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Harmony Gold Mining Co.

www: www.harmony.co.za   email: corporate@harmony.co.za
Category: Major
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Symbol Data

Symbol Currency
NYSE:HMY USD

Description

Harmony Gold Mining Co. are a gold focused major with seven producing mines in Papua New Guinea and South Africa, two mines in development in Papua New Guinea and South Africa and two exploration properties. Currently they produce roughly 1.5Moz. of gold per year. They have approximately 140Moz. of gold in the reserves and resources category of which 100Moz. are in the measured and indicated category. They have a market capitalisation of ~9649.26M which is a fall of roughly 13% over the last five months. As of 04/12/2025 they have ~750M debt and ~542.31M cash. They have 633M shares outstanding and trade on the New York Stock Exchange.

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General Details

Financial 04/12/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $11,052.03M $9,649.26M 04/12/2025
MCap (OS): $10,890.80M $9,508.50M 04/12/2025
Total Assets: $2,495.85M $2,770.42M 04/12/2025
Total Liabilities: $831.95M $923.47M 04/12/2025
Current Assets: $488.56M $542.31M 04/12/2025
Current Liabilities: $285.98M $317.44M 04/12/2025
Total Debt: $675.96M $750.32M 04/12/2025
Cash: $488.56M $542.31M 04/12/2025
Debt (Net): $187.40M $208.01M
Enterprise Value: $11,239.43M $9,857.27M 05/13/2282
Cash Flow: $1,705.05M $2,365.02M never
Cash Flow Multiple: 6.48 4.08 never
Net Debt to
Cash Flow Ratio:		 0.11 0.09 never
Finance within 1 year: 04/12/2025
Misc 04/12/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 632,634,413 632,634,413 04/12/2025
Shares (FD): 642,000,000 642,000,000 04/12/2025
Insider Ownership: n/a n/a never
Dividend (Annual): n/a 1.2% 09/01/2025
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 04/12/2025
Production (Gold Eq Oz.): (guess) 
1,500,000		 (guess) 
1,500,000		 04/12/2025
Production (Silver Eq Oz.): (guess) 
150,684,358		 (guess) 
129,217,901		 04/12/2025
Development Phase: none Producer (Multiple Mines) 06/30/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 04/12/2025
Cash Flow Multiple: 8 8 04/21/2023

Resource Data

GOLD 04/12/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 40.00M 40.00M 04/12/2025
Measured & Indicated: 100.00M 100.00M 04/12/2025
Inferred: 40.00M 40.00M 04/12/2025
Reserves & Resources: 140.00M 140.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 34.00M 34.00M 04/12/2025
Measured & Indicated: 74.80M 74.80M 04/12/2025
Inferred: 17.00M 17.00M 04/12/2025
Reserves & Resources: 91.80M 91.80M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
1,500,000oz.		 (guess) 
1,500,000oz.		 04/12/2025
Cash Cost: $1,500 $1,500 04/12/2025
Extra Operating Cost: $600 $600 04/12/2025
Total: $2,100 $2,100 04/12/2025
Margin (Free Cash Flow): $1,137 (35%) $1,577 (43%)
MCap / Production (AuEq): $7,368.02 $6,432.84
EV / Production (AuEq): $7,492.95 $6,571.52
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 04/12/2025
Open Pit (Avg): n/a 1.00 g/t 03/18/2024
Recovery Rate: (CG)  85.00% (CG)  85.00% 06/30/2025
F
U
T
U
R
E		 Proven & Probable: 50.00M 50.00M 04/12/2025
Annual Production: 1,700,000oz. 1,700,000oz. 04/12/2025
Cash Cost: $1,500 $1,500 04/12/2025
Extra Operating Cost: $600 $600 04/12/2025
SILVER 04/12/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 04/12/2025
Measured & Indicated: n/a n/a 04/12/2025
Inferred: n/a n/a 04/12/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/12/2025
Measured & Indicated: n/a n/a 04/12/2025
Inferred: n/a n/a 04/12/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 04/12/2025
Extra Operating Cost: n/a n/a 04/12/2025
Total: n/a n/a 04/12/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $73.35 $74.67
EV / Production (AgEq): $74.59 $76.28
G
R
A
D
E		 Underground (Avg): n/a n/a 04/12/2025
Open Pit (Avg): n/a n/a 04/23/2023
Recovery Rate: n/a n/a 04/12/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 04/12/2025
Annual Production: n/a n/a 04/12/2025
Cash Cost: n/a n/a 04/12/2025
Extra Operating Cost: n/a n/a 04/12/2025

