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Harmony Gold Mining Co.

www: www.harmony.co.za   email: corporate@harmony.co.za
Category: Major
Rating:
Upside Downside Quality
2.5 2.5 B
Risk: High View History

Rating History

Date Category Rating Risk
Upside Downside Quality
04/24/2026 Major 2.5 2.5BHigh
Current Major 2.5 2.5BHigh
Profile
Notes
Forum
Your Data



Waiting for

TradingView Chart

Price Data

Symbol Traded Checked Price
NYSE:HMY 10/13/2026 10/13/2026 USD 16.71

Performance

+/-
since 		1 Day Last Friday 4 Weeks
0.18% -3.86% -19.04%
3 Months 6 Months 1 Year
10.52% 0.78% -8.54%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
4 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 04/24/2026)

Harmony Gold Mining is a major, with an FD market cap of $11 billion. They are a 1.5 million oz producer. Their problem is that all of its producing mines are in South Africa, which could limit their FCF multiple. They have large resources, with 11 producing mines. Free cash flow is about $2.5 billion at $4700 gold. They have about $450 million in cash and $750 million in debt. They have an AISC of around $2000 per oz.

Because of the risk of political nationalization, their FCF multiple is around 5, which is low for their size. Investors are hesitant to invest in South Africa. However, if they do not nationalize their mines, Harmony could become a cash flow machine at higher gold prices.

As an income stock, it looks interesting, although risky. They plan to pay 20% of their free cash flow as dividends. The yield is currently around 4.5%. $2.5B FCF x 20% = $500M / $11B = 4.5%.

Ironically, even with their large resources, production is scheduled to drop in 2027. Here is their current forecast:

2026: 1.5M oz
2027: 1.4M oz
2028: 1.4M oz
2029: 1.3M oz
2030: 1.2M oz
2031: 1.2M oz
2032: 1.5M oz


DD

General Details

Financial 04/24/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $10,910.76M $10,878.21M 04/24/2026 $-32.55M
MCap (OS): $10,743.16M $10,711.11M 04/24/2026 $-32.05M
Total Assets: $6,900.00M $6,900.00M 04/24/2026 $0.00M
Total Liabilities: $3,770.00M $3,770.00M 04/24/2026 $0.00M
Current Assets: $984.00M $984.00M 04/24/2026 $0.00M
Current Liabilities: $1,800.00M $1,800.00M 04/24/2026 $0.00M
Total Debt: $780.00M $780.00M 04/24/2026 $0.00M
Cash: $455.00M $455.00M 04/24/2026 $0.00M
Debt (Net): $325.00M $325.00M $0.00M
Enterprise Value: $11,235.76M $11,203.21M $-32.55M
Cash Flow: $2,414.78M $1,574.27M never $-840.51M
Cash Flow Multiple: 4.52 6.91 never 2.39
Net Debt to
Cash Flow Ratio:		 0.13 0.21 never 0.07
Finance within 1 year: 04/24/2026 n/a
Misc 04/24/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 641,000,000 641,000,000 04/24/2026 0
Shares (FD): 651,000,000 651,000,000 04/24/2026 0
Insider Ownership: n/a n/a 04/24/2026 n/a
Dividend (Annual): 3.7% 3.71% 04/24/2026 0.01
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 04/24/2026 n/a
Production (Gold Eq Oz.): (guess) 
1,500,000		 (guess) 
1,500,000		 04/24/2026 0
Production (Silver Eq Oz.): (guess) 
93,227,435		 (guess) 
105,711,022		 04/24/2026 12,483,588
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 04/24/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 04/24/2026 0
Cash Flow Multiple: 10 10 04/24/2026 0.00

