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 August 31, 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 ☒






FY21 RESULTS*
for the year ended 30 June 2021
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 company)
HIGHLIGHTS for the financial year 2021 (FY21) vs financial year 2020 (FY20)
RESPONSIBLE STEWARDSHIP CASH CERTAINTY OPERATIONAL EXCELLENCE EFFECTIVE CAPITAL ALLOCATION
• In Phase 2 of embedding a proactive safety culture focused on leadership and behaviour
• Our health initiatives combined with the Covid-19 standard operating plans embed our commitment to the "S" in ESG
• Covid-19 vaccination drive protecting our employees
• Upgraded MSCI score from “CCC” to “B” rating
• FTSE4Good constituent
• Included in the Bloomberg Gender Equality Index 2021
• 43% increase in revenue to R41 733m (US$2 710m) from R29 245m (US$1 867m)
• 83% increase in operating free cash flow to R6.5bn (US$424m) from R3.6bn (US$228m)
• 758% increase in net profit of R5.6bn (US$352m) from a loss of R850m (US$56m)
• 60% reduction in net debt to R542m (US$38m) from R1 361m (US$79m)
• Net debt to EBITDA at 0.1x from 0.2x
• HEPS increased by 699% to 923 SA cents (60 US cents) from a net loss per share of 154 SA cents (10 US cents)
• 66% increase in production profit to R12bn (US$777m) from R7.2bn (US$459m)
• 1% increase in underground recovered grade to 5.51g/t from 5.45g/t
• 26% increase in gold production to 47 755kg (1 535 352oz) from 37 863kg (1 217 323oz)
• 19% increase in total mineral resources
• 16% increase in total mineral reserves
• Successful integration of Mponeng and related assets
• Deleveraged balance sheet provides optionality for projects and acquisitions
• Strong pipeline of organic projects to drive production profile and margin expansion
• Final dividend** of 27 SA cents (1.8 US cents)^ per share declared
• Total FY21 dividend yield of 2.4%#
* These annual financial results have been reviewed by our external auditors, PricewaterhouseCoopers Incorporated
** See dividend notice on page 8 for the details
^ Illustrative equivalent based on the closing exchange rate of R14.72/US$1 as at 27 August 2021
# As at 27 August 2021



OPERATING RESULTS
12 months
ended
30 June 2021
12 months
ended
30 June 2020
%
Change
Gold produced
kg 47 755  37 863  26 
oz 1 535 352  1 217 323  26 
Underground grade
g/t 5.51  5.45 
Gold price received
R/kg 851 045  735 569  16 
US$/oz 1 719  1 461  18 
Cash operating costs
R/kg 600 592  553 513  (9)
US$/oz 1 213  1 099  (10)
Total costs and capital
R/kg 707 445  647 364  (9)
US$/oz 1 429  1 286  (11)
All-in sustaining costs
R/kg 723 054  651 356  (11)
US$/oz 1 460  1 293  (13)
Production profit
R million 11 958  7 197  66 
US$ million 777  459  69 
Average Exchange rate
R:US$ 15.40  15.66  (2)
FINANCIAL RESULTS
12 months
ended
30 June 2021
12 months
ended
30 June 2020
%
Change
Basic earnings/(loss) per share SA cents 919  (164) >100
US cents 58  (10) >100
Headline earnings/(loss) R million 5 575  (828) >100
US$ million 362  (53) >100
Headline earnings/(loss) per share SA cents 923  (154) >100
US cents 60  (10) >100
Please refer to our website for the full results presentation: https://www.harmony.co.za/invest/presentations/2021

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



CONTENTS
PAGE
2 Forward-looking statements
3 Shareholder information
4 Message from the chief executive officer
8 Notice of final gross cash dividend
9 Summary update of Harmony's mineral resources and mineral reserves
13 Operating results – year on year
(Rand/Metric)
15 Operating results – year on year
(US$/Imperial)
17 Review report from external auditor
18 Condensed consolidated income statement (Rand)
19 Condensed consolidated statement of comprehensive income (Rand)
19 Condensed consolidated statement of changes in equity (Rand)
20 Condensed consolidated balance sheet (Rand)
21 Condensed consolidated cash flow statement (Rand)
22 Notes to the condensed consolidated financial statements
42 Segment report (Rand/Metric)
43 Condensed consolidated income statement (US$)
44 Condensed consolidated statement of comprehensive income (US$)
44 Condensed consolidated statement of changes in equity (US$)
45 Condensed consolidated balance sheet (US$)
46 Condensed consolidated cash flow statement (US$)
47 Segment report (US$/Imperial)
48 Development results – Metric and Imperial
50 Competent person's declaration
50 Directorate and administration


SHAREHOLDER INFORMATION
Issued ordinary share capital
30 June 2021
616 052 197
Issued ordinary share capital
30 June 2020
603 142 706
MARKET CAPITALISATION
As at 30 June 2021 (ZARm) 32 503
As at 30 June 2021 (US$m) 2 276
As at 30 June 2020 (ZARm) 43 342
As at 30 June 2020 (US$m) 2 494
HARMONY ORDINARY SHARES AND ADR PRICES
12-month high (01 July 2020 – 30 June 2021) for ordinary shares (ZAR)
124.95
12-month low (01 July 2020 – 30 June 2021) for ordinary shares (ZAR)
51.88
12-month high (01 July 2020 – 30 June 2021) for ADRs (US$)
7.10
12-month low (01 July 2020 –
30 June 2021) for ADRs (US$)
3.68
FREE FLOAT 100  %
American Depositary Receipt (ADR) RATIO 1:1
JSE LIMITED HAR
Average daily volume for the year (1 July 2020 – 30 June 2021) 3 816 188
Average daily volume for the previous year (1 July 2019 – 30 June 2020)
3 203 868
NEW YORK STOCK EXCHANGE HMY
Average daily volume for the year (1 July 2020 – 30 June 2021)
6 591 645
Average daily volume for the previous year (1 July 2019 – 30 June 2020)
7 937 641
INVESTORS' CALENDAR
Annual General Meeting
26 November 2021
3


MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
OVERVIEW
As we reflect on the past financial year (FY21), the resilience and determination shown throughout the company ensured we achieved our strategic objectives and delivered a stellar set of full-year results. The ongoing Covid-19 pandemic has been unprecedented, yet we adapted to a changed environment. The successful acquisition and integration of Mponeng and related assets are reflecting in our numbers and demonstrates how we have further transformed our earnings profile through the acquisition of high grade assets, while delivering on our strategy of safe, profitable ounces and increasing margins.
The safety and health of our employees and their families remains our top priority. FY21 saw us continue our safety journey to embed a proactive safety culture throughout the company. We also embarked upon a successful Covid-19 vaccination programme in South Africa and Papua New Guinea. In South Africa, four of our facilities having been registered and authorised to store and administer vaccines to our employees and communities and a further six sites awaiting accreditation. We continue to encourage our employees and their families to get vaccinated at one of our vaccination sites and so far, the numbers are encouraging with around 44% of our employees partially vaccinated and 12% fully vaccinated. We expect to reach our goal of 80% by October 2021.
Wage negotiations are still ongoing and we expect to reach an agreement in the first quarter of FY22.
Revenue increased by 43% to a record R41 733 million (US$2 710 million) for FY21 compared to R29 245 million (US$1 867 million) in the 12 months ended 30 June 2020 (FY20). The company realised a net profit of R5 590 million (US$352 million) compared to a net loss of R850 million (US$56 million) in FY20 as a result of a 26% increase in production year-on-year, the provisional gain on bargain purchase and our hedge
position, as well as improved production and a higher average Rand/kg gold price received.
Operating free cash of R6 528 million (US$424 million) for the reporting period allowed us to reduce our net debt by 60% or R819 million (US$41 million) year-on-year, ensuring our balance sheet remains healthy.
Our new assets and strong, flexible balance sheet have presented numerous exciting opportunities for Harmony and we will be focusing on exploration and brownfield projects in order to take advantage of our existing assets and operational leverage.
Through integrated environmental, social and governance (ESG) practices, investment in our people, optimisation of our assets and allocating our capital towards higher quality, longer life assets, we have created value for our shareholders and stakeholders alike.
We are also delighted to declare a full year dividend of 27 SA cents (1.8 US cents) per share as we aim to deliver positive total shareholder returns alongside our growth aspirations, bringing our total dividend for FY21 to 137 SA cents (9.3 US cents).
RESPONSIBLE STEWARDSHIP
Safety and health
Safety is a foundational value at Harmony and safe production at all our operations at all times is
non-negotiable. It is for this reason that the achievement of our third-ever fatality-free quarter was cause for celebration. We have invested in embedding a pro-active culture of safety throughout Harmony and are now in phase 2 of our humanistic transformation journey, which we have aptly named ‘Thibakotsi’, which means ‘to prevent harm’ in Sesotho. Thibakotsi is about understanding the importance of one another, caring for one another and requires a conscious shift in how we think about ourselves and others. Developing safety leadership capabilities, embedding good safety practices, embracing a proactive safety culture, improving employee engagement and learning from incidents are assisting in entrenching safe behaviour within all
our employees and help us achieve our goal of zero loss of life.
The results of our hard work are evident in that the majority of our key safety metrics are trending in the right direction. Our South African operations' lost time injury frequency rate (LTIFR) improved by 3% to 6.46 per million shifts from 6.69 in FY20. Some of the notable milestones we achieved in FY21 include:
3 382 378 fatality-free shifts achieved across the group in Q4 FY21. This is the highest number of fatality-free shifts in our 71-year history and highlights the progress we are making
South African operations: achieved 9 million fall of ground fatality-free shifts and 13 million rail bound equipment fatality-free shifts while all of our plants achieved a fatality-free year
Moab Khotsong: achieved 8 million fall of ground fatality-free shifts
Masimong and Kalgold: achieved 2 million fatality-free shifts
Hidden Valley: zero lost time injuries in FY21, 3 million fatality-free shifts
To further assist in ensuring all our work areas are safe at all times, we have introduced a number of initiatives such as standardisation of process maps, missing persons’ locators and electronic reporting to further drive improvements in safety and health. We have appointed risk managers, we conduct triple verification checks and have implemented visuals of global best practice guides throughout our operations. We have an integrated approach to risk management and further digitisation and training will ensure we are aligned to global best practices. These advancements are yielding very good results and will further assist in eliminating fatalities and work-related injuries.
Our new assets have been successfully integrated and Harmony's safety practices have been adopted throughout.
Despite the progress we have made, accidents remain a constant and real threat. Our year-on-year fatality injury frequency rate regressed from 0.08 in FY20 to 0.11 in FY21 which is unacceptable.
It is with great sadness that we report the following colleagues who lost their lives in mine-related incidents in FY21. We pay our respects to Zamokuhle Shabane (team leader, Bambanani), Zakhele Lubisi, (artisan, Kusasalethu), Alexis Lesiamang Ntjantso (driller, Doornkop), Tsoaela Botsane (team leader, Tshepong), Tisetso Pati (winch operator, Tshepong), Rakitsi Seseli (driller, Kusasalethu), Makhetha Allerdice Makobane (driller, Bambanani), Flip Kearabetswe Mahloko (contractor, Free State Surface Operations), Tsietsi Petrus Mateane (driller, Phakisa), Neo Mofokeng (underground assistant, Target 1) and Peter Bangixhanti Fosilara (artisan, Moab Khotsong). We extend our deepest condolences to their families, friends and colleagues.
Covid-19 remains a major focus and is considered a material risk to our business. There is continued coordination from all stakeholders, management and employees towards fighting the pandemic in both South Africa and Papua New Guinea. We are continuing with our initiatives to reduce the spread of Covid-19 infections through implementation of precautionary measures, including education and awareness, improved hygiene and infection control practices. As at 28 August 2021, Harmony had 122 active Covid-19 cases, representing just 0.27% of our workforce. We mourn the loss of 73 of our colleagues to the pandemic and continue to urge all our employees, their families and communities to remain vigilant as we battle the Covid-19 pandemic. Covid-19 standard operating procedures as they relate to mine health and safety, continue to be enforced throughout the company.
In South Africa, we are monitoring incidences on a weekly basis and to date, the number of infections has been lower than those experienced during the second wave. In Papua New Guinea, we are maintaining a high level of on site testing in addition to screening employees at our entry-point centres to prevent as far as possible, any occurrence of Covid-19 on site. We are still maintaining a heightened level of awareness and safety.
In line with the government programme in South Africa, Harmony commenced its vaccine roll-out at our four regional vaccination sites in June this year and we continue to encourage and highlight the importance to our employees to get vaccinated. We
4


are also pleased to report that the testing rates at our sites are above the national and mining sector average. In Papua New Guinea an employee vaccination programme is also being rolled out with support from the National and Provincial Health departments.
While we continue to focus on limiting or eliminating the spread of Covid-19 at all our operations and keeping our employees safe, it is important to emphasise that we have continued with our other healthcare and occupational disease initiatives. We remain committed to providing active healthcare to all our employees, ensuring their wellbeing alongside our management of the pandemic. We have seen the results of the good work being done by our health teams through the low Covid-19 infection rate as well as the strides made in managing other occupational illnesses within our workforce.
ESG
Good governance is overarching and embodies everything we do as a business. Ethical leadership equals ethical mining. We have implemented the necessary governance frameworks to ensure that we are held accountable and deliver on our sustainability targets and ambitions. Our sustainable development strategy is an all-encompassing risk-based strategy – one in which all the components of the business are considered, and the various capitals are weighed up against each other. E, S and G are all interlinked and inform our sustainability framework.
On 22 June 2021, Harmony held its inaugural investor ESG day. The virtual event was streamed via Harmony’s dedicated YouTube channel, ‘Harmony Gold’. The theme for the day was “Who cares, wins” with the key message being that we understand the importance of mining for the future, and as the South African gold mining champion, we have illustrated time and again that sustainability is the driving force of our business.
Our copper-gold aspirations will ensure we continue to deliver on the “E” in ESG while our response to the Covid-19 pandemic, combined with our existing health and wellness initiatives, job creation and enterprise development, clearly demonstrate that the “S” in ESG is part of Harmony’s DNA. Good
governance is non-negotiable and is demonstrated through our transparency and governance structures throughout our company.
Renewable energy and power
We are pleased to report a reduction in our water, energy and emission intensities as a result of our focus on driving efficiencies combined with our sizeable surface source business. In addition, we have embarked on our renewable energy journey which will be rolled out in a phased approach. Our initial phase will see the construction 3 x 10 Megawatts (MW) (30MW) solar plants in the Free State province, with plans in the next phase for an additional 70-80MW of renewable energy over the next 18 months. In addition to these two phases, we have a pipeline of renewable and alternative energy projects in various stages of development.
We have also implemented more than 200 energy savings initiatives which have yielded an estimated savings of R1 billion since 2016 and an energy reduction of approximately 1.3 terawatt hours or 1.2 million tonnes of carbon dioxide.
Climate change and environmental reporting
In October 2021, we will publish our second Task Force for Climate-related Financial Disclosure report alongside our ESG report and as part of our suite of annual reports.
External recognition
Our ESG efforts have resulted in our inclusion in the FTSE4Good Index where we continue to outperform the gold sub-sector and basic metals sector averages.
In FY21, MSCI upgraded Harmony’s score to a ‘B’ rating on the back of our strong governance framework. We were included in the Bloomberg Gender-Equality Index for a third consecutive year as well as the Standard Bank Top gender empowerment company 2021. It is evident from these external recognitions and continual improvements in our ratings that we are committed to a greener and more equitable future, creating and sharing value for all our stakeholders.
OPERATIONAL EXCELLENCE
Operational results for the financial year ended 30 June 2021 (compared to FY20)
We are pleased to report that total gold production for FY21 was 26% higher at 47 755kg (1 535 352oz) compared to 37 863kg (1 217 323 ounces (oz)) in FY20. The higher gold production was in line with guidance and mainly due to the inclusion of Mponeng and related assets into our portfolio. This number was further enhanced as a result of the group achieving its operational plans and regaining mining flexibility at the majority of our mines after the impact of Covid-19.
The newly acquired assets added 8 948kg (287 685oz) in FY21 comprising – 5 446kg or 175 093oz from Mponeng underground, 862kg or 27 714oz from Mponeng surface, 583kg or 18 744oz from Kopanang surface and 2 57kg or 66 134oz from Mine Waste Solutions. Combined, this accounted for 19% of total group production. Mponeng had an excellent performance during the nine months since we took ownership, exceeding expectation across production metrics while the surface dumps also performed well.
The average underground recovered grade increased by 1% to 5.51g/t from 5.45g/t as a result of higher grades achieved at Kusasalethu and Mponeng. Based on underground free cash flow margins, Mponeng (9 months' production), was also our most profitable operation for the reporting period followed by Bambanani and Moab Khotsong, delivering R1 356 million (US$88 million), R448 million (US$29 million) and R1 569 million (US$102 million) in operating free cash at margins of 29%, 27% and 26% respectively.
Production from our surface sources increased by 86% to 8 088kg (260 034oz) in FY21 from 4 349kg (139 823oz) in FY20 due to the contribution of Mine Waste Solutions and the waste rock dumps.
The South African operations are seeing significant improvement in production after all our operations were impacted by the Covid-19 pandemic. We were primarily impacted in FY21 by the reduced flexibility
and the slow start up after the December 2020 break as a result of Covid-19 protocols for our employees from neighbouring countries crossing over the borders into South Africa and Papua New Guinea.
We are pleased to report our operations have regained most of their flexibility and expect to see an improved production at the majority of our underground operations going forward. While Target 1 continues to be a challenge as a result of the dual pillar failures and backfill dilution, we are continuing our capitalisation project to bring the infrastructure closer to the mining areas. Improved production results are expected once these projects are complete and we start mining the higher grade massives again.
Kalgold is also regaining flexibility after the mining of high grade ore was prioritised during the Covid-19 lockdowns.
Hidden Valley’s FY21 gold production declined by 4% to 4 689kg (150 755oz) from 4 872kg (156 639oz) in FY20 while silver production also declined by 32% to 63 482kg or 2 040 994oz from 93 858kg (3 017 620oz). Gold and silver production were negatively impacted by the Covid-19 outbreak and related international travel restrictions and operational constraints in addition to mechanical repairs required for some major infrastructure. Despite these events, production profit was 10% higher driven by a 10% improvement in recovered gold grade to 1.37g/t from 1.25g/t in FY20 and a 12% higher gold price received of R847 027/kg (US$1 711/oz) compared to R757 348/kg (US$1 504/oz) in FY20. Operating free cash flow increased by 28% to R1 117 million (US$73 million) compared to R871 million (US$56 million) in FY20.
Hidden Valley’s mining lease extension was also granted by the Papua New Guinea government for a period of five years and is valid until March 2030. The granting of the mining lease extension affirms Harmony’s well-established relationship with government. The Hidden Valley extension project will result in an extended mine life to 2027 with expected production of 975 000oz of gold and 13 million ounces (Moz) of silver over the life of mine. The project will be cash-flow positive for its duration.
Total cash operating costs for FY21 for total operations increased by 37% to R28 681 million
5


