardless of the pillar type, is to customize them to the prevailing mining conditions, with the objective of making the mine design safe, practical, easy to implement, and profitable. These pillars include dip stabilizing, bracket and strike pillars. The details of the pillar design can be found in Table 13-1 and Table 13-2 for the Phakisa and Tshepong Mine, respectively. The dimensions depicted for the pillars are standard and are adjusted depending on planned bracketing of geological structures or if patches of low value reef are encountered.

The Rock Engineers follow the following geotechnical modelling and approach:

•evaluate the principal stress directions using seismic source mechanisms and update the input parameters for numerical modelling;

•using seismic source mechanisms, delineate planar features to confirm and/or detect the position and orientation of geological structures;

•confirm the expected ground motion produced by large, potentially damaging seismic events, and calibrate the Ground Motion Prediction Equation; and

•monitor mine-wide seismic activity and test each geotechnical region for deviation from the expected co-seismic rockmass response, which tests the release of seismic energy.

This model is also used to manage and monitor the occurrence of seismic hazards. Seismic hazards are categorically measured as per mine planning cycles of short, medium and long term. Events for the last 100 - 200 days definitively estimated, to accurately determine the intermediate probabilities of occurrence. The behaviour of identified medium term events are then monitored daily. Alarms are raised, and people are evacuated in the event of a predicted or anomalous seismic pattern is identified and people are removed from the specific danger areas.

Tshepong Mine uses an Integrated Seismic System supplied by Institute of Mine Seismology to record seismic events on the property.

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The seismic systems consist of 17 three-component geophones. The digital seismic data is transmitted from the underground seismic stations through to the surface monitoring stations via manual and automated recording systems, based on available infrastructure at the mine. The data is recorded continuously and reported on an annual basis.

13.4Geohydrological Considerations

Apart from the geotechnical risks that can be caused by the existence of geological structures, the presence of water and gas also pose risks to the Tshepong Operations. The geotechnical models are used as a basis to manage and monitor the occurrence of ground water and gas intersections. Cover holes are drilled in all flat development ends to identify water or gas. Water or gas intersections are plotted in a 1:200 survey sheet plan and section view, with a detailed 1:100 profile description. These intersections are plotted against a stope plan indicating the geology, structural features, reef contours, pillar layout, faults with associated losses or gains, reef elevation, grade and channel width. These geospatially refenced plots articulacy help the mining team execute the mine plan, in relation to the operation’s geotechnical requirements and assist in the early detection of the presence of water or gas.

Daily management of influx water is handled through a series of diversion strategies aimed at re-directing and controlling the flow, temperature regulation, and re-circulation of water. The water strategies at Tshepong Operation are supported by the Integrated Waste and Water Management Plan (“IWWMP”). Both Tshepong and Phakisa maintain graphical and numerical databases of the operations geohydrological conditions.

Water reticulation around the mine has been designed to maximise water re-use minimise the amount of water pumped to surface. The 76-level pump station is used to transfer water from various levels into small inter-level dams and eventually into the mine’s respective main settling dams.

13.5Mine Plan Development and Life of Mine (“LOM”) Schedule

The Tshepong Mine has significant Mineral Reserves to maintain a long-term mine life, however, extraction of ore from pillars will become more important as the life of mine progresses, but volumetrically these Mineral Reserves are not significant.

The preferred SGM mining method is dependent on development staying ahead of the mining front, so that accurate geological information is gathered and included in final designs before mining commences. This also enables, planning and scheduling activities to be accurately sequenced, which leads to better planning, safer working conditions, and improved profitability.

At Phakisa Mine, the LOM plan and scheduling originates with the use of the Mineral Reserves model, which is modelled at a 790cmg/t cut-off grade. The 3.935Mt of Mineral Reserves are included in the LOM plan and are fully accessible through the existing infrastructure at the Phakisa Mine. The mining rates used in determining the LOM plan are based on the current and expected operational performance, notwithstanding any unforeseen underground mining constraints. The remaining LOM for the operations is planned for nine years, with a planned mining rate averaging at approximately 552ktpa (milled tons) over the LOM period. The extent of the Phakisa Mine LOM plan is shown in Figure 13-2. The milled ore and gold recovered for Phakisa Mine are presented in Figure 13-3 and Figure 13-4, respectively.

At Tshepong Mine, the LOM plan and scheduling originates with the use of the Mineral Reserves model, which is modelled at a 650cmg/t cut-off grade. The 4.493Mt of Mineral Reserves are included in the LOM plan and are fully accessible through the existing infrastructure at the Tshepong Mine. The mining rates used in determining the LOM plan are based on the current and expected operational performance, notwithstanding any unforeseen underground mining constraints. The remaining LOM for the operations is planned for seven years, with a planned mining rate averaging at approximately 0.696ktpa (milled tons) over the LOM period. The extent of the Tshepong Mine LOM plan is shown in Figure 13-2. The milled ore and gold recovered for Tshepong Mine are presented in Figure 13-5 and Figure 13-6, respectively.

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Figure 13-2: Tshepong Operations LOM Plan

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Figure 13-3: Graph of Phakisa Mine LOM Plan – Tonnes and Grade

Figure 13-4: Graph of Phakisa Mine LOM Plan – Gold Produced (oz)

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Figure 13-5: Graph of Tshepong Mine LOM Plan – Tonnes and Grade

Figure 13-6: Graph of Tshepong Mine LOM Plan – Gold Produced (oz)

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13.6Mining Rates

Mining rates are based on current and expected performance depending on underground conditions and constraints. Dilution is included in the production plan mainly from external waste sources from the stoping operations, but allowances are also made for dilution occurred in the ore flow process. The LOM plan considers the planned and available working areas, inclusive of the mine’s current infrastructure capacity.

Phakisa will be mined at an average rate of 46,000tpm, whilst Tshepong will be mined at an average rate of 58,045tpm.

13.7Grade and Dilution Control

The selected SGM mining method is planned and designed to better support recovered grade because of the improved selectivity, flexibility, and reduced off-reef mining. Mine grades are currently decreasing as mining moves away from the central pay-shoot and the planned Sub 75 Capital Project is aimed at alleviating this risk.

Ore grade and dilution control is done using a Quality Index monitoring tool. This Quality Index considers key parameters including Mine Call Factor, stoping width, proportion of ore lock-up, and an on-reef index. During the mine design and planning process, external dilution control is implemented by applying an adapted mine recovery factor.

Operationally, grade and dilution control are mostly achieved through improved drilling (marking sticks used on undercut mining) and blasting practices and compliance to blasting barricades on stopes >350. Drilling accuracy is achieved by holes that are drilled parallel, aimed at being correctly burdened and that are within the stoping limits. This ensures consistent and economic rock breaking, without dilution.

The Tshepong Mine also adopts electronic blasting technology consisting of an integrated electronic system, which allows for precision timing and improved control of rock breaking. This technique controls stoping width and protects the integrity of the footwall and hanging wall, aimed at minimising dilution.

13.8Mining Equipment and Machinery

There are various machinery and equipment used at the Tshepong Operations, depending on the type of mining or development activity. The following equipment can be found at the frontline of mining production:

•haulages and associated development: Hydro-powered (“HPE”) drill rigs are used for underground excavations and tunnelling. These rigs are preferred as they are versatile and capable of angular, horizontal, and vertical drilling;

•production drilling in stopes: Two types of drilled holes are used in a stoping panel, namely production drilling and pre-conditioned drilling. Pre-conditioning is a methodology aimed at transferring the stresses away from the stope face, therefore reducing the potential for face burst damage. Pre-conditioned holes are drilled longer than production holes and are blasted with the production round. Equipment used for this type of drilling is compressed air hand-held drills;

•raise boring: Is a drilling technique used for ventilation development purposes and ore passes. Raise boring and control mechanisms are currently operated via control modules connected through the mine’s underground and shaft communication networks, conducted on surface by a contractor. The benefits of this allow personnel to be removed from dangerous underground workings and have the upside of productivity achieved through automation;

•rock movement: Ore from the stoping ore passes is loaded directly into hoppers from the box-front chutes and then trammed to the shaft to the inter-level tips, then transferred to the main loading bins for hoisting to the surface. Waste rock from development operations is loaded into similar hoppers and trammed and hoisted in the same manner as the ore movement but is done using in a dedicated waste system to prevent diluting the ore grade;

•material movement: Tshepong uses the Battery charged monotrains and to a lesser extent diesel monotrains. The monotrain was partially adopted at Tshepong Operations, decline operations due to their consistent maintenance of speed in steep and changing gradients, while allowing for varying weight bearing capacities, works as efficiently in undulating floor conditions, and is almost impossible to de-rail due to the L-shaped sliding beam design. Phakisa utilises battery charged monotrains; and

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•ancillary equipment: Small articulated dump trucks, graders, and crawler mounted bulldozers for dump, waste and marginal ore movement also support the Tshepong Operations Mine operations.