Resource Data

GOLD 04/24/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 40.00M 40.00M 04/24/2026 0.00M
Measured & Indicated: 100.00M 100.00M 04/24/2026 0.00M
Inferred: 40.00M 40.00M 04/24/2026 0.00M
Reserves & Resources: 140.00M 140.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 34.00M 34.00M 04/24/2026 0.00M
Measured & Indicated: 74.80M 74.80M 04/24/2026 0.00M
Inferred: 17.00M 17.00M 04/24/2026 0.00M
Reserves & Resources: 91.80M 91.80M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
1,500,000oz.		 (guess) 
1,500,000oz.		 04/24/2026 0oz.
Cash Cost: $2,100 $2,100 04/24/2026 $0.00
Extra Operating Cost: $1,000 $1,000 04/24/2026 $0.00
Total: $3,100 $3,100 04/24/2026 $0.00
Margin (Free Cash Flow): $1,610 (34%) $1,050 (25%) $-560.34
MCap / Production (AuEq): $7,273.84 $7,252.14 $-21.70
EV / Production (AuEq): $7,490.51 $7,468.81 $-21.70
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 04/24/2026 n/a
Open Pit (Avg): n/a 1.00 g/t 04/24/2026 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 04/24/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 50.00M 50.00M 04/24/2026 0.00M
Annual Production: 1,500,000oz. 1,500,000oz. 04/24/2026 0oz.
Cash Cost: $2,200 $2,200 04/24/2026 $0
Extra Operating Cost: $1,000 $1,000 04/24/2026 $0
SILVER 04/24/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 04/24/2026 0.00M
Measured & Indicated: n/a n/a 04/24/2026 0.00M
Inferred: n/a n/a 04/24/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/24/2026 0.00M
Measured & Indicated: n/a n/a 04/24/2026 0.00M
Inferred: n/a n/a 04/24/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 04/24/2026 $0.00
Extra Operating Cost: n/a n/a 04/24/2026 $0.00
Total: n/a n/a 04/24/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $117.03 $102.91 $-14.13
EV / Production (AgEq): $120.52 $105.98 $-14.54
G
R
A
D
E		 Underground (Avg): n/a n/a 04/24/2026 n/a
Open Pit (Avg): n/a n/a 04/24/2026 n/a
Recovery Rate: n/a n/a 04/24/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 04/24/2026 0.00M
Annual Production: n/a n/a 04/24/2026 n/a
Cash Cost: n/a n/a 04/24/2026 n/a
Extra Operating Cost: n/a n/a 04/24/2026 n/a

Property

Last Analysis Data  (04/24/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu
Dev 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
Dev 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		 04/24/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 40.00M 40.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 332.90M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 34.00M 34.00M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 282.96M
Maximum Profit (Gold): $54,734.90M $35,683.34M n/a $-19,051.56M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $54,734.90M $35,683.34M n/a $-19,051.56M
Max Profit / Current MCap: 5.017 3.280 n/a -1.736
Max Profit Per Share (Gold): $84.08 $54.81 n/a $-29.27
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $84.08 $54.81 n/a $-29.27
Total Free Profit Per Share: $67.32 $38.10 n/a $-29.22
FD MCap / Gold Eq.: $320.90 $319.95 n/a $-0.96
FD MCap / Silver Eq.: $5.16 $4.54 n/a $-0.62
FD MCap / Per Metal
as % Spot Price:		 6.81% 7.71% n/a 0.90%
EV / Gold Eq.: $330.46 $329.51 n/a $-0.96
EV / Silver Eq.: $5.32 $4.68 n/a $-0.64
EV / Per Metal
as % Spot Price:		 7.02% 7.94% n/a 0.92%
Measured &
Indicated		 04/24/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 100.00M 100.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 832.24M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 74.80M 74.80M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 622.51M
Maximum Profit (Gold): $120,416.78M $78,503.35M n/a $-41,913.43M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $120,416.78M $78,503.35M n/a $-41,913.43M
Max Profit / Current MCap: 11.037 7.217 n/a -3.820
Max Profit Per Share (Gold): $184.97 $120.59 n/a $-64.38
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $184.97 $120.59 n/a $-64.38
Total Free Profit Per Share: $168.21 $103.88 n/a $-64.33
FD MCap / Gold Eq.: $145.87 $145.43 n/a $-0.44
FD MCap / Silver Eq.: $2.35 $2.06 n/a $-0.28
FD MCap / Per Metal
as % Spot Price:		 3.10% 3.50% n/a 0.41%
EV / Gold Eq.: $150.21 $149.78 n/a $-0.44
EV / Silver Eq.: $2.42 $2.13 n/a $-0.29
EV / Per Metal
as % Spot Price:		 3.19% 3.61% n/a 0.42%

