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 30, 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 40 F.)

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 ☒






FY22∗
harmony_fy22.jpg
Harmony Gold Mining Company Limited
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
JSE share code: HAR
NYSE share code: HMY
ISIN: ZAE000015228
(Harmony or the company)
RESULTS
for the year ended
30 June 2022
KEY FEATURES
for the financial year 2022 (FY22) vs
financial year 2021 (FY21)
The key features are based on our four strategic pillars:
RESPONSIBLE STEWARDSHIPCASH CERTAINTY
• FTSE4Good constituent: amongst top 9% within the same FTSE industry basic resource sector
• Included in the Bloomberg Gender Equality Index for the 4th consecutive year
• CDP Water 'A' rating
• Kareerand water use licence obtained
• Improved safety performance – LTIFR below 6
• Commenced the 30MW Phase 1 renewable energy programme
• Refinanced our funding facilities which include sustainability-linked KPIs
• Secured a R1.5bn green loan to be used exclusively for Phase 2 renewable energy roll-out
• Revenue of R42 645m (US$2 804m) increased by 2% from R41 733m (US$2 710m)
• Net debt to EBITDA stable at 0.1x
• HEPS of 499 SA cents (33 US cents) decreased by 49% from 987 SA cents (64 US cents)
• Production profit of R9 546m (US$628m) decreased 20% from R11 958m (US$777m)
• Operating free cash flow of R2 905m (US$191m) decreased by 55% from R6 528m (US$424m)
• Net loss of R1 012m (US$48m) after net profit decreased by 120% from R5 124m (US$326m)
 
OPERATIONAL EXCELLENCEEFFECTIVE CAPITAL ALLOCATION
• Met revised annual production guidance
• Hidden Valley returned to normal levels of production in Q4
• Higher quality reserves and resources will result in improved conversions
– 132.6Moz in gold and gold equivalent resources
– 39.8Moz in gold and gold equivalent reserves
• Capital prioritised towards high-grade underground and high-margin surface assets
• Strong pipeline of organic projects, including Tier 1 Wafi-Golpu, to drive production profile and margin expansion
• Deleveraged balance sheet with R8 202m (US$504m) in liquidity
• Final dividend** of 22 SA cents (1.3 US cents)^ per share declared
• Total FY22 dividend yield of 1.1%#
*    These provisional condensed consolidated financial statements 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 R16.76/US$1 as at 25 August 2022
#     As at 25 August 2022




OPERATING RESULTS
Year
ended
30 June 2022
Year
ended
30 June 2021
%
Change
Gold producedkg46 236 47 755 (3)
oz1 486 517 1 535 352 (3)
Underground gradeg/t5.37 5.51 (3)
Gold price receivedR/kg894 218 851 045 
US$/oz1 829 1 719 
Cash operating costsR/kg701 024 600 592 (17)
US$/oz1 434 1 213 (18)
Total costs and capitalR/kg834 937 707 445 (18)
US$/oz1 707 1 429 (19)
All-in sustaining costs (AISC)R/kg835 891 723 054 (16)
US$/oz1 709 1 460 (17)
Production profitR million9 546 11 958 (20)
US$ million628 777 (19)
Average exchange rateR/US$15.21 15.40 (1)
FINANCIAL RESULTS
Year
ended
30 June 2022
Year
ended
30 June 2021
%
Change
Basic earnings/(loss) per shareSA cents(172)842 <(100)
US cents(8)54 <(100)
Headline earningsR million3 055 5 959 (49)
US$ million199 387 (49)
Headline earnings per share (HEPS)SA cents499 987 (49)
US cents33 64 (49)
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, and including any climate change-related statements, targets and metrics, are necessarily estimates reflecting the best judgement 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; the impact from, and measures taken to address, Covid-19 and other contagious diseases, such as HIV and tuberculosis; rising inflation, supply chain issues, volatile commodity costs and other inflationary pressures exacerbated by the Russian invasion of Ukraine and subsequent sanctions; estimates of future earnings, and the sensitivity of earnings to gold and other metals prices; estimates of future gold and other metals production and sales; estimates of future cash costs; estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; estimates of provision for silicosis settlement; increasing regulation of environmental and sustainability matters such as greenhouse gas emission and climate change, and the impact of climate change on our operations; 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 operations; 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 or sufficient gender diversity in management positions or at Board level; 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.
These forward-looking statements speak only as of the date they are made. 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.
These forward-looking statements are the responsibility of the directors and have not been reviewed and reported on by the Company’s external auditors.
2    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


CONTENTS
PAGE
2Forward-looking statements
3Shareholder information
4Message from the chief executive officer
8Notice of final gross cash dividend
9Summary update of Harmony's Mineral Resources and Mineral Reserves
12Operating results – year on year (Rand/Metric)
14Operating results – year on year (US$/Imperial)
16Review report from external auditor
17Condensed consolidated income statement (Rand)
18Condensed consolidated statement of comprehensive income (Rand)
18Condensed consolidated statement of changes in equity (Rand)
19Condensed consolidated balance sheet (Rand)
20Condensed consolidated cash flow statement (Rand)
21Notes to the condensed consolidated financial statements
38Segment report (Rand/Metric)
39Condensed consolidated income statement (US$)
40Condensed consolidated statement of comprehensive income (US$)
40Condensed consolidated statement of changes in equity (US$)
41Condensed consolidated balance sheet (US$)
42Condensed consolidated cash flow statement (US$)
43Segment report (US$/Imperial)
44Development results – Metric and Imperial
45Competent person's declaration
45Directorate and administration

SHAREHOLDER INFORMATION
Issued ordinary share capital 30 June 2022
616 525 702
Issued ordinary share capital 30 June 2021
616 052 197
MARKET CAPITALISATION
As at 30 June 2022 (ZARm)32 041
As at 30 June 2022 (US$m)1 956
As at 30 June 2021 (ZARm)32 503
As at 30 June 2021 (US$m)2 276
HARMONY ORDINARY SHARES AND ADR PRICES
12-month high (1 July 2021 – 30 June 2022)
for ordinary shares (ZAR)
82.65
12-month low (1 July 2021 – 30 June 2022)
for ordinary shares (ZAR)
43.87
12-month high (1 July 2021 – 30 June 2022)
for ADRs (US$)
5.36
12-month low (1 July 2021 – 30 June 2022)
for ADRs (US$)
3.01
FREE FLOAT100 %
AMERICAN DEPOSITARY RECEIPT (ADR) RATIO1:1
JSE LIMITEDHAR
Average daily volume for the year
(1 July 2021 – 30 June 2022)
2 434 235
Average daily volume for the previous year
(1 July 2020 – 30 June 2021)
3 827 808
NEW YORK STOCK EXCHANGEHMY
Average daily volume for the year
(1 July 2021 – 30 June 2022)
6 317 140
Average daily volume for the previous year
(1 July 2020 – 30 June 2021)
6 591 645
INVESTORS' CALENDAR
Annual General Meeting
29 November 2022
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    3


MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
OVERVIEW
The many successes achieved in FY22 are attributable to the embodiment of the five Harmony values by our people each and every day. Our culture of achievement and a philosophy of creating shared value is encapsulated in the three words: 'Mining with Purpose'.
Harmony ended the financial year on the front foot, confident and with good momentum. The strong fourth quarter has carried through into the new financial year and I am confident we will again deliver on our strategic objective of safe, profitable ounces in financial year 2023 (FY23).
We met our revised annual production guidance despite numerous macro and operational challenges throughout FY22. Our AISC was marginally higher than guided. We have also taken a major step forward on our decarbonisation journey, with the construction of our first 30 megawatts (MW) of renewable solar generation capacity now underway through an independent power producer (IPP).
We have reshaped our portfolio through effective capital allocation. The result is a higher-quality portfolio with production now diversified across three core business areas, namely:
South African underground
South African surface
International operations
Improving safety, delivering meaningful returns, active cost management and growing our ounces are key focus areas. Our brownfield and greenfield pipeline of projects, coupled with value-accretive mergers and acquisitions (M&A) and responsible allocation of capital towards environmental, social and governance (ESG) focussed initiatives will ensure continued value-creation for our shareholders and other stakeholders for years to come.
SAFETY AND RESPONSIBLE STEWARDSHIP
Safety is our number one priority and the cornerstone of decision-making at Harmony. Achieving our objective of zero loss-of-life is a non-negotiable and we believe it is achievable.
Safety will always take precedent over production. This was evident in our decision on the responsible closure of Bambanani at the end of this financial year. As the mine reached the end of its life, seismicity increased beyond an acceptable level. Therefore, the decision was taken to permanently close the mine having extracted 84% of the pillar. We bid farewell to a stalwart in South African mining, but are pleased that the highly-skilled Bambanani crews have been redeployed within Harmony. We extend our gratitude to all those who were involved at Bambanani over the past 50 years.
Our comprehensive safety initiatives and robust risk management framework are starting to yield results. We have achieved some extraordinary safety milestones as a company and indeed as an industry. Traditional high-risk agencies such as falls of ground and rail-bound equipment both demonstrated significant improvements. Harmony had zero fall-of-ground loss-of-life incidents in the second half of the financial year and we are also seeing an increase in white-flag (accident-free) days.
We have also seen our lost-time injury frequency rate (LTIFR) trend below six per 1 million hours worked for three consecutive quarters – another first for Harmony. The LTIFR for FY22 ended at 5.90 per million hours worked compared to 6.46 per million hours worked in FY21.
The roll-out of various initiatives such as the standardisation of process maps, the implementation of Syncromine (an optical character recognition system which converts paper checklists into real-time digitised data), manless box-holes, missing persons’ locators and 'wiring the mine' trials at Mponeng, will drive further improvements in safety.
Other key safety initiatives implemented in FY22 include:
Stopes and development areas being equipped with permanent steel netting and bolting
Introduction and adoption of additional fall-of-ground leading practices including entry examination and ensuring working areas are safe
Introduction and adoption of a trigger action response plan (TARP) which consists of a set of documented and known workplace hazards that need to be continuously checked
Adoption of good ledging practices at all underground operations
Our safety journey, however, requires each one of us to remain vigilant and alert to our surroundings while not being afraid to exercise our right to refuse entry to a place of work if deemed unsafe.
Regrettably, our year-on-year loss-of-life injury frequency rate regressed from 0.11 in FY21 to 0.13 in FY22. Eight of the 13 lives lost occurred at Kusasalethu in FY22. We have engaged the unions and mine management to ensure everyone is fully committed to prioritising and improving safety at the mine. Dedicated training for the engineering departments, alongside other safety initiatives, has been implemented to ensure we never have a repeat of the tragedy experienced this financial year.
We pay our respects and extend our deepest condolences to the families, friends and colleagues of the following colleagues who lost their lives in mine- and engineering-related incidents in FY22:
Thembile Simon Mabala (driller, Tshepong South), Pule Jan Mokhatsi (stope team member, Moab Khotsong), Richard Mohapi (rock drill operator, Mponeng), Thobela Gwangxu (winch operator, Kusasalethu), Mbongeni Zulu (stope team member, Kusasalethu), Sicelo Tshovana (artisan, Doornkop), Andile Michael Mafilika (stope team leader, Kusasalethu), Makoae Cosma Makhang (tramming team leader, Doornkop), Sifiso Gumede (engineering assistant, Kusasalethu), Emmanuel Dhlamini (engineering assistant, Kusasalethu), Joao Nhantumbo (engineering assistant, Kusasalethu), Lemohang Lerata (engineering assistant, Kusasalethu) and Linda Mgudzi (development team leader, Kusasalethu).
With the Covid-19 pandemic seemingly behind us, we encourage our people and host communities to remain cautious and responsible. Covid-19 has been integrated in our standard operating procedures and is prioritised alongside our other healthcare initiatives, particularly those relating to occupational and lifestyle diseases at our medical hubs and clinics, ensuring the wellbeing of our people. We have introduced a new electronic health system providing a more holistic view of our employees' health status. This electronic system incorporates occupational health, primary health, injury on duty and chronic disease on the same platform, eliminating manual processes. The system has been fully implemented at all operations, providing a more timeous, effective and holistic clinical management solution.
Sustainability
Our embedded sustainable development strategy has again resulted in our inclusion in the FTSE4Good Index where we continue to outperform the gold sub-sector and basic metals sector averages. Our FTSE Russell ESG rating improved from a 3.4 to a 4, placing Harmony in the top 9% in the sub-sector within their coverage universe.
Sustainalytics' rating for Harmony improved to 37.6 in FY22 from 40.2 (lower score is better) in FY21, demonstrating strong management of risk exposures.
We have again been included in the Bloomberg Gender-Equality Index for a fourth consecutive year, demonstrating gender diversity at all levels.
Harmony achieved an 'A' score for CDP Water Management while MSCI maintained Harmony at a ‘B’ rating on the back of our strong governance framework.
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 and with all our stakeholders.
Renewable energy and power
As part of our journey to be net-carbon zero by 2045, construction has commenced on Phase 1 of our renewable energy solar programme.
4    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


