SENS-AI
HAR Operational Update Bullish

HARMONY GOLD MINING COMPANY LIMITED - Operational update for the nine months ended 31 March 2026

Harmony Gold Mining Company Limited
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What this filing means

Harmony Gold's operational update highlights a robust transition to a net cash position driven by a 39% surge in received gold prices, offsetting a 13% rise in cash operating costs and slightly lower production volumes.

Bull case

  • Revenue expanded powerfully, driven by a 39% increase in the average gold price received to R2,020,821/kg.
  • Underground recovered grades exceeded guidance at 5.85g/t for the nine-month period, demonstrating solid geological control.

Bear case

  • Inflationary pressures drove cash operating costs up by 13% to R977,642/kg.
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Category
Operational Update
Event posture
Constructive
Published
May 18, 2026

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