OPERATIONAL UPDATE Harmony Gold Mining Company Limited Incorporated in the Republic of South Africa Registration number: 1950/038232/06 for the nine months ended 31 March 2023 (9M FY23) JSE share code: HAR NYSE share code: HMY ISIN: ZAE000015228 (“Harmony” or “the Company”) SALIENT FEATURES (9M FY23 vs 9M FY22*) HIGHER RECOVERED GRADES AND EXCELLENT MINING DISCIPLINE DRIVE STRONG PERFORMANCE FROM SOUTH AFRICAN UNDERGROUND OPERATIONS • South Africa total LTIFR# at 5.55, trending below 6.00 for Johannesburg, South Africa. Wednesday, 10 May 2023. Harmony Kareerand tailings storage facility at Mine Waste Solutions and the Zaaiplaats six consecutive quarters Gold Mining Company Limited (“Harmony” or “the Company”) is pleased to decline at Moab Khotsong are also progressing well. In Papua New Guinea, report its operational performance for the nine months ended 31 March 2023 the mining operation at Hidden Valley mine is expected to intercept the • Phase 1 of 30MW renewable solar power to be commissioned (9M FY23). higher-grade Big Red portion of the ore body. This will result in improved gold before the end of FY23 and silver recovered grades for the remainder of the financial year. Average recovered grades at the South African underground operations • 11% increase in gold revenue to R33 982 million increased by 7% to 5.68g/t for this reporting period from 5.39g/t in the Net debt decreased to R4 512 million (US$253 million) from R4 710 million (US$1 946 million) from R30 669 million (US$2 033 million) previous reporting period ending 31 March 2022 (9M FY22) after adjusting for (US$277 million) as at 31 December 2022. The Company’s balance sheet the closure of Bambanani mine at the end of FY22. The higher underground remains strong with net debt to EBITDA decreasing to 0.5 times from 0.6 times • 49% increase in group operating free cash flow to R3 237 million recovered grades continued through from the first half of the financial year into a result. (US$186 million) from R2 174 million (US$144 million) the third quarter, driving a solid group performance in 9M FY23. We remain focused on safety, effective cost management and delivering • 94% increase in South African underground operating free cash Group revenue in 9M FY23 increased by 11% to R33 982 million consistent production. Harmony has managed to ensure production was not flow to R2 695 million (US$154 million) from R1 392 million (US$1 946 million) from R30 669 million (US$2 033 million) in the previous meaningfully impacted by the ongoing energy shortages in South Africa through (US$92 million) driven by higher recovered grades reporting period. This was mainly driven by a higher average gold price proactive engineering and mining practices. received, which increased by 13% to R992 899/kg (US$1 769/oz) from • Mponeng contributed 39% towards group operating free We have a phenomenal choice of greenfield and brownfield projects at our R877 249/kg (US$1 809/oz) alongside the abovementioned increase in disposal while our copper projects offer good optionality and diversification. cash flow underground recovered grades over this reporting period. The high-grade assets of Mponeng and Moab Khotsong transformed the • 5% increase in underground recovered grades to 5.68g/t Group production in 9M FY23 increased by 2% to 33 785kg (1 086 213oz) Harmony portfolio due to their high-quality ounces. Progress continues to from 5.39g/t from 33 241kg (1 068 718oz) in 9M FY22, after adjusting for the closure be made on the permitting of Wafi-Golpu with the signing of a non-binding of Bambanani. Cost increases continue to remain within our planning Memorandum of Understanding on 6 April 2023. The results