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 February 28, 2022

Harmony Gold Mining Company Limited

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

Form 20F ☒ Form 40F ☐

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

Yes ☐ No ☒





INTERIM RESULTS FY22*
for the six-month period ended 31 December 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 six-month period ended 31 December 2021 (H1FY22) vs
the six-month period ended 31 December 2020 (H1FY21)
RESPONSIBLE STEWARDSHIP CASH CERTAINTY
• Phase 3 of embedding a proactive safety culture focussing on leadership and behaviour
• Decarbonisation strategy commenced having received Nersa approvals for all 3 renewable energy sites
• Over 90% of our employees have been vaccinated against Covid-19
• Upgraded MSCI score from 'CCC' to 'B' rating
• FTSE4Good constituent
• Included in the Bloomberg Gender Equality Index 2022
• CDP score of ‘A’ for water management
• 11% operating free cash flow margin (50% decrease from 22%)
• Net profit of R1.4bn (US$96m) (69% decrease from R4.6bn (US$284m))
• Net debt to EBITDA remains at 0.1x
• 4% decrease in Rand gold price received to R860 795/kg (US$1 782/oz) from R896 587/kg (US$1 716/oz)
• HEPS of 248 SA cents (17 US cents) (65% decrease from 713 SA cents (44 US cents))
OPERATIONAL EXCELLENCE EFFECTIVE CAPITAL ALLOCATION
• 4% increase in gold production to 24 226kg (778 879oz) from 23 183kg (745 347oz)
• 17% increase in total surface production to 4 394kg (141 269oz) from 3 741kg (120 276oz)
• 4% increase in total underground production to 17 961kg (577 457oz) from 17 294kg (556 011oz)
• 26% decrease in production profit to R5.0bn (US$336m) from R6.8bn (US$417m)
• 12% increase in AISC to R802 260/kg (US$1 660/oz) from R715 837/kg (US$1 370/oz)
• Deleveraged balance sheet provides optionality for projects and acquisitions
• Strong pipeline of organic projects to drive production profile and margin expansion
• Plans underway to allocate capital to our decarbonisation strategy
• Interim dividend** of 40 SA cents (2.7 US cents)^ per share has been declared in line with our dividend policy
*    These interim results have been reviewed by our external auditors, PricewaterhouseCoopers Incorporated. Refer to page 12 for the review report.
^    Illustrative equivalent based on the closing exchange rate of R15.06/US$1 at 23 February 2022
**    See dividend notice on page 7 for the details



OPERATING RESULTS
Six months
ended
31 December 2021
Six months
ended
31 December 2020
%
Change
Six months
ended
30 June
20211
% change for six months ended June 20211 vs December 2021
Gold produced
kg 24 226  23 183  % 24 572  (1) %
oz 778 879  745 347  % 790 005  (1) %
Underground grade
g/t 5.39  5.58  (3) % 5.45  (1) %
Gold price received
R/kg 860 795  896 587  (4) % 806 896  %
US$/oz 1 782  1 716  % 1 727  %
Cash operating costs
R/kg 667 812  596 047  (12) % 604 879  (10) %
US$/oz 1 382  1 141  (21) % 1 295  (7) %
Total costs and capital
R/kg 798 171  697 026  (15) % 717 275  (11) %
US$/oz 1 652  1 334  (24) % 1 535  (8) %
All-in sustaining costs
R/kg 802 260  715 837  (12) % 730 051  (10) %
US$/oz 1 660  1 370  (21) % 1 562  (6) %
Production profit
R million 5 044  6 780  (26) % 5 179  (3) %
US$ million 336  417  (20) % 356  (6) %
Average exchange rate
R:US$ 15.03  16.25  (8) % 14.53  %
1    The results for the six months ended 30 June 2021 are not reviewed or audited.
FINANCIAL RESULTS
Six months
ended
31 December 2021
Six months
ended
31 December 2020
Restated*
%
Change
Basic earnings per share SA cents 227  763  (70)
US cents 16  47  (66)
Headline earnings R million 1 509  4 282  (65)
US$ million 102  265  (62)
Headline earnings per share SA cents 248  713  (65)
US cents 17  44  (61)
*    Refer to note 2 for further information on the restatement of financial statement line items. The restated amounts are reviewed but not audited.

Please refer to our website for the full results presentation: https://www.harmony.co.za/invest/presentations/2022
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.
2


CONTENTS
PAGE
2 Forward-looking statements
3 Shareholder information
4 Message from the chief executive officer
7 Notice of interim cash dividend
8 Operating results – six monthly
(Rand/Metric)
10 Operating results – six monthly
(US$/Imperial)
12 Review report from external auditor
13 Condensed consolidated income statement (Rand)
14 Condensed consolidated statement of comprehensive income (Rand)
14 Condensed consolidated statement of changes in equity (Rand)
15 Condensed consolidated balance sheet (Rand)
16 Condensed consolidated cash flow statement (Rand)
17 Notes to the condensed consolidated financial statements
33 Segment report (Rand/Metric)
35 Condensed consolidated income statement (US$)
36 Condensed consolidated statement of comprehensive income (US$)
36 Condensed consolidated statement of changes in equity (US$)
37 Condensed consolidated balance sheet (US$)
38 Condensed consolidated cash flow statement (US$)
39 Segment report (US$/Imperial)
41 Development results – Metric and Imperial
43 Competent person's declaration
43 Directorate and administration

SHAREHOLDER INFORMATION
Issued ordinary share capital 31 December 2021
616 525 702
Issued ordinary share capital 30 June 2021
616 052 197
MARKET CAPITALISATION
As at 31 December 2021 (ZARm) 41 061
As at 31 December 2021 (US$m)
2 573
As at 30 June 2021 (ZARm)
32 503
As at 30 June 2021 (US$m)
2 276
HARMONY ORDINARY SHARES AND ADR PRICES
12-month high (1 January 2021 – 31 December 2021) for ordinary shares (ZAR)
78.09
12-month low (1 January 2021 – 31 December 2021) for ordinary shares (ZAR)
43.87
12-month high (1 January 2021 – 31 December 2021) for ADRs (US$)
5.58
12-month low (1 January 2021 – 31 December 2021) for ADRs (US$)
3.01
FREE FLOAT
100  %
American Depositary Receipt ("ADR") RATIO
1:1
JSE LIMITED
HAR
Average daily volume for the year (1 January 2021 – 31 December 2021)
2 653 768
Average daily volume for the previous year (1 January 2020 – 31 December 2020)
4 320 919
NEW YORK STOCK EXCHANGE
HMY
Average daily volume for the year (1 January 2021 – 31 December 2021)
5 749 038
Average daily volume for the previous year (1 January 2020 – 31 December 2020)
7 601 064
INVESTORS' CALENDAR
H1FY22 results presentation
28 February 2022
3


MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
OVERVIEW
“Mining with purpose” describes our way of operating at Harmony. We believe that these words form the foundation upon which our strategic decision-making process is based.
The first six months of this financial year have been characterised by a number of temporary head-winds that negatively impacted our results, testing our resolve but demonstrating our resilience and determination. Our de-risked, quality portfolio has ensured we have maintained our momentum. We remain resolute to execute on our goal of creating shared value for all our stakeholders. An example of this was the successful three-year wage agreement which we signed with all five unions in September 2021.
The wellbeing of our people remains our number one priority as we continue to deliver on our strategic objectives of producing safe, profitable ounces whilst improving our margins through operational excellence and value accretive acquisitions.
Revenue for the period increased by 2% to R21 951 million (US$1 461 million) for H1FY22 compared to R21 588 million (US$1 329 million) in H1FY21. This was as a result of a 6% increase in gold sales to 24 674kg (793 288oz) from 23 309kg (749 400oz).
The company delivered a 4% increase in production year on year to 24 226kg (778 879oz) from 23 183kg (745 347oz) in H1FY21.
Despite the increased production, net profit decreased by 69% to R1 404 million (US$96 million) from R4 600 million (US$284 million) in H1FY21. This was due to: a lower gold price received and the higher all-in sustaining cost (AISC) as a result of safety-related stoppages at some of our South African mines, geotechnical issues and unplanned labour stoppages at some of our larger underground mines in South Africa and at Hidden Valley in Papua New Guinea.
As we aim to deliver positive total shareholder returns alongside our growth and sustainability aspirations,
we are delighted to declare a half-year dividend of 40 SA cents (2.7 US cents) per share.
Safety and health
Safety is the cornerstone of our commitment to mining with purpose. More than just a moral imperative, safety underlies all we do as a business. It is our first value and is a leadership priority. Eliminating all work-related safety incidents is the key to the successful delivery of our strategic objectives.
After the December 2021 break, all our foreign employees managed to get back across the South African borders both safely and timeously. Much of the success of this return-to-work process was due to our new integrated and digitised health management system. In addition, over 90% of our employees in South Africa have been vaccinated voluntarily against Covid-19. Our five registered and authorised vaccination facilities remain fully operational and we urge everyone to get vaccinated as we strive to reach our target of getting 100% of our employees vaccinated.
We have implemented and integrated a multitude of systemic components to ensure we have the controls and daily safety data available to prevent accidents before they occur. The most important aspect however, is changing human behaviour and embedding a proactive safety culture aligned to our five values. This humanistic or cultural change is called our Thibakotsi journey. We have built the foundations and empowered our leaders during the first two phases of our safety journey and have progressed to phase three of our four-phase model. This phase entails operation-specific interventions to ensure everyone across all levels truly believes in what we are doing to improve safety by changing the hearts and minds of all our employees. This is a vitally important part of our journey to ensure zero-harm and a safe work environment at all times.
Despite the progress we have made as it relates to safety, accidents remain a constant and real threat. It thus remains a cause of deep sadness and disappointment that we continue to report avoidable work-related injuries and the loss-of-life incidents at
our operations. As we continue with the hard work towards making our operations safer, we again pledge our commitment to eliminate all work-related incidents and ensure our people return home safely and with a sense of pride, purpose and belonging.
We pay our respects to the following seven colleagues who lost their lives in mine-related incidents in H1FY22 and express our sadness at their passing:
Thembile Simon Mabala, rock drill operator from Tshepong South; Pule Jan Mokhatsi, stope team member from Moab Khotsong; Richard Mohapi, rock drill operator from Mponeng; Thobela Gwangxu, winch operator from Kusasalethu; Mbongeni Zulu, stope team member from Kusasalethu; Sicelo Tshovana, artisan from Doornkop and Andile Michael Mafilika, stope team leader from Kusasalethu.
As a group, our lost time injury frequency rate (LTIFR) is at 5.74 for H1FY22 compared to 6.18 per million hours worked at the end of FY21.
Our loss of life injury frequency rate (FIFR) increased to 0.14 in H1FY22 compared to 0.11 per million hours worked at the end of FY21.
Our total injury accident frequency rate is at 6.99 in H1FY22 compared to 7.45 at the end of FY21 and there has been an improvement as this rate has steadily declined over the past decade.
Hidden Valley’s LTIFR and FIFR remains at zero for the reportable period.
Some of the notable safety milestones achieved in H1FY22 included:
the South African underground mines achieved 1 million loss-of-life free shifts on two separate occasions during the second quarter of FY22
the South African mines achieved 19 million rail bound equipment loss of life free shifts, while Tshepong South and Kusasalethu recorded 5 million and 2 million rail bound equipment loss of life free shifts respectively
Hidden Valley achieved zero lost time injuries and the 12-month moving average LTIFR remains at zero
Environmental, Social and Governance (ESG)
Harmony has demonstrated over the past 71 years that responsible stewardship, as our first strategic pillar, is integrated in our strategy and ESG is embedded across all we do. Our commitment to true sustainability is evident in the pro-active steps we take to make positive contributions across all spheres of society.
We are proud of the external recognition we continue to receive. Harmony has again been included in the FTSE4Good index. The company also achieved a score of ‘A’ from the CDP for our best practice water management strategy. Further to this, we have also been included in the Bloomberg Gender-Equality Index for the 2022 review period. This is Harmony’s fourth consecutive inclusion in this index, testament to the fact that we foster gender-diversity and inclusivity, and treat all our employees fairly without bias or prejudice of any kind.
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.
More information is available in our ESG and TCFD reports on our website.
Renewable energy projects
To demonstrate our commitment towards good ESG practices and achieving a low-carbon future, we will be accelerating the expansion and roll-out of numerous renewable energy projects.
The first phase of our renewable energy journey consists of a 30MW solar energy plant in the Free State. Commercial close for the Power Purchase Agreement (PPA) is imminent. In phase 2, we will be building an additional 137MW of renewable energy at our various longer-life mines while phase 3 is in planning stage and progressing as anticipated. We
4