This phase is being constructed by our IPP partners and consists of three 10 MW (30MW) solar plants in the Free State province. We have a 15-year purchase power agreement (PPA) in place. Since 2016, we have saved over R1 350 million (US$89 million) in energy efficiency and demand side management initiatives.
Phase 2 of our renewable energy programme will be largely self-funded using the proceeds of the R1.5 billion green loan and will deliver an additional 137MW of renewable energy by FY25. In addition to these two phases, we have a pipeline of renewable and alternative energy projects in various stages of development. We are open to working with the government to provide further solutions towards further alleviating the energy crisis and feeding excess energy back into the grid.
MEANINGFUL RETURNS
Long-term value creation is contingent on effective capital allocation. As we continue to grow and diversify production, capital expenditure must remain disciplined, focussed and affordable. We are paying a final dividend alongside our growth aspirations and continue to optimise our existing operations and asset mix. We are reallocating capital towards those projects and operations that will deliver the highest possible returns while lowering the overall risk profile of Harmony. Not only will we prioritise investment in our high-grade assets, we will achieve a more balanced production split across the three core business areas previously mentioned, and ensure all of our mines are safe and profitable.
We have therefore taken the tough decision to restructure Tshepong Operations. Going forward, Tshepong Operations will be reported on separately as Tshepong North and Tshepong South. The Tshepong North sub-75 project has been suspended and the life-of-mine reduced from 19 years to seven years. This restructuring will create a smaller but immediately profitable operation going forward. The capital which was earmarked for Tshepong North will be reallocated to projects delivering higher returns. This was not an easy decision but it was necessary to ensure we continue to mine sustainably and profitably. R650 million (US$40 million) in capital will be moved to projects such as Zaaiplaats and the Kareerand expansion project.
Group revenue for the period increased by 2% to R42 645 million (US$2 804 million) from R41 733 million (US$2 710 million) in FY21 mainly as a result of a R497 million (US$33 million) hedge gain and a full year's production from Mponeng and related assets in FY22 compared to only nine months in FY21.
The average gold price received, including hedging, increased by 5% to R894 218/kg (US$1 829/oz) from R851 045/kg (US$1 719/oz) in FY21.
Group gold production for the period decreased 3% year on year to 46 236kg (1 486 517oz) from 47 755kg (1 535 352oz) mainly as a result of safety-related stoppages, mining constraints and supply chain disruptions at our operations in South Africa. In Papua New Guinea, production was severely impacted by the overland conveyor belt failure at Hidden Valley and geotechnical instability impacting Stage 6 of the pit.
Group AISC of R835 891/kg (US$1 709/oz) was slightly higher than our amended guidance range for FY22 which was between R795 000/kg and R835 000/kg (US$1 626/oz and US$1 708/oz).
Group capital expenditure for FY22 increased by 21% to R6 192 million (US$407 million) from R5 103 million (US$331 million) in FY21 but was R1 837 million (US$121 million) below what had been planned. The underspend in FY22 was mainly as a result of the late start of the Zaaiplaats and Kareerand projects. The Zaaiplaats delay was mainly due to the pending finalisation of the detailed study outcome. The Kareerand project capital spend was postponed due to regulatory approvals that were delayed.
Operating free cash of R2 905 million (US$191 million) was generated, net of capital, for the reporting period (FY21: R6 528 million (US$424 million)). Pre-capital operating cash flow decreased by 26% to R7 164 million (US$471 million) from R9 741 million (US$633 million) in FY21. Cash utilised for investing activities decreased 27% to R6 200 million (US$408 million) from R8 464 million (US$531 million) due to the acquisition of Mponeng and related assets in FY21. We anticipate that we will repay the Mponeng and related assets in the coming financial year.
We again remind our stakeholders that we are in a high-capital investment cycle. This impacted free cash in FY22 and will continue into FY23 as we invest in our high-grade assets and surface retreatment business to create long-term value.
South African underground
Harmony will continue to invest in its high-grade underground assets in its quest to deliver superior returns and improved cash flow generation. We have grouped our underground assets based on grade and life-of-mine. Major capital allocation for our underground assets is prioritised based on grade and returns.
Underground assets have been grouped as follows:
High-grade, long-life assets: Moab Khotsong and Mponeng
Short- to medium-life assets with a focus on free-cash generation: Tshepong North, Tshepong South, Doornkop, Joel, Target 1, Kusasalethu and Masimong
South African underground production decreased 2% year on year to 34 326kg (1 103 605oz) from 34 978kg (1 124 563oz). Mining-related constraints as a result of adverse ground conditions and seismicity contributed to lower grades and volumes. Joel returned to profitability in the fourth quarter of FY22, post the completion of the decline project and the successful implementation of the turnaround strategy.
Total underground capital expenditure increased by 25% to R4 395 million (US$289 million) from R3 508 million (US$228 million) in FY21. Non-sustaining or major capital increased 47% to R901 million (US$59 million) from R613 million (US$40 million). The Zaaiplaats project at Moab Khotsong is underway while our other major underground projects at Doornkop and Target 1 are ongoing.
Ongoing development capital was 21% higher at R2 595 million (US$171 million) from R2 142 million (US$139 million) in FY21.
There will be an approximate R400 million (US$25 million) reduction in sustaining capital and R250 million (US$15 million) reduction in major capital at Tshepong North going forward.
Underground ore milled increased by 2% to 6.4 million tonnes (Mt) from 6.3Mt in FY21.
Average underground grade decreased by 3% to 5.37g/t from 5.51g/t due to adverse ground conditions at Moab Khotsong and the impact of seismicity at some high-grade panels at Mponeng. Excellent development grades have been obtained from all operations, specifically Mponeng and Moab Khotsong, which is very encouraging for future grade profiles of the South African underground operations. At all operations, development grades are higher or in line with reserve grades.
Development metres increased by 9% to 46 705 metres in FY22 from 42 871 metres in FY21. Reef metres remained flat year on year at 9 590 metres. Capital development increased 55% to 6 696 metres from 4 315 metres in FY21 due to our key projects at Target 1, Doornkop and Moab Khotsong.
Cash operating costs per unit increased by 14% to R731 460/kg (US$1 496/oz) from R640 569/kg (US$1 294/oz) in FY21. AISC increased to R855 321/kg (US$1 749/oz) from R749 971/kg (US$1 515/oz) mainly as a result of the lower production.
Production profit decreased by 16% to R6 139 million (US$404 million) from R7 349 million (US$477 million) in FY21. Operating free cash was 58% lower at R1 570 million (US$103 million) from R3 730 million (US$242 million) due to higher capital expenditure and lower production.
South African surface
Production from our surface sources increased by 1% to 8 203kg (263 730oz) in FY22 from 8 088kg (260 034oz) in FY21. Mine Waste Solutions benefited from a 7% increase in recovered grades to 0.124g/t from 0.116g/t. However, volumes were impacted by cyanide and water supply constraints in the fourth quarter of FY22. The increase in production year on year was due to an additional three months' production in FY22 compared to only nine months in FY21. Kalgold's production was impacted by lower grades due to shale dilution, heavy rainfall and power outages throughout the year.
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    5


Average surface source grades decreased by 5% to 0.19g/t from 0.20g/t due to a decrease in grades at the dumps.
Cash operating costs for South African surface sources increased by 9% to R623 136/kg (US$1 274/oz) in FY22 from R569 369/kg (US$1 150/oz) in FY21.
AISC for South African surface sources increased by 7% to R680 841/kg (US$1 392/oz) from R636 015/kg (US$1 285/oz) in FY21.
Total South African surface capital expenditure increased by 64% to R547 million (US$36 million) from R334 million (US$22 million) in FY21 and is expected to remain elevated for the next two years.
International
Year on year Hidden Valley’s FY22 gold production declined by 21% to 3 707kg (119 182oz) from 4 689kg (150 755oz) in FY21. Silver production also declined by 12% to 55 687kg (1 790 378oz) from 63 482kg (2 040 994oz).
Gold and silver production were negatively impacted by the overland conveyor belt failure in January 2022. The overland conveyor belt has since been repaired and we have implemented additional controls to reduce the risk of this happening again.
Recovered gold grade declined 16% to 1.15g/t from 1.37g/t while the recovered silver grade declined to 17.24g/t from 18.56g/t. This was due to limited access to high-grade ore from the Stage 6 pit and processing of lower grade stockpiles while the overland conveyor belt was being repaired.
Production profit in FY22 was 55% lower at R1 036 million (US$68 million) from R2 309 million (US$150 million) in FY21. Operating free cash flow was a negative R46 million (US$3 million) compared to a positive R1 117 million (US$72 million) in FY21 due to the above-mentioned challenges. Hidden Valley has returned to profitability in the fourth quarter of FY22 post the completion of the overland conveyor belt repairs.
Hidden Valley's total cash operating costs increased by 31% to R2 193 million (US$144 million) from R1 670 million (US$108 million) due to lower silver sales and higher diesel, reagents and explosives costs. Excluding silver sales and the non-cash unwind of run-of-mine stockpiles, cash costs only increased 3% to R3 118 million (US$205 million) from R3 039 million (US$197 million) in FY21.
Per unit total cash operating costs increased by 66% to R591 551/kg (US$1 210/oz) from R356 233/kg (US$719/oz) in FY21.
AISC for FY22 increased by 49% to R1 007 986/kg (US$2 067/oz) from R677 659/kg (US$1 383/oz) due to the lower production. We expect the AISC at Hidden Valley to normalise during FY23.
MANAGING COSTS
Higher-grade ore bodies provide better margins. Managing our costs is linked to meeting our production plans. It is for these reasons that we are investing in our high-grade mines and our surface operations to further drive margins and mitigate against higher inflation.
Total cash operating costs for FY22 increased by 13% to R32 413 million (US$2 131 million) from R28 681 million (US$1 862 million) in FY21. Excluding Unisel (which was closed in FY21) and Mponeng and related assets, stringent cost controls ensured that cash costs increased by 8% in line with our planning parameters. Labour, contractors and electricity accounted for 77% of our South African cash operating costs. The primary driver of the overall increase in costs was higher electricity costs which increased by 13% while labour costs increased between 6 and 8%. Consumables such as diesel, chemicals and steel also contributed towards the increase. Mponeng and related assets contributed an additional R1 671 million (US$110 million) in costs, an increase of 33% year on year, due to a full year's costs in FY22 compared to only nine months in FY21.
Care and maintenance costs increased by 90% in FY22 to R273 million (US$18 million) from R144 million (US$9 million) in FY21 as a result of the closure of the Vaal River surface operations and the Kopanang gold plant at the end of FY21.
Covid-19 related costs were R477 million (US$31 million) in FY22 compared to R579 million (US$38 million) in FY21. Since the beginning of the pandemic, Covid-19 has cost Harmony over R1 200 million (US$78 million) in direct expenses. We expect these costs to fall substantially going forward.
Per unit total cash operating costs for Harmony increased 17% to R701 024/kg (US$1 434/oz) compared to R600 592/kg (US$1 213/oz) in FY21 due to the lower production.
INVESTING IN GROWTH
The various brownfield projects announced in FY21 are now all underway. The Target 1 recapitalisation project is expected to be complete by the end of this calendar year and the Doornkop 207/212 project is also on track.
We continue with various exploration projects to address production gaps, replace ounces and increase life-of-mine. In South Africa, brownfield exploration continues at Mponeng, Joel, Doornkop and Kalgold. We are also making good progress at our Target North exploration project.
In Papua New Guinea, brownfield exploration is focussed on developing new satellite resource areas through the Kerimenge deposit near Hidden Valley. The Kerimenge deposit is located approximately 8 kilometres west of the Hamata processing plant and has an inferred resource of 16.4Mt at 1.07g/t for 565 000 ounces of gold.
The Tier 1 Wafi-Golpu copper-gold project continues as we work with Newcrest Mining Limited (our joint venture partner), to progress the Special Mining Lease permitting process. With the general elections in Papua New Guinea now complete, we expect negotiations to resume.
As part of our objective of growing our ounces through value-accretive acquisitions, opportunities will be assessed and considered provided they are affordable and meet our investment criteria for value creation.
KEY FINANCIAL RESULTS
Impairment of assets
An impairment loss of R4 433 million (US$273 million) was recognised for FY22. R3 622 million (US$223 million) was recognised against Tshepong Operations, where the restructuring resulted in two separate cash-generating units (CGU) being tested for impairment purposes. The impairments are mainly due to the increase in costs for both production and capital expenditure, as well as certain reserves at Tshepong North being reclassified from reserves in the life-of-mine plan to the resource base. This resulted in discounting having a more significant impact on the valuation of the operation. Moab Khotsong recognised impairment charges of R522 million (US$32 million) primarily as a result of increased production costs and additional capital costs for the Zaaiplaats project. Kusasalethu and Bambanani recognised impairment charges of R289 million (US$18 million) following updates made to their life-of-mine plans due to safety considerations.
R333 million (US$21 million) of the impairment charges attributable to Moab Khotsong and Bambanani were recognised against goodwill.
Also refer to note 7 in the financial statements for more details.
Foreign exchange gains and losses included in the operating profit/loss
A foreign exchange translation loss of R327 million (US$21 million) was recognised in FY22 compared to a R670 million gain (US$44 million) in FY21. This is predominantly a result of the weakening of the rand and the impact this had on US dollar loan balances. The rand weakened against the US dollar evidenced by a closing exchange rate of R16.27/US$1 at 30 June 2022 compared to R14.27/US$1 a year earlier.
Taxation
Total taxation for the group decreased from an expense of R1 258 million (US$81 million) in FY21 to a credit of R46 million (US$3 million) in FY22.
Current tax decreased by 44% to R307 million (US$20 million) from R544 million (US$35 million) mainly due to the decrease in production profits and the resultant lower taxable income.
6    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


Deferred tax moved from an expense of R714 million (US$46 million) in FY21 to a credit of R353 million (US$23 million) in FY22. This was mainly as a result of the change in life-of-mine plans, which affected the deferred tax rates, resulting in a decrease year on year for the majority of the South African companies. Changes in temporary differences, including those caused by impairments, also contributed to the change. Refer to note 5 in the financial statements.
Net profit/loss
Harmony’s financial performance in FY22 reflects a net loss of R1 012 million (US$48 million) compared to a net profit of R5 124 million (US$326 million) in FY21.
Basic earnings per share declined more than 100% from 842 SA cents per share (54 US cents) in FY21 to a loss of 172 SA cents per share (8 US cents).
Headline earnings per share decreased 49% to 499 SA cents (33 US cents) for FY22 from 987 SA cents (64 US cents) for FY21.
Refer to note 6 in the financial statements.
Net debt
As at 30 June 2022, net debt increased by R215 million (US$9 million) to R757 million (US$47 million). This was mainly attributable to a lower cash position due to the increased capital expenditure and lower production.
Liquidity
During the last quarter of FY22, we refinanced our funding facilities which now include new sustainability-linked and green loan facilities through a syndicate of banks. The facility comprises of the following components:
US$300 million sustainability-linked Revolving Credit Facility (RCF)
US$100 million sustainability-linked term loan
R2.5 billion sustainability-linked RCF
R1.5 billion green loan
The Rand RCF, US$ RCF and US$ term loan are linked to certain sustainability-linked key performances indicators (ESG KPIs), which will be measured annually for the next three financial years and will result in changes to interest rate margins. The ESG KPIs against which we will be measured are greenhouse gas emissions, renewable energy as a percentage of total energy consumed at our South African operations and potable water consumed. Refer to note 10 for detail.
Headroom of R8 202 million (US$504 million) is available through cash and available facilities and will be used to help Harmony achieve its strategic and growth objectives.
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. For FY22, we reported a net gain on derivatives (including realised and unrealised) of R53 million (US$3 million) compared to a net gain of R1 022 million (US$66 million) in FY21. This figure excludes gains and losses from hedge-accounted gold derivatives, which are accounted for in revenue. The decrease in the gain is primarily a consequence of the reduction in open positions of the foreign exchange derivatives at 30 June 2022 as compared to 30 June 2021, as well as the spot rate at the reporting dates relative to the floor and cap rates.
Revenue includes a realised hedging gain of R497 million (US$33 million) in FY22 compared to the R2 296 million (US$149 million) realised loss in FY21 relating to the realised effective portion of hedge-accounted gold derivatives.
Derivatives recorded a net realised cash inflow of R695 million (US$46 million) in FY22 as compared to an outflow of R2 544 million (US$165 million) in FY21.
The derivative programme stood at a net positive value of R645 million (US$40 million) as at 30 June 2022 mainly due to the locked-in forward price of gold hedges exceeding the spot rate, yielding a positive valuation of the outstanding contracts.
Refer to notes 3 and 8 in the financial statements for details on the derivative programme.
Final dividend
In line with our existing dividend policy, and following on the payment of an interim dividend in April 2022, we are pleased to announce that Harmony has declared a final dividend of 22 SA cents (1.3 US cents) per share on the back of the operating free cash generated throughout the financial year. The board has taken a decision to declare a dividend on the basis of consistency and adjusting for major capital and once-off items.
This, in addition to the interim dividend paid, translates to a full year dividend yield of approximately 1.1% 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.
APPOINTMENT OF FUTURE EXTERNAL AUDITOR
On 1 July 2022, we announced that we intend on appointing Ernst & Young Incorporated (EY) as the external auditor with effect from the financial year commencing 1 July 2023, being the 2024 financial year. The appointment will be subject to shareholder approval at the next annual general meeting to be held on 29 November 2022. This is in accordance with the mandatory audit firm rotation rule issued by the Independent Regulatory Board for Auditors.
FY23 GROUP PRODUCTION AND COST GUIDANCE
Production guidance for FY23 is estimated to be between 1.4 million ounces (Moz) and 1.5Moz at an all-in sustaining cost of below R900 000/kg. Underground recovered grade is planned to be between 5.45g/t to 5.60g/t. This guidance was determined with reference to the life-of-mine plans of the group’s operations. Refer to note 7 of the financial statements for the long-term assumptions used as part of the annual budgeting process. The above guidance is subject to forward-looking statements.
CONCLUSION
Thank you to all our shareholders and stakeholders for the ongoing support, which has enabled Harmony to achieve its goals.
While the solid platform we have built has placed Harmony in a strong position to deliver operationally, our journey is not yet complete. Creating further value for all our stakeholders requires constant evaluation of our assets and an understanding of where we can generate the best returns over the life-of-mine. Our portfolio will continue to evolve as we strive to produce safe, profitable ounces and further our efforts to diversify production across the three core business areas.
We have a clear strategy to invest in projects that will generate the best possible returns, ensuring we meet our long-term objectives. It is for this reason we have dedicated significant resources towards improving the safety and operational performance throughout all our operations.
Harmony is in the business of converting resources into shared value. Sustainability is at the centre of all strategic decisions. Delivering meaningful returns to our shareholders while at the same time effecting positive change and maintaining the trust of all of our stakeholders is what we call 'Mining with Purpose'.