of the updated • 2% increase in total gold production to 33 785kg (1 086 213oz) parameters. Cash operating costs in 9M FY23 increased by only 7% to feasibility study for Eva Copper will be complete and published before the from 33 241kg (1 068 718oz) after adjusting for closure of R745 682/kg (US$1 328/oz) from R697 146/kg (US$1 437/oz) in 9M FY22. end of the calendar year. Bambanani at the end of FY22 All-in sustaining costs (AISC) increased by 8% to R895 580/kg (US$1 595/oz) Allocating major capital towards our high-grade underground operations, from R825 925/kg (US$1 703/oz) in the previous reporting period. All-in costs • 13% increase in average gold price received to R992 899/kg high-margin surface retreatment operations and a growing international gold increased by 10% to R940 559/kg (US$1 675/oz) from R851 291/kg and copper portfolio is core to creating long term value. A global production (US$1 769/oz) from R877 249/kg (US$1 809/oz) (US$1 755/oz). As a result, group operating free cash flow in 9M FY23 profile split between gold and copper, underground and surface mining, increased by 49% to R3 237 million (US$186 million) from R2 174 million • 8% increase in group all-in sustaining costs (AISC) to and our world-class projects will continue to de-risk the portfolio, improve (US$144 million) in 9M FY22. margins and drive an increase in profitability. R895 580/kg (US$1 595/oz) from R825 925/kg (US$1 703/oz) Major capital is being allocated to quality ounces across Harmony as we • Net debt to EBITDA improved to 0.5 times from 0.6 times in Sustainable mining is demonstrating we care for all our stakeholders continue the transition towards a higher-margin, lower-risk gold producer with while striking a balance between short-term cash generation and previous quarter a meaningful copper footprint. investing for long-term growth and prosperity. This is what we call • We remain on track to meet our FY23 production, cost and Our investment in quality ounces is paying off as Mponeng delivered a 192% “Mining with Purpose”. grade guidance increase in operating free cash flow of R1 274 million (US$73 million) for this reporting period from R437 million (US$29 million) in the previous nine-month * 9M FY22 – nine-month period ended 31 March 2022 period ending 31 March 2022. Key projects including the extension of the # LTIFR – lost-time injury frequency rate HEALTH AND SAFETY South African optimised underground International Ensuring the safety of each employee remains the number one priority The optimised underground portfolio consists of Tshepong North, Tshepong Production from the Hidden Valley mine increased by 27% to 2 934kg throughout Harmony. Our approach to safety has shifted from a reactive to a South, Joel, Target 1, Masimong, Kusasalethu and Doornkop. These mines (94 330oz) in 9M FY23 from 2 306kg (74 139oz) in 9M FY22. Volumes on proactive safety approach, with risk management transforming the way we continue to perform well and most operations delivered good performances the overland conveyor belt have returned to normalised levels resulting in the operate. The modernisation and digitisation strategy continues to improve across the key operational metrics year on year. significantly improved production compared to the previous reporting period. access to real-time data, ensuring that decision makers and employees in Gold production from the optimised operations declined by only 2% to Tonnes milled increased by 28% to 2.94 million tonnes from 2.29 million the work places are able to take proactive decisions to mitigate risks. This, 14 839kg (477 085oz) from 15 197kg (488 593oz) in the previous reporting tonnes in the previous