JSE-listed Harmony Gold Mining Company expects to report a 64% to 81% year-on-year increase in earnings per share (EPS) to between $1.20 and $1.32, or an increase of between 57% and 77% in EPS in rand terms to between R21.80 and R24.50 for the financial year ended June 30.

Headline earnings per share (HEPS) are also expected to increase in both rand and dollar terms. Harmony says HEPS, in rand terms, are expected to be between R21.90 and R25 – an increase of between 18% and 35% year-on-year.

HEPS in dollar terms are expected to be between 22% and 38% higher year-on-year at between $1.21 and $1.37.

Harmony attributes the increase in earnings to an increase in group revenue as a result of "continued operational excellence" and a higher average gold price received. The average gold price received increased by 27% to R1.53-million a kilogram, or $2 620/oz, from R1.2-million a kilogram, or $1 999/oz, in the prior financial year.

Further, no impairments were recognised on assets during the financial year, compared with an impairment of R2.79-million, or $154-million, in the 2024 financial year.

The increase in earnings was partially offset by an increase in production costs, mainly owing to inflationary increases on costs including labour, contractors, consumables and electricity; the royalty expense increased owing to a higher rate being applied owing to higher profits, as well as the increased revenue base to which it is applied; and an increase in the taxation expense of about R3.5-billion, or $200-million, of which about R1.75-million, or $100-million, relates to current taxation.

The increase in current taxation was mainly owing to higher profitability resulting from continued operational excellence and the increased gold price received. The remainder of the increase relates to deferred taxation, reflecting the change in temporary differences as well as the impact of changes in deferred tax rates applied for the majority of the group’s South African mining companies.

“As Harmony marks its seventy-fifth anniversary, financial year 2025 stands out as our tenth consecutive year of meeting guidance – a testament to a decade of operational discipline and consistency. We delivered group production of 46 023 kg, or 1.48-million ounces, landing towards the upper end of our guided range, driven by robust contributions from our high-grade South African underground operations and the Hidden Valley mine, in Papua New Guinea.

"Recovered underground grades improved by 3% to 6.27 g/t, exceeding the upwardly revised guidance of 6 g/t, supported by an exceptional performance at Mponeng. Through disciplined cost management, we maintained all-in sustaining costs (AISC) at R1.05-million a kilogram, or $1 806/oz, comfortably within the guided range of R1.02-million to R1.1-million a kilogram," CEO Beyers Nel comments.

"Our strategy remains firmly centred on value enhancement over volume growth through safe, profitable ounces. By allocating capital to higher-margin, lower-risk assets and prioritising quality ounces over output, we continue to strengthen margins, improve portfolio resilience and enhance long-term returns.

"Gold remains at the core of our business, underpinning our identity and long‑term value proposition. Copper, however, will be a key enhancement and catalyst for future earnings growth – providing diversification, supporting the global energy transition, and helping to secure robust cash flows across commodity cycles.

"By integrating copper into our high‑margin portfolio, we strengthen our ability to generate returns through both favourable and challenging market conditions. We have a proven record of delivery and a clear plan to enhance portfolio quality. With safety, operational excellence and effective capital allocation as non‑negotiable foundations, Harmony is positioned to create enduring value for all stakeholders,” he adds.