Harmony Gold Mining Company Limited

Registration Number 1950/038232/06

Incorporated in the Republic of South Africa

NOTICE TO WARRANT HOLDERS

This notice serves as a reminder to all warrant holders that should you wish to
exercise your warrants, you should do so on any business day on or before 29
June 2003 ("the expiration date"). A business day is any day, excluding
Saturday, Sunday and any official public holiday, on which banking institutions
are generally open for normal banking business in Johannesburg and New York.
Any warrant not exercised before 17:00 (Johannesburg time) on the expiration
date will become void and all rights of the warrant holders under the warrants
and the warrant agency agreement will cease.

Should you wish to exercise your warrants, please note the following:

1 Ensure that all of the following documents are delivered to Harmony's
transfer secretaries in South Africa or to the US warrant agent:

1.1 A completed and signed form of exercise and surrender (attached); and

1.2 Your warrant certificate/s; and

1.3 Payment of the exercise price

2 When completing the form of exercise and surrender, please ensure that you
clearly indicate the number of warrants being exercised and whether you want to
receive ordinary shares or ADS's. Warrant holders electing to receive ADS's
upon exercise of the warrants must send the documents referred to above to the
US warrant agent only. Should you elect to exercise your warrants through the
US warrant agent, the exercise price, any fees (except issuance fees) of the
Depositary and taxes, if any, must be paid in US dollars.

3 The details of our Transfer Secretaries are The details of the US warrant    
:                                             agent are:                       
                                                                               
Ultra Registrars (Pty) Ltd                    The Bank of New York             
                                                                               
11 Diagonal Street                            Tender & Exchange Department     
                                                                               
Johannesburg 2001                             101 Barclay Street               
                                                                               
PO Box 4844, Jhb, 2000                        11th Floor New York, NY 10286    
                                                                               
Tel: +27 (11) 832-2652                        Tel +1 (212) 815-6011            
                                                                               
Fax: +27(11) 834-4398                                                          

4 Payment of the exercise price may be made in the form of a cheque or bank
draft payable to Harmony (or, in the case of payments made through the US
warrant agent, to the US warrant agent for the account of Harmony) or by wire
transfer of immediately available funds to an account of Harmony's, which
account details will be provided by our transfer secretaries.

5 Harmony will allot the ordinary share in respect of an exercised warrant to
the exercising warrant holder or, if the warrant holder has elected to receive
ADS's, to the US warrant agent, for deposit with the Bank of New York (in its
capacity as Depositary for the ADS's) no later than 14 days after the valid
exercise of a warrant. Should you elect to receive an ordinary share, but elect
not to have that ordinary share issued through STRATE, Harmony will issue a
share certificate in respect of the ordinary share no later than 21 days after
the date the warrant is exercised.

6 If you have transferred your warrant, kindly forward this notice to the new
warrant holder.

  * Should you be in doubt as to the action you should take, please consult
    your stockbroker, attorney, accountant, banker or other professional
    adviser immediately.
   
Harmony Gold Mining Company Limited

MP van der Walt

Company Secretary

Johannesburg

9 May 2003

Form of exercise and surrender

Instruction

  * This form of exercise and surrender should only be completed by holders of
    warrants ("warrant holders") who wish to exercise their warrants for one
    ordinary share of R0,50 in the share capital of Harmony at a subscription
    price of R43 per ordinary share ("warrant exercise price") for each warrant
    held, on or before 17:00 (Johannesburg time) on
    29 June 2003 ("final exercise date").
   
  * A separate form of exercise and surrender is required for each warrant
    holder.
   
  * Warrant holders who wish to exercise their warrants and receive ordinary
    shares should complete and sign this form of exercise and surrender and
    lodge it with the transfer secretaries at the addresses given below, so as
    to reach them on or before the final exercise date, accompanied by the
    warrant certificate issued by Harmony in respect of the warrant in question
    ("document of title") together with a cheque or bank draft payable to
    Harmony. Warrant holders who wish to exercise their warrants and receive
    ADS's should complete and sign this form of exercise and surrender and
    lodge it with the US warrant agent for the account of Harmony or by wire
    transfer of immediately available funds.
   
  * Part A must be completed by all warrant holders who return this form.
   
  * Part B must be completed by all warrant holders who are emigrants from the
    Common Monetary Area (comprising the Republics of South Africa and Namibia
    and the Kingdoms of Lesotho and Swaziland).
   