reporting period. Recovered grades however decreased together with our humanistic culture transformation programme not only period, excluding Bambanani. Underground recovered grades increased by 6% by 1% to 1.00g/t from 1.01g/t as we continue with waste stripping to access ensures that we have the necessary capacity in our systems but also ensures to 4.87g/t from 4.60g/t. the higher grade portion of the ore body. all our hearts and minds are engaged to achieve zero harm. Cash operating costs increased by 12% to R831 255/kg (US$1 481/oz) We expect improvements in both silver and gold grades from Hidden Valley Some of the notable milestones achieved year to date include the from R744 488/kg (US$1 535/oz). AISC increased by 11% to R962 330/kg mine in the final quarter of the year as the mining operations reach the higher sixth consecutive quarter where the lost-time injury frequency rate (LTIFR) (US$1 714/oz) from R867 564/kg (US$1 789/oz). grade Big Red portion of the ore body. was below 6.00 per 1 million hours worked. The LTIFR for our South African Operating free cash flows increased by 161% to R691 million (US$40 million) Cash operating costs during this reporting period improved by 11% to operations for this reporting period is 5.55. For the second year in a row we R585 122/kg (US$1 042/oz) from R658 725/kg (US$1 358/oz). AISC also had a loss-of-life free January and February. Seven out of nine underground from R265 million (US$18 million). improved by 6% to R1 168 565/kg (US$2 081/oz) from R1 239 065/kg operations now exceed 1 million loss-of-life free shifts, demonstrating a clear The strong performances from Tshepong South, Joel, Masimong and Doornkop (US$2 555/oz). improvement in the approach and relationship to safety throughout Harmony. in this reporting period were offset by ongoing challenges at Target 1 and lower Operating free cash flow improved to R27 million (US$2 million) in 9M FY23 It is however with much sadness and regret that we report two of our than anticipated recovered grades at Kusasalethu. from a negative R457 million (US$30 million) in the previous reporting period. colleagues lost their lives during the third quarter of FY23. We pay our respects At Target 1, we have been progressing the optimisation project while still During the third quarter, work continued on the Eva Project study update, with to Luyanda Nkwane, a development team member from Tshepong Mine and continuing with mining operations. This has resulted in a significantly higher the commencement of sterilisation and resource definition drilling on site to Tshimane Isaac Matabane, a stope team member from Kusasalethu Mine who AISC. This project is expected to be completed towards the end of this further inform study outcomes and proposed site infrastructure location. both tragically lost their lives in mine-related incidents. financial year. Occupational-related illnesses continue to be actively managed as we strive to The signing of the non-binding Memorandum of Understanding on the South African surface 6th of April 2023 is a significant milestone towards the permitting of the ensure all employees and their families remain healthy. The South African surface operations consist of the Kalgold open pit mine, Wafi-Golpu project in Papua New Guinea. It sets out the key fiscal and Please see the Company’s website for more information on our safety and non-fiscal terms between the parties to be adopted in the Mining Development health initiatives, as well as the Harmony Risk Management guide. the tailings retreatment operations which include Mine Waste Solutions, Phoenix, Central Plant reclamation, Savuka tailings and the rock dumps. As Contract. This