Peter Steenkamp
Chief executive officer
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    7


NOTICE OF FINAL GROSS CASH DIVIDEND
Our dividend declaration for the 12 months ended 30 June 2022 is as follows:
Declaration of final gross cash ordinary dividend no. 92
The Board has approved, and notice is hereby given, that a final gross cash dividend of 22 SA cents (1.3 US cents*) per ordinary share in respect of the 12 months ended 30 June 2022, has been declared payable to the registered shareholders of Harmony on Monday, 17 October 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%;
The gross local dividend amount is 22.00000 SA cents (1.31274 US cents*) per ordinary share for shareholders exempt from the Dividend Withholding Tax;
The net local dividend amount is 17.60000 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. 92 of 22.00000 SA cents (1.31274 US cents*) per ordinary share, being the dividend for the 12 months ended 30 June 2022, has been declared payable on Monday, 17 October 2022 to those shareholders recorded in the share register of the company at the close of business on Friday, 14 October 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, 7 October 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 17.60000 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 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, 11 October 2022
Ordinary shares trade ex-dividendWednesday, 12 October 2022
Record dateFriday, 14 October 2022
Payment dateMonday, 17 October 2022
No dematerialisation or rematerialisation of share certificates may occur between Wednesday, 12 October 2022 and Friday, 14 October 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 R16.76/US$1* the dividend payable on an ADR is equivalent to 1.31274 US 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 R16.76/US$1 at 25 August 2022. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
8    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


SUMMARY UPDATE OF HARMONY’S MINERAL RESOURCES AND MINERAL RESERVES
Harmony’s statement of Mineral Resources and Mineral Reserves as at 30 June 2022 is produced in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC). It should be noted that the Mineral Resources are reported inclusive of the Mineral Reserves. In our Form 20-F the Mineral Resources are reported exclusive of reserves. 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 31 October 2022.
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 Annual Report on 25 October 2022, 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 2022.
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 132.6Moz as at 30 June 2022, a 6% decrease year on year from the 141.2Moz declared as at 30 June 2021. 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 2022.
Harmony’s attributable gold and gold equivalent Mineral Reserves amount to 39.8Moz, a 6% decrease from the 42.45Moz declared at 30 June 2021. The gold reserve ounces in South Africa represent 54%, while the Papua New Guinea gold and gold equivalent ounces represent 46% of Harmony’s total Mineral Reserves as at 30 June 2022.
South Africa
South African underground operations
The company’s Mineral Resources at the South African underground operations as at 30 June 2022 are 80.1Moz (249.4Mt at 9.99g/t), a decrease of 5% year on year from the 83.96Moz (262.1Mt at 9.96g/t) declared as at 30 June 2021. This decrease is mainly due to a reduction in Mineral Resources at the Kusasalethu and Moab Khotsong operations.
The company’s Mineral Reserves at the South African underground operations as at 30 June 2022 are 11.1Moz (54.0Mt at 6.40g/t), a decrease of 22% year on year from the 14.3Moz (70.46Mt at 6.31g/t) declared as at 30 June 2021. The decrease in ounces is mainly due to the Mineral Reserves reduction at the Tshepong Operations and Bambanani as a result of the reduction of the life-of-mine of the respective operations.

South African surface operations, including Kalgold
The company’s Mineral Resources at the South African surface operations as at 30 June 2022 are 14.52Moz (1 622.5Mt at 0.28g/t), a decrease of 9% mainly due to the reduction of Mineral Resources from the Vaal River tailings.
The company’s Mineral Reserves after normal depletion at the South African surface operations as at 30 June 2022 are 10.4Moz (1 230.7Mt at 0.26g/t), the Mineral Reserves remained constant year on year.
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 2022 are 37.9Moz, a decrease of 8% year on year from the 41.3Moz declared as at 30 June 2021. This decrease is mainly due to the imminent sale of the Kili Teke project, with the gold and gold equivalent resources of 3.5Moz being treated as held for sale.
The company’s gold and gold equivalent Mineral Reserves at the Papua New Guinea operations as at 30 June 2022 are 18.2Moz, an increase of 3% year on year from the 17.7Moz declared as at 30 June 2021. The increase is mainly due to the increase in equivalent gold ounces at Golpu.

ASSUMPTIONS
In converting the Mineral Resources to Mineral Reserves, the following commodity prices and exchange rates were applied:
A gold price of US$1 546/oz
An exchange rate of R15.35/US$1
The above parameters resulted in a Rand/kg gold price of R763 000/kg for the South African assets
The Hidden Valley mine and the Wafi-Golpu project used commodity prices of US$1 546/oz Au, US$22.35/oz Ag and US$3.30/lb Cu at an exchange rate of AUD1.37 per US$
Gold equivalent ounces are calculated assuming US$1 546/oz Au, US$3.30/lb Cu and US$22.35/oz Ag, and assuming a 100% recovery for all metals
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    9


SUMMARY UPDATE OF HARMONY’S MINERAL RESOURCES AND MINERAL RESERVES continued
Independent review
Harmony’s South African Mineral Resources and Reserves at Target, Moab Khotsong and Kalgold 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
MeasuredIndicatedInferredTotal
Tonnes
(Mt)
Grade
(g/t)
Gold
 (000oz)
Tonnes
(Mt)
Grade
(g/t)
Gold
(000oz)
Tonnes
(Mt)
Grade
(g/t)
Gold
(000oz)
Tonnes
(Mt)
Grade
(g/t)
Gold
(000oz)
SA underground
71.0 9.06 20 704 82.0 10.63 28 015 96.4 10.14 31 404 249.4 9.99 80 122 
SA surface including Kalgold
308.7 0.28 2 733 1 253.4 0.28 11 161 60.4 0.32 626 1 622.5 0.28 14 520 
Total South Africa379.8 23 437 1 335.4 39 176 156.7 32 030 1 871.9 94 643 
Hidden Valley
2.5 0.86 70 51.2 1.50 2 462 1.4 1.25 57 55.1 1.46 2 589 
Wafi-Golpu system*
— — — 399.0 0.85 10 800 114.0 0.75 2 700 513.0 0.82 13 500 
Kerimenge— — — — — — 16.4 1.07 565 16.4 1.07 565 
Total Papua New Guinea2.5 70 450.2 13 262 131.8 3 322 584.5 16 654 
Total gold resources382.3 23 507 1 785.5 52 437 288.5 35 352 2 456.4 111 297 
Hidden Valley – gold equivalent ounces
2.5 22 49.3 507 1.2 13 53.1 541 
Wafi-Golpu – gold equivalent ounces*
— — 345.0 17 666 94.0 3 048 439.0 20 714 
Total gold equivalent resources**2.5 22 394.3 18 173 95.2 3 061 492.1 21 256 
Total Harmony gold and gold equivalent resources**382.3 23 529 1 785.5 70 610 288.5 38 414 2 456.4 132 553 
Mineral Resources:
Silver and copper (used in equivalent calculations)
MeasuredIndicatedInferredTotal
Tonnes
(Mt)
Grade
(g/t)
Silver
(000oz)
Tonnes
(Mt)
Grade
(g/t)
Silver
(000oz)
Tonnes
(Mt)
Grade
(g/t)
Silver
(000oz)
Tonnes
(Mt)
Grade
(g/t)
Silver
(000oz)
Hidden Valley
2.5 18.32 1 501 49.3 22.13 35 058 1.2 23.12 917 53.1 21.97 37 475 
MeasuredIndicatedInferredTotal
Tonnes
(Mt)
Grade
(%)
Copper
(Mlb)
Tonnes
(Mt)
Grade
(%)
Copper
(Mlb)
Tonnes
(Mt)
Grade
(%)
Copper
(Mlb)
Tonnes
(Mt)
Grade
(%)
Copper
(Mlb)
Golpu*
— — — 345.0 1.10 8 300 70.0 0.86 1 300 415.0 1.10 9 600 
Nambonga*
— — — — — — 24.0 0.20 104 24.0 0.20 104 
Total
   345.0 1.10 8 300 94.0 0.69 1 404 439.0 0.99 9 704 

Mineral Reserves:
Gold and gold equivalents
ProvedProbableTotal
Tonnes
(Mt)
Grade
(g/t)
Gold
(000oz)
Tonnes
(Mt)
Grade
(g/t)
Gold
(000oz)
Tonnes
(Mt)
Grade
(g/t)
Gold
(000oz)
SA underground
26.3 5.74 4 856 27.7 7.04 6 267 54.0 6.40 11 123 
SA surface including Kalgold
149.7 0.30 1 437 1 080.9 0.26 8 997 1 230.7 0.26 10 434 
Total South Africa176.1 6 292 1 108.6 15 264 1 284.7 21 557 
Hidden Valley2.5 0.86 70 16.6 1.77 943 19.1 1.65 1 014 
Wafi-Golpu system*— — 200.0 0.86 5 500 200.0 0.86 5 500 
Total Papua New Guinea
2.5 70 216.6 6 443 219.1 6 514 
Total gold reserves
178.6 6 363 1 325.2 21 708 1 503.8 28 070 
Hidden Valley – gold equivalent ounces
2.5 22 16.3 170 18.8 192 
Wafi-Golpu – gold equivalent ounces*
— — 200.0 11 542 200.0 11 542 
Total gold equivalent reserves**
2.5 22 216.3 11 712 218.8 11 733 
Total Harmony gold and gold equivalent reserves**
178.6 6 384 1 325.2 33 419 1 503.8 39 804 
*     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
10    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


Mineral Reserves:
Silver and copper (used in equivalent calculations)
ProvedProbableTotal
Tonnes
(Mt)
Grade
(g/t)
Silver
(000oz)
Tonnes
(Mt)
Grade
(g/t)
Silver
(000oz)
Tonnes
(Mt)
Grade
(g/t)
Silver
(000oz)
Hidden Valley
2.5 18.32 1 501 16.3 22.45 11 758 18.8 21.89 13 259 
ProvedProbableTotal
Tonnes
(Mt)
Grade
(%)
Copper
(Mlb)
Tonnes
(Mt)
Grade
(%)
Copper
(Mlb)
Tonnes
(Mt)
Grade
(%)
Copper
(Mlb)
Golpu*— — — 200.0 1.20 5 400 200.0 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
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 workstreams underpinning the FY22 exploration programme include:
brownfield exploration at Hidden Valley, Kerimenge and Kalgold to optimise existing open pit operations and extend mine life
brownfield exploration at our underground operations in South Africa
greenfield exploration at Target North
reviewing exploration opportunities as part of our new business strategy
A detailed report of the Exploration Results will be provided as part of the suite of annual reports to be published on 25 October 2022.
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 12 748 6500
Facsimile: +27 86 206 0427
http://www.sacnasp.org.za/
SAIMM – THE SOUTHERN AFRICAN INSTITUTE OF MINING AND METALLURGY
Rosebank Towers (7th Floor),
19 Biermann Avenue, Rosebank, 2196, Gauteng Province,
South Africa
Telephone: +27 11 538 0231
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 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.
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    11


OPERATING RESULTS – YEAR ON YEAR (RAND/METRIC)
Year
ended
SOUTH AFRICASOUTH AFRICAHidden
Valley
TOTAL
HARMONY
UNDERGROUND PRODUCTIONSURFACE PRODUCTIONTOTAL
SOUTH
AFRICA
Tshepong
Operations
Moab
Khotsong
MponengBambananiJoelDoornkopTarget 1KusasalethuMasimongUniselTOTAL
UNDER-
GROUND
Mine
 Waste
Solutions
PhoenixCentral
Plant
Reclamation
DumpsKalgoldTOTAL
SURFACE
Ore milledt'000Jun-221 5619598401764348744556074866 39223 4436 2294 0339 0431 43244 18050 5723 22953 801
Jun-211 558903683227359851488708510576 34417 6656 1904 02010 1071 50739 48945 8333 42049 253
Yieldg/tonneJun-224.506.797.258.143.593.943.967.523.935.370.1240.1230.1450.3110.790.190.841.150.86
Jun-214.767.947.978.783.974.313.285.653.954.335.510.1160.1260.1400.3540.740.200.941.370.97
Gold producedkgJun-227 0226 5086 0861 4331 5563 4441 8004 5671 91034 3262 8997675862 8141 1378 20342 5293 70746 236
Jun-217 4197 1665 4461 9921 4243 6701 6033 9992 01224734 9782 0577795633 5801 1098 08843 0664 68947 755
Gold soldkgJun-227 0306 3936 0411 4371 5553 4641 8214 5861 91134 2382 8797665912 8751 1428 25342 4913 66246 153
Jun-217 3537 0955 2991 9751 4143 6031 6193 9801 99324234 5732 0437775663 5271 1128 02542 5984 75547 353
Gold price receivedR/kgJun-22903 407903 905930 257895 101907 660896 779904 992902 634906 822907 583753 912899 012911 134908 626900 713852 847896 951862 505894 218
Jun-21845 031852 392896 474854 392848 131853 957870 640854 201820 780925 979857 441729 882798 310851 505872 960859 070825 869851 494847 027851 045
Gold revenue¹R'000Jun-226 350 9505 778 6645 619 6821 286 2601 411 4113 106 4411 647 9914 139 4791 732 93731 073 8152 641 568688 643538 4802 612 2991 028 6147 509 60438 583 4193 158 49441 741 913
Jun-216 213 5126 047 7214 750 4161 687 4251 199 2573 076 8071 409 5663 399 7181 635 815224 08729 644 3241 888 528620 287481 9523 078 929955 2867 024 98236 669 3064 027 61540 696 921
Cash operating cost
(net of by-product credits)
R'000Jun-225 087 7134 133 5334 497 7151 157 3651 316 2682 513 9991 794 4893 098 2651 508 73225 108 0791 593 351440 594289 5191 921 102867 0165 111 58230 219 6612 192 87832 412 539
Jun-214 919 0233 846 0632 901 6961 168 4841 134 9022 185 6701 662 4962 969 0651 440 261178 15422 405 8141 035 977395 858270 7892 126 639775 7974 605 06027 010 8741 670 37628 681 250
Inventory movementR'000Jun-22(3 459)(95 226)(11 085)5 654(8 019)(61 066)17 037(12 207)(4 485)(172 856)(5 435)(1 369)2 68828 1812 54026 605(146 251)(70 828)(217 079)
Jun-21(54 316)(3 609)36 298(12 789)(10 911)(46 133)4 702(13 651)(13 465)3 679(110 195)101 237(2 601)56219 752146119 0968 90148 42057 321
Operating costsR'000Jun-215 084 2544 038 3074 486 6301 163 0191 308 2492 452 9331 811 5263 086 0581 504 24724 935 2231 587 916439 225292 2071 949 283869 5565 138 18730 073 4102 122 05032 195 460
Jun-214 864 7073 842 4542 937 9941 155 6951 123 9912 139 5371 667 1982 955 4141 426 796181 83322 295 6191 137 214393 257271 3512 146 391775 9434 724 15627 019 7751 718 79628 738 571
Production profit/(loss)R'000Jun-221 266 6961 740 3571 133 052123 241103 162653 508(163 535)1 053 421228 6906 138 5921 053 652249 418246 273663 016159 0582 371 4178 510 0091 036 4449 546 453
Jun-211 348 8052 205 2671 812 422531 73075 266937 270(257 632)444 304209 01942 2547 348 705751 314227 030210 601932 538179 3432 300 8269 649 5312 308 81911 958 350
Capital expenditureR'000Jun-221 514 019893 533604 53525 444224 588490 768383 855210 09648 5214 395 359263 64428 42218 18034 249202 897547 3924 942 7511 248 8646 191 615
Jun-211 111 907632 578492 52171 195172 120425 312368 414204 97229 3313 508 35069 9583 90912 75139 264208 265334 1473 842 4971 260 2985 102 795
Cash operating costsR/kgJun-22724 539635 146739 026807 652845 931729 965996 938678 403789 912731 460549 621574 438494 060682 694762 547623 136710 566591 551701 024
Jun-21663 030536 710532 812586 588796 982595 5501 037 115742 452715 835721 271640 569503 635508 162480 975594 033699 546569 369627 197356 233600 592
Cash operating costsR/tonneJun-223 2594 3105 3546 5763 0332 8763 9445 1043 1043 928687172212605116598679602
Jun-213 1574 2594 2485 1483 1612 5683 4074 1942 8243 1263 532596467210515117589488582
Cash operating cost and CapitalR/kgJun-22940 150772 444838 359825 408990 267872 4641 210 191724 406815 316859 507640 564611 494525 084694 865940 996689 866826 787928 444834 937
Jun-21812 903624 985623 250622 329917 853711 4391 266 943793 708730 414721 271740 870537 645513 180503 623605 001887 342610 683716 421625 010707 445
All-in sustaining costR/kgJun-22925 100739 870865 976851 977983 593823 9661 210 404739 681845 299855 321608 952611 580529 591689 630964 678680 841821 0571 007 986835 891
Jun-21815 333626 795659 760641 426936 296680 5241 232 098814 048764 577782 126749 971601 978511 946501 947619 692905 253636 015728 121677 659723 054
Operating free cash flow margin²%Jun-22(4)%13 %9 %8 %(9)%3 %(32)%20 %10 % %5 %14 %32 %43 %25 %(4)%20 %8 %(1)%7 %
Jun-21%26 %29 %27 %(9)%15 %(44)%%10 %20 %13 %20 %36 %41 %30 %(4)%24 %15 %28 %16 %
¹ Includes a non-cash consideration to Franco-Nevada (Jun-22: R471.055m, Jun-21: R397.380m), excluded from the gold price calculation.
² Excludes run of mine costs for Kalgold (Jun-22: R0.450m, Jun-21: -R7.439m) and Hidden Valley (Jun-22: R237.714m, Jun-21: R19.561m).
    