13.9Ore transport

The blasted ore from the stoping panels is moved with winch-operated scrapers along gullies to ore passes where it gravitates down to the loading boxes in the footwall crosscuts below the stopes. The ore is discharged into rail hoppers and transported, via front-driven locomotives, to dedicated inter-level transfer systems that gravity feed to the main silos. Once hoisted up the main vertical shaft to surface, the ore is transported to the Harmony One Plant via conveyor belt.

The existing Phakisa Shaft is connected to the Tshepong Shaft . Broken rock handling from the Tshepong Shaft, situated above 66 level is track-bound, transferred to several inter-level sub-vertical transfer systems that gravity feeds to the main silos on 55 level. The broken rock handling below 66 level is track-bound, transferred to a decline belt system that feeds to the silos on 66 level from where the rock is transferred by track to the main inter-level sub-vertical transfer system on 66 level (Figure 13-7). Currently, below 66 level, stoping and development rock is hoisted and processed as one product. The rock is hoisted to surface through the main shaft. From the shaft the rock is transported to the Harmony One Plant by train.

At the Phakisa Shaft, broken rock handling on all levels is track-bound. Several inter-level sub-vertical transfer systems feed the main silos on 55 level. From 77 level, the rock is hoisted to 55 level where a RailVeyorTM system transports the rock from Phakisa to the Nyala Shaft, from where the rock is hoisted to surface by means of the rock winder, and then transported to Harmony One Plant by train (Figure 3-1).

13.10Mining Personnel

Tshepong Operations is labour intensive, with the mines being supported by over 6,820 employees, with 88% being permanent staff and the remainder contractors.

The underground mining operations uses an 11 day fortnight shift system, operating a 3-shift cycle per day. The underground work force is essentially split into two categories that are either involved in production activities or they provide supporting services required underground. Production activities are directly related to the mining of ore and non-production personnel provide supporting services such as safety, engineering functions, maintenance, decline conveyor management and underground store controls. The mining personnel for the respective mines is presented in Table 13-3 and Table 13-4.

Table 13-3: Phakisa Mine Mining Personnel

Labour Requirement	No. of Employees
Services	324
Engineering	639
Mining	1,848
Contractors	415
Total Employees	3,226

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Figure 13-7: Tshepong Operations Shaft and Underground Infrastructure

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Table 13-4: Tshepong Mine Mining Personnel

Labour Requirement	No. of Employees
Services	366
Engineering	724
Mining	2,124
Contractors	380
Total Employees	3,594

13.11Commentary on Mining Methods

The SGM mining method is the main mining method utilised at the Tshepong Operations and is appropriate for the reef characteristics and the mine depth. The mine design, planning and scheduling for the mine is developed using the DatamineTM and DeswikTM geological software, respectively, considering the geotechnical model and related parameters.

The main geotechnical and geohydrological risks at Tshepong Operations include the presence of gas, ground water and seismicity, which are managed through the integrated monitoring systems, and incorporated into working mining models that inform daily mine planning decision-making.

The mining rates, machinery and equipment, ore transport, grade and dilution control, and labour resourcing and optimisation are driven by the mine schedule and improvement initiatives at the respective mine sites.

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14Processing and Recovery Methods

Section 229.601(b)(96) (14) (i-iv)

All ore mined at Tshepong Operations is processed at Harmony One Plant located west of Welkom (Figure 3-1). Harmony One Plant is Harmony’s largest gold processing plant and processes underground ore from multiple shafts, as well as surface ore from nearby mine waste facilities. The plant was commissioned in 1986 and comprises three independent modules, each consisting of four feed silos, two ROM mills, two conventional thickeners, cyanide leach, carbon in pulp (“CIP”) adsorption, elution, zinc precipitation and smelting. The plant CIP process reflects the technology which was current at the time of construction.

14.1Mineral Processing Description

The processing flow sheet is presented in Figure 14-1.

Ore delivered to the plant is fed from the concrete silos via two mill feed conveyors through vibrating feeders directly into the ROM mills. Fully autogenous (“FAG”) milling is a milling process in which the entire ROM ore stream is fed directly into the mills and where the grinding media is generated within the mill from suitably sized pieces of ROM ore itself. The average feed rate to the mills is 65tph. The milling circuit consists of two single stage ROM mills that are controlled on maximum power for optimum milling. Each ROM mill is 4.27m in diameter and 10m in length and grinds the ore to 75% - 90% passing minus 75 microns.

Milling is followed by a conventional gold leach process (cyanidation).The cyanidation process is one of the most utilised methods for the recovery of gold from auriferous ores. The use of cyanide leaching for gold recovery is based on gold’s properties, mainly its solubility (ability to dissolve) in cyanide solutions. Once the gold is dissolved into the cyanide solution it has a higher ability to adsorb (attach) onto activated carbon through the application of carbon in pulp (“CIP”) technology.

The loaded carbon then enters the elution columns, which are high pressure vessels that circulate the loaded carbon extracting the gold. The gold will “de-absorb” from the activated carbon and attach onto stainless-steel wool by means of electrowinning. The CIP circuit makes use of gravity flow of slime between the consecutive counter-flow stages to recover recirculate the activated carbon back into the system.

Following this process, the cathode steel wool is smelted (induction furnaces) after drying in the calcining ovens. The doré bars are then dispatched to Rand Refinery Limited, located near Johannesburg in Gauteng Province.

The tailings residue is pumped from the plant to one of two TSFs, the FSS8 West/East complex, which is the biggest facility with a total deposition capacity of 320,000tpm. The second TSF is the FSS2 facility with a capacity of 160,000tpm. The combined capacity of the two TSFs are 480,000tpm which is well above the plants designed capacity thus, creating some flexibility in the deposition strategy.

Both TSFs are conventional day wall paddock facilities with a fixed penstock tower arrangement that would be the primary means of draining excess water from the facility which is pumped back to the plant to be used in the process again.

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Figure 14-1: Schematic Flow Diagram of the Metallurgical Process

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14.2Plant Throughput, Design, Equipment Characteristics and Specifications

The Harmony One Plant has a steady state design capacity of 390ktpm with its conventional CIP flowsheet. The design parameters and equipment specifications are presented in Table 14 1. The Harmony One plant is in good working condition and the equipment is also in good order with audits done on regular bases to check the operating performance of the plant.

Table 14-1: Key Design Parameters and Equipment Specifications

Process	Parameter	Unit	Value
Overall Plant	Recovery	%	94.6
	Availability	%	99.99
Milling	Throughput ROM	t/hr	90 -100
Densification	Desired pH	pH	>10.5
	Desired Density	g/cm3	1.50 - 1.55
Leaching	Residence Time	hr	27
Acid wash and elution	Elution Temperature	°C	130 (Ambient)

14.3Energy, Water, Process Material and Personnel Requirements

14.3.1Energy

The average monthly power consumption is 11,478,202KWh.

14.3.2Water

The average monthly water consumption is 20,655kL.

14.3.3Process Material

The reagents and their consumption rates are presented in Table 14-2.

Table 14-2: Harmony One Plant Consumables

Equipment	Unit	Value
Lime	tpm	338.00
Flocculant	tpm	0.64
Cyanide	tpm	9.06
Carbon	tpm	190.00

14.3.4Personnel

The personnel is provided in Table 14-3.

Table 14-3: Harmony One Plant Personnel

Personnel	No.
Services	70
Engineering	71
Metallurgy	135
Contractors	246
Total	522

14.4Commentary on the Processing and Recovery Methods

The metallurgical process is a well-tested CIP technology which has been in operation at the Harmony One plant since 1986. Recoveries used in the business plan were based on historic performance. The methodology applied considered the historical metallurgical recovery (18-month period) (Figure 14-2) for the relevant ore sources at the plant.

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It should be noted that since the Harmony One plant processes ore from multiple sources a metal accounting operating procedure is required to manage the input feed delivered to the plant and gold output produced. A basic overview of the procedure is as follows:

•each operation delivers ore to the plant and is booked against each source;

•a delivery sheet reflects each shaft/operations figures; and

•from total ore processed, each shaft/operations equivalent proportion of gold is determined out of the monthly full gold produced.

Figure 14-2: Graph of Tshepong Operations Historical Recovery Factor (18 month actual)

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15Infrastructure

Section 229.601(b)(96) (15)

The proximity of the Tshepong and Phakisa allows for the integration of infrastructural requirements by using the excess hoisting capacity and underused infrastructure available at Tshepong. This has also enabled the debottlenecking of Phakisa’s infrastructure. The Tshepong Operations have adequate access to the infrastructure required to meet the planned LOM production schedules.