includes, but is not limited to, State equity participation, royalties, taxes and legislative and fiscal stability. The terms negotiated are we mine out the rock dumps, total production from the South African surface OPERATIONAL PERFORMANCE TO DATE operations declined by 6%, as planned, to 6 000kg (192 906oz) from 6 368kg expected to maintain returns similar to those shown by the 2018 feasibility study update. South African high-grade underground (204 734oz) in the previous reporting period. The South African high-grade operations, namely Moab Khotsong and Cash operating costs increased by 19% to R719 241/kg (US$1 281/oz) in HEDGING Mponeng, delivered improvements in all operating metrics for this reporting 9M FY23 from R604 427/kg (US$1 246/oz) in 9M FY22. AISC increased by 21% to R778 412/kg (US$1 387/oz) from R645 432/kg (US$1 331/oz). This During the quarter, the rand gold hedge book was filled in response to the period. Recovered grades improved by 6% to 7.53g/t from 7.12g/t in the sharp rise in the rand gold price. The average forward rand gold price on the previous reporting period. This resulted in a 7% increase in production to was mainly due to the lower waste rock dump production and the increase in hedge book is at R1 135 000/kg on a net position of 552 000oz at the end of 10 012kg (321 892oz) from 9 370kg (301 252oz). the cost of reagents, specifically cyanide. the third quarter. Harmony will only hedge when it is certain that it can achieve Cash operating costs remained largely flat year on year at R681 748/kg Total capital expenditure increased by R499 million (US$26 million) to a minimum margin of 25% above AISC and inflation. (US$1 214/oz). AISC increased by only 1% to R790 492/kg (US$1 408/oz) R791 million (US$45 million) in 9M FY23 from R292 million (US$19 million) in from R780 338/kg (US$1 609/oz) in 9M FY22. 9M FY22 as construction of the Kareerand tailings storage facility extension at ANNUAL PRODUCTION, COST AND GRADE Mine Waste Solutions continues. GUIDANCE It is worth highlighting that the Mponeng AISC actually decreased by 7% to R785 880/kg (US$1 400/oz) from R847 203/kg (US$1 747/oz) due to the Operating free cash flows decreased by 58% to R515 million (US$30 million) With one quarter’s production remaining for FY23, we remain confident of 13% increase in its underground recovered grades to 8.25g/t from 7.32g/t. from R1 239 million (US$82 million). Notwithstanding the large project capital achieving our annual guidance of: Production at Mponeng also increased 18% to 5 314kg (170 848oz) from deployed towards the Kareerand tailings storage facility extension, operating 4 502kg (144 742oz) in the previous reporting period. free cash flows were higher than anticipated due to the favourable gold • 1 400 000 to 1 500 000oz in total production price received. A reminder that the Kareerand extension project and the • overall AISC guidance of below R900 000/kg Operating free cash flows from the high-grade portfolio therefore increased by Franco-Nevada streaming agreement at Mine Waste Solutions will both end 88% to R1 986 million (US$114 million) from R1 056 million (US$70 million) in FY25. This will result in significantly improved free cash flows and higher • underground grade guidance at 5.45 to 5.60g/t in 9M FY22. margins from Mine Waste Solutions. 