(US$1 862 million) compared to R20 958 million (US$1 338 million) in FY20. The increase of R7 723 million (US$524 million) was driven mainly by the inclusion of Mponeng and related assets which contributed R5 067 million (US$329 million) in new costs. The other major contributors to the production cost increase were labour costs which increased by R1 316 million (US$85 million), consumables which added R629 million (US$41 million), royalties which increased by R266 million (US$17 million) as a result of higher revenues and Covid-19 related expenses which amounted to R290 million (US$19 million).
Group all-in sustaining cost of R723 054/kg (US$1 460/oz) was slightly above our amended guidance for FY21 which was between R700 000/kg and R720 000/kg (US$1 375/oz and US$1 415/oz). This was mainly as a result of lower than expected gold production at Target 1, Joel, Kalgold and Hidden Valley. Group capital expenditure for FY21 increased by 44 % to R5 103 million (US$331 million) from R3 553 million (US$227 million) in FY20 due to the inclusion of Mponeng and related assets and a normalisation of capital expenditure in South Africa and Papua New Guinea.
CASH CERTAINTY
Financial results for the financial year ended 30 June 2021 (compared to FY20)
Revenue
Revenue increased by R12 488 million or 43% to R41 733 million, mainly due to the operational expansion from the acquisition of Mponeng and related assets as well as an increase in the gold price received. The acquired assets contributed R7 920 million while the average gold price received increased by 16% to R851 045/kg from R735 569/kg in FY20. In US dollar terms revenue increased by US$843 million or 45% to US$2 710 million. The average gold price received increased by 18% to US$1 719/oz from US$1 461/oz in FY20.
Production costs
Production costs increased by R7 726 million or 35% to R29 774 million during FY21 predominantly due to the operational expansion as well as annual price increases. In US dollar terms production costs increased by US$524 million or 37% to US$1 933 million.
Impairment of assets
An impairment loss of assets of R1 124 million (US$79 million), attributable to Bambanani, Target 3 and Tshepong, has been recognised for FY21. The recoverable amounts were below their net asset values due to factors such as a lower projected grade and the impact on forecast discounted cash flows. Refer to note 8 in the financial statements.
Gains and expenses included in operating profit
A foreign exchange translation gain of R670 million (US$44 million) compared to a R892 million loss (US$57 million) in FY20 is predominantly caused by favourable translations on US dollar loan balances. The favourable translations on US dollar loans are attributable to the Rand strengthening against the US dollar evidenced by an improved average and closing exchange rate of R15.40/US$1 (FY20: R15.66/US$1) and R14.27/US$1 (FY20: R17.32/US$1) respectively.
Gain on bargain purchase
The fair value of the assets and liabilities from the Mponeng operations and related assets, which have been determined on a provisional basis, exceeded the consideration paid, resulting in a gain on bargain purchase of R1 153 million (US$69 million). The gain has been determined in accordance with the requirements of IFRS 3. Refer to note 13 in the financial statements for further detail.
Taxation
The taxation expense for the group increased to R1 153 million (US$75 million) from R255 million (US$17 million) for FY21. An increase in taxable profits, mainly due to the significant revenue, higher gains on derivatives and increased foreign exchange translation gains has contributed to the increased current tax expense. The deferred tax expense
increase is mainly caused by the utilisation of assessed losses and unredeemed capital expenditure, as well as the impact of tax rate increases on certain statutory companies across the group. Refer to note 6 in the financial statements.
Net profit/(loss)
Harmony’s financial performance reflects a net profit increase of 758% to R5 590 million (US$352 million), compared to a net loss of R850 million (US$56 million) in the previous year. Headline earnings improved to 923 SA cents per share (60 US cents) compared with a headline loss of 154 SA cents (10 US cents) per share for FY20.
Net debt
As at 30 June 2021, net debt decreased by R819 million (US$41 million) to R542 million (US$38 million). The cash generated by operations were more than enough to pay for capital expenditure, a dividend and significantly reduce the group's debt. The reduction in debt as well as the stronger Rand resulted in lower finance costs incurred during FY21 of R228 million (US$15 million) compared with R424 million (US$27 million).
Derivatives and hedging
Harmony continues to enjoy favourable commodity and foreign exchange pricing on the unhedged portion of its exposure, while locking in higher prices as part of its derivative programme when available. The current period records a net gain on derivatives of R1 022 million (US$66 million) compared to a net loss of R1 678 million (US$107 million) in FY20 as a consequence of the Rand strengthening against the US dollar during FY21.
Derivatives recorded a net realised cash outflow of R2 544 million (US$165 million) in FY21, principally due to a R2 210 million (US$143 million) cash outflow on Rand/gold derivatives. Revenue includes a hedging loss of R2 296 million (US$149 million) in FY21 and R1 397 million (US$89 million) in FY20 relating to the realised effective portion of hedge-accounted gold derivatives.
The derivative programme stood at a net positive value of R1 587 million (US$111 million) as at
30 June 2021, mainly due to hedging done during the first half of the financial year when the gold price was higher and we could lock in a margin of in excess of 25% above cost.
Refer to notes 3 and 10 in the financial statements for details on the derivative programme.
EFFECTIVE CAPITAL ALLOCATION
Investing in growth
Our strategic objective of producing safe profitable ounces is underpinned by our four strategic pillars which are responsible stewardship, operational excellence, cash certainty and effective capital allocation. The solid FY21 performance was a result of successful execution across all of these pillars.
One of the key events during FY21 was the successful acquisition and integration of Mponeng and related assets. This transaction, along with the acquisition of Moab Khotsong in 2018, was strategically important and set Harmony on a new growth trajectory. We improved the profitability and grade of our underground portfolio and managed to expand our surface source business, while at the same time adding life of mine and identifying value enhancing brownfield opportunities. The payback on Moab Khotsong was less than three years and we anticipate another quick payback for Mponeng and related assets due to the strong free cash generated. Another key milestone was reached in Q4 FY21, as the payback of the US$175 million Hidden Valley reinvestment project, undertaken during FY16 was achieved.
We have concluded our life of mine planning process for the existing and new operations and have concluded our reconciliation and assessment of the mineral reserves and resources based on updated models and the new life of mine plan. Below infrastructure areas at Mponeng are being reassessed and new project studies will be commissioned to evaluate the economic viability of these blocks of ground. We have therefore made adjustments to the reserves and resources originally published by AngloGold Ashanti Limited at the end of 2019 and factored these into our life of mine plans.
6