expect phase 2 of our renewable energy project to deliver over R500 million per annum in electricity cost savings once it reaches full production in FY25.
We have also implemented more than 200 energy-saving initiatives which have yielded a cumulative saving of approximately R1 billion since 2016. These initiatives have resulted in a 1.3 terawatt-hour energy reduction alongside a reduction of 1.2 million tonnes of CO2 equivalent emissions.
As part of our journey towards achieving our ambition of net zero by 2045, we have set ourselves three interim CO2 reduction targets of 20% by 2026, 40% by 2031 and 60% by 2036.
As we strive to achieve our goal of carbon-neutrality, we will continue with our cost savings initiatives while assessing and monitoring our progress against our set emissions targets. All else being equal, Harmony hopes to achieve net zero emissions by 2045.
Furthermore, we are also pleased to report a reduction in our water, energy and emission intensities as a result of our sizeable surface source business.
As we continue on our growth path, it is important to deliver on a clear strategy to reduce both our carbon footprint and the impact we have on the environment. We are in the process of finalising our group environmental targets. These targets will be available on our website once they have been approved by the board.
Operational and financial results for the six-month period ended 31 December 2021 (compared to the six-month period ended 31 December 2020)
The contribution from our longer-life, high-grade underground assets along with that from our high margin, low-cost South African surface business is delivering the outcome we intended. The decision to acquire Moab Khotsong in 2018 and then Mponeng and related assets in October 2020, was precisely because we understood that we had to replace some mined out ounces whilst also recapitalising some of
our assets to regain optimal performance. These projects will take time and thus the free cash generated from our new assets has ensured we can fund both our organic and growth projects simultaneously. Our robust and flexible balance sheet will allow us to continue to de-risk and further transform our portfolio in the coming years.
The 4% higher comparable gold production was mainly due to the 4% increase in production from the South African underground operations to 17 961kg (577 457oz) from 17 294kg (556 011oz) and the 17% increase in production from the surface business to 4 394kg (141 269oz) from 3 741kg (120 276oz) in the previous reporting period.
South African underground operations
The increase in underground production was predominantly a result of the inclusion of six-months' production from Mponeng compared to only three-months' production in the comparable period. This resulted in the 72% increase in production from Mponeng to 3 217kg (103 428oz) from 1 874kg (60 250oz).
The overall average underground recovered grade decreased by 3% to 5.39g/t from 5.58g/t year on year predominantly as a result of the reduction in grades at Moab Khotsong and Mponeng and the lower recoveries at Harmony One plant. Encouragingly, we saw a 5% increase in underground recovered grade quarter on quarter and are confident of meeting our grade guidance.
We continue to invest in our longer-life underground assets such as Moab Khotsong, Mponeng, Joel and Tshepong, whilst recapitalising other operations such as Doornkop and Target 1. Our shorter-life mines, namely Kusasalethu, Masimong and Bambanani will continue to be harvested as long as the production delivers on our strategic objectives.
Bambanani reaches end-of-life
Bambanani has been one of Harmony’s most successful and profitable mines. As the mine reaches the end of its economic life, we have taken the decision to close this mine on the basis that it is no longer possible to operate the mine in accordance
with Harmony's strict safety protocols beyond the end of this financial year.
Production was negatively impacted, decreasing 20% year on year as a result of increased seismicity. As such, the mine will officially be placed on care and maintenance from 1 July 2022. The highly skilled crews will be redeployed within the group.
Bambanani has made a huge contribution to the overall success of Harmony and it is with a heavy heart that we have to finally close this operation. This mine has been another example of ESG in practice where we extended the life of mine by over 12 years, creating value for our communities, local business, government, employees and shareholders.
Due to the earlier than planned closure of Bambanani, an impairment loss of goodwill and assets of R144 million (US$9 million) has been recognised for H1FY22. Refer to note 9 of the financial statements for further detail.
South African underground AISC for H1FY22 was R812 035/kg (US$1 681/oz) compared to R736 634/kg (US$1 410/oz) in the previous six-month reporting period.
South African surface operations
Production from our surface sources increased by 17% to 4 394kg (141 269oz) in H1FY22 from 3 741kg (120 276oz) in H1FY21 due to the contribution of Mine Waste Solutions and the waste rock dumps. Mine Waste Solutions also contributed a full six months’ production for this period compared to only three months in the previous period. This resulted in the 96% increase in production.
Our surface source business plays a vital role in de-risking the portfolio while at the same time delivering increased margins over life-of-mine.
South African surface operations AISC for H1FY22 increased by 2% to R639 027/kg (US$1 323/oz) compared to R624 799/kg (US$1 196/oz) in the previous reporting period.
Papua New Guinea
Hidden Valley
Gold production in H1FY22 at Hidden Valley was down 13% to 1 871kg (60 153oz) against the comparable period of 2 148kg (69 060oz) as a result geotechnical issues which prevented the effective mining of stage 6 of the open pit. This resulted in lower-grade stockpiles being processed with an 18% decline in grade to 0.98g/t from 1.20g/t. A labour stoppage, Covid-19 related restrictions and rostering also had an impact on the workforce in Papua New Guinea, further impacting production. A revised pit design and pit access have been developed to more effectively mine stage 6 in the second half of the financial year.
On 5 January 2022, 6 kilometres of overland conveyor belt was damaged, which will have a significant impact on annual production at Hidden Valley. The belt replacement has now been completed and recommissioning work on the overland conveyor and plant is underway. Waste and ore mining at the mine continues and trucks are being used to transport ore to the plant until the belt repairs are completed. During this period, major scheduled and unscheduled maintenance work has been carried out on the processing plant.
Costs relating to stripping activities for the period amounted to R835 million (US$56 million) and were predominantly driven by the Hidden Valley Stage 7 cutback. Primary stripping activities commenced in July 2020 and the main ore body was reached in November 2021.
With the easing of international travel restrictions and remedial measures implemented, we believe that the short-term setbacks at Hidden Valley have been addressed, with the mine expected to return to profitability in quarter four of financial year 2022. We reaffirm our commitment to the extension of Hidden Valley and are confident the asset will deliver the expected returns over life-of-mine.
Due to lower production in H1FY22, AISC was R1 093 841/kg (US$2 269/oz), a 55% increase from R705 748/kg (US$1 361/oz) in the comparable six-month reporting period.
Wafi-Golpu Project
We are pleased that discussions between the State Negotiating Team and the Wafi-Golpu Joint Venture
5


have recommenced. Updates will be given as and when further information is available.
Overall cost management
Cash operating costs increased by 17% to R16 178 million (US$1 077 million) from R13 818 million (US$851 million). Most of this cost increase was due to the inclusion of six months of costs associated with Mponeng and related assets compared to the three months' inclusion in the H1FY21 reporting period. The escalation in electricity tariffs, labour costs and the stripping activities at Hidden Valley were the other main contributors towards this increase.
Group AISC was 12% higher for H1FY22 at R802 260/kg (US$1 660/oz) compared to H1FY21 of R715 837/kg (US$1 370/oz). This was mainly as a result of lower than expected gold production at Hidden Valley.
Group capital expenditure for H1FY22 increased by 35% to R3 158 million (US$210 million) from R2 341 million (US$144 million) in H1FY21 due to the key capital projects mentioned at the FY21 results last year. Capital expenditure of our South African operations was however underspent by 30% or R970 million (US$61 million) against our plans due to the delay in permitting for Kareerand.
Foreign exchange translation impact on net debt
A foreign exchange translation loss of R298 million (US$20 million), compared to a R652 million gain (US$40 million) in H1FY21, is predominantly caused by unfavourable translations on US dollar loan balances, due to the Rand weakening against the US dollar to R15.99/US$1 (30 June 2021: R14.27/US$1).
Despite this, net debt remained relatively stable with only a marginal increase of R70 million, which is still considered very low.
Taxation
The taxation expense for the group decreased to R234 million (US$15 million) for H1FY22 from a
restated R1 054 million (US$65 million) in H1FY21. Refer to note 7 in the financial statements for details.
Derivatives and hedging
The derivative programme stands at a net positive value of R556 million (US$35 million) as at 31 December 2021, mainly due to hedge agreements locked in at favourable prices during the 30 June 2021 financial year.
The current period records a net loss on derivatives of R35 million (US$2 million) compared to a net gain of R902 million (US$56 million) in H1FY21 as a consequence of the Rand weakening against the US dollar during H1FY22.
Revenue includes a hedging gain of R143 million (US$10 million) in H1FY22 and a loss of R1 771 million (US$109 million) in H1FY21 relating to the realised effective portion of hedge-accounted gold derivatives.
Refer to notes 4 and 10 in the financial statements for details on the derivative programme.
Earnings and headline earnings per share
Basic earnings decreased by 70% to 227 SA cents (16 US cents) per share compared to a restated 763 SA cents (47 US cents) per share.
Headline earnings decreased by 65% to 248 SA cents (17 US cents) per share compared to a restated 713 SA cents (44 US cents) per share for H1FY21.
FY22 GROUP PRODUCTION AND COST GUIDANCE
Gold production for the second half of the financial year for the South African operations is expected to improve relative to the first half production as many of the production challenges have already been resolved.
FY22 production guidance for the South African operations has been revised down from a range of 1 394 000 to 1 469 000oz (as previously guided) to a range of 1 366 000 to 1 439 000oz. FY22 AISC
guidance for the South African operations remains unchanged at R765 000/kg to R800 000/kg.
Due to the aforementioned overland conveyor belt damage and lower than planned H1FY22 production, Hidden Valley’s FY22 production guidance has been revised downwards from a range of 153 000 to 161 000oz (as previously guided) to a range of 115 000 to 117 000oz as announced on 26 January 2022.
As announced on 26 January 2022, the amended guidance from Hidden Valley will result in a 4% adjustment to total production from a range of 1 540 000 to 1 630 000oz as guided at the beginning of FY22 to a range of 1 480 000 to 1 560 000oz.
The overall AISC has consequently been revised from R765 000/kg to R800 000/kg as previously guided to R805 000/kg to R835 000/kg for FY22.
Underground grade guidance remains unchanged at 5.40 to 5.57g/t.
LOOKING AHEAD
While the finite resources we mine can create infinite opportunities for those who benefit from our mining, the same relationship holds true for the capital we allocate. With limitless opportunities to deploy capital across the globe, we carefully determine which projects will deliver optimal shareholder returns on the basis of where we operate, how we manage risk and what skills we can leverage. Our strategy encompasses all five of our values to ensure we create value for all our stakeholders thus giving purpose to each and every person who works at Harmony. At Harmony, we mine with purpose.
Peter Steenkamp
Chief Executive Officer
6