2 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 KEY OPERATIONAL METRICS1, 2 FOR THE FINANCIAL YEAR 2023 (“FY23”) TO DATE Nine Nine Third Third Y-on-Y months months Q-on-Q quarter quarter Unit % FY23 FY22 % FY233 FY224 Rm 11 33 982 30 669 23 11 232 9 158 Gold revenue US$m (4) 1 946 2 033 5 633 602 R/kg 13 992 899 877 249 15 1 058 335 918 412 Gold price US$/oz (2) 1 769 1 809 (1) 1 855 1 879 Underground yield g/t 5 5.68 5.39 5 5.68 5.40 kg (2) 33 785 34 357 6 10 748 10 131 Gold produced total oz (2) 1 086 213 1 104 598 6 345 558 325 719 kg 7 10 012 9 370 23 3 381 2 757 Gold production – South Africa underground high-grade oz 7 321 892 301 252 23 108 701 88 640 kg (2) 14 839 15 197 (8) 4 291 4 685 Gold production – South Africa underground optimised oz (2) 477 085 488 593 (8) 137 960 150 626 kg (6) 6 000 6 368 8 2 125 1 974 Gold production – South Africa surface oz (6) 192 906 204 734 8 68 322 63 465 kg 27 2 934 2 306 119 951 435 Gold production – International oz 27 94 330 74 139 119 30 575 13 986 R/kg (7) 745 682 697 146 (1) 755 836 767 292 Cash operating cost US$/oz 8 1 328 1 437 (16) 1 324 1 569 R/kg (8) 895 580 825 925 2 906 343 885 126 All-in sustaining cost US$/oz 6 1 595 1 703 (12) 1 588 1 810 R/kg (11) 946 882 855 403 5 966 305 923 966 All-in cost5 US$/oz 4 1 687 1 764 (10) 1 693 1 890 Rm 49 3 237 2 174 >100 1 288 (98) Operating free cash flow US$m 29 186 144 >100 73 (6) Major capital Rm (62) 1 407 866 (55) 516 332 Average exchange rate US$/Rand 16 17.46 15.09 17 17.75 15.21 Net debt/EBITDA6 times 0.5 0.1 0.5 0.1 1. The financial information has not been reviewed or audited by the Company’s external auditors 2. Quarter-on-quarter operational tables are available on our website: www.harmony.co.za 3. Three-months ended 31 March 2023 4. Three-months ended 31 March 2022 5. Figures include non-production costs from Eva Copper and Wafi-Golpu and therefore differ from the operating tables 6. The Company reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and non-recurring events. For the reporting period, the non-recurring events include the gain on bargain purchase and acquisition-related costs. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity 3 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (RAND/METRIC) SOUTH AFRICA Nine UNDERGROUND PRODUCTION months Moab Tshepong Tshepong Total ended Khotsong Mponeng North South Doornkop Joel Target 1 Kusasalethu Masimong Bambanani³ Underground Mar 23 685 644 598 386 665 323 266 453 357 — 4 377 Ore milled t'000 Mar 22 701 615 734 433 657 315 345 458 365 139 4 762 Mar 23 6.86 8.25 4.19 6.65 4.86 4.54 3.53 5.77 4.27 — 5.68 Yield g/tonne Mar 22 6.94 7.32 3.85 5.54 4.06 3.36 4.13 7.46 3.85 8.03 5.39 Mar 23 4 698 5 314 2 504 2 565 3 232 1 465 938 2 612 1 523 — 24 851 Gold produced kg Mar 22 4 868 4 502 2 829 2 397 2 668 1 057 1 424 3 415 1 407 1 116 25 683 Mar 23 4 792 5 325 2 533 2 584 3 263 1 478 923 2 625 1 538 19 25 080 Gold sold kg Mar 22 4 866 4 515 2 850 2 413 2 730 1 064 1 421 3 476 1 416 1 125 25 876 Mar 23 1 005 035 1 006 119 1 001 939 1 004 336 999 162 1 002 123 1 001 800 1 003 207 1 002 371 962 579 1 003 439 Gold price received R/kg Mar 22 885 941 917 957 884 351 886 127 879 473 884 992 890 521 885 622 889 311 877 664 890 681 Mar 23 4 816 127 5 357 584 2 537 911 2 595 203 3 260 266 1 481 138 924 661 2 633 418 1 541 647 18 289 25 166 244 Gold revenue1 R'000 Mar 22 4 310 989 4 144 574 2 520 401 2 138 225 2 400 962 941 631 1 265 431 3 078 421 1 259 265 987 372 23 047 271 Cash operating cost Mar 23 3 264 576 3 561 088 1 982 004 1 767 438 2 189 263 1 164 298 1 499 283 2 473 995 1 258 717 — 19 160 662 R'000 (net of by-product credits) Mar 22 3 098 908 3 279 364 2 153 176 1 618 324 1 829 006 957 203 1 336 876 2 300 049 1 119 348 891 578 18 583 832 Mar 23 39 696 (10 665) 23 341 14 680 26 754 10 392 (21 387) 26 347 10 311 15 728 135 197 Inventory movement R'000 Mar 22 (68 962) 37 140 12 949 9 632 29 239 3 221 (5 821) 14 389 715 9 918 42 420 Mar 23 3 304 272 3 550 423 2 005 345 1 782 118 2 216 017 1 174 690 1 477 896 2 500 342 1 269 028 