12    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    13


OPERATING RESULTS – YEAR ON YEAR (US$/IMPERIAL)
Year
ended
SOUTH AFRICASOUTH AFRICAHidden
Valley
TOTAL
HARMONY
UNDERGROUND PRODUCTIONSURFACE PRODUCTIONTOTAL
SOUTH
AFRICA
Tshepong
Operations
Moab
Khotsong
MponengBambananiJoelDoornkopTarget 1KusasalethuMasimongUniselTOTAL
UNDER-
GROUND
Mine Waste SolutionsPhoenixCentral
Plant
Reclamation
DumpsKalgoldTOTAL
SURFACE
Ore milledt'000Jun-221 7211 0599261944789635016695367 04725 8516 8684 4479 9721 57948 71755 7643 56159 325
Jun-211 718995753250396938537780563636 99319 4796 8274 43411 1451 66243 54750 5403 77254 312
Yieldoz/tonJun-220.1310.1980.2110.2370.1050.1150.1160.2190.1150.1570.0040.0040.0040.0090.0230.0050.0250.0330.025
Jun-210.1390.2320.2330.2560.1160.1260.0960.1650.1150.1260.1610.0030.0040.0040.0100.0210.0060.0270.0400.028
Gold producedozJun-22225 763209 237195 66946 07250 026110 72657 872146 83361 4071 103 60593 20524 65918 84090 47136 555263 7301 367 335119 1821 486 517
Jun-21238 526230 391175 09264 04445 783117 99351 536128 57064 6877 9411 124 56366 13325 04618 101115 09935 655260 0341 384 597150 7551 535 352
Gold soldozJun-22226 019205 539194 22246 20149 994111 37058 547147 44461 4401 100 77692 56324 62719 00192 43336 717265 3411 366 117117 7361 483 853
Jun-21236 404228 109170 36763 49845 461115 83952 052127 95964 0767 7801 111 54565 68424 98218 197113 39535 752258 0101 369 555152 8761 522 431
Gold price received$/ozJun-221 8471 8481 9021 8301 8561 8341 8511 8461 8541 8561 5421 8381 8631 8581 8421 7441 8341 7641 829
Jun-211 7071 7221 8111 7261 7131 7251 7581 7251 6581 8701 7321 4741 6121 7201 7631 7351 6681 7201 7111 719
Gold revenue¹$'000Jun-22417 537379 913369 46184 56492 792204 230108 346272 146113 9302 042 919173 66745 27435 402171 74367 625493 7112 536 630207 6522 744 282
Jun-21403 475392 709308 469109 57377 874199 79391 530220 761106 22214 5511 924 957122 63240 27831 296199 93062 032456 1682 381 125261 5332 642 658
Cash operating cost
(net of by-product credits)
$'000Jun-22334 487271 755295 69876 09086 537165 280117 977203 69299 1911 650 707104 75428 96619 034126 30157 002336 0571 986 764144 1682 130 932
Jun-21319 417249 744188 42175 87673 695141 926107 954192 79793 52411 5681 454 92267 27225 70517 583138 09450 376299 0301 753 952108 4661 862 418
Inventory movement$'000Jun-22(227)(6 261)(729)372(527)(4 015)1 120(803)(295)(11 365)(357)(90)1771 8531671 750(9 615)(4 657)(14 272)
Jun-21(3 527)(234)2 357(830)(709)(2 996)305(886)(874)239(7 155)6 574(169)361 28397 7335783 1443 722
Operating costs$'000Jun-22334 260265 494294 96976 46286 010161 265119 097202 88998 8961 639 342104 39728 87619 211128 15457 169337 8071 977 149139 5112 116 660
Jun-21315 890249 510190 77875 04672 986138 930108 259191 91192 65011 8071 447 76773 84625 53617 619139 37750 385306 7631 754 530111 6101 866 140
Production profit/(loss)$'000Jun-2283 277114 41974 4928 1026 78242 965(10 751)69 25715 034403 57769 27016 39816 19143 58910 456155 904559 48168 141627 622
Jun-2187 585143 199117 69134 5274 88860 863(16 729)28 85013 5722 744477 19048 78614 74213 67760 55311 647149 405626 595149 923776 518
Capital expenditure$'000Jun-2299 53858 74539 7451 67314 76632 26625 23713 8123 190288 97217 3331 8691 1952 25213 34035 989324 96182 107407 068
Jun-2172 20241 07631 9824 62211 17827 61823 92313 3111 904227 8164 5432548282 55013 52421 699249 51581 838331 353
Cash operating cost$/ozJun-221 4821 2991 5111 6521 7301 4932 0391 3871 6151 4961 1241 1751 0101 3961 5591 2741 4531 2101 434
Jun-211 3391 0841 0761 1851 6101 2032 0951 5001 4461 4571 2941 0171 0269711 2001 4131 1501 2677191 213
Cash operating costs$/tJun-2219425731939218117223530418523444413367364036
Jun-2118625125030418615120124716618420834412307352934
Cash operating cost and Capital$/ozJun-221 9221 5801 7141 6882 0251 7842 4751 4811 6671 7581 3101 2501 0741 4211 9241 4111 6911 8991 707
Jun-211 6421 2621 2591 2571 8541 4372 5591 6031 4751 4571 4961 0861 0361 0171 2221 7921 2331 4471 2621 429
All-in sustaining cost$/ozJun-221 8921 5131 7711 7422 0111 6852 4751 5131 7291 7491 2451 2511 0831 4101 9731 3921 6792 0671 709
Jun-211 6471 2661 3331 2951 8911 3742 4881 6441 5441 5801 5151 2161 0341 0141 2521 8281 2851 4711 3831 460
Operating free cash flow margin²%Jun-22(4)%13 %9 %8 %(9)%3 %(32)%20 %10 %-5 %14 %32 %43 %25 %(4)%20 %8 %(1)%7 %
Jun-21%26 %29 %27 %(9)%15 %(44)%%10 %20 %13 %20 %36 %41 %30 %(4)%24 %15 %28 %16 %
¹ Includes a non-cash consideration to Franco-Nevada (Jun-22: US$30.969m, Jun-21: US$25.804m), excluded from the gold price calculation.
² Excludes run of mine costs for Kalgold (Jun-22: US$0.030m, Jun-21: -US$0.483m) and Hidden Valley (Jun-22: US$15.628m, Jun-21: US$1.270m).
14    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    15


harmony_fy22pwc.jpg



CONDENSED CONSOLIDATED INCOME STATEMENT (RAND)
Year ended
Figures in millionNotes30 June 2022
(Reviewed)
30 June 2021
(Audited)
Revenue342 645 41 733 
Cost of sales4(41 927)(35 489)
Production costs(33 099)(29 774)
Amortisation and depreciation(3 683)(3 875)
Impairment of assets(4 433)(1 124)
Other items(712)(716)
Gross profit718 6 244 
Corporate, administration and other expenditure(984)(1 068)
Exploration expenditure(214)(177)
Gains on derivatives853 1 022 
Foreign exchange translation gain/(loss)10(327)670 
Other operating expenses(1)(241)
Operating profit/(loss)(755)6 450 
Gain on bargain purchase 303 
Acquisition-related costs (124)
Share of profits from associates63 83 
Investment income352 331 
Finance costs(718)(661)
Profit/(loss) before taxation(1 058)6 382 
Taxation546 (1 258)
Current taxation(307)(544)
Deferred taxation353 (714)
Net profit/(loss) for the year(1 012)5 124 
Attributable to:
Non-controlling interest40 37 
Owners of the parent(1 052)5 087 
Earnings/(loss) per ordinary share (cents)6
Basic earnings/(loss)(172)842 
Diluted earnings/(loss)(172)825 
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 2022 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 30 August 2022.
These condensed consolidated financial statements have been reviewed by the group's external auditors, PricewaterhouseCoopers Incorporated. The unmodified review report is included on page 16. 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.

Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    17


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (RAND)
Year ended
Figures in millionNotes30 June 2022
(Reviewed)
30 June 2021
(Audited)
Net profit/(loss) for the year(1 012)5 124 
Other comprehensive income for the year, net of income tax202 3 251 
Items that may be reclassified subsequently to profit or loss171 3 233 
Foreign exchange translation gain/(loss)13742 (1 234)
Remeasurement of gold hedging contracts8(571)4 467 
Items that will not be reclassified to profit or loss31 18 
Total comprehensive income for the year(810)8 375 
Attributable to:
Non-controlling interest40 58 
Owners of the parent(850)8 317 
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 2022
Figures in millionShare capitalAccumulated lossOther
reserves
Non-controlling interestTotal
Balance – 1 July 202132 934 (8 173)6 399 54 31 214 
Share-based payments  143  143 
Net profit/(loss) for the year (1 052) 40 (1 012)
Other comprehensive income for the year  202  202 
Dividends paid1
 (414) (16)(430)
Balance – 30 June 2022 (Reviewed)32 934 (9 639)6 744 78 30 117 
Balance – 1 July 202032 937 (12 583)3 017 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— 5 087 — 37 5 124 
Other comprehensive income for the year— — 3 230 21 3 251 
Dividends paid— (677)— (7)(684)
Balance – 30 June 2021 (Audited)32 934 (8 173)6 399 54 31 214 
1 On 18 October 2021 and 11 April 2022, Harmony paid an ordinary dividend of 27 cents per share and 40 cents per share respectively.

The accompanying notes are an integral part of these condensed consolidated financial statements.
18    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


CONDENSED CONSOLIDATED BALANCE SHEET (RAND)
At
Figures in millionNotes30 June 2022
(Reviewed)
30 June 2021
(Audited)
ASSETS
Non-current assets
Property, plant and equipment732 872 33 597 
Intangible assets748 365 
Restricted cash and investments5 555 5 232 
Investments in associates125 126 
Deferred tax assets5203 272 
Other non-current assets374 332 
Derivative financial assets8137 328 
Total non-current assets39 314 40 252 
Current assets
Inventories2 818 2 542 
Restricted cash and investments27 67 
Trade and other receivables1 682 1 652 
Derivative financial assets8519 1 471 
Cash and cash equivalents2 448 2 819 
Total current assets7 494 8 551 
Total assets46 808 48 803 
EQUITY AND LIABILITIES
Share capital and reserves
Attributable to equity holders of the parent company30 039 31 160 
Share capital32 934 32 934 
Other reserves6 744 6 399 
Accumulated loss(9 639)(8 173)
Non-controlling interest78 54 
Total equity30 117 31 214 
Non-current liabilities
Deferred tax liabilities51 586 2 178 
Provision for environmental rehabilitation95 013 4 662 
Other provisions932 926 
Borrowings103 180 2 974 
Contingent consideration liability11356 417 
Other non-current liabilities268 178 
Derivative financial liabilities83 
Streaming contract liability12378 695 
Total non-current liabilities11 716 12 036 
Current liabilities
Other provisions139 175 
Borrowings1025 387 
Trade and other payables4 494 4 389 
Derivative financial liabilities88 206 
Streaming contract liability12309 396 
Total current liabilities4 975 5 553 
Total equity and liabilities46 808 48 803 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    19


CONDENSED CONSOLIDATED CASH FLOW STATEMENT (RAND)
Year ended
Figures in millionNotes30 June 2022
(Reviewed)
30 June 2021
(Audited)
CASH FLOW FROM OPERATING ACTIVITIES
Cash generated by operations147 378 9 741 
Dividends received74 85 
Interest received87 171 
Interest paid(319)(234)
Income and mining taxes paid(296)(584)
Cash generated from operating activities6 924 9 179 
CASH FLOW FROM INVESTING ACTIVITIES
Increase in restricted cash and investments(128)(48)
Amounts refunded from restricted cash and investments53 34 
Redemption of preference shares from associates 36 
Acquisition of Mponeng operations and related assets (3 363)
ARM BBEE Trust loan repayment65 264 
ARM BBEE Trust loan advanced (264)
Capital distributions from investments 
Proceeds from disposal of property, plant and equipment24 11 
Additions to property, plant and equipment14(6 214)(5 142)
Cash utilised by investing activities(6 200)(8 464)
CASH FLOW FROM FINANCING ACTIVITIES
Borrowings raised103 057 — 
Borrowings repaid10(3 601)(3 491)
Partial repurchase of non-controlling interest (5)
Dividend paid(430)(684)
Lease payments(177)(119)
Cash utilised by financing activities(1 151)(4 299)
Foreign currency translation adjustments56 46 
Net decrease in cash and cash equivalents(371)(3 538)
Cash and cash equivalents – beginning of year2 819 6 357 
Cash and cash equivalents – end of year2 448 2 819 
The accompanying notes are an integral part of these condensed consolidated financial statements.
20    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
1.    ACCOUNTING POLICIES
Basis of accounting
The condensed consolidated financial statements for the year ended 30 June 2022 have been prepared in accordance with the requirements of the JSE Limited Listings Requirements for provisional reports and the requirements of the Companies Act no. 71 of 2008 of South Africa. The Listings Requirements require provisional reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the condensed consolidated financial statements are in terms of IFRS and are consistent with those applied in the previous consolidated annual financial statements. 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.
During the year ended 30 June 2022, 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 June 2021 comparative information has been re-presented in the segment report.
Note 16 includes the revised figures for certain prescribed officers' shares held at 30 June 2021.
2.    IMPACT OF CHANGES IN GLOBAL OPERATING AND ECONOMIC ENVIRONMENT
Covid-19
In South Africa, the national lockdown that began on 27 March 2020 to curb the spread of the Coronavirus (Covid-19) came to an end during April 2022. This led to the discontinuance of all Covid-19 regulations which had been put in place. In Papua New Guinea, where the Hidden Valley operation is located, significant decreases in positive cases have been experienced for the 2022 calendar year. In prior years, the group had been able to carry out its operations in Papua New Guinea during the state of emergency which had been imposed by the government.
The virus will still be prevalent in normal day-to-day living. However, unlike before, a significant percentage of the population has been vaccinated against Covid-19. This puts Harmony in a favourable position to manage Covid-19 as part of normal day-to-day activities and as a result management does not expect there to be any further disruptions.
Cost and inflationary pressures
During the second half of the 2022 financial year, Harmony experienced heightened input costs driven by inflationary pressures related to global supply chain constraints due to the Covid-19 pandemic, which was then further exacerbated by Russia’s invasion of Ukraine. The effect has been especially pronounced on certain key items such as oil (directly affecting diesel supply and cost), steel and certain chemical reagents used by the treatment plants. These cost pressures had an impact on, among others, the FY23 budget and life-of-mine planning process, determination of deferred tax rates for the group’s mining entities and impairment assessments performed for the group’s cash generating units. Refer to notes 5 and 7 respectively for further disclosure.
Discount rates
In recent months, central banks globally have been increasing interest rates as a measure of combating rising inflation. In the current financial year, the US Federal Reserve has increased interest rates by 150 basis points, while the South African Reserve Bank (SARB) has raised the repurchase interest rate by 125 basis points for the same period. This contributed to increased bond yields realised in the market, which results in increased risk-free rates being used for discounting of the provision for environmental rehabilitation and the determination of cost of equity as used for purposes of impairment assessments. Refer to note 7 and 9 respectively for further disclosure.
Commodity prices and exchange rates
Gold traded within a range of US$1 726/oz and US$2 052/oz (2021: US$1 681/oz and US$2 063/oz) during the current financial year, reaffirming its safe haven status with investors during times of global uncertainty and market volatility. These uncertainties have also resulted in increased volatility in the R/US$ and R/A$ exchange rates. The currencies traded in ranges of R14.15/US$1 to R16.30/US$1 (2021: R13.43/US$1 to R17.68/US$1) and R10.43/A$1 to R11.63/A$1 (2021: R10.41/A$1 to R12.66/A$1) respectively during the current financial year. Management believes this volatility could be a reflection of growing concern in market sentiment fears surrounding recessions in key economies and current and/or further geopolitical tensions.
As part of the underlying assumptions used in valuing certain line items, management used a consensus of market analysts’ forecasts in determining short-, medium- and long-term commodity prices and exchange rates. These economic assumptions are used in certain fair value calculations. Based on the consensus forecasts used, a marked increase was seen in US$ gold price and R/US$ exchange rate assumptions applied. Refer to note 7 for disclosed assumptions.
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    21