Despite these reconciliations, the company’s attributable gold and gold equivalent mineral resources are now declared as 141.2Moz as at 30 June 2021, a 19.12% increase year-on-year from the 118.6Moz declared as at 30 June 2020. The total gold contained in the mineral resources at the South African operations represents 70.8% of the company total, with the Papua New Guinea operations representing 29.2% of Harmony’s total gold and gold equivalent mineral resources as at 30 June 2021.
Harmony’s attributable gold and gold equivalent mineral reserves amounts to 42.45Moz, a 16.32% increase from the 36.49Moz declared at 30 June 2020. The gold reserve ounces in South Africa represent 58.3% while the Papua New Guinea gold and gold equivalent reserve ounces represent 41.7% of Harmony’s total mineral reserves as at 30 June 2021.
In addition to the acquisitions, FY21 brought with it some other opportunities as the increased production alongside a higher gold price enabled Harmony to reduce net debt, creating a robust and flexible balance sheet which is well positioned for growth. While value-accretive acquisitions will remain part of our strategy, we will only pursue mergers and acquisitions in continental Africa and South East Asia if it makes strategic and financial sense.
Projects
We have identified substantial opportunities in our existing portfolio through exploration and brownfield projects which will extend the life of some of our larger and higher-grade assets, adding lower-risk, higher-margin ounces to Harmony's portfolio. Each project brings multiple benefits to Harmony and exceeds all our minimum criteria for allocating capital. We will continue to focus on ensuring all our mines operate safely and optimally and will continue investing across all our operations to ensure optimal production.
The salient features of our key projects are:
a.Zaaiplaats project: Zaaiplaats is located to the south west of the Moab Khotsong mine in South Africa and has significant resources of 3.5Moz below the last infrastructure level. This project is expected to produce over 200 000
ounces per annum and add 24 years’ life of mine at a yield of approximately 9g/t and an estimated, real all-in sustaining cost of R512 300/kg. The major capital expenditure will be funded by Moab Khotsong. There are significant benefits to pursuing this project such as leveraging existing infrastructure, increasing ounces and sustaining jobs. Harmony has proven its ability to extract value and add life of mine time and again throughout its 71-year history
b.Mine Waste Solutions: This operation was acquired in October 2020 and is a reclamation operation in the Stilfontein/Orkey area in the North West province, and treats 2.2 million tonnes per month from historical tailings facilities through the Mine Waste Solution plant. Residue is then deposited on the existing Kareerand Tailings Storage Facility. However, this facility is running out of tailings deposition capacity. The project will require major capital to extend the existing deposition site to enable the full development of our tailings resource in the region. This project will be funded out of group cash and will deliver excellent cash flow margins once this project is completed and the Franco-Nevada streaming agreement comes to an end. This project is expected to produce approximately 100 000 ounces of gold per annum and add 16 years' life of mine at an estimated all-in sustaining cost of R572 000/kg over the life of mine
c.Hidden Valley extension: This project in Papua New Guinea will be self-funded and will extend the life of mine to 2027. We expect the project to deliver approximately 160 000-200 000oz of gold per annum and 2.1-3.1Moz of silver per annum at a life of mine all-in sustaining cost of $1 017/oz
d.Other projects already in execution: These include the Doornkop levels 207 and 212 mining and engineering infrastructure upgrade, the Tshepong sub-75 development, the Target 1 re-capitalisation and decline development as well as our renewable energy projects (which are expected to realise significant energy savings)
Wafi-Golpu project
Harmony is committed to realising its aspiration of being a specialist emerging market copper-gold producer. In December 2020, following a rigorous environmental impact assessment, the Environmental Permit for the Wafi-Golpu project was approved by the Papua New Guinean Conservation and Environment Protection Authority and issued by the Director of Environment.
The Environmental Permit is required under the Papua New Guinean Environment Act and is a prerequisite for the grant of a Special Mining Lease under the Mining Act. Harmony, together with its Wafi-Golpu Joint Venture partner Newcrest Mining Limited, is currently engaging with the State of Papua New Guinea to progress permitting of the Wafi-Golpu Project and has commenced discussions with the State in relation to the Special Mining Lease.
The Wafi-Golpu Joint Venture Social License to Operate is in good standing and continues to receive support from the Project Impact Area communities, including the various coastal communities.
During the quarter, several meetings took place between the Prime Minister, Deputy Prime Minister and the Wafi-Golpu Joint Venture proponents on the resumption of the permitting process, with the Prime Minister expressing his government’s desire to have it expedited.
Final dividend
In line with our existing dividend policy, and following on the payment of an interim dividend in April 2021, we are pleased to announce that Harmony has declared a final dividend of 27 SA cents (1.8 US cents) per share on the back of our reduction in net debt and strong free cash flow. This, in addition to the interim dividend paid, translates to a full year dividend yield of approximately 2.4% based on our recent share price.
The decision to pay a dividend is made on the basis that it will be sustainable and will not inhibit future expansion opportunities. When declaring a dividend, the board of directors takes the following into account: the dividend will be 20% of net free cash subject to future major capital expenditure, net debt
to EBITDA not being greater than 1.0x, solvency and liquidity requirements in line with the South Africa Companies Act and current banking covenants.
FY22 GROUP PRODUCTION AND COST GUIDANCE
Production guidance for FY22 is estimated to be between 1.547Moz 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 about 5.40g/t to 5.57g/t.
CONCLUSION
As the largest gold producer in South Africa by volume, we embrace a moral obligation to not only ensure the well-being and safety of our people, but also that the value created by our operations extends to all our stakeholders and shareholders. We have shown in both South Africa and Papua New Guinea that we are able to create significant value through the effective allocation of capital to existing assets while further optimising and improving productivity across our entire portfolio.
By re-engineering our portfolio and deleveraging our balance sheet, we have created optionality for the business.
Harmony is more than just mining, we are about people. We are committed to creating opportunities through sustainable mining, while enhancing the returns for our shareholders and stakeholders.


Peter Steenkamp
Chief Executive Officer
7


NOTICE OF FINAL GROSS CASH DIVIDEND
Our dividend declaration for the six months ended 30 June 2021 is as follows:
Declaration of final gross cash ordinary dividend no. 90
The Board has approved, and notice is hereby given, that a final gross cash dividend of 27 SA cents (1.8 US cents*) per ordinary share in respect of the six months ended 30 June 2021, has been declared payable to the registered shareholders of Harmony on Monday, 18 October 2021.
In accordance with paragraphs 11.17(a)(i) to (x) and 11.17(c) of the JSE Listings Requirements, the following additional information is disclosed:
The dividend has been declared out of income reserves;
The local Dividend Withholding Tax rate is 20% (twenty percent);
The gross local dividend amount is 27.00000 SA cents (1.83423 cents*) per ordinary share for shareholders exempt from the Dividend Withholding Tax;
The net local dividend amount is 21.60000 SA cents per ordinary share for shareholders liable to pay the Dividend Withholding Tax;
Harmony currently has 616 052 197 ordinary shares in issue (which includes 5 941 462 treasury shares); and
Harmony’s income tax reference number is 9240/012/60/0.
A dividend No. 90 of 27.00000 SA cents (US 1.83423 cents*) per ordinary share, being the dividend for the six months ended 30 June 2021, has been declared payable on Monday 18 October 2021 to those shareholders recorded in the books of the company at the close of business on Friday, 15 October 2021. The dividend is declared in the currency of the Republic of South Africa. Any change in address or dividend instruction to apply to this dividend must be received by the company’s transfer secretaries or registrar not later than Friday, 8 October 2021.
Dividends received by non-resident shareholders will be exempt from income tax in terms of section 10(1)(k)(i) of the Income Tax Act. The dividends withholding tax rate is 20%, accordingly, any dividend will be subject to dividend withholding tax levied at a rate of 20%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (“DTA”) between South Africa and the country of residence of the shareholder.
Should dividend withholding tax be withheld at a rate of 20%, the net dividend amount due to non-resident shareholders is 21.60000 SA cents per share. A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the non-resident shareholder has provided the following forms to their CSDP or broker, as the case may be in respect of uncertificated shares or the company, in respect of certificated shares:
(a)    a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
(b)    a written undertaking to inform the CSDP or broker, as the case may be, should the circumstances affecting the reduced rate change or the beneficial owner ceases to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident shareholders are advised to contact their CSDP or broker, as the case may be, to arrange for the abovementioned documents to be submitted prior to the payment of the distribution if such documents have not already been submitted.
In compliance with the requirements of Strate Proprietary Limited (Strate) and the JSE Listings Requirements, the salient dates for payment of the dividend are as follows:
Last date to trade ordinary shares cum-dividend is Tuesday, 12 October 2021
Ordinary shares trade ex-dividend Wednesday, 13 October 2021
Record date Friday, 15 October 2021
Payment date Monday, 18 October 2021
No dematerialisation or rematerialisation of share certificates may occur between Wednesday, 13 October 2021 and Friday, 15 October 2021, both dates inclusive, nor may any transfers between registers take place during this period.
On payment date, dividends due to holders of certificated securities on the SA share register will either be electronically transferred to such shareholders' bank accounts or, in the absence of suitable mandates, dividends will be held in escrow by Harmony until suitable mandates are received to electronically transfer dividends to such shareholders.
Dividends in respect of dematerialised shareholdings will be credited to such shareholders' accounts with the relevant Central Securities Depository Participant (CSDP) or broker.
The holders of American Depositary Receipts (ADRs) should confirm dividend details with the depository bank. Assuming an exchange rate of R14.72/US$1* the dividend payable on an ADR is equivalent to US 1.83423 cents for ADR holders before dividend tax. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
*Based on an exchange rate of R14.72/US$1 at 27 August 2021. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
8


SUMMARY UPDATE OF HARMONY’S MINERAL RESOURCES AND MINERAL RESERVES
Harmony’s statement of mineral resources and mineral reserves as at 30 June 2021 is produced in accordance with the South African Code for the Reporting of Mineral Resources and Mineral Reserves (SAMREC). It should be noted that the mineral resources are reported inclusive of the mineral reserves.
This report provides a summary of the update, while the detailed statement of the mineral resources and mineral reserves will be published in the Integrated Report on 27 October 2021, which will be available at www.harmony.co.za/invest. Refer to the website (www.harmony.co.za) for the updated reserves and resources tables as at 30 June 2021.
Harmony uses certain terms in the summary such as ‘measured’, ‘indicated’ and ‘inferred’ resources, which the United States’ Securities and Exchange Commission guidelines strictly prohibit companies registered in the United States from including in their filings with the commission. United States investors are urged to consider the disclosure in this regard in our Form 20-F which will be available on our website at www.harmony.co.za/invest/annual-reports on 27 October 2021.
Introduction
Harmony’s strategy is to produce safe, profitable ounces and increase margins. This includes delivering safely on our operational plans, reducing costs and improving productivity. Harmony’s growth journey entails acquiring quality assets. In FY17, Harmony invested in the life of mine extension at Hidden Valley and in FY18 acquired and integrated the higher grade Moab Khotsong operations. In FY21, Harmony acquired the remainder of the AngloGold Ashanti South African assets – Mponeng and related assets.