15.1Surface Infrastructure

The surface infrastructure associated with the Tshepong Operations is presented in Figure 15-1, whilst Google Earth images for each of the shafts and Harmony One Plant are presented in Figure 15-2, Figure 15-3, Figure 15-4 and Figure 15-5.

The Tshepong Operations’ mining area is well developed in terms of access and mining-related infrastructure. Access to the shafts is via well-maintained roads. Adequately maintained gravel roads is used to access other areas of the mine such as the explosives magazines, sewage works, slimes dam and the evaporation ponds.

The infrastructural layout includes hoisting facilities; logistical support for core handling, sampling, and transporting; ore and waste facilities; tailings and leaching infrastructure; roads; water and power supply; ventilation and refrigeration systems; stores and workshop support; electrical supply; offices; housing and security.

15.1.1Ore and Waste Rock Storage Facilities

Ore mined at the Tshepong Operations is hoisted at Nyala Shaft where it is stored in silos on surface before being transported by rail to the Harmony One Plant for processing (Figure 15-1 and Figure 15-5). Ore is stored in silos located at the plant prior to processing.

The ore and waste hoisting for the Phakisa Mine is done using two rock winders via the Nyala Shaft and is delivered via the RailVeyorTM. Waste rock is deposited in waste silos and transported to the plant. The Nyala (“WRDs”) is not currently used, but is available adjacent to the respective shafts (Figure 15-1).

Waste at the Tshepong Mine is hoisted separately via the skips and stored at the waste rock dump on the Northern side of the shaft.

15.1.2Tailings Storage Facilities

Harmony One Plant pumps tailings as slurry to two TSFs namely FS2 and St Helena No.4, located to the south of the plant. All TSFs and are currently owned and operated by Harmony.

The current LOM plans for Tshepong Operations require a total collective placement of approximately 0.77Mt of tailings. The capacity remaining in the two TSFs is sufficient until 2024. Harmony is currently designing a new TSF to be located on the previous H1 Dam footprint which will have sufficient capacity for the remainder of the LOM.

The TSF sites have full engineering records including design, construction, operation, and maintenance plans.

15.1.3Rail

A railway line which traverses the Tshepong Operations Mining Right area is used to transport hoisted ore to the Harmony One Plant (Figure 15-1).

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Figure 15-1: Tshepong Operations Surface Layout and Infrastructure

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Figure 15-2: Phakisa Detailed Surface Infrastructure

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Figure 15-3: Tshepong Detailed Surface Infrastructure

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Figure 15-4: Nyala Detailed Surface Infrastructure

Source: Google Earth Image Date May 2021

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Figure 15-5: Harmony One Plant Detailed Surface Infrastructure

Source: Google Earth Image Date: September 2021

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15.2Underground Infrastructure and Shafts

The Tshepong Operations’ shaft and underground infrastructure is schematically depicted in Figure 13-7. The underground workings are accessed and mined via four vertical shafts and a sub-vertical shaft and a decline shaft.

At Tshepong, the main vertical shaft system extends from surface to 71 level, at 2,161m below surface. The ventilation shaft system extends to 2,148m below surface and the sub 66 decline shaft system extends from 66 level to 77 level.

At Phakisa, the main vertical shaft system extends from surface to 54 level. A sub-vertical extends from 55 level to 66 level. A RailVeyorTM connects the 54 level and 55 level. A Koepe winder is used at the Nyala shaft for rock hoisting. There are two pump stations located at the Phakisa shaft 71 level and 76 level. The Phakisa and Tshepong shafts are connected laterally at 54 level and 66 level.

Mine ventilation systems are well established. The Nyala Shaft supports the Phakisa operations with the supply of compressed air, water handling and rock hoisting. Four compressors installed on surface feed air down the Nyala shaft for the Phakisa workings. Refrigeration systems for Phakisa shaft are installed on 55 level to cool the working places. The main return airway for the Phakisa Shaft is predominantly via the Tshepong Shaft on 66 Level, 69 Level and 73 Level. The current additional holing, booster fan installations and pressure upgrades will significantly assist with the return air capacity and the refrigeration on the shaft.

There are four refrigeration plants on surface, serving the Tshepong Mine. Bulk air is supplied via the Tshepong shaft to an inter-level refrigeration system on 63 level, assisted by cooling cars and coils. Two underground booster fans will be installed on 66 Level, to increase the return air capacity to the decline section.

15.2.1RailVeyorTM

A 5.4km RailVeyorTM system connects the Phakisa Shaft through 55 level to the Nyala Shaft. The RailVeyorTM is used to transport the rock from Phakisa to the Nyala Shaft.

The RailVeyorTM was initially installed by the RailVeyorTM company. It is a remote controlled, electrically powered friction light-rail haulage solution. The system comprises four trains and is maintained with a dedicated maintenance bay and digital monitoring systems. The RailVeyorTM system is maintained by the Tshepong Operations, where support can be provided by the company as required.

15.3Power and Electrical

Power is supplied by Eskom. Tshepong Operations power supply is designed to satisfy the planned LOM production and service requirements. Main power supply is managed and distributed via electrical sub-stations located adjacent to the respective shafts (Figure 15-2, Figure 15-3, Figure 15-4).

Power lines traverse the mine property to connect the shafts, reduction works and hostel complexes.

In addition, Tshepong Operations have an onsite emergency power generator system, sufficient to support the critical mining and mineral processing activities in case of emergencies. The operation has capacity to supply of 35MW, however currently only 31MW is utilised.

15.4Water Usage

The primary source of bulk water supply is from Sedibeng municipality. The processing plant, refrigeration plant and underground mining activities are the three largest water consumers.

The Phakisa underground water supply is supported by two operational settlers. The main pump stations at the Nyala shaft are situated on 35 level and 57 level. The water that reports at the Nyala shaft is mainly excess water from Phakisa, melted ice and drinking water, and an estimated 1Ml of fissure from surrounding shafts.

The Tshepong has four underground water dams on 66 level and 69 level. Water for the use of dust suppression, footwall and sidewall treatment is re-purposed at the Tshepong Mine.

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As the Sedibeng municipality water supply is reliable, there is no dedicated surface water supply storage. A water storage dam, with capacity of +- 8ML, is in the process of being built at surface. Water usage at Phakisa shaft is approximately 4ML daily average use for ice production as well as for water drinking and sanitizing

The storage facilities have sufficient water to supply water to the operation for up to 72 hours if the bulk water supply was interrupted.

15.5Logistics and Supply

The procurement of supplies and equipment are handled centrally, via Harmony, and then delivered to Tshepong Operations.

Harmony operates its own rail system which connects the shafts, reduction works, shaft stores, explosives magazine and the mine workshops. This system is used to transport ore between shafts and to transport consumables between the surface stores to the respective locations, as required. It is also connected to the regional Transnet railway system, which transports ore to the Harmony One Plant.

15.6Commentary on Infrastructure

The operational infrastructure including road, rail, offices, security services, refrigeration, Compressors, pump stations, chairlift, ice plant and RailVeyorTM, water and power supply is adequate to satisfy the Tshepong Operations LOM plan. Operations are powered by electricity from Eskom. Overall, Tshepong Operations are well-established with sufficient logistical and infrastructure support for the existing and planned mining operations.

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16Market Studies

Section 229.601(b)(96) (16) (i-ii)

Gold is traded in a variety of markets/exchanges both in physical form through over the counter (“OTC”) markets, bullion banks and metal exchanges etc., and through passive investments such as exchange traded funds (“ETFs”), which are based on gold prices and units representing physical gold which may be in paper or dematerialised form. Demand is driven by the jewellery market, bar and coin, use in technology, ETF’s and other financial products, and by central banks. An overview of the gold market is given in the following sections based mainly on data from the World Gold Council and GoldHub websites.

16.1Market Overview

Unlike almost all mineral commodities, the gold market does not respond the same way to typical supply and demand dynamics which are founded on availability and consumption, but rather on global economic affairs, particular those of the major nations, industrial powerhouses and economic regions, such as the Eurozone. The gold market is affected by government and central bank policies, changes in interest rates, inflationary or deflationary environments and events such as stocking and de-stocking of central reserves. It is also largely affected by global events such as financial crises, geopolitical trade tensions and other geopolitical risks. Price performance is linked to global uncertainty prompted by the prolonged Russia-Ukraine war (GoldHub, Accessed July 2022). It is an asset that can preserve wealth and deliver price outperformance in an uncorrelated way and that makes it extremely attractive.

16.2Global Production and Supply

Gold production and supply is sourced from existing mining operations, new mines and recycling.

