Q2 2026 Harmony Gold Mining Co Ltd Earnings Call

March 11, 2026

Beyers Nel: Pack enough chairs into the venue. Thank you very much for showing up. I'm Beyers Nel, CEO, and I'm joined by our Financial Director, Boipelo Lekubo. We will cover our results, the Harmony story, and most importantly, our strategy and direction for the future. Please do take note of our safe harbor statement, and we encourage that you read the cautionary language in full. For complete details on our interim results, you could also refer to our results booklet and our website. Mining with purpose means we put people and safety first. We are building a resilient portfolio by investing continuously in our ore bodies and growing deliberately in copper to protect cash flows through the commodity cycle. Gold underpins our stability and cash generation, while copper provides durability and growth. Our strategy is aimed at building enduring long-term value.

Speaker #1: Can have cheese into the venue, so thank you very much for showing up. I'm Bayer Schnell, CEO, and I'm joined by our financial director, Boypelo Locubo.

Speaker #1: We will cover our results, the HARMONY story, and most importantly, our strategy and direction for the future. Please do take note of our safe harbor statement, and we encourage that you read the cautionary language in full.

Speaker #1: For complete details on our interim results, you could also refer to our results booklet and our website. Mining with purpose means we put people and safety first.

Beyers Nel: Mining with purpose means we put people and safety first. We are building a resilient portfolio by investing continuously in our ore bodies and growing deliberately in copper to protect cash flows through the commodity cycle. Gold underpins our stability and cash generation, while copper provides durability and growth. Our strategy is aimed at building enduring long-term value.

Speaker #1: We are building a resilient portfolio by investing continuously in our ore bodies and growing deliberately in copper, to protect cash flows through the commodity cycle.

Speaker #1: Gold underpins our stability and cash generation, while copper provides durability and growth. Our strategy is aimed at building enduring, long-term value. We are doing this through safe, profitable ounces.

Beyers Nel: We are doing this through safe, profitable ounces, quality reserve conversion, and disciplined copper scale alongside our sizable gold portfolio. Our four strategic pillars, namely responsible stewardship, operational excellence, cash certainty, and capital allocation, guide everything we do. Harmony is a geographically diversified producer with assets in South Africa, Papua New Guinea, and Australia. We have consistently over-delivered for over a decade and continue to upgrade our asset quality. The portfolio is underpinned by approximately 136 million ounces in mineral resources and about 37 million ounces of mineral reserves, providing scale, longevity, and optionality. Gold remains our core, while copper is our strategic growth lever. We plan to bring approximately 100,000 tonnes per annum of copper online from CSA and Eva within the next 3 to 5 years to address the Moab Khotsong gap and smooth our cash flows.

Speaker #1: Quality reserve conversion and disciplined copper scale alongside our sizable gold portfolio. Our four strategic pillars—namely responsible stewardship, operational excellence, cash certainty, and capital allocation—guide everything we do.

Speaker #1: HARMONY is a geographically diversified producer with assets in South Africa, Papua New Guinea, and Australia. We have consistently delivered for over a decade and continue to To upgrade our asset quality .

Speaker #1: The portfolio is underpinned by approximately 136,000,000oz in mineral resources and about 37,000,000oz of mineral reserves , providing scale , longevity and optionality Gold remains our core , while copper is our strategic growth lever .

Beyers Nel: The portfolio is underpinned by approximately 136 million ounces in mineral resources and about 37 million ounces of mineral reserves, providing scale, longevity, and optionality. Gold remains our core, while copper is our strategic growth lever. We plan to bring approximately 100,000 tonnes per annum of copper online from CSA and Eva within the next 3 to 5 years to address the Moab Khotsong gap and smooth our cash flows.

Speaker #1: We plan to bring approximately 100,000 tonnes per annum of copper online from CSA and Eva within the next 3 to 5 years to address the gap and smooth our cash flows .

Speaker #1: While not yet permitted , Wolfie Gold PW is a generational asset that once in production , could move harmony towards first quartile cost production guided by long life asset optimisation and disciplined capital allocation .

Beyers Nel: While not yet permitted, Wafi-Golpu is a generational asset that, once in production, could move Harmony towards first quartile cost production. Guided by long-life asset optimization and disciplined capital allocation, we prioritize value over volume to build a more profitable and sustainable Harmony over the long term. We are not targeting a fixed copper-to-gold ratio. Our decisions are driven by fundamentals, economic value, and reserve strength. The chart on the right presents our current plans a decade from today. By financial year 35, approximately 40% of production may be copper from Eva, CSA, and Wafi-Golpu, complementing our South African gold base and enhancing resilience and also margins. Long-term shareholder value is built through consistent delivery across six key performance areas that underpin safe, reliable, and profitable mining. Everything begins with safety.

Speaker #1: We prioritize value over volume to build a more profitable and sustainable harmony over the long term We are not targeting a fixed copper to gold ratio .

Speaker #1: Our decisions are driven by fundamentals , economic value and reserve strength . The chart on the right presents our current plans a decade from today by financial year 35 , approximately 40% of production may be copper from either and Wolfie Gold .

Beyers Nel: The chart on the right presents our current plans a decade from today. By financial year 35, approximately 40% of production may be copper from Eva, CSA, and Wafi-Golpu, complementing our South African gold base and enhancing resilience and also margins. Long-term shareholder value is built through consistent delivery across six key performance areas that underpin safe, reliable, and profitable mining. Everything begins with safety.

Speaker #1: Complementing our South African CSA gold base and enhancing resilience . And also margins . Long term shareholder value is built through consistent delivery across six key performance areas that underpin safe , reliable and profitable mining .

Speaker #1: Everything begins with safety Our lost time , injury frequency , rate reached an all time low of 4.23 and has remained below five for three consecutive quarters .

Beyers Nel: Our lost time injury frequency rate reached an all-time low of 4.23 and has remained below 5 for three consecutive quarters now. Operational fundamentals remain firmly intact despite some short-term headwinds. We produced 724,000 ounces of gold for the reporting period, impacted by an industry-wide cyanide shortage and lower plant recoveries in South Africa. Although underground recovered grades decreased by 11% to 5.7 grams per tonne, our face grades mined are in line with our plans, and plant recoveries have now also normalized. Hidden Valley's production was affected by a tectonic related mill motor failure and gold shipping delays, which impacted the amount of gold sold during the period.

Speaker #1: Now Operational fundamentals remain firmly intact despite some short term headwinds We produced 724,000oz of gold for the reporting period , impacted by an industry wide cyanide shortage and lower plant recoveries in South Africa Although underground recovered grades decreased by 11% to 5.7g per tonne , our face grades mined are in line with our plans and plant recoveries have now also normalized Hidden valleys production was affected by a tectonic related mill motor failure and gold shipping delays , which impacted the amount gold sold during the period Group all in sustaining cost rose to 1.18 million rand per kilogram , or of 211 5 USD per ounce on the back of lower and much higher royalties paid .

Beyers Nel: Although underground recovered grades decreased by 11% to 5.7 grams per tonne, our face grades mined are in line with our plans, and plant recoveries have now also normalized. Hidden Valley's production was affected by a tectonic related mill motor failure and gold shipping delays, which impacted the amount of gold sold during the period.

Beyers Nel: Group all-in sustaining cost rose to ZAR 1.18 million per kilogram or $2,115 per ounce on the back of lower volumes and much higher royalties paid. I'm confident that we will remain on track to meet full year production, cost, and grade guidance. We are generating strong free cash flows, increasing our operating profit by 61%, while basic earnings increased by 24% to 1,563 South African cents per share. On the back of consistent strong operational and financial results, we have revised our dividend policy to reflect a higher base dividend and additional performance-related payout. This means shareholders could receive up to 50% of net free cash as a dividend. Our interim dividend has more than doubled to ZAR 3.4 billion, rewarding our shareholders alongside our growth aspirations.

Speaker #1: I'm confident that we will remain on track to meet full year production cost and grade guidance We are generating strong free cash flows , increasing our operating profit by 61% .

Speaker #1: While basic earnings increased by 24% to 1563 . South African cents per share on the back of consistent , strong operational and financial results .

Beyers Nel: On the back of consistent strong operational and financial results, we have revised our dividend policy to reflect a higher base dividend and additional performance-related payout. This means shareholders could receive up to 50% of net free cash as a dividend. Our interim dividend has more than doubled to ZAR 3.4 billion, rewarding our shareholders alongside our growth aspirations.

Speaker #1: We have revised our dividend policy to reflect a higher base dividend and additional performance related payout . This means shareholders could receive up to 50% of net free cash as a dividend Our interim dividend has more than doubled to 3.4 billion rand , rewarding our shareholders alongside our growth aspirations .

Speaker #1: We will unpack the changes to our dividend policy later in more detail Gold and copper intrinsically important to us , and harmony is well positioned for growth CSA is being integrated into our portfolio and copper is development as we continue our sustained investment in our other brownfields assets Turning to operational performance for the reporting period Safety remains our foremost priority .

Beyers Nel: Boipelo will unpack the changes to our dividend policy later in more detail. Gold and copper are both intrinsically important to us, and Harmony is well positioned for growth. CSA is being integrated into our portfolio, and Eva Copper is advancing through development as we continue our sustained investment in our other brownfields assets. Turning to operational performance for the reporting period. Safety remains our foremost operating priority. We are deeply saddened by the loss of our colleague in Q2 because any loss of life is unacceptable and reinforces the need for continued discipline and vigilance across our operations. We are systematically applying lessons learned and reinforcing safety across the organization. Our remuneration scorecard is now also linked to both leading and lagging safety indicators. We're making clear progress, delivering a loss-of-life-free Q1 with all major indicators improving year-over-year.

Speaker #1: We are deeply saddened by the loss of our colleague in the second quarter , because any loss of life is unacceptable and reinforces the need for continued discipline and vigilance across our operations .

Beyers Nel: We are deeply saddened by the loss of our colleague in Q2 because any loss of life is unacceptable and reinforces the need for continued discipline and vigilance across our operations. We are systematically applying lessons learned and reinforcing safety across the organization. Our remuneration scorecard is now also linked to both leading and lagging safety indicators. We're making clear progress, delivering a loss-of-life-free Q1 with all major indicators improving year-over-year.

Speaker #1: We are also systematically applying lessons learned and reinforcing safety across the organization . Hour remuneration Scorecard is now also linked to both leading and lagging safety indicators .

Speaker #1: We are making clear progress , delivering a loss of life free first quarter with all major indicators improving year on year This reflects strong control , compliance , effective management and supervisory routines and life saving behaviours at every operation .

Beyers Nel: This reflects strong control compliance, effective management and supervisory routines, and life-saving behaviors at every operation on every single shift. Our diversified portfolio is delivering strong adjusted free cash flow margins. This mix supports operating leverage, funds growth, and underpins disciplined life-of-mine extensions. Hidden Valley and South African surface operation margins remain excellent at 48% and 42% respectively. Our South African high-grade underground mines are producing at a solid 37% margin, while margins at the South African optimized underground assets doubled to 22% in the period. Through our de-risked and higher quality portfolio, we are taking advantage of gold price tailwind. All-in sustaining cost margins have expanded year-on-year since FY 2022, and we are rather at 38% in this reporting period.

Speaker #1: On every single shift . Our diversified portfolio is delivering strong adjusted free cash flow margins . This mix supports operating leverage , funds growth and underpins disciplined life of mine extensions Eden Valley and South Africa .

Speaker #1: South African surface operation margins remain excellent at 48 and 42% respectively . Our South African high grade underground mines are producing at a solid 37% margin , while margins at the South African optimized underground assets doubled to 22% in the period So our de-risked and high quality portfolio , we are taking advantage of gold price tailwind all in sustaining cost margins have expanded year on year since financial year 2022 , and we we are rather at 38% in this reporting period .

Beyers Nel: Our South African high-grade underground mines are producing at a solid 37% margin, while margins at the South African optimized underground assets doubled to 22% in the period. Through our de-risked and higher quality portfolio, we are taking advantage of gold price tailwind. All-in sustaining cost margins have expanded year-on-year since FY 2022, and we are rather at 38% in this reporting period.

Speaker #1: Our South African high grade surface assets at Eden Valley operated at operate at globally competitive , all in sustaining costs . The South African optimized underground assets remain higher on the cost curve While this skews the overall portfolio , these mines are profitable and we remain focused on optimizing cash flows on these mines for maximum net present value over the life of the mine .

Beyers Nel: Through our de-risk and higher quality portfolio, we are taking advantage of gold price tailwind. All-in sustaining cost margins have expanded year-over-year since financial year 2022, and we are rather at 38% in this reporting period. Our South African high-grade surface assets at Hidden Valley operate at globally competitive all-in sustaining costs. The South African optimized underground assets remain higher on the cost curve. While this skews the overall portfolio, these mines are profitable, and we remain focused on optimizing cash flows on these mines for maximum net present value over the life of the mine. The cash we are generating today is enabling us to fund a future in both gold and copper. Now to our next growth chapter. Our first rand or dollar goes to safety and sustaining our operations.

Beyers Nel: Our South African high-grade surface assets at Hidden Valley operate at globally competitive all-in sustaining costs. The South African optimized underground assets remain higher on the cost curve. While this skews the overall portfolio, these mines are profitable, and we remain focused on optimizing cash flows on these mines for maximum net present value over the life of the mine. The cash we are generating today is enabling us to fund a future in both gold and copper. Now to our next growth chapter. Our first rand or dollar goes to safety and sustaining our operations. We then allocate organic projects and advance copper and gold scale only where risk-adjusted returns clear our hurdles. We continue preserving balance sheet strength for disciplined and consistent through the cycle dividends.

So it.

All in sustaining cost margins have expanded year on year since financial year 'twenty to 'twenty two and we are we are.

<unk>, rather at 38% in this reporting period.

Oh, so that we can high grade surface assets and Eden Valley operated operate at globally competitive all in sustaining costs.

Speaker #1: The cash we are generating today is enabling us to fund a future in both gold and copper Now to our next growth chapter Our first round or dollar goes to safety and sustaining our operations We then allocate organic projects and advanced copper and gold scale only where risk adjusted returns clear our hurdles .

So that we can optimized underground assets remain higher on the cost curve.

Beyers Nel: Now to our next growth chapter. Our first rand or dollar goes to safety and sustaining our operations. We then allocate organic projects and advance copper and gold scale only where risk-adjusted returns clear our hurdles. We continue preserving balance sheet strength for disciplined and consistent through the cycle dividends.

While this skews the overall portfolio. These months are profitable and we remain focused on optimizing cash flows on these months for maximum net present value over the life of the mine.

The cash we are generating today, enabling us to fund a future in both gold and copper.

Speaker #1: We continue preserving balance sheet strength for disciplined and consistent through the cycle . Dividends . Every initiative competes on risk , margin and cash conversion while we grow selectively , sequentially , and affordably .

Yeah.

Now to our next growth chapter.

Our first Randall dollar goes to safety in sustaining our operations. We then allocate organic projects and advanced copper and gold scale, only we risk adjusted returns clear our hurdles.

Beyers Nel: Every initiative competes on risk, margin, and cash conversion while we grow selectively, sequentially, and affordably, turning today's gold price tailwind into durable compounding value. Eva is a large greenfield copper gold project in a tier one jurisdiction. Eva aligns with our strategy, lowers our risk profile, rather with sustainability embedded in the planning. Capital intensity is affordable and project metrics exceed our cost of capital, ensuring we create value. Based on an estimated copper resource of approximately 2 million tons, the asset has the potential for meaningful life of mine extension. A robust 3-year feasibility program has significantly de-risked the project and delivered a high confidence capital estimate. We have a clear roadmap with full construction now underway. Ramp-up to first production is expected before the end of the 2028 calendar year.

Beyers Nel: We allocate organic projects and advance copper and gold scale only where risk-adjusted returns clear our hurdles. We continue preserving balance sheet strength for disciplined and consistent through the cycle dividends. Every initiative competes on risk, margin, and cash conversion. While we grow selectively, sequentially, and affordably, turning today's gold price tailwind into durable compounding value. Eva is a large greenfields copper-gold project in a tier one jurisdiction. Eva aligns with our strategy, lowers our risk profile with sustainability embedded in the planning. Capital intensity is affordable, and project metrics exceed our cost of capital, ensuring we create value. Based on an estimated copper resource of approximately 2 million tons, the asset has the potential for meaningful life of mine extension. A robust three-year feasibility program has significantly de-risked the project and delivered a high-confidence capital estimate.

Speaker #1: Turning today's gold price tailwind into durable compounding value . Eva is a large greenfields copper gold project in a tier one jurisdiction Eva aligns with our strategy , lowers our risk profile with substantially , rather with sustainability embedded in the planning .

We continue preserving balance sheet strength disciplined and consistent through the cycle dividend.

Every initiative competes on risk margin and cash conversion.

While we grow selectively sequentially and affordably.

Turning today's gold price tailwind into durable compounding value.

Speaker #1: Capital intensity is affordable and project metrics exceed our cost of capital , ensuring we create value based on based on an estimated copper resource of approximately 2 million tonnes .

Ebay is a large greenfield copper gold project in a tier one jurisdiction.

Beyers Nel: Based on an estimated copper resource of approximately 2 million tons, the asset has the potential for meaningful life of mine extension. A robust 3-year feasibility program has significantly de-risked the project and delivered a high confidence capital estimate. We have a clear roadmap with full construction now underway. Ramp-up to first production is expected before the end of the 2028 calendar year.

Eva aligns with our strategy lowers our risk profile with substantially with rather with sustainability embedded in the planning capital intensity is affordable and.

Speaker #1: The asset has the potential for meaningful life of mine extension , a robust three year feasibility program has significantly de-risked the project and delivered a high confidence capital estimate .

And project metrics exceed our cost of capital ensuring we create value.

Based on an estimated copper resource of approximately 2 million tons. The asset has the potential for meaningful life of mine extension.

Speaker #1: We have a clear roadmap with full construction now underway . Ramp up to first production is expected before the end of the 2028 calendar year Eva is a project with low execution risk and delivers a long life mine with solid fundamentals .

A robust feasibility program is significantly derisk, the project and delivered a high confidence capital estimate.

Beyers Nel: Eva is a project with low execution risk and delivers a long life mine with solid fundamentals. Average grades of 0.4% copper and 0.07 grams per ton gold underpin the decision to scale processing capacity to 18 million tons per annum. The mine is planned to produce approximately 65,000 tons of copper per annum for the first five years, with average annual production of 60,000 tons over the life of the mine. Eva is a scalable mine and has the potential to be a significant producer in our portfolio. The mine plan consolidates 6 deposits and 10 open pits with a low strip ratio of 1.6 supporting solid margins. The mine life of at least 15 years is underpinned by sizable resources and reserves.

Beyers Nel: We have a clear roadmap with full construction now underway. Ramp-up to first production is expected before the end of the 2028 calendar year. Eva is a project with low execution risk and delivers a long life mine with solid fundamentals. Average grades of 0.4% copper and 0.07 grams per ton gold underpin the decision to scale processing capacity to 18 million tons per annum. The mine is planned to produce approximately 65,000 tons of copper per annum for the first five years, with average annual production of 60,000 tons over the life of the mine. Eva is a scalable mine and has the potential to be a significant producer in our portfolio. The mine plan consolidates six deposits and 10 open pits with a low strip ratio of 1.6, supporting solid margins.

Speaker #1: Average grades of zero 4% , copper and zero zero seven grams per tonne gold underpinned the decision to scale processing capacity to 18 million tonnes per annum .

We have a clear roadmap with food construction now underway ramp up to first production is expected before the end of the 2028 calendar year.

Speaker #1: The mine is planned to produce approximately 65,000 tonnes of copper per annum for the first five years , with average annual production of 60,000 tonnes over the life of the mine Eva is a scalable mine and has the potential to be a significant producer in our portfolio .

