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HARMONY APPROVES HIGH-MARGIN, LONG-LIFE EVA COPPER PROJECT FOR DEVELOPMENT
Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(Harmony and/or the Company)
HARMONY APPROVES HIGH-MARGIN, LONG-LIFE EVA COPPER PROJECT
FOR DEVELOPMENT
Johannesburg, South Africa. Monday, 24 November 2025. Harmony Gold
Mining Company Limited ("Harmony" or "the Company") is pleased to
announce the completion of the updated Feasibility Study and the
approval of the Final Investment Decision (FID) by the Board of
Directors for the Eva Copper Project ("Eva Copper" or "the Project")
in Queensland, Australia.
Eva Copper is a 100%-owned, high-margin, long-life asset located in
Northwest Queensland. The proposed low strip ratio open pit
development is expected to produce approximately 65 000 tonnes of
copper in concentrate per year during the first five years, with an
expected life-of-mine average production profile of around 60 000
tonnes of copper and 19 000 ounces of gold per annum. This will be
achieved by processing on average 18 million tonnes per annum of ore
over its currently estimated 15-year mine life, at a very attractive
margin with an all-in sustaining cost (AISC) of approximately US$
2.50/lb, delivering robust cash flow generation at strong margins over
the life of this asset.
"The Eva Copper Feasibility Study delivers a strong, high-confidence
outcome that positions Harmony for the next phase of growth as we
continue building a high-quality, low-cost portfolio. Over the past
three years, we have received strong support from the Queensland
Government and key stakeholders as we systematically de-risked this
project, driving resource and reserve expansion at exceptionally low
discovery costs and unlocking further upside potential.
Eva Copper, together with our recent MAC Copper acquisition, creates
a compelling platform that brings together the enduring value of gold
with the future-facing strength of copper, enhancing cash flow
resilience across commodity cycles. In addition to our significant
gold production, our two Australian copper assets are expected to
deliver a combined total of approximately 100 000 tonnes of copper
annually once fully commissioned.
The Project provides compelling exposure to robust copper fundamentals
and, when combined with the current strength in gold prices, offers
significant upside potential. We have confidence in the long-term
outlook for copper and gold, and Eva Copper is poised to deliver
strong free cash flows and attractive margins, while reducing our
overall risk profile. Harmony's diversification into a Tier 1 mining
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jurisdiction strengthens our long-term value proposition as a global
gold and copper producer," says Beyers Nel, Harmony CEO.
Project capital
Project capital is estimated at US$1.55 billion (AUD2.3 billion) to
US$1.75 billion (AUD2.6 billion), expressed in real terms. The capital
profile remains highly manageable, with expenditure phased over a
three-year construction period. We expect a competitive capital
intensity of approximately US$26 000 to US$29 000 per tonne of copper
produced, reinforcing the project's capital efficiency.
Funding and credit ratings
Harmony has maintained a strong balance sheet with net debt to EBITDA
comfortably below 1.0x after the recent acquisition of MAC Copper. As
previously communicated, Harmony is reviewing its balance sheet
structure to align funding with longer-term projects and sustainable
cash flow generation. This approach is designed to maintain financial
flexibility while continuing to prioritise shareholder returns. Our
commitment to dividends remains an integral part of our capital
allocation framework. The Project will therefore be funded through a
balanced mix of internal cash flows and capital-efficient debt
instruments.
To enhance funding flexibility for long-term projects, Harmony has
obtained inaugural public credit ratings with the three major rating
agencies as shown below:
• Fitch Ratings: BB / Stable
• Moody's: Ba1 / Stable
• S&P Global: BB / Stable
These ratings include the financial impact of the Eva Copper project
capital and the MAC Copper acquisition and reflect Harmony's strong
operational performance and balance sheet, prudent financial
management and sound market position.
STRATEGIC RATIONALE AND IMPORTANCE
Since acquiring the Project in October 2022, Harmony has significantly
increased Mineral Resources and Mineral Reserves through 166 000
metres of resource definition drilling. Importantly, this drilling
campaign has deepened our understanding of the ore bodies'
characteristics, informing future opportunities and risk management.
The Project's two million tonne copper resource provides a strong
foundation for continued resource growth and value enhancement, with
the potential to further extend the planned 15-year life-of-mine. This
will strengthen Harmony's long-term copper exposure and growth profile
in the region.
Completion of the Front-End Engineering and Design (FEED) phase has
informed the study's outcomes. It confirms robust economics, low
execution risk, and strategic alignment with Harmony's stated
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intention to improve the quality and resilience of its portfolio and
advance its copper growth ambitions.