16.2.1New Mine Production

Gold mining is a global business with operations on every continent, except Antarctica, and gold is extracted from mines of widely varying types and scale. China was the largest producer in the world in 2021 and accounted for around 9-12% of total global production (Gold.org, Accessed 2022; USGS Mineral Commodity Summaries, 2022). Overall, global mine production was 3,000t in 2021, slightly lower than production levels in 2020 (3,030t), and the second annual decline in production after 2016. Recent decline has been largely attributable to COVID-19 interruptions. In 2021, the major producing gold countries in the world were China (370t), Australia (330t), Russian Federation (300t), USA (180t), Canada (170t), Ghana (130t), Mexico (100t), and Uzbekistan (100t). Indonesia, Peru and Sudan produced 90t each, followed by Brazil (80t). South Africa produced 100t in the same year (USGS Mineral Commodity Summaries, 2022).

16.2.2Recycling

Annual global supply of recycled gold was 1,143.5t in 2021, a decline from the 2020 figure of 1,291.3t. Recycling supply responds to the gold price and its rate of change but experienced a modest increase during the year even as prices increased to all-time highs. India and China play large roles in the recycling market. In the first quarter of 2022, when gold demand was 34% higher than the previous year, the supply of recycled gold increased to 310t (a 15% increase y-o-y), and highest amount of activity for six years (Gold Demand Trends Q1 2022, Gold.org, April 2022).

16.3Global Consumption and Demand

Gold consumer demand is expected to be supported by gradual economic recovery. Gold has performed well as a consequence of a high-risk environment, low interest rates and a high price. While continued improvement in markets is expected post-COVID in 2022, economic slowdown among other factors is anticipated to place some downward pressure on consumer demand in China and India.

16.3.1Jewellery

Global annual jewellery demand increased from 1,329.7t in 2020 to 2,229.4t in 2021, amid a recovery of markets from the COVID-19 pandemic. As with recycling, the two largest markets, India and China, were major contributors to the decline in 2020, and markets were expected to improve with economic recovery in these geographies. In Q1 2022, recovery of demand was soft, down 7% y-o-y, after new lockdowns to contain COVID-19 (Gold Demand Trends Q1 2022, Gold.org, April 2022).

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16.3.2Investment

The COVID-19 pandemic, high inflation and recent period of heightened risk and geopolitical uncertainty, has driven the value of gold as a ‘safe haven’ investment (www.gold.org/goldhub). Bar and coin investment was 20% lower in Q1 2022, but 11% higher than a five-year quarterly average (Gold Demand Trends Q1 2022, Gold.org, April 2022).

A total annual gold investment of 1,006.42t was noted by the World Gold Council for 2021, a decline of 43% from the 2020 figure. Weaker investor interest in 2021 was seen with a net outflow of gold ETFs (-173.6t). Gold demand has since increased in Q12022 (34% higher than Q1 2021), driven by strong ETF inflows, and safe-haven demand (Gold Demand Trends Q1, 2022, Gold.org, April 2022).

Investment drivers also include low interest rates, a weakened USD, and an economic slowdown. A consequentially favourable price means even greater investment, but momentum has slowed with gold reaching a USD1,800/oz marker (Recent moves in gold, Gold.org, July 2022).

16.3.3Currency

Gold holds an inverse relationship with the USD and is usually traded relative to its USD price. During the current period of uncertainty, and the rising influence of Chinese currency, central bank asset managers may likely increase their interest in gold as a result. This has been a prominent trend since the economic downturn in 2008.

Future performance of the gold market is expected to be supported by investment demand (a need for effective hedges and a low-rate environment) and will be driven by the level of risk observed in the recovery of the global economy from the effects of COVID-19, which may offset any lag in recovery of consumer demand.

16.4Gold Price

16.4.1Historical Gold Price

In early August 2020, the London Bullion Market Association (“LBMA”) gold price reached historical highs and remained relatively high for the rest of the year (Figure 16-1).

16.4.2Forecast Gold Price

The minimum and maximum consensus gold price range for the year 2021 Q4 to year 2025 is presented in Figure 16-2. The long-term gold prices are considered from year 2025 onwards. Forecasts as advised from various financial institutions show that gold is expected to trade in a range of USD1,652/oz - USD1,728/oz, for the period 2022 to 2025 with a long-term outlook of USD1,521/oz.

The gold price forecast of USD1,546/oz is conservative if corroborated against a long-term broker consensus gold price outlook (Figure 16-2).

16.4.3Harmony Group Gold Hedging Policy

Harmony has a hedging policy which is managed and executed at Group treasury level on-behalf of its operating entities. The key features of the hedging programme are as follows:

•the policy provides for hedging (or forward selling) up to a maximum of 20% of expected gold production for a rolling 24-month period;

•the policy has no minimum quantity that should be hedged, and if an attractive margin above cost cannot be achieved (i.e., in a low gold price environment) then no hedges are entered into;

•Harmony enters into ZAR-denominated gold hedges for its South African operations (for the non-South African assets it enters into USD-denominated hedges);

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Figure 16-1: Graph of Annual Gold Price History – ZAR/kg

Figure 16-2: Graph of Consensus View of Forecast Gold Price

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•Tshepong Operations does not enter into hedges in its own name but delivers bullion to Rand Refinery for refining on behalf of Harmony. Rand Refinery is one of the world’s largest single-site precious metals refining and smelting complex in the world. Rand Refinery refine all of Harmony’s gold to at least 99.5% purity, and acting as agent, sells the gold on the daily spot London fixing price and make payment to the Harmony two days later;

•gains and losses realised from the hedging program are accounted for at Group level and the financial benefit (or downside) is distributed amongst the operations proportional to their levels of gold sales; and

•Tshepong Operations does its mine planning and financial forecasts based on the estimated future gold price provided by the Group treasury, but its year-end actual financial results reflect the received gold price inclusive of the benefit of the hedging programme. Therefore, in theory, Tshepong Operations receives a hedged gold price for a maximum of 20% of its gold sales with the balance attracting the spot price.

16.5Commentary on Market Studies

The factors which affect the global gold market are well-documented as are the elements which influence the daily gold price. The gold price recorded all-time highs during both 2020 and 2022, and although it has since moderated and retracted, the price remains well above the 5-year historical average.

The positive outlook for gold will likely be sustained. Key headwinds for gold are interest rate hikes, currently at near historically low levels, but continued geopolitical risk and underperformance of stocks and bonds will support gold (Gold Mid-Year Outlook 2022, Gold.org, Accessed 2022). The gold price has experienced weaker momentum in Q2 2022, but stabilised. The gold market is expected to remain supported, and prices elevated for the balance of the financial year running into FY2023.

Harmony has a relatively conservative gold hedging policy in place, and this is used to take advantage of the movements in the gold price to maximise the average gold price received, with the benefit of this hedging programme flowing through to Tshepong Operations.

16.6Material Contracts

Harmony has contractual vendor agreements with various service providers and suppliers. The most significant current contracts supporting the Tshepong-Phakisa operation are listed in Table 16-1. All of the contracts are currently valid and in good standing. Terms, rates and charges of contracts are considered consistent with industry norms. Contract management processes are in place and resourced so that contracts re-tendered and/or renewed as they approach expiry.

Table 16-1: Material Contracts

Vendor Name	Nature of Service / Supply
Axis Mining & Construction cc	Underground Support services
Transnet Limited (t/a Spoornet)	Rail transportation of ore and waste
Genflo Mine Vacuum Systems SA (Pty) Ltd	Shaft Bottom Cleaning at Nyala Shaft
Bidvest Protea Coin (Pty) Ltd	Security services
Lesedi Drilling & Mining Company (Pty) Limited	Underground diamond drilling at Phakisa and Tshepong operations

As with all major businesses, Harmony and Tshepong Operations enters into a multitude of vendor agreements for the provisions of supplies and services. These agreements are entered into on a competitive basis and typically are of a medium-term duration all with clauses providing for periodic updating of pricing, annual (or other) renewal or termination.

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17Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups

Section 229.601(b)(96) (17) (i-vii)

The South African Government has an extensive legal framework within which mining, environmental and social aspects of the industry are managed. Harmony and its Tshepong Operation is primarily regulated and managed by certain principal Acts (as listed in Section 17.3) as well as corporate policies, management systems and certain industry-wide guidelines, including:

•Energy Efficiency and Climate Change Policy;

•Environmental Policy;

•Harmony Water Management Strategy;

•Biodiversity and Rehabilitation Position Statement;

•Socio-Economic Transformation Policy; and

•Corporate Social Responsibility Policy.

The latest sustainability policies and public environmental social and governance (“ESG”) performance and disclosure report(s) are available on the corporate website. Harmony has identified the environmental risks for the business and has strategies in place to manage the risks.