Harmony – Total
The company’s attributable gold and gold equivalent mineral resources are declared as 141.2Moz as at 30 June 2021, a 19% increase year-on-year from the 118.6Moz declared as at 30 June 2020. The total gold contained in the mineral resources at the South African operations represents 71% of the company total, with the Papua New Guinea operations representing 29% of Harmony’s total gold and gold equivalent mineral resources as at 30 June 2021.
Harmony’s attributable gold and gold equivalent mineral reserves amounts to 42.5Moz, a 16% increase from the 36.5Moz declared at 30 June 2020. The gold reserve ounces in South Africa represent 58%, while the Papua New Guinea gold and gold equivalent ounces represent 42% of Harmony’s total mineral reserves as at 30 June 2021.
South Africa
South African underground operations
The company’s mineral resources at the South African underground operations as at 30 June 2021 are 84.0Moz (262.1Mt at 9.96g/t), an increase of 33% year-on-year from the 62.9Moz (214.8Mt at 9.10g/t) declared as at 30 June 2020. This increase is mainly due to additional mineral resources from the Mponeng acquisition.
The company’s mineral reserves at the South African underground operations as at 30 June 2021 are 14.3Moz (70.46Mt at 6.31g/t), an increase of 33% year-on-year from the 10.8Moz (56.95Mt at 5.87g/t) declared as at 30 June 2020. The increase in ounces is mainly due to the reserves added from the Mponeng acquisition and inclusion of the Zaaiplaats project at Moab Khotsong.
South African surface operations, including Kalgold
The company’s mineral resources at the South African surface operations as at 30 June 2021 are 16.0Moz (1 769.9Mt at 0.28g/t) an increase of 53% mainly due to the acquisition of AngloGold Ashanti South African surface sources.
The company’s mineral reserves after normal depletion at the South African surface operations as at 30 June 2021 are 10.4Moz (1 236.6Mt at 0.26g/t), an increase of 57% due to the acquisition of AngloGold Ashanti South African surface sources.
Papua New Guinea
Papua New Guinea operations
The company’s attributable gold and gold equivalent mineral resources at the Papua New Guinea operations as at 30 June 2021 are 41.3Moz, a decrease of 9% year-on-year from the 45.4Moz declared as at 30 June 2020. This decrease is mainly due to a new resource model at Hidden Valley (Kaveroi), commodity price ratio changes affecting the gold equivalent ounces negatively, and depletion.
The company’s gold and gold equivalent mineral reserves at the Papua New Guinea operations as at 30 June 2021 are 17.7Moz, a decrease of 7.3% year-on-year from the 19.1Moz declared as at 30 June 2020. The decrease is mainly due to depletion and a change in the commodity price ratios. There was a year-on-year increase of 0.5Moz of gold reserves at Hidden valley due to the addition of Stage 8 to the life of mine plan.
ASSUMPTIONS
In converting the mineral resources to mineral reserves, the following commodity prices and exchange rates were applied:
A gold price of US$1 500/oz
An exchange rate of R/US$14.51
The above parameters resulted in a Rand/kg gold price of R700 000/kg for the South African assets
The Hidden Valley mine and the Wafi-Golpu project used commodity prices of US$1 500/oz Au, US$20.70/oz Ag, US$10.00/lb Mo and US$3.00/lb Cu at an exchange rate of AUD1.39 per US$
Gold equivalent ounces are calculated assuming US$1 500/oz Au, US$3.00/lb Cu and US$20.70/oz Ag, and assuming a 100% recovery for all metals
9


SUMMARY UPDATE OF HARMONY’S MINERAL RESOURCES AND MINERAL RESERVES continued
Independent review
Harmony’s South African mineral resources and reserves at Doornkop and Mponeng as well as the group SAMREC statement were independently reviewed by The Mineral Corporation for compliance to SAMREC.
Note: Au = gold; Cu = copper; Ag = Silver, Mo = Molybdenum, Moz = million ounces
Mineral resources: Gold and gold equivalents Measured Indicated Inferred Total
Tonnes
(Mt)
g/t Gold
 ‘000oz
Tonnes
(Mt)
g/t Gold
‘000oz
Tonnes
(Mt)
g/t Gold
‘000oz
Tonnes
(Mt)
g/t Gold
‘000oz
SA underground
74.2  8.93  21 301  88.6  10.50  29 909  99.3  10.25  32 746  262.1  9.96  83 957 
SA surface including Kalgold
337.1  0.27  2 968  1 368.6  0.28  12 361  63.3  0.32  642  1 769.0  0.28  15 971 
Total South Africa
411.3  24 268  1 457.1  42 271  162.6  33 389  2 031.1  99 928 
Hidden Valley
3.4  0.95  103  55.9  1.44  2 585  1.6  1.11  57  60.9  1.40  2 746 
Wafi-Golpu system*
—  —  —  394.0  0.86  10 800  114.0  0.75  2 700  508.0  0.82  13 400 
Kili Teke
—  —  —  —  —  —  237.0  0.24  1 810 237.0  0.24  1 810 
Total Papua New Guinea
3.4  103  449.9  13 385  352.6  4 567  805.9  17 956 
Total gold resources
414.7  24 372  1 907.1  55 656  515.2  37 956  2 837.0  117 884 
Hidden Valley – gold equivalent ounces
3.4  26  54.1  534  1.4  13  58.9  573 
Wafi-Golpu – gold equivalent ounces*
—  —  340.0  16 482  94.0  2 755  434.0  19 237 
Kili Teke – gold equivalent ounces
—  —  —  —  237.0  3 538  237.0  3 538 
Total gold equivalent resources**
3.4  26  394.1  17 016  332.4  6 306  729.8  23 347 
Total Harmony gold and gold equivalent resources**
414.7  24 398  1 907.1  72 672  515.2  44 262  2 837.0  141 231 
Mineral resources:
Silver and copper (used in equivalent calculations)
Measured Indicated Inferred Total
Tonnes
(Mt)
g/t Silver
‘000oz
Tonnes
(Mt)
g/t Silver
‘000oz
Tonnes
(Mt)
g/t Silver
‘000oz
Tonnes
(Mt)
g/t Silver
‘000oz
Hidden Valley
3.4  17.3  1 886  54.1  22.3  38 682  1.4  20.6  941  58.9  21.9  41 508 
Measured Indicated Inferred Total
Tonnes
(Mt)
% Copper
‘Mlb
Tonnes
(Mt)
% Copper
‘Mlb
Tonnes
(Mt)
% Copper
‘Mlb
Tonnes
(Mt)
% Copper
‘Mlb
Golpu*
—  —  —  340.0  1.1  8 250  70.0  0.9  1 250  410.0  1.0  9 500 
Nambonga*
—  —  —  —  —  —  24.0  0.2  104  24.0  0.2  104 
Kili Teke
—  —  —  —  —  —  237.0  0.3  1 767 237.0  0.3  1 767 
Total
      340.0  1.1  8 250  331.0  0.4  3 120  671.0  0.8  11 370 