NOTICE OF INTERIM GROSS CASH ORDINARY DIVIDEND NO 91

Our dividend declaration for the six months ended 31 December 2021 is as follows:
Declaration of interim gross cash ordinary dividend no. 91
The Board has approved, and notice is hereby given, that an interim gross cash dividend of 40 SA cents (2.7 US cents*) per ordinary share in respect of the six months ended 31 December 2021, has been declared payable to the registered shareholders of Harmony on Monday, 11 April 2022.
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 40.00000 SA cents (US2.65604 cents*) per ordinary share for shareholders exempt from the Dividend Withholding Tax;
The net local dividend amount is 32.00000 SA cents per ordinary share for shareholders liable to pay the Dividend Withholding Tax;
Harmony currently has 616 525 702 ordinary shares in issue (which includes 47 381 treasury shares); and
Harmony’s income tax reference number is 9240/012/60/0.
A dividend No. 91 of 40.00000 SA cents (US2.65604  cents*) per ordinary share, being the dividend for the six months ended 31 December 2021, has been declared payable on Monday, 11 April 2022 to those shareholders recorded in the books of the company at the close of business on Friday, 8 April 2022. 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, 1 April 2022.
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 32.00000 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 cease 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, 5 April 2022
Ordinary shares trade ex-dividend Wednesday, 6 April 2022
Record date Friday, 8 April 2022
Payment date Monday, 11 April 2022
No dematerialisation or rematerialisation of share certificates may occur between Wednesday, 6 April 2022 and Friday, 8 April 2022, 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 R15.06/US$1* the dividend payable on an ADR is equivalent to US2.65604 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 R15.06/US$1 at 23 February 2022. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
7


OPERATING RESULTS – SIX MONTHLY (RAND/METRIC)
Six months 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 Dec-21 835 489 429 100 223 447 244 313 252 3 332
Dec-20 733 440 228 117 169 445 280 375 258 57 3 102
Yield - g/tonne Dec-21 4.420 6.940 7.500 8.360 3.260 4.110 4.290 7.310 3.670 5.390
Dec-20 4.710 8.470 8.220 8.970 4.050 4.360 3.650 6.150 3.850 4.330 5.580
Gold produced - kg Dec-21 3 689 3 396 3 217 836 728 1 836 1 046 2 287 926 17 961
Dec-20 3 453 3 725 1 874 1 050 685 1 940 1 021 2 305 994 247 17 294
Gold sold - kg Dec-21 3 736 3 483 3 271 847 737 1 920 1 046 2 384 938 18 362
Dec-20 3 461 3 781 1 844 1 050 686 1 952 1 040 2 358 997 242 17 411
Gold price received - R/kg Dec-21 868 184 867 889 905 365 861 896 866 182 857 205 878 824 863 435 869 497 873 290
Dec-20 895 441 900 063 946 900 901 210 899 453 899 556 908 572 892 801 840 110 925 979 900 545
Gold revenue¹ (R'000) Dec-21 3 243 537 3 022 856 2 961 450 730 026 638 376 1 645 833 919 250 2 058 429 815 588 16 035 345
Dec-20 3 099 123 3 403 140 1 746 084 946 270 617 025 1 755 933 944 915 2 105 225 837 590 224 087 15 679 392
Cash operating cost
(net of by-product credits)
(R'000) Dec-21 2 565 003 2 057 663 2 268 906 612 325 648 649 1 231 432 887 962 1 566 284 749 031 12 587 255
Dec-20 2 494 857 1 966 107 981 069 593 921 572 059 1 093 137 840 041 1 553 978 717 265 178 154 10 990 588
Inventory movement (R'000) Dec-21 34 278 35 764 68 987 11 424 6 737 48 757 3 055 47 610 7 270 263 882
Dec-20 535 62 139 111 367 (197) (178) 5 208 10 087 47 160 (2 091) 3 679 237 709
Operating costs (R'000) Dec-21 2 599 281 2 093 427 2 337 893 623 749 655 386 1 280 189 891 017 1 613 894 756 301 12 851 137
Dec-20 2 495 392 2 028 246 1 092 436 593 724 571 881 1 098 345 850 128 1 601 138 715 174 181 833 11 228 297
Production profit (R'000) Dec-21 644 256 929 429 623 557 106 277 (17 010) 365 644 28 233 444 535 59 287 3 184 208
Dec-20 603 731 1 374 894 653 648 352 546 45 144 657 588 94 787 504 087 122 416 42 254 4 451 095
Capital expenditure (R'000) Dec-21 730 028 378 160 300 144 25 444 92 028 212 033 189 048 103 155 23 247 2 053 287
Dec-20 463 848 294 292 218 016 33 187 87 538 225 131 182 818 90 723 11 182 1 606 735
Cash operating costs - R/kg Dec-21 695 311 605 908 705 286 732 446 891 001 670 715 848 912 684 864 808 889 700 810
Dec-20 722 519 527 814 523 516 565 639 835 123 563 473 822 763 674 177 721 595 721 271 635 515
Cash operating costs - R/tonne Dec-21 3 072 4 208 5 289 6 123 2 909 2 755 3 639 5 004 2 972 3 778
Dec-20 3 404 4 468 4 303 5 076 3 385 2 456 3 000 4 144 2 780 3 126 3 543
Cash operating cost
and Capital
- R/kg Dec-21 893 204 717 262 798 586 762 882 1 017 413 786 201 1 029 646 729 969 833 994 815 130
Dec-20 856 851 606 819 639 853 597 246 962 915 679 520 1 001 821 713 536 732 844 721 271 728 422
All-in sustaining cost - R/kg Dec-21 874 161 692 603 826 269 785 347 1 025 616 757 504 1 023 672 739 791 873 937 812 035
Dec-20 856 918 607 898 724 776 611 982 974 546 635 501 971 069 730 735 753 167 782 126 736 634
Operating free cash flow margin² % Dec-21 (2) % 19  % 13  % 13  % (16) % 12  % (17) % 19  % 5  %   % 9  %
Dec-20 % 34  % 31  % 34  % (7) % 25  % (8) % 22  % 13  % 20  % 20  %
*    The Unisel operation closed in October 2020