17.1Results of Environmental Studies

The Tshepong Operations have prepared multiple environmental impact assessments (“EIA”) for regulatory approval, which under the current legal framework, require stakeholder engagement. The most recent EIA was undertaken in 2022. The results of the studies have been incorporated into the Harmony business planning process. The results of all the studies are too voluminous to include in this TRS and therefore the reader is directed to EMP PAR (Environmental Management Programme Performance Assessment) Harmony Tshepong, Matjhabeng and ARM(Reference Number FS 30/5/1/2/2/84MR).

Harmony is committed to maintaining good relationships with regulatory authorities, industries, communities, business partners and surrounding stakeholders.

17.2Waste and Tailings Disposal, Monitoring & Water Management

The process of mining and beneficiation produce significant waste, typically consisting of 1) solid waste in the form of waste rock and overburden, 2) liquid wastes in the form of wastewater and tailings slurry and 3) gaseous emissions such as liquefied petroleum gas.

Measures have been put in place for the handling and disposal of all hazardous chemicals (e.g., cyanide), hydrocarbons (i.e., hydraulic oils and diesel) and other chemicals to ensure the protection of human health and its potential impact on the environment.

Harmony recognises that responsible and effective waste management can positively reduce its environmental impacts and mitigate associated environmental liabilities. Waste management is thus a priority focus area. Internally, guidelines on mineral, non-mineral and hazardous waste materials are included in the environmental management systems (“EMS”) implemented at the Tshepong Operations.

Tailings comprises of crushed rock and process water emitted from the gold elution process in the form of slurry once gold has been extracted. As tailings contain impurities and pollutants, they are placed in TSF engineered to contain them, in line with Harmony's tailings management programme and the Global Industry Standard on Tailings Management (“GISTM”).

Harmony's overall tailings management strategy is to ensure robust, meticulous engineering and dam design, along with a continual focus on management of risks through layered assurance and oversight. The focus areas include, but are not limited to:

•freeboard control;

•water management;

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•maintaining stability and the safety factor as advised by the engineer of record;

•erosion controls; and

•monitoring and control measures implemented to ensure continued compliance (including regular inspections, audits, and meetings on varying intervals with subsequent actions, minutes and reports).

As part of its mining, environmental and water approvals and licences, Harmony is required to implement monitoring programmes and plans to establish the operations impact on the environment. The compliance limits for the monitoring variable are included in the applicable EMPR(s), WUL(s) and environmental authorisations. The environmental monitoring implemented at Tshepong includes:

•ground and surface water monitoring

•biodiversity monitoring;

•waste classification and quantification;

•integrated waste and water management plan (“IWWMP”) updates;

•water balance reviews;

•licence and authorisation compliance reviews; and

•air quality (i.e., noise and dust) and greenhouse gas emissions ("GHG") monitoring.

A focus area during the next financial year will be on creating effective awareness and implementation of its waste and waste management procedures such as the IWWMP. This plan provides water conservation management measures to help reduce the demand for water from external and natural sources.

17.3Permitting and Licences

In respect of environment, the following national Acts and the regulations promulgated thereunder provide the regulatory framework for mine permitting and licencing in South Africa:

•Mineral and Petroleum Resources Development Act, 2002 (“MPRDA”);

•National Environmental Management Act, 1998 (“NEMA”);

•National Environmental Management: Waste Act, 2008 (“NEM:WA”);

•National Environmental Management: Air Quality Act, 2004 (“NEM:AQA”); and

•National Water Act, 1998 (“NWA”).

A summary of the status of environmental permits and licences issued at the effective date related to the Tshepong Operations is presented in Table 17-1.

All relevant mining, environmental and water-use permits are in place that cover the environmental, archaeological, and hydrological components of the Tshepong Operation. All permits are audited regularly for compliance and no material risks to the operations have been identified.

There are applications submitted or being considered by the relevant authorities to ensure compliance and alignment with operations LOM requirements. To this end, Water Use Licence Applications were submitted / lodged in 2020 with DWS. Environmental Management Programme Amendments were submitted / lodged in 2019 with DMRE. Tshepong Operations are awaiting approval from the regulator at the effective date of this TRS. These pending environmental permits and licences do not pose a material risk to the continuation of the operation.

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Table 17-1: Status of Environmental Permits and Licences

Permit / Licence	Reference No.	Issued By	Date Granted	Validity
Environmental Management Programme	FS 30/5/1/2/3/2/1(84)EM	DMRE	16-Apr-10	LOM
Environmental Management Updated	FS 30/5/1/2/2/84MR	DWAFEC	Pending Approval Submitted in 2019	LOM
Water Permit 936B. Harmony. Free State Geduld Mines. Discharge of untreated effluents	B33/2/340/31	DWAFEC	02-Apr-81	LOM
Water Permit 870B. Harmony. Discharge of untreated effluents.	B33/2/340/25	DWAFEC	27-May-91	LOM
Water Permit 1214N. Free State Consolidated Gold Mine. Tshepong, Freddie’s and Phakisa shafts.	B33/2/340/12	DWAFEC	Not indicated.	LOM
Notes: DWAFEC - Department of Water Affairs, Forestry and Environmental Conservation, DWA - Department of Water Affairs.

17.4Local Stakeholder Plans and Agreements

Harmony strives to create sustainable shared value within the communities it operates. Local stakeholder plans and agreements are based on the results from socio-economic information, government development strategies and EIAs undertaken. The socio-economic development programme commits to:

•contribute to areas that will have the most meaningful socioeconomic impact on communities, namely infrastructure, education and skills development, job creation and entrepreneurial development;

•enhance broad-based local and community economic empowerment and enterprise development initiatives;

•facilitate socio-economic development in local communities by means of social and labour plan(s) (“SLP”) and corporate social responsibility programmes;

•support arts, culture, and sports and recreation; and

•build relationships based on trust within host communities.

In South Africa, mining companies are required to have a SLP, which forms an important component of Harmony's community investment plan. It sets out the Company’s obligation to develop and implement comprehensive human resource development programs, community development plans, housing and living condition plans and employment equity plans. The aim of the SLP is to ensure the uplift of the social and economic circumstances of local communities surrounding the mine. The SLP is a prerequisite to securing and maintaining a mining right, with progress required to be reported annually.

Harmony has budgeted to spend approximately ZAR148.8m over the next five years (2018-2022) to meet its SLP commitments.

17.5Mine Closure Plans

Harmony makes provision for closure and rehabilitation both for accounting purposes and as required under the MPRDA. The statutory obligation for all environmental rehabilitation at Tshepong Operations is administered by the DMRE and requires the preparation of a closure plan, the development of a cost estimate, and financial assurance. The Company makes an annual submission to the DMRE setting out the cost of closure in accordance with the MPRDA and the regulations issued thereunder.

Harmony appointed Digby Wells and Associates (South Africa) (Pty) Ltd, independent environmental consultants, to review and update the Closure Cost Assessment for unscheduled closure associated with the Tshepong and Matjhabeng Mining Operations. The Matjhabeng Mining Operations is a Harmony operation, e located north of the town of Welkom in the Free State Province. The mine closure assessment was done in terms of regulation 53 and 54 of the MPRDA and in accordance with the requirements of NEMA. The closure cost as at 30 June 2022, was calculated to be approximately ZAR484.5m.

Harmony is required to make funding available in an amount equal to the cost of closure as determined under the MPRDA in the form of a trust fund and/or bank guarantees.

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17.6Status of Issues Related to Environmental Compliance, Permitting, and Local Individuals or Groups

Most of the required environmental authorisations are in place and only require amendments to be approved to reflect the planned infrastructure at Tshepong Operations.

17.7Local Procurement and Hiring

Harmony is committed to investing in the future of local communities beyond the LOM and not to only empower them, but also to mitigate the impacts its activities to ensure a positive legacy. The 2014 Mining Charter serves to guide the south African mining industry in socio-economic transformation. Local procurement (goods and services) and human resource management are key measures set under the Mining Charter and are reported on annually. Refer to the Company’s corporate website on updated information pertaining to its compliance to the Mining Charter.

Portable skills are developed internally as well as through expanded learning programmes, learnerships and other programmes opened only to operating communities. Local procurement is being supported where there is a skills shortage. Some of the portable skills training offered to its employees include but not limited to basic plumbing, electrical appliance repair, welding, catering and baking, sewing and clothing manufacturing.

17.8Commentary on Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups

Periodic inspections are conducted by the DMRE to verify compliance with applicable environmental laws, regulations, permits and standards. In addition, Tshepong Operations has implemented an EMS in line with the ISO 14001 standard. The EMS is audited on an annual basis by a third party and includes the needs and expectations of interested parties.

As part of Harmony, Tshepong Operations conducts its operation based on policies and systems that are aligned to its corporate sustainable development framework. Although Harmony is not a signatory to the International Council on Mining and Metals or the UN Global Compact, these form the guiding principles of the framework. Harmony discloses its sustainable development voluntarily in accordance with the guidelines issued by the Global Reporting Initiative (“GRI”). Further to this, Harmony discloses environmental information on the Carbon Disclosure Project (“CDP”) for both climate change and water. The CDP runs the global environmental disclosure system that supports companies to measure and manage their risks and opportunities on climate change, water security and deforestation.

Harmony has a good understanding of the environmental and social aspects of the operations through baseline and specialist studies previously conducted. Risk management and mitigation measures were adequately addressed in the environmental management plans and will be effective to mitigate risks and impacts to acceptable levels should the measures be implemented according to the specialists’ recommendations.

Most of the required environmental authorisations are in place and only require amendments to be made to reflect the current infrastructure. Based on current industry norms, a realistic timeframe to obtain relevant authorisations is estimated between 12 and 18 months.

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18Capital and Operating Costs

Section 229.601(b)(96) (18) (i-ii)

Economic parameters for the Harmony Group, including capital and operating costs, are determined, and signed off by the CODM, before distribution to the business units, including Tshepong Operations. The capital and operating costs are reported in ZAR terms and on a real basis. Rounding of figures may result in minor computational discrepancies.

18.1Capital Costs

The estimated capital costs for Tshepong Operations are reported according to costs associated with major equipment outside the main operating sections which is termed AE, infrastructure development, as well as operating capital, as presented in Table 18-1.

An average contingency of 10% is applied where the capital cost estimates have a level of uncertainty, for example, where a capital project is an isolated occurrence. Where the capital cost estimates have a reasonable basis, there is no contingency applied. The estimated capital costs are carried forward and modelled in the Tshepong Operations cash flow.

18.2Operating Costs

A summary of the direct and indirect operating costs for Tshepong Operations are presented in Table 18-2. Operating costs are based on historic performance while applying any changes expected within the new financial year (such as electricity requirements, increased/decreased labour) and are used as an input into the Tshepong Operations’ cash flow model.

18.3Comment on Capital and Operating Costs

The capital and operating cost estimates for Tshepong Operations are based on actual historical data, as well as budget forecasts. Therefore, the forecasted costs are reliable, and at minimum meet the confidence levels of a Pre-Feasibility Study. This approach of estimating capital and operating costs is consistent with industry practice. A record of the forecast and budget costs is maintained by the operation, allowing for an assessment of the alignment of the forecast and actual costs.

Table 18-1: Summary of Capital Cost Estimate for Tshepong Operations

Capital Cost Element (ZAR'000s)	Total LOM (FY2023 - FY2030)
AE	302,068
Shaft Projects	227,797
Major Projects	400,470
Total	930,335
OCD	2,565,792
Total (including OCD)	3,496,125

Table 18-2: Summary of Operating Cost Estimate for Tshepong Operations

Operating Cost Element (ZAR'000)	Total LOM (FY2023 - FY2030)
Mining	14,280,664
Services	4,299,907
Medical Hub / Station	781,819
Engineering	12,794,649
Total Direct Costs	32,157,038
Mine Overheads	1,652,395
Royalties	463,002
Ongoing Capex	2,565,792
Total Cost	36,838,228

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19Economic Analysis

Section 229.601(b)(96) (19) (i-iv)

19.1Key Economic Assumptions and Parameters

The CODM forms, reviews, signs-off and distributes economic assumptions to its various business units. On an annual basis, during the period October to November, long-term commodity prices and exchange rates forecasts’, are received from various financial institutions. In addition, a specialist in Economics from a reputable economics company based in South Africa, provides expert views on the global markets, forward looking commodity prices, exchange rates, consumer price index, production price index, electricity cost and consumable increases. All factors are analysed, cognisance is taken of the requirements of the NYSE and JSE markets, and a proposal is presented to the CODM for recommendation and approval. These assumptions are then applied at Tshepong Operations, along with specific operational considerations.

19.1.1Gold Price

The proposed gold price (USD1,546/oz) is the price that is used by Harmony for the Tshepong Operations annual planning cycle and forms the basis for the spot gold price assumptions used in the Tshepong Operations cashflow. The reader is referred to Figure 16-2 for the consensus forecast gold price. The conversions used in the calculation of the various gold prices is presented in Table 19-1.

Table 19-1: Conversions Used in Gold Price Calculations

Economic Factors	Gold Price (USD/oz)	Conversion Factor (oz/kg)	Exchange Rate (ZAR:USD)	Gold Price (ZAR/kg)
2022 Mineral Resource	1,723	32.15	15.35	850,191
2022 Mineral Reserve	1,546	32.15	15.35	763,000
2023 gold price forecast¹	1,546	32.15	15.35	763,000
Notes: 1. The forecast gold price as used in the Tshepong Operations cash flow.

19.1.2Exchange Rate

The minimum and maximum ZAR:USD exchange rate for the year 2020 Q4 to year 2024 is displayed in Figure 19-1. The long-term exchange rates are considered from year 2025 onwards. The volatility in the ZAR has continued against the USD resulting in the ZAR:USD exchange rate fluctuating between ZAR16.46:USD - ZAR17.24:USD in the short term. Forecasts as advised from various financial institutions show that the ZAR/USD is expected to trade in a range of ZAR16.36:USD - ZAR18.20:USD for the period 2021 to 2024 with a long-term outlook of ZAR17.27:USD.

In addition, the CODM has reviewed the ZAR:USD exchange rate performance over the past three years, for the period June 2018 - June 2021 (Table 19-2). The proposed spot exchange rate of 15.35 ZAR:USD is the exchange rate that is used by Harmony for the Tshepong Operations’ annual planning cycle and forms the basis for the ZAR:USD exchange rate assumptions used in the Tshepong Operations’ cashflow.

Table 19-2: ZAR:USD Exchange Rate Performance (June 2019 – June 2022)

Period	Average Exchange Rate (ZAR:USD)
July 2019 to June 2020	15.68
July 2020 to June 2021	15.41
July 2021 to June 2022	14.75
3-Year Ave. (not weighted)	15.28

19.1.3Royalties

Royalty is an expense paid to the government of South Africa and is accounted for in the Tshepong Operations cash flow models. In terms of the mining ring-fencing application, each ring-fenced mine is treated separately, and deductions can normally only be utilised against mining income generated from the relevant ring-fenced mine.

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Figure 19-1: Graph of Consensus ZAR : USD Exchange Rate Forecast

19.1.4Taxes

Mining tax on gold mining taxable income in South Africa is determined according to a formula, based on the taxable income from mining operations. Of that, 5% of total revenue is exempt from taxation while the remainder is taxable at a higher rate (34%) than non-mining income (28%). Accounting depreciation is eliminated when calculating the South African mining tax income. Excess capital expenditure is carried forward as unredeemed capital to be claimed against future mining taxable income.

In response to the challenges faced by companies during the COVID-19 pandemic, the South African government has implemented various stimulus packages to provide tax relief to companies. In 2020, the South African Parliament passed the Disaster Management Tax Relief Act, 2020 and the Disaster Management Tax Relief Administration Act, 2020, containing exceptional tax measures. Certain tax relief measures have been further delayed, including limited assessed loss deductions currently ending 1 January 2022 (South African Revenue Services, 2021).

19.1.5Summary

The key assumptions used in the cash flow are summarised for the Tshepong Operations in Table 19-3.

Table 19-3: Key Economic Assumptions and Parameters for Tshepong Operations Cash Flow

Parameter	Unit	Value
Production Rate	tpm	97 087
Gold Recovery	%	95,03
Royalty	% of xx	0,05
Tax Rate	%	Formula
Gold Price	ZAR/kg	763 000
Exchange Rate	USD:ZAR	Variable
Discount Rate	%	9,00

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19.2Economic Analysis

Harmony's respective business units and its associated operating sites consider the economic assumptions discussed in Section 19.1 during their respective planning and analysis processes. The past year’s average gold price is used for testing purposes. A spot price of ZAR763,000/kg is used for forecasting the revenue of the Tshepong Operations cash flow (Table 19-4).

The discounted cash flow model is used to calculate the Net Present Value (“NPV”) of the investments. The NPV for the spot metal price, for Tshepong Operations is approximately ZAR1,890Bn, at a discount rate of 9%. The NPV is calculated on a cash flow that accounts for factors such as:

•mining and ore processing working costs;

•royalty payments;

•capital costs, including costs allocated to ongoing development;

•any significant project work considered as major projects; and

•costs deemed as abnormal expenditure.

19.3Sensitivity Analysis

The economic assumptions, cash flow breakdown and economic analysis contribute to the basis for the sensitivity analysis. The sensitivities are calculated and analysed, as shown in the accompanying Table 19-5, Table 19-6 and Table 19-7.