Ebay is a project with low execution risk and delivers a long life mine with solid fundamentals average grades of <unk>, 4% copper and <unk> seven grams per tonne gold underpinned the decision to scale processing capacity to 18 million tonnes per annum.

Speaker #1: The mine plan consolidates six deposits and ten open pits with a low strip ratio of 1.6 , supporting solid margins . The mine life of at least 15 years is underpinned by sizeable resources and reserves .

The mine is plan to produce approximately 65000 tons of copper per annum for the first five years with average annual production of 60000 tons over the life of the mine.

Beyers Nel: The mine life of at least 15 years is underpinned by sizable resources and reserves. As stated previously, the total capital is spread over a three-year period and is expected to come in at between $1.55 and $1.75 billion. This capital is spread over three years and is estimated 20/40/40 split. This equates to a competitive capital intensity of around $26,000 to $29,000 per ton of copper.

Eva is a scalable mine and has the potential to be a significant producer.

Speaker #1: As stated previously , the total capital is spread over a three year period and is expected to come in at between 1.55 and 1.75 billion USD .

Beyers Nel: As stated previously, the total capital is spread over a three-year period and is expected to come in at between $1.55 and $1.75 billion. This capital is spread over three years and is estimated 20/40/40 split. This equates to a competitive capital intensity of around $26,000 to $29,000 per ton of copper. C1 cash costs in the first 5 years are attractive and expected to be at approximately $2.07 per pound on base assumptions. While we maintain financial flexibility and protect leverage guardrails during construction. If you would like to share more in this excitement, there's a 2-minute video on the Eva project on our website and on social media released today. Moving to CSA.

In our portfolio.

The mine plan consolidate six deposits and 10 open pits with a low strip ratio of one six supporting solid margins.

Speaker #1: This capital is spread over three years and is estimated 2040 40 split . This equates to a competitive capital intensity of around 26,000 to 29,000 USD per tonne of copper .

Beyers Nel: The mine life of at least 15 years is underpinned by sizable resources and reserves. As stated previously, the total capital is spread over a 3-year period and is expected to come in at between $1.55 and 1.75 billion. This capital is spread over 3 years and is estimated 20/40/40 split. This equates to a competitive capital intensity of around $26,000 to $29,000 per ton of copper. C1 cash costs in the first 5 years are attractive and expected to be at approximately $2.07 per pound on base assumptions. While we will rather maintain financial flexibility and protect leverage guardrails during construction.

The mine life of at least 15 years is underpinned by sizable resources and reserves.

As stated previously the total capital is spread over a three year period and is expected to come in at between 155 and $1 seven 5 billion U S dollars.

Speaker #1: C1 cash costs in the first five years are attractive and expected to be at approximately 2.7 US cents per pound on base assumptions .

Beyers Nel: C1 cash costs in the first 5 years are attractive and expected to be at approximately $2.07 per pound on base assumptions. While we maintain financial flexibility and protect leverage guardrails during construction. If you would like to share more in this excitement, there's a 2-minute video on the Eva project on our website and on social media released today. Moving to CSA.

This capital is spread over three years and is estimated 2040 40 split.

Speaker #1: While we maintain funding flexibility and protect leverage guardrails during construction , or we will rather maintain financial flexibility and protect leverage guardrails during construction .

This equates to a competitive capital intensity of around 26000 to $29000 per tonne of copper.

C. One cash costs in the first five years are attractive and expect it to be at approximately $2 seven U S cents per pound.

Speaker #1: If you'd like . If you would like to share more in this excitement , there's a two minute video on the Eva project on our website and on social media released today Moving to CSI .

On base assumptions.

We maintained funding flexibility and particular leverage guardrails during construction, we will rather maintain financial flexibility and protect leverage guardrails during construction.

Speaker #1: This mine provides immediate copper with good life of mine extension potential CSA is Australia's highest grade copper mine with a reserve grade of above 3.4% and more than 12 years of reserve life .

Beyers Nel: This mine provides immediate copper with good life of mine extension potential. CSA is Australia's highest grade copper mine with a reserve grade of above 3.4% and more than 12 years of reserve life. Integration is progressing well as we embed Harmony's governance, operating standards, and disciplined approach to capital and risk management. Since taking full ownership towards the end of October last year, we have done the following. We've welcomed the CSA employees and aligned the team to Harmony's culture and values. We've implemented a 7-day safety stoppage to upgrade secondary egress systems in the shafts. We are establishing the correct geotechnical sequence at the mine and prioritizing decline development and critical ventilation projects.

Beyers Nel: If you would like to share more in this excitement, there's a 2-minute video on the Eva project on our website and on social media released today. Moving to CSA. This mine provides immediate copper with good life of mine extension potential. CSA is Australia's highest grade copper mine with a reserve grade of above 3.4% and more than 12 years of reserve life. Integration is progressing well as we embed Harmony's governance, operating standards, and disciplined approach to capital and risk management. Since taking full ownership towards the end of October last year, we have done the following. We've welcomed the CSA employees and aligned the team to Harmony's culture and values. We've implemented a 7-day safety stoppage to upgrade secondary egress systems in the shafts.

If you'd like.

If you would like to say more than this excitement theres a two minute video on the Eve of project on our website and on total social media released today.

Speaker #1: Integration is progressing well as we embed Harmony's governance operating standards and disciplined approach to capital and risk management . Since taking full ownership towards the end of October last year , we have done the following .

Moving to CSI. This mine provides immediate copper with good life of mine extension potential.

CSA is Australia is highest grade copper mine with the reserve grade of above three 4% and more than 12 years of reserve life integration is progressing well as we embed harmonies governance operating standards and disciplined approach to capital and risk management.

Speaker #1: We've welcomed the CSA employees and aligned the team to Harmony's culture and values We've implemented a seven day safety stoppage to upgrade secondary egress systems in the shafts We are establishing the correct geotechnical sequence at the mine and prioritizing declined development and critical ventilation projects The development of the Upper Merryn mine has been paused pending further drilling to improve Orebody confidence and upgrade of the shaft Steelwork on two levels is currently underway , resulting in a one month stoppage in quarter three .

Beyers Nel: We've welcomed the CSA employees and aligned the team to Harmony's culture and values. We've implemented a 7-day safety stoppage to upgrade secondary egress systems in the shafts. We are establishing the correct geotechnical sequence at the mine and prioritizing decline development and critical ventilation projects.

Since taking full ownership towards the end of October last year, we have done the following.

We've welcomed the CSI employees and aligns the team to harmonies culture and values.

Beyers Nel: The development of the Upper Meran mine has been paused pending further drilling to improve ore body confidence. An upgrade of the shaft steelwork on two levels is currently underway, resulting in a 1-month stoppage in Q3. Roughly ZAR 300 million in costs have been removed since acquisition, mainly relating to corporate overheads and financing costs. As said previously, full optimization of this mine is expected to take us around 18 to 24 months. We expect copper production of 17,500 to 18,500 tons at a recovered grade of above 3.5% for FY 2026. This despite the 1-month planned stoppage in the shaft. In addition, we plan to spend ZAR 1.1 billion in capital at CSA in this financial year.

We've implemented a seven day safety stoppage to upgrade secondary egress systems in the shops.

Beyers Nel: We are establishing the correct geotechnical sequence at the mine and prioritizing decline development and critical ventilation projects. The development of the Upper Meran Mine has been paused, pending further drilling to improve ore body confidence. An upgrade of the shaft steelwork on two levels is currently underway, resulting in a one-month stoppage in Q3. Roughly ZAR 300 million in costs have been removed since acquisition, mainly relating to corporate overheads and financing costs. As said previously, full optimization of this mine is expected to take us around 18 to 24 months. We expect copper production of 17.5 to 18.5 thousand tons at a recovered grade of above 3.5% for FY 2026. This despite the one-month planned stoppage in the shaft.

We are establishing the correct geotechnical sequence at the mine and prioritizing decline development and critical of installation projects.

Speaker #1: Roughly 300 million rand in costs have been removed since acquisition , mainly relating to corporate overheads and financing costs As said previously , full optimisation of this mine is expected to take us around 18 to 24 months .

The development of the upper Merion mine has been paused pending further drilling to improve ore body confidence.

Beyers Nel: As said previously, full optimization of this mine is expected to take us around 18 to 24 months. We expect copper production of 17,500 to 18,500 tons at a recovered grade of above 3.5% for FY 2026. This despite the 1-month planned stoppage in the shaft. In addition, we plan to spend ZAR 1.1 billion in capital at CSA in this financial year.

An upgrade of the sharp steel work on two levels is currently underway, resulting in a one month stoppage in quarter three.

Speaker #1: We expect copper production of 17.5 to 18,000 tonnes at a recovered grade of above 3.5% for financial year , 2026 . This , despite the one month planned stoppage in the shaft .

Roughly 300 million Rand and costs have been removed since acquisition, mainly relating to corporate overheads and financing costs.

Let's say previously full optimization of this mine is expected to take us around 18 to 24 months.

Speaker #1: In addition , we plan to spend 1.1 billion rand in capital at CSA in this financial year . The C1 cash costs at CSA remain low and I expect it to be between 2.65 and 2.8 USD per pound .

We expect copper production of 17, and a half to 18 and a half thousand tons at our recovered grade of above 3.5% for financial year 2026. This despite the one month's planned stoppage in the shaft. In addition, we plan to spend $1 1 billion Rand in capital at CSI in this financial year.

Beyers Nel: The C1 cash costs at CSA remain low and are expected to be between $2.65 and $2.8 per pound. We continue to harmonize the CSA mine and will provide longer-term guidance in August of this year. The CSA ore body is exceptional, and recent exploration indicates material growth potential with significant high-grade intercepts already evidenced, as you can see at the bottom of the slide. We are planning an extensive underground and surface drilling program over 24 months to improve geological, geotechnical, and metallurgical understanding for mine design, long-term planning, and potential expansion. Harmony is positioning CSA for long-term value creation through safe, predictable production and unlocking potential regional synergies as our footprint in Australia grows. With that, allow me to hand over to Boipelo to take you through the financials. Thank you.

Speaker #1: We continue to harmonise the CSA , mine and will provide longer term guidance . In August of this year . The CSA all is exceptional and recent exploration indicates material growth potential with significant high grade intercepts already evidenced .

Beyers Nel: In addition, we plan to spend ZAR 1.1 billion in capital at CSA in this financial year. The C1 cash costs at CSA remain low and are expected to be between $2.65 and $2.80 per pound. We continue to harmonize the CSA mine and will provide longer-term guidance in August of this year. The CSA ore body is exceptional, and recent exploration indicates material growth potential with significant high-grade intercepts already evidenced, as you can see at the bottom of the slide. We are planning an extensive underground and surface drilling program over 24 months to improve geological, geotechnical, and metallurgical understanding for mine design, long-term planning, and potential expansion. Harmony is positioning CSA for long-term value creation through safe, predictable production and unlocking potential regional synergies as our footprint in Australia grows.

Yeah.

The C. One cash cost at CSI remained low and are expected to be between $2 six five and $2 $8 a pound.

Speaker #1: As you can see at bottom of the slide . We are planning an extensive underground and surface drilling program over 24 months to improve geological , geotechnical and metallurgical understanding for mine design .

We continue to harmonize the CSI mine and will provide longer term guidance in August of this year.

Beyers Nel: We are planning an extensive underground and surface drilling program over 24 months to improve geological, geotechnical, and metallurgical understanding for mine design, long-term planning, and potential expansion. Harmony is positioning CSA for long-term value creation through safe, predictable production and unlocking potential regional synergies as our footprint in Australia grows. With that, allow me to hand over to Boipelo to take you through the financials. Thank you.

The CSI orebody is exceptional and recent exploration indicates material growth potential with significant high grade intercepts already evidenced as you can see at the bottom of the slide we.

Speaker #1: Long term planning and potential expansion Harmony is positioning CSA for long term value creating creation through safe , predictable production and unlocking potential .

We are planning an extensive underground and surface drilling program over 24 months to improve geological geotechnical and metallurgical understanding for mine design long term planning and potential expansion.

Speaker #1: Regional synergies . As our footprint in Australia grows With that , allow me to hand over to Paolo to take you through the financials .

Harmony is positioning <unk> for long term value.

Speaker #1: Thank you

Creating creation.

Creation through safe predictable production and unlocking potential regional synergies as our footprint in Australia grows with that allow me to hand over to Bob pillar to take you through the financials. Thank you.

Speaker #2: Morning , everyone , and thank you , Baz Harmony is fundamentals . Remain strong with financials reflecting operational excellence and value accretive growth Please note the US dollar figures provided in the NHS The first half of the financial year 2026 benefited from a higher realized gold price , supported by continued operational discipline .

Boipelo Lekubo: Morning, everyone, and thank you, Baz. Harmony's fundamentals remain strong, with financials reflecting operational excellence and value accretive growth. Please note the US dollar figures provided in the annexures. The first half of the financial year 2026 benefited from a higher realized gold price, supported by continued operational discipline. Gold revenue, which includes gold hedges, increased by 20% to ZAR 44 billion. We hedge up to 30% of gold production over a rolling 36 months to protect margins and maintain flexibility during elevated CapEx cycles. Our hedging table is also available in the annexures. EBITDA rose 39% to ZAR 18 billion, and cash generated by operating activities increased by 36% to ZAR 14 billion. We have a strong balance sheet, and net debt to EBITDA is at 0.18x, well below our 1x threshold following the acquisition of MAC.

Beyers Nel: With that, allow me to hand over to Boipelo to take you through the financials. Thank you.

Okay.

Boipelo Lekubo: Morning, everyone, and thank you, Baz. Harmony's fundamentals remain strong with financials reflecting operational excellence and value accretive growth. Please note the US dollar figures provided in the annexes. The first half of the financial year 2026 benefited from a higher realized gold price, supported by continued operational discipline. Gold revenue, which includes gold hedges, increased by 20% to ZAR 44 billion. We hedge up to 30% of gold production over a rolling 36 months to protect margins and maintain flexibility during elevated CapEx cycles. Our hedging table is also available in the annexes. EBITDA rose 39% to ZAR 18 billion and cash generated by operating activities increased by 36% to ZAR 14 billion. We have a strong balance sheet and net debt-to-EBITDA is at 0.18x, well below our 1x threshold following the acquisition of MAC.

Good morning, everyone and thank you Beth.

Harmony is fundamentals remained strong with financials, reflecting operational excellence and value accretive of course.

Speaker #2: Gold revenue , which includes gold hedges , increased by 20% to 44 billion rand . We hedge up to 30% of gold production over a rolling 36 months to protect margins and maintain flexibility during elevated CapEx cycles .

Please note the U S dollar figures provided into inaction.

Boipelo Lekubo: We hedge up to 30% of gold production over a rolling 36 months to protect margins and maintain flexibility during elevated CapEx cycles. Our hedging table is also available in the annexures. EBITDA rose 39% to ZAR 18 billion, and cash generated by operating activities increased by 36% to ZAR 14 billion. We have a strong balance sheet, and net debt to EBITDA is at 0.18x, well below our 1x threshold following the acquisition of MAC.

First half of the financial year, 'twenty 'twenty six benefited from a higher realized gold price supported by continued operational discipline.

Speaker #2: Our hedging table is also available in the next year . EBITDA rose 39% to 18 billion rand and cash generated by operating activities increased by 36% to 14 billion rand .

<unk> revenue, which includes called hedges increased by 20% to 44 billion Rand, we hedge up to 30% of gold production over a rolling 36 months to protect margins and maintain flexibility during elevated capex cycle.

Speaker #2: We have a strong balance sheet and net debt to EBITDA is at 0.18 times . Well below our one times threshold . Following the acquisition of Mack Operating profit increased by 61% to 16 billion rand and net profit increased by 24% to 10 billion rand .

Our hedging table and is also available in the elections.

EBITDA rose, 39% to $18 billion range and cash generated by operating activities increased by 36% to $14 billion range.

Boipelo Lekubo: Operating profit increased by 61% to ZAR 16 billion, and net profits increased by 24% to ZAR 10 billion. The variance reflects transitional, non-cash, and acquisition-related items and higher current taxation. Key items include, firstly, a realized gold hedge loss of ZAR 4.5 billion, which is included in the revenue line above. Below the revenue line, we had a ZAR 1 billion silver derivative loss at Hidden Valley and a ZAR 700 million foreign exchange translation gain because of the stronger rand. There was also a positive ZAR 1.1 billion impairment reversal at our Tshepong North operation, which is in the operating profit line. Profit before tax was impacted by, firstly, ZAR 1.4 billion in once-off acquisition costs related to the MAC Copper acquisition, and the majority of which related to stamp duty payable in Australia.

We have a strong balance sheet and needed to EBITA is that 0.18 times well below our one times threshold following the acquisition of Mac.

Speaker #2: The variance reflects transitional , non-cash and acquisition related items and higher current taxation . Key items include . Firstly , a realized gold hedge , loss of 4.5 billion rand , which is included in the revenue line above .

Boipelo Lekubo: Operating profit increased by 61% to ZAR 16 billion and net profit increased by 24% to ZAR 10 billion. The variance reflects transitional, non-cash, and acquisition related items and higher current taxation. Key items include, firstly, a realized gold hedge loss of ZAR 4.5 billion, which is included in the revenue line above. Below the revenue line, we had a ZAR 1 billion silver derivative loss at Hidden Valley and a ZAR 700 million foreign exchange translation gain because of the stronger rand. There was also a positive ZAR 1.1 billion impairment reversal at our Tshepong North operation, which is in the operating profit line. Profit before tax was impacted by, firstly, a ZAR 1.4 billion in once-off acquisition costs related to the MAC Copper acquisition and the majority of which related to stamp duty payable in Australia.

Operating profit increased by 61% to 16 billion Rand and net profit increased by 24% to 10 billion Rand.

Speaker #2: Below the revenue line , we had a 1 billion rand silver derivative loss at Hidden Valley and a 700 million rand foreign exchange translation gain .

The variance reflects transitional noncash and acquisition related items and higher current taxation.

Key items include firstly, a realized gold hedge loss of $4 5 billion Rand, which is included in the revenue line of beds built.

Speaker #2: Because of the stronger end , there was also a positive 1.1 billion impairment reversal at our North operation , which is in the operating profit line Profit before tax was impacted by , firstly , a 1.4 billion in once off acquisition costs related to the Mack Copper acquisition and the majority of which related to stamp duty payable in Australia , a 900 million rand non-cash fair value adjustment for CSA silver and copper streams and 700 million in borrowing costs Lastly , there was an 86% increase in current taxation , which reduced net profit by 3.6 billion rand .

Boipelo Lekubo: There was also a positive ZAR 1.1 billion impairment reversal at our Tshepong North operation, which is in the operating profit line. Profit before tax was impacted by, firstly, ZAR 1.4 billion in once-off acquisition costs related to the MAC Copper acquisition, and the majority of which related to stamp duty payable in Australia.

Below the revenue line, we had a $1 billion range silver derivative loss at hidden Valley, and the 700 million Rand Foreign exchange translation gain because of the stronger end.

There was also a positive $1 1 billion in payment or vessel and aren't simple north operation, which is in the operating profit line.

Boipelo Lekubo: ZAR 900 million non-cash fair value adjustment for CSA silver and copper streams and ZAR 700 million in borrowing costs. Lastly, there was an 86% increase in current taxation, which reduced net profit by ZAR 3.6 billion. While these items affected earnings, they do reflect growth, profitability, investment, and onboarding of long-life value accretive assets. Harmony's underlying fundamentals remain strong, and the increase in operating profit reflects the health of the core business. Our cost base is predictable, with more than 90% rand-denominated. Total cash costs, excluding CSA, rose 10% to ZAR 22 billion, in line with plan. Approximately 55% of group costs are labor-related and increased about 6%, in line with the 5-year wage agreement we have in place. Electricity and water represents 24% of our costs, and tariff escalations remain regulated. Electricity increased by 14% year-on-year.

