6-K 1 provisionalcondensedafsq1-.htm 6-K Document




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a16 OR 15d16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

For November 11, 2021

Harmony Gold Mining Company Limited

Randfontein Office Park
Corner Main Reef Road and Ward Avenue Randfontein, 1759
South Africa
(Address of principal executive offices)
*-
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20 F or Form 40F.)

Form 20F ☒ Form 40F ☐

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing
the information to the Commission pursuant to Rule 12g32(b) under the Securities Exchange Act of 1934.)

Yes ☐ No ☒





Harmony Gold Mining Company Limited
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
JSE share code: HAR
NYSE share code: HMY
ISIN: ZAE000015228
("Harmony" or "the Company")

OPERATIONAL UPDATE
for the three months ended 30 September 2021 (“Q1FY22”)
DE-RISKED PORTFOLIO DRIVES QUARTER-ON-QUARTER PRODUCTION GROWTH
Johannesburg, South Africa. Thursday, 11 November 2021. Harmony Gold Mining Company Limited (“Harmony” or “the Company”) is pleased to report our operational performance for the three months ended 30 September 2021 (“Q1FY22”).
Overview
The operational results for the first quarter of the financial year 2022 were underpinned by a diversified and de-risked portfolio. Newly acquired assets and assets that we have reinvested in, now represent 62% of operating free cash flow, while our surface source operations accounted for 34% of operating free cash flow this quarter. Assets which have been in Harmony’s portfolio for many years accounted for only 4% of the operating free cash flow this quarter, which illustrates how we have transformed our portfolio through the acquisition of quality ounces. Harmony’s re-engineered portfolio has shown a 27% increase in underground tonnes milled for the September 2021 quarter when compared to the September 2020 quarter and a 26% increase in gold production from our underground mines. Total gold production was 32% higher this quarter when compared to Q1FY21.
Some of the key highlights in Q1FY22 include a 3% increase in production by the surface source operations and a 4% increase in tonnes milled by the underground operations. The quarter-on-quarter increase in underground production was on the back of improved grades and tonnes milled at our Moab Khotsong, Kusasalethu, Target 1 and Doornkop operations. Overall production was more or less steady quarter-on-quarter with 12 868kg (413 714oz) of gold produced in Q1FY22 compared to 12 786kg (411 078oz) produced in Q4FY21. Encouragingly, total production excluding Mponeng and related assets and Unisel mine (which was closed in October 2020) – delivered an additional 6% of gold production compared with the September 2020 quarter as a result of higher tonnes milled as production normalised post the Covid-19 disruptions and improved efficiencies on the back of various optimisation projects.
Harmony’s balance sheet remains strong, with net debt to EBITDA now at 0.05 times at the end of the quarter (0.1 times in the previous quarter) as we further reduced our net debt by R139 million (US$9 million) to R454 million (US$30 million).
The Company’s strategy remains unchanged – delivering on safe profitable ounces and increasing margins, while focusing on our four strategic pillars namely: responsible stewardship, operational excellence, cash certainty and effective capital allocation. A quality portfolio, deleveraged balance sheet, commitment to best environment, social and governance (ESG) practices and an exciting pipeline of projects will ensure Harmony continues to create value for all shareholders and stakeholders.


THREE MONTHS OF THE FINANCIAL YEAR 2022 (“Q1FY22”) – KEY OPERATIONAL METRICS*
UnitQ1FY22Q4FY21Q-on-Q (%)Q1FY21Y-on-Y
(%)		Comments (Q-on-Q)
Gold priceR/kg832 756803 2074922 398(10)Higher gold price received was mainly due to a weaker rand
Underground yieldg/t5.275.44(3)5.31(1)Lower grade as a result of safety-related stoppages at high-grade panels at Mponeng, Moab Khotsong and Tshepong South and reduced recoveries at Harmony One plant
Adjusted EBITDA#Rm1 7861 544162 457(27)Driven predominantly by a higher gold price received
Adjusted EBITDA margin%16141427(41)
Gold produced totalkg12 86812 78619 75832Stable gold production as a result of improved production at Moab Khotsong, Kusasalethu, Doornkop and surface source business
oz413 714411 0781313 72532
Production – South Africakg11 73011 59618 77534Stable gold production as a result of improved production at Moab Khotsong, Kusasalethu, Target 1, Doornkop and surface source operations
Production – Hidden Valleykg1 1381 190.00 (4)98316Lower production due to reduction in grade as a result of predominantly stockpile material being fed to the mill, with ore delivery from Stage 6 impacted by geotechnical and dewatering constraints
All-in sustaining cost (“AISC”)R/kg795 086729 680(9)728 465(9)Higher winter electricity tariffs and decrease in grade as a result of safety incidents and lower plant recoveries
US$/oz1 6911 607.00 (5)1 341(26)
*    The financial information has not been reviewed by the Company’s Auditors
#    The Company reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and non-recurring events. For the reporting period, the non-recurring events include the gain on bargain purchase and acquisition-related costs. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity


RESPONSIBLE STEWARDSHIP
The Company continues to place a strong focus on our ESG initiatives as a good corporate citizen. We believe in full transparency and adherence to global best practice. As part of our commitment to open and transparent disclosure, the ESG report and Taskforce for Climate-related Financial Disclosure (TCFD) report are now available as part of the suite of reports for FY21 which were published on 28 October 2021. These reports can be accessed at www.harmony.co.za.
Every effort is made to ensure the safety of the close to 60% (almost 30 000 people) of our workforce actively involved in mining operations every day. We believe that zero loss of life is possible. Our Humanistic Transformation Programme, or Thibakotsi journey, is aimed at all employees and contractors and will create a pro-active safety culture and an environment where employees at all levels live the company values and experience high levels of engagement, mutual trust, respect, and hope. Through continual reinforcement, we believe we can embed a changed behaviour with a positive attitude towards safe living and working. Through this change in behaviour we will see a significant reduction in accidents and ultimate elimination of loss of life.
Although we are making progress in creating safer working areas, loss-of-life incidents still do occur for numerous reasons. Each incident is meticulously investigated, scrutinised and learnt from to ensure we eliminate and reduce the chance of re-occurrence. Tragically, three employees lost their lives during the quarter:
1.On 15 July 2021 at Tshepong Operations, Mr Thembile Simon Mabala was caught by a scraper winch rope during sweeping operations.
2.On 6 August 2021 at Moab Khotsong, Mr Pule Jan Mokhatsi was busy with cleaning operations in a stope panel when a gravity-related fall of ground occurred.
3.On 1 September 2021 at Mponeng, Mr Richard Mohapi was busy with drilling operations in a stope panel when a seismic-related fall of ground occurred.
The management of Harmony sends their heartfelt condolences to families, friends and colleagues of those who lost their lives with assurances to all our stakeholders that we are doing all we can to eliminate these tragedies.
It takes time to carefully assess and plan which underground areas are in fact safe enough to mine and change embedded behaviour. We exclude unsafe areas from our operational plans – even if it means that we sacrifice production ounces. All our employees are encouraged to notify their line managers of areas they deem unsafe and every person has the right to not enter an area if they do not feel completely safe to do so. Harmony distributes digital reports on a daily basis to all of our mining
staff highlighting any potential risks which helps awareness whilst encouraging a mindset prioritising safety above all else.
During the past quarter, our lost time injury frequency rate (LTIFR) improved from 6.10 to 6.04 per million hours worked compared to the last quarter. The fall of ground injury frequency rate (FOGIFR) improved from 1.53 to 1.48 per million hours worked. Seismicity, fatigue and poor discipline were among the reasons for a regression in the reportable injury frequency rate (RIFR) from 3.49 to 4.24 and the fatal injury frequency rate (FIFR) regressing from 0.00 to 0.12 per million hours worked.
We had some notable achievements during the quarter and it is important to give credit to all Harmony employees who helped achieve these important milestones as we strive for a safe working environment:
•At the end of Q4FY21, Harmony’s South African operations recorded 107 fatal-free days – which represents 3 259 048 fatal-free shifts. Furthermore, on 14 July 2021, we recorded 121 fatal-free days and 3 682 069 fatal-free shifts. This is the highest number of fatal-free shifts achieved in Harmony’s history
•Our South African underground operations achieved 3 million fatal-free shifts, of which Tshepong and Doornkop achieved 1 million fatal-free shifts each
•Mponeng and Saaiplaas Plants achieved 39 000 and 22 000 fatal-free production shifts respectively
Please see the Company’s FY21 integrated annual report and website for more information on our safety initiatives and the incidents reported during the quarter: www.harmony.co.za.
Health
Harmony’s vaccination drive – in collaboration with the South African Government and the Minerals Council of South Africa – aimed at vaccinating at least 80% of our employees before the end of November 2021, has progressed exceptionally well. Following various education and engagement initiatives, close to 80% of our employees have received their first vaccination while close to 61% of our workforce is fully vaccinated.
Throughout the Company, we continue with our initiatives to reduce the spread of Covid-19 infections through the implementation of precautionary measures, education, awareness and improved hygiene and infection control practices. Strict adherence to our existing Covid-19 protocols remain in place at all our operations.
Our people
At Harmony, we understand that our people are central to our success. Testimony to this, was the conclusion of a historic three-year wage agreement which saw all five unions signing the wage deal on the same day. As South Africa’s largest gold miner by volume, Harmony has an on-
going and important role to play in creating value for all our stakeholders. Effective capital allocation extends not only to projects and operations, but also to the people who work at Harmony. This in turn creates infinite opportunities through the mining of a finite resource, thereby ensuring the lives of the people and the many host communities who benefit from the Harmony operations are improved each and every day. Also refer to our ESG report for more information: www.harmony.co.za.
Environment
Looking to the future, Harmony’s strategy includes a decarbonisation plan aimed at a greener and more equitable future for all. We are in the process of finalising our short-term emissions targets and our net-zero strategy. We are rolling out the first phase of our renewable energy programme, by erecting a 30MW solar energy plant in the Free State province. The Tier 1 Wafi-Golpu project remains a key deliverable as Harmony entrenches itself as an emerging market copper-gold mining specialist with exposure to green metals. More information can be found in our TCFD and ESG reports: www.harmony.co.za.
PRODUCTION
A 4% higher gold price received of R832 756/kg (US$1 771/oz) in Q1FY22 compared to R803 207/kg (US$1 769/oz) in Q4FY21 and a 1% increase in gold production of 12 868kg (413 714oz) for Q1FY22 compared to 12 786kg (411 078oz), resulted in a 3% growth in gold revenue to R10 959 million (US$749 million) from R10 531 million (US$746 million) in the previous quarter.
Despite the increase in tonnes milled, underground grade declined by 3% to 5.27g/t from the 5.44g/t achieved in the previous quarter. This was primarily a result of the safety incidents which occurred and impacted particularly the high grade panels at Mponeng, as the affected area was temporarily closed for further investigation. Moab Khotsong and the Tshepong Operations were also impacted following the safety incidents at each of the mines during the reporting period. Underground yield was further impacted by a reduction in the gold recovered at the Harmony One and Target plants as a result of inconsistent flow through from the belt to the treatment section. Towards the end of the quarter this was resolved and the average recovered grade of 5.40g/t and 5.57g/t guided for the financial year 2022 will be achieved.
The sequential increase quarter-on-quarter in gold production was largely due to:
•a 4% increase in underground tonnes milled to 1.794 million tonnes from 1.726 million tonnes
•Moab Khotsong saw a 1% increase in grade to 6.88g/t from 6.8g/t but achieved a 10% increase in production on the back of higher tonnes milled


