Harmony Gold Shifts Focus from Cash Generation to Planned Investment

Harmony Gold's recent presentation at Mining Forum Americas 2026 highlighted its focus on disciplined execution and cautious growth. The company reported a strong FY26, with headline earnings per share doubling to ZAR 258 due to a 46% rise in the average gold price received to $3,800 per ounce.

The company's safety record improved significantly, with a lost time injury frequency rate of 5.05, its lowest ever. Harmony also delivered record shareholder returns and met its gold production guidance for the 11th consecutive year, reaching 1.43 million ounces at the upper end of guidance.

The company is shifting from cash generation to planned investment, with capital focused on sustaining the base, improving portfolio quality, and funding Eva Copper. Harmony's reserve base continues to strengthen, supporting long mine life and future flexibility, with gold mineral reserves increasing to 27.4 million ounces.