Profit before tax was impacted by firstly, a one 4 billion in <unk> of acquisition costs related to the Max Capa acquisition, and the majority of which related to stamp duty payable in Australia.

Boipelo Lekubo: ZAR 900 million non-cash fair value adjustment for CSA silver and copper streams and ZAR 700 million in borrowing costs. Lastly, there was an 86% increase in current taxation, which reduced net profit by ZAR 3.6 billion. While these items affected earnings, they do reflect growth, profitability, investment, and onboarding of long life value accretive assets. Harmony's underlying fundamentals remain strong and the increase in operating profit reflects the health of the core business. Our cost base is predictable, with more than 90% rand denominated. Total cash costs, excluding CSA, rose 10% to ZAR 22 billion in line with plan. Approximately 55% of group costs are labor-related and increased about 6% in line with the five-year wage agreement we have in place. Electricity and water represents 24% of our costs and tariff escalations remain regulated.

And 900 million range noncash fair value adjustment for CSA, silver and copper streams and 700 million in borrowing costs.

Speaker #2: While these items affected earnings , they do reflect growth , profitability , investment and onboarding of long life value accretive assets Harmony's underlying fundamentals remain strong , and the increase in operating profit reflects the health of the core business Our cost base is predictable , with more than 90% rand denominated total cash costs , excluding CSA rose 10% to 22 billion rand , in line with plan Approximately 55% of group costs are labor related and increase 6% in line with the five year wage agreement .

Lastly, there was an 86% increase in current taxation, which reduced net profit by $3 6 billion range.

While these items affected earnings they do reflect gross profitability investment and on boarding of long life value accretive assets.

Boipelo Lekubo: Our cost base is predictable, with more than 90% rand-denominated. Total cash costs, excluding CSA, rose 10% to ZAR 22 billion, in line with plan. Approximately 55% of group costs are labor-related and increased about 6%, in line with the 5-year wage agreement we have in place. Electricity and water represents 24% of our costs, and tariff escalations remain regulated. Electricity increased by 14% year-on-year.

<unk> underlying fundamentals remained strong and the increase in operating profit reflects the health of the core business.

Our cost base is predictable with more than 90% drain denominated total cash costs, excluding <unk> rose, 10% to 22 billion range in line with plan.

Speaker #2: We have in place Electricity and water represents 24% of our costs and tariff escalations remain regulated . Electricity increased by 14% year on year .

Approximately 55% of group costs are labor related and increased about 6% in line with the five year wage agreement we have in place.

Speaker #2: South royalties increased by 60% on the back of higher revenue and profitability Importantly , though , inflation remains well under control Some of the inventory movements are timing related and are expected to reverse in the third quarter .

Boipelo Lekubo: South African royalties increased by 60% on the back of higher revenue and profitability. Importantly, though, inflation remains well under control. Some of the inventory movements are timing-related and are expected to reverse in Q3. The higher all-in sustaining costs reflect these items and remains within guidance. As a rand cost producer, the strong rand has lifted reported US dollar costs. Despite this, we remain below the mid-range of our all-in sustaining cost guidance. We remain highly leveraged to the gold price. Every 100,000 ZAR per kilogram increase adds roughly 1.5 billion ZAR to adjusted free cash flows at the operational level. While this environment provides optionality, we remain focused on those factors which are in our control to protect margins. Harmony has significant headroom with around 15 billion ZAR, or call it $900 million in cash and undrawn facilities.

Electricity and water represents 24% of our costs and tariffs escalate escalations remain regulated.

Boipelo Lekubo: Electricity increased by 14% year-over-year. South African royalties increased by 60% on the back of higher revenue and profitability. Importantly, though, inflation remains well under control. Some of the inventory movements are timing related and are expected to reverse in Q3. The higher all-in sustaining costs reflects these items and remains within guidance. As a rand cost producer, the strong rand has lifted reported US dollar costs. Despite this, we remain below the mid-range of our all-in sustaining cost guidance. We remain highly leveraged to the gold price. Every ZAR 100,000 per kilogram increase adds roughly ZAR 1.5 billion to adjusted free cash flows at the operational level. While this environment provides optionality, we remain focused on those factors which are in our control to protect margins.

Electricity increased by 14% year on year.

Speaker #2: The higher all in sustaining costs reflects these items and remains within guidance As cost producer , the strong rand has lifted reported US dollar costs Despite this , we remain below the mid of our all in sustaining cost guidance We remain highly leveraged to the gold price Every 100,000 rand per kilogram increase adds roughly 1.5 billion rand to adjusted free cash flows at the operational level .

South Africa royalties increased by 60% on the back of higher revenue and profitability importantly, though inflation remains well under control.

Some of the inventory movements are timing related and are expected to reverse in the third quarter.

Boipelo Lekubo: We remain highly leveraged to the gold price. Every 100,000 ZAR per kilogram increase adds roughly 1.5 billion ZAR to adjusted free cash flows at the operational level. While this environment provides optionality, we remain focused on those factors which are in our control to protect margins. Harmony has significant headroom with around 15 billion ZAR, or call it $900 million in cash and undrawn facilities.

The higher all in sustaining costs to reflect these items and remains within guidance.

Is there any cost producer the strong Rand has lifted reported U S. Dollar costs. Despite this we remain below the midrange of our all in sustaining cost guidance.

Speaker #2: While this environment provides optionality , we remain focused on those factors which are in our control to protect margins Harmony has significant headroom with around 15 billion rand or call it 900 million USD in cash and undrawn facilities We therefore in a strong to fund our growth pipeline We have the capacity , the flexibility and importantly , the discipline to continue delivering on our strategy .

We remain highly leveraged to the gold price.

Every hundred thousand Rand per kilogram increase adds roughly one 5 billion range to adjusted free cash flows at the operational level.

While this environment provides optionality, we remain focused on those factors, which are in our control to protect margins.

Boipelo Lekubo: We're therefore in a strong position to fund our growth pipeline. We have the capacity, the flexibility, and importantly, the discipline to continue delivering on our strategy. The strength of our balance sheet has been recognized by the three key ratings agencies, where we hold a BB, Ba1, and a BB respectively in our inaugural public ratings. At current levels, and even after paying for the acquisition of the CSA Mine, we expect to be back in a net cash position by financial year-end. We are actively assessing our capital structure to maintain an efficient balance sheet that is appropriately matched to both our funding needs and the strength of our cash flow generation. Our updated guidance includes CSA and Eva Copper capital for this financial year only.

Yeah.

Boipelo Lekubo: Harmony has significant headroom with around ZAR 15 billion, or call it $900 million in cash and undrawn facilities. We're therefore in a strong position to fund our growth pipeline. We have the capacity, the flexibility, and importantly, the discipline to continue delivering on our strategy. The strength of our balance sheet has been recognized by the three key ratings agencies, where we hold a BB, Ba1, and a BB respectively in our inaugural public ratings. At current levels, and even after paying for the acquisition of the CSA mine, we expect to be back in a net cash position by financial year-end. We are actively assessing our capital structure to maintain an efficient balance sheet that is appropriately matched to both our funding needs and the strength of our cash flow generation.

How many has significant headroom with around 15 billion Rand or call. It 900 million U S dollars in cash and Undrawn facilities with April in a strong position to fund our growth pipeline, we have the capacity and the flexibility and importantly, the discipline to continue delivering on.

Speaker #2: The strength of our balance sheet has been recognized by the three key agencies , where we hold a double B , Ba1 and a double B , respectively .

Speaker #2: In our inaugural public ratings At current levels , and even after paying for the acquisition of the CSA mine , we expect to be back in a net cash position by financial year end .

Boipelo Lekubo: At current levels, and even after paying for the acquisition of the CSA Mine, we expect to be back in a net cash position by financial year-end. We are actively assessing our capital structure to maintain an efficient balance sheet that is appropriately matched to both our funding needs and the strength of our cash flow generation. Our updated guidance includes CSA and Eva Copper capital for this financial year only.

Our strategy.

The strength of our balance sheet has been recognized by the three key ratings agencies, where we hold it that'll be a one and a double b respectively. In our inaugural public ratings at current levels and even after paying for the acquisition of the CSA mine, we expect to be back in a neat.

Speaker #2: We are actively assessing our capital structure to maintain an efficient balance sheet that is appropriately matched to both our funding needs and the strength of our cash flow generation Our updated guidance includes CSA and Eva copper Capital for this financial year only .

Cash position by financial year end.

We are actively assessing our capital structure to maintain an efficient balance sheets that is appropriately matched to both our funding needs and the strength of our cash flow generation.

Speaker #2: For FY 26 , we expect Eva capital of around 5.6 billion rand and CSA capital of 1.1 billion , bringing total group capital to 18.5 billion rand , while the increase in total capital is , meaning meaningful , it is affordable and necessary to invest in CSA and build one of the largest , most significant new greenfield copper developments in Australia We remain confident in our cash flows and our ability to fund all our major projects , and this underpins the revision of our dividend policy After careful consideration of our capital requirements , capital structure through the cycle , macroeconomic conditions and current strong cash flow generation , we are pleased to announce that we have revised our dividend policy to provide shareholders with enhanced upside participation Harmony has amended its dividend policy to allow for up to 50% of net free cash to be returned to shareholders , subject to the discretion of the board and net debt to EBITDA levels The revised policy now includes an improved base dividend , which has been increased from 20% to 30% of net free cash .

Boipelo Lekubo: For FY 2026, we expect Eva capital of around ZAR 5.6 billion and CSA capital of ZAR 1.1 billion, bringing total group capital to ZAR 18.5 billion. While the increase in total capital is meaningful, it is affordable and necessary to invest in CSA and build one of the largest, most significant new greenfield copper developments in Australia. We remain confident in our cash flows and our ability to fund all our major projects, and this underpins the revision of our dividend policy. After careful consideration of our capital requirements, capital structure through the cycle macroeconomic conditions, and current strong cash flow generation, we are pleased to announce that we have revised our dividend policy to provide shareholders with enhanced upside participation.

Boipelo Lekubo: Our updated guidance includes CSA and Eva Copper capital for this financial year only. For FY26, we expect Eva capital of around ZAR 5.6 billion and CSA capital of ZAR 1.1 billion, bringing total group capital to ZAR 18.5 billion. While the increase in total capital is meaningful, it is affordable and necessary to invest in CSA and build one of the largest, most significant new greenfield copper developments in Australia. We remain confident in our cash flows and our ability to fund all our major projects, and this underpins the revision of our dividend policy. After careful consideration of our capital requirements, capital structure, through-the-cycle macroeconomic conditions, and current strong cash flow generation, we are pleased to announce that we have revised our dividend policy to provide shareholders with enhanced upside participation.

Our updated guidance includes CSA and Eva company capital for this financial year only for FY 'twenty six we expect to either capital of around $5 6 billion Rand and CSA capital of $1 1 billion, bringing total group capital to 18 five.

Boipelo Lekubo: We remain confident in our cash flows and our ability to fund all our major projects, and this underpins the revision of our dividend policy. After careful consideration of our capital requirements, capital structure through the cycle macroeconomic conditions, and current strong cash flow generation, we are pleased to announce that we have revised our dividend policy to provide shareholders with enhanced upside participation.

5 billion range.

While the increase in total capital is meaning meaningful it is affordable and necessary to invest in CSA and built one of the largest most significant new greenfield copper developments in Australia.

We remain confident in our cash flows and our ability to defend all of our major projects and this underpins the revision of our dividend policy.

After careful consideration of our capital requirements capital structure through the cycle macroeconomic conditions and current strong cash flow generation. We are pleased to announce that we have revised our dividend policy to provide shareholders with enhanced upside participation.

Boipelo Lekubo: Harmony has amended its dividend policy to allow for up to 50% of net free cash to be returned to shareholders, subject to the discretion of the board and net debt to EBITDA levels. The revised policy now includes an improved base dividend, which has been increased from 20% to 30% of net free cash. I must state this is net free cash after all capital, including major capital. In addition, an upside dividend may be paid based on leverage levels. When leverage is equal to or above 0.5x and below 1x, only a base dividend of 30% of net free cash flow is payable. As leverage improves, the board may, at its full discretion, consider an upside dividend of up to 20% of net free cash.

Boipelo Lekubo: Harmony has amended its dividend policy to allow for up to 50% of net free cash to be returned to shareholders, subject to the discretion of the board, and net debt-to-EBITDA levels. The revised policy now includes an improved base dividend, which has been increased from 20% to 30% of net free cash. I must state this is net free cash after all capital, including major capital. In addition, an upside dividend may be paid based on leverage levels. When leverage is equal to or above 0.5x and below 1x, only a base dividend of 30% of net free cash flow is payable. As leverage improves, the board may, at its sole discretion, consider an upside dividend of up to 20% of net free cash.

And he has amended its dividend policy to allow for up to 50% of net free cash to be returned to shareholders subject to the discretion of the board and net debt to EBITDA levels.

Speaker #2: I must state this is net free cash . After all , capital , including major capital . In addition , an upside dividend may be paid based on leverage levels when leverage is equal to or above 0.5 times and below one times only a base dividend of 30% of net free cash flow is payable As leverage improves , the board may , at its sole discretion , consider an upside dividend of up to 20% of net free cash in line with our new dividend policy .

The revised policy now includes an improved base dividend, which has been an increase from 20% to 30% of net free cash I must state. This is net free cash after all capital, including major capital.

Boipelo Lekubo: When leverage is equal to or above 0.5x and below 1x, only a base dividend of 30% of net free cash flow is payable. As leverage improves, the board may, at its full discretion, consider an upside dividend of up to 20% of net free cash. In line with our new dividend policy, we are pleased to announce an interim dividend of ZAR 5.30 or $0.32 per share for this reporting period, resulting in a rolling twelve-month dividend yield of 2.2%. It represents a total payout of 43% of net free cash and an increase of 23% over the previous dividend policy. The total dividend payout for this reporting period is a record ZAR 3.4 billion or $204 million. Beyers, thanks. Over to you.

In addition, an upside dividend may be paid based on leverage levels when leverage is equal to or above 0.5 times and below one times only a base dividend of 30% of net free cash flow is payable at.

Boipelo Lekubo: In line with our new dividend policy, we are pleased to announce an interim dividend of ZAR 5.30 or $0.32 per share for this reporting period, resulting in a rolling twelve-month dividend yield of 2.2%. It represents a total payout of 43% of net free cash and an increase of 23% over the previous dividend policy. The total dividend payout for this reporting period is a record ZAR 3.4 billion or $204 million. Beyers, thanks. Over to you.

Speaker #2: We are pleased to announce an interim dividend of 530 . South Cents , or 32 US cents per share , for this reporting period , resulting in a rolling 12 month dividend yield of 2.2% .

As leverage improves the board may at its sole discretion consider an upside dividend of up to 20% of net free cash.

Speaker #2: It represents a total payout of 43% of net free cash and an increase of 23% over the previous dividend policy . The total dividend payout for this reporting period is a record 3.4 billion rand , or 204 million USD , thanks over to you

In line with our new dividend policy, we are pleased to announce an interim dividend of 500, and the T South African cents or <unk> ADT your cents per share for this reporting period, resulting in a rolling 12 month dividend yield of 2.2%.

It represents a total payout of 43% of net free cash and an increase of 23% over the previous dividend policy.

The total dividend payout for this reporting period is a record $3 4 billion Rand or 204 million U S studies.

Speaker #1: Thank you . In conclusion , Harmony offers a compelling pathway to growth resilient , scaled , and purpose led . We reaffirm our annual gold production grade and cost guidance , while gold CapEx guidance is reduced by 1 billion rand .

Beyers Nel: Thank you, Boipelo. In conclusion, Harmony offers a compelling pathway to growth, resilient, scaled, and purpose-led. We reaffirm our annual gold production grade and cost guidance while gold CapEx guidance is reduced by ZAR 1 billion. As shared earlier by Boipelo, our total CapEx guidance for the financial year now includes Eva Copper and CSA. We have maintained our momentum alongside strict mining and capital discipline to create sustainable value. We will continue doing just that in the remainder of the financial year. Again, safety informs all we do. Strong financial performance is supported by quality ounces and a higher gold price, with recoveries having normalized in Q3. The upgraded dividend policy reflects confidence in our cash flows, and we are most pleased to reward our shareholders for their ongoing support. Our focus on fundamentals and effective capital allocation turns price cycles into long-term value by delivering consistently.

Over to you.

Yeah.

Okay.

Yeah.

Speaker #1: As I said earlier , by pillar , our total CapEx guidance for the financial year now includes either copper and CSA . We have maintained our momentum alongside strict mining and capital discipline to create sustainable value .

Thank you Bob Pillow in conclusion harmony offers a compelling pathway to growth resilient scope and purpose late.

We reaffirm our annual gold production grade and cost guidance, while gold Capex guidance is reduced by 1 billion Rand.

Speaker #1: We will continue , continue doing just that in the remainder of the financial year . Again , safety informs all we do . The strong financial performance is supported by quality ounces and a higher gold price , with recoveries having normalized in the third quarter .

Beyers Nel: We will continue doing just that in the remainder of the financial year. Again, safety informs all we do. Strong financial performance is supported by quality ounces and a higher gold price, with recoveries having normalized in Q3. The upgraded dividend policy reflects confidence in our cash flows, and we are most pleased to reward our shareholders for their ongoing support. Our focus on fundamentals and effective capital allocation turns price cycles into long-term value by delivering consistently.

As said earlier by both pillar, our total capex guidance for the financial year now includes Eva copper and CSA.

We have maintained our momentum alongside strict mining and capital discipline to create sustainable value. We will continue continue doing just that in the remainder of the financial Yeah again safety informs what we do.

Speaker #1: The upgraded dividend policy reflects confidence in our cash flows , and we are most pleased to reward our shareholders for their ongoing support .

Speaker #1: Our focus on fundamentals and effective capital allocation turns price cycles into long term value by delivering consistently . In closing this slide summarizes the harmony of today and tomorrow .

<unk> financial performance is supported by quality ounces, and a higher gold price with recoveries, having normalized in the third quarter.

Beyers Nel: In closing, this slide summarizes the Harmony of today and tomorrow. We are intentionally transitioning into a significant global gold and copper producer. This journey is grounded in mining with purpose, ensuring that everything we do creates value for all our stakeholders wherever we operate. On top of our solid gold foundation, we are diversifying and enhancing our portfolio through our various copper assets. Anchored in our strategic pillars and a capital allocation framework designed for durable returns, we remain unwavering in our pursuit of zero harm, operational excellence, and long-term value creation. Thank you for choosing to be part of our compelling story. I'll now hand over to Jared to lead us in the questions. Can you hear me? Thanks. Thanks, guys. Thanks, everyone. I just wanna get this table moved onto the stage, please. All right. You're good.

The upgraded dividend policy reflects confidence in our cash flows and we are most pleased to reward our shareholders for their ongoing support.

Speaker #1: We are intentionally transitioning into a significant global gold and copper producer This journey is grounded in mining with purpose , ensuring that everything we do creates value for all our stakeholders wherever we operate .

I'll focus on fundamentals and effective capital allocation turns price cycles into long term value.

By delivering consistently.

In closing.

This slide summarizes the whole many of today and tomorrow, we are intentionally transitioning into a significant global gold and copper producer.

Speaker #1: On top of our solid gold foundation , we are diversifying and enhancing our portfolio through our various copper assets anchored in our strategic pillars and a capital allocation framework designed for durable returns .

Beyers Nel: Anchored in our strategic pillars and a capital allocation framework designed for durable returns, we remain unwavering in our pursuit of zero harm, operational excellence, and long-term value creation. Thank you for choosing to be part of our compelling story. I'll now hand over to Jared to lead us in the questions.

