Harmony Gold released its latest financial results for the financial year ending 30 June 2025 today. The company provided great value for share holders with Headline earnings per share up a handsome 26% to 2 337 SA cents (129 US cents). Basic earnings per share was up 67% to 2 313 SA cents (127 US cents), with a final dividend of 155 SA cents (9 US cents) declared, bringing total FY25 payout to a record R2.4 billion (US$133 million)
The Mining Group also reflected on it evolving from a pure regional gold mining group to a global diversified mining entity. The group has invested into a global, high-margin gold and copper producer, looking to hitch future growth on copper, as a critical element of the global energy transition, and ever expanding tech sector, that should strengthen the group’s long-term growth prospects.
The group has taken a position to utilise higher levels of cash from the current elevated gold prices to secure longer term positions, creating a foundation to continue de-risking the group asset portfolio, and safeguard future cash flows and longer term growth.
Safety and Ongoing Concern
The Harmony Mining Company operates some of the deepest mines in the world, increasing risk of worker injury and so takes its safety risk precautions seriously. This past year however, they have had several mining incidents. On February 4, 2025, five miners died in two separate accidents: three at Joel Mine due to a fall-of-ground (FoG) incident and two at Doornkop Mine during a development-end mining incident, leading to a temporary suspension of blasting at Doornkop. On February 20, 2025, one employee died at Mponeng Mine in a FoG following a seismic event. On April 25, 2025, a locomotive-related accident at Moab Khotsong Mine claimed another life. On June 4, 2025, a worker was killed in a FoG at Joel Mine, marking Harmony’s 11th fatality of the year, prompting a company-wide Day of Safety on June 5.
Harmony also conducted comprehensive internal reviews and continue to implement lessons learnt from these incidents. The group did however see their LTIFR reached an all-time low of 5.39 per million hours worked, with further improvement to 3.60 per million
Revenue Growth Boosted by Gold Price Peaking
Group revenue increased by 20% to R73 896 million (US$4 071 million), up from R61 379 million (US$3 282 million). This was driven by a 27% increase in the average gold price received, up to R1 529 358/kg (US$2 620/oz) from R1 201 653/kg (US$1 999/oz) in the previous year. The increase in gold revenue was partially offset by a realised gold hedge book loss of R4 594 million (US$253 million), which lowered the average gold price received.
By-product contributions
Silver revenue increased by 9% to R1 810 million (US$100 million) from R1 667 million (US$89 million) which also saw an increase of 26% increase in silver prices to US$31.20/oz from US$24.72/oz. Silver production decreased by 15% to 3 137 590oz from 3 672 899oz in FY24 in-line with planned lower recovered grades at Hidden Valley.
Cash Flow Positive Record – Provides Expansion Opportunities
Group adjusted free cash flows increased by 54% to a record R11 142 million (US$614 million) in FY25, eclipsing the previous record of R7 252 million (US$388 million) achieved in FY24. The groups adjusted free cash flow margins improved to 16%, up from 12% in FY24, driven mainly by improvements in its Hidden Valley operations.
CEO of Harmony Beyers Nel indicated to shareholders that t he acquisition of the Eva Copper Project in Western Australia in 2022 was a strategic move to diversify the mining portfolio and to establish a foothold in the growing copper market. Located in Northern Queensland, Australia, Eva Copper now offers long-term growth potential in a Tier 1 mining jurisdiction.
“We are pleased to provide an update on the Project, where significant progress has been made on the final Feasibility Study Update (FSU), Mineral Resource development, and early works execution, with over 153 000 metres of drilling have been completed”, stated Nel
As a result of this work, the updated Mineral Resource now totals 1 932 kilotonnes (kt) of contained copper and 492 000oz of gold, representing a 31% increase in copper and a 12% increase in gold compared to the 2024 declaration of 1 472kt of copper and 440 000oz of gold.
Capital Expenditure Expected to Grow
Capital expenditure for the full year of 2025 / 2026 is expected to increase, driven by higher allocations to both sustaining and major new capital projects. The growth in project capital, according to Nel “Reflects our strategic focus on investing in high-quality ounces and unlocking long-term growth across the portfolio. Key initiatives include the extension projects at Moab Khotsong, Mponeng, and Mine Waste Solutions, as well as the development of a 100MW renewable energy plant at Moab Khotsong.