Harmony has reviewed its exposure in terms of South Africa’s political instability, the COVID-19 pandemic, the currency exchange rate, and the gold price, on its financial assets and financial liabilities, and has determined the sensitivities for a ±10% variance. Management considers this range to be a reasonable change given the volatility in the market.

The sensitivity analysis is completed for variations in commodity price (ZAR/kg), total operating costs, which include capital costs and royalties paid (ZAR); and a combined analysis considering variations in commodity price, total operating costs, and changes in production. Capital investments in Tshepong Operations are relatively low and not expected to have any significant impact on the NPV and therefore not included in a sensitivity analysis. The base case in the analysis below is the economic results emanating from the LOM plan (Table 19-4).

The sensitivity analysis (Table 19-5 and Table 19-6) is based on a change in a single assumption while holding all other assumptions constant. In practice, this is unlikely to occur, as risks and/or opportunities will have an impact on the cash flows, and changes in some of these assumptions may be correlated. The insights that can be provided by this sensitivity analysis is that Tshepong Operations is most sensitive to gold price, closely followed by changes in costs.

The impact of one or a combination of risks and opportunities occurring at the same time cannot be specifically quantified so an analysis considering multi-parameters is considered. In this way the general risks, with the aid of the sensitivity table (Table 19-7) are adequately covered. The sensitivity analysis considering the 3 variations of gold price (ZAR/kg), operating costs (ZAR) and variation in production (kg Au) show that the lowering of working costs, improvement in productivity and the benefits of a higher gold price can have positive impacts on the Tshepong Operations Mine.

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Table 19-4: Tshepong Operations Cash Flow

Item	Units	LOM Total	FY2023	FY2024	FY2025	FY2026	FY2027	FY2028	FY2029	FY2030
Mining advance	m2	2,443,933	312,088	340,790	342,008	351,654	348,732	347,533	304,550	96,578
Total OCD	m	64,352	13,475	17,129	14,384	8,906	6,620	3,321	476	42
Milled tons	t '000	9,292	1,165	1,302	1,313	1,339	1,329	1,318	1,139	386
Yield	g/t	5.802	5.74	5.87	5.80	5.77	5.83	5.73	5.68	6.42
Gold recovered	kg	53,908	6,682	7,638	7,612	7,735	7,747	7,547	6,465	2,481
Revenue	ZAR'000	41,131,959	5,098,712	5,828,031	5,807,932	5,901,598	5,910,682	5,758,729	4,933,137	1,893,137
Total operating costs	ZAR'000	36,375,227	5,214,465	5,294,906	5,310,750	5,060,488	4,984,836	4,761,923	4,177,358	1,570,501
Capital (including OCD)	ZAR'000	3,695,988	841,040	964,425	794,242	474,380	361,547	208,688	50,647	1,020
Royalty	ZAR'000	463,001	25,494	29,140	29,040	60,667	97,168	103,518	82,698	35,277
Total costs (including capital and royalty)	ZAR'000	37,968,424	5,524,667	5,663,810	5,550,323	5,242,549	5,162,669	4,928,195	4,290,433	1,605,778
Profit (after OCD and capital)	ZAR'000	3,163,535	-425,954	164,222	257,608	659,049	748,012	830,534	642,704	287,359
NPV - (low discount rate - 9%)	@9%	1,890,421
NPV - (medium discount rate - 12%)	@12%	1,604,802
NPV - (high discount rate - 15%)	@15%	1,366,487

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Table 19-5: Gold Price Sensitivity Analysis

Sensitivity (%)	Production (kg)	Gold Price (ZAR/kg)	Revenue (ZAR’000)	Operating Cost (ZAR'000)	Profit / Loss (ZAR'000)	NPV (ZAR'000)
10%	53,908	840,000	45,282,890	37,968,423	7,314,467	4,264,034
5%	53,908	800,000	43,126,562	37,968,423	5,158,139	2,882,615
LOM plan	53,908	763,000	41,131,959	37,968,423	3,163,535	1,890,421
-5%	53,908	726,000	39,137,355	37,968,423	1,168,932	326,989
-10%	53,908	686,000	36,981,027	37,968,423	-987,396	-1,054,431

Table 19-6: Total Operating Cost Sensitivity Analysis

Sensitivity (%)	Production (kg)	Gold Price (ZAR/kg)	Revenue (ZAR’000)	Operating Cost (ZAR'000)	Profit / Loss (ZAR'000)	NPV (ZAR'000)
10%	53,908	763,000	41,131,959	41,765,266	-633,307	-837,803
5%	53,908	763,000	41,131,959	39,866,845	1,265,114	526,309
LOM plan	53,908	763,000	41,131,959	37,968,423	3,163,535	1,890,421
-5%	53,908	763,000	41,131,959	36,070,002	5,061,957	3,254,533
-10%	53,908	763,000	41,131,959	34,171,581	6,960,378	4,618,645

Table 19-7: Gold price, Operating Costs, and Production Variation Sensitivity Analysis

Sensitivity (%)	Production (kg)	Gold Price (ZAR/kg)	Revenue (ZAR’000)	Operating Cost (ZAR'000)	Profit / Loss (ZAR'000)	NPV (ZAR'000)
10%	59,299	840,000	49,811,179	41,765,266	8,045,914	4,802,918
5%	56,604	801,150	43,188,557	39,866,845	3,321,712	1,984,942
LOM plan	53,908	763,000	41,131,959	37,968,423	3,163,535	1,890,421
-5%	51,213	724,850	39,075,361	36,070,002	3,005,359	1,795,900
-10%	48,517	686,700	37,018,763	34,171,581	2,847,182	1,701,379

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20Adjacent properties

Section 229.601(b)(96) (20) (i-iv)

Tshepong and Phakisa are 100% owned by Harmony and collectively form the Tshepong Operations. The Tshepong Operations are bounded to the north by the dormant Jeanette Mine and the present-day Target Mine. The Phakisa Mine lies to the south-east of the Tshepong Mine. The Eland Mine is located south-east of Phakisa, while the Welkom 4 Shaft is further south from the Phakisa Mine.

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21Other Relevant Data and Information

Section 229.601(b)(96) (21)

Other relevant data and information pertaining to Tshepong Operations is the Sub 75 Capital Project. The objective of this capital project is to extend development below the current working level to 77 level and access higher grades at depth. Tentative timelines include a project kick-off in Q4 2021 and an envisaged completion in Q4 2025. The project is critical in grade control over the LOM plan.

Sub 75 project has been stopped for FY23 LOM.

Other relevant information includes the public disclosure reports on Tshepong Operations operational, financial and environmental performance are available on the Company’s corporate website. The following reports are relevant to this TRS:

•Integrated annual report 2021;

•ESG report 2022;

•Financial report 2022;

•Report to shareholders 2022;

•Operational report 2022; and

•TCFD report.

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22Interpretation and Conclusions

Section 229.601(b)(96) (22)

The Tshepong and Phakisa mine were merged into a single operation in 2017 and are now collectively called the Tshepong Operations. Tshepong Operations are well-established with Tshepong having been in operation since 1986, and Phakisa since 1994. Harmony acquired the operations in 2001.

Harmony has no known risks to conduct mining activities over the permitted mining rights’ areas, incorporated as Tshepong Operations. In addition, no known risks are posed over surface access and activities, regarding mining related activities.

The Tshepong Operations’ regional geological setting, mineralisation and deposit is well understood. The geology is supported by historical geophysical surveys, surface diamond core drilling and underground channel (chip) sampling and mapping. Economic mineralisation occurs in the Basal Reef and B Reefs . The former is mind at both Tshepong and Phakisa, while the latter is only mined at Tshepong.

The sampling approach and management, density assumptions, laboratory procedures, and assaying and analysis are in keeping with industry standards and practices and is appropriate for the mineralisation at the Central Rand Group. The holistic understanding of the regional geology, lithological and structural controls of the mineralisation at Tshepong Operations is sufficient to support the estimation of Mineral Resources.

Gold bearing ore mined at Tshepong Operations is processed at the Harmony One Plant facility which has been in operation since 1986. As such, the processing method is considered well established for the mineralisation at the Tshepong Operations. The plant makes use of historical trends and data as a basis for their recoveries of Basal and B reefs.

The data pertaining to the mineralisation, regional and geological setting, exploration findings, sample collection, preparation, and testing, inclusive of data verification and metallurgical test work gives rise to the Mineral Resource estimate.

The combined Measured and Indicated Mineral Resource, exclusive of Mineral Reserves, for the Phakisa Mine, as at 30 June 2022 is 12.005Mt at a grade of 12.05g/t, containing 4.650Moz of gold, and the Inferred Mineral Resource contains 27.491Mt at a gold grade of 10.77g/t, containing 9.515Moz of gold.