This journey is grounded in mining with purpose.

Ensuring that everything we do creates value for all our stakeholders wherever we operate.

Speaker #1: We remain unwavering in our pursuit of zero harm , operational excellence and long term value creation Thank you for choosing to be part of our compelling story .

Top of a solid gold foundation, we are diversifying and enhancing our portfolio through our various copper assets and.

Speaker #1: I'll now hand over to Jared to lead us in the questions

In our strategic pillars, and our capital allocation framework designed for durable returns we remain unwavering in our pursuit of zero home operational excellence and long term value creation.

Jared Coetzer: Can you hear me? Thanks. Thanks, guys. Thanks, everyone. I just wanna get this table moved onto the stage, please. All right. You're good.Well, it's wonderful to see a full house today and hands up in the air. Last time to be in gold. Thanks so much to everyone for joining us, and at the JSE for hosting us today. It's our first time we've been here. We normally have it at the hotel next door, so nice change and, thanks to everyone for joining. Where can we start? Questions. Doc.

Speaker #3: Can you hear me ? Thanks . Thanks . Thanks , everyone . I just want to get this table moved on to the stage , please

You for choosing to be part of our compelling story.

Speaker #4: And to genius Always saving your love for all the moments . Just like this . So , just like this . And never change .

I'll now hand over to Jarrett to lead us in the questions.

Yeah.

Jared Coetzer: Can you hear me? Thanks. Thanks, Baz. Thanks, everyone. I just want to get this table moved onto the stage, please. All right. You're good. Well, it's wonderful to see a full house today, and hands up in the air. Nice time to be in gold.

Can you hear me. Thanks, Thanks for those links everyone I just wanted to get those table moved onto the stage. Please.

Speaker #4: I'm wondering why you stay the stronger than me . When something's gotta give . Yeah .

Yeah.

Speaker #3: All right , you're good . What's wonderful ? To see ? A full house today and hands up in the .

Yeah.

Beyers Nel: Well, it's wonderful to see a full house today and hands up in the air. Last time to be in gold. Thanks so much to everyone for joining us, and at the JSE for hosting us today. It's our first time we've been here. We normally have it at the hotel next door, so nice change and, thanks to everyone for joining. Where can we start? Questions. Doc.

Speaker #2: Air .

Speaker #3: Last time to be in gold . But thanks so much to everyone for joining us . And at the JC for hosting us today .

Yes.

Speaker #3: It's our first time we've been here . We normally have it at the hotel next door , so a nice change . And .

Speaker #3: Thanks to everyone for joining . Where can we start ? Questions , doc . Thank you . First of all , I'd like to thank Harmony for actually having a face to .

Alright good.

Well, it's wonderful to see a full house today and ends up in there.

Stuart de Silva: Thank you. First of all, I'd like to thank Harmony for actually having a face-to-face presentation. They are not that common these days, and I really appreciate it. It's a different kettle of fish when you actually get to see people deliver the message. Thank you for that and congratulations on your results.

The time to be able to go with.

Beyers Nel: Thanks very much to everyone for joining us, and at the JSE for hosting us today. It's our first time we've been here. We normally have it at the hotel next door, so nice change and, thanks to everyone for joining. Where can we start? Questions. Doc.

Thanks, very much to everyone for joining us.

Speaker #3: Face presentation . They are not that common these days and I really appreciate it . It's a different kettle of fish when you actually get to see people deliver the message .

And at the <unk> for hosting US today is the first time, we've been area normally have it at the hotel next door is a nice change in.

Thanks to everyone for joining.

Speaker #3: So thank you for that . And congratulations on your results . Thank you . Silver from element by the way bears , you mentioned that you were impacted by the Sinai shortage .

Where can we start questions.

Doug.

Beyers Nel: Thank you.

Stuart de Silva: Stuart de Silva from Element, by the way. First, you mentioned that you were impacted by the cyanide shortage. Perhaps you could just address whether that is ongoing or if that's a thing of the past. If it's not, how it's being resolved. You also mentioned lower recoverability was an issue in the year past. If you could just address those two issues, please.

Stuart De Silva: Thank you. First of all, I'd like to thank Harmony for actually having a face-to-face presentation. They are not that common these days, and I really appreciate it. It's a different kettle of fish when you actually get to see people deliver the message. Thank you for that, and congratulations on your results.

Thank you.

First of all I'd like to thank harmony refresh everything a face to face presentation. There are not that common these days and I really appreciate it it's a different kettle of fish when you actually get to see people deliver the message.

Speaker #3: Perhaps you could just address whether that is ongoing or if that's a thing of the past . If it's not how it's being resolved .

For that and congratulations on your results. Thank you strata silver from elements by the way.

Speaker #3: And you also mentioned lower recoverability was an issue in the year past . If you could just address those two issues , please .

Beyers Nel: Thank you.

Stuart De Silva: Stuart De Silva from Element, by the way. First, you mentioned that you were impacted by the cyanide shortage. Perhaps you could just address whether that is ongoing or if that's a thing of the past. If it's not, how it's being resolved. You also mentioned lower recoverability was an issue in the year past. If you could just address those two issues, please.

First you mentioned that you.

Speaker #1: Yeah , sure . And let me also just return to thank you . I mean , it's phenomenal to see a turnout like this at a results presentation .

Beyers Nel: Yeah, sure. Let me also just return the thank you. I mean, it's phenomenal to see a turnout like this at a results presentation. Thank you very much everyone for coming. The cyanide was a one-off. I mean, we're behind most of it now. It resulted in a force majeure that was issued by our sole cyanide, liquid cyanide, I should say, liquid cyanide supplier in South Africa during the reporting period. You know, we're back to normal levels now. We have realized that, you know, we probably have to manage our exposure to a single supplier of liquid cyanide a little bit better going forward. We've had some foresight. We were in the process of constructing a cyanide dissolution plant at Mine Waste Solutions, which is our biggest consumer of cyanide.

You were impacted by the Cymer shortage, perhaps you could just address whether that is ongoing.

Speaker #1: So thank you very much everyone for coming . The cyanide was a one off . I mean , we behind most of it now .

So it's a thing of the past if it's not how it's being resolved and you also mentioned lower Recoverability was an issue in the past if you could just address those two issues.

Speaker #1: It resulted in a force majeure . That was issued by our soul cyanide . Liquid cyanide , I should say liquid cyanide . Supplier in South Africa during the reporting period .

Beyers Nel: Yeah, sure. Let me also just return the thank you. I mean, it's phenomenal to see a turnout like this at a results presentation. Thank you very much, everyone, for coming. The cyanide was a one-off. I mean, we're behind most of it now. It resulted in a force majeure that was issued by our sole cyanide, liquid cyanide, I should say, liquid cyanide supplier in South Africa during the reporting period. You know, we're back to normal levels now. But we have realized that, you know, we probably have to manage our exposure to a single supplier of liquid cyanide a little bit better going forward. We've had some foresight. We were in the process of constructing a cyanide dissolution plant at Mine Waste Solutions, which is our biggest consumer of cyanide.

Yeah sure and let me also just returned the thank you I mean, it's phenomenal to see it turn out like this set of results presentation. So thank you very much everyone for coming.

Speaker #1: So , you know , we're back to normal levels now . But we have realized that , you know , it probably have to manage our exposure to a single supplier of liquid cyanide a little bit better going forward .

Beyers Nel: You know, we're back to normal levels now. We have realized that, you know, we probably have to manage our exposure to a single supplier of liquid cyanide a little bit better going forward. We've had some foresight. We were in the process of constructing a cyanide dissolution plant at Mine Waste Solutions, which is our biggest consumer of cyanide.

The cyanide was.

A one off I mean, we behind most of it now it resulted in a force majeure that was issued bought or sold cyanide liquids Arnold I should say liquid sarnoff supplier in South Africa during the reporting period.

Speaker #1: We've had some foresight . We were in the process of constructing constructing a cyanide plant at mine Waste Solutions , which is our biggest consumer of cyanide .

So I'm going to be back to normal levels now, but we had realized that we'd probably have to manage our exposure to a single supplier of liquid cyanide to little bit better going forward.

Speaker #1: In fact , mine Waste Solutions uses more cyanide than the whole of Harmony together . So we were the process of building that at the time of the force majeure .

Beyers Nel: In fact, Mine Waste Solutions uses more cyanide than the whole of Harmony together. We were in the process of building that at the time of the force majeure. We were not complete. We are complete there now. That allows us to import briquettes and then to dissolve briquettes to create liquid cyanide. We'll be looking at doing more of that just to mitigate the risk of, you know, potential future disruptions in cyanide supply. Yeah, I think, you know, it's normalized now and, you know, we are just making sure that we tweak our procurement strategy slightly to have a balance of both. On the recoveries, you know, what a gold plant, a metallurgical process, the metallurgists would tell you it's a creature of momentum, and it's wants consistency.

Speaker #1: We were not complete . We are complete there now so that allows us to import briquettes and then to dissolve briquettes to , to create liquid cyanide .

We've had some foresight we were in the process of constructing constructing a sign other solution plant at mine waste solutions.

Which is our biggest consumer oxon art in fact, Monterey solutions uses most are not in the whole of all of it together.

Speaker #1: So we'll be looking at doing more of that just to mitigate the risk of potential future disruptions in , in cyanide supply . So yeah , I think , you know , it's normalised now .

Beyers Nel: In fact, Mine Waste Solutions uses more cyanide than the whole of Harmony together. We were in the process of building that at the time of the force majeure. We were not complete. We are complete there now. That allows us to import briquettes and then to dissolve briquettes to create liquid cyanide. We'll be looking at doing more of that just to mitigate the risk of, you know, potential future disruptions in cyanide supply. Yeah, I think, you know, it's normalized now and, you know, we are just making sure that we tweak our procurement strategy slightly to have a balance of both. On the recoveries, you know, what a gold plant metallurgical process, the metallurgists would tell you it's a creature of momentum, and it's wants consistency.

So we were in the process of building that at the time of the force Majeure. We were not complete we are complete they now so that allows us to import breakouts and then to dissolve breakouts too to create liquid cyanide. So we will be looking at doing more of that and just to mitigate the risk of any potential future disruptions.

Beyers Nel: Yeah, I think, you know, it's normalized now and, you know, we are just making sure that we tweak our procurement strategy slightly to have a balance of both. On the recoveries, you know, what a gold plant, a metallurgical process, the metallurgists would tell you it's a creature of momentum, and it's wants consistency.

Speaker #1: And you know , we are just making sure that we tweak our procurement strategy slightly to have a balance of of both on the recoveries .

Speaker #1: You know , what a gold plant metallurgical process the metallurgists would tell you it's a creature of momentum and it's once consistency . Great tons flow .

<unk> in sign on supply so.

Yeah, I think it's normalized now and you know we are just making sure that we tweak our procurement strategy slightly to have a balance of both.

Beyers Nel: Grade, tons, flow, and then you get good, you know, recovery. When you inject volatility or variability into what comes into the plant, you know, you suffer on the recovery side. What we've got with the cyanide shortage is, you know, you keep the retention time a little bit longer, keep a little bit of the tons back in the process and, you know, unfortunately, then you don't have optimum recovery. That was the cyanide part of it. We also, during this period, had two of our high-grade underground ref plants locking up gold. I mean, we're also happy to say that, you know, the recoveries have now normalized. I think the most of it is behind us, and in this period now, we'll see, you know, what comes out of the plants. Questions?

Speaker #1: And then you get good , you know , recovery when you inject volatility or variability into what comes into the plant , you know , you , you , you suffer on the recovery side .

On the recoveries you know what a gold plant metallurgical process dermatologist would tell you, it's a creature of momentum and it's wants consistency.

Speaker #1: So what we've got with the cyanide shortage is , you know you keep the retention time a little bit longer , keep a little bit of the tonnes back in the process .

Beyers Nel: Grade, tons, flow, and then you get good, you know, recovery. When you inject volatility or variability into what comes into the plant, you know, you suffer on the recovery side. What we've got with the cyanide shortage is, you know, you keep the retention time a little bit longer, keep a little bit of the tons back in the process and, you know, unfortunately, then you don't have optimum recovery. That was the cyanide part of it. We also, during this period, had two of our high-grade underground reef plants locking up gold. I mean, we're also happy to say that, you know, the recoveries have now normalized. I think the most of it is behind us, and in this period now, we'll see, you know, what comes out of the plants.

Great tons flow and then you get good recovery when you inject volatility or variability into what comes into the plant.

Speaker #1: And you know unfortunately then you don't have optimum recovery . So that was the cyanide part of it . We also during this period had two of our high grade underground plants locking up gold .

Beyers Nel: That was the cyanide part of it. We also, during this period, had two of our high-grade underground ref plants locking up gold. I mean, we're also happy to say that, you know, the recoveries have now normalized. I think the most of it is behind us, and in this period now, we'll see, you know, what comes out of the plants.

Do you suffer on the recovery side, so what we've got with a sharp sarnath shortages. You know you keep the retention through them a little bit longer to keep a little bit of the tons back in the process.

Speaker #1: And we also happy to say that , you know , the recoveries have now normalised . I think the most of it is behind us .

Speaker #1: And in this period now we'll see . You know what what comes out of the out of the plants

And I'm Gonna. Unfortunately, then you don't have ultimate recoveries. So that was the cyanide part of it. We also during this period at two of our high grade underground reef plants.

Jared Coetzer: Questions? Adrian.

Speaker #3: Christians . Adrian

Beyers Nel: Adrian.

Locking up gold.

And we're also happy to say that I'm getting the recoveries have now normalized so I think the most of it is behind us and in this period now we'll see.

Speaker #5: Good morning , Adrian Hammond from SPG securities . I'd like to discuss the dividend policy in more detail . What happens at leverage above ?

Adrian Hammond: Good morning. Adrian Hammond from SBG Securities. I'd like to discuss the dividend policy in more detail. What happens at leverage above one times regarding the dividend? Does that account for M&A? If so, would you not then be prejudicing shareholders?

What what comes out of the out of the plants.

Speaker #5: One times regarding the dividend and is that account for M&A ? And if so , would you not then be prejudicing shareholders

Beyers Nel: Questions? Adrian.

Christians.

Hey, Jim.

Adrian Hammond: Good morning. Adrian Hammond from SBG Securities. I'd like to discuss the dividend policy in more detail. What happens at leverage above 1 times regarding the dividend? Does that account for M&A? If so, would you not then be prejudicing shareholders?

Good morning, Adrian Hammond from SPG Securities I'd like to discuss the dividend policy in more detail.

Boipelo Lekubo: Above 1x, I mean, ultimately, at the end of the day, it is at the discretion of the board. That is that guardrail of net debt to EBITDA being below 1. I mean, at each reporting period it would be considered. What we have done now is just increase that base from 20 to 30%, and that's if net debt to EBITDA is below, between 0.5 and 1. Below 0.5, it would be considered at the board's discretion, up to that maximum of 50, which we've stated.

Speaker #2: Can I okay , so above one times I mean ultimately at the end of the day it is at the discretion of the board .

What happens with leverage above one times regarding the dividend and.

Speaker #2: So that is that guardrail of net debt to EBITDA being below one . I mean , so at each reporting period it would be considered .

Does that account for M&A and if so would you not be prejudicing channels.

Speaker #2: So what we have done now is just increase that base from the 20 to 30% . And that's if net debt to EBITDA is below between 0.5 and one below 0.5 , it would be considered at the board's discretion up to that maximum of 50 , which we stated .

Boipelo Lekubo: Above 1x, I mean, ultimately, at the end of the day, it is at the discretion of the board. That is that guardrail of net debt-to-EBITDA being below 1. I mean, at each reporting period it would be considered. What we have done now is just increase that base from 20 to 30%, and that's if net debt-to-EBITDA is below, between 0.5 and 1. Below 0.5, it would be considered at the board's discretion up to that maximum of 50, which we've stated.

Hmm.

Okay. So above one times I mean ultimately at the end of the day. It is at the discretion of the board. So that is that guardrail of needed to EBITDA being below one I mean, so at each reporting period. It would be considered so what we have done now it's just increase that base from the twin key to 30%.

Speaker #5: So let's just speak up pathetically . Your forecast certainly assume gold price is much lower than spot in terms of your leverage outlook .

Adrian Hammond: Let's just speak hypothetically. Your forecasts certainly assume gold price is much lower than spot in terms of your leverage outlook. What is the scenario? Is there a scenario that Harmony pays in excess of 50%, let alone at higher gold prices, but even just where spot is today?

And that's if needed to EBITDA is below between 0.5 mm and one below 0.5, it would be considered at the board's discretion at Chi that makes them above 50, which we stated.

Speaker #5: What is the scenario ? Is there a scenario that Harmony pays in excess of 50% , let alone at higher gold prices ? But even just where spot is today ?

Adrian Hammond: Let's just speak hypothetically. Your forecast certainly assume gold price is much lower than spot in terms of your leverage outlook. What is the scenario? Is there a scenario that Harmony pays in excess of 50%, let alone at higher gold prices, but even just where spot is today?

So let's just.

At Fedex you forecast certainly assumed gold price is much lower than spot.

Speaker #2: Sure .

Beyers Nel: Sure. I'll take it. Thanks, Adrian. Adrian, we cannot sit here today and guide future dividends and, you know, what if and what we're going to do you know, into the future. You know, what we do at every interval, and it is a six monthly interval, we engage where we are at that point in time. You know, what is our capital commitments? What is our, you know, free cash situation? What is our net debt to EBITDA? And at that point, you know, we make a determination, you know, what is the appropriate, consideration in dividend. And I mean, there are, I can assure you, robust discussions with our board, who apply their discretion, you know, on that at that point in time. I don't want us to get ahead of ourselves too much.

Speaker #1: I'll take it . Thanks , Adrian Adrian , we cannot sit here today and guide future dividends . And you know what ? If and what we're going to do .

In terms of your leverage outlook.

What is the scenario is there a scenario.

Speaker #1: But , you know , into the future . You know what we do at every interval . And it is a six monthly interval .

Many pays in excess of 50%.

Speaker #1: We engage where we are at that point in time . You know , what is our capital commitments , what is our , you know , free cash situation .

Let alone at higher gold prices that even just where spot is today.

Beyers Nel: What is our, you know, free cash situation? What is our net debt to EBITDA? And at that point, you know, we make a determination, you know, what is the appropriate, consideration in dividend. And I mean, there are, I can assure you, robust discussions with our board, who apply their discretion, you know, on that at that point in time. I don't want us to get ahead of ourselves too much. You know, I think our changed dividend policy signals strong intent, you know, on the part of Harmony to share, you know, some of the upside that we currently see in the business while we keep our balanced approach around capital allocation firm.

Beyers Nel: Sure. I'll take it. Thanks, Adrian. Adrian, we cannot sit here today and guide future dividends and, you know, what if and what we're going to do you know, into the future. You know, what we do at every interval, and it is a six-monthly interval, we engage where we are at that point in time. You know, what is our capital commitments? What is our, you know, free cash situation? What is our net debt to EBITDA? And at that point, you know, we make a determination, you know, what is the appropriate consideration in dividend. And I mean, there are, I can assure you, robust discussions with our board who apply their discretion, you know, on that at that point in time. I don't want us to get ahead of ourselves too much.

Sure.

Speaker #1: What is our net debt to EBITDA . And at that point , you know , we make a determination , you know , what is the appropriate consideration in dividend .

Take it thanks, Adrian I didn't we cannot sit here today and guide future dividends and you know, what if and what we're going to do buy into the future and what we do at every interval and it is a six monthly interval, we engage way we at that point in time, you know what is our capital commitments what is all.

Speaker #1: And I mean , there are I can assure you , robust discussions with our board . Who who apply their discretion . You know , on on that at that point in time .

Speaker #1: So I don't want us to get ahead of ourselves too much . You know , I think our change dividend policy signal strong intent .