Safety and risk
The Project is designed to lower operational risk through a
mechanised, open-pit mining approach supported by a conventional
processing flow sheet. The tailings storage facility meets ANCOLD
standards and incorporates GISTM principles, ensuring best-in-class
safety and governance. The feasibility study confirms the technical
soundness of the design.
Robust technical foundation
The Project is fully permitted, subject to an amendment to the current
Environmental Authority in place. A comprehensive three-year
feasibility study update and FEED phase have been completed, using
Tier 1 contractors, further de-risking the project. Technical and
financial studies have provided confidence in the capital profile and
project scheduling, ensuring disciplined execution and cost
predictability. Early works activities have substantially derisked
project logistics, site access and accommodation.
Geographic diversification
Harmony's expansion into Northwest Queensland, Australia, a highly
prospective historic mining region with good regional infrastructure
and mining skills, expands its growing international operational
footprint.
Near-term copper
First production is estimated to commence in the second half of
calendar year 2028, aligning with the anticipated structural copper
supply gap, which would support higher prices.
Gold and copper commodity mix
A diversified commodity mix of gold and copper positions the company
for long-term value creation. Copper, a critical metal, complements
our gold portfolio, offering counter-cyclical benefits and a strong
price outlook, enhancing resilience and growth potential.
Affordability
Harmony's strong balance sheet and excellent cash flow generation
underpin its ability to deliver consistent shareholder returns while
funding growth. The project's capital intensity is competitive to peer
greenfield developments and reflects disciplined capital allocation.
The project will be financed through a combination of operational cash
flows and debt.
Resilience through the cycle
With a life-of-mine of at least 15 years and strong margins, the
project enhances Harmony's resilience and cash flow generation through
the cycle. Combined with CSA mine, it will provide meaningful copper
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exposure, supporting long-term growth initiatives such as the Tier 1
Wafi-Golpu Project.
Improving the quality of the portfolio
The project will contribute significantly to the Group's production
profile and cash flow generation, once commissioned. It is well-
positioned on the global industry cost curve, producing copper with
an estimated free cash flow margin of 40% over its life-of-mine.
Embedded sustainability and stakeholder support
Embedded sustainability is central to the Eva Copper Project and
incorporates comprehensive environmental management while creating
local employment and business opportunities.
The Company continues to build deep, collaborative relationships with
the Kalkadoon People, the Traditional Owners of the land on which Eva
Copper is located, and the local Cloncurry and Mount Isa communities.
Strategically important for Queensland and its North West region,
independent analysis by economics firm ACIL Allen estimates the
Project will add over AUD17 billion to Queensland's gross state
product over its anticipated 15-year mine life, while providing
significant new employment opportunities during construction and
steady-state operations.
Recognising this importance, the Queensland Government declared Eva
Copper a 'Prescribed Project' in March 2024 to expedite approvals. It
made a conditional grant of AUD20.7 million in July 2024 to support
preliminary site works, which are now largely complete.
With an expected continuous electricity demand of approximately 72MW,
power will be supplied through a bespoke hybrid generation solution
comprising a 118MW solar farm, 62MW of battery storage, and 72MW of
modular diesel generators, achieving an estimated 40% renewable power
penetration. Harmony is collaborating with the Queensland Government
on longer-term power supply options aligned with the state's energy
roadmap.
Feasibility Study Highlights1
Measure Outcome
Mineral Reserves
1.021Mt Cu (4.6Moz Au
Copper
equivalent2)
Gold5 317koz Au
Mineral Resource
1.932Mt Cu (8.6Moz Au
Copper
equivalent2)
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Gold 492koz Au
US$1.55 billion to US$1.75
billion
Capital Investment (Real):
(AUD2.3 billion to AUD2.6
billion)
US$26 000 to US$29 000 per
Capital Intensity
tonne of copper produced
Processing Capacity ~18Mtpa
Average copper grade 0.40%
~65ktpa (Years 1–5)
Copper production
~60ktpa (LOM)
Average gold grade 0.07g/t
Gold production ~19koz
Copper recoveries 82%
Gold recoveries 80%
Strip ratio 1.6:1
Life of Mine (LOM) 15 years
Key project metrics Base Upside*
Long Term Copper Price (USD/lb) 4.503 5.504
Gold Price (USD/oz) 2 237 3 750
AUD/USD Exchange Rate 0.68 0.68
After-tax Net Present Value (AUDm real
445 1 355
2025)
After-tax Internal Rate of Return (%) 11 17
Payback Period from FID (years) 7 6
C1 Net Cash Cost (USD/lb) - first 5
2.07 1.84
years of operations
All-in-Sustaining Cost (USD/lb) -
2.49 2.30
first 5 years of operations
*The upside scenario does not factor in any additional resource-to-
reserve conversion or blue-sky exploration potential; it simply
illustrates the significant value uplift achievable under stronger
copper price environments.
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1. These figures are based on assumptions from the Feasibility Study
Update and may change materially as economic, market and business
conditions, currency fluctuations and commodity prices evolve
2. Gold equivalent using US$4.25/lb copper price; US$2 237/oz gold,
100% recovery of all metals plus contained gold reserve ounces
3. Base case applies a copper curve of USD4.86/lb before reverting
to the long-term price assumption of USD4.50/lb thereafter
4. Upside case applies a flat copper price of USD5.50/lb across the
life of mine
5. Gold Mineral Reserves are reported separately as only three of
the six planned open pits contain economically mineable gold
mineralisation
Next steps
Having secured Board approval of the FID, the project will now
transition from Early Works to Project execution, with the appointment
of an Engineering, Procurement and Construction (EPC) contractor. It
is expected that the EPC and other contractors will mobilise to site
during the third quarter of FY26 to commence processing plant and
related infrastructure construction. First production is expected in
the second half of calendar year 2028, subject to Environmental
Authority amendments.
Please refer to the SENS announcement released on 6 October 2022 for
the details of the transaction. This is available on our website at:
www.harmony.co.za
Further details will be provided as the transaction progresses.
For more details, contact:
Investor Relations
Jeneth Ndlovu
+27 (0) 73 722 6773
Samantha Wright
+27 (0) 82 569 7733
HarmonyIR@harmony.co.za
Johannesburg, South Africa
24 November 2025
JSE Sponsor
J.P. Morgan Equities South Africa (Pty) Ltd
Ratings Advisor:
Citibank, N.A., London Branch
Ends.
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Forward-looking statements
This announcement contains forward-looking statements within the
meaning of the safe harbour provided by Section 21E of the Exchange
Act and Section 27A of the Securities Act of 1933, as amended (the
"Securities Act"), with respect to our financial condition, results
of operations, business strategies, operating efficiencies,
competitive positions, growth opportunities for existing services,
plans and objectives of management, markets for stock and other
matters.
These forward-looking statements, including, among others, those
relating to our future business prospects, revenues, and the potential
benefit of acquisitions (including statements regarding growth and
cost savings) wherever they may occur in this announcement, are
necessarily estimates reflecting the best judgment of our senior
management and involve a number of risks and uncertainties that could
cause actual results to differ materially from those suggested by the
forward-looking statements.
As a consequence, these forward-looking statements should be
considered in light of various important factors, including those set
forth in our integrated annual report. All statements other than
statements of historical facts included in this announcement may be
forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they relate to future
events and circumstances and should be considered in light of various
important factors, including those set forth in this disclaimer.
Readers are cautioned not to place undue reliance on such statements.
Important factors that could cause actual results to differ materially
from estimates or projections contained in the forward-looking
statements include, without limitation: overall economic and business
conditions in South Africa, Papua New Guinea, Australia and elsewhere;
the impact from, and measures taken to address, Covid-19 and other
contagious diseases, such as HIV and tuberculosis; high and rising
inflation, supply chain issues, volatile commodity costs and other
inflationary pressures exacerbated by the geopolitical risks;
estimates of future earnings, and the sensitivity of earnings to gold
and other metals prices; estimates of future gold and other metals
production and sales; estimates of future cash costs; estimates of
future cash flows, and the sensitivity of cash flows to gold and other
metals prices; estimates of provision for silicosis settlement;
increasing regulation of environmental and sustainability matters such
as greenhouse gas emission and climate change, and the impact of
climate change on our operations; estimates of future tax liabilities
under the Carbon Tax Act (South Africa); statements regarding future
debt repayments; estimates of future capital expenditures; the success
of our business strategy, exploration and development activities and
other initiatives; future financial position, plans, strategies,
objectives, capital expenditures, projected costs and anticipated cost
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savings and financing plans; estimates of reserves statements
regarding future exploration results and the replacement of reserves;
the ability to achieve anticipated efficiencies and other cost savings
in connection with, and the ability to successfully integrate, past
and future acquisitions, as well as at existing operations; our
ability to complete ongoing and future acquisitions; fluctuations in
the market price of gold and other metals; the occurrence of hazards
associated with underground and surface gold mining; the occurrence
of labour disruptions related to industrial action or health and
safety incidents; power cost increases as well as power stoppages,
fluctuations and usage constraints; ageing infrastructure, unplanned
breakdowns and stoppages that may delay production, increase costs
and industrial accidents; supply chain shortages and increases in the
prices of production imports and the availability, terms and
deployment of capital; our ability to hire and retain senior
management, sufficiently technically-skilled employees, as well as
our ability to achieve sufficient representation of historically
disadvantaged persons in management positions or sufficient gender
diversity in management positions or at Board level; our ability to
comply with requirements that we operate in a sustainable manner and
provide benefits to affected communities; potential liabilities
related to occupational health diseases; changes in government
regulation and the political environment, particularly tax and
royalties, mining rights, health, safety, environmental regulation
and business ownership including any interpretation thereof; court
decisions affecting the mining industry, including, without
limitation, regarding the interpretation of mining rights; our ability
to protect our information technology and communication systems and
the personal data we retain; risks related to the failure of internal
controls; the outcome of pending or future litigation or regulatory
proceedings; fluctuations in exchange rates and currency devaluations
and other macroeconomic monetary policies, as well as the impact of
South African exchange control regulations; the adequacy of the
Group's insurance coverage; any downgrade of South Africa's credit
rating and socio-economic or political instability in South Africa,
Papua New Guinea, Australia and other countries in which we operate;
changes in technical and economic assumptions underlying our mineral
reserves estimates; geotechnical challenges due to the ageing of
certain mines and a trend toward mining deeper pits and more complex,
often deeper underground, deposits; and actual or alleged breach or
breaches in governance processes, fraud, bribery or corruption at our
operations that leads to censure, penalties or negative reputational
impacts.
The foregoing factors and others described under "Risk Factors" in
our Integrated Annual Report (www.har.co.za) and our Form 20-F should
not be construed as exhaustive. We undertake no obligation to update
publicly or release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this annual
report or to reflect the occurrence of unanticipated events, except
as required by law. All subsequent written or oral forward-looking
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statements attributable to Harmony or any person acting on its behalf
are qualified by the cautionary statements herein. Any forward-looking
statements contained in these financial results have not been reviewed
or reported on by Harmony's external auditors.
Competent Person's and Qualified Person's Statement
The information in this announcement that relates to the Eva Copper
Mineral Reserve is based on information compiled by Daniel Ross,
FAusIMM (221242), RPEQ 18378, a Competent Person as defined by the
SAMREC Code and a Qualified Person as defined under SK-1300. Daniel
is a full-time employee of Harmony. He has sufficient experience
relevant to the style of mineralisation and type of deposit under
consideration and consents to the inclusion of the information in the
form and context in which it appears. This competent person consents
to the inclusion in the announcement of the matters based on the
information in the form and context in which it appears.
The information that relates to the Mineral Resource estimate remains
unchanged from that published as at 30 June 2025. Harmony confirms
that it is not aware of any new information or data that materially
affects the Mineral Resource, and that all assumptions used in the
2025 estimate continue to apply.
Both the Resource and Reserve estimates use the same underlying
geological model, and the declared Reserve is wholly derived from
Indicated Mineral Resources only. The Mineral Resource continues to
demonstrate reasonable prospects for eventual economic extraction
(RPEEE) under SAMREC.
The Mineral Reserve for the Eva Copper Project has been prepared and
reported in accordance with the SAMREC Code (2016, as amended 2020)
and SK-1300 disclosure requirements. The Reserve is based on the 2025
Feasibility Study, which incorporates all relevant Modifying Factors
including mining, metallurgical, processing, geotechnical,
hydrological, infrastructure, economic, marketing, environmental,
social, legal and governmental considerations at a Feasibility Study
level of confidence.
The Reserve estimate is based on pit optimisation and scheduling using
industry-standard software and incorporates dilution and ore loss via
10m × 10m × 10m Selective Mining Unit regularisation.
Mining will be undertaken using conventional open-pit methods (drill-
and-blast, truck-and-shovel) with staged pit designs, and ore
blending/stockpiling to optimise feed grade and recovery. Processing
is via an 18 Mtpa concentrator using a conventional crush-grind-
flotation flowsheet, with sulphide ore processed initially and native
copper ore blended up to 25% of feed before being processed alone in
the final year.
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Cut-off grades applied are 0.17% Cu (sulphide) and 0.25% Cu (native
copper), derived using a Net Smelter Return methodology.
Economic assumptions used in the Reserve estimation include the long
term copper price of US$4.25/lb, a gold price of US$2 237/oz, and a
US$:AUD exchange rate of 1.47.
Copper Reserve
Reserve Tonnes (Mt) Grade (%Cu) Copper (kt)
Proved - - -
Probable 252 0.40 1 021
Reserves 252 0.40 1 021
Gold Reserve
Reserve Tonnes (Mt) Grade (g/t Gold (koz)
Au)
Proved - - -
Probable 148 0.07 317
Reserves 148 0.07 317
Note: Gold Mineral Reserves are reported separately as only three of
the six planned open pits contain economically mineable gold. The gold
tonnes represent the gold-bearing portion of ore from these pits and
are not additive to the Copper Reserve tonnage.
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Date: 24-11-2025 10:04:00
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