15 728 19 295 859 Operating costs R'000 Mar 22 3 029 946 3 316 504 2 166 125 1 627 956 1 858 245 960 424 1 331 055 2 314 438 1 120 063 901 496 18 626 252 Mar 23 1 511 855 1 807 161 532 566 813 085 1 044 249 306 448 (553 235) 133 076 272 619 2 561 5 870 385 Production profit R'000 Mar 22 1 281 043 828 070 354 276 510 269 542 717 (18 793) (65 624) 763 983 139 202 85 876 4 421 019 Mar 23 839 413 522 547 397 785 367 453 512 171 165 899 291 910 179 296 33 675 — 3 310 149 Capital expenditure R'000 Mar 22 592 872 428 026 750 349 340 164 328 257 145 839 275 462 148 239 36 609 25 444 3 071 261 Mar 23 694 886 670 133 791 535 689 060 677 371 794 743 1 598 383 947 165 826 472 — 771 022 Cash operating costs R/kg Mar 22 636 588 728 424 761 109 675 146 685 534 905 585 938 817 673 514 795 557 798 905 723 585 Mar 23 4 766 5 530 3 314 4 579 3 292 3 605 5 636 5 461 3 526 — 4 378 Cash operating costs R/tonne Mar 22 4 421 5 332 2 933 3 737 2 784 3 039 3 875 5 022 3 067 6 414 3 903 Cash operating cost Mar 23 873 561 768 467 950 395 832 316 835 840 907 984 1 909 587 1 015 808 848 583 — 904 222 R/kg and capital Mar 22 758 377 823 498 1 026 343 817 058 808 569 1 043 559 1 132 260 716 922 821 576 821 704 843 168 Mar 23 795 616 785 880 962 164 831 932 787 518 912 417 1 901 201 1 048 045 890 793 827 789 892 911 All-in sustaining cost R/kg Mar 22 718 295 847 203 978 177 822 322 777 090 1 048 263 1 124 321 726 124 850 225 842 684 834 860 Mar 23 893 742 792 473 973 338 851 607 860 259 931 875 2 030 078 1 048 545 892 846 827 789 931 746 All-in cost R/kg Mar 22 769 511 857 489 1 044 023 835 750 825 697 1 065 246 1 187 187 726 596 862 979 845 071 864 934 Operating free cash flow Mar 23 15% 24% 6% 18% 17% 10% (94)% (1)% 16% 100% 11% % margin2 Mar 22 14% 11% (15)% 8% 10% (17)% (27)% 20% 8% 7% 6% ¹ Includes a non-cash consideration to Franco-Nevada (Mar 23: R261.980m, Mar 22: R370.984m), excluded from the gold price calculation ² Excludes run-of-mine costs for Kalgold (Mar 23: R4.424m, Mar 22: R1.224m) and Hidden Valley (Mar 23: R115.995m, Mar 22: R293.954m) ³ The Bambanani operation closed in June 2022. 4 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (RAND/METRIC) continued SOUTH AFRICA Nine SURFACE PRODUCTION TOTAL months Mine waste Central plant Savuka SOUTH Hidden TOTAL ended solutions Phoenix reclamation Tailings Dumps Kalgold Total Surface AFRICA Valley HARMONY Mar 23 17 484 4 680 2 992 2 912 3 425 1 018 32 511 36 888 2 936 39 824 Ore milled t'000 Mar 22 17 924 4 662 3 020 2 261 4 515 1 084 33 466 38 228 2 285 40 513 Mar 23 0.119 0.128 0.143 0.154 0.453 0.87 0.18 0.84 1.00 0.85 Yield g/tonne Mar 22 0.128 0.122 0.141 0.154 0.412 0.80 0.19 0.84 1.01 0.85 Mar 23 2 086 601 427 449 1 553 884 6 000 30 851 2 934 33 785 Gold produced kg Mar 22 2 299 567 427 348 1 861 866 6 368 32 051 2 306 34 357 Mar 23 2 086 605 422 451 1 529 879 5 972 31 052 2 909 33 961 Gold sold kg Mar 22 2 277 561 418 370 1 904 873 6 403 32 279 2 258 34 537 Mar 23 815 451 1 002 355 1 006 417 1 003 541 1 012 812 1 005 405 940 573 991 348 1 009 448 992 899 Gold price received R/kg Mar 22 748 486 883 768 890 847 918 759 890 471 882 457 839 958 880 620 829 066 877 249 Mar 23 1 963 010 606 425 424 708 452 597 1 548 590 883 751 5 879 081 31 045 325 2 936 484 33 981 809 Gold revenue1 R'000 Mar 22 2 075 286 495 794 372 374 339 941 1 695 456 770 385 5 749 236 28 796 507 1 872 031 30 668 538 Cash operating cost Mar 23 1 354 861 377 319 244 304 233 998 1 434 657 670 305 4 315 444 23 476 106 1 716 747 25 192 853 R'000 (net of by-product credits) Mar 22 1 193 631 328 102 215 004 203 252 1 249 453 659 550 3 848 992 22 432 824 1 519 021 23 951 845 Mar 23 (4 616) 1 655 (4 060) 1 600 (25 371) (8 736) (39 