Free cash situation, what is our net debt to EBITDA at that point you know we make a determination you know what is the appropriate consideration and dividend I mean, they are I can assure you robust discussions with our board.

Beyers Nel: You know, I think our changed dividend policy signals strong intent, you know, on the part of Harmony to share, you know, some of the upside that we currently see in the business while we keep our balanced approach around capital allocation firm.

Speaker #1: On the part of harmony to share , you some of the upside that we currently see in the business whilst we keep our balanced approach around capital allocation , firm , I mean , we have digested and are busy digesting the CSA mine , which historically for Harmony $1 billion check on the 24th of October .

We applied a discretion on on that at that point in time, So I don't want us to get ahead of ourselves too much.

Raj Ray: Mm-hmm.

Beyers Nel: I mean, we have digested and are busy digesting the CSA Mine, which historically for Harmony $1 billion check on 24 October. Remember the date. You know, the check went through the bank. Big move. We've got Eva Copper ahead of us, and it's important that we keep all of that in balance. You know, we'll see where we are in the next period and take it from there.

Ah.

<unk> dividend policy strict signals strong intent and on the part of all many to shape some of the upside that we currently see in the business, whilst we keep our balanced approach around capital allocation firm.

Speaker #1: Remember the date . You know the check went through the bank big move . We've got ahead of us and it's important that we keep all of that in in balance .

Boipelo Lekubo: Mm-hmm.

Beyers Nel: I mean, we have digested and are busy digesting the CSA mine, which historically for Harmony, $1 billion check on 24 October. Remember the date. You know, the check went through the bank. Big move. We've got Eva Copper ahead of us, and it's important that we keep all of that in balance. You know, we'll see where we are in the next period and take it from there.

I mean, we have.

Speaker #1: So , you know , we'll see where we are in in the next period and take it from there .

Digested and are busy digesting, the CSA mine, which historically for harmony 1 billion checks on the 24th of October I remember the date you know the takeaway through the bank Big move could Eva copper ahead of us and it's important that we keep all of that in a in an imbalance. So I'm gonna, we'll see where we are.

Speaker #5: And lastly , if I may , do you see any synergies with DRD with your existing asset base and resource endowment ?

Raj Ray: Lastly, if I may, do you see any synergies with DRDGOLD with your existing asset base and resource endowment?

Adrian Hammond: Lastly, if I may, do you see any synergies with DRDGOLD with your existing asset base and resource endowment?

Speaker #1: I think our first priority is to return the resources and the reserves we have on surface into viable projects . I mean , that's where our focus is .

Beyers Nel: I think our first priority is to return the resources and the reserves we have on surface into viable projects. I mean, that's where our focus is. To quote an example, we have got 5.7 million ounces in the Free State alone that we can bring to value for you know, for shareholders. We're actually studying that at the moment. I mean, we're looking at a Free State project and potentially also a West Wits project around Mponeng and related assets in that area. You know, our focus would be on bringing that from an organic perspective to value vis-à-vis you know, being enticed into overpaying in these good times we are in. Any more questions? All right. Do we have any questions on the webcast? Yep. Can you please.

In the in the next period and take it from there.

Adrian Hammond: Lastly, if I may.

And lastly for me.

Speaker #1: To quote an example , we have got 5.7 million ounces in the Free State alone that we can bring to value for , you know , for shareholders .

Sure.

[Analyst]: Do you see any synergies with DRDGOLD with your existing asset base and resource endowment?

Do you see any synergies.

With your existing asset base and resource endowment.

Beyers Nel: I think our first priority is to return the resources and the reserves we have on surface into viable projects. I mean, that's where our focus is. To quote an example, we have got 5.7 million ounces in the Free State alone that we can bring to value for, you know, for shareholders. We're actually studying that at the moment. I mean, we're looking at a Free State project and potentially also a West Wits project around Mponeng and related assets in that area. You know, our focus would be on bringing that from an organic perspective to value vis-a-vis, you know, being enticed into overpaying in these good times we are in. Any more questions? All right. Do we have any questions on the webcast? Yep. Can you please...

I think our first priority is to return the resources and the reserves we have on surface into viable projects I mean, that's where our focus is to quote. An example, we have got $5 7 million ounces.

Speaker #1: So we actually studying that at the moment . I mean , we're looking at a free state project and potentially also a project around opening and related assets in that area .

Speaker #1: And our focus would be on bringing that from an organic perspective to value vis a vis , you know , being enticed into overpaying in in these good times .

In the free state alone.

That we can bring to value for them for shareholders. So we actually studying that at the moment I mean, we're looking at.

Speaker #1: We are in

Our free site project and potentially also a base that's project around in Penang and related assets in that area and our focus would be on bringing that from an organic perspective to value. These are these being enticed into overpaying in these good times really.

Jared Coetzer: Any more questions? All right. Do we have any questions on the webcast? Yep. Can you please. Hi, can you hear me on the webcast? On the dial-in?

Speaker #3: Any more questions All right . Do we have any questions on the webcast Yep . Can you please

Speaker #6: Okay .

Speaker #3: Hi . Can you hear me on on the webcast on the dial in

Yeah.

Beyers Nel: Hi, can you hear me on the webcast? On the dial-in?

Any more questions.

Speaker #7: Thank you . We have a telephone line question from Roger of BMO . Please go ahead .

Jared Coetzer: Thank you. We have a telephone line question from Raj Ray of BMO. Please go ahead.

Operator: Thank you. We have a telephone line question from Raj Ray of BMO. Please go ahead.

Do we have any questions on the webcast.

Can you please.

Raj Ray: Thank you, operator. Good morning, Beyers and Boipelo Lekubo and team. A couple of questions, if I may. First up, good to see the new dividend policy, the base dividend upside. My question relates to CSA and the second one is Meran. I know, Beyers, you said that you're gonna provide a long-term guidance, but if we may get some visibility on since you have gotten what, according to you, are the main constraints on the mining side. Because as I understand, that operation has been mine-constrained and it's been operating just shy of 1 million tons per annum, whereas you have a processing capacity of 1.4 to 1.7, if I'm not wrong. What needs to be done in terms of increasing that capacity, the mine capacity to match the plant capacity.

Yeah.

Speaker #8: Thank you . Operator . Good morning , bears and Paolo and Tim , a couple of questions . If I may . I mean , first off , I'm good to see the the new dividend policy .

Okay.

Beyers Nel: Hi, can you hear me on the webcast? On the dial-in?

Hi can you hear me on the webcast on the Darling.

Operator: Thank you. We have a telephone line question from Raj Ray of BMO. Please go ahead.

Thank you and we have a telephone line question from Raj Ray of P&L Pease go ahead.

Speaker #8: The base dividend upside . My question relates to CSA . And the second one is in Marin . I know bears . You said that you're going to provide a long term guidance .

Raj Ray: Thank you, operator. Good morning, Beyers and Boipelo Lekubo and team. A couple of questions, if I may. I mean, first up, I'm glad to see the new dividend policy with the base dividend upside. My question relates to CSA and the second one is Meran. I know, Beyers, you said that you're gonna provide a long-term guidance, but if we may get some visibility on since you have gotten, what according to you are the main constraints on the mining side? Because as I understand, that operation has been mine constrained and it's been operating just shy of 1 million tons per annum, whereas you have a processing capacity of 1.4 to 1.7, if I'm not wrong.

Thank you Albert and good morning, Bear Sandboy pillow and team.

Speaker #8: But if we may get some visibility on since you have gotten what according to you are the main constraints on the mining side , because as I understand that operation has been mine constrained and it's been operating just shy of million tonnes per annum , whereas you have a processing capacity of 1.4 to 1.7 .

Questions if I may.

The first step of and good to see the new dividend.

Dividend policy with the base dividend my upside.

Raj Ray: Because as I understand, that operation has been mine-constrained and it's been operating just shy of 1 million tons per annum, whereas you have a processing capacity of 1.4 to 1.7, if I'm not wrong. What needs to be done in terms of increasing that capacity, the mine capacity to match the plant capacity.

My question relates to CSA and the second one is in Marin.

I know Bruce you said that they're gonna provided long term guidance, but if we may get some visibility.

Since you have got in what according to you of the main constraints on the mining side, because as I understand.

Speaker #8: If I'm not wrong , and what needs to be done in terms of increasing that capacity , the mine capacity to to match the the planned capacity and secondly , with respect to Marin , as you commented that the development has been paused , can you give us any indication of when you might look to restart that ?

And that operation has been mined constrain them.

It's been operating just shy of a million tons per annum, whereas the other processing capacity of one four to one seven if I'm not wrong.

Raj Ray: Secondly, with respect to Meran, as you commented that the development has been paused, can you give us any indication of when you might look to restart that? What happens? If I'm not wrong, the previous owner had signed an agreement, a tolling agreement with Polymetals. Is there a penalty with regards to that, given that you'll not be restarting that?

Raj Ray: What needs to be done in terms of increasing that capacity, the mine capacity to match the plant capacity. Secondly, with respect to Meran, as you commented that the development has been paused, can you give us any indication of when you might look to restart that and what happens to. If I'm not wrong, the previous owner had signed an agreement, a tolling agreement with Polymetals. Is there a penalty with regards to that, given that you'll not be restarting that?

What needs to be done in terms of increasing that capacity the mine capacity to match the planned capacity.

Speaker #8: And what happens to if I'm not wrong , the previous owner had signed an agreement tolling agreement with Polymetal . Is there a penalty with regards to that , given that you will not be restarting that

And secondly, with respect to Marin.

As you commented that the development has been paused.

Can you give us any indication of when you might look to restart that and know what happens too.

Speaker #1: Thank you . Roger . If I can start with the CSA , perhaps just sketch the strategic context around you know why that makes sense and why harmony is uniquely placed to deliver value at the CSA .

Beyers Nel: Thank you, Raj. If I can start with the CSA, perhaps just to get the strategic context around, you know, why that makes sense and why Harmony is uniquely placed to deliver value at the CSA. CSA is an underground copper mine. It's deep in Australian terms. It's 2,000 meters deep. Our skill set in South Africa, where we mine the deepest mines in the world, is ideally suited to add value to an underground mine that is technically constrained by underground mining things. Let's talk about the underground mining things that is the constraint. First and foremost, it's the ventilation circuit. The ventilation circuit is constrained. For our non-technical people here, I always say, when we were teenagers, you put a potato at the back of your dad's tailpipe of his car.

If I'm not wrong, the previous owner had China, an agreement a tolling agreement with Parliament House.

Is there a penalty.

With regards to that given that you will not be restarting that.

Speaker #1: CSA is an underground gold underground copper mine . It's deep in Australian terms . It's 2000m deep . Our skill set in South Africa , where we mine the deepest mines in the world , is ideally suited to add value to an underground mine that is technically constrained by underground mining things So let's talk about the underground mining things .

Yeah.

Beyers Nel: Thank you, Raj. If I can start with the CSA, perhaps just set the strategic context around, you know, why that makes sense and why Harmony is uniquely placed to deliver value at the CSA. CSA is an underground copper mine. It's deep in Australian terms. It's 2,000 meters deep. Our skill set in South Africa, where we mine the deepest mines in the world, is ideally suited to add value to an underground mine that is technically constrained by underground mining things. Let's talk about the underground mining things that is the constraint. First and foremost, it's the ventilation circuit. The ventilation circuit is constrained. For our non-technical people here, I always say, when we were teenagers, you put a potato at the back of your dad's tailpipe of his car. The engine can't get rid of the gases, so the engine dies.

Thank you Raj if I can start with the CSA.

And perhaps just gets the strategic context around you know why that makes sense and why Albany is uniquely placed to deliver value at the CSI CSI is an underground gold underground copper mine, it's deep in Australia in terms of its 2000 meters deep all skill set in South Africa, where we mine the deepest mines in the world is ideally suited.

Beyers Nel: Let's talk about the underground mining things that is the constraint. First and foremost, it's the ventilation circuit. The ventilation circuit is constrained. For our non-technical people here, I always say, when we were teenagers, you put a potato at the back of your dad's tailpipe of his car. The engine can't get rid of the gases, so the engine dies. It doesn't run because the engine can't get the gases to escape. Mine is the same thing.

Speaker #1: That is the constraint . First and foremost , it's the ventilation circuit , the ventilation circuit is constrained for our non-technical people here .

Speaker #1: I always say when we were teenagers , you put a potato at the back of your dad's tailpipe over his car . The engine can't get rid of the gases , so the engine dies .

To add value to an underground mine that is technically constrained by underground mining things. So let's talk about the underground mining things that is the constraint first and foremost it's ventilation circuits with installation circuit is constrained.

Beyers Nel: The engine can't get rid of the gases, so the engine dies. It doesn't run because the engine can't get the gases to escape. Mine is the same thing. The mine needs to have a return that can draw the hot air through the mine. It's establishing additional returns on the return side of the mine that is the main constraint, Raj. At the moment, I mean, there was good progress made by the previous owners on that. There's a design. We are making sure from Harmony skill set that we've got the right solution for the problem, firstly, and that, you know, the right solution is executed with, you know, the necessary urgency and vigilance. Secondly, from an infrastructure perspective, you know, we're sorting out, you know, some of the things we are seeing.

Speaker #1: It doesn't run because the engine can't get the gases to escape . So miners , the same thing . The mine needs to have a return that can draw the hot air through the mine .

Beyers Nel: The mine needs to have a return that can draw the hot air through the mine. It's establishing additional returns on the return side of the mine that is the main constraint, Raj. At the moment, I mean, there was good progress made by the previous owners on that. There's a design. We are making sure from Harmony skill set that we've got the right solution for the problem, firstly, and that, you know, the right solution is executed with, you know, the necessary urgency and vigilance. Secondly, from an infrastructure perspective, you know, we're sorting out, you know, some of the things we are seeing.

Our non technical people always say, our when we were teenagers you've put a potato at the back of your dad spell pipe Bobby score the engine can't get rid of the gases are the engine dies. It doesn't run because the engine can't get the gas to escape a minus the same thing in the mine needs to have a return.

Speaker #1: So it's establishing additional returns on the return side of the mine . That is . That is the main constraint . Raj , at the moment .

Beyers Nel: It doesn't run because the engine can't get the gases to escape. Mine is the same thing. The mine needs to have a return that can draw the hot air through the mine. It's establishing additional returns on the return side of the mine. That is the main constraint, Raj. At the moment, I mean, there was good progress made by the previous owners on that. There's a design. We are making sure from Harmony skill set that we've got the right solution for the problem, firstly, and that, you know, the right solution is executed with, you know, the necessary urgency and vigilance. Secondly, from an infrastructure perspective, you know, we're sorting out, you know, some of the things we are seeing. We've had a short seven-day stoppage on fixing the second escape.

Speaker #1: I mean , there was good progress made by the previous owners on that . There's a design we are making sure from Harmony skill set that we've got the right solution for the problem .

That can draw the hot <unk> through the minds. So it's establishing additional returns on the return side of the mine that is that is the main constraint garage at the moment I mean, there was good progress made by the previous owners on that there is a design.

Speaker #1: Firstly , and that the right solution is executed with , you know , the necessary urgency and and vigilance . Secondly , from an infrastructure perspective , is , you know , we're sorting out some of the things we are seeing .

Speaker #1: We've had a short seven day stoppage on fixing the second escape . Every mine must have a second escape . And there was some issues there which we fixed , but those are really short term in nature .

We are making sure from harmony skill set that we've got the right solution for the problem Firstly and that's the right solution is executed with them the necessary urgency and vigilance.

Beyers Nel: We've had a short seven-day stoppage on fixing the second escape. Every mine must have a second escape, and there were some issues there which we fixed, but those are really short-term in nature. As we speak, we're in a thirty-day stoppage to fix the shaft two levels in the shaft steelwork. I mean, these are things we do on a continuous basis, running all these underground mines and shafts we do. When beams and steelwork in the shaft is rusted and it's unsafe, I mean, one must stop and one must fix it immediately. That is the thing we do. Thirdly is flexibility. Harmony's mantra over the last decade at least was consistent, predictable production. Now, in order to get that, one must have first ore body knowledge.

Speaker #1: And as we speak , we in a 30 day stoppage to fix the shaft two levels in the shaft steelwork , I mean , these are things we do on a continuous basis running all these underground mines and shafts .

Secondly from an infrastructure perspective is I'm gonna be sorting out some of the things we are seeing we've had <unk>.

A short seven day stoppage on fixing the second Skype every mine was episodic and escape and there were some issues, there, which we fixed but those all really short term in nature and as we speak we in a 30 day stoppage to fix the shaft two levels and the sharp steelwork I mean these are things we do on a continuous basis running all these underground mines and shops, we do.

Speaker #1: We do so when beams and steelwork in the shaft is rusted and it's unsafe . I mean , one must stop and one must fix it immediately .

Beyers Nel: When beams and steelwork in the shaft is rusted and it's unsafe, I mean, one must stop and one must fix it immediately. That is the thing we do. Thirdly is flexibility. Harmony's mantra over the last decade at least was consistent, predictable production. Now, in order to get that, one must have first ore body knowledge.

Beyers Nel: Every mine must have a second escape, and there were some issues there which we fixed, but those are really short-term in nature. As we speak, we in a 30-day stoppage to fix the shaft, two levels in the shaft steelwork. I mean, these are things we do on a continuous basis, running all these underground mines and shafts we do. When beams and steelwork in the shaft is rusted and it's unsafe, I mean, one must stop and one must fix it immediately. That is the thing we do. Thirdly is flexibility. Harmony's mantra over the last decade at least was consistent, predictable production. Now, in order to get that, one must have first ore body knowledge.

Speaker #1: And that is the that is the thing we do is flexibility . So Harmony's mantra over the last decade at least , was consistent , predictable production .

Speaker #1: Now , in order to get that , one must have first orebody knowledge . Know where are you going ? To mine and have confidence in the geology , the grade and the recoverability of the ore that you might .

So when beams and steelwork and the shelf is rusted them. It's unsafe I mean, one of them a stop in one must fix it immediately and that is the that is the thing we do.

Beyers Nel: Know where you're gonna mine and have confidence in the geology, the grade, and the recoverability of the ore that you mine. I'll come back to Meran on that point. Secondly, you have to have reliable and well-kept and maintained infrastructure to support the mining method. Thirdly, one must have the necessary flexibility. Now because this mine is constrained by ventilation, it doesn't have the requisite flexibility. You know, one can either bog the stopes or do the development or do the capital ventilation project. What you want to do is set the mine up with enough ventilation so that you can ventilate multiple activities to happen at the same time, create the necessary flexibility so that you can get consistent, predictable production. That's what we say from where we sit now. I mean, it is early days.

Speaker #1: And I'll come back to Merryn on that point . Secondly , you have to have reliable and well kept and maintained infrastructure to support the mining method .

Thirdly is our flexibility so.

These mantra over the last decade at least was consistent predictable production now in order to get that one must there first.

Speaker #1: And thirdly , one must have the necessary flexibility now , because this mine is constrained by ventilation , it doesn't have the requisite flexibility to .

Beyers Nel: Know where you're gonna mine and have confidence in the geology, the grade, and the recoverability of the ore that you mine. I'll come back to Meran on that point. Secondly, you have to have reliable, well-kept, and maintained infrastructure to support the mining method. Thirdly, one must have the necessary flexibility. Now, because this mine is constrained by ventilation, it doesn't have the requisite flexibility. You know, one can either bog the subs or do the development or do the capital ventilation project. What you want to do is set the mine up with enough ventilation so that you can ventilate multiple activities to happen at the same time, create the necessary flexibility so that you can get consistent, predictable production. That's what we say. From where we sit now, I mean, it is early days.

