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

Trading statement and operating update for the six months ended
31 December 2022

Johannesburg, Thursday, 23 February 2023. In terms of paragraph 3.4(b)
of the Listings Requirements of the JSE Limited ("JSE"), a company listed
on the JSE is required to publish a trading statement as soon as they
are satisfied that a reasonable degree of certainty exists that the
financial results for the period to be reported upon next - being its
interim results for the six months ended 31 December 2022 ("H1FY23") -
will differ by at least 20% from the financial results for the comparable
six months ended 31 December 2021 ("the previous comparable period"
and/or "H1FY22").

“Our strategy of allocating growth capital towards high-margin, long-
life assets has started to deliver the desired results. Excellent
recovered underground grades along with the strong rand-per-kilogram
gold price have provided Harmony with good tailwinds. Execution
excellence and sustainable mining practices will ensure that we achieve
our annual production and cost guidance for the 2023 financial year,”
said Peter Steenkamp, chief executive officer of Harmony.

Expected basic and headline earnings for H1FY23

Shareholders of Harmony are advised that a reasonable degree of certainty
exists that basic earnings for H1FY23 will be 20% to 40% higher than for
H1FY22 primarily due to:

    • an increased gross profit as a result of higher underground
      recovered grades and an increase in the average gold price
      received which offset the increase in production costs;

    • a foreign exchange translation gain of approximately R30 million
      (US$2 million), compared to a R298 million loss (US$20 million)
      in H1FY22, is predominantly attributable to the smaller foreign
      exchange losses on the foreign denominated borrowings. This is as
      a result of the Rand weakening against the US Dollar by a smaller
      margin during H1FY23 compared to H1FY22. These losses were further
      offset by the gains realised on the commodities' receivables and
      cash; and

    • a derivative gain of R313 million(US$18 million) compared to
      losses of R35 million (US$2 million) in H1FY22. The derivative
      gains are a result of the favourable exchange rates compared to


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       locked-in prices as well as additional exchange contracts being entered
       into at favourable prices

The increase in earnings were partially offset by the following:

      production costs which were 2% to 10% higher mainly due to
       inflationary increases in consumables. Despite these increases,
       the all-in sustaining costs were below the annual guided all-in
       sustaining cost of R900 000/kg;

      an increase in the taxation expense as well as deferred taxation.
       The taxation expense increased due to the foreign exchange gains
       and derivative gains impacting current tax as well as the
       utilisation of the assessed losses and unredeemed capital
       expenditure increasing the deferred tax expense.

Earnings per share (“EPS”) are expected to be between 273 and 318 South
African cents per share – an increase of 20% and 40% on the earnings of
227 South African cents per share for the previous comparable period.
In US dollar terms, the EPS is expected to be between 16 and 18 US cents
per share, which is an increase of between 0% and 13% on earnings of 16
US cents per share reported for the previous comparable period.

Headline earnings per share (“HEPS”) are expected to be between 272 and
322 South African cents, which represents an increase of between 10% and
30% from the HEPS of 248 South African cents reported in the previous
comparable period. In US dollar terms, the HEPS are expected to be
between 17 and 18 US cents per share, which is an increase of between
2% and 8% respectively on the headline earnings of 17 US cents per share
reported for the previous comparable period.

Further to this trading statement and the production update released on
1 February 2023, Harmony will publish its financial results for the six
months ended 31 December 2022 on Wednesday, 1 March 2023. Please see
Harmony’s website for more details: www.harmony.co.za


The financial information on which this trading statement has been based
has not been reviewed or reported on by Harmony’s external auditors.


For more details, contact:

Jared Coetzer
Head of Investor Relations
+27 (0) 82 746 4120



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Johannesburg, South Africa

23 February 2023

Sponsor:

J.P. Morgan Equities South Africa Proprietary Limited



FORWARD-LOOKING STATEMENTS

This market release 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 market release and the exhibits, 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 this
market release.

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 (including as a result of the coronavirus disease
("COVID-19” or “pandemic”); 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; 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
HDSAs in management positions; our ability to comply with requirements that we operate
in a sustainable manner and provide benefits to affected communities; potential
liabilities related to occupational health diseases; changes in government regulation
and the political environment, particularly tax and royalties, mining rights, health
and safety, environmental regulation and business ownership including any
interpretation thereof; court decisions affecting the South African 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


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outcome of pending or future litigation or regulatory proceedings; fluctuations in
exchange rates any further downgrade of South Africa’s credit rating; and currency
devaluations and other macroeconomic monetary policies; the adequacy of the Group’s
insurance coverage; and socio-economic or political instability in South Africa, Papua
New Guinea, Australia and other countries in which we operate.

For a more detailed discussion of such risks and other factors (such as availability
of credit or other sources of financing), see the Company’s latest Integrated Annual
Report and Form 20-F which is on file with the Securities and Exchange Commission, as
well as the Company’s other Securities and Exchange Commission filings. The Company
undertakes no obligation to update publicly or release any revisions to these forward
looking statements to reflect events or circumstances after the date of this market
release or to reflect the occurrence of unanticipated events, except as required by
law. The foregoing factors and others described under “Risk Factors” should not be
construed as exhaustive.




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