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
3.    REVENUE
Year ended
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Revenue from contracts with customers41 677 43 632 
  Gold1
40 774 42 597 
  Silver2
663 857 
  Uranium2
240 178 
Consideration from streaming contract3
471 397 
Hedging gain/(loss)4
497 (2 296)
Total revenue5
42 645 41 733 
1    The decrease in gold revenue during the 2022 financial year is mainly due to the decrease in gold production by 3% to 46 236kg from 47 755kg in the prior year. The decrease is a result of mining constraints at Doornkop, Moab Khotsong and Tshepong Operations resulting in lower grade recovered, the seismic issues experienced at Bambanani as well as the geotechnical instability affecting Stage 6 and a conveyor belt failure at Hidden Valley. In addition, the average gold spot price received decreased by 1.8% from R899 563/kg in the 2021 year to R883 453/kg. The decrease was partially offset by an increase in production at Mponeng and Mine Waste Solutions as they contributed for the full year compared to nine months in the prior year.
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 12 for further information.
4    Relates to the realised effective portion of the hedge-accounted gold derivatives.The average gold spot price traded during the 2022 financial year was R896 712/kg (2021: R915 736/kg) compared to the average forward price of matured contracts of R940 536/kg (2021: R731 971/kg) . Refer to note 8 for further information.
5    A geographical analysis of revenue is provided in the segment report.
The points of transfer of control are as follows:
Gold: South Africa (excluding streaming contract)
Gold is delivered and a certificate of sale is issued.
Gold and silver: Hidden Valley
Metal is collected from Hidden Valley and a confirmation of collection is sent to and accepted by the customer.
Uranium
Confirmation of transfer is issued.
Streaming contract
Gold is delivered and credited into the Franco-Nevada designated gold account.
4.    COST OF SALES
Year ended
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Production costs – excluding royalty1
32 739 29 137 
Royalty expense2
360 637 
Amortisation and depreciation3 683 3 875 
Impairment of assets3
4 433 1 124 
Rehabilitation expenditure136 135 
Care and maintenance cost of restructured operations4
273 144 
Employment termination and restructuring costs5
218 332 
Share-based payments143 114 
Other(58)(9)
Total cost of sales41 927 35 489 
1    Production costs increased during the 2022 year, mainly due to inflationary pressures on costs including labour, electricity and consumable stores costs (refer to note 2) as well as the inclusion of the Mponeng operations and related assets for a full financial year.
2    The royalty expense decreased significantly during the 2022 year due to lower production profits, which also impacted on the rates at which royalties are calculated.
3    During the 2022 year impairments of R4 433 million were recognised for the property, plant and equipment of Tshepong Operations, Moab Khotsong, Bambanani and Kusasalethu as well as the goodwill of Bambanani and Moab Khotsong. Refer to note 7 for further details.
4    The care and maintenance costs increased during the 2022 year due to the closure of the Vaal River surface operations and the Kopanang gold plant, which were closed at the end of the previous financial year.
5    Employment termination and restructuring costs decreased during the 2022 year, due to the lower number of employees taking up voluntary severance packages year on year.

22    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
5.    TAXATION
Current taxation
The movement in foreign exchange translation from gains in 2021 to losses in 2022 and a decline in mining taxable income resulted in the decrease in the current tax expense during the 2022 financial year.
Deferred taxation
The movement in the net deferred tax liability is mainly attributable to a decrease in net taxable temporary differences as well as in deferred tax rates for the majority of the group's South African mining companies. The amount recognised at 30 June 2022 is as follows:
At
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Balance at beginning of year1 906 465 
Net deferred tax liability of acquired operations at 1 October 2020 (55)
Expense/(credit) per income statement (a)(353)714 
Tax expense/(credit) directly charged to other comprehensive income (b)(170)782 
Balance at end of year1 383 1 906 
Deferred tax asset per balance sheet (c)(203)(272)
Deferred tax liability per balance sheet1 586 2 178 
(a)    The main contributors to the decreases were:
Freegold (Harmony) Pty Ltd's deferred tax rate decreased, resulting in a R372 million decrease, which together with the impact of R266 million on the impairment recognised resulted in a R619 million decrease overall
Harmony Moab Khotsong Operations (Pty) Ltd's deferred tax rate decreased, causing a R102 million decrease in the deferred tax liability. This was offset by the increased capital expenditure, which includes the Zaaiplaats project, resulting in a net decrease of R51 million
Randfontein Estates Ltd utilised its unredeemed capital expenditure balance during 2022 and that combined with the R44 million impact of a higher deferred tax rate, resulted in a R117 million increase in the net deferred tax liability
Golden Core Trade and Invest (Pty) Ltd, which acquired the Mponeng operation and the West Wits closure business utilised a portion of its unredeemed capital allowance and an increase in its asset value combined with the R37 million impact of a higher deferred tax rate, resulted in a R98 million increase for 2022
Chemwes (Pty) Ltd (Chemwes Company) utilised a portion of its unredeemed capital expenditure balance and the Franco-Nevada liability decreased (refer note 12), resulting in a decrease of R74 million in its deferred tax asset
(b)    The movement in the net derivative position (refer to note 8) resulted in a decrease of R170 million in the net deferred tax liability.
(c)    As at 30 June 2022 a deferred tax asset was recognised in Harmony Gold Mining Company Limited (Harmony Company) and Chemwes Company. The deferred tax asset for Harmony Company remained stable at R179 million, while Chemwes Company decreased from R97 million to R24 million. A deferred tax asset continues to be recognised for both companies as it is probable that sufficient future taxable profits will be available against which the remaining deductible temporary differences existing at the reporting date can be utilised.
As part of the determination of the deferred tax rates for the South African entities mentioned above, consideration was given to the amended corporate income tax rate of 27% from 28% as well as the change in the mining tax rate from 34% to 33% for the 2023 financial year. The annual limitation of assessed loss utilisation to 80% of taxable income was incorporated in the calculation. The changes were considered to be substantively enacted at 30 June 2022 and would affect forecast tax estimations or cash flows. They were also taken into account in the determination of recoverable amounts for impairment purposes. Refer to note 7.
6.    EARNINGS/(LOSS) PER ORDINARY SHARE
Year ended
30 June 2022
(Reviewed)
30 June 2021
(Audited)
Weighted average number of shares (million)612 604 
Weighted average number of diluted shares (million)615 616 
Total earnings/(loss) per share (cents):
Basic earnings/(loss)(172)842 
Diluted earnings/(loss)1
(172)825 
Headline earnings499987 
Diluted headline earnings497967 
1    Due to the net loss attributable to shareholders, the inclusion of the share options as potential ordinary shares had an anti-dilutive effect on the earnings per share in 2022, whereas the net profit in 2021 had a dilutive effect.
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    23


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
6.    EARNINGS/(LOSS) PER ORDINARY SHARE continued
Reconciliation of headline earnings:
Year ended
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Net profit/(loss) for the year attributable to owners of the parent(1 052)5 087 
Adjusted for:
Gain on bargain purchase1
 (303)
Impairment of assets2
4 433 1 124 
Taxation effect on impairment of assets(312)(93)
Profit on sale of property, plant and equipment(24)(11)
Taxation effect on profit on sale of property, plant and equipment4 
Loss on scrapping of property, plant and equipment7 161 
Taxation effect on loss on scrapping of property, plant and equipment(1)(8)
Headline earnings3 055 5 959 
1    There is no tax effect on this item.
2    This total includes the impairment of goodwill which does not have a tax effect.
7.    PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
Impairment of property, plant and equipment (including goodwill)
Management performed an assessment for indicators of impairment as well as indicators of reversal of previously recorded impairment losses at 30 June 2022. Due to the net asset value (before any impairments recognised) exceeding the market capitalisation of Harmony as at 30 June 2022, as well as increased operating costs, the recoverable amounts for all cash-generating units (CGUs) were calculated. The recoverable amounts for these assets were determined on a fair value less cost to sell basis using assumptions in the discounted cash flow models and attributable resource values. These are fair value measurements classified as level 3.
Estimates and judgements
The recoverable amount of mining assets is determined utilising real discounted future cash flows or resource multiples in the case of undeveloped properties and certain resource bases. During this year's planning and testing, commodity price and exchange rate assumptions as per the table below were used. In determining the commodity prices and resource values to be used, management assesses the short-, medium- and long-term views of several reputable institutions on commodity prices and based on this, derives the commodity prices and resource values. The long-term price was determined as part of the annual budgeting process and is used in the life-of-mine plans and is also the cut-off price for calculating reserves included in the declaration of resources and reserves in terms of the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC). The resource multiple values have remained consistent with the prior year, as no new market transactions have taken place in the South African gold mining industry that would provide more recent information compared to prior year information.
Post-tax real discount rates ranging between 10.2% and 13.1% (2021: 9.4% and 12.0%), depending on the asset, were used to determine the recoverable amounts for the South African operations. Hidden Valley made use of a post-tax real discount rate of 11.4% (2021: 10.3%).
Year ended
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
US$ gold price per ounce
– Year 11 861 1 805 
– Year 21 744 1 673 
– Year 31 664 1 582 
– Long term (year 4 onwards)1 546 1 500 
US$ silver price per ounce
– Year 123.85 25.72 
– Year 222.42 23.22 
– Year 321.46 21.70 
– Long term (year 4 onwards)19.38 20.70 
US$ copper price per pound3.30 3.00 
24    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
7.    PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS continued
Impairment of property, plant and equipment (including goodwill) continued
Estimates and judgements continued
Year ended
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Exchange rate (R/US$)
– Year 115.55 14.54 
– Year 215.34 14.36 
– Year 315.26 14.44 
– Long term (Year 4 onwards)15.35 14.51 
Exchange rate (PGK/US$)3.50 3.50 
Rand gold price (R/kg)
– Year 1931 000 843 000 
– Year 2860 000 772 000 
– Year 3816 000 735 000 
– Long term (Year 4 onwards)763 000 700 000 
Additional resources multiples (US$/oz) (underground operations)1
Measured16.50 16.50 
Indicated9.00 9.00 
Inferred3.60 3.60 
Additional resources multiples US$/oz (surface sources)2
Measured30.00 30.00 
Indicated17.50 17.50 
Inferred8.00 8.00 
1    The underground resource value has been applied to Target North and Doornkop's Kimberly Reef.
2    The surface resource values have been applied to the Vaal River and West Wits surface sources.
As disclosed in note 2, the uncertainty that existed in prior years surrounding the potential impact of Covid-19 has dissipated and therefore management believes that it is no longer appropriate to apply Covid-adjusted probability scenarios in determining recoverable amounts for the CGUs at 30 June 2022.

Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    25


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
7.    PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS continued
Impairment of property, plant and equipment (including goodwill) continued
Results of impairment and assessment
Based on the impairment tests performed, the following impairments of property, plant and equipment and goodwill were recorded for the 2022 financial year:
Year ended
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Tshepong Operations (a)3 622 759
Moab Khotsong (b)522 
Kusasalethu (c)145 
Bambanani (d)144 187
Target 3 178
Total impairment4 433 1 124
(a)    The Tshepong Operations were disaggregated into two separate cash generating units (CGU) being the Tshepong North CGU and the Tshepong South (also known as the Phakisa section) CGU, for impairment testing at 30 June 2022. This is due to the decision taken during the FY23 budget process to reinvest in the two individual operations to maximise individual profitability following the change to Tshepong North's life-of-mine with the sub-75 decline project being halted. Based on the forward-looking nature of the impairment assessment, a separate impairment calculation was prepared for each of the CGUs. The disaggregation of CGUs did not have an impact on reportable segments in terms of IFRS 8 Operating Segments as disclosed in the segment report, since information reported to the chief operating decision maker for the 2022 financial year was still for the combined Tshepong Operations. Going forward however, Tshepong North and Tshepong South will be disclosed as separate reportable segments. A total impairment of R3 622 million was recognised on these CGUs, which is made up of the following:
An impairment of R2 296 million on property, plant and equipment of Tshepong North was recognised at 30 June 2022. This was mainly as a result of increased cost both for production and capital expenditure and the increased post-tax discount rate of 11.7% (2021: 10.1% for Tshepong Operations). The recoverable amount was also affected by the reclassification of production for the sub-75 level from reserves in the life-of-mine plan to the resource base, which is subject to a higher discount rate of 13.7% (2021: 12.0%). The post-tax recoverable amount was determined to be R1 938 million
An impairment of R1 326 million on property, plant and equipment of Tshepong South was recognised at 30 June 2022. The individual life-of-mine plan included additional capital to address flexibility constraints at the operation. Costs also increased significantly as a result of inflationary pressures. The changes affected the discounted cash flows used to determine the recoverable amount of the operation. The post-tax recoverable amount, after the impact of a higher discount rate of 11.7% (2021: 10.1% for Tshepong Operations), was determined to be R1 645 million
The impairment for 2021 mainly resulted from a reduction in planned gold production resulting from lower grade and change in the timing of cash flows.
(b)    An impairment of R522 million on property, plant and equipment and goodwill of Moab Khotsong was recognised at 30 June 2022, of which R302 million related to goodwill. The updated life-of-mine plan included an increase in working and capital costs as a result of inflationary pressures. The updated life-of-mine plan also includes additional capital expenditure which relates to the Zaaiplaats project after finalisation of its detailed design plan during the current financial year. This impacted the discounted cash flows used to determine the recoverable amount of the operation. The recoverable amount was further impacted by an increased post-tax discount rate of 10.4% (2021: 9.4%) which resulted in the post-tax recoverable amount decreasing to R3 748 million.
(c)    The impairment of property, plant and equipment on Kusasalethu was mainly as a result of the reduction in tonnes combined with a decrease in grade over the remainder of the operation's life, leading to a decrease in planned gold production. The reduction is due to an updated plan to mitigate safety risks that exist at the operation. These changes reduced the recoverable amount to R806 million and an impairment of R145 million was recognised.
(d)    During the December 2021 period, impairments of R144 million were recognised for property, plant and equipment and goodwill of Bambanani. The impairment of goodwill and assets on Bambanani was as a result of a change in the life-of-mine plan, moving the closure of the mine to June 2022 rather than June 2024 as planned during FY21. This was as a result of increased seismicity at the operation and the related risk increasing as pillars were mined out. The post-tax recoverable amount of R36 million, at December 2021, was derived from the expected cash flows as per the life-of-mine plans. The recoverable amount of the operation is now Rnil, as the operation was closed during June 2022.
Where CGUs had previously been impaired, management considered whether the impairment loss (or the contributors to the previously recognised impairment loss) no longer exists or might have decreased. Management considered general and specific factors for each CGU and concluded that although overall the gold price environment had improved from the time that the impairment losses had been recognised, the specific circumstances that led to the original impairments had not reversed. Furthermore, the service potential of the asset has not increased. Management therefore resolved it to be appropriate for no reversal of previously recognised impairment losses to be recorded for the year ended 30 June 2022.
26    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
7.    PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS continued
Impairment of property, plant and equipment (including goodwill) continued
Results of impairment and assessment continued
One of the most significant assumptions that influence the life-of-mine plans, and therefore impairment assessments, is the expected commodity prices. Management determined a reasonably possible long-term change of 10% in gold prices based on the standard deviation of both Harmony's long-term gold price assumption over the past five financial years and market analysts' forecasted long-term gold price assumptions. A 10% increase/decrease (pre-impairment and scrapping recognised) in the gold price and resource values used (with all other variables held constant and not taking any actions, such as stopping capital projects, into account) would have resulted in the following post-tax impairment being recorded (including the impairments recorded in the current period) as at 30 June 2022:
Figures in million30 June 2022
(Reviewed)
-10% decrease
Tshepong North4 074 
Moab1
3 869 
Tshepong South2 339 
Doornkop1 690 
Mponeng1 443 
Target 11 121 
Joel762 
Kusasalethu689 
Mine Waste Solutions493 
Kalgold304 
Other assets208 
Hidden Valley96 
Central Plant Reclamation32 
+10% increase
Tshepong South224 
1    The carrying amounts of these CGUs include goodwill and any impairment losses are allocated first to goodwill and then to the identifiable assets.
As a result of the significant increase in discount rates experienced during the current financial year, management opted to assess the sensitivity of a reasonably possible change in discount rates on impairments of assets for all CGUs. Management assessed an increase/decrease of 50 basis points to be a reasonably possible change, based on the standard deviation of the group's base weighted average cost of capital rate over the past five financial years. This change was factored into the individual CGUs' discount rates and did not result in a material impact on the impairment that would have been recognised for any CGUs.
Papua New Guinea
Costs related to stripping activities for the period ended 30 June 2022 amounted to R1 096 million (2021: R1 047 million) with Hidden Valley accounting for R922 million (2021: R871 million) of these costs. The increase was 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. Until that time, stripping costs were capitalised in full due to significant levels of waste being removed with incidental ore being mined.
In addition to the above, the foreign exchange translation movement on property, plant and equipment for the region was an increase of R819 million (2021: R1 079 million decrease) for the year ended 30 June 2022.
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    27


