HARMONY GOLD MINING COMPANY LIMITED

Technical Report Summary of the

Mineral Resources and Mineral Reserves

for

Tshepong South

Free State Province, South Africa

Effective Date: 30 June 2023

Final Report Date: 31 August 2023

Technical Report Summary for

Tshepong South, Free State Province, South Africa

IMPORTANT NOTICE

This Technical Report Summary has been prepared for Harmony Gold Mining Company Limitedin support of disclosure and filing requirements with the United States Securities and Exchange Commission’s (SEC) under Regulation S-K 1300; 229.601(b)(96). The quality of information, estimates, and conclusions contained in this Technical Report Summary apply as of the effective date of this report. Subsequent events that may have occurred since that date may have resulted in material changes to such information, estimates and conclusions in this summary. No other party is entitled to rely on this report beyond its intended use and any reliance by a third party on this report is done so at that party’s own risk.

Effective Date: 30 June 2023

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

List of Contents

1	Executive Summary			1
2	Introduction			6
3	Property Description and Location			7
	3.1	Mineral Tenure		7
	3.2	Property Permitting Requirements		7
4	Accessibility, Climate, Local Resources, Infrastructure and Physiography			10
	4.1	Accessibility		10
	4.2	Physiology and Climate		10
	4.3	Local Resources and Infrastructure		10
5	History			11
	5.1	Historical Ownership and Development		11
	5.2	Historical Exploration		11
	5.3	Previous Mineral Resource and Mineral Reserve Estimates		11
	5.4	Past Production		12
6	Geological Setting, Mineralisation and Deposit			14
	6.1	Regional Geology		14
	6.2	Local Geology		14
	6.3	Property Geology		17
		6.3.1	Basal Reef Lithology	17
		6.3.2	B Reef Lithology	17
		6.3.3	Structure	20
	6.4	Mineralisation		21
		6.4.1	Basal Reef	21
		6.4.2	B Reef	21
		6.4.3	Alteration	21
	6.5	Deposit Type		21
	6.6	Commentary on Geological Setting, Mineralisation and Deposit		22
7	Exploration			23
	7.1	Geophysical Surveys		23
	7.2	Topographic Surveys		23
	7.3	Underground Mapping		23
	7.4	Channel Sampling Methods and Sample Quality		23
	7.5	Surface Drilling Campaigns, Procedures, Sampling, Recoveries and Results		23
		7.5.1	Drilling Methods	26
		7.5.2	Collar and Downhole Surveys	26
		7.5.3	Logging Procedures	26
		7.5.4	Drilling Results	27
		7.5.5	Core Recovery	30
		7.5.6	Sample Length and True Thickness	30
	7.6	Underground Drilling Campaigns, Procedures and Sampling		31
		7.6.1	Drilling Methods	31
		7.6.2	Collar and Downhole Surveys	31
		7.6.3	Logging Procedures	31
		7.6.4	Drilling Results	32
		7.6.5	Core Recovery	32

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		7.6.6	Sample Length and True Thickness	32
	7.7	Hydrogeology		32
	7.8	Geotechnical Data		33
	7.9	Commentary on Exploration		36
8	Sample Preparation, Analyses and Security			37
	8.1	Sampling Method and Approach		37
		8.1.1	Channel Samples	37
		8.1.2	Core Samples	37
	8.2	Density Determination		38
	8.3	Sample Security		38
	8.4	Sample Storage		38
	8.5	Laboratories Used		38
	8.6	Laboratory Sample Preparation		38
	8.7	Assaying Methods and Analytical Procedures		39
	8.8	Sampling and Assay Quality Control (“QC”) Procedures and Quality Assurance (“QA”)		39
		8.8.1	Standards	39
		8.8.2	Blanks	40
		8.8.3	Duplicates	40
	8.9	Comment on Sample Preparation, Analyses and Security		40
9	Data verification			41
	9.1	Databases		41
	9.2	Data Verification Procedures		41
	9.3	Limitations to the Data Verification		41
	9.4	Comment on Data Verification		41
10	Mineral Processing and Metallurgical Testing			42
	10.1	Extent of Processing, Testing and Analytical Procedures		42
	10.2	Test Results and Recovery Estimates		42
	10.3	Degree of Representation of Mineral Deposit		43
	10.4	Commentary of Mineral Processing and Metallurgical Testing		43
11	Mineral Resource Estimate			44
	11.1	Geological Database		44
	11.2	Global Statistics		44
	11.3	Geological Interpretation		45
	11.4	Structural Wireframe Model		45
	11.5	Compositing		45
	11.6	Capping		46
	11.7	Variography		46
	11.8	Mineral Resource Estimation Methods and Parameters		48
	11.9	Density Assignment		51
	11.10	Model Validation		51
	11.11	Mineral Resource Evaluation		51
	11.12	Mineral Resource Classification and Uncertainties		51
	11.13	Mineral Resource Estimate		52
	11.14	Mineral Resource Reconciliation		55
	11.15	Comment on Mineral Resource Estimates		55
12	Mineral Reserve Estimate			56