•a significantly higher contribution from Kusasalethu which saw a 39% improvement in grade to 7.39g/t and a 41% improvement in production to 1 271kg (40 864oz) from 904kg (29 064oz)
•a 15% increase in production from Target 1 as grades improved by 13% from 2.97g/t to 3.35g/t
•Doornkop delivered a 9% increase in gold produced at 1 097kg (35 269oz) from 1 007kg (32 376oz) in the previous quarter
•a 21% increase in production from Mine Waste Solutions to 830kg (26 685oz) from 685kg (22 023oz) as well as a 22% increase in grade to 0.13g/t from 0.11g/t
Operating free cash flow for Q1FY22 was down 33% to R921 million (US$63 million) compared to R1 230 million (US$87 million) for the previous three-month period ended 30 June 2021 (“the comparable period”). Operating free cash flow margin decreased from 12% in the previous comparable period to 9% for the reporting period on the back of:
•a 3% decrease in average underground grade to 5.27g/t (5.44g/t at the end of June 2021)
•a 15% decrease in grade at Mponeng on the back of lower volumes blasted post the safety incident and associated stoppages and an 11% decrease in recovered grade at Tshepong
•incentive bonuses which were paid in this reporting period as well as the incremental wage increase on the back of the three-year wage deal
•R442 million increase in services as a result of higher winter tariffs on electricity
At our Papua New Guinea operations (“PNG”), Hidden Valley continues to be impacted by Covid-19 related staffing issues as vaccine hesitancy remains a large problem across PNG. While international travel isolation requirements into PNG for fully vaccinated employees is now no longer required, return travel into Queensland, Australia, now requires an additional three days’ self-isolation with a third polymerase chain reaction (PCR) screen test post the two weeks’ hotel quarantine which all have an impact on work rosters and production at the mine.
Total tonnes mined was up by 57% compared to the previous quarter. The Hidden Valley crushing and overland conveyor circuit throughput of 1 104 556 tonnes was higher by 76% quarter-on-quarter. This is the highest since Q2 FY20 and the first time since then that the total tonnes transported via the overland conveyor circuit exceeded 1 000 000 tonnes for the quarter.
However, geotechnical stability of the eastern wall of the stage 6 pit and lower than planned productivity in the south end of the stage 7 cut back due to soft ground and re-cutting of walls for geotechnical stability did impact the ability to further increase production. Furthermore, the
dewatering of the pit during the September 2021 quarter also adversely impacted mining volumes. Lower grade stockpiles were thus processed to supplement the ore feed and this resulted in a 39% decrease in grade from 1.78g/t to 1.08g/t and a 43% reduction in operating free cash to R149 million (US$10 million) from the R260 million (US$18 million) reported in the previous quarter. Silver production for the quarter increased by 41% to 17 358kg (558 077oz) from 12 313kg (395 882oz) on the back of the increase in tonnes milled.
Harmony’s AISC for the reporting period increased by 9% to R795 086/kg from R729 680/kg (an increase of 5% to US$1 691/oz from US$1 607/oz in Q4FY21). The primary driver being the reduction in underground recovered grade, specifically impacted by the safety incidents at Mponeng and Tshepong, the lower plant recoveries in the Free State province which have now been resolved and the lower grade at Hidden Valley (as we continue with stage 6 and 7 cut backs). There are however, improvements in grade at Target 1 and Kalgold, while Joel is seeing a significant improvement in volumes post the completion of the decline project, which will ensure that we meet our annual cost guidance for FY22 of R765 000/kg to R800 000/kg. The Target 1 project is anticipated to be complete in 2022 and Kalgold is also starting to see improved grades and production on the back of an increase in feed grades and milling tonnes.
EXECUTIVE MANAGEMENT
Phillip Tobias, Chief Operating Officer for New Business Development, Corporate Strategy and Projects will be leaving Harmony in November 2021. Beyers Nel, Chief Operating Officer for the South African operations will take over Projects and Johannes van Heerden, Chief Executive Officer for South East Asia will take over New Business Development. We would like to thank Phillip for his valuable contribution to Harmony over the past seven years and wish him well with his future endeavours.
Shela Mohatla, Group Company Secretary, has joined the Group Executive Committee and is now part of the group executive management team. We would like to congratulate Shela on her appointment.
WAFI-GOLPU PROJECT
Harmony and our joint venture partner Newcrest Mining Limited, continue to work with the PNG Government to progress permitting of the Wafi-Golpu Project and obtain a Special Mining Lease. This included engagement with the PNG Government during the quarter regarding potential terms of a Mining Development Contract, which is required for a Special Mining Lease.
As previously advised, the Governor of Morobe Province and the Morobe Provincial Government commenced legal proceedings in the National Court in Port Moresby seeking judicial review of the decision to issue the Environment Permit which was granted in December 2020. On
10 September 2021, the National Court made an interim order staying the Environment Permit pending the determination of the judicial review. However, on 15 September 2021 the State obtained leave from the Supreme Court to appeal that National Court stay order. The judicial review proceeding is now on hold until the State’s appeal against the stay order is decided by the Supreme Court. These events have not impacted project and permitting activities, which continue.
ANNUAL PRODUCTION, COST AND GRADE GUIDANCE
Production guidance for FY22 remains unchanged and is estimated to be between 1.540Moz and 1.630Moz at an all-in sustaining cost of between R765 000/kg to R800 000/kg. Underground recovered grade is planned to be between 5.40g/t and 5.57g/t.
HEDGING
The Company’s hedging strategy is proving to be successful as our approach to hedge more selectively supports stronger margins and cash flows. Realised overall derivative gains for the quarter amounted to R86 million (US$6 million). The average forward Rand gold price on the hedge book has now increased to R1 016 000/kg as at 30 September 2021 from R976 000kg as at 30 June 2021.
CONCLUSION
As a 1.6 million ounce gold producer with an exciting pipeline of projects, we will continue on our growth trajectory to benefit our stakeholders for many years to come. With a re-engineered portfolio, we are a new Harmony – committed to doing what we have always done – mining sustainably and putting our people first.