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
8.    DERIVATIVE FINANCIAL INSTRUMENTS
Figures in millionRand gold hedging contractsUS$ gold hedging contractsUS$ silver contractsForeign exchange contractsTotal
At 30 June 2022 (Reviewed)
Derivative financial assets523 44 77 12 656 
Non-current113 18 6  137 
Current410 26 71 12 519 
Derivative financial liabilities (11)  (11)
Non-current (3)  (3)
Current (8)  (8)
Net derivative financial instruments523 33 77 12 645 
Unrealised gains included in other reserves, net of tax441 39   480 
Movements for the year ended 30 June 2022
Realised gains/(losses) included in revenue602 (105)  497 
Unrealised gains/(losses) on gold contracts recognised in other comprehensive income(292)50   (242)
Gains/(losses) on derivatives  114 (16)98 
Day one loss amortisation(39)(6)  (45)
Total gains/(losses) on derivatives(39)(6)114 (16)53 
Hedge effectiveness
Changes in the fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness(292)50   (242)
Changes in the fair value of the hedged item used as the basis for recognising hedge ineffectiveness292 (50)  242 
28    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
8.    DERIVATIVE FINANCIAL INSTRUMENTS continued
Figures in millionRand gold hedging contracts (a)US$ gold hedging contractsUS$ silver contractsForeign exchange contractsRand gold derivative contractsTotal
At 30 June 2021 (Audited)
Derivative financial assets1 358 48 10 383 — 1 799 
Non-current279 40 — — 328 
Current1 079 383 — 1 471 
Derivative financial liabilities(41)(73)(98)— — (212)
Non-current— — (6)— — (6)
Current(41)(73)(92)— — (206)
Net derivative financial instruments1 317 (25)(88)383 — 1 587 
Unrealised gains/(losses) included in other reserves, net of tax1 069 (18)— — — 1 051 
Movements for the year ended
30 June 2021
Realised losses included in revenue(2 023)(273)— — — (2 296)
Unrealised gains/(losses) on gold contracts recognised in other comprehensive income2 999 (7)— — — 2 992 
Gains/(losses) on derivatives— — (256)1 217 111 1 072 
Day one loss amortisation(42)(8)— — — (50)
Total gains/(losses) on derivatives(42)(8)(256)1 217 111 1 022 
Hedge effectiveness
Changes in the fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness2 999 (7)— — — 2 992 
Changes in the fair value of the hedged item used as the basis for recognising hedge ineffectiveness(2 999)— — — (2 992)
(a)    Rand gold hedging contracts
All Rand gold forward contracts entered into after 1 October 2020 were apportioned to the South African operations which included Mponeng and Mine Waste Solutions operations.
Reconciliation of the hedge reserve:
Year ended
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Opening balance1 051 (3 395)
Remeasurement of gold hedging contracts(571)4 467 
Unrealised gain/(loss) on gold hedging contracts(242)2 992 
Released to revenue on maturity of the gold hedging contracts(497)2 296 
Foreign exchange translation(2)(39)
Deferred taxation thereon170 (782)
Attributable to non-controlling interest (21)
Closing balance480 1 051 
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    29


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
8.    DERIVATIVE FINANCIAL INSTRUMENTS continued
The following table shows the open position at the reporting date:
FY2023FY2024TOTAL
Q1Q2Q3Q4Q1Q2Q3
Foreign exchange contracts
Zero cost collars
US$m42 18 — — — — — 60 
Average Floor – R/US$15.90 16.18 — — — — — 15.98 
Average Cap – R/US$17.90 18.18 — — — — — 17.98 
Forward contracts
US$m— — — — — — 
Average Forward rate – R/US$16.84 — — — — — — 16.84 
R/gold
000 oz – cash flow hedge72 72 72 70 44 32 16 378 
Average R'000/kg1 033 999 1 019 1 039 1 061 1 082 1 107 1 035 
US$/gold
000 oz – cash flow hedge57 
Average US$/oz1 911 1 867 1 826 1 836 1 860 1 926 2 009 1 880 
Total gold
000 oz81 81 81 79 53 40 20 435 
US$/silver
000 oz285 270 210 105 30 30 20 950 
Average Floor – US$/oz24.39 25.97 25.62 25.49 25.14 25.41 25.68 25.31 
Average Cap – US$/oz27.02 29.00 28.81 28.58 28.14 28.41 28.68 28.27 
Refer to note 13 for details on the fair value measurements.
9.    PROVISION FOR ENVIRONMENTAL REHABILITATION
The increase in the provision for environmental rehabilitation during the 2022 financial year of R351 million is mainly due to a reduction of the life of certain operations, which impacted the discounting of the provision (R185 million). Also contributing is the weakening Rand/AUS$ exchange rate which impacted the translation of the balance year on year for South-east Asia (R101 million). The remaining increase relates to the increase of discount rates. Refer to note 2 for a discussion thereof.
10.    BORROWINGS
Summary of facilities' terms
Figures in millionUS$ term loan
US dollar
US$ RCF
US dollar
Green loan
SA rand
Rand RCF
SA rand
Westpac
fleet loan
US dollar
Borrowings summary at 30 June 2022
Original facility100 300 1 500 2 500 N/A
Drawn down/ loan balance100 100 — — 
Undrawn committed borrowing facilitiesN/A200 
1 5001
2 500 N/A
MaturityMayMayNovemberMayJuly
20252
20252
2028
20252
2022
Repayment termsOn maturityOn maturity
Bi-annual3
On maturityQuarterly
Interest rate
SOFR4
+ 2.85%
SOFR4
+ 2.70%
JIBAR
+ 2.65%
JIBAR
+ 2.40%
LIBOR
+ 3.20%
1    This facility can only be drawn down from November 2022.
2    Does not take into account the two extension options of 12 months each.
3    Ten equal bi-annual instalments starting from June 2024 with the final instalment on maturity.
4    Secured Overnight Financing Rate. The SOFR is a secured interbank overnight interest rate that has been established as an alternative to LIBOR. Refer to note 13 for further detail.
30    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
10.    BORROWINGS continued
Refinancing of facilities
During May 2022, Harmony refinanced its existing R2 billion and US$400 million facility with the following facilities held with a syndicate of local and international lenders:
R2.5 billion revolving credit facility (Rand RCF)
$100 million term facility (US$ term loan)
$300 million revolving credit facility (US$ RCF)
R1.5 billion green loan (Green loan)
The Green loan can only be used for renewable energy projects.
The Rand RCF, US$ RCF and US$ term loan are linked to certain sustainability-linked key performance indicators (ESG KPIs), which will be measured annually for the next three financial years and will result in changes to interest rate margins. The adjustments to interest rate margins for each financial year's ESG performance would impact the following financial year. The respective ESG KPIs are as follows:
KPIUnit of MeasurementScopeSustainability performance targets
FY23FY24FY25
Greenhouse gas emissions
‘000 tonnes of Scope 1 and Scope 2 CO2e emissions
All operations4 4854 2794 074
Renewable energy
Renewable energy consumption as % of total electricity consumed
SA operations
%%20 %
Water consumptionPotable water consumed (Mℓ)
SA operations
20 45319 83319 436
Depending on Harmony's performance in relation to these ESG KPIs, the potential change in interest rate margin is as follows:
Cumulative benefit/penalty for each financial year (basis points)FY23FY24FY25
KPI
Greenhouse gas emissions
Renewable energy
Water consumption123
The new debt covenant tests for both the Rand and the US$ facilities are as follows:
The group's interest cover ratio shall be more than five times (EBITDA1/ Total Interest paid);
Leverage2 shall not be more than 2.5 times.
1    Earnings before interest, taxes, depreciation and amortisation (EBITDA) as defined in the agreement also excludes unusual items such as impairment and restructuring cost.
2    Leverage is defined as total net debt to EBITDA.
During the refinancing process, the tangible net worth to total net debt ratio that was relevant to the previous facilities has been removed as a debt covenant while the interest cover and leverage ratios remained unchanged.
The cash flows from the refinancing process were directed by Harmony and are therefore reflected in the cash flow statement. The transaction costs of R172 million are included as part of the interest paid line in the cash flow statement.
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    31


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
10.    BORROWINGS continued
Interest bearing borrowings
At
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Non-current borrowings
R2 billion facility 153 
US$400 million facility 2 799 
US$400 million facility - sustainability linked3 180 — 
Westpac fleet loan 22 
Total non-current borrowings31802 974 
Current borrowings
R2 billion facility 300 
Westpac fleet loan25 87 
Total current borrowings25387 
The following repayments/draw downs were made during the 2022 year:
R2 billion facility (retired): R450 million repayment
US$400 million facility (retired): US$200 million (R3 057 million) repayment
Westpac fleet loan: R94 million repayment
US$400 million facility – sustainability linked: US$200 million (R3 057 million) draw down
Loan covenants tests were performed for both the old and new loan facilities for the 2022 and 2021 financial years and no breaches were noted. For the 2022 financial year, the group's interest cover ratio was 43.4 times (2021: 42.8 times) while the group's leverage was 0.1 (2021: 0.1). As mentioned above, the tangible net worth to total net debt ratio was removed as a loan covenant during the current financial year (2021: 57.8). Management believes that it is very likely that the covenant requirements will be met in the foreseeable future given the current earnings and interest levels.
Year ended
Figures in million30 June 2022
(Reviewed
30 June 2021
(Audited)
Translation gain/(loss) on US$ facilities1
(409)895 
Rand/US$ exchange rate:
Closing/spot16.27 14.27 
Average15.21 15.40 
1    The remainder of foreign exchange transaction gain or loss included in profit or loss mainly relates to the translation of cash from a foreign currency to the functional currencies of the operating entities.
11.    CONTINGENT CONSIDERATION LIABILITY
Consideration for the acquisition of Mponeng and its related assets included contingent consideration subject to the following criteria:
US$260 per ounce payable on all underground production from the Mponeng, Savuka and Tau Tona mines in excess of 250 000 ounces per year for six years commencing 1 January 2021
US$20 per ounce payable on underground production from the Mponeng, Savuka and Tau Tona mines sourced from levels developed in the future below the current infrastructure
As at 30 June 2022, the contingent consideration liability was valued at R356 million (2021: R417 million) by using the discounted cash flows valuation method, discounted at a post-tax real rate of 10.2% (2021:10.3%). Other assumptions applied in the valuation are the forecast Rand/US dollar exchange rate and life-of-mine plan of the Mponeng operation. Refer to note 7 for R/US$ exchange rates used in the valuation as at 30 June 2022. The remeasurement of the liability of R61 million is included in other operating expenses and relates primarily to a change in the production profile, as included in the life-of-mine plan of the Mponeng operation. The fair value calculated for the contingent consideration is level 3 in the fair value hierarchy due to the use of unobservable inputs. The contingent consideration attributable to the below infrastructure ounces of gold was valued at Rnil at 30 June 2022 (2021: Rnil).
32    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
12.    STREAMING ARRANGEMENTS
Contract liability and gold delivered
As at 30 June 2021, the balance of gold ounces to be delivered to Franco-Nevada amounted to 84 429oz. For the year ended 30 June 2022, 23 272oz has been delivered to Franco-Nevada bringing the remaining balance of gold ounces to be delivered as at year end to 61 157oz.
The contract price receivable in US$/oz for each ounce of gold delivered is as follows:
1 October 2020 – 16 December 2020: US$433/oz
17 December 2020 – 16 December 2021: US$437/oz
17 December 2021 – 30 June 2022: US$442/oz
Reconciliation of the streaming contract liability:
At
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Opening balance1 091 — 
Initial recognition as at 1 October 2020 1 417 
Finance costs related to significant financing component67 71 
Non-cash consideration for delivery of gold ounces(471)(397)
Closing balance687 1 091 
– Current*
309 396 
– Non-current378 695 
*    The current portion of the liability is determined with reference to the current production profile of Mine Waste Solutions for the next 12 months.