8


Six months ended SOUTH AFRICA Hidden
Valley
TOTAL
HARMONY
SURFACE PRODUCTION TOTAL
SOUTH
AFRICA
Mine Waste Solutions Phoenix Central
plant
reclamation
Dumps Kalgold TOTAL
SURFACE
Ore milled - t'000 Dec-21 11 996 3 113 2 038 4 505 740 22 392 25 724 1 914 27 638
Dec-20 5 904 3 091 1 970 4 249 758 15 972 19 074 1 789 20 863
Yield - g/tonne Dec-21 0.133 0.122 0.135 0.340 0.840 0.200 0.870 0.980 0.880
Dec-20 0.138 0.132 0.144 0.392 0.755 0.230 1.100 1.200 1.110
Gold produced - kg Dec-21 1 591 379 275 1 531 618 4 394 22 355 1 871 24 226
Dec-20 812 408 284 1 665 572 3 741 21 035 2 148 23 183
Gold sold - kg Dec-21 1 583 376 270 1 568 625 4 422 22 784 1 890 24 674
Dec-20 783 413 286 1 634 575 3 691 21 102 2 207 23 309
Gold price received - R/kg Dec-21 738 023 866 500 870 096 877 594 865 003 824 449 863 811 824 444 860 795
Dec-20 778 243 827 370 899 189 911 155 909 548 872 407 895 623 905 797 896 587
Gold revenue¹ (R'000) Dec-21 1 439 389 325 804 234 926 1 376 068 540 627 3 916 814 19 952 159 1 558 199 21 510 358
Dec-20 728 168 341 704 257 168 1 488 827 522 990 3 338 857 19 018 249 1 999 093 21 017 342
Cash operating cost
(net of by-product credits)
(R'000) Dec-21 812 838 218 785 144 091 1 001 417 468 379 2 645 510 15 232 765 945 646 16 178 411
Dec-20 379 369 198 590 140 120 894 883 394 666 2 007 628 12 998 216 819 943 13 818 159
Inventory movement (R'000) Dec-21 (6 107) (2 936) (2 426) 17 422 518 6 471 270 353 18 200 288 553
Dec-20 95 812 1 855 (62) 33 269 899 131 773 369 482 50 232 419 714
Operating costs (R'000) Dec-21 806 731 215 849 141 665 1 018 839 468 897 2 651 981 15 503 118 963 846 16 466 964
Dec-20 475 181 200 445 140 058 928 152 395 565 2 139 401 13 367 698 870 175 14 237 873
Production profit (R'000) Dec-21 632 658 109 955 93 261 357 229 71 730 1 264 833 4 449 041 594 353 5 043 394
Dec-20 252 987 141 259 117 110 560 675 127 425 1 199 456 5 650 551 1 128 918 6 779 469
Capital expenditure (R'000) Dec-21 65 599 1 099 6 113 13 450 71 192 157 453 2 210 740 947 332 3 158 072
Dec-20 33 791 1 163 6 380 24 205 83 976 149 515 1 756 250 584 751 2 341 001
Cash operating costs - R/kg Dec-21 510 898 577 269 523 967 654 093 757 895 602 073 681 403 505 423 667 812
Dec-20 467 203 486 740 493 380 537 467 689 976 536 655 617 933 381 724 596 047
Cash operating costs - R/tonne Dec-21 68 70 71 222 633 118 592 494 585
Dec-20 64 64 71 211 521 126 681 458 662
Cash operating cost
and Capital
- R/kg Dec-21 552 129 580 169 546 196 662 879 873 092 637 907 780 295 1 011 747 798 171
Dec-20 508 818 489 591 515 845 552 005 836 787 576 622 701 425 653 954 697 026
All-in sustaining cost - R/kg Dec-21 553 356 578 084 551 362 657 734 883 614 639 027 778 066 1 093 841 802 260
Dec-20 659 840 489 149 512 021 582 838 849 856 624 799 716 892 705 748 715 837
Operating free cash flow margin² % Dec-21 25  % 33  % 36  % 26  %   % 23  % 11  % 2  % 11  %
Dec-20 32  % 42  % 43  % 38  % % 33  % 22  % 28  % 22  %
¹Includes a non-cash consideration to Franco-Nevada (Dec-21:R271.099m, Dec-20:R118.804m) under Mine Waste Solutions, excluded from the gold price calculation.
²Excludes run of mine costs for Kalgold (Dec-21:-R1.165m, Dec-20:-R5.862m) and Hidden Valley (Dec-21:R369.980m, Dec-20:-R31.984m).

9


OPERATING RESULTS – SIX MONTHLY (US$/IMPERIAL)
Six months 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 Dec-21 921 540 473 110 246 492 269 345 278 3 674
Dec-20 808 485 251 129 187 491 308 413 285 63 3 420
Yield - oz/ton Dec-21 0.129 0.202 0.219 0.244 0.095 0.120 0.125 0.213 0.107 0.157
Dec-20 0.137 0.247 0.240 0.262 0.118 0.127 0.107 0.179 0.112 0.126 0.163
Gold produced - oz Dec-21 118 604 109 184 103 428 26 878 23 405 59 028 33 630 73 529 29 771 577 457
Dec-20 111 016 119 761 60 250 33 758 22 023 62 372 32 825 74 107 31 958 7 941 556 011
Gold sold - oz Dec-21 120 115 111 981 105 165 27 232 23 695 61 729 33 630 76 648 30 157 590 352
Dec-20 111 274 121 562 59 286 33 758 22 055 62 758 33 437 75 811 32 054 7 780 559 775
Gold price received - $/oz Dec-21 1 797 1 796 1 874 1 784 1 793 1 774 1 819 1 787 1 800 1 807
Dec-20 1 714 1 723 1 813 1 725 1 722 1 722 1 739 1 709 1 608 1 773 1 724
Gold revenue¹ ($'000) Dec-21 215 826 201 142 197 056 48 576 42 478 109 514 61 167 136 969 54 270 1 066 998
Dec-20 190 752 209 464 107 472 58 243 37 978 108 078 58 160 129 577 51 554 13 793 965 071
Cash operating cost
(net of by-product credits)
($'000) Dec-21 170 677 136 918 150 974 40 745 43 162 81 940 59 085 104 221 49 841 837 563
Dec-20 153 559 121 014 60 385 36 556 35 210 67 283 51 705 95 648 44 148 10 965 676 473
Inventory movement ($'000) Dec-21 2 281 2 380 4 590 760 448 3 244 203 3 168 484 17 558
Dec-20 33 3 825 6 855 (12) (11) 321 621 2 903 (129) 226 14 632
Operating costs ($'000) Dec-21 172 958 139 298 155 564 41 505 43 610 85 184 59 288 107 389 50 325 855 121
Dec-20 153 592 124 839 67 240 36 544 35 199 67 604 52 326 98 551 44 019 11 191 691 105
Production profit ($'000) Dec-21 42 868 61 844 41 492 7 071 (1 132) 24 330 1 879 29 580 3 945 211 877
Dec-20 37 160 84 625 40 232 21 699 2 779 40 474 5 834 31 026 7 535 2 602 273 966
Capital expenditure ($'000) Dec-21 48 577 25 163 19 972 1 692 6 123 14 110 12 579 6 863 1 546 136 625
Dec-20 28 551 18 114 13 418 2 043 5 388 13 856 11 252 5 584 688 98 894
Cash operating costs - $/oz Dec-21 1 439 1 254 1 460 1 516 1 844 1 388 1 757 1 417 1 674 1 450
Dec-20 1 383 1 010 1 002 1 083 1 599 1 079 1 575 1 291 1 381 1 381 1 217
Cash operating costs - $/t Dec-21 185 254 319 370 175 167 220 302 179 228
Dec-20 190 250 241 283 188 137 168 232 155 174 198
Cash operating cost
and Capital
- $/oz Dec-21 1 849 1 484 1 653 1 579 2 106 1 627 2 131 1 511 1 726 1 687
Dec-20 1 640 1 162 1 225 1 143 1 843 1 301 1 918 1 366 1 403 1 381 1 395
All-in sustaining cost - $/oz Dec-21 1 809 1 433 1 710 1 625 2 123 1 568 2 119 1 531 1 809 1 681
Dec-20 1 641 1 164 1 388 1 172 1 866 1 217 1 859 1 399 1 442 1 497 1 410
Operating free cash flow margin² % Dec-21 (2) % 19  % 13  % 13  % (16) % 12  % (17) % 19  % 5  %   % 9  %
Dec-20 % 34  % 31  % 34  % (7) % 25  % (8) % 22  % 13  % 20  % 20  %
*    The Unisel operation closed in October 2020