Knowledge, no, where you're gonna mom and have confidence in the geologic geology of the grade and the Recoverability of the ore that you monitor I'll come back to Maryland on that point secondly, you'll have to have reliable and well kept and maintained infrastructure to support the the mining method and thirdly, one must have the necessary flexibility.

Beyers Nel: You know, one can either bog the stopes or do the development or do the capital ventilation project. What you want to do is set the mine up with enough ventilation so that you can ventilate multiple activities to happen at the same time, create the necessary flexibility so that you can get consistent, predictable production. That's what we say from where we sit now. I mean, it is early days.

Speaker #1: So , you know , one can either bog the soaps or do the development or do the capital ventilation project and what you want to do is set the mine up with enough ventilation .

Speaker #1: So that you can ventilate multiple activities to happen at the same time . Create the necessary flexibility so that you can get consistent , predictable production .

Now because this minus constraint by the installation it doesn't have the requisite flexibility to so one can either bug the subs or do the development or do the capital of installation project and what you want to do is set the mine up with another insulation, so that you're convinced of like multiple activities to happen at the same time.

Speaker #1: So that's what we say from where we sit now . I mean , it is early days . It's probably going to take us 18 to 24 months in order to get through that process .

Beyers Nel: It's probably gonna take us 18 to 24 months in order to get through that process and set the mine up, for long-term value. On the Meran mine, or the Upper Meran, yes, we say it is paused. Back to the first point, when you want to drive consistent, predictable production, you have to have visibility and confidence on the ore body that you're going to mine. You know, what we've already seen early on was that we need more drilling, on the Upper Meran, just to make sure that the ore body confidence, both from a, you know, an ore body perspective, geological perspective, and metallurgical perspective, is high enough confidence that the Meran mine would come into the mine plan.

Speaker #1: And set the mine up for for long term . Term value on the mine or the uppers . Yes , we say it is .

The necessary flexibility so that you can get consistent predictable production. So that's what we say from where we sit now I mean it is early days is probably going to take US 18 to 24 months in order to get through that process and set the mine up for for a long time to value on the Marin mine or the others yes.

Speaker #1: It is paused back to the first point when you want to drive consistent , predictable production , you have to have visibility and confidence on the orebody that you're going to mine .

Beyers Nel: It's probably gonna take us 18 to 24 months in order to get through that process and set the mine up for long-term value. On the Meran Mine, or the Upper Meran, yes, we say it is paused. Back to the first point, when you want to drive consistent, predictable production, you have to have visibility and confidence on the ore body that you're going to mine. What we've already seen early on was that we need more drilling on the Upper Meran just to make sure that the ore body confidence, both from an ore body perspective, geological perspective, and a metallurgical perspective, is high enough confidence that the Meran Mine would come into the mine plan. Where we sit today, I mean, we're confident that the Meran Mine is still there.

Speaker #1: So you know what ? We've already seen early on was that we need more drilling on the uppers just to make sure that the orebody confidence , both from a , you know , your body perspective , geological perspective and a metallurgical perspective is high enough confidence that the mayor and mine would would come into the mine plan .

Beyers Nel: You know, what we've already seen early on was that we need more drilling, on the Upper Meran, just to make sure that the ore body confidence, both from a, you know, an ore body perspective, geological perspective, and metallurgical perspective, is high enough confidence that the Meran mine would come into the mine plan.

We say it is it is both back to the first point when you want to drive consistent predictable production you have to have the visibility and confidence on the ore body that you're going to mine. So.

Speaker #1: Where we sit today . I mean , we're confident that the mine is still there . We're confident that it will come in .

Beyers Nel: Where we sit today, I mean, we're confident that the Meran mine is still there. We're confident, Raj, that it will come in. It would probably just be later. We will get to that when we've understood that a little bit better and once we've gotten, you know, some of these results back. Have I covered all your questions, Raj? Oh, maybe just on the capacity. Yes, the capacity of the processing plant is 1.8 million tons. I mean, the mine has been talking historically now or recently being, you know, targeting about 1 million ton run rate with a little bit of growth after that. So there's ample capacity in the processing facility. That's not where the problem is. The problem is underground.

What we've already seen early on was that we need more drilling on the others just to make sure that the ore body confidence both from a.

Speaker #1: It would probably just be later , but we will get to that when we've understood that a little bit better . And once we've gotten , you know , some of these , some of these results back Have I covered all your questions , Raj ?

Oh body perspective geological perspective, and I'm, a metallurgical perspective is high enough confidence that the merit of mine would would come into the model and where we sit today I mean were confident that the mayor in mind, Mr. Lei with confidence draws that it will come in it would probably just be later, but we will get to that when we've under.

Beyers Nel: We're confident, Raj, that it will come in. It would probably just be later. We will get to that when we've understood that a little bit better and once we've gotten, you know, some of these results back. Have I covered all your questions, Raj? Oh, maybe just on the capacity. Yes, the capacity of the processing plant is 1.8 million tons. I mean, the mine has been talking historically now or recently being, you know, targeting about 1 million-ton run rate with a little bit of growth after that. There's ample capacity in the processing facility. That's not where the problem is. The problem is underground. Just to reiterate, I mean, that is where Harmony is ideally suited to add value.

Speaker #1: Oh , maybe just on the capacity . Yes . The capacity of the processing plant is 1.8 million tonnes . I mean , the mine has been talking historically now or recently , being , you know , targeting about a million tonne run rate with a little bit of growth after that .

Beyers Nel: Yes, the capacity of the processing plant is 1.8 million tons. I mean, the mine has been talking historically now or recently being, you know, targeting about 1 million ton run rate with a little bit of growth after that. So there's ample capacity in the processing facility. That's not where the problem is. The problem is underground. Just to reiterate, I mean, that is where Harmony is ideally suited to add value. I mean, we'll get ourselves in overalls, roll up our sleeves, you know, get underground and get going on, you know, the things that are constraining the mine.

The students that are a little bit better and once we've gotten.

Some of these some of these are results back.

Okay.

Speaker #1: So there's ample capacity in the processing facility . That's not where the problem is . The problem is underground . And just to reiterate , I mean , that is where harmony is ideally suited to add value .

Have I covered all your questions Raj, maybe just on the capacity, yes, the capacity of the processing plant. This 1.8 million tonnes. I mean, the mine has been talking historically now recently being.

Beyers Nel: Just to reiterate, I mean, that is where Harmony is ideally suited to add value. I mean, we'll get ourselves in overalls, roll up our sleeves, you know, get underground and get going on, you know, the things that are constraining the mine.

Speaker #1: I mean , we'll get ourselves in overalls , roll up our sleeves , get underground and get going on , you know , the things that are constraining the mine .

Targeting about a million ton run rate with a little bit of growth after that so there's ample capacity in the processing facility, that's not where the problem is the problem is underground and just to reiterate I mean that is way harmony is ideally suited to add value I mean, we all get ourselves in overalls roll up our sleeves, and I'll get underground and get going on you know the things at all.

Speaker #8: That's great . Just lastly on that Polymetal agreement , the tolling agreement for zinc or .

Raj Ray: That's great, Beyers. Just lastly on that Polymetals agreement, the tolling agreement for CSA.

Speaker #1: Yeah , Roche , I will have to ask the team to come back to you on that . I'm not aware of any penalties where I sit here , but let me just put a caveat to that .

Beyers Nel: Yeah. Raj, I will have to ask the team to come back to you on that. I'm not aware of any penalties where I sit here, but let me just put a caveat to that. Let's just double-check that and confirm that with you, and I'll ask the team to reach out to you, Raj.

Beyers Nel: I mean, we'll get ourselves in overalls, roll up our sleeves, you know, get underground and get going on, you know, the things that are constraining the mine.

Speaker #1: Let's just double check that and confirm that with you , and I'll ask the team to reach out to you . Roche .

Constraining the mine.

Raj Ray: That's great, Beyers. Just lastly on that Polymetals agreement, the tolling agreement for Glencore.

That's great and just lastly on the polymer Tulsa argument the tolling agreement for zinc ore.

Speaker #8: Okay . That's great . Thank you very much . That's it from me .

Raj Ray: Okay, that's great. Thank you very much. That's it from me.

Speaker #1: Thank you . Roche .

Beyers Nel: Thank you, Raj.

Yeah, Ross I'll walk F to ask the team to come back to you on that I'm not aware of any penalties. We all sit here, but let me just put a caveat to that let's just double check that and confirm that with you and a loss of team to reach out to you Ross.

Speaker #3: Any more on the line ?

Jared Coetzer: Any more, on the line?

Speaker #7: Sorry , sir , but we have no further questions on the telephone lines .

Operator: Thank you, sir. We have no further questions from the telephone lines.

Speaker #3: All right . Great . But there's just a couple of questions . Oh , sorry . Bruce . Yeah Hi . Buyers . And for good .

Jared Coetzer: All right. Great. Beyers Nel. Sorry, Bruce. Yeah.

Bruce Williamson: Hi, Beyers and Boipelo. Good day. Bruce Williamson, Integral Asset Management. Just following up on CSA. Just remind me what additional depth below 2000 are you initially gonna target to mine down to? What sort of average virgin rock temperatures will you experience? And just technically, what are rock conditions expected to be like? Sort of easy to mine, limited support, et cetera.

Raj Ray: Okay. That's great. Thank you very much. That's it from me.

Okay. That's great. Thank you very much that's it for me. Thank you Raj.

Speaker #3: Bruce Williamson , integral asset management . Just following up on CSA . Just remind me what additional depth below 2000 are you initially going to target ?

Beyers Nel: Thank you, Raj.

Jared Coetzer: Any more on the line?

Any more on the line.

Operator: Thank you, sir. We have no further questions from the telephone lines.

Thank you Sir we have no further pressure from the telephone lines.

Jared Coetzer: All right. Great. Beyers, just a couple of questions. Oh, sorry, Bruce. Yeah.

Speaker #3: Two to to mine down to what should average virgin rock temperatures will you experience . And just technically what a rock conditions expected to be like .

Alright, great, but it's just a couple of quick Oh, sorry, Bruce.

Bruce Williamson: Hi, Beyers and

Hi.

Jared Coetzer: Apela.

Bruce Williamson: Good day. Bruce Williamson, Integral Asset Management. Just following up on CSA. Just remind me what additional depth below 2,000 are you initially gonna target to mine down to? What sort of average virgin rock temperature will you experience? Just technically, what are rock conditions expected to be like? Sort of easy to mine, limited support, et cetera.

Pillar today, Bruce Williamson integral asset management.

Following up on CSA.

Speaker #3: So the easy to mine limited support etc. .

Just remind me what additional dips below 2000, or you're initially going to target to two to mine down too.

Beyers Nel: Mm-hmm. Yeah. Early to say, I mean, we've hardly got the keys. Very excited. You know, we've got this new mine, this new toy. You know, a lot of the questions that you're asking me now, Bruce, are questions we're busy with. You know, when we come out with our year-end results, we will give more color on where we think. Initial targets are probably to look at an area of up to 500 meters below the current mine. You know, that is deep. If you look at, you know, the bottom of that picture, I think there's a good visual on the screen now, you know, you can sort of see where that is.

Speaker #1: Yeah so early to say . I mean we've hardly got the keys . So very excited . You know we've got this new mine , this new toy .

Which should average Virgin rock temperatures.

Experience and just technically a water rock conditions expected belongs to the easy to mine limited support etcetera.

Speaker #1: So you know , a lot of the questions that you're asking me now , Bruce , are questions we're busy with . You know , we when we come out with our year end results , we will give more color on on where we think initial targets are .

Beyers Nel: Mm-hmm. Yeah. Early to say, I mean, we've hardly got the keys, so very excited. You know, we've got this new mine, this new toy. You know, a lot of the questions that you're asking me now, Bruce, are questions we're busy with. You know, when we come out with our year-end results, we will give more color on where we think. Initial targets are probably to look at an area of up to 500 meters below the current mine. You know, that is deep. If you look at, you know, the bottom of that picture, I think there's a good visual on the screen now, you know, you can sort of see where that is.

Yeah. So early to say I mean, we've.

Speaker #1: Probably to look at an area of up to 500m below the current mine . You know , that is deep . But if you look at , you know , the bottom of that picture , I think there's a good visual on the screen .

Oddly got the keys. So very excited you know you've got this new mine this new twist so.

Lot of the questions that you're asking me now Bruce all questions will be busy with them.

Speaker #1: Now , you know , you can you can sort of see where where that is , but also to the size of the ore body , the extension of the lobes to the to the left and the right , and obviously into the screen and in front of the screen .

We when we come out with our year end results, we will give more color on where we think initial targets are probably to look at an area of up to 500 meters below the current mine.

Beyers Nel: Also to the size of the ore body, the extension of the lobes to the left and the right and obviously into the screen and in front of the screen, there's also good opportunity there. The mine is hot. I've been underground there a few times. I mean, the ventilation constraint is real and, you know, that is the first and foremost priority to solve that. As I said, we are busy using all the expertise we have in ventilating the deepest and the hottest mines in the world. We've got all the best brains in the business on, making sure that we've got the right solution for the problem and that we're executing the right solution.

Speaker #1: There's also good opportunity there . The mine is hot . I've been underground there a few times . I mean , the ventilation constraint is real and you know , that is the first and foremost priority to solve that .

That is deep and but if you look at the bottom of that picture I think there's a good visual on the screen now.

You can you can sort of see way where that is but also to the source of the ore body. The extension of the labs to the to the left and the right and obviously into the screen in front of the screen is also a good opportunity there the market is hot.

Beyers Nel: Also to the size of the ore body, the extension of the lobes to the left and the right, and obviously into the screen and in front of the screen, there's also good opportunity there. The mine is hot. I've been underground there a few times. I mean, the ventilation constraint is real and you know, that is the first and foremost priority to solve that. As I said, we are busy using all the expertise we have in ventilating the deepest and the hottest mines in the world. We've got all the best brains in the business on making sure that we've got the right solution for the problem and that we're executing the right solution.

Beyers Nel: As I said, we are busy using all the expertise we have in ventilating the deepest and the hottest mines in the world. We've got all the best brains in the business on, making sure that we've got the right solution for the problem and that we're executing the right solution. When we've got, you know, all the color on that, we will come back with more detail on that. It's early days.

Speaker #1: And as I said , we are busy using all the expertise we have in ventilating the deepest and the hottest mines in the world .

Speaker #1: We've got all the best brains in the business . On making sure that we've got the right solution for the problem , and that we're executing the right solution .

Underground there a few times I mean, the the ventilation constraint.

Israel and then that is the first and foremost priority to solve that and as I said, we are busy using all the expertise we have in ventilating, the deepest and the artist mines in the world.

Beyers Nel: When we've got, you know, all the color on that, we will come back with more detail on that. It's early days.

Speaker #1: So when we've got , you know , all the colour on on that , we we will come , come back with more detail on that .

Speaker #1: But it's early days .

Jared Coetzer: Thanks, Beyers. Bruce, just there's some annexures on the back of the presentation, I think 56 and 57, which have the drill results samples that we've taken to give some more information on that. Arnold?

Speaker #3: Thanks , Bruce . Just there's some annexures in the back of the presentation . I think it's 56 and 57 , which have the , the drill results samples that we've taken give you some more information on that are not

We've got all the best brands in the business on making sure that we've got the right solution.

For the problem and that were executing the right solution. So when we've got all the color on that we are we will come back with more detail on that but it's early days.

Beyers Nel: When we've got, you know, all the color on that, we will come back with more detail on that. It's, but it's early days.

Arnold Van Graan: Yes. Hi, Beyers. Arnold Van Graan from Nedbank. 2 questions. The first one on CSA. In layman's terms, once you've fixed it, what will this be? Will it be comparable to your SA optimized or to a Moab Khotsong?

Speaker #5: Yes .

Speaker #3: Hi , Arnold .

Speaker #9: Van Haren from Nedbank , two questions . So the first one on CSA in layman's terms , once you've fixed it , what will this be ?

Jared Coetzer: Thanks, Beyers. Bruce, just there's some annexures in the back of the presentation, I think 56 and 57, which have the drill results samples that we've taken to give you some more information on that. Arnold?

Thanks, Bruce Bruce just there's some initiatives on the back of the presentation, I think 56, and 57, which of the drill results samples taken excuse me.

Speaker #9: Will it be comparable to your SA optimized or to a Moab and winning .

More information on that.

Beyers Nel: Thanks, Arnold. Tough. You know, from where we sit now, tough question to ask. If you look at the cash cost of that asset, I mean, it is a low cash cost. The margin of production, and that depends on the copper price, and depends on the volume, and it depends on, you know, so many things. You know, the position we take at the moment, we are happy with what we bought and what we paid. I mean, we're really excited to bring the Harmony skill set to the asset to unlock value. I mean, we haven't found anything there yet, post the due diligence and post taking the keys that, you know, concern us. You know, it might take longer and the ramp up might be different to what was previously thought.

Arnold van Graan: Yes. Hi, Beyers. Arnold van Graan from Nedbank. Two questions. The first one on CSA. In layman's terms, once you've fixed it, what will this be? Will it be comparable to your SA optimized or to a Moab Khotsong?

Yes, hi, Bash on multiple fronts from Nedbank two questions.

Speaker #1: Thanks , Arnold . You know , from where we sit now , tough question to ask , but if you look at the cash cost of that asset , I mean it is a low cash cost .

So the first one on CSI.

In layman's terms once you fixed it.

Speaker #1: So the margin of production and that depends on the copper price and depends on the volume . And it depends on , you know , so many things .

Will this be will it be comparable to your Asia optimized or to them all up and running.

Speaker #1: But we are , you know , the position we take at the moment . We are happy with what we bought and what we paid .

Beyers Nel: Thanks, Arnold. Tough, you know, from where we sit now, tough question to ask. If you look at the cash cost of that asset, I mean, it is a low cash cost. The margin of production, and that depends on the copper price, and depends on the volume, and it depends on, you know, so many things. We are, you know, the position we take at the moment, we are happy with what we bought and what we paid. I mean, we're really excited to bring the Harmony skill set to the asset to unlock value. I mean, we haven't found anything there yet, post the due diligence and post taking the keys that, you know, concern us. You know, it might take longer and the ramp up might be different to what was previously thought.

Oh, thanks, so I'll not tough.

Beyers Nel: I mean, we're really excited to bring the Harmony skill set to the asset to unlock value. I mean, we haven't found anything there yet, post the due diligence and post taking the keys that, you know, concern us. You know, it might take longer and the ramp up might be different to what was previously thought. We're confident that this one's gonna be a great mine, you know, in the Harmony stable. It is a phenomenal piece of ore body. You know, we just brushed over that previous slide.

From where we sit in a tough question to ask but if you look at the cash cost of that asset I mean, it is a low cash costs. So the margin of production and that depends on the copper price and depends on the volume and it depends on.

Speaker #1: I mean , we really excited to bring the Harmony skill set to the asset to unlock value . I mean , we haven't found anything there yet .

Speaker #1: Both the due diligence and post taking the keys that , you know , concern us . You know , it might take longer .

And there's so many things, but we are you know the position we take at the moment, we are happy with what we bought and what we paid I mean, we are really excited to bring the whole many skill set to the asset to unlock value I mean, we haven't found anything there yet post the due diligence and post taking the keys that in a can.

Speaker #1: And the ramp up might be different to to what was previously thought . But , you know , we're confident that this plant is going to be a great mine .

Beyers Nel: We're confident that this one's gonna be a great mine, you know, in the Harmony stable. It is a phenomenal piece of ore body. You know, we just brushed over that previous slide. If you look at the bottom of that previous slide, just look at the intercepts in terms of percentage copper. There are 30 meters at 6%, 32 meters at 8%, 37 meters at 3.7%, which is around the reserve grade, 10 meters at 6%, 14 meters at 6.5%. This is a phenomenal ore body. Now, it all starts with, you know, the quality of the metal in the ground. That is a base case, you know, we're working with. You know, we can't wait to bring these good copper grades to value.