13.    FINANCIAL RISK MANAGEMENT ACTIVITIES
Foreign exchange risk
Harmony's revenues are sensitive to the R/US$ exchange rate as all revenues are generated by gold sales denominated in US$. A weakening of the Rand will increase the reported revenue total; conversely a strengthening will decrease it.
Harmony maintains a foreign currency derivative programme to manage foreign exchange risk. The limit currently set by the Board is 25% of the group's foreign exchange risk exposure for a period of 24 months. The audit and risk committee reviews the details of the programme quarterly. Refer to note 8 and the fair value determination section below for further detail on these contracts.
The Rand weakened during the 2022 year from R14.27/US$1 on 30 June 2021 to close at R16.27/US$1 on 30 June 2022. The volatility in the exchange rate is driven by global economic factors. Refer to note 2 for a discussion on some of the factors and their impact. The weakening negatively impacted on the derivative valuations as well as the translation of the US$ debt facilities at 30 June 2022. Refer to note 10 for detail.
During the 2022 year the Rand weakened from a closing rate of R10.72/A$1 on 30 June 2021 to R11.25/A$1 on 30 June 2022. This impacted on the translation of balances from Australian dollar to Rand on consolidation as well as the average rate at which income statement items were translated at. These changes resulted in a foreign exchange movement translation gain of R742 million for the 2022 year.
Commodity price sensitivity
The profitability of the group’s operations, and the cash flows generated by those operations, are mainly affected by changes in the market price of gold, and in the case of Hidden Valley, silver as well. Harmony entered into derivative contracts to manage the variability in cash flows from the group’s production, in order to create cash certainty and protect the group against lower commodity prices. The general limit for gold hedging currently set by the Board is 20% for a 24-month period. The limit set by the Board is 50% of silver exposure over a 24-month period. The audit and risk committee reviews the details of the programme quarterly. Refer to note 8 and the fair value determination section below for further detail on these contracts.
Interest rate risk
During the 2022 year the US Federal Reserve increased the fund rate by 150 basis points. Similarly the SARB increased the repo rate by 125 basis points causing the higher interest rates to have a non-favourable impact on the group's cost of debt. This was offset by lower debt balances. The SOFR (Secured Overnight Financing Rate) has been used for the refinanced US$ borrowings, as opposed to LIBOR (London Interbank Offered Rate) which was used for the historic borrowings. This due to LIBOR being phased out. During the refinancing process, the group was able to secure slightly improved margins on its facilities. Even though it can be expected that the increase in the repo rate will result in a higher cost of debt as financial institutions will increase their lending rates, the group has not entered into interest rate swap agreements. The audit and risk committee reviews the group's risk exposure quarterly.
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    33


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
13.    FINANCIAL RISK MANAGEMENT ACTIVITIES continued
Credit risk
Financial instruments which are subject to credit risk are restricted cash and investments, derivative financial instruments and cash and cash equivalents, all of which are invested with financial institutions that meet the group's policy requirements for credit quality, as well as trade and other receivables (excluding non-financial instruments). In assessing the creditworthiness of local institutions, management uses the national scale long-term ratings.
At 30 June 2022, the rating of major SA banks remained unchanged at AA+, which is in line with the group's credit risk policy. An assessment of the expected credit losses (ECLs) for the financial assets measured at amortised costs at 30 June 2022 resulted in an immaterial amount for each instrument. The credit rating of the group's Australian counterparts remained unchanged at A+ resulting in the assessed ECL remaining immaterial.
Management will continue to review the underlying strength of the economies we operate in as well as the creditworthiness of the financial institutions and make any changes deemed necessary to safeguard the assets and reduce the credit risk.
Capital risk management
The weakening of the Rand has resulted in foreign exchange translation losses on foreign borrowings, being the major contributor to the group's increased net debt compared to 30 June 2021. It remains the group's objective to adhere to a conservative approach to debt and maintain low levels of gearing.
Net debt is as follows:
At
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Cash and cash equivalents2 448 2 819 
Borrowings(3 205)(3 361)
Net debt(757)(542)
Fair value determination
The fair value levels of hierarchy are as follows:
Level 1:Quoted prices (unadjusted) in active markets
Level 2:Inputs other than quoted prices included within level 1 that are observable for the asset, either directly or indirectly (that is, as prices) or indirectly (that is derived from prices)
Level 3:Inputs for the asset that are not based on observable market data (that is unobservable inputs)
At
Figures in millionFair value hierarchy level30 June 2022 (Reviewed)30 June 2021 (Audited)
Fair value through other comprehensive income financial instruments
Other non-current assets (a)Level 375 74 
Restricted cash and investments (b)Level 1292 252 
Fair value through profit or loss financial instruments
Restricted cash and investments (b)Level 21 162 1 391 
Derivative financial assets (c)Level 2656 1 799 
Derivative financial liabilities (c)Level 2(11)(212)
Loan to ARM BBEE Trust (d)Level 3148 177 
Contingent consideration liability (e)Level 3(356)(417)
(a)    The majority of the balance relates to the equity investment in Rand Mutual Assurance. The fair value of the investment was estimated with reference to an independent valuation. A combination of the "Embedded Valuation" and "Net Asset Value" techniques were applied to revalue the investment as at 30 June 2022. In evaluating the group's share of the business, common practice marketability and minority discounts as well as additional specific risk discounts were applied. There are no inputs to the valuation that a reasonably possible change would result in a material change in the fair value of the investment.
(b)    The majority of the level 2 valued assets are directly derived from the Top 40 index on the JSE, and are discounted at market interest rates. This relates to equity-linked deposits in the group's environmental rehabilitation trust funds. The level 1 valued assets comprise of listed equity securities designated as fair value through other comprehensive income instruments. The remaining balance of the environmental trust funds is carried at amortised cost and therefore not disclosed here.
34    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
13.    FINANCIAL RISK MANAGEMENT ACTIVITIES continued
(c)    The mark-to-market remeasurement of the derivative contracts was determined as follows:
Foreign exchange contracts comprise of zero cost collars and FECs: The zero cost collars were valued using a Black-Scholes valuation technique derived from spot Rand/US$ exchange rate inputs, implied volatilities on the Rand/US$ exchange rate, Rand/US$ inter-bank interest rates and discounted at a market interest rate (zero-coupon interest rate curve). The value of the FECs is derived from the forward Rand/US$ exchange rate and discounted at a market interest rate (zero coupon interest rate curve)
Rand gold contracts (forward sale contracts): spot Rand/US$ exchange rate, Rand and dollar interest rates (forward points), spot US$ gold price, differential between the US interest rate and gold lease interest rate which is discounted at a market interest rate
US$ gold contracts (forward sale contracts): spot US$ gold price, differential between the US interest rate and gold lease interest rate and discounted at a market interest rate
Silver contracts (zero cost collars): a Black-Scholes valuation technique, derived from spot US$ silver price, strike price, implied volatilities, time to maturity and interest rates and discounted at a market interest rate investments
(d)    At 30 June 2022, the fair value movement was calculated using a discounted cash flow model, taking into account forecasted dividend payments over the estimated repayment period of the loan at a rate of 9.3% (2021: 7.9%). A 99 basis point change in the discount rate, which would represent a reasonably possible change based on expected movements in lending rates, would not cause a material change in the fair value of the loan. The loan balance forms part of other non-current assets in the balance sheet.
(e)    The contingent consideration liability related to the Mponeng operation (refer to note 11) was determined using the expected gold production profile for Mponeng at a post-tax real rate of 10.2% (2021: 10.3%). Should the expected gold production profile increase by 7.6% or decrease by 7.6%, the contingent consideration liability would increase by R251 million (2021: R208 million at 7%) or decrease by R189 million (June 2021: R183 million at 7%), respectively. This represents reasonably expected changes which were determined based on the standard deviation of previous years' production of the Mponeng operation. No other reasonably expected changes in key unobservable inputs would have caused a material change in the fair value of the liability.
The carrying values (less any impairment allowance) of short-term financial instruments are assumed to approximate their fair values. This includes restricted cash and investments carried at amortised cost. The fair values of borrowings are not materially different to their carrying amounts since the interest payable on those borrowings is at floating interest rates. The fair value of borrowings is based on discounted cash flows using a current borrowing rate. The determination of the fair values are level 3 in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.
14.    ADDITIONAL CASH FLOW DISCLOSURES
Cash generated by operations decreased year on year primarily due to the higher production costs incurred and the trade and other payables outflow in comparison to an inflow in 2021, as a result of the inclusion of the results of the Mponeng operations. Refer to note 4 for further detail.
The decrease was offset by the increase in revenue and gains on derivatives as well as the trade and other receivables inflow. Refer to note 3 and 8 for further detail.
Additions to property, plant and equipment:
Year ended
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Capital expenditure – operations5 096 4 062 
Capital and capitalised exploration and evaluation expenditure for Wafi-Golpu22 34 
Additions resulting from stripping activities1 096 1 046 
Total additions to property, plant and equipment6 214 5 142 
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    35


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
15.    COMMITMENTS AND CONTINGENCIES
At
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Capital expenditure commitments:
Contracts for capital expenditure1
1 944 373 
Authorised by the directors but not contracted for6 300 7 425 
Total capital commitments8 244 7 798 
1 The increase relates predominantly to the Kareerand Expansion project, for which regulatory approvals were obtained during June 2022.
This expenditure will be financed from existing resources and, where appropriate, borrowings which is adequate.
Contingent liabilities
During June 2022, the Water Use Licence (WUL) for Mine Waste Solutions' Kareerand tailings storage facility was approved by the Department of Water and Sanitation. We are still awaiting approvals of the WULs for our Free State operations as well as Doornkop. There were no other significant changes during the 2022 financial year. For a detailed disclosure on contingent liabilities, refer to Harmony's annual financial statements for the financial year ended 30 June 2021.
16.    RELATED PARTIES
The following directors and prescribed officers owned shares in Harmony at year end:
At
Name of director/prescribed officer30 June 2022
(Reviewed)
30 June 2021
(Reviewed)*
PW Steenkamp (Executive director)1
772 589 746 085 
BP Lekubo (Executive director)1
15 988 3 581 
HE Mashego (Executive director)1
14 875 3 319 
BB Nel (Prescribed officer)1,4
110 207 198 622 
VP Tobias (Prescribed officer)1,2,4
n/a321 084 
MP van der Walt (Prescribed officer)1,4
100 000 159 438 
JJ van Heerden (Prescribed officer)1,4
30 734 6 156 
M Naidoo-Vermaak (Prescribed officer)1,3
7 966 n/a
AJ Wilkens (Non-executive director)101 301 101 301 
*    Certain figures have been revised. Refer to footnote 4 below.
1    The balance of shares held is attributable to shares held privately and in terms of the minimum shareholding requirement as set out in our remuneration policy.
2    VP Tobias resigned effective 14 November 2021.
3    M Naidoo-Vermaak classified as a prescribed officer effective 21 February 2022.
4    During the year a misstatement was identified in the balance of the shares owned by certain prescribed officers for the year ended 30 June 2021. The previously disclosed balance at 30 June 2021 did not consider shares traded in the prescribed officers' personal capacity, and as a result were misstated. These figures have been revised. Shares held at 30 June 2021 were previously disclosed as: BB Nel, 216 175 shares, MP van der Walt, 139 356 shares, VP Tobias, 347 462 shares and JJ van Heerden, 166 156 shares.
On 7 December 2021, Harmony announced the retirement of Ms Fikile De Buck and Dr Simo Lushaba as independent non-executive directors with effect from 7 December 2021.
On 21 February 2022, Ms Melanie Naidoo-Vermaak and Mr Anton Buthelezi were appointed as Senior Executive: Sustainable Development and Senior Executive: Human Capital respectively and have been classified as prescribed officers.
On 19 May 2022, Harmony announced the appointment of Mr Bongani Nqwababa and Mr Martin Prinsloo to the Board of Directors of Harmony as independent non-executive directors with effect from 18 May 2022.
On 28 June 2022, Harmony announced the resignation of Mr Modise Motloba as a non-independent non-executive director with effect from 27 June 2022.
36    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2022 (RAND)
17.    SEGMENT REPORT
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM) as well as the requirements of IFRS 8, Operating Segments.
As of 1 July 2021, Mine Waste Solutions is disclosed as a separate operating segment based on the requirements of IFRS 8.
The segment report follows on page 38.
18.    RECONCILIATION OF SEGMENT INFORMATION
Year ended
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Reconciliation of production profit to gross profit
Revenue42 645 41 733 
– Per segment report41 742 40 698 
– Other metal sales treated as by-product credits in the segment report903 1 035 
Production costs(33 099)(29 774)
– Per segment report(32 196)(28 739)
– Other metal sales treated as by-product credits in the segment report(903)(1 035)
Production profit per segment report9 546 11 959 
Amortisation and depreciation(3 683)(3 875)
Impairment of assets(4 433)(1 124)
Other cost of sales items(712)(716)
Gross profit as per income statement1
718 6 244 
1    The reconciliation was done up to the first recognisable line item on the income statement. The reconciliation will follow the income statement after that.
At
Figures in million30 June 2022
(Reviewed)
30 June 2021
(Audited)
Reconciliation of total segment assets to consolidated property, plant and equipment
Property, plant and equipment not allocated to a segment
Mining assets943 757 
Undeveloped property4 004 3 989 
Other non-mining assets510 411 
Assets under construction*1 823 1 584 
7 280 6 741 
*    Assets under construction consist of the Wafi-Golpu assets
19.    SUBSEQUENT EVENTS
On 29 August 2022, a final dividend of 22 SA cents was declared, payable on 17 October 2022.
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    37


SEGMENT REPORT (RAND/METRIC)
FOR THE YEAR ENDED 30 JUNE 2022 (REVIEWED)
RevenueProduction costProduction
profit/(loss)
Segment assetsCapital expenditureKilograms produced*Tonnes milled*
30 June30 June30 June30 June30 June30 June30 June
20222021202220212022202120222021202220212022202120222021
R millionR millionR millionR millionR millionkgt'000
South Africa
Underground
Tshepong Operations6 351 6 214 5 084 4 865 1 267 1 349 3 779 6 541 1 514 1 112 7 022 7 419 1 561 1 558 
Moab Khotsong5 779 6 048 4 038 3 842 1 741 2 206 4 324 4 008 894 633 6 508 7 166 959 903 
Mponeng5 620 4 750 4 487 2 938 1 133 1 812 4 433 4 321 605 493 6 086 5 446 840 683 
Bambanani1
1 286 1 687 1 163 1 156 123 531  327 25 71 1 433 1 992 176 227 
Joel1 411 1 199 1 308 1 124 103 75 1 244 1 166 225 172 1 556 1 424 434 359 
Doornkop3 106 3 077 2 453 2 140 653 937 3 222 2 994 491 425 3 444 3 670 874 851 
Target 11 648 1 410 1 812 1 667 (164)(257)1 517 1 367 384 368 1 800 1 603 455 488 
Kusasalethu4 139 3 400 3 086 2 955 1 053 445 822 1 057 210 205 4 567 3 999 607 708 
Masimong1 733 1 636 1 504 1 427 229 209 17 26 49 29 1 910 2 012 486 510 
Unisel2
 224  182  42  —  —  247  57 
Total Underground31 073 29 645 24 935 22 296 6 138 7 349 19 358 21 807 4 397 3 508 34 326 34 978 6 392 6 344 
Surface
Mine Waste Solutions3
2 642 1 889 1 588 1 137 1 054 751 1 027 1 031 264 70 2 899 2 057 23 443 17 665 
All other surface operations3
4 868 5 136 3 551 3 587 1 317 1 550 1 066 890 282 265 5 304 6 031 20 737 21 824 
Total Surface7 510 7 025 5 139 4 724 2 371 2 301 2 093 1 921 546 335 8 203 8 088 44 180 39 489 
Total South Africa38 583 36 670 30 074 27 020 8 509 9 650 21 451 23 728 4 943 3 843 42 529 43 066 50 572 45 833 
International
Hidden Valley3 159 4 028 2 122 1 719 1 037 2 309 4 141 3 128 1 249 1 260 3 707 4 689 3 229 3 420 
Total international3 159 4 028 2 122 1 719 1 037 2 309 4 141 3 128 1 249 1 260 3 707 4 689 3 229 3 420 
Total operations41 742 40 698 32 196 28 739 9 546 11 959 25 592 26 856 6 192 5 103 46 236 47 755 53 801 49 253 
Reconciliation of the segment information to the consolidated income statement and balance sheet (refer to note 18)
903 1 035 903 1 035  — 7 280 6 741 
42 645 41 733 33 099 29 774 9 546 11 959 32 872 33 597 6 192 5 103 46 236 47 755 53 801 49 253 
*    Production statistics are unaudited and not reviewed.
1    The Bambanani operation closed in June 2022
2    The Unisel operation closed in October 2020
3    The Mine Waste Solutions and All other surface operations line items were disaggregated as a result of Mine Waste Solutions meeting the 10% profit quantitative threshold for a reportable segment. Refer to note 1 for further details.
38    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


CONDENSED CONSOLIDATED INCOME STATEMENT (US$)
(CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
Year ended
Figures in million30 June 202230 June 2021
Revenue2 804 2 710 
Cost of sales(2 738)(2 310)
Production costs(2 176)(1 933)
Amortisation and depreciation(242)(252)
Impairment of assets(273)(79)
Other items(47)(46)
Gross profit66 400 
Corporate, administration and other expenditure(65)(69)
Exploration expenditure(14)(11)
Gains/(losses) on derivatives3 66 
Foreign exchange translation gain/(loss)(21)44 
Other operating expenses (16)
Operating profit/(loss)(31)414 
Gain on bargain purchase 18 
Acquisition-related costs (8)
Share of profits from associates4 
Investment income23 21 
Finance costs(47)(43)
Profit/(loss) before taxation(51)407 
Taxation3 (81)
Current taxation(20)(35)
Deferred taxation23 (46)
Net profit/(loss) for the year(48)326 
Attributable to:
Non-controlling interest3 
Owners of the parent(51)324 
Earnings/(loss) per ordinary share (cents)
Basic earnings/(loss)(8)54 
Diluted earnings/(loss)(8)52 
The currency conversion average rates for the year ended 30 June 2022: US$1 = R15.21 (30 June 2021: US$1 = R15.40).

Note on convenience translations
The requirements of IAS 21 The Effects of Changes in Foreign Exchange Rates have not necessarily been applied in the translation of the US Dollar financial statements presented on page 39 to 43.

Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    39


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (US$)
(CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
Year ended
Figures in million30 June 202230 June 2021
Net profit/(loss) for the year(48)326 
Other comprehensive income for the year, net of income tax12 211 
Items that may be reclassified subsequently to profit or loss:11 210 
Foreign exchange translation gain/(loss)
49 (80)
Remeasurement of gold hedging contracts
(38)290 
Items that will not be reclassified to profit or loss1 
Total comprehensive income for the year(36)537 
Attributable to:
Non-controlling interest2 
Owners of the parent(38)534 
The currency conversion average rates for the year ended 30 June 2022: US$1 = R15.21 (30 June 2021: US$1 = R15.40).

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (US$)
FOR THE YEAR ENDED 30 JUNE 2022 (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
Figures in millionShare capitalAccumulated lossOther
reserves
Non-controlling interestTotal
Balance – 1 July 20212 024 (505)394 4 1 917 
Share-based payments  9  9 
Net profit/(loss) for the year (62) 2 (60)
Other comprehensive income for the year  12  12 
Dividends paid (25) (1)(26)
Balance – 30 June 20222 024 (592)415 5 1 852 
Balance – 1 July 20202 308 (882)211 — 1 637 
Share-based payments— — 11 — 11 
Net profit for the year— 389 — 392 
Other comprehensive income for the year— — 226 227 
Dividends paid— (47)— — (47)
Balance – 30 June 20212 308 (540)448 2 220 
The currency conversion closing rates for the year ended 30 June 2022: US$1 = R16.27 (30 June 2021: US$1 = R14.27).
40    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


CONDENSED CONSOLIDATED BALANCE SHEET (US$)
(CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
At
Figures in million30 June 202230 June 2021
ASSETS
Non-current assets
Property, plant and equipment2 020 2 354 
Intangible assets3 26 
Restricted cash and investments341 367 
Investments in associates8 
Deferred tax assets12 19 
Other non-current assets23 23 
Derivative financial assets8 23 
Total non-current assets2 415 2 821 
Current assets
Inventories173 178 
Restricted cash and investments2 
Trade and other receivables103 116 
Derivative financial assets32 103 
Cash and cash equivalents150 198 
Total current assets460 600 
Total assets2 875 3 421 
EQUITY AND LIABILITIES
Share capital and reserves
Attributable to equity holders of the parent company1 847 2 183 
Share capital2 024 2 308 
Other reserves415 448 
Accumulated loss(592)(573)
Non-controlling interest5 
Total equity1 852 2 187 
Non-current liabilities
Deferred tax liabilities97 153 
Provision for environmental rehabilitation308 327 
Other provisions57 65 
Borrowings195 208 
Contingent consideration liability22 29 
Other non-current liabilities16 12 
Streaming contract liability23 49 
Total non-current liabilities718 843 
Current liabilities
Other provisions8 12 
Borrowings2 27 
Trade and other payables276 310 
Derivative financial liabilities 14 
Streaming contract liability19 28 
Total current liabilities305 391 
Total equity and liabilities2 875 3 421 
The balance sheet for 30 June 2022 converted at a conversion rate of US$1 = R16.27 (30 June 2021: US$1 = R14.27)
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    41


CONDENSED CONSOLIDATED CASH FLOW STATEMENT (US$)
(CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
Year ended
Figures in million30 June 202230 June 2021
CASH FLOW FROM OPERATING ACTIVITIES
Cash generated by operations485 633 
Dividends received5 
Interest received6 11 
Interest paid(21)(15)
Income and mining taxes paid(19)(38)
Cash generated from operating activities456 597 
CASH FLOW FROM INVESTING ACTIVITIES
Increase in restricted cash and investments(8)(3)
Amounts refunded from restricted cash and investments3 
Redemption of preference shares from associates 
Acquisition of Mponeng operations and related assets (200)
ARM BBEE Trust loan repayment4 17 
ARM BBEE Trust loan advanced (17)
Capital distribution from investments 
Proceeds from disposal of property, plant and equipment2 
Additions to property, plant and equipment(409)(334)
Cash utilised by investing activities(408)(531)
CASH FLOW FROM FINANCING ACTIVITIES
Borrowings raised201 — 
Borrowings repaid(237)(227)
Dividends paid(28)(44)
Lease payments(12)(8)
Cash utilised by financing activities(76)(279)
Foreign currency translation adjustments(20)44 
Net decrease in cash and cash equivalents(48)(169)
Cash and cash equivalents – beginning of year198 367 
Cash and cash equivalents – end of year150 198 
The currency conversion average rates for the year ended 30 June 2022: US$1 = R15.21 (30 June 2021: US$1 = R15.40).
The closing balance translated at closing rate of 30 June 2022: US$1 = R16.27 (30 June 2021: US$1 = R14.27).
42    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


SEGMENT REPORT (US$/IMPERIAL)
FOR THE YEAR ENDED 30 JUNE 2022 (CONVENIENCE TRANSLATION) (UNAUDITED AND UNREVIEWED)
RevenueProduction costProduction profit/(loss)Segment assetsCapital expenditureOunces producedTons milled
30 June30 June30 June30 June30 June30 June30 June
20222021202220212022202120222021202220212022202120222021
US$ millionUS$ millionUS$ millionUS$ millionUS$ millionozt'000
South Africa
Underground
Tshepong Operations418 403 334 316 #SHEET!87 232 458 100 72 225 763 238 526 1 721 1 718 
Moab Khotsong380 393 265 250 #SHEET!143 266 281 59 41 209 237 230 391 1 059 995 
Mponeng369 308 295 191 74 117 272 303 40 32 195 669 175 092 926 753 
Bambanani1
85 110 76 75 #SHEET!35  23 2 46 072 64 044 194 250 
Joel93 78 86 73 7 76 82 15 11 50 026 45 783 478 396 
Doornkop204 200 161 139 43 61 198 210 32 28 110 726 117 993 963 938 
Target 1108 92 119 108 (11)(16)93 96 25 24 57 872 51 536 501 537 
Kusasalethu272 221 203 192 69 29 51 74 14 13 146 833 128 570 669 780 
Masimong114 106 99 93 15 13 1 3 61 407 64 687 536 563 
Unisel2
 15  12   —  —  7 941  63 
Total Underground2 043 1 926 1 638 1 449 #SHEET!477 1 189 1 529 290 228 1 103 605 1 124 563 7 047 6 993 
Surface
Mine Waste Solutions3
174 123 104 74 #SHEET!49 63 72 17 93 205 66 133 25 851 19 479 
All other surface operations320 332 #SHEET!232 #SHEET!100 66 63 19 17 170 525 193 901 22 866 24 068 
Total Surface494 455 #SHEET!306 #SHEET!149 129 135 36 22 263 730 260 034 48 717 43 547 
Total South Africa2 537 2 381 1 977 1 755 #SHEET!626 1 318 1 664 #SHEET!250 1 367 335 1 384 597 55 764 50 540 
International
Hidden Valley208 262 140 112 68 150 254 219 82 82 119 182 150 755 3 561 3 772 
Total international208 262 140 112 68 150 254 219 82 82 119 182 150 755 3 561 3 772 
Total operations#SHEET!2 643 2 117 1 867 628 776 1 572 1 883 #SHEET!332 1 486 517 1 535 352 59 325 54 312 
1    The Bambanani operation closed in June 2022
2    The Unisel operation closed in October 2020
3    The Mine Waste Solutions and All other surface operations line items were disaggregated as a result of Mine Waste Solutions meeting the 10% profit quantitative threshold for a reportable segment.
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    43


DEVELOPMENT RESULTS
FOR THE YEAR ENDED 30 JUNE 2022
METRIC
CHANNEL
ReefSampledWidthValueGold
metresmetres(cms)(g/t)(cmg/t)
Tshepong
Basal1 0821 06413.3762.40834
B Reef484442131.2611.711 537
All reefs1 5671 50647.9721.691 040
Phakisa
Basal
99699237.2140.381 503
All reefs99699237.2140.381 503
Bambanani
Basal
All reefs
Doornkop
South Reef
1 4491 33582.2011.63956
All reefs1 4491 33582.2011.63956
Kusasalethu
VCR Reef
1 0251 00270.2621.411 504
All reefs1 0251 00270.2621.411 504
Target 1
Elsburg/Dryerskuil
5552272.006.981 899
All reefs5552272.006.981 899
Masimong 5
Basal
723554107.6212.141 307
B Reef*
8341 09099.1320.922 074
All reefs1 5571 644101.9917.801 815
Joel
Beatrix
1 1041 077158.768.621 369
All reefs1 1041 077158.768.621 369
Moab Khotsong
Vaal Reef
1 4091 102109.4527.933 057
C Reef15
All reefs1 4241 102109.4527.933 057
Mponeng
VCR
1 1551 10879.2842.293 353
Carbon Leader9410018.3882.821 522
All reefs1 2491 20874.2443.123 202
Total Harmony
Basal
2 8012 61042.4428.011 189
Beatrix
1 1041 077158.768.621 369
B Reef
1 3181 532230.3932.633 611
Elsburg/Dryerskuil
5552272.006.981 899
Vaal Reef
1 4091 102109.4527.933 057
South Reef
1 4491 33582.2011.63956
VCR
2 1792 110149.5463.714 858
Carbon Leader9410018.3882.821 522
All reefs10 4249 91885.9420.691 778
Rounding of numbers may result in slight computational discrepancies.
* B Reef drive metres not included in linear reef metres.
IMPERIAL
CHANNEL
ReefSampledWidthValueGold
feetfeet(inch)(oz/t)(in.oz/t)
Tshepong
Basal3 5503 4915.001.9210
B Reef1 5891 45052.000.3418
All reefs5 1394 94119.000.6312
Phakisa
Basal3 2673 25515.001.1517
All reefs3 2673 25515.001.1517
Bambanani
Basal
All reefs
Doornkop
South Reef4 7524 38032.000.3411
All reefs4 7524 38032.000.3411
Kusasalethu
VCR Reef3 3623 28728.000.6217
All reefs3 3623 28728.000.6217
Target 1
Elsburg/Dryerskuil181171107.000.2022
All reefs181171107.000.2022
Masimong 5
Basal2 3731 81842.000.3615
B Reef*2 7363 57639.000.6124
All reefs5 1095 39440.000.5221
Joel
Beatrix3 6203 53363.000.2516
All reefs3 6203 53363.000.2516
Moab Khotsong
Vaal Reef4 6243 61543.000.8235
C Reef49
All reefs4 6723 61543.000.8235
Mponeng
VCR3 7883 63531.001.2439
Carbon Leader3083287.002.5017
All reefs4 0963 96329.001.2737
Total Harmony
Basal9 1908 56317.000.8014
Beatrix3 6203 53363.000.2516
B Reef4 3255 02691.000.4641
Elsburg/Dryerskuil181171107.000.2022
Vaal Reef4 6243 61543.000.8235
South Reef4 7524 38032.000.3411
VCR7 1506 92359.000.9556
Carbon Leader3083287.002.5017
All reefs34 20032 53934.000.6020
Rounding of numbers may result in slight computational discrepancies.
* B Reef drive metres not included in linear reef metres.
44    Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022


COMPETENT PERSON'S DECLARATION
Harmony Gold Mining Company Limited’s statement of Mineral Resources and Mineral Reserves as at 30 June 2022 is produced in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC). It should be noted that the Mineral Resources are reported inclusive of the Mineral Reserves.
In South Africa, Harmony employs an ore reserve manager at each of its operations who takes responsibility as competent person for the compilation and reporting of Mineral Resources and Mineral Reserves at their operations. In Papua New Guinea, competent persons are appointed for the Mineral Resources and Mineral Reserves for specific projects and operations.
The Mineral Resources and Mineral Reserves in this report are based on information compiled by the following competent persons:
Mineral Resources and Mineral Reserves of South Africa:
Jaco Boshoff, BSc (Hons), MSc, MBA, Pr.Sci.Nat, MSAIMM, MGSSA, who has 27 years’ relevant experience and is registered with the South African Council for Natural Scientific Professions (SACNASP), a member of the South African Institute of Mining and Metallurgy (SAIMM) and a member of the Geological Society of South Africa (GSSA).
Mr Boshoff is Harmony's Lead Competent Person.
Jaco Boshoff
Physical address:Postal address:
Randfontein Office Park
Corner of Main Reef Road and Ward Avenue
Randfontein
South Africa
PO Box 2
Randfontein
1760
South Africa
Mineral Resources and Mineral Reserves of Papua New Guinea:
Gregory Job, BSc, MSc, who has 33 years’ relevant experience and is a member of the Australian Institute of Mining and Metallurgy (AusIMM).
Greg Job
Physical address:Postal address:
Level 2, 189 Coronation Drive
Milton, Queensland
4064
Australia
PO Box 1562
Milton, Queensland
4064
Australia
Both these competent persons, who are full-time employees of Harmony, consent to the inclusion in the report of the matters based on the information in the form and context in which it appears.


DIRECTORATE AND ADMINISTRATION
HARMONY GOLD MINING COMPANY LIMITED
Harmony Gold Mining Company Limited was incorporated and registered as a public company in South Africa on 25 August 1950
Registration number: 1950/038232/06
CORPORATE OFFICE
Randfontein Office Park
PO Box 2, Randfontein, 1760, South Africa
Corner Main Reef Road and Ward Avenue
Randfontein, 1759, South Africa
Telephone: +27 11 411 2000
Website: www.harmony.co.za
DIRECTORS
Dr PT Motsepe* (chairman), KT Nondumo*^ (deputy chairman), M Msimang*^ (lead independent director), PW Steenkamp (chief executive officer), BP Lekubo (financial director), HE Mashego (executive director)
JA Chissano*^#, B Nqwababa*^, VP Pillay*^, M Prinsloo*^, GR Sibiya*^, PL Turner*^, JL Wetton*^, AJ Wilkens*
* Non-executive
^ Independent
# Mozambican
INVESTOR RELATIONS
E-mail: HarmonyIR@harmony.co.za
Telephone: +27 11 411 6073 or +27 82 746 4120
COMPANY SECRETARIAT
E-mail: companysecretariat@harmony.co.za
Telephone: +27 11 411 2359
TRANSFER SECRETARIES
JSE Investor Services (Proprietary) Limited
(Registration number 2000/007239/07)
19 Ameshoff Street, 13th Floor, Hollard House, Braamfontein
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: +27 86 154 6572
E-mail: info@jseinvestorservices.co.za
Fax: +27 86 674 4381
AMERICAN DEPOSITARY RECEIPTS DEPOSITARY
Deutsche Bank Trust Company Americas
c/o American Stock Transfer and Trust Company
Operations Centre, 6201 15th Avenue, Brooklyn,
NY 11219, United States
E-mail queries: db@astfinancial.com
Toll free (within the US): +1 886 249 2593
Int: +1 718 921 8137
Fax: +1 718 921 8334
SPONSOR
JP Morgan Equities South Africa Proprietary Limited
1 Fricker Road, corner Hurlingham Road, Illovo, Johannesburg, 2196
Private Bag X9936, Sandton, 2146
Telephone: +27 11 507 0300
Fax: +27 11 507 0503
TRADING SYMBOLS
ISIN: ZAE 000015228
Harmony Gold Mining Company Limited | FY22 Results for the year ended 30 June 2022    45


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

Harmony Gold Mining Company Limited
Date: August 30, 2022
By: /s/ Boipelo Lekubo
Name: Boipelo Lekubo
Title: Financial Director







Harmony Gold Mining (NYSE:HMY)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Harmony Gold Mining Charts.
Harmony Gold Mining (NYSE:HMY)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Harmony Gold Mining Charts.