10


OPERATING RESULTS – SIX MONTHLY (US$/IMPERIAL)
Six months ended SOUTH AFRICA Hidden
Valley
TOTAL
HARMONY
SURFACE PRODUCTION TOTAL
SOUTH
AFRICA
Mine Waste Solutions Phoenix Central
plant
reclamation
Dumps Kalgold TOTAL
SURFACE
Ore milled - t'000 Dec-21 13 228 3 432 2 247 4 968 816 24 691 28 365 2 111 30 476
Dec-20 6 510 3 409 2 173 4 686 836 17 614 21 034 1 973 23 007
Yield - oz/ton Dec-21 0.004 0.004 0.004 0.010 0.024 0.006 0.025 0.028 0.026
Dec-20 0.004 0.004 0.004 0.011 0.022 0.007 0.032 0.035 0.032
Gold produced - oz Dec-21 51 152 12 185 8 841 49 222 19 869 141 269 718 726 60 153 778 879
Dec-20 26 106 13 118 9 131 53 531 18 390 120 276 676 287 69 060 745 347
Gold sold - oz Dec-21 50 895 12 088 8 681 50 412 20 095 142 171 732 523 60 765 793 288
Dec-20 25 174 13 279 9 195 52 534 18 487 118 669 678 444 70 956 749 400
Gold price received - $/oz Dec-21 1 527 1 793 1 801 1 816 1 790 1 706 1 788 1 706 1 782
Dec-20 1 490 1 584 1 721 1 744 1 741 1 670 1 715 1 734 1 716
Gold revenue¹ ($'000) Dec-21 95 778 21 679 15 632 91 564 35 974 260 627 1 327 625 103 683 1 431 308
Dec-20 44 818 21 032 15 829 91 638 32 190 205 507 1 170 578 123 045 1 293 623
Cash operating cost
(net of by-product credits)
($'000) Dec-21 54 087 14 558 9 588 66 635 31 166 176 034 1 013 597 62 924 1 076 521
Dec-20 23 350 12 223 8 624 55 080 24 291 123 568 800 041 50 467 850 508
Inventory movement ($'000) Dec-21 (406) (195) (161) 1 159 34 431 17 989 1 211 19 200
Dec-20 5 897 114 (4) 2 048 55 8 110 22 742 3 092 25 834
Operating costs ($'000) Dec-21 53 681 14 363 9 427 67 794 31 200 176 465 1 031 586 64 135 1 095 721
Dec-20 29 247 12 337 8 620 57 128 24 346 131 678 822 783 53 559 876 342
Production profit ($'000) Dec-21 42 097 7 316 6 205 23 770 4 774 84 162 296 039 39 548 335 587
Dec-20 15 571 8 695 7 209 34 510 7 844 73 829 347 795 69 486 417 281
Capital expenditure ($'000) Dec-21 4 365 73 406 895 4 738 10 477 147 102 63 036 210 138
Dec-20 2 080 72 393 1 490 5 169 9 204 108 098 35 991 144 089
Cash operating costs - $/oz Dec-21 1 057 1 195 1 084 1 354 1 569 1 246 1 410 1 046 1 382
Dec-20 894 932 944 1 029 1 321 1 027 1 183 731 1 141
Cash operating costs - $/t Dec-21 4 4 4 13 38 7 36 30 35
Dec-20 4 4 4 12 29 7 38 26 37
Cash operating cost
and Capital
- $/oz Dec-21 1 143 1 201 1 130 1 372 1 807 1 320 1 615 2 094 1 652
Dec-20 974 937 988 1 057 1 602 1 104 1 343 1 252 1 334
All-in sustaining cost - $/oz Dec-21 1 145 1 196 1 141 1 361 1 829 1 323 1 610 2 269 1 660
Dec-20 1 263 936 980 1 116 1 627 1 196 1 372 1 361 1 370
Operating free cash flow margin² % Dec-21 25  % 33  % 36  % 26  %   % 23  % 11  % 2  % 11  %
Dec-20 32  % 42  % 43  % 38  % % 33  % 22  % 28  % 22  %
¹Includes a non-cash consideration to Franco-Nevada (Dec-21:US$18.039m, Dec-20:US$7.312m), under Mine Waste Solutions excluded from the gold price calculation.
²Excludes run of mine costs for Kalgold (Dec-21:-US$0.078m, Dec-20:-US$0.361m) and Hidden Valley (Dec-21:US$24.619m, Dec-20:-US$1.969m).
11


harmonygoldminingcompanylia.jpg
12


CONDENSED CONSOLIDATED INCOME STATEMENT (RAND)
Six months ended Year ended
Figures in million Notes
31 December
2021
(Reviewed)
31 December
2020
(Reviewed)
Restated*
30 June
2021
(Audited)
Revenue 4 21 951  21 588  41 733 
Cost of sales 5 (19 252) (16 982) (35 489)
Production costs (16 907) (14 808) (29 774)
Amortisation and depreciation (1 810) (1 876) (3 875)
Impairment of assets (144) —  (1 124)
Other items (391) (298) (716)
Gross profit 2 699  4 606  6 244 
Corporate, administration and other expenditure (530) (535) (1 068)
Exploration expenditure (101) (76) (177)
Gains/(losses) on derivatives 10 (35) 902  1 022 
Foreign exchange translation gain/(loss)
13
(298) 652  670 
Other operating expenses (65) (54) (241)
Operating profit 1 670  5 495  6 450 
Gain on bargain purchase 15   303  303 
Acquisition-related costs 15   (111) (124)
Share of profits from associates 36  65  83 
Investment income 263  240  331 
Finance costs 6 (331) (338) (661)
Profit before taxation 1 638  5 654  6 382 
Taxation 7 (234) (1 054) (1 258)
Current taxation (170) (325) (544)
Deferred taxation (64) (729) (714)
Net profit for the period 1 404  4 600  5 124 
Attributable to:
Non-controlling interest 17  27  37 
Owners of the parent 1 387  4 573  5 087 
Earnings per ordinary share (cents) 8
Basic earnings 227  763  842 
Diluted earnings 225  743  825 
*    Refer to note 2 for further information on the restatement of financial statement line items. The restated amounts are reviewed but not audited.

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



The condensed consolidated financial statements for the six months ended 31 December 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 28 February 2022. These condensed consolidated financial statements have been reviewed by the group's external auditors, PricewaterhouseCoopers Incorporated.