Property

Last Analysis Data  (04/12/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu
Exp Eva
100
Prod Hidden Valley
50
Dev Golpu
50
Exp Wafi
50
Prod Doornkop
100
Prod Joel
100
Prod Kalgold
100
Prod Kusasalethu
100
Prod Masimong
100
Prod Target
100
Dev Tshepong
100
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu
Exp Eva
100
Prod Hidden Valley
50
Dev Golpu
50
Exp Wafi
50
Prod Doornkop
100
Prod Joel
100
Prod Kalgold
100
Prod Kusasalethu
100
Prod Masimong
100
Prod Target
100
Dev Tshepong
100

Profitability (by resource)

Proven &
Probable		 04/12/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 40.00M 40.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 34.00M 34.00M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $38,647.80M $53,607.12M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $38,647.80M $53,607.12M n/a
Max Profit / Current MCap: 3.497 5.556 n/a
Max Profit Per Share (Gold): $60.20 $83.50 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $60.20 $83.50 n/a
Total Free Profit Per Share: $42.98 $68.47 n/a
FD MCap / Gold Eq.: $325.06 $283.80 n/a
FD MCap / Silver Eq.: $3.24 $3.29 n/a
FD MCap / Per Metal
as % Spot Price:		 10.04% 7.72% n/a
EV / Gold Eq.: $330.57 $289.92 n/a
EV / Silver Eq.: $3.29 $3.37 n/a
EV / Per Metal
as % Spot Price:		 10.21% 7.89% n/a
Measured &
Indicated		 04/12/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 100.00M 100.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 74.80M 74.80M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $85,025.16M $117,935.66M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $85,025.16M $117,935.66M n/a
Max Profit / Current MCap: 7.693 12.222 n/a
Max Profit Per Share (Gold): $132.44 $183.70 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $132.44 $183.70 n/a
Total Free Profit Per Share: $115.22 $168.67 n/a
FD MCap / Gold Eq.: $147.75 $129.00 n/a
FD MCap / Silver Eq.: $1.47 $1.50 n/a
FD MCap / Per Metal
as % Spot Price:		 4.56% 3.51% n/a
EV / Gold Eq.: $150.26 $131.78 n/a
EV / Silver Eq.: $1.50 $1.53 n/a
EV / Per Metal
as % Spot Price:		 4.64% 3.58% n/a

Reserves &
Resources		 04/12/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 140.00M 140.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 91.80M 91.80M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $104,349.06M $144,739.22M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $104,349.06M $144,739.22M n/a
Max Profit / Current MCap: 9.442 15.000 n/a
Max Profit Per Share (Gold): $162.54 $225.45 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $162.54 $225.45 n/a
Total Free Profit Per Share: $145.32 $210.42 n/a
FD MCap / Gold Eq.: $120.39 $105.11 n/a
FD MCap / Silver Eq.: $1.20 $1.22 n/a
FD MCap / Per Metal
as % Spot Price:		 3.72% 2.86% n/a
EV / Gold Eq.: $122.43 $107.38 n/a
EV / Silver Eq.: $1.22 $1.25 n/a
EV / Per Metal
as % Spot Price:		 3.78% 2.92% n/a

Future Valuation (Cash Flow & Totals)

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