Harmony Gold Mining Company Limited

Notable vs. Peers

• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
• Financials score of 4.9/10 is weaker than the peer average of 6.4/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · The Environmental Impact Statement for Hidden Valley (submitted to PNG's Department of Environment and Conservation February 2004) was approved in January 2005, with Waste Discharge and Water Extraction permits issued alongside it -- the key regulatory approval enabling construction. Exact day within January 2005 not confirmed from available sourcing -- recorded reached-but-undated. · Source
2. Construction decision (FID)

   Nov 2025 · Harmony's Board of Directors approved the Final Investment Decision for the 100%-owned Eva Copper Project (Northwest Queensland, Australia) on 2025-11-24, alongside completion of the updated Feasibility Study: approved capital of US$1.55-1.75 billion, ~65,000t contained copper per year over the first five years (life-of-mine average ~60,000t copper + ~19,000oz gold p.a.), project moving from Early Works into execution with an EPC contractor to be appointed and contractors mobilising to site in Q3 FY26; first production expected 2H CY2028 subject to Environmental Authority amendments. ANCHOR DIVERGENCE, DISCLOSED: HMY's four sibling milestone rows (PERMIT_GRANTED / CONSTRUCTION_START / FIRST_PRODUCTION / COMMERCIAL_PRODUCTION) all anchor to Hidden Valley (Papua New Guinea, permitted 2005, first gold 2009), per Task #430 batch practice. This row anchors to Eva Copper instead, because Eva Copper is where Harmony's board actually made a discrete, dated, publicly disclosed decision to build -- Hidden Valley was developed under the Morobe Mining JV in the mid-2000s with no such release found. Per the Task #430 batch1 precedent the gate is a company-level question ('has this company's board ever decided to build'), which permits anchoring this milestone to a different portfolio asset than the operating-history milestones. SUPERSEDES a prior RESEARCHED_UNKNOWN checked-gap row for this milestone, which searched Hidden Valley's 2000s history and correctly found nothing there -- while this FID was already sitting in this same Miner row's own currentMilestoneLabel field ('Board approved Final Investment Decision for the US$1.6B Eva Copper Project, Queensland, Australia (2025-11-24)'), unread by the milestone pass. Sourcing: Harmony's own company announcement dated 24 Nov 2025 (URL above; also filed with the SEC as a SENS announcement, EDGAR CIK 1023514, accession 0001628280-25-053704). Independently corroborated by International Mining ('Harmony seeks EPC contractor for Eva Copper after final investment decision', 24 Nov 2025, im-mining.com), which was fetched directly this pass and confirms the FID, the board approval, the US$1.55-1.75bn range and the 2H CY2028 first-production target; further corroborated by E&MJ, InvestingNews and Reuters-syndicated coverage of the same date. · Source
3. Construction start

   Reached — date not disclosed · Sources vary on the precise year construction began: access-road construction started in 2005, while overall mine construction is separately described as beginning in mid-2006 (one secondary source) or 2007 (another), with the bulk of construction work completed by mid-2009 ahead of first gold. Both figures noted rather than silently picking one; recorded reached-but-undated given the source disagreement. · Source
4. First pour / production

   Reached — date not disclosed · First gold was poured at Hidden Valley in June 2009, with the Morobe Mining JV (Newcrest/Harmony 50:50) reaching commercial production in May 2010 and holding an official opening ceremony September 30, 2010. Exact day within June 2009 not confirmed from available sourcing -- recorded reached-but-undated. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across a multi-mine portfolio spanning South Africa (Moab Khotsong, Mponeng, Tshepong North, and others) and Papua New Guinea (Hidden Valley, plus Wafi-Golpu development) built over decades. FY2026 guidance of 1.4-1.5Moz gold was reaffirmed, with the company on track for its eleventh consecutive year of meeting production guidance despite a mill motor failure at Hidden Valley; H1 FY2026 (to Dec 2025) revenue rose 20% to ZAR44B on higher output and prices. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.