10


SUMMARY UPDATE OF HARMONY’S MINERAL RESOURCES AND MINERAL RESERVES continued

Mineral reserves:
Gold and gold equivalents
Proved Probable Total
Tonnes
(Mt)
g/t Gold
‘000oz
Tonnes
(Mt)
g/t Gold
‘000oz
Tonnes
(Mt)
g/t Gold
‘000oz
SA underground
39.6  5.85  7 453  30.8  6.91  6 846  70.5  6.31  14 299 
SA surface including Kalgold
207.2  0.28  1 890  1 029.4  0.26  8 550  1 236.6  0.26  10 440 
Total South Africa 246.8  9 343  1 060.3  15 397  1 307.1  24 739 
Hidden Valley
3.4  0.95  103  20.1  1.59  1 030  23.5  1.5  1 134 
Wafi-Golpu system*
200.0  0.86  5 500  200.0  0.86  5 500 
Total Papua New Guinea
3.4  103  220.1  6 530  223.5  6 634 
Total gold reserves
250.2  9 446  1 280.4  21 927  1 530.6  31 373 
Hidden Valley – gold equivalent ounces
3.4  26  19.9  240  23.3  266 
Wafi-Golpu – gold equivalent ounces*
200.0  10 814  200.0  10 814 
Total gold equivalent reserves**
3.4  26  219.9  11 054  223.3  11 080 
Total Harmony gold and gold equivalent reserves**
250.2  9 472  1 280.4  32 981  1 530.6  42 453 
Mineral reserves:
Silver and copper (used in equivalent calculations)
Proved Probable Total
Tonnes
(Mt)
g/t Silver
‘000oz
Tonnes
(Mt)
g/t Silver
‘000oz
Tonnes
(Mt)
g/t Silver
‘000oz
Hidden Valley
3.4  17.31  1 886  19.9  27.18  17 363  23.3  25.75  19 249 
Proved Probable Total
Tonnes
(Mt)
% Copper
‘Mlb
Tonnes
(Mt)
% Copper
‘Mlb
Tonnes
(Mt)
% Copper
‘Mlb
Golpu* —  —  —  200  1.20  5 400  200  1.20  5 400 
*     Represents Harmony’s equity portion of 50%
**    In instances where individual deposits may contain multiple valuable commodities with a reasonable expectation of being recovered (for example gold and copper in a single deposit), Harmony computes a gold equivalent to more easily assess the value of the deposit against gold-only mines. Harmony does this by calculating the value of each of the deposits' commodities, then dividing the product by the price of gold. For example, the gold equivalent ounces for the copper portion of a deposit would be calculated as follows: (copper pounds x copper price per pound)/gold price per ounce. All gold equivalent calculations are done using metal prices and parameters as stipulated above
Note: Rounding of numbers may result in slight computational discrepancies

11


SUMMARY UPDATE OF HARMONY’S MINERAL RESOURCES AND MINERAL RESERVES continued
EXPLORATION
Our exploration strategy is to predominantly pursue brownfields exploration targets close to existing infrastructure. This will drive short to medium term organic ore reserve replacement and growth to support our current strategy of increasing quality ounces and to mitigate the risk of a depleting ore reserve base.
Key work streams underpinning the FY21 exploration programme include:
brownfield exploration at Hidden Valley and Kalgold to optimise existing open pit operations and extend mine life and
brownfield exploration at our underground operations in South Africa
greenfields exploration at Target North
reviewing exploration opportunities as part of our new business strategy
During the year these work streams continued to be impacted as a result of the global Covid-19 pandemic, with some work programmes suspended in the interest of the health and safety of our employees and the host communities we work in, and to preserve capital during these challenging times.
A detailed report of the Exploration Results will be provided as part of the suite of annual reports to be published on 27 October 2021.

ADMINISTRATIVE INFORMATION FOR PROFESSIONAL ORGANISATIONS
SACNASP – THE LEGISLATED REGULATORY BODY FOR NATURAL SCIENCE PRACTITIONERS IN SOUTH AFRICA
Private Bag X540, Silverton, 0127, Gauteng Province, South Africa
Telephone: +27 (12) 841 1075
Facsimile: +27 (86) 206 0427
http://www.sacnasp.org.za/
SAIMM – THE SOUTHERN AFRICAN INSTITUTE OF MINING AND METALLURGY
Private Bag X540, Silverton, 0127, Gauteng Province, South Africa
Telephone: +27 (12) 841 1075
Facsimile: +27 (86) 206 0427
http://www.saimm.co.za
AUSIMM – THE AUSTRALASIAN INSTITUTE OF MINING AND METALLURGY
PO Box 660, Carlton South, Victoria, 3053, Australia
Telephone: +61 3 9658 6100
Facsimile: +61 3 9662 3662
http://www.ausimm.com.au/
LEGAL ENTITLEMENT TO THE MINERALS BEING REPORTED UPON
Harmony’s South African operations operate under new order mining rights in terms of the Minerals and Petroleum Resources Development of Act of 2002 (Act No. 28, of 2002) (MPRDA). In Papua New Guinea, Harmony operates under the Independent State of Papua New Guinea Mining Act 1992. All required operating permits have been obtained, and are in good standing. The legal tenure of each operation and project has been verified to the satisfaction of the accountable Competent Person.
12


OPERATING RESULTS – YEAR ON YEAR (RAND/METRIC)
Year
ended
SOUTH AFRICA
UNDERGROUND PRODUCTION
Tshepong
Operations
Moab
Khotsong
Mponeng Bambanani Joel Doornkop Target 1 Kusasalethu Masimong Unisel TOTAL
UNDER-
GROUND
Ore milled - t'000 Jun-21 1 558 903 683 227 359 851 488 708 510 57 6 344
Jun-20 1 417 746 0 200 349 681 543 615 489 219 5 259
Yield - g/tonne Jun-21 4.76 7.94 7.97 8.78 3.97 4.31 3.28 5.65 3.95 4.33 5.51
Jun-20 5.15 8.84 0.00 10.66 3.99 4.40 4.13 4.90 4.09 4.48 5.45
Gold produced - kg Jun-21 7 419 7 166 5 446 1 992 1 424 3 670 1 603 3 999 2 012 247 34 978
Jun-20 7 293 6 592 0 2 132 1 391 2 994 2 244 3 015 1 999 982 28 642
Gold sold - kg Jun-21 7 353 7 095 5 299 1 975 1 414 3 603 1 619 3 980 1 993 242 34 573
Jun-20 7 399 6 799 0 2 162 1 412 3 038 2 237 3 085 2 027 994 29 153
Gold price received - R/kg Jun-21 845 031 852 392 896 474 854 392 848 131 853 957 870 640 854 201 820 780 925 979 857 441
Jun-20 736 863 736 533 735 972 734 620 747 282 681 388 743 153 691 282 684 727 729 159
Gold revenue¹ (R'000) Jun-21 6 213 512 6 047 721 4 750 416 1 687 425 1 199 257 3 076 807 1 409 566 3 399 718 1 635 815 224 087 29 644 324
Jun-20 5 452 051 5 007 690 1 591 172 1 037 283 2 270 244 1 524 266 2 292 627 1 401 229 680 619 21 257 181
Cash operating cost
(net of by-product credits)
(R'000) Jun-21 4 919 023 3 846 063 2 901 696 1 168 484 1 134 902 2 185 670 1 662 496 2 969 065 1 440 261 178 154 22 405 814
Jun-20 4 251 948 3 282 504 1 024 682 998 771 1 699 491 1 504 932 2 562 092 1 240 988 572 775 17 138 183
Inventory movement (R'000) Jun-21 (54 316) (3 609) 36 298 (12 789) (10 911) (46 133) 4 702 (13 651) (13 465) 3 679 (110 195)
Jun-20 46 291 61 007 15 445 11 265 30 661 (5 754) 15 054 17 088 7 503 198 560
Operating costs (R'000) Jun-21 4 864 707 3 842 454 2 937 994 1 155 695 1 123 991 2 139 537 1 667 198 2 955 414 1 426 796 181 833 22 295 619
Jun-20 4 298 239 3 343 511 1 040 127 1 010 036 1 730 152 1 499 178 2 577 146 1 258 076 580 278 17 336 743
Production profit (R'000) Jun-21 1 348 805 2 205 267 1 812 422 531 730 75 266 937 270 (257 632) 444 304 209 019 42 254 7 348 705
Jun-20 1 153 812 1 664 179 551 045 27 247 540 092 25 088 (284 519) 143 153 100 341 3 920 438
Capital expenditure (R'000) Jun-21 1 111 907 632 578 492 521 71 195 172 120 425 312 368 414 204 972 29 331 3 508 350
Jun-20 929 680 497 628 49 880 150 893 280 694 346 833 188 384 23 777 7 487 2 475 256
Cash operating costs - R/kg Jun-21 663 030 536 710 532 812 586 588 796 982 595 550 1 037 115 742 452 715 835 721 271 640 569
Jun-20 583 018 497 953 480 620 718 024 567 632 670 647 849 782 620 804 583 274 598 358
Cash operating costs - R/tonne Jun-21 3 157 4 259 4 248 5 148 3 161 2 568 3 407 4 194 2 824 3 126 3 532
Jun-20 3 001 4 400 5 123 2 862 2 496 2 772 4 166 2 538 2 615 3 259
Cash operating cost and Capital - R/kg Jun-21 812 903 624 985 623 250 622 329 917 853 711 439 1 266 943 793 708 730 414 721 271 740 870
Jun-20 710 493 573 442 504 016 826 502 661 384 825 207 912 264 632 699 590 898 684 779
All-in sustaining cost - R/kg Jun-21 815 333 626 795 659 760 641 426 936 296 680 524 1 232 098 814 048 764 577 782 126 749 971
Jun-20 713 202 566 942 522 990 826 970 649 041 817 066 923 054 655 888 613 382 686 598
Operating free cash flow margin² % Jun-21 3  % 26  % 29  % 27  % (9) % 15  % (44) % 7  % 10  % 20  % 13  %
Jun-20 % 25  % —  % 32  % (11) % 13  % (21) % (20) % 10  % 15  % %

13


Year
ended
SOUTH AFRICA Hidden
Valley
TOTAL
HARMONY
SURFACE PRODUCTION TOTAL
SOUTH
AFRICA
Mine waste solutions Phoenix Central
plant
reclamation
Dumps Kalgold TOTAL
SURFACE
Ore milled - t'000 Jun-21 17 665 6 190 4 020 10 107 1 507 39 489 45 833 3 420 49 253
Jun-20 0 6 227 4 020 4 476 1 541 16 264 21 523 3 906 25 429
Yield - g/tonne Jun-21 0.116 0.126 0.140 0.354 0.74 0.20 0.94 1.37 0.97
Jun-20 0.000 0.131 0.155 0.392 0.75 0.27 1.53 1.25 1.49
Gold produced - kg Jun-21 2 057 779 563 3 580 1 109 8 088 43 066 4 689 47 755
Jun-20 0 818 625 1 753 1 153 4 349 32 991 4 872 37 863
Gold sold - kg Jun-21 2 043 777 566 3 527 1 112 8 025 42 598 4 755 47 353
Jun-20 0 823 625 1 780 1 151 4 379 33 532 4 949 38 481
Gold price received - R/kg Jun-21 729 882 798 310 851 505 872 960 859 070 825 869 851 494 847 027 851 045
Jun-20 715 787 749 216 779 835 742 533 753 623 732 354 757 348 735 569
Gold revenue¹ (R'000) Jun-21 1 888 528 620 287 481 952 3 078 929 955 286 7 024 982 36 669 306 4 027 615 40 696 921
Jun-20 589 093 468 260 1 388 107 854 656 3 300 116 24 557 297 3 748 117 28 305 414
Cash operating cost
(net of by-product credits)
(R'000) Jun-21 1 035 977 395 858 270 789 2 126 639 775 797 4 605 060 27 010 874 1 670 376 28 681 250
Jun-20 363 169 233 624 853 347 673 603 2 123 743 19 261 926 1 695 719 20 957 645
Inventory movement (R'000) Jun-21 101 237 (2 601) 562 19 752 146 119 096 8 901 48 420 57 321
Jun-20 2 722 815 7 316 (1 834) 9 019 207 579 (56 565) 151 014
Operating costs (R'000) Jun-21 1 137 214 393 257 271 351 2 146 391 775 943 4 724 156 27 019 775 1 718 796 28 738 571
Jun-20 365 891 234 439 860 663 671 769 2 132 762 19 469 505 1 639 154 21 108 659
Production profit (R'000) Jun-21 751 314 227 030 210 601 932 538 179 343 2 300 826 9 649 531 2 308 819 11 958 350
Jun-20 223 202 233 821 527 444 182 887 1 167 354 5 087 792 2 108 963 7 196 755
Capital expenditure (R'000) Jun-21 69 958 3 909 12 751 39 264 208 265 334 147 3 842 497 1 260 298 5 102 795
Jun-20 6 883 11 875 1 760 98 598 119 116 2 594 372 959 141 3 553 513
Cash operating costs - R/kg Jun-21 503 635 508 162 480 975 594 033 699 546 569 369 627 197 356 233 600 592
Jun-20 443 972 373 798 486 792 584 218 488 329 583 854 348 054 553 513
Cash operating costs - R/tonne Jun-21 59 64 67 210 515 117 589 488 582
Jun-20 58 58 191 437 131 895 434 824
Cash operating cost and Capital - R/kg Jun-21 537 645 513 180 503 623 605 001 887 342 610 683 716 421 625 010 707 445
Jun-20 452 386 392 798 487 796 669 732 515 718 662 493 544 922 647 364
All-in sustaining cost - R/kg Jun-21 601 978 511 946 501 947 619 692 905 253 636 015 728 121 677 659 723 054
Jun-20 453 937 389 611 484 507 690 239 519 293 664 451 562 648 651 356
Operating free cash flow margin² % Jun-21 26  % 36  % 41  % 30  % (4) % 25  % 15  % 28  % 16  %
Jun-20 —  % 37  % 48  % 38  % 10  % 32  % 11  % 23  % 13  %
¹Includes a non-cash consideration to Franco-Nevada (Jun-21:R397.380m, Jun-20:R.m), excluded from the gold price calculation
²Excludes run of mine costs for Kalgold (Jun-21:-R7.439m, Jun-20:R1.204m) and Hidden Valley (Jun-21:R19.561m, Jun-20:-R222.416m)

14


OPERATING RESULTS – YEAR ON YEAR (US$/IMPERIAL)
Year
ended
SOUTH AFRICA
UNDERGROUND PRODUCTION
Tshepong
Operations
Moab
Khotsong
Mponeng Bambanani Joel Doornkop Target 1 Kusasalethu Masimong Unisel TOTAL
UNDER-
GROUND
Ore milled - t'000 Jun-21 1 718 995 753 250 396 938 537 780 563 63 6 993
Jun-20 1 562 822 0 221 384 750 598 678 539 242 5 796
Yield - oz/ton Jun-21 0.139 0.232 0.233 0.256 0.116 0.126 0.096 0.165 0.115 0.126 0.161
Jun-20 0.150 0.258 0.000 0.310 0.116 0.128 0.121 0.143 0.119 0.130 0.159
Gold produced - oz Jun-21 238 526 230 391 175 092 64 044 45 783 117 993 51 536 128 570 64 687 7 941 1 124 563
Jun-20 234 475 211 938 0 68 545 44 722 96 259 72 146 96 934 64 269 31 573 920 861
Gold sold - oz Jun-21 236 404 228 109 170 367 63 498 45 461 115 839 52 052 127 959 64 076 7 780 1 111 545
Jun-20 237 882 218 592 0 69 510 45 397 97 673 71 921 99 185 65 169 31 958 937 287
Gold price received - $/oz Jun-21 1 707 1 722 1 811 1 726 1 713 1 725 1 758 1 725 1 658 1 870 1 732
Jun-20 1 463 1 463 0 1 461 1 459 1 484 1 353 1 476 1 373 1 360 1 448
Gold revenue¹ ($'000) Jun-21 403 475 392 709 308 469 109 573 77 874 199 793 91 530 220 761 106 222 14 551 1 924 957
Jun-20 348 078 319 708 0 101 586 66 224 144 940 97 314 146 369 89 459 43 453 1 357 131
Cash operating cost
(net of by-product credits)
($'000) Jun-21 319 417 249 744 188 421 75 876 73 695 141 926 107 954 192 797 93 524 11 568 1 454 922
Jun-20 271 459 209 567 0 65 419 63 765 108 502 96 080 163 573 79 229 36 568 1 094 162
Inventory movement ($'000) Jun-21 (3 527) (234) 2 357 (830) (709) (2 996) 305 (886) (874) 239 (7 155)
Jun-20 2 955 3 895 0 986 719 1 958 (367) 961 1 091 479 12 677
Operating costs ($'000) Jun-21 315 890 249 510 190 778 75 046 72 986 138 930 108 259 191 911 92 650 11 807 1 447 767
Jun-20 274 414 213 462 0 66 405 64 484 110 460 95 713 164 534 80 320 37 047 1 106 839
Production profit ($'000) Jun-21 87 585 143 199 117 691 34 527 4 888 60 863 (16 729) 28 850 13 572 2 744 477 190
Jun-20 73 664 106 246 0 35 181 1 740 34 480 1 601 (18 165) 9 139 6 406 250 292
Capital expenditure ($'000) Jun-21 72 202 41 076 31 982 4 622 11 178 27 618 23 923 13 311 1 904 227 816
Jun-20 59 355 31 769 0 3 185 9 634 17 921 22 144 12 027 1 518 478 158 031
Cash operating cost - $/oz Jun-21 1 339 1 084 1 076 1 185 1 610 1 203 2 095 1 500 1 446 1 457 1 294
Jun-20 1 158 989 0 954 1 426 1 127 1 332 1 687 1 233 1 158 1 188
Cash operating costs - $/t Jun-21 186 251 250 304 186 151 201 247 166 184 208
Jun-20 174 255 0 296 166 145 161 241 147 151 189
Cash operating cost and Capital - $/oz Jun-21 1 642 1 262 1 259 1 257 1 854 1 437 2 559 1 603 1 475 1 457 1 496
Jun-20 1 411 1 139 0 1 001 1 641 1 313 1 639 1 812 1 256 1 173 1 360
All-in sustaining cost - $/oz Jun-21 1 647 1 266 1 333 1 295 1 891 1 374 2 488 1 644 1 544 1 580 1 515
Jun-20 1 416 1 126 0 1 039 1 642 1 289 1 623 1 833 1 302 1 218 1 363
Operating free cash flow margin² % Jun-21 3  % 26  % 29  % 27  % (9) % 15  % (44) % 7  % 10  % 20  % 13  %
Jun-20 % 25  % —  % 32  % (11) % 13  % (21) % (20) % 10  % 15  % %


15


OPERATING RESULTS – YEAR ON YEAR (US$/IMPERIAL)
Year
ended
SOUTH AFRICA Hidden
Valley
TOTAL
HARMONY
SURFACE PRODUCTION TOTAL
SOUTH
AFRICA
Mine waste Solutions Phoenix Central
plant
reclamation
Dumps Kalgold TOTAL
SURFACE
Ore milled - t'000 Jun-21 19 479 6 827 4 434 11 145 1 662 43 547 50 540 3 772 54 312
Jun-20 0 6 866 4 433 4 936 1 700 17 935 23 731 4 307 28 038
Yield - oz/ton Jun-21 0.003 0.004 0.004 0.010 0.021 0.006 0.027 0.040 0.028
Jun-20 0.000 0.004 0.005 0.011 0.022 0.008 0.045 0.036 0.043
Gold produced - oz Jun-21 66 133 25 046 18 101 115 099 35 655 260 034 1 384 597 150 755 1 535 352
Jun-20 0 26 299 20 094 56 360 37 070 139 823 1 060 684 156 639 1 217 323
Gold sold - oz Jun-21 65 684 24 982 18 197 113 395 35 752 258 010 1 369 555 152 876 1 522 431
Jun-20 0 26 459 20 093 57 229 37 006 140 787 1 078 074 159 113 1 237 187
Gold price received - $/oz Jun-21 1 474 1 612 1 720 1 763 1 735 1 668 1 720 1 711 1 719
Jun-20 0 1 421 1 488 1 549 1 474 1 497 1 454 1 504 1 461
Gold revenue¹ ($'000) Jun-21 122 632 40 278 31 296 199 930 62 032 456 168 2 381 125 261 533 2 642 658
Jun-20 0 37 610 29 895 88 622 54 564 210 691 1 567 822 239 293 1 807 115
Cash operating cost
(net of by-product credits)
($'000) Jun-21 67 272 25 705 17 583 138 094 50 376 299 030 1 753 952 108 466 1 862 418
Jun-20 0 23 186 14 915 54 480 43 006 135 587 1 229 749 108 260 1 338 009
Inventory movement ($'000) Jun-21 6 574 (169) 36 1 283 9 7 733 578 3 144 3 722
Jun-20 0 174 52 467 (117) 576 13 253 (3 611) 9 642
Operating costs ($'000) Jun-21 73 846 25 536 17 619 139 377 50 385 306 763 1 754 530 111 610 1 866 140
Jun-20 0 23 360 14 967 54 947 42 889 136 163 1 243 002 104 649 1 347 651
Production profit ($'000) Jun-21 48 786 14 742 13 677 60 553 11 647 149 405 626 595 149 923 776 518
Jun-20 0 14 250 14 928 33 675 11 675 74 528 324 820 134 644 459 464
Capital expenditure ($'000) Jun-21 4 543 254 828 2 550 13 524 21 699 249 515 81 838 331 353
Jun-20 0 439 758 112 6 294 7 603 165 634 61 236 226 870
Cash operating cost - $/oz Jun-21 1 017 1 026 971 1 200 1 413 1 150 1 267 719 1 213
Jun-20 0 882 742 967 1 160 970 1 159 691 1 099
Cash operating costs - $/t Jun-21 3 4 4 12 30 7 35 29 34
Jun-20 0 3 3 11 25 8 52 25 48
Cash operating cost and Capital - $/oz Jun-21 1 086 1 036 1 017 1 222 1 792 1 233 1 447 1 262 1 429
Jun-20 0 898 780 969 1 330 1 024 1 316 1 082 1 286
All-in sustaining cost - $/oz Jun-21 1 216 1 034 1 014 1 252 1 828 1 285 1 471 1 383 1 460
Jun-20 0 901 774 962 1 371 1 031 1 319 1 120 1 293
Operating free cash flow margin² % Jun-21 26  % 36  % 41  % 30  % (4) % 25  % 15  % 28  % 16  %
Jun-20 —  % 37  % 48  % 38  % 10  % 32  % 11  % 23  % 13  %
¹Includes a non-cash consideration to Franco-Nevada (Jun-21:US$25.804m, Jun-20:US$0m), excluded from the gold price calculation
²Excludes run of mine costs for Kalgold (Jun-21:-US$0.483m, Jun-20:US$0.077m) and Hidden Valley (Jun-21:US$1.270m, Jun-20:-US$14.200m).
16


FINALREVIEWREPORT-HARMONYF.JPG
17


CONDENSED CONSOLIDATED INCOME STATEMENT (RAND)
Year ended
Figures in million Notes 30 June 2021

(Reviewed)
30 June 2020
Re-presented
(Audited)
Revenue 3 41 733  29 245 
Cost of sales 4 (35 657) (25 908)
Production costs (29 774) (22 048)
Amortisation and depreciation (3 893) (3 508)
Impairment of assets (1 124) — 
Other items (866) (352)
Gross profit 6 076  3 337 
Corporate, administration and other expenditure 5 (1 068) (611)
Exploration expenditure (177) (205)
Gains/(losses) on derivatives 10 1 022  (1 678)
Foreign exchange translation gain/(loss)
1 & 11
670  (892)
Other operating expenses
1 & 13
(562) (309)
Operating profit/(loss) 5 961  (358)
Gain on bargain purchase 13 1 153  — 
Acquisition-related costs 13 (124) (45)
Share of profits from associates 83  94 
Investment income 9 331  375 
Finance costs 5 (661) (661)
Profit/(loss) before taxation 6 743  (595)
Taxation 6 (1 153) (255)
Current taxation (543) (58)
Deferred taxation (610) (197)
Net profit/(loss) for the year 5 590  (850)
Attributable to:
Non-controlling interest 37  28 
Owners of the parent 5 553  (878)
Earnings/(loss) per ordinary share (cents) 7
Basic earnings/(loss) 919  (164)
Diluted earnings/(loss) 901  (166)
The accompanying notes are an integral part of these condensed consolidated financial statements.



The provisional condensed consolidated financial statements (condensed consolidated financial statements) for the year ended 30 June 2021 have been prepared by Harmony Gold Mining Company Limited’s corporate reporting team headed by Michelle Kriel CA(SA). This process was supervised by the financial director, Boipelo Lekubo CA(SA) and approved by the board of Harmony Gold Mining Company Limited on 31 August 2021.
These condensed consolidated financial statements have been reviewed by the group's external auditors, PricewaterhouseCoopers Incorporated. The unmodified review opinion is included on page 17. The auditor’s report does not necessarily report on all of the information contained in these results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor’s engagement they should refer to the auditor’s report.

18


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (RAND)
Year ended
Figures in million Notes 30 June 2021

(Reviewed)
30 June 2020
Re-presented
(Audited)
Net profit/(loss) for the year
5 590  (850)
Other comprehensive income for the year, net of income tax
3 251  (1 958)
Items that may be reclassified subsequently to profit or loss
3 233  (1 998)
Foreign exchange translation gain/(loss)
2 (1 234) 1 199 
Remeasurement of gold hedging contracts
10 4 467  (3 197)
Items that will not be reclassified to profit or loss
1 18  40 
Total comprehensive income for the year 8 841  (2 808)
Attributable to:
Non-controlling interest 58  12 
Owners of the parent
8 783  (2 820)
The accompanying notes are an integral part of these condensed consolidated financial statements.


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (RAND)
FOR THE YEAR ENDED 30 JUNE 2021
Figures in million Share capital Accumulated loss Other
reserves
Non-controlling interest Total
Balance – 1 July 2020 32 937  (12 583) 3 017  4  23 375 
Share issue costs (3)       (3)
Share-based payments     156    156 
Partial purchase of non-controlling interest     (4) (1) (5)
Net profit for the year   5 553    37  5 590 
Other comprehensive income for the year     3 230  21  3 251 
Dividends paid1
  (677)   (7) (684)
Balance – 30 June 2021 (Reviewed) 32 934  (7 707) 6 399  54  31 680 
Balance – 1 July 2019 29 551  (11 710) 4 773  —  22 614 
Issue of shares 3 386  —  —  —  3 386 
Share-based payments —  —  186  —  186 
Recognition of non-controlling interest —  —  (5) — 
Net profit/(loss) for the year —  (878) —  28  (850)
Other comprehensive income for the year —  —  (1 942) (16) (1 958)
Dividends paid —  —  —  (3) (3)
Balance – 30 June 2020 (Audited) 32 937  (12 583) 3 017  23 375 
1On 19 April 2021, Harmony paid an ordinary dividend of 110 cents per share.

The accompanying notes are an integral part of these condensed consolidated financial statements.
19


CONDENSED CONSOLIDATED BALANCE SHEET (RAND)
At
Figures in million Notes 30 June 2021

(Reviewed)
30 June 2020
Re-presented
(Audited)
ASSETS
Non-current assets
Property, plant and equipment 8 34 366  29 186 
Intangible assets 8 365  536 
Restricted cash and investments
1 & 13
5 232  3 642 
Investments in associates 126  146 
Deferred tax assets 6 198  531 
Other non-current assets 9 332  435 
Derivative financial assets 10 328