Speaker #1: You know , in the Harmony stable . It is a phenomenal piece of ore body . You know , we we just brushed over that previous slide .

Beyers Nel: If you look at the bottom of that previous slide, just look at the intercepts in terms of percentage copper. There are 30 meters at 6%, 32 meters at 8%, 37 meters at 3.7%, which is around the reserve grade, 10 meters at 6%, 14 meters at 6.5%. This is a phenomenal ore body. Now, it all starts with, you know, the quality of the metal in the ground. That is a base case, you know, we're working with. You know, we can't wait to bring these good copper grades to value. You know, that is what Harmony would come and do.

Speaker #1: If you look at the bottom of that previous slide , just look at the intercepts in terms of percentage copper . They are 30m at six 32m at eight 37m at 3.7 , which is around the reserve grade , ten meters at six , 14m at six and a half .

Fair enough.

You know it might take longer than the ramp up might be different to to what was previously thought but I'm confident that this one is going to be a great mine you know in the whole many stable. It is a phenomenal piece of ore body.

Beyers Nel: You know, we're confident that this mine is gonna be a great mine, you know, in the Harmony stable. It is a phenomenal piece of ore body. You know, we just brushed over that previous slide. If you look at the bottom of that previous slide, just look at the intercepts in terms of percentage copper. There are 30 meters at 6%, 32 meters at 8%, 37 meters at 3.7%, which is around the reserve grade, 10 meters at 6%, 14 meters at 6.5%. This is a phenomenal ore body. Now, it all starts with, you know, the quality of the metal in the ground. That is a base case, you know, we're working with. You know, we can't wait to bring these good copper grades to value.

We just brushed over that previous slide if you look at the bottom of that previously I just looked at the intercepts in terms of percentage copper they all 30 meters at six.

Speaker #1: This is a phenomenal orebody . Now it all starts with , you know , the quality of the metal in the ground . So that is a base case .

Speaker #1: You know , we're working with . So you know we can't wait to bring these good copper grades to , to value . And you know that is what , what , what harmony would come and do .

32 meters at 837 meters at 3.7, which is around the reserve grade 10 meters at 614 meters at six and a half.

Beyers Nel: You know, that is what Harmony would come and do.

Arnold Van Graan: Okay. The second one is on Golpu, Wafi-Golpu. I mean, there's been delays there. The question is, given the changes to your portfolio, you brought in a lot of optionality, a lot of interim production, how does that change your stance or positioning on Golpu? Maybe just talk us through the delays. This morning you mentioned some mediation that could move it forward, which I think is quite important. I'm assuming this puts you in a stronger position 'cause. It's a great long-term asset, but you no longer have to close that near-term gap with Golpu.

Speaker #9: Okay . And then the second one is on coffee . I mean , there's , there's been delays there . So the question is , given the changes to your portfolio , bringing in brought in a lot of optionality , a lot of interim production .

This is a phenomenal ore body now it all starts with the quality of the metal in the ground. So that as a base case, you're going to be working with so and we can't wait to bring these good copper grades.

Two to value.

Beyers Nel: you know, that is what Harmony would come and do.

Speaker #9: How does that change your stance or positioning on on gold and maybe just talk us through the delays . And then this morning you mentioned some mediation that could move it forward , which I think was quite important .

And that is what what what how many would come into.

Arnold van Graan: Okay. The second one is on Golpu. I mean, there's been delays there. The question is, given the changes to your portfolio, bringing in, you brought in a lot of optionality, a lot of interim production, how does that change your-

Okay and then the second one is on <unk>.

Well if you go through I mean, there's been delays there. So the question is.

Given the changes to your portfolio, bringing in deep rooted in a lot of Optionality a lot of interim production how does it change your stance of positioning on on golf and maybe just talk us through the delays and then this morning, you mentioned some mediation that could move it forward.

Speaker #9: But I'm assuming this puts you in a stronger position because you . It's a great long term asset , but you no longer have to close that near gap with Goldman .

Arnold van Graan: Stance or positioning on Golpu, and maybe just talk us through the delays. Then this morning you mentioned some mediation that could move it forward, which I think is quite important. I'm assuming this puts you in a stronger position. It's a great long-term asset, but you no longer have to close that near-term gap with Golpu.

Beyers Nel: Yeah. If I could maybe ask that we just get the life of mine graph on the slides, Jared, for the colleagues that can't see that, because it's easiest to answer it there, if it's possible, or should I get it on from the clicker side? Arnold, Wafi-Golpu is a generational asset. I mean, on a 100 percent basis, this is gonna produce 180,000 tons of copper and more than 200,000 ounces of gold as a byproduct on this asset. It is a phenomenal asset. It's a quality ore body. On this slide here is 35% of Wafi-Golpu in gold equivalent ounces, if I'm correct, gives you the relative size of 35% of that asset. Where we are today has not changed our focus on getting this mine up the value curve.

Speaker #1: Yeah . If I could maybe ask that . We just get the life of mine graph on the slides . Jared . For the colleagues that can't see that because it's easiest to answer it .

It was quite important but I'm.

I'm, assuming this puts you in a stronger position because she is a great long term asset.

Speaker #1: There . If it's possible or should I get it on from from the clicker side ? Arnold coffee Wafi gold is a generational asset .

No longer have to close that.

Near term gap with Goldman.

Beyers Nel: Yeah. If I could maybe ask that we just get the life of mine graph on the slides, Jared, for the colleagues that can't see that, because it's easiest to answer it there, if it's possible, or should I get it on from the clicker side? Arnold, Wafi-Golpu is a generational asset. I mean, on a 100 percent basis, this is gonna produce 180,000 tons of copper and more than 200,000 ounces of gold as a byproduct on this asset. It is a phenomenal asset. It's a quality ore body. On this slide here is 35 percent of Wafi-Golpu in gold equivalent ounces, if I'm correct, gives you the relative size of 35 percent of that asset. Where we are today has not changed our focus on getting this mine up the value curve.

If I could maybe ask that we just get the life of mine graph on the slide started to the colleagues that can see that because it's easier to answer.

Speaker #1: I mean , on a 100% basis , this is going to produce 180,000 tonnes of copper and more than 200,000oz of gold as a byproduct on this asset .

If it's possible or should I get it on from a from the clicker Sade.

Speaker #1: It is a phenomenal asset . It's a quality ore body on the slide here is 35% of Wafi gold PW in gold equivalent ounces .

Arnaud Rafi.

Wahid goalpost is a generational asset I mean on a 100% basis. This is going to produce 180000 tonnes of copper and more than 200000 ounces of gold as a byproduct.

Speaker #1: If I'm correct , gives you the relative size of 35% of that asset . So where we are today has not changed our focus on getting this mine up .

On this asset it is a phenomenal asset.

Quality ore body on this slide here is 35% of Wolfie Goldcorp, Inc.

Beyers Nel: To get it up the value curve, the very next step is to permit the mine. Phenomenal ore body without a permit, and we, you know, we all understand permits and what's happening in the global mining space around permitting and the lead time to permitting, is a big thing. The very next step, there's full alignment between ourselves and our JV partners on getting this mine up the value curve is get it permitted. Hence the discussion we had this morning, and I'll repeat it here for everybody's benefit. Where we are with the permitting, let me go there. The mandating authority or body in Papua New Guinea that negotiate mining leases or mining contracts with operators is what is called the SNT, State Negotiating Team.

Speaker #1: The value curve to get it up , the value curve the very next step is to permit the mine phenomenal all body without a permit .

In gold equivalent ounces, if I'm correct and gives you the relative size of 35% of that asset. So where we are today is not change our focus on getting this mine up the value curve to get it up the value curve. The very next step is to permit them on phenomenal ore body without a permit.

Speaker #1: And we you know we all understand permits and what was happening in the global mining space around permitting . And the lead time to permitting is a big thing .

Speaker #1: The very next step , there's full alignment between ourselves and our JV partners on getting this mine up . The value curve is get it permitted and hence the discussion we we had this morning .

Beyers Nel: To get it up the value curve, the very next step is to permit the mine. Phenomenal ore body without a permit, and we, you know, we all understand permits and what was happening in the global mining space around permitting and the lead time to permitting, is a big thing. The very next step, there's full alignment between ourselves and our JV partners on getting this mine up the value curve is get it permitted. Hence the discussion we had this morning, and I'll repeat it here for everybody's benefit. Where we are with the permitting, let me go there, is the mandating authority or body in Papua New Guinea that negotiate mining leases or mining contracts with operators is what is called the SNT, State Negotiating Team.

And we you know, we all understand permits and what was happening in the global mining space around permitting and the lead time to permitting.

Speaker #1: And I'll repeat it here for everybody's benefit There's some yeah . So what where we are with permitting . Let me go . There we the mandating authority or body in Papua New Guinea that negotiate mining leases or mining with operators is what is called the SNT state negotiating team .

Is it mixing the very next step there's full alignment between ourselves and our JV partners on getting this mine up the value curve is get it permitted and hence the discussion we had this morning and I'll repeat it here for everybody's benefit.

Beyers Nel: That's the team that is mandated to negotiate mining rights on behalf of the government. We've been engaging the SNT for multiple years now to bring this mine into two things, the SML, Special Mining Lease, and the Mine Development Contract. That has gone to and fro. I mean, I don't have to explain to you. I mean, you've been part of those discussions for many a year. A recent development, as recent as the latter part of last year, November thereabout, the Prime Minister of Papua New Guinea appointed what is called a PRT, Peer Review Team. The Peer Review Team's mandate is to look at why the negotiations around Wafi-Golpu has not yielded a favorable outcome. In other words, why is the mine not being built?

Speaker #1: That's the team that is mandated to negotiate mining rights on behalf of the government . We've been engaging the SNT for multiple years now to bring this mine into two things .

There's some.

So what we we over the permitting let me go there is we.

The mandating authority of body in Papua New Guinea that negotiate mining leases for mining contract with operators is what is called the <unk> states negotiating team. That's the team that is mandated to negotiate mining rights on behalf of the government.

Speaker #1: The SML Special Mining Lease and the Mine development contract that has gone to and fro . I mean , I don't have to explain to you .

Beyers Nel: That's the team that is mandated to negotiate mining rights on behalf of the government. We've been engaging the SNT for multiple years now to bring this mine into two things, the SML, special mining lease, and the mine development contract. That has gone to and fro. I mean, I don't have to explain to you. I mean, you've been part of those discussions for many a year. A recent development, as recent as the latter part of last year, November thereabout, the Prime Minister of Papua New Guinea appointed what is called a PRT, Peer Review Team. The Peer Review Team's mandate is to look at why the negotiations around Wafi-Golpu has not yielded a favorable outcome. In other words, why is the mine not being built?

Speaker #1: I mean , you've been part of those discussions for many a year . A recent development as recent as the latter part of last year , November thereabouts .

We've been engaging the SMT for multiple years now to bring this mine into two things that the same L. A special mining lease and the mine development contract that has gone to and fro I mean, I don't have to explain to you I mean, you've been part of those discussions for many of you on a recent development as recent as the latter part of last year.

Speaker #1: The Prime Minister of Papua New Guinea appointed a p what is called a PRT peer review team . The peer review teams mandate is to Is to look at why the negotiations around what we have not yielded a favourable outcome .

November thereabout.

Speaker #1: In other words , why is the mine not being not being built ? So we've been engaging with our JV partners . Well , a lot since November with the PRT team .

Prime Minister of Papua New Guinea appointed IP, what is called a P O T peer review team.

Beyers Nel: We've been engaging with our JV partners, well, a lot since November with the PR team, and that process is nearing completion. We welcome that as a positive step in terms of... I'm not always sure mediation is the right word, but it is an intervention, you know, that we view as very positive in terms of unlocking the discussions around getting the Mine Development Contract and the SML. Can't give you a definitive answer on that, but, Arnold, that is where we are. In terms of importance, I mean, this mine is very important to Harmony, simply because of the quality of the ore body. Harmony today is better positioned to build this mine than we probably ever have been. You know, it suits what we want to do ideally.

The peer review teams mandate is too.

Speaker #1: And that process is nearing completion . So we welcome that as a positive step in terms of I'm not always sure mediation is the right word , but it is an intervention .

Is to look at why the negotiations around wasn't Gulfport has not yielded a favorable outcome in other words why is demand not being not being booked so we've been engaging with our JV partners.

Beyers Nel: We've been engaging with our JV partners, well, a lot since November with the PRT, and that process is nearing completion. We welcome that as a positive step in terms of, I'm not always sure mediation is the right word, but it is an intervention, you know, that we view as very positive in terms of unlocking the discussions around getting the mine development contract and the SML. Can't give you a definitive answer on that, but that is where we are. In terms of importance, I mean, this mine is very important to Harmony, simply because of the quality of the ore body. Harmony today is better positioned to build this mine than we probably ever have been.

Speaker #1: You know , that we view as very positive in terms of unlocking the discussions around getting the mine development contract and the SML .

Well.

A lot since November with the PR team and that process is nearing completion. So we welcome that as a positive step in terms of I'm not bullish a mediation is the right word.

Speaker #1: So going to give you a definitive answer on on that . But that is where we that is where we are in terms of importance .

But it is an intervention that we view as very positive in terms of unlocking the discussions around getting the mine development contract and the NIH and mouth. So can't give you a definitive answer on on that but.

Speaker #1: I mean , this one is very important to harmony Simply because of the quality of the ore body and harmony today is better positioned to build this mine that we probably ever have been .

Speaker #1: So , you know , it suits what we want to do . Ideally , our base in Australia , our regional base in Australia , from where we support the Papua New Guinean operation , is getting stronger with CSA and Eva , and we believe we are , you know , well positioned to play a key part in the mining industry going forward in Papua New Guinea

Beyers Nel: Our base in Australia, our regional base in Australia from where we support the Papua New Guinean operation is getting stronger with CSA and Eva. We believe we are, you know, well-positioned to play a key part in the mining industry going forward in Papua New Guinea.

Although that is maybe that is maybe in terms of importance.

I mean this one is very important to Albany simply because of the quality of the ore body and.

And how many today is better positioned to build this mine that we probably ever have been.

Beyers Nel: You know, it suits what we want to do ideally. Our base in Australia, our regional base in Australia, from where we support the Papua New Guinean operation, is getting stronger with CSA and Eva. We believe we are, you know, well-positioned to play a key part in the mining industry going forward in Papua New Guinea.

What we want to do ideally a base in Australia regional base in Australia from where we support the pumping again in an operation is getting stronger with CSI and Eva and we believe we are well positioned to play a key part in the mining industry going forward in our open in Guinea.

Jared Coetzer: All right. Any more questions? All right. Beyers, Boipelo, I've got a couple here, but I'm gonna try and combine it into just one question to stop the repeating. Seems like more CSA questions than Wafi-Golpu questions in a while. Beyers, just on the CSA's production, just some indication. Obviously, you've spoken about the optimization process, but just the steady state that we can kind of expect from that mine. Just given what was in the press in the past, with the obviously the shutdowns and that we're having this month, what's our thinking on the CSA production rate, once we've got through this optimized period?

Speaker #3: All right . Any more questions ? All right . I've got a couple here , but I'm going to try and combine it into just one question to stop the repeating .

Speaker #3: Seems like more CSA questions than questions in a while . There's just on the CSA production . Just some indication . Obviously , you've spoken about the the optimization process , but just the steady state that we can kind of expect from that mine .

Jared Coetzer: All right. Any more questions? All right. Baz, Boipelo, I've got a couple here, but I'm gonna try and combine it into just one question to stop the repeating. Seems like more CSA questions than Wafi-Golpu questions in a while. Baz, just on the CSA's production, just some indication. Obviously, you've spoken about the optimization process, but just the steady state that we can kind of expect from that mine. Just given what was in the press in the past, obviously the shutdowns and that we're having this month, what's our thinking on the CSA production rate, once we've got through this optimized period?

All right any more questions.

Alright burst, but I've got a couple here, but I'm going to try and combine it into just one question too.

The repeating seems like more serious questions and wherever you go for questions in a while.

Speaker #3: I'm just given what was in the press in the past with the with the obviously the shutdowns and that that we're having this month .

But just on the CSS production, just some indication obviously, you've spoken about the optimization process, but just the steady states that we can kind of expect from that mine I'm just given what was in the parish in the past.

Speaker #3: What do we what's , what's our thinking on the CSA production rate once we've got through this optimized period ?

Beyers Nel: Thank you, Jared. I mean, it's, as we said, you know, when we do come back to the market in August, we hope we'll have more color. I mean, the last thing we wanna do is call something that is not there. What we've got in front of us is the 17.5 to 18.5 thousand tons for this financial year at higher than 2.5% copper at the stated costs. Look, you know, when you're skilled at underground mining and you do go to the mine and you visit the mine, you can not only see, you can also feel the constraint at the mine. I mean, it's obvious.

Speaker #1: Thank you . Jared . I mean , it's as we said , you know , when we do come back to the market in August , we hope we'll have more color .

With the with the obviously, the shutdowns and that you'd be having this months what do we what's what's our thinking on the CSA production rate once we got through this optimized spirit.

Speaker #1: I mean , the last thing we want to do is call something that is not that is not there . What we've got in front of us is the 17.5 to 18.5 thousand tonnes for this financial year .

Beyers Nel: Thank you, Jared. I mean, it's, as we said, you know, when we do come back to the market in August, we hope we'll have more color. I mean, the last thing we wanna do is call something that is not there. What we've got in front of us is the 17.5 to 18.5 thousand tons for this financial year at higher than 2.5% copper at the stated costs. Look, you know, when you're skilled at underground mining, and you do go to the mine and you visit the mine, you can not only see, you can also feel the constraint at the mine. I mean, it's obvious.

Speaker #1: At higher than 2.5% copper at the stated at the stated costs . Look , you know , when you skilled at underground mining and you do go to the mine and you visit the mine , you can not only see , you can also feel the constraint at the mine .

Thank you Jared I mean, it's as we said you know when we do come back to the market in August we hope we'll have more color I mean, the last thing we want to do is call something that is not that is not there what we've got in front of US is to 17 and after 18000 tons for this financial year.

Speaker #1: I mean , it's it's obvious . So clearly , you know , from an optimization perspective , if you can alleviate the constrain , you know , and bring the solutions to the ventilation .

Beyers Nel: Clearly, you know, from an optimization perspective, if you can alleviate the constraint, you know, and bring the solutions to the ventilation, I mean, that's when the bottlenecks are going to move to other areas. And then you move those. It's a sequential process of de-bottlenecking, de-risking the mine. I think Harmony has been around for 75 years or so. This is what we do. You know, this is what we've consistently done when we acquired unwanted assets. Not to say CSA was an unwanted asset or undercapitalized assets or strategic exit assets. You know, that is the Harmony model. I think this will be, you know, a phenomenal mine going forward.

Higher than 10 off the same copper at the stated at the stated cost look.

You know when you skilled at underground mining and you do go to the mine and you visit the mine you can not only see you can also feel that constraints at the mine of minutes, it's obvious so clearly.

Speaker #1: I mean , that's when the bottlenecks are going to move to other areas . And then you move those and then you move those .

Speaker #1: It's a sequential process of debottlenecking de-risking the mine . I think Harmony has been around for 75 years or so . This is what we do .

Beyers Nel: Clearly, you know, from an optimization perspective, if you can alleviate the constraint, you know, and bring the solutions to the ventilation, I mean, that's when the bottlenecks are going to move to other areas, and then you move those. It's a sequential process of de-bottlenecking, de-risking the mine. I think Harmony has been around for 75 years or so. This is what we do. You know, this is what we've consistently done when we acquired unwanted assets. Not to say CSA was an unwanted asset or undercapitalized assets or strategic exit assets. You know, that is the Harmony model. This will be, you know, a phenomenal mine going forward.