528) 95 669 (14 105) 81 564 Inventory movement R'000 Mar 22 (18 057) (4 834) (3 510) 14 588 15 208 265 3 660 46 080 (47 997) (1 917) Mar 23 1 350 245 378 974 240 244 235 598 1 409 286 661 569 4 275 916 23 571 775 1 702 642 25 274 417 Operating costs R'000 Mar 22 1 175 574 323 268 211 494 217 840 1 264 661 659 815 3 852 652 22 478 904 1 471 024 23 949 928 Mar 23 612 765 227 451 184 464 216 999 139 304 222 182 1 603 165 7 473 550 1 233 842 8 707 392 Production profit R'000 Mar 22 899 712 172 526 160 880 122 101 430 795 110 570 1 896 584 6 317 603 401 007 6 718 610 Mar 23 567 394 31 640 16 166 8 501 2 870 164 457 791 028 4 101 177 1 309 153 5 410 330 Capital expenditure R'000 Mar 22 124 165 13 140 12 519 20 133 2 739 118 960 291 656 3 362 917 1 103 885 4 466 802 Mar 23 649 502 627 819 572 141 521 154 923 797 758 264 719 241 760 951 585 122 745 682 Cash operating costs R/kg Mar 22 519 196 578 663 503 522 584 057 671 388 761 605 604 427 699 910 658 725 697 146 Mar 23 77 81 82 80 419 658 133 636 585 633 Cash operating costs R/tonne Mar 22 67 70 71 90 277 608 115 587 665 591 Cash operating cost Mar 23 921 503 680 464 610 000 540 087 925 645 944 301 851 079 893 886 1 031 322 905 822 R/kg and capital Mar 22 573 204 601 838 532 841 641 911 672 860 898 972 650 227 804 834 1 137 427 827 157 Mar 23 706 289 681 766 615 897 541 239 923 581 963 280 778 412 870 009 1 168 565 895 580 All-in sustaining cost R/kg Mar 22 557 865 600 758 540 332 644 072 661 570 910 825 645 432 797 014 1 239 065 825 925 Mar 23 947 558 681 766 615 897 541 239 923 581 966 127 863 105 918 869 1 172 102 940 559 All-in cost R/kg Mar 22 588 826 600 758 540 332 644 072 664 965 920 712 657 791 824 031 1 240 821 851 291 Operating free cash flow Mar 23 (13%) 33% 39% 46% 7% 6% 9% 10% 1% 10% % margin2 Mar 22 23% 31% 39% 34% 26% (1%) 23% 9% (24%) 7% ¹ Includes a non-cash consideration to Franco-Nevada (Mar 23: R261.980m, Mar 22: R370.984m), excluded from the gold price calculation ² Excludes run-of-mine costs for Kalgold (Mar 23: R4.424m, Mar 22: R1.224m) and Hidden Valley (Mar 23: R115.995m, Mar 22: R293.954m) ³ The Bambanani operation closed in June 2022. 5 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (US$/IMPERIAL) SOUTH AFRICA Nine UNDERGROUND PRODUCTION months Moab Tshepong Tshepong Total ended Khotsong Mponeng North South Doornkop Joel Target 1 Kusasalethu Masimong Bambanani³ Underground Mar 23 756 710 659 425 733 357 293 500 394 — 4 827 Ore milled t'000 Mar 22 774 678 810 477 724 347 380 505 403 153 5 251 Mar 23 0.200 0.241 0.122 0.194 0.142 0.132 0.103 0.168 0.124 — 0.166 Yield oz/ton Mar 22 0.202 0.213 0.112 0.162 0.118 0.098 0.120 0.217 0.112 0.235 0.157 Mar 23 151 044 170 848 80 506 82 467 103 911 47 101 30 157 83 978 48 965 — 798 977 Gold produced oz Mar 22 156 510 144 742 90 955 77 065 85 777 33 983 45 783 109 795 45 235 35 880 825 725 Mar 23 154 066 171 202 81 437 83 077 104 908 47 519 29 675 84 396 49 448 611 806 339 Gold sold oz Mar 22 156 445 145 160 91 630 77 579 87 771 34 208 45 687 111 757 45 525 36 170 831 932 Mar 23 1 790 1 792 1 785 1 789 1 780 1 785 1 784 1 787 1 785 1 714 1 787 Gold price received $/oz Mar 22 1 827 1 893 1 823 1 827 1 813 1 825 1 836 1 826 1 833 1 809 1 836 Mar 23 275 803 306 810 145 337 148 618 186 704 84 820 52 952 150 807 88 285 1 047 1 441 183 Gold revenue1 $'000 Mar 22 285 750 274 719 167 062 141 730 159 145 62 415 83 878 204 050 83 469 65 447 1 527 665 Cash operating cost Mar 23 186 951 203 931 113 503 101 215 125 372 66 675 85 859 141 677 72 082 — 1 097 265 $'000 (net of by-product credits) Mar 22 205 408 217 369 142 721 107 269 121 234 63 447 88 613 152 456 74 195 59 097 1 231 809 Mar 23 2 273 (611) 1 337 841 1 532 595 (1 225) 1 