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	12.1	Tshepong South		56
		12.1.1	Key Assumptions, Parameters, and Methods Used to Estimate the Mineral Reserve	56
		12.1.2	Modifying Factors	56
		12.1.3	Mineral Reserve Estimate	57
		12.1.4	Mineral Reserve Reconciliation	58
	12.3	Commentary on Mineral Reserve Estimate		58
13	Mining Method			59
	13.1	Mining Operations		59
		13.1.1	Tshepong South	59
		13.1.2	Sequential Grid Mining (“SGM”)	59
		13.1.3	Open Stoping	60
		13.1.4	Integrated Approach	60
	13.2	Mine Design		60
		13.2.1	Mine Design Parameters	62
	13.3	Geotechnical Considerations and Seismic Monitoring		63
	13.4	Geohydrological Considerations		64
	13.5	Mine Plan Development and Life of Mine (“LOM”) Schedule		64
	13.6	Mining Rates		67
	13.7	Grade and Dilution Control		67
	13.8	Mining Equipment and Machinery		67
	13.9	Ore transport		68
	13.10	Mining Personnel		68
	13.11	Commentary on Mining Methods		70
14	Processing and Recovery Methods			71
	14.1	Mineral Processing Description		71
	14.2	Plant Throughput, Design, Equipment Characteristics and Specifications		73
	14.3	Energy, Water, Process Material and Personnel Requirements		73
		14.3.1	Energy	73
		14.3.2	Water	73
		14.3.3	Process Material	73
		14.3.4	Personnel	73
	14.4	Commentary on the Processing and Recovery Methods		73
15	Infrastructure			76
	15.1	Surface Infrastructure		76
		15.1.1	Ore and Waste Rock Storage Facilities	76
		15.1.2	Tailings Storage Facilities	76
		15.1.3	Rail	76
	15.2	Underground Infrastructure and Shafts		81
		15.2.1	RailVeyorTM	81
	15.3	Power and Electrical		81
	15.4	Water Usage		81
	15.5	Logistics and Supply		82
	15.6	Commentary on Infrastructure		82
16	Market Studies			83
	16.1	Market Overview		83

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	16.2	Global Production and Supply		83
		16.2.1	New Mine Production	84
		16.2.2	Recycling	84
	16.3	Global Consumption and Demand		84
		16.3.1	Jewellery	85
		16.3.2	Investment	85
		16.3.3	Currency	85
	16.4	Gold Price		86
		16.4.1	Historical Gold Price	86
		16.4.2	Forecast Gold Price	86
		16.4.3	Harmony Group Gold Hedging Policy	87
	16.5	Commentary on Market Studies		88
	16.6	Material Contracts		88
17	Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups			89
	17.1	Results of Environmental Studies		89
	17.2	Waste and Tailings Disposal, Monitoring & Water Management		89
	17.3	Permitting and Licences		90
	17.4	Local Stakeholder Plans and Agreements		91
	17.5	Mine Closure Plans		91
	17.6	Status of Issues Related to Environmental Compliance, Permitting, and Local Individuals or Groups		92
	17.7	Local Procurement and Hiring		92
	17.8	Commentary on Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups		92
18	Capital and Operating Costs			94
	18.1	Capital Costs		94
	18.2	Operating Costs		94
	18.3	Comment on Capital and Operating Costs		94
19	Economic Analysis			95
	19.1	Key