The combined Measured and Indicated Mineral Resource, exclusive of Mineral Reserves, for the Tshepong Mine, as at 30 June 2022 is 16.462Mt at a grade of 11.66g/t, containing 6.173Moz of gold, and the Inferred Mineral Resource contains 9.434Mt at a gold grade of 10.18g/t, containing 3.088Moz of gold.

Mineral Reserves are derived from the Mineral Resources, a detailed business plan and operational mine planning processes. Mine planning utilises and takes into consideration actual historical technical parameters. In addition, conversion of the Mineral Resources to Mineral Reserves considers Modifying Factors, dilution, ore losses, minimum mining widths, planned mine call and plant recovery factors.

The Mineral Reserves for the Phakisa Mine, as at 30 June 2022 is 3.935Mt of milled ore at a grade of 6.96g/t, containing 0.880Moz and comprise of 96% Proved Reserves and 4% Probable Reserves. While the Mineral Reserves for the Tshepong Mine, as at 30 June 2022 is 4.493Mt of milled ore at a grade of 5.34g/t, containing 0.771Moz and comprise of 89% Proved Reserves and 11% Probable Reserves

Tshepong Operations are currently mining profitably, and the NPV shows a positive result. Any by-products that are recovered as part of the refining process, make up an immaterial component of the total metal inventory, and is thus not reported as part of the Mineral Reserve estimates. There are no obvious material risks that could have significant effect on the Mineral Reserves.

The Mineral Reserves are extracted via the SGM method, with minor undercut and open stoping methods being the Tshepong Mine. Mining methods take into consideration the mining and rock engineering design guidelines. The integrated selection of the mining method increases flexibility, safety and minimises seismic events.

Extracted minerals from the Tshepong Operations are recovered at the Harmony One Plant. The metallurgical process is well-tested technology, based on sound historic operating parameters.

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The mine’s regional and local infrastructure is capable of fully supporting the mining and surface related activities. Tshepong Operations is accessed via national and provincial road networks, has key power transmission and distribution networks provided by the National electricity regulator, water supply networks and communication infrastructure. Overall, Tshepong Operations are well-established with sufficient logistics and infrastructure support for the existing and planned mining operations.

Harmony and Tshepong Operations are exposed to market risks such as exchange rate and gold price fluctuations which are partially offset by the Harmony Group hedging policy. The hedging programme considers factors effecting the global gold market and these, along with macro-economic conditions, are used to determine planning and forecasting inputs at group level for all of Harmony’s operating business units. Other non-gold related risks are addressed to some extent by Tshepong Operations entering into vendor agreements for the provisions of supplies and services which are done on a competitive basis with customary price adjustment, renewal and termination clauses.

To successfully operate a mining operation in South Africa the state requires compliance with applicable environmental laws, regulations, permits and standards. Tshepong Operations adheres to said compliance and regulatory standards and have, in addition, implemented an Environmental Management System in line with the ISO 14001.

As part of Harmony, Tshepong Operations conducts its operations based on policies and systems that are aligned to its corporate sustainable development framework. This is guided by the principles of the framework from the International Council on Mining and Metals or the UN Global Compact. Harmony discloses its sustainable development voluntarily in accordance with the guidelines issued by the Global Reporting Initiative. Further to this, Harmony discloses environmental information on the Carbon Disclosure Project for both climate change and water.

Harmony has a good understanding of the environmental and social aspects through baseline and specialist studies previously conducted. Risk management and mitigation measures were adequately addressed in the environmental management plans. Most of the required environmental authorisations are in place and only require amendments to be made to reflect the current infrastructure at Tshepong Operations. Based on current industry norms, a realistic timeframe to obtain relevant authorisations is estimated between 12 and 18 months.

One of the ways Harmony aims to grow and develop the people and assets and provide sustainable value to all stakeholders is through economic regeneration.

The economics of Tshepong Operations is based on the discounted cash flow model, with a metal price of ZAR763,000/kg. The NPV for the metal price, is ZAR1,890Bn, at a discount rate of 9%. The NPV is calculated on cash flow that takes factors such as: capital and operating costs; and royalties. The capital and operating cost estimates for Tshepong Operations are based on historical data, as well as budget forecasts. This estimation technique allows for the forecast and actual costs to be aligned.

Royalties and taxes are paid to the South African government and accounted for in the Tshepong Operations cash flow and NPV analysis. There are also specific tax relief benefits that apply to gold mining companies, where 5% of total revenue is exempt from taxation, amongst other benefits. In addition, in response to challenges faced by companies during the COVID-19 pandemic, the government have implemented various stimulus packages to provide some tax relief to companies.

The economics of Tshepong Operations are tested for its sensitivity to commodity price (ZAR/kg), operating costs (ZAR) gold production (kg). The insights provided by the sensitivity analysis is that Tshepong Operations is most sensitive to changes in the gold price (ZAR/kg), closely followed by changes in total operating costs (ZAR).

This TRS was prepared by a team of experienced professionals. The TRS provides a summary of the material scientific and technical information concerning the mineral exploration, Mineral Resources, Mineral Reserves, and associated production activities of the mineral asset, including references to the valuation for Tshepong Operations. Each QP was responsible for specific sections of this TRS which they have personally supervised and reviewed. This TRS contains the expression of the QP opinions, based on the information available at the time of preparation.

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23Recommendations

Section 229.601(b)(96) (23)

The gold output can be optimised through improvement of quality of mining and this will result in achieving planned shaft call factor. This impact will be realised through our currently implemented Business Initiative programme that will look at driving quality of mining through measures such as in-stope water controls and better fragmentation during blasting to contain the gold.

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24References

Section 229.601(b)(96) (24)

Dankert, B.T., and Hein, K.A.A., 2010. Evaluating the structural character and tectonic history of the Witwatersrand Basin. Precambrian Research 177, 1–22.

https://www.gold.org/goldhub/data/gold-prices. Accessed 22 July 2022.

Robb, L.J., and Meyer, F., 1995. The Witwatersrand Basin, South Africa: Geological framework and mineralisation processes. Ore Geology Reviews, 10(2), 67-94.

Robb, L.J., Robb, V.M., 1998. Gold in the Witwatersrand Basin. In: Wilson, M.G.C., Anhaeusser, C.R. (Eds.), The Mineral Resources of South Africa. Handbook. Council for Geoscience, 294–349.

South African Revenue Services. (2021, July 29). South African Revenue Services. Retrieved from Tax Relief Measures: https://www.sars.gov.za/media/tax-relief-measures/

Therriault, A.M., Grieve, R.A.F., Reimold, W.U., 1997. Original size of the Vredefort Structure: Implications for the geological evolution of the Witwatersrand Basin. Meteoritics and Planetary Science 32, 71–77.

Tucker, R.F., Viljoen, R.P., and Viljoen, M.J., 2016. A Review of the Witwatersrand Basin The World’s Greatest Goldfield, accessed from https:// www.researchgate.net /publication /305924249 _A_Review_of_the_Witwatersrand_Basin_-_The_World's_Greatest_Goldfield.

World Gold Council. (2022, July 13). World Gold Council, Gold Hub, Gold mine production: Gold Production by Country | Gold Production | Goldhub

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25Reliance on Information Provided by the Registrant

Section 229.601(b)(96) (25)

Further to Section 24, in the preparation of this TRS, the principal QPs and authors relied upon information provided by the Registrant and other internal specialists with regards to mining rights, surface rights, contractual agreements, historical operating expenditures, community relations and other matters. The work conducted by these specialists was completed under the supervision and direction of the respective QPs. The specialists who assisted the principal authors and QPs are listed in Table 25-1.

Table 25-1: Other Specialists

Name	Specialist	Area of Responsibility	Association / Company
S Sabelo	HOD Geology	Geology	Tshepong
R du Toit	Section Valuator	Valuation and Estimation	Tshepong Operations
H Groenewald	Section Planner	Mine planning and design	Tshepong
R du Bruin	Senior Planner	Mine planning and design	Tshepong
G van Zyl	Financial Manager	Finance and costing	Tshepong Operations
J Powell	Geostatistician	Geostatistics Central	Central
T Nthejane	Senior Engineer	Engineering	Tshepong
J van der Merwe	Rock Engineer	Rock engineering	Tshepong
L Lochner	Rock Engineer	Rock engineering	Phakisa
J Van Heerden	Senior Engineer	Engineering	Phakisa
B Erasmus	Financial Manager	Finance and costing	Tshepong Operations
C Mokoena	Cost Accountant	Finance and costing	Tshepong Operations
C Pienaar	HOD Geology	Geology	Phakisa
B Reinders	Senior Valuator	Valuation and Estimation	Phakisa
A Oosthuizen	Senior Hygienist	Occupational, Environmental, Ventilation	Tshepong Operations
R Panther	Section Planner	Mine planning and design	Phakisa

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