13


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (RAND)
Six months ended Year ended
Figures in million Notes
31 December
2021
(Reviewed)
31 December
2020
(Reviewed)
Restated*
30 June
2021
(Audited)
Net profit for the period 1 404  4 600  5 124 
Other comprehensive income for the period, net of income tax 20  1 740  3 251 
Items that may be reclassified subsequently to profit or loss: (17) 1 729  3 233 
Foreign exchange translation gain/(loss) 702  (1 123) (1 234)
Remeasurement of gold hedging contracts 10 (719) 2 852  4 467 
Items that will not be reclassified to profit or loss 1 37  11  18 
Total comprehensive income for the period 1 424  6 340  8 375 
Attributable to:
Non-controlling interest 17  42  58 
Owners of the parent 1 407  6 298  8 317 
*    Refer to note 2 for further information on the restatement of financial statement line items. The restated amounts are reviewed but not audited.

The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (RAND)
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021 (REVIEWED)
Figures in million Share capital Accumulated loss Other
reserves
Non-controlling interest Total
Balance – 1 July 2021 32 934  (8 173) 6 399  54  31 214 
Share-based payments     88    88 
Net profit for the period   1 387    17  1 404 
Other comprehensive income for the period     20    20 
Dividends paid1
  (166)   (7) (173)
Balance – 31 December 2021 32 934  (6 952) 6 507  64  32 553 
Balance – 1 July 2020 32 937  (12 583) 3 017  23 375 
Share issue costs (2) —  —  —  (2)
Share-based payments —  —  90  —  90 
Partial purchase of non-controlling interest —  —  (4) (1) (5)
Net profit for the period as restated* —  4 573  —  27  4 600 
Other comprehensive income for the period —  —  1 725  15  1 740 
Dividends paid —  —  —  (1) (1)
Restated balance – 31 December 2020 32 935  (8 010) 4 828  44  29 797 
1    On 18 October 2021, Harmony paid an ordinary dividend of 27 cents per share.
*    Refer to note 2 for further information on the restatement of financial statement line items. The restated amounts are reviewed but not audited.

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

14


CONDENSED CONSOLIDATED BALANCE SHEET (RAND)
At At At
Figures in million Notes
31 December
2021
(Reviewed)
30 June
2021
(Audited)
31 December
2020
(Reviewed)
Restated*
ASSETS
Non-current assets
Property, plant and equipment 9 35 760  33 597  34 598 
Intangible assets 9 349  365  542 
Restricted cash and investments 1 5 435  5 232  5 070 
Investments in associates 127  126  149 
Deferred tax assets 7 306  272  484 
Other non-current assets 1 318  332  429 
Derivative financial assets 10 20  328  613 
Total non-current assets 42 315  40 252  41 885 
Current assets
Inventories 11 2 230  2 542  2 199 
Restricted cash and investments 50  67  72 
Trade and other receivables 12 1 884  1 652  1 485 
Derivative financial assets 10 616  1 471  718 
Cash and cash equivalents 2 940  2 819  4 217 
Total current assets 7 720  8 551  8 691 
Total assets 50 035  48 803  50 576 
EQUITY AND LIABILITIES
Share capital and reserves
Attributable to equity holders of the parent company 32 489  31 160  29 753 
Share capital 32 934  32 934  32 935 
Other reserves 6 507  6 399  4 828 
Accumulated loss (6 952) (8 173) (8 010)
Non-controlling interest 64  54  44 
Total equity 32 553  31 214  29 797 
Non-current liabilities
Deferred tax liabilities 7 2 095  2 178  2 061 
Provision for environmental rehabilitation 4 973  4 662  5 176 
Other provisions 1 863  926  889 
Borrowings 13 3 178  2 974  4 407 
Contingent consideration liability 15 428  417  565 
Other non-current liabilities 262  178  127 
Derivative financial liabilities 10 4  115 
Streaming contract liability 14 515  695  933 
Total non-current liabilities 12 318  12 036  14 273 
Current liabilities
Other provisions 1 175  175  175 
Borrowings 13 374  387  390 
Trade and other payables 4 197  4 389  3 924 
Derivative financial liabilities 10 76  206  1 627 
Streaming contract liability 14 342  396  390 
Total current liabilities 5 164  5 553  6 506 
Total equity and liabilities 50 035  48 803  50 576 
*    Refer to note 2 for further information on the restatement of financial statement line items. The restated amounts are reviewed but not audited.

The accompanying notes are an integral part of these condensed consolidated financial statements.
15


CONDENSED CONSOLIDATED CASH FLOW STATEMENT (RAND)
Six months ended Year ended
Figures in million Notes
31 December
2021
(Reviewed)
31 December
2020
(Reviewed)
30 June
2021
(Audited)
CASH FLOW FROM OPERATING ACTIVITIES
Cash generated by operations 16 3 793  6 070  9 741 
Dividends received 46  45  85 
Interest received 80  33  171 
Interest paid (87) (171) (234)
Income and mining taxes paid 7 (151) (198) (584)
Cash generated from operating activities 3 681  5 779  9 179 
CASH FLOW FROM INVESTING ACTIVITIES
Increase in restricted cash and investments
(10) (23) (48)
Amounts refunded from restricted cash and investments
51  34  34 
Redemption of preference shares from associates   36  36 
Acquisition of the Mponeng operations and related assets 15   (3 363) (3 363)
ARM BBEE Trust loan repayment   —  264 
ARM BBEE Trust loan advanced   —  (264)
Capital distributions from investments  
Proceeds from disposal of property, plant and equipment 9  11 
Additions to property, plant and equipment 16 (3 170) (2 366) (5 142)
Cash utilised by investing activities (3 120) (5 670) (8 464)
CASH FLOW FROM FINANCING ACTIVITIES
Borrowings repaid 13 (196) (2 126) (3 491)
Share issue costs   (2) — 
Lease payments (73) (30) (119)
Partial repurchase of non-controlling interest   (5) (5)
Dividends paid (173) (1) (684)
Cash utilised by financing activities (442) (2 164) (4 299)
Foreign currency translation adjustments 2  (85) 46 
Net increase/(decrease) in cash and cash equivalents 121  (2 140) (3 538)
Cash and cash equivalents – beginning of period 2 819  6 357  6 357 
Cash and cash equivalents – end of period 2 940  4 217  2 819 
The accompanying notes are an integral part of these condensed consolidated financial statements.
16