Hedge position as at 30 September 2021
FY2022FY2023FY2024Total
Q2Q3Q4Q1Q2Q3Q4Q1
Rand gold
Forward contractskoz72 63 52 38 5 — — — 230 
R’000/kg933 1 022 1 070 1 084 1 025 — — — 1 016 
Dollar gold
Forward contractskoz12 11 11 9 9 9 5 1 67 
$/oz1 606 1 723 1 799 1 911 1 867 1 826 1 842 1 828 1 783 
Total goldkoz84 74 63 47 14 9 5 1 297 
Currency hedges
Rand dollar
Zero cost collars$m42 27 — — — — — — 69 
Floor R/$16.93 17.99 — — — — — — 17.34 
Cap R/$18.54 19.65 — — — — — — 18.98 
Forward contracts$m9 8 — — — — — — 17 
R/$18.41 18.71 — — — — — — 18.55 
Total dollar$m51 35 — — — — — — 86 
Dollar silver
Zero cost collarskoz335 315 285 285 270 155 45 — 1 690 
Floor $/oz19.52 20.05 20.43 24.39 25.97 25.98 26.30 — 22.40 
Cap $/oz21.35 22.05 22.49 27.02 29.00 29.24 29.52 — 24.79 



OPERATING RESULTS – QUARTER ON QUARTER (RAND/METRIC)
Year
ended		SOUTH AFRICA
UNDERGROUND PRODUCTION
Tshepong
Operations		Moab
Khotsong		MponengBambananiJoelDoornkopTarget 1KusasalethuMasimongTOTAL
UNDER-
GROUND
Ore milled- t'000Sep-21445268237571192481191721291 794
Jun-21435247241601022271171701271 726
Yield- g/tonneSep-214.206.887.018.473.144.423.357.393.565.27
Jun-214.746.808.248.583.944.442.975.323.875.44
Gold produced- kgSep-211 8701 8431 6614833741 0973991 2714599 457
Jun-212 0611 6801 9875154021 0073489044929 396
Gold sold- kgSep-211 8901 8791 6594893781 1423581 3314649 590
Jun-212 0911 6342 0495224099733459114999 433
Gold price received- R/kgSep-21836 664836 334878 547836 084836 550832 151840 053834 670837 194843 149
Jun-21801 295799 168858 339801 791800 641799 190799 049800 357802 385812 984
Gold revenue¹(R'000)Sep-211 581 2951 571 4721 457 510408 845316 216950 317300 7391 110 946388 4588 085 798
Jun-211 675 5071 305 8411 758 736418 535327 462777 612275 672729 125400 3907 668 880
Cash operating cost
(net of by-product credits)		(R'000)Sep-211 354 0421 085 4301 194 459324 413337 663642 117459 911830 797396 6226 625 454
Jun-211 272 899981 6161 010 327302 128296 301584 342427 523736 223365 3855 976 744
Inventory movement(R'000)Sep-2117 179(15 605)(15 283)3 6833 03228 342(36 089)50 7493 63939 647
Jun-2119 871(11 684)32 6232 2431 953(25 351)(2 080)1 7158 66127 951
Operating costs(R'000)Sep-211 371 2211 069 8251 179 176328 096340 695670 459423 822881 546400 2616 665 101
Jun-211 292 770969 9321 042 950304 371298 254558 991425 443737 938374 0466 004 695
Production profit(R'000)Sep-21210 074501 647278 33480 749(24 479)279 858(123 083)229 400(11 803)1 420 697
Jun-21382 737335 909715 786114 16429 208218 621(149 771)(8 813)26 3441 664 185
Capital expenditure(R'000)Sep-21363 961182 886142 95119 56743 675100 36989 14649 78610 6871 003 028
Jun-21342 085174 871148 67722 38343 766108 71493 93557 76012 3261 004 517
Cash operating costs- R/kgSep-21724 087588 947719 120671 663902 842585 3391 152 659653 656864 100700 587
Jun-21617 612584 295508 469586 656737 067580 2801 228 514814 406742 652636 095
Cash operating costs- R/tonneSep-213 0434 0505 0405 6912 8382 5893 8654 8303 0753 693
Jun-212 9263 9744 1925 0352 9052 5743 6544 3312 8773 463
Cash operating cost
and Capital		- R/kgSep-21918 718688 180805 184712 1741 019 620676 8331 376 083692 827887 383806 649
Jun-21783 592688 385583 293630 118845 938688 2381 498 443878 300767 705743 004
All-in sustaining cost- R/kgSep-21909 677658 468823 328732 7781 031 601666 1561 425 105722 006931 186806 541
Jun-21783 256700 169593 951649 235862 532674 1781 480 596899 251821 314751 233
Operating free cash flow margin²%Sep-21(9)%19 %8 %16 %(21)%22 %(83)%21 %(5)%6 %
Jun-214 %11 %34 %22 %(4)%11 %(89)%(9)%6 %9 %



Year
ended		SOUTH AFRICAHidden
Valley		TOTAL
HARMONY
SURFACE PRODUCTIONTOTAL
SOUTH
AFRICA
Mine waste solutionsPhoenixCentral
plant
reclamation		DumpsKalgoldTOTAL
SURFACE
Ore milled- t'000Sep-216 4161 6091 0112 31638811 74013 5341 05114 585
Jun-216 4541 5441 0082 91438612 30614 03267014 702
Yield- g/tonneSep-210.1290.1200.1320.3450.820.190.871.080.88
Jun-210.1060.1240.1380.3090.740.180.831.780.87
Gold produced- kgSep-218301931337983192 27311 7301 13812 868
Jun-216851921398992852 20011 5961 19012 786
Gold sold- kgSep-218081951318353092 27811 8681 12712 995
Jun-217031971409042852 22911 6621 24212 904
Gold price received- R/kgSep-21721 550839 169836 023849 905834 634800 589834 980809 337832 756
Jun-21695 987774 467797 429829 626802 123777 064806 119775 867803 207
Gold revenue¹(R'000)Sep-21720 152163 638109 519709 671257 9021 960 88210 046 680912 12310 958 803
Jun-21655 646152 570111 640749 982228 6051 898 4439 567 323963 62710 530 950
Cash operating cost
(net of by-product credits)		(R'000)Sep-21443 064112 63176 409562 677243 9281 438 7098 064 163473 2138 537 376
Jun-21356 171101 67665 693625 102198 1371 346 7797 323 523379 4697 702 992
Inventory movement(R'000)Sep-21(16 999)(95)(6 086)23 457(13 399)(13 122)26 52521 99948 524
Jun-2110 7692 8121474 410(719)17 41945 37058 818104 188
Operating costs(R'000)Sep-21426 065112 53670 323586 134230 5291 425 5878 090 688495 2128 585 900
Jun-21366 940104 48865 840629 512197 4181 364 1987 368 893438 2877 807 180
Production profit(R'000)Sep-21294 08751 10239 196123 53727 373535 2951 955 992416 9112 372 903
Jun-21288 70648 08245 800120 47031 187534 2452 198 430525 3402 723 770
Capital expenditure(R'000)Sep-2121 382—1 6423 95139 14366 1181 069 146521 4891 590 635
Jun-2120 3782 7462 1608 80163 76497 8491 102 366360 8351 463 201
Cash operating costs- R/kgSep-21533 812583 580574 504705 109764 665632 956687 482415 829663 458
Jun-21519 958529 563472 612695 330695 218612 172631 556318 882602 455
Cash operating costs- R/tonneSep-21697076243629123596450585
Jun-21556665215513109522566524
Cash operating cost
and Capital		- R/kgSep-21559 573583 580586 850710 060887 370662 044778 628874 079787 070
Jun-21549 707543 865488 151705 120918 951656 649726 620622 104716 893
All-in sustaining cost- R/kgSep-21577 537578 163549 351705 537897 829666 334779 110963 256795 086
Jun-21563 530544 335485 714706 098936 077662 400733 484693 951729 680
Operating free cash flow margin²%Sep-2120 %31 %29 %20 %(11)%17 %8 %16 %9 %
Jun-2123 %32 %39 %15 %(17)%16 %10 %27 %12 %
¹Includes a non-cash consideration to Franco-Nevada (Sep-21:R137.140m, Jun-21:R166.367m), excluded from the gold price calculation.
²Excludes run of mine costs for Kalgold (Sep-21:-R4.365m, Jun-21:-R4.736m) and Hidden Valley (Sep-21:R231.430m, Jun-21:R36.535m).



OPERATING RESULTS – QUARTER ON QUARTER (US$/IMPERIAL)
Year
ended		SOUTH AFRICA
UNDERGROUND PRODUCTION
Tshepong
Operations		Moab
Khotsong		MponengBambananiJoelDoornkopTarget 1KusasalethuMasimongTOTAL
UNDER-
GROUND
Ore milled- t'000Sep-21491296261631312731311901421 978
Jun-21480272266661122501291871401 902
Yield- oz/tonSep-210.1220.2000.2050.2460.0920.1290.0980.2150.1040.154
Jun-210.1380.1990.2400.2510.1150.1300.0870.1550.1130.159
Gold produced- ozSep-2160 12259 25453 40215 52912 02435 26912 82840 86414 757304 049
Jun-2166 26354 01363 88316 55812 92532 37611 18829 06415 818302 088
Gold sold- ozSep-2160 76560 41153 33815 72212 15336 71611 51042 79314 918308 326
Jun-2167 22752 53465 87716 78313 15031 28311 09229 28916 043303 278
Gold price received- $/ozSep-211 7791 7791 8681 7781 7791 7701 7871 7751 7801 793
Jun-211 7651 7601 8901 7661 7631 7601 7601 7631 7671 791
Gold revenue¹($'000)Sep-21108 122107 45099 65827 95521 62164 97820 56375 96226 561552 870
Jun-21118 64592 469124 53929 63723 18855 06419 52151 63028 352543 045
Cash operating cost
(net of by-product credits)		($'000)Sep-2192 58374 21781 67222 18223 08843 90531 44756 80627 119453 019
Jun-2190 13669 51071 54321 39420 98241 37830 27452 13325 874423 224
Inventory movement($'000)Sep-211 175(1 067)(1 045)2522071 938(2 468)3 4702492 711
Jun-211 407(827)2 310159138(1 795)(147)1216131 979
Operating costs($'000)Sep-2193 75873 15080 62722 43423 29545 84328 97960 27627 368455 730
Jun-2191 54368 68373 85321 55321 12039 58330 12752 25426 487425 203
Production profit($'000)Sep-2114 36434 30019 0315 521(1 674)19 135(8 416)15 686(807)97 140
Jun-2127 10223 78650 6868 0842 06815 481(10 606)(624)1 865117 842
Capital expenditure($'000)Sep-2124 88512 5059 7741 3382 9866 8636 0943 40473068 579
Jun-2124 22412 38210 5281 5853 0997 6986 6514 09187271 130
Cash operating costs- $/ozSep-211 5401 2531 5291 4281 9201 2452 4511 3901 8381 490
Jun-211 3601 2871 1201 2921 6231 2782 7061 7941 6361 401
Cash operating costs- $/tSep-21189251313352176161240299191229
Jun-21188256269324187166235279185223
Cash operating cost
and Capital		- $/ozSep-211 9541 4641 7121 5152 1681 4392 9261 4731 8871 716
Jun-211 7261 5161 2851 3881 8631 5163 3001 9341 6911 636
All-in sustaining cost- $/ozSep-211 9351 4001 7511 5582 1941 4173 0311 5351 9801 715
Jun-211 7251 5421 3081 4301 9001 4853 2611 9811 8091 655
Operating free cash flow margin²%Sep-21(9)%19 %8 %16 %(21)%22 %(83)%21 %(5)%6 %
Jun-214 %11 %34 %22 %(4)%11 %(89)%(9)%6 %9 %




Year
ended		SOUTH AFRICAHidden
Valley		TOTAL
HARMONY
SURFACE PRODUCTIONTOTAL
SOUTH
AFRICA
Mine waste SolutionsPhoenixCentral
plant
reclamation		DumpsKalgoldTOTAL
SURFACE
Ore milled- t'000Sep-217 0751 7741 1152 55442812 94614 9241 15916 083
Jun-217 1171 7031 1123 21342613 57115 47373916 212
Yield- oz/tonSep-210.0040.0030.0040.0100.0240.0060.0250.0320.026
Jun-210.0030.0040.0040.0090.0220.0050.0240.0520.025
Gold produced- ozSep-2126 6856 2054 27625 65610 25673 078377 12736 587413 714
Jun-2122 0236 1734 46928 9039 16370 731372 81938 259411 078
Gold sold- ozSep-2125 9786 2694 21226 8469 93573 240381 56636 234417 800
Jun-2122 6026 3344 50129 0649 16371 664374 94239 931414 873
Gold price received- $/ozSep-211 5351 7851 7781 8071 7751 7031 7761 7211 771
Jun-211 5331 7061 7561 8271 7671 7111 7751 7091 769
Gold revenue¹($'000)Sep-2149 24111 1897 48848 52417 634134 076686 94662 367749 313
Jun-2146 42710 8047 90553 10716 188134 431677 47668 236745 712
Cash operating cost
(net of by-product credits)		($'000)Sep-2130 2957 7015 22538 47316 68098 374551 39332 356583 749
Jun-2125 2217 2004 65244 26414 03195 368518 59226 871545 463
Inventory movement($'000)Sep-21(1 162)(6)(416)1 604(916)(896)1 8151 5043 319
Jun-2176319910312(51)1 2333 2124 1657 377
Operating costs($'000)Sep-2129 1337 6954 80940 07715 76497 478553 20833 860587 068
Jun-2125 9847 3994 66244 57613 98096 601521 80431 036552 840
Production profit($'000)Sep-2120 1083 4942 6798 4471 87036 598133 73828 507162 245
Jun-2120 4433 4053 2438 5312 20837 830155 67237 200192 872
Capital expenditure($'000)Sep-211 462—1132702 6764 52173 10035 657108 757
Jun-211 4431941536234 5146 92778 05725 551103 608
Cash operating costs- $/ozSep-211 1351 2411 2221 5001 6261 3461 4628841 411
Jun-211 1451 1661 0411 5311 5311 3481 3917021 327
Cash operating costs- $/tSep-2144515398372836
Jun-2144414337343634
Cash operating cost
and Capital		- $/ozSep-211 1901 2411 2481 5101 8871 4081 6561 8591 674
Jun-211 2111 1981 0751 5532 0241 4461 6001 3701 579
All-in sustaining cost- $/ozSep-211 2281 2301 1681 5001 9091 4171 6572 0481 691
Jun-211 2411 1991 0701 5552 0621 4591 6151 5301 607
Operating free cash flow margin²%Sep-2120 %31 %29 %20 %(11)%17 %8 %16 %9 %
Jun-2123 %32 %39 %15 %(17)%16 %10 %27 %12 %
¹Includes a non-cash consideration to Franco-Nevada (Sep-21:US$9.377m, Jun-21:US$11.781m), excluded from the gold price calculation.
²Excludes run of mine costs for Kalgold (Sep-21:-US$0.298m, Jun-21:-US$0.335m) and Hidden Valley (Sep-21:US$15.824m, Jun-21:US$2.587m).