Reserves &
Resources		 04/24/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 140.00M 140.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 1,165.13M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 91.80M 91.80M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 764.00M
Maximum Profit (Gold): $147,784.23M $96,345.02M n/a $-51,439.21M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $147,784.23M $96,345.02M n/a $-51,439.21M
Max Profit / Current MCap: 13.545 8.857 n/a -4.688
Max Profit Per Share (Gold): $227.01 $148.00 n/a $-79.02
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $227.01 $148.00 n/a $-79.02
Total Free Profit Per Share: $210.25 $131.29 n/a $-78.97
FD MCap / Gold Eq.: $118.85 $118.50 n/a $-0.35
FD MCap / Silver Eq.: $1.91 $1.68 n/a $-0.23
FD MCap / Per Metal
as % Spot Price:		 2.52% 2.86% n/a 0.33%
EV / Gold Eq.: $122.39 $122.04 n/a $-0.35
EV / Silver Eq.: $1.97 $1.73 n/a $-0.24
EV / Per Metal
as % Spot Price:		 2.60% 2.94% n/a 0.34%

Future Valuation (Cash Flow & Totals)

Totals 04/24/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
C
U
R
R
E
N
T		 R & R Valuation: $64,854.63M $57,138.75M n/a $-7,715.88M
FD MCap: $10,910.76M $10,878.21M n/a $-32.55M
Annual Gold Production: (guess) 
1,500,000oz.		 (guess) 
1,500,000oz.		 04/24/2026 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E		 FD MCap (Resources): $52,500.00M $52,500.00M n/a $0M
FD MCap Growth (Resources): 381% 383% n/a 1%
FD MCap (Cash Flow): $57,000.00M $57,000M n/a 0.00M
FD MCap Growth (Cash Flow): 422% 424% n/a 2%
Estimated
Price		 USD: $87.56 $87.56 n/a $0.00
Ratio FD MCap (Resources : Cash Flow): 0.92 0.92 n/a 0.00
Annual
Production		 Gold: 1,500,000 oz. 1,500,000 oz. n/a 0 oz.
Silver: n/a n/a n/a n/a
Current
FD MCap / 		Gold Eq. Reserves: 218.22 217.56 n/a -0.65
Silver Eq. Reserves: 6.23 6.22 n/a -0.02
Gold Eq. Production: 7,273.84 7,252.14 n/a -21.70
Silver Eq. Production: 207.82 207.20 n/a -0.62
P&P
Reserves
(oz.)		 Gold: 50.00M 50.00M 04/24/2026 n/a
Silver: n/a n/a 04/24/2026 n/a
Gold Eq.: 50.00M 50.00M 04/24/2026 n/a
Silver Eq.: 1,750.00M 1,750.00M 04/24/2026 n/a
P&P Reserves
per FD
Share (oz.)		 Gold: 0.077 0.077 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.077 0.077 n/a n/a
Silver Eq.: 2.688 2.688 n/a n/a
Free Cash Flow 04/24/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Current: $2,414.78M $1,574.27M n/a $-840.51M
Current Multiple: 4.52 6.91 n/a 2.39
Current FCF/MCap Ratio: 22.13% 14.47% n/a -7.66%
Current FCF/Share: $3.71 $2.42 n/a $-1.29
F
U
T
U
R
E		 @ current pm prices: $2,264.78M $1,424.27M n/a $-840.51M
Multiple @ current pm prices: 4.82 7.64 n/a 2.82
Growth @ current pm prices: -6.21% -9.53% n/a -0.03
@ future prices: $5,700.00M $5,700.00M n/a $0.00M
Multiple @ future prices: 1.91 1.91 n/a -0.01
Growth @ future prices: 262.07% 262.07% n/a 1.26

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