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021 (RAND)
1.    ACCOUNTING POLICIES
Basis of accounting
The condensed consolidated financial statements for the interim reporting period ended 31 December 2021 has been prepared in accordance with International Accounting Standard IAS 34 Interim Financial Reporting, the recognition and measurement requirements of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, the SAICA Financial Reporting Guides as issued by the Accounting practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, JSE Listings Requirements and in the manner required by the Companies Act no. 71 of 2008 of South Africa. The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2021 and any public announcements made by Harmony during the interim reporting period. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. There were no new standards, amendments to standards or interpretations that became effective that had a material impact on the group's results or financial position.
The condensed consolidated financial statements have been prepared on a going concern basis.
Comparative information
As a result of the acquisition of AngloGold Ashanti Limited's (AGA) remaining South African assets, collectively Mponeng operations and related assets (refer to note 15), a change in the materiality thresholds applied by management resulted in certain of the financial statement line items either being aggregated or disaggregated in the related primary financial statement as at and for the year ended 30 June 2021. As a result and in accordance with the requirements of IFRS, the December 2020 comparative information was also re-presented accordingly, as noted in the table below.
Line item Presentation in HY22 condensed financial statements (Dec 2021) Presentation in HY21 condensed financial statements (Dec 2020) Presentation in FY21 annual financial statements (Jun 2021)
Condensed consolidated statement of comprehensive income
Items that will not be reclassified to profit or loss Aggregated Disaggregated Aggregated
Condensed consolidated balance sheet
Restricted cash Aggregated and disclosed in the restricted cash and investments line item
Disclosed as a separate line item. The HY21 balance for the non-current portion was R137 million and the balance for the current portion was R72 million
Aggregated and disclosed in the restricted cash and investments line item
Restricted investments Aggregated and disclosed in the restricted cash and investments line item
Disclosed as a separate line item. The balance for HY21 was R4 933 million
Aggregated and disclosed in the restricted cash and investments line item
Non-current inventories Aggregated and disclosed in the other non-current assets line item
Disclosed as a separate line item. The balance for HY21 was R47 million
Aggregated and disclosed in the other non-current assets line item
Retirement benefit obligation Aggregated and disclosed in the other provisions line item
Disclosed as a separate line item. The balance for HY21 was R226 million
Aggregated and disclosed in the other provisions line item
Provision for silicosis settlement Aggregated and disclosed in the other provisions line item
Current and non-current portion disclosed as a separate line item. The HY21 balance for the non-current portion was R663 million and the balance for the current portion was R175 million
Aggregated and disclosed in the other provisions line item
During the six-month period ended 31 December 2021, Mine Waste Solutions (MWS) was identified as a separate reportable segment as a result of it exceeding the quantitative threshold of 10% of total reported profit as set out in IFRS 8 Operating Segments. This resulted in MWS's segment information being disaggregated from the All other surface operations segment. In accordance with the requirements of IFRS, the December 2020 and June 2021 comparative information has been re-presented in the segment report.

17


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021 (RAND)
2.    RESTATEMENT OF DECEMBER 2020 FINANCIAL RESULTS
Subsequent to the release of the financial results for the six months ended 31 December 2020, management identified an error relating to deferred taxation. The reported deferred tax expense for the six months ended 31 December 2020 was erroneously understated by R275 million, which resulted in an overstatement of the net profit for the period while the deferred tax liability as at 31 December 2020 was understated by R275 million. This error was corrected prior to the finalisation of the financial results for the year ended 30 June 2021 and therefore does not impact on the 2021 annual financial statements.
Further, the fair value exercise of the acquisition which had previously been prepared on a provisional basis at 31 December 2020 was finalised as at 30 June 2021. For further detail refer to note 15.
The error and the measurement period adjustments do not have an impact on the cash flow statement or other disclosure within the financial statements other than indicated below.
The error related to the deferred tax along with the remeasurement adjustments impacted the financial statement line items as follows:
Condensed consolidated income statement
For the six months ended 31 December 2020
Figures in R'million Previously
reported
Correction of error Measurement period adjustment Restated
Revenue 21 588  —  —  21 588 
Cost of sales (16 922) —  (60) (16 982)
Amortisation and depreciation (1 816) —  (60) (1 876)
Gross profit 4 666  —  (60) 4 606 
Other operating expenses (45) —  (9) (54)
Operating profit 5 564  —  (69) 5 495 
Gain on bargain purchase 1 153  —  (850) 303 
Finance costs (327) —  (11) (338)
Profit before taxation 6 584  —  (930) 5 654 
Taxation (772) (275) (7) (1 054)
Deferred taxation (447) (275) (7) (729)
Net profit for the period 5 812  (275) (937) 4 600 
Attributable to:
Owners of the parent 5 785  (275) (937) 4 573 
Earnings per ordinary share (cents)
Basic earnings 966  (46) (157) 763 
Diluted earnings 943  (45) (155) 743 
Headline earnings 775  (46) (16) 713 
Diluted headline earnings 758  (45) (18) 695 
Condensed consolidated balance sheet
As at 31 December 2020
Figures in R'million Previously
reported
Correction of error Measurement period adjustment Restated
Property, plant and equipment 35 180  —  (582) 34 598 
Deferred tax assets 312  —  172  484 
Total non-current assets 42 295  —  (410) 41 885 
Total assets 50 986  —  (410) 50 576 
Accumulated loss (6 798) (275) (937) (8 010)
Total equity 31 009  (275) (937) 29 797 
Deferred tax liabilities 1 810  275  (24) 2 061 
Provision for environmental rehabilitation 4 752  —  424  5 176 
Contingent consideration liability 237  —  328  565 
Total non-current liabilities 13 270  275  728  14 273 
Trade and other payables 4 125  —  (201) 3 924 
Total current liabilities 6 707  —  (201) 6 506 
Total equity and liabilities 50 986  —  (410) 50 576 

18


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021 (RAND)
3.    COVID-19 IMPACT
Harmony continues to implement best practice in terms of prevention and detection of Covid-19 within its workforces in South Africa and PNG. The impact of Covid-19 has been accounted for as part of the life-of-mine plans for FY22 and is currently treated as part of the normal day-to-day operations. During the past six months Harmony's group-wide vaccination programme proved to be extremely successful, founded on the stance that vaccination remains the best defence against the Covid-19 virus and its many variants. Harmony now looks towards the roll-out of booster shot doses to its fully vaccinated employees in order to ensure the safety of its workforce against the virus.
Since June 2021, Covid-related hospital admissions and deaths in South Africa has decreased significantly. Data from the National institute of Communicable Diseases shows significant decreases in hospital admissions and deaths when comparing the fourth wave of the pandemic, driven mainly by the Omicron variant, to the second and third wave of the pandemic. This was despite an increase in cases during the fourth wave, which indicates the delinking of number of cases to the number of deaths and those people who became severely ill and required hospitalisation. As at 31 December 2021, PNG is in the early stages of their fourth wave of the pandemic and currently the majority of the cases are asymptomatic or only exhibit very mild symptoms.
While fluctuations in the US$ gold price and Rand/US$ exchange rate in FY20 and FY21 were primarily driven by factors related to the Covid-19 pandemic, during the past six months these fluctuations have predominantly been dictated by other global factors.
Management will continue to assess information on the pandemic as it becomes available and formulate appropriate actions based thereon.
4.    REVENUE
Six months ended Year ended
Figures in million
31 December
2021
(Reviewed)
31 December
2020
(Reviewed)
30 June
2021
(Audited)
Revenue from contracts with customers 21 537  23 240  43 632 
  Gold1
21 097  22 670  42 597 
  Silver2
347  510  857 
  Uranium2
93  60  178 
Consideration from streaming contract3
271  119  397 
Hedging gain/(loss)4
143  (1 771) (2 296)
Total revenue5
21 951  21 588  41 733 
1    The quantity of gold sold increased by 6% to 24 674kg from 23 309kg. The comparative information includes the results of the Mponeng operations and related assets for three months while the current period includes the full six months. The increase due to this was offset by a decrease in production at Bambanani, Moab Khotsong, Hidden Valley with the closure of Unisel being completed in the previous financial year. The net gold sold increase was offset by the average gold price received decreasing by 4% to R860 795/kg from R896 587/kg in the December 2020 six months.
2    Silver is derived from the Hidden Valley mine in Papua New Guinea. Uranium is derived from the Moab Khotsong operation.
3    Relates to the recognition of non-cash consideration recognised as part of revenue for the streaming arrangement. Refer to note 14 for further information.
4    Relates to the realised effective portion of the hedge-accounted gold derivatives. Refer to note 10 for further information.
5    A geographical analysis of revenue is provided in the segment report.

The points of transfer of control are as follows: