Harmony Gold Mining (0J39) AI Stock Analysis

Company Guidance

On the FY2026 results call Harmony said it met guidance across key operating metrics: group gold production of 1.43 Moz, underground recovered gold grade of 5.83 g/t and all‑in sustaining cost of ZAR 1.19m/kg (USD 2,195/oz) were all in line with guidance, while CSA contributed 18,207 t of copper at a recovered grade of 3.75% and a C1 cash cost of USD 2.47/lb; management signalled a pathway to 40,000 tpa copper and reported record development of 560 m in June and 12,000 m drilled in Q4 (with intercepts up to 12% Cu). Financially, revenue rose 34% to ZAR 100bn (USD 5.9bn), headline EPS rose 87% to ZAR 43.63/share, adjusted free cash flow grew 54% to ZAR 17bn (USD 1bn), and a record final dividend of ZAR 4.8bn (ZAR 7.50/share) took full‑year dividends to ZAR 8.2bn (ZAR 12.80/share, ~3.5% yield). On resources and reserves, gold MREs were steady at ~107 Moz, gold reserves rose to 27.4 Moz, copper MREs increased 18.5% to 7.4 Mt and copper reserves rose 71% to 4.0 Mt (including Eva and CSA), while management highlighted ~350,000 oz of conceptual “blue‑sky” upside (150k mine‑life extension, 100k tailings, ~100k other optimisations), maintained Eva Copper first‑copper and CapEx guidance for 2028, and noted remaining contingent liabilities of ~ZAR 2.1bn (Mponeng ZAR 433m, Eva ZAR 540m, Glencore NSR ~ZAR 1.1bn).