  * Persons who have acquired warrants after the date of posting this form of
    exercise and surrender, can obtain copies of the form of exercise and
    surrender from the transfer secretaries and the US warrant agent at the
    addresses given below:
   
The details of our Transfer        The details of the US warrant    
Secretaries are:                   agent are:                       
                                                                    
Ultra Registrars (Pty) Ltd         The Bank of New York             
                                                                    
11 Diagonal Street                 Tender & Exchange Department     
                                                                    
Johannesburg 2001                  101 Barclay Street               
                                                                    
PO Box 4844, Jhb, 2000             11th Floor New York, NY 10286    
                                                                    
Tel: +27 (11) 832-2652             Tel +1(212) 815-6011             
                                                                    
Fax: +27(11) 834-4398                                               

PART A - To be completed by all warrant holders who wish to exercise their
warrants

 1. Details of warrant holder
   
Surname or name of                                                      
corporate body                                                          
                                                                        
First names (in full)                                                   
                                                                        
Title (Mr/Miss/Mrs/etc)                                                 
                                                                        
Identity Number / Social                                                
Security Number                                                         
                                                                        
Address                                                                 

2. Documents to be surrendered

Certificate       Number of         Certificate       Number of        
number(s)         warrants covered  Number(s)         warrants covered 
                  by each                             by each          
                  certificate                         certificate      
                                                                       
                                                TOTAL                  

3. Exercise of warrants

Number of warrants                                                      
exercised                                                               
                                                                        
Indicate whether you     Ordinary shares         Stamp and address of   
elect to receive                                 agent lodging this form
ordinary shares or ADS's ADS's                   (if any)               
by ticking the                                                          
appropriate box                                                         
                                                                        
Signature of warrant                                                    
holder                                                                  
                                                                        
Assisted by (if                                                         
applicable)                                                             
                                                                        
(state full name and                                                    
capacity)                                                               
                                                                        
Date                                        2003                        
                                                                        
Telephone Number (Home)  ( )                                            
                                                                        
Telephone Number (Work)  ( )                                            

 4. Form of shares (not applicable, if you have elected to receive ADS's)
   
Harmony shares to be     Material                Electronic             
issued in the following                                                 
form*                                                                   
                                                                        
Name of Central Security                                                
Depositary Participant                                                  
("CSDP")                                                                
                                                                        
CSDP Account Number                                                     

* Mark whichever is applicable

PART B - To be completed by emigrants from the common monetary area

Nominated authorized dealer in the case of a warrant holder who is an emigrant
from the Common Monetary Area (see note 9 below)

Name of authorized                     Account Number                   
dealer                                                                  
                                                                        
Address                                Postal Code                      

NOTES:

 1. No receipts will be issued for documents of title lodged, unless
    specifically requested. In compliance with the requirements of the JSE
    Securities Exchange South Africa ("JSE"), lodging agents are requested to
    prepare special transaction receipts, if required. Signatories may be
    called upon for evidence of their authority or capacity to sign this form.
   
 2. Any alteration to this form of exercise and surrender must be signed in
    full and not initialed.
   
 3. If this form of exercise and surrender is signed under a power of attorney,
    then such power of attorney or a notarially certified copy thereof must be
    sent with this form for noting (unless it has already been noted by Harmony
    or its transfer secretaries).
   
 4. Where the warrant holder is a company or close corporation a certified copy
    of the directors' or members' resolution authorizing the signing of this
    form of exercise and surrender must be submitted, if requested by Harmony.
   
 5. Where there are joint holders of any warrant, only that holder whose name
    stands first in the register in respect of such warrants need sign this
    form of exercise and surrender.
   
 6. If a warrant holder has elected to receive share certificates in material
    form, the share certificate will be posted to and at the risk of the
    warrant holder concerned within 21 days after the date on which the warrant
    is exercised.
   
 7. If a warrant holder has elected to receive the Harmony shares in electronic
    form and has provided the name of the CSDP and the CSDP account number to
    which the Harmony shares must be credited, the Harmony shares will be
    credited accordingly within 14 days after the date on which the warrant is
    exercised.
   
 8. If no CSDP details are provided or share certificates requested, the
    Harmony shares will remain registered in electronic form with the transfer
    secretaries.
   
 9. The following apply to warrant holders whose registered addresses in the
    register of warrant holders are outside the Common Monetary Area and whose
    warrant certificates are restrictively endorsed -
   
Non-residents who are emigrants from the Common Monetary Area

Share certificates in respect of Harmony shares issued to such non-residents
pursuant to the exercise of a warrant, whose warrant certificates bear a
"non-resident" endorsement, will be similarly endorsed and posted to the
authorized dealer concerned for its control in terms of the Exchange Control
Regulations of South Africa.

All other non-residents

Share certificates in respect of Harmony shares issued to such non-resident
pursuant to the exercise of the warrant, whose warrant certificates bear a
"non-resident" endorsement, will be similarly endorsed and posted to the
non-resident's registered address.



END