• Group LTIFR#
at 4.84 with safety performance trending in
the right direction
• 18% increase in underground recovered grades to
6.29g/t from 5.35g/t
• 17% increase in total gold production to 13 223kg
(425 130oz) from 11 301kg (363 336oz)
• 7% improvement in group all-in sustaining costs (AISC)
to R841 436/kg (US$1 404/oz) from R907 573/kg
(US$1 657/oz)
• 33% increase in gold revenue to R14 781 million
(US$793 million) from R11 137 million (US$654 million)
• 18% increase in average gold price received to
R1 127 208/kg (US$1 881/oz) from R955 010/kg
(US$1 743/oz)
• 278% increase in group operating free cash flow to
R3 236 million (US$174 million) from R857 million
(US$50 million) driven by higher recovered grades at
Mponeng, Moab Khotsong and Hidden Valley
• High-grade underground operations contributed 53%
towards group operating free cash flow
• Hidden Valley mine contributed 22% towards group
operating free cash flow
• Net debt to EBITDA at zero from 0.2 times at the end of
the previous financial year
• We remain on track to meet our FY24 production, cost
and grade guidance

Uranium is a by-product from the gold extraction process at Moab
Khotsong. This quarter, uranium production increased by 50% to 70 044kg
(154 420lb) from 46 710kg (102 978lb) in Q1FY23. Uranium sold
increased 116% to 92 987kg (205 000lb) from 43 091kg (95 000lb).
Year-on-year, the average uranium price received increased by 24%
to US$58.21/lb from US$47.01/lb, resulting in uranium revenue of
R223 million (US$12 million) for the quarter.
The rand gold price remained favourable, increasing by 18% to
R1 127 208/kg (US$1 881/oz) from R955 010/kg (US$1 743/oz)
year-on-year. The strong rand/kg gold price continues to provide
Harmony with a significant tailwind.
Gold revenue increased by 33% to R14 781 million (US$793 million) this
quarter from R11 137 million (US$654 million) in Q1FY23.
We continue to manage costs carefully and are pleased that all our cost
metrics per unit are lower year-on-year – in both rand and US dollar terms
– as a result of the higher recovered grades, low-cost surface retreatment
production and higher by-product credits from silver and uranium.
• Cash operating costs in Q1FY24 decreased by 6% to R711 999/kg
(US$1 188/oz) from R756 166/kg (US$1 380/oz) in Q1FY23
• All-in sustaining costs (AISC) decreased by 7% to R841 436/kg
(US$1 404/oz) from R907 573/kg (US$1 657/oz) in Q1FY23
• All-in costs (AIC) decreased by 5% to R900 505/kg (US$1 503/oz) from
R946 228/kg (US$1 727/oz)
Group operating free cash flows increased by 278% in Q1FY24 to
R3 236 million (US$174 million) from R857 million (US$50 million) in
Q1FY23. Group operating free cash flow margins increased to 22% in this
reporting period from 8% in Q1FY23.
The Company’s balance sheet has continued to strengthen this quarter
as we reduced our net debt to R117 million (US$6 million) from
R2 726 million (US$145 million) at the end of the 2023 financial year. Net
debt to EBITDA ratio is 0.0 times from 0.2 times in the previous quarter. * Q1FY23 – three-month period ended 30 September 2022
# LTIFR – lost-time injury frequency rate
Please note that financial information has not been reviewed or audited by the
Company's external auditors

see & read more on
https://thevault.exchange/?get_group_doc=165/1699852512-HAR-operational-update-Q1FY24.pdf