Harmony Gold Mining reported a sharp increase in profitability for the fiscal year ended June 30, 2026, as its transition toward copper-rich operations bolstered cash generation and shareholder returns. Headline earnings per share rose 87% to R43.63, while net profit more than doubled to R29.5 billion, according to a presentation delivered on August 27.
Group revenue climbed 34% to R99.2 billion, driven by a 35% jump in the average realized gold price to R2,069,710 per kilogram. Adjusted free cash flow reached a record R17.1 billion, up 54% from the prior year, as the company maintained its gold production guidance for the 11th consecutive year at 44,464 kilograms (1.43 million ounces).
The company declared a total dividend of R8.2 billion, equivalent to US$503 million, including a final payout of 750 South African cents per share. This brought the full-year dividend to 1,280 South African cents per share, up from R2.5 billion in FY25. Harmony’s balance sheet remained nearly ungeared, with net debt of R852 million and a net debt-to-EBITDA ratio of 0.02 times, supported by R17.1 billion in total liquidity.
Copper operations contributed R781 million in adjusted free cash flow within eight months of the October 2025 acquisition of the CSA mine in Australia. The asset produced 18,207 tonnes of copper during that period, positioning Harmony to target 40,000 tonnes of annual copper output by FY29. Copper reserves rose 71% to 4.0 million tonnes, with a reserve grade of 3.26% at CSA. Development progress included record monthly development of over 560 meters in June 2026, alongside drilling intercepts such as 13.3 meters at 12.4% copper.
Gold operations in South Africa, including Mponeng and Moab Khotsong, generated R11.6 billion in adjusted free cash flow at a 38% margin, with recovered grades averaging 8.97 grams per tonne. Surface and reclamation operations added R6.6 billion at a 46% margin. All-in sustaining costs (AISC) increased 13% to R1,191,698 per kilogram, though margins expanded to 42% from 7% in FY22 due to higher gold prices.
Harmony also highlighted its Eva Copper project in Australia, where capital expenditure guidance remains at US$1.55–1.75 billion. In FY26, US$275 million was spent, and once operational by the end of 2028, the mine is expected to produce approximately 60,000 tonnes of copper and 19,000 ounces of gold annually over a minimum 15-year mine life. Australasian operations are projected to contribute around 30% of total production by FY36, up from 16% currently.
For FY27, Harmony guided gold production to 1.3–1.4 million ounces, reflecting a planned ore-gap phase at Moab Khotsong. AISC is expected to rise to R1.30–1.395 million per kilogram, while CSA copper production is forecast at 28,000–30,000 tonnes with C1 costs of US$2.55–2.65 per pound. Total capital expenditure is set to increase 64% to around R28 billion, including R14.4 billion for gold assets and US$650–680 million for Eva Copper, pending environmental approvals.
CEO Beyers Nel emphasized safety as a core productivity driver, noting that the company achieved its lowest-ever lost-time injury frequency rate of 5.05 per million hours worked. Six fatalities were reported during the year, down from 11 in FY25.