509 590 901 7 742 Inventory movement $'000 Mar 22 (4 571) 2 462 858 639 1 938 214 (386) 954 47 657 2 812 Mar 23 189 224 203 320 114 840 102 056 126 904 67 270 84 634 143 186 72 672 901 1 105 007 Operating costs $'000 Mar 22 200 837 219 831 143 579 107 908 123 172 63 661 88 227 153 410 74 242 59 754 1 234 621 Mar 23 86 579 103 490 30 497 46 562 59 800 17 550 (31 682) 7 621 15 613 146 336 176 Production profit $'000 Mar 22 84 913 54 888 23 483 33 822 35 973 (1 246) (4 349) 50 640 9 227 5 693 293 044 Mar 23 48 070 29 924 22 780 21 043 29 330 9 500 16 717 10 268 1 928 — 189 560 Capital expenditure $'000 Mar 22 39 298 28 371 49 736 22 548 21 758 9 667 18 259 9 826 2 427 1 687 203 577 Mar 23 1 238 1 194 1 410 1 227 1 207 1 416 2 847 1 687 1 472 — 1 373 Cash operating costs $/oz Mar 22 1 312 1 502 1 569 1 392 1 413 1 867 1 936 1 389 1 640 1 647 1 492 Mar 23 247 287 172 238 171 187 293 283 183 — 227 Cash operating costs $/t Mar 22 265 321 176 225 167 183 233 302 184 386 235 Cash operating cost Mar 23 1 556 1 369 1 693 1 483 1 489 1 617 3 401 1 809 1 511 — 1 611 $/oz and capital Mar 22 1 564 1 698 2 116 1 685 1 667 2 151 2 334 1 478 1 694 1 694 1 738 Mar 23 1 417 1 400 1 714 1 482 1 403 1 625 3 386 1 867 1 587 1 475 1 590 All-in sustaining cost $/oz Mar 22 1 481 1 747 2 001 1 682 1 602 2 161 2 318 1 497 1 753 1 737 1 721 Mar 23 1 592 1 412 1 734 1 517 1 532 1 660 3 616 1 868 1 590 1 475 1 660 All-in cost $/oz Mar 22 1 586 1 768 2 152 1 723 1 702 2 196 2 448 1 498 1 779 1 742 1 783 Operating free cash flow Mar 23 15% 24% 6% 18% 17% 10% (94%) (1%) 16% 100% 11% % margin2 Mar 22 14% 11% (15%) 8% 10% (17%) (27%) 20% 8% 7% 6% ¹ Includes a non-cash consideration to Franco-Nevada (Mar 23: US$15.003m, Mar 22: US$24.590m), excluded from the gold price calculation ² Excludes run-of-mine costs for Kalgold (Mar 23: US$0.259m, Mar 22: US$0.066m) and Hidden Valley (Mar 23: US$6.776m, Mar 22: US$19.802m) ³ The Bambanani operation closed in June 2022. 6 Harmony Gold Mining Company Limited | Operational Update for the nine months ended 31 March 2023 OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (US$/IMPERIAL) continued SOUTH AFRICA Nine SURFACE PRODUCTION TOTAL months Mine waste Central plant Savuka SOUTH Hidden TOTAL ended solutions Phoenix reclamation Tailings Dumps Kalgold Total Surface AFRICA Valley HARMONY Mar 23 19 280 5 161 3 299 3 211 3 777 1 123 35 851 40 678 3 237 43 915 Ore milled t'000 Mar 22 19 765 5 140 3 330 2 494 4 978 1 195 36 902 42 153 2 520 44 673 Mar 23 0.003 0.004 0.004 0.004 0.013 0.025 0.005 0.024 0.029 0.025 Yield oz/ton Mar 22 0.004 0.004 0.004 0.004 0.012 0.023 0.006 0.024 0.029 0.025 Mar 23 67 066 19 323 13 729 14 436 49 930 28 422 192 906 991 883 94 330 1 086 213 Gold produced oz Mar 22 73 915 18 229 13 728 11 188 59 832 27 842 204 734 1 030 459 74 139 1 104 598 Mar 23 67 067 19 450 13 568 14 500 49 159 28 261 192 005 998 344 93 526 1 091 870 Gold sold oz Mar 22 73 208 18 036 13 439 11 896 61 214 28 068 205 861 1 037 793 72 596 1 110 389 Mar 23 1 452 1 786 1 793 1 788 1 804 1 791 1 675 1 766 1 798 1 769 Gold price received $/oz Mar 22 1 543 1 822 1 837 1 894 1 836 1 819 1 732 1 816 1 709 1 809 Mar 23 112 415 34 728 24 322 25 919 88 682 50 609 336 675 1 777 858 168 162 1 946 020 Gold revenue1 $'000 Mar 22 137 558 32 863 24 682 22 533 112 381 51 064 381 081 1 908 746 124 086 2 032 832 Cash operating cost Mar 23 77 588 21 608 13 990 13 400 82 158 38 386 247 130 1 344 395 98 312 1 442 707 $'000 (net of by-product credits) Mar 22 79 119 21 748 14 251 13 472 82 819 43 718 255 127 1 486 936 100 687 1 587 623 Mar 23 (264) 95 (233) 92 (1 453) (500) (2 263) 5 479 (808) 4 671 Inventory movement $'000 Mar 22 (1 197) (320) (233) 96 ...