From an optimization perspective, if you can alleviate the constrained and bring those solutions to the ventilation I mean, that's where the bottlenecks are going to move to other areas and then you move to us and they can move those thats a sequential process of Debottlenecking derisking them on.

Speaker #1: You know , this is what we've consistently done when we acquired unwanted assets . Not to say CSA was an unwanted asset or undercapitalized assets or strategic assets .

Speaker #1: You know , that is the harmony . That is the Harmony model . So I this will be , you know , a phenomenal mine going forward .

I think harmony has been around for 75 years or so this is what we do you know this is what we've consistently done when we acquired unwanted assets not just Ics I wasn't unwanted asset under capitalized assets or strategic exit assets that is the whole many that is the whole many model. So.

Beyers Nel: You know, first things first is get a good handle on the technical constraints, further develop the correct solutions for those and execute those with discipline. As Raj indicated, I mean, the processing plant has got a 1.8 million ton throughput capacity. Not to say the underground mine would ever fill the processing plant, but I mean, there's a massive lever on the volume side to pull to ramp that up in volume to bring additional value to the mine. We also are experienced enough to know that these things on an underground mine don't happen overnight and that they do take time. You know, we've got a good handle on what needs to be done to deconstrain the mine, and the production flow will increase from there.

Speaker #1: You know , first things first is get a good handle on the technical constraints further develop the correct solutions for those and execute those with with with discipline as Raj indicated .

Speaker #1: I mean , the processing plant has got a 1.8 million tonne throughput capacity . Not to say the underground mine would ever fill the processing plant , but I mean , there's a there's a massive lever on the volume side to pull to ramp that up in volume to bring additional value to the mine .

This will be.

On a phenomenal mine going forward.

Beyers Nel: You know, first things first is get a good handle on the technical constraints, further develop the correct solutions for those. Execute those with discipline. As Raj indicated, I mean, the processing plant has got a 1.8 million ton throughput capacity. Not to say the underground mine would ever fill the processing plant, but I mean, there's a massive lever on the volume side to pull to ramp that up in volume to bring additional value to the mine. We're also experienced enough to know that these things on an underground mine don't happen overnight, and they do take time. You know, we've got a good handle on what needs to be done to deconstrain the mine, and the production flow will increase from there.

First things first is get a good handle on the technical constraints further develop the correct solutions for those and execute those with a with discipline.

So Raj indicated I mean, the processing plant has got a 1.8 million tonne throughput capacity not.

Speaker #1: But we also experienced enough to know that these things on our underground mine don't happen overnight . And they do take time . But , you know , we we've got a good handle on what needs to be done to constrain the mine and the production flow will increase from there .

Not to say the underground mine would ever full the processing plant, but I mean, there's a there's a massive lever on the volume side to pull to ramp that up.

Jared Coetzer: Great. Thanks, Beyers. Just got a question. We've really answered the cyanide question, so apologies to anyone that's asking that question again. In terms of Hidden Valley tailings, I know we spoke about it earlier, Beyers, but just some question in terms of the opportunity there for Hidden Valley extension and, you know, sort of the constraints that you're facing there from a deposition side of things.

In volume to bring additional value to the mine, but we also are experienced enough to know that these things on an underground mine doesn't happen overnight and they do take time.

Speaker #3: Great . Thanks , Bert . Just got a question on . We've already answered the cyanide question . So apologies to anyone that's asking that question again , in terms of Hidden Valley tailings , I know we spoke about it earlier , but just some question in terms of the opportunity there for Hidden Valley Extension and sort of the constraints that we're facing there from a deposition side of things .

But you know.

We've got a good handle on what needs to be done to be constrained the mine and the production flow will increase from there.

Jared Coetzer: Great. Thanks, Baz. Just got a question. We've already answered the cyanide question, so apologies to anyone that's asking that question again. In terms of Hidden Valley tailings, I know we spoke about it earlier, Baz, but just some question in terms of the opportunity there for Hidden Valley extension and, you know, sort of the constraints that you're facing there from a deposition side of things.

Great. Thanks Bruce.

Just got a question on we've really answer the Sun Art Christians are our apologies to anyone asking with Christian again.

Beyers Nel: Yeah. Each mine, as you know, has got its own constraints. Hidden Valley is very different to CSA. Hidden Valley is tailings deposition constraints. Building terrestrial tailings dams in the mountainous areas of Papua New Guinea, where you've got tectonic events and you've got 3.5 meters or so of rain is a technical challenge. You know, that is where the ore body is still there. You know, there's still legs in the ore bodies. At the moment, in this year's guidance, we've guided an 18 months mine life extension, which is an incremental mine life extension. We could do that by you know lifting the tailings dam that we've got a little bit and you know redirecting certain deposition strategies on lease area.

Speaker #1: Yeah . Each miners , you know , has got its own constraints . Hidden Valley is very different to CSA . Hidden Valley is tailings deposition constraints .

In terms of hidden valley tailings and we spoke about it earlier, but is but just some question in terms of the opportunity there for hidden valley extension and there's sort of the constraints that you're facing there from a deposition side of things.

Speaker #1: So building tight terrestrial tailings dams in the mountainous areas of Papua New Guinea , where you've got tectonic events and you've got 3.5m or so of rain , is a technical challenge .

Beyers Nel: Yeah. Each mine, as you know, has got its own constraints. Hidden Valley is very different to CSA. Hidden Valley is tailings deposition constraints. Building terrestrial tailings dams in the mountainous areas of Papua New Guinea, where you've got tectonic events and you've got 3.5 meters or so of rain is a technical challenge. You know, that is where the ore body is still there. You know, there's still legs in the ore bodies. At the moment, in this year's guidance, we've guided an 18 months mine life extension, which is an incremental mine life extension. We could do that by, you know, lifting the tailings dam that we've got a little bit and, you know, playing, you know, redirecting certain deposition strategies on lease area.

Yes, each one as you know has got its own constrained stick a medium that is very different to CSA and hidden valley is tailings deposition constraints of boating tight terrestrial tailings dams in the mountainous areas of Papua New Guinea, where you've got a tectonic events and you've got three on off meters will serve rain is a technical challenge so.

Speaker #1: So , you know , that is where the orebody is still there . You know , there's still lags in the ore body .

Speaker #1: So at the moment in this year's guidance , we've guided an 18 month mine life extension , which is an incremental mine life extension .

Speaker #1: And we could do that by , you know , lifting the tailings dam that we've got a little bit . And , you know , playing , you know , redirecting certain deposition strategies on lease area .

And that is where the ore body is still lane they still legs in the ore body at the moment in this year's guidance. We've got it in 18 months mine life extension, which is an incremental mine life extension and we could do that by.

Beyers Nel: The next extension opportunity, which is in study at the moment, will be more a large-scale expansion program that would typically be building a new tailings dam, finding a new tailings solution, you know, probably think about where the gold plant is sitting in relation to the pits and things like that. That is in study. Hidden Valley has performed well, continues to perform well. I mean, one of our best performing assets and, you know, it would be great for Harmony if the Hidden Valley Gold Mine can be extended. As soon as we've proven that, if we prove that, I mean, we would disclose that to the market. It would be the next extension on Hidden Valley would be more of a large-scale recapitalization, building a new tailings dam type of effort.

Speaker #1: The next extension opportunity , which is in study at the moment will be more a large scale expansion program that would typically be building a new tailings dam , finding a new tailings solution .

Lifting the tailings dam that we've got a little bit in Europe, playing.

Speaker #1: Probably think about where the the plant is sitting in relation to the pits and things like that . That is in study . So we Hidden Valley has performed well , continues to perform well .

Redirecting certain deposition strategies on lease area. The next extension opportunity, which is a study at the moment will be more of a large scale expansion program that would typically be building a new tailings dam finding a new trading solution, probably think about where the Gulf. The plant is sitting in relation to the puts and things like that.

Beyers Nel: The next extension opportunity, which is in study at the moment, will be more a large scale expansion program that would typically be building a new tailings dam, finding a new tailings solution, you know, probably think about where the gold plant is sitting in relation to the pits and things like that. That is in study. Hidden Valley has performed well, continues to perform well. I mean, one of our best performing assets. You know, it would be great for Harmony if the Hidden Valley gold mine can be extended. As soon as we've proven that, if we prove that, I mean, we would disclose that to the market. It would be the next extension on Hidden Valley would be more of a large scale recapitalization, building a new tailings dam type of effort.

Speaker #1: I mean , one of our best performing assets . And , you know , it would be great for Harmony if the Hidden Valley Gold mine can be extended .

Speaker #1: So as soon as we've proven that , or if we prove that , I mean , we would disclose that to the market , but it would be the next extension on Hidden Valley would be more of a large scale recapitalization .

That is in studies. So we hidden valley has performed well continues to perform well I mean, one of our best performing assets and it would be great for harmony, if the hidden valley gold mine can be extended so as soon as we've proven that if.

Speaker #1: Building a new tailings dam , type of effort .

Jared Coetzer: Thanks, Beyers Nel. I'm also just to try and bundle a few questions together. There's a couple coming through. In terms of the ventilation constraints and the things that we've mentioned, how much did we know that were actually in the asset when we bought it? And they're not like any surprises coming through now. What did we expect when we actually bought CSA?

Speaker #3: Thanks . But I'm also just to try and bundle a few questions together . There's a couple coming through just in terms of the ventilation constraints and the things that we've mentioned , how much did we know that were actually in the asset when we bought it ?

If we prove that I mean, we would disclose that.

Mark, but it would be the next extension of leading value would be more of a.

A large scale recapitalization building, a new tailings dam thoughtful.

Speaker #3: And they're not like , are there any surprises coming through now What did we expect when we actually bought CSA ?

If it alright, thanks, Bruce I'm also just to try and bundle a few questions together, there's a couple of coming through in terms of the ventilation constraints and the things that we've mentioned.

Jared Coetzer: Right. Thanks, Peter Steenkamp. I'm also just to try and bundle a few questions together. There's a couple coming through. Just in terms of the ventilation constraints and the things that we've mentioned, how much did we know that were actually in the asset when we bought it? I mean, not like if there are any surprises coming through now. What did we expect when we actually bought CSA?

Beyers Nel: Thank you, Jared. Now, in the mine, I mean, we're very happy with what we bought, as I said. I mean, you know, the due diligence findings were basically proven, you know, in what we've got up to this point in time. I mean, I just wanna give, again, a little bit of color on the due diligence. I mean, I was out at the mine myself three times during the due diligence process. It was perceived to be a long due diligence process, but it was for the right reason. I mean, we needed to be sure what we've got there, we could actually wrap our heads around. No, we comfortable. You know, as we go, we are opening up things here and there, small little things. I mean, the shelf steelwork and things like that.

Speaker #1: Thank you Jared . Now in the mine I mean we're very happy with what we bought . As I said . I mean , you know , the due diligence findings were basically proven , you know , in what we've got up to this point in time .

How much did we know that we're actually in the asset when we bought it and they're not like it but any surprises coming through now.

Speaker #1: I mean , I just want to give , again , a little bit of color on the due diligence . I mean , I was out at the mine myself three times during the due diligence process .

What did we expect when we actually bought CSA.

Beyers Nel: Thank you, Jared. Now, in the mine, I mean, we're very happy with what we bought, as I said. I mean, you know, the due diligence findings were basically proven, you know, in what we've got up to this point in time. I mean, I just wanna give, again, a little bit of color on the due diligence. I mean, I was out at the mine myself three times during the due diligence process. It was perceived to be a long due diligence process, but it was for the right reason. I mean, we needed to be sure what we've got there, we could actually wrap our heads around. No, we're comfortable. You know, as we go, we're opening up things here and there, small little things. I mean, the shaft still work and things like that.

Thank you Jarrett now in our mind I mean, we're very happy with what we bought as Al said I mean, you know the due diligence findings were basically proven and what we've got up to this point in time.

Speaker #1: It was perceived to be a long due diligence process , but it was for the right reason . I mean , we needed to be sure what we've got there .

Speaker #1: We could actually wrap our heads around . So no , we comfortable , you know , as we go , we're opening up things here and there , small little things .

I just wanted to give again, a little bit of color on the due diligence I mean I was out at the mine myself three times during the due diligence process was perceived to be a long due diligence process, but it was for the right reason I mean, we needed to be sure. What we've got today, we could actually wrap our heads around so and are we comfortable.

Speaker #1: I mean , the shaft steelwork and things like that . But I mean , show me an underground mine that doesn't have a rusted piece of steel .

Beyers Nel: I mean, show me an underground mine that doesn't have a rusted piece of steel. You know, when you've got a rusted piece of steel, you get the maintenance people, and you fix it, and you move on. These things are more one-off ongoing things that we'll continue to do. I mean, we know how to do it. We do it every day on all of our mines. In the mine, I mean, what we've got due diligence is what we see on the ground.

Speaker #1: You know , when you've got a rusted piece of steel , you get an overall , you know , get the maintenance people and you fix it and you move on .

Speaker #1: So these things are more one off ongoing things that will continue to do . I mean , we know how to do it .

And you know as we go we opening up things here and there small little things I mean, the shelf still work and things like that but I mean Sherman underground mine that doesn't know the rusted piece of steel.

Speaker #1: We do it every day on all of our mines . But in the main , I mean , what we've what we've got new diligence is what we what we see on the ground

Beyers Nel: I mean, show me an underground mine that doesn't have a rusted piece of steel. You know, when you've got a rusted piece of steel, you get an overhaul, you know, get the maintenance people and you fix it and you move on. These things are more one-off ongoing things that we'll continue to do. I mean, we know how to do it. We do it every day on all of our mines. In the mine, I mean, what we've got, due diligence, is what we see on the ground.

The restaurant piece of steel you get an overall you know get the maintenance people and you fix it and you move on so these things are more one off ongoing things that we will continue to do I mean, we know how to do it we do it every day on all of our minds, but in the main I mean, what we've what we've got in your diligence is what we what we see on the ground.

Jared Coetzer: Great. Thanks, Beyers. I think just last question for you, Boipelo. Just some questions coming through on CapEx. I know we have guided, but just the sustaining CapEx for MAC and also what are we expecting in terms of our capital levels for the next couple of years with CSA, Eva, and Wafi in the pipeline?

Speaker #3: Great . Thanks . I think just last question for you by just some questions coming through on CapEx , I know we have guided , but just the sustaining CapEx for Mac and also what are we expecting in terms of our capital levels for the next couple of years with CSA and in the pipeline ?

Jared Coetzer: Great. Thanks, Baz. I think just last question for you, Boipelo. Just some questions coming through on CapEx. I know we have guided, but just the sustaining CapEx for MAC and also what are we expecting in terms of our capital levels for the next couple of years with CSA, Eva, and Wafi in the pipeline?

Great. Thanks, Matt I think just last question for your boyfriend on to some questions coming through on Capex I know, we have guided but just the sustaining capex for Mac and also what are we expecting in terms of our capital levels for the next.

Boipelo Lekubo: Yeah. We have included in our table, and I think Bas did touch on it, so did I. What we've guided for Mac is just for the second half of the financial year. We'll provide the further long-term guidance when we come back with our August release. Thanks. That helps a lot. I think it's probably just the one before. Yeah.

Speaker #2: Yeah , so we have included in our table , and I think bears did touch on it . So did I . What we've guided for Mac is just for this second half of the financial year , we'll provide the further long term guidance when we come back with our August release Thanks .

Couple of years with CSA, even with you in the pipeline.

Boipelo Lekubo: Yeah. We have included in our table, and I think Baz did touch on it, so did I. What we've guided for MAC is just for the second half of the financial year. We'll provide the further long-term guidance when we come back with our August release. Thanks. That helps a lot. I think it's probably just the one before. Yeah.

Speaker #2: That helps a lot . I think it's probably just the one before Yeah .

So we have included in our table and I think bands did touch on it so did I what we've guided for Mac is just for the second half of the financial year and we'll provide further long term guidance when we come back with an August release.

Beyers Nel: Yeah. While they are sustaining, it is about 400.

Speaker #6: Yeah , it's a small they are sustaining . There's about 400 .

Boipelo Lekubo: The FY 2026 revised guidance, Beyers Nel touched on it from a South African perspective that has come down about ZAR 1 billion. We've added CSA. As you can see, that's the $65. Okay, this is dollars. $65 dollars. We've got. Obviously, as I've said, we have not yet guided going forward for MAC. Eva, you are obviously aware what we did say it would be between $1.5 and $1.75 million over the three years. You can look at it as a 20 40 40.

Speaker #2: There we go . Yeah . So the FY 26 revised guidance . So bears touched on it from a South African perspective that has come down about a billion .

That helps a lot I think it's probably just the one before.

Yeah.

Yes.

Speaker #2: And then we've added CSA . As you can see that's the 65 okay . This is dollars $65 . And then we've got thank you .

Yeah.

Jared Coetzer: Yeah. For now, they are sustaining. It was about 400.

Yes.

Oh there you are sustaining is about 400 D weaker yeah. So the FY 'twenty six revised guidance so Dan touched on it from a south African perspective that has come down about 1 billion and then we've added C. S. A as you can see that the 65. Okay. This is done is 65.

Boipelo Lekubo: There we go.

Jared Coetzer: Yeah.

Boipelo Lekubo: Yeah. The FY26 revised guidance, so Peter Steenkamp touched on it from a South African perspective that has come down about ZAR 1 billion. Then we've added CSA. As you can see, that's the 65. Okay, this is dollars. 65 dollars. Obviously, as I've said, we have not yet guided going forward for MAC Copper. Eva Copper, you are obviously aware what we did say. It would be between $1.55 and $1.75 billion over the three years. You can look at it as a 20, 40.

Speaker #2: There we go . Yeah . So obviously as I've said we have not yet guided going forward for for Mac either . You are obviously aware what we did said would be between 1.5 and 1.75 .

Dollars and then we've got thank you.

Speaker #2: Million dollars over the the three years . So you can look at it as a 20 , 40 , 40 .

Yep.

So obviously as I've said, we have not yet guided them going forward for four Mac. Eva you. Obviously are we what we did say it would be between one five and $175 million over the three years. So you can look at it as a tween T 40 40.

Jared Coetzer: Great. All right, for those questions that I haven't answered on the webcast yet, apologies. There are a couple of really long questions on renewables and things like that, which I won't touch on now. I will personally get back to you on those. Don't worry, I will answer them. To everyone that joined us, again, thank you very much for coming today.

Speaker #3: Great . All right . For those questions that I haven't answered on the webcast . Yep . Apologies . There are a couple of really long questions on renewables and things like that which I won't touch on now .

Speaker #3: I will personally get back to you on those . So don't worry , I will answer them . But everyone that joined us , again , thank you very much for coming today .

Jared Coetzer: Great. All right. For those questions that I haven't answered on the webcast chat, apologies. There are a couple of really long questions on renewables and things like that, which I won't touch on now. I will personally get back to you on those. Don't worry, I will answer them. To everyone that joined us again, thank you very much for coming today.

Great Alright, so those questions that I haven't answered on the webcast chip apologies.

Jared Coetzer: Thank you.

Jared Coetzer: Beyers, Boipelo, thanks for the presentation.

Speaker #3: Thanks for the presentation . And with that , we'll close things off . Thank you .

[Analyst]: Thank you.

Jared Coetzer: With that, we'll close things off. Thank you.

Jared Coetzer: Thank you.

There are a couple of really long questions on renewables and things like that which I will touch.

So now I will personally get back to you on those so don't worry I will answer them, but to everyone that joined US again. Thank you very much for coming today Buzzword peller. Thanks for the presentation without your closings of thank you.

Beyers Nel: Thank you.

Jared Coetzer: Baz, Boipelo, thanks for the presentation.

Boipelo Lekubo: Thank you.

Jared Coetzer: With that, we'll close things off. Thank you.

Beyers Nel: Thank you.

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