DIRECTORATE AND ADMINISTRATION
HARMONY GOLD MINING COMPANY LIMITED
Harmony Gold Mining Company Limited was incorporated and registered as a public company in South Africa on 25 August 1950
Registration number: 1950/038232/06
CORPORATE OFFICE
Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road and Ward Avenue
Randfontein, 1759, South Africa
Telephone: +27 11 411 2000
Website: www.harmony.co.za
DIRECTORS
Dr PT Motsepe* (chairman), JM Motloba* (deputy chairman), Dr M Msimang*^ (lead independent director), PW Steenkamp (chief executive officer),
BP Lekubo (financial director), HE Mashego (executive director)
JA Chissano*^#, FFT De Buck*^, Dr DSS Lushaba*^, KT Nondumo*^, VP Pillay*^, GR Sibiya*^, JL Wetton*^, AJ Wilkens*, P Turner*^
* Non-executive
^ Independent
# Mozambican
INVESTOR RELATIONS
E-mail: HarmonyIR@harmony.co.za
Telephone: +27 11 411 6073 or +27 82 746 4120
COMPANY SECRETARIAT
E-mail: companysecretariat@harmony.co.za
Telephone: +27 11 411 2359
TRANSFER SECRETARIES
JSE Investor Services (Proprietary) Limited
(Registration number 2000/007239/07)
19 Ameshoff Street, 13th Floor, Hollard House, Braamfontein
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: +27 86 154 6572
E-mail: info@jseinvestorservices.co.za
Fax: +27 86 674 4381
ADR* DEPOSITARY
Deutsche Bank Trust Company Americas
c/o American Stock Transfer and Trust Company
Operations Centre, 6201 15th Avenue, Brooklyn,
NY 11219, United States
E-mail queries: db@astfinancial.com
Toll free (within the US): +1 886 249 2593
Int: +1 718 921 8137
Fax: +1 718 921 8334
*ADR: American Depositary Receipts
SPONSOR
JP Morgan Equities South Africa (Proprietary) Limited
1 Fricker Road, corner Hurlingham Road, Illovo, Johannesburg, 2196
Private Bag X9936, Sandton, 2146
Telephone: +27 11 507 0300
Fax: +27 11 507 0503
TRADING SYMBOLS
ISIN: ZAE 000015228
HARMONY’S ANNUAL REPORTS
Harmony’s Integrated Annual Report, and its annual report filed on a Form 20F with the United States’ Securities and Exchange Commission for the financial year ended 30 June 2021, are available on our website (www.harmony.co.za/invest).


FORWARD-LOOKING STATEMENTS
This booklet contains forward-looking statements within the meaning of the safe harbour provided by Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive positions, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters. These forward-looking statements, including, among others, those relating to our future business prospects, revenues, and the potential benefit of acquisitions (including statements regarding growth and cost savings) wherever they may occur in this booklet, are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in our integrated annual report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation: overall economic and business conditions in South Africa, Papua New Guinea, Australia and elsewhere, impact of Covid-19 on our operational and financial estimates and results estimates of future earnings, and the sensitivity of earnings to the prices of gold and other metals prices estimates of future production and sales for gold and other metals, estimates of future cash costs, estimates of future cash flows, and the sensitivity of cash flows to the prices of gold and other metals, estimates of provision for silicosis settlement; estimates of future tax liabilities under the Carbon Tax Act, statements regarding future debt repayments, estimates of future capital expenditures, the success of our business strategy, exploration and development activities and other initiatives; future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings and financing plans; estimates of reserves statements regarding future exploration results and the replacement of reserves, the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operation, fluctuations in the market price of gold, the occurrence of hazards associated with underground and surface gold mining, the occurrence of labour disruptions related to industrial action or health and safety incidents, power cost increases as well as power stoppages, fluctuations and usage constraints, supply chain shortages and increases in the prices of production imports and the availability, terms and deployment of capital; our ability to hire and retain senior management, sufficiently technically-skilled employees, as well as our ability to achieve sufficient representation of historically disadvantaged persons in management positions, our ability to comply with requirements that we operate in a sustainable manner and provide benefits to affected communities, potential liabilities related to occupational health diseases; changes in government regulation and the political environment, particularly tax and royalties, mining rights, health, safety, environmental regulation and business ownership including any interpretation thereof; court decisions affecting the mining industry, including, without limitation, regarding the interpretation of mining rights, our ability to protect our information technology and communication systems and the personal data we retain, risks related to the failure of internal controls, the outcome of pending or future litigation or regulatory proceedings; fluctuations in exchange rates and currency devaluations and other macroeconomic monetary policies; the adequacy of the Group’s insurance coverage; any further downgrade of South Africa’s credit rating and socio-economic or political instability in South Africa, Papua New Guinea and other countries in which we operate.
The foregoing factors and others described under “Risk Factors” in our Integrated Annual Report (www.harmony.co.za) and our Form 20F should not be construed as exhaustive. We undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as required by law. All subsequent written or oral forward-looking statements attributable to Harmony or any person acting on its behalf are qualified by the cautionary statements herein.


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

Harmony Gold Mining Company Limited
Date: November 11, 2021
By: /s/ Boipelo Lekubo
Name: Boipelo Lekubo
Title: Financial Director