Harmony Gold, South Africa’s largest gold miner, chaired by South African billionaire Patrice Motsepe, posted stronger-than-expected results for the year ended June 30, 2026. Revenue rose 34% to $5.88 billion, while profit jumped more than 100% to $1.85 billion as higher gold prices and the addition of copper operations drove record cash generation and shareholder returns.

Harmony Gold profit rises 102.45%

The Johannesburg-based miner reported profit of R29.45 billion ($1.85 billion), more than double the R14.55 billion ($912.37 million) recorded a year earlier, representing a 102.45% increase. It also reported revenue of R99.24 billion ($5.88 billion), up 34% from R73.9 billion ($4.07 billion) in the previous year, driven primarily by a 35% increase in the average gold price received to R2.07 million ($129,823) per kilogram, alongside revenue from copper sales following its acquisition of MAC Copper.

South African gold remains the primary revenue contributor, supported by disciplined delivery against production, grade and cost guidance. The increase in gold revenue was partially offset by a realised gold hedge book loss of R9.65 billion ($571 million), which lowered the average gold price received.

Headline earnings increased 87% to R27.24 billion ($1.61 billion), while headline earnings per share rose 87% to R43.63 ($2.58) from R23.37 ($1.29). Basic earnings per share more than doubled, rising 103% to R47.01 ($2.78). Adjusted free cash flow reached a record R17.15 billion ($1.02 billion), an increase of 54%, helped by stronger gold prices and the contribution from the CSA copper mine.

Harmony Gold strengthens growth pipeline with copper in portfolio

Harmony produced 44,464 kilograms (1.43 million ounces) of gold during the year, down 3 percent from 46,023kg (1.48 million ounces), but still achieved its production guidance for the 11th consecutive financial year.The average gold price received climbed 35% to R2.07 million/kg ($3,811 an ounce), from R1.53 million/kg ($2,620/oz), helping offset higher costs. Group all-in sustaining costs increased 13% to R1.19 million/kg ($2,195/oz), remaining within guidance, while underground recovered grade stood at 5.83g/t.

The company also entered copper production through the CSA mine, which contributed 18,207 tonnes at a recovered grade of 3.75%. Its C1 cash cost was $2.47 per pound, below guidance, generating R1.88 billion ($111 million) in production profit.

Harmony said FY26 marked a defining stage in its transition into a diversified gold and copper producer, with the CSA mine fully integrated following the acquisition of MAC Copper. The company is also advancing development of its Eva Copper project in Australia after taking the final investment decision in November 2025.

Harmony Gold assets up 64%

Founded in 1950, Harmony Gold operates in South Africa, Papua New Guinea, and Australia. Total assets rose 63.88% to R125.99 billion ($7.89 billion), from R77.5 billion ($4.36 billion) a year earlier. Retained earnings grew by 187.98% from R13.29 billion ($832.86 million) to R38.28 billion ($2.4 billion) in its 2026 fiscal year.

The miner extended the life of its Tshepong North operation to 15 years from six years, while continuing investment in reserve conversion, mine-life extensions and future growth. Its balance sheet remained flexible, with R852 million ($52 million) in net debt following the MAC Copper acquisition, compared with net cash of R11.15 billion ($628 million) a year earlier. Liquidity stood at R17.1 billion ($1.04 billion).

Harmony also secured a new $500 million, AUD500 million and R7 billion syndicated, multi-currency funding package aimed at reducing interest costs, extending maturities and strengthening liquidity. The company declared a final dividend of R7.5 ($0.469) per ordinary share, taking its total FY26 dividend payout to a record R8.1 billion ($503 million), compared with a final dividend of R1.55 a year earlier. Looking ahead, Harmony expects FY27 gold production of 1.3 million to 1.4 million ounces at an AISC of R1.3 million to R1.395 million/kg, while copper production is forecast at 28,000 to 30,000 tonnes at a C1 cash cost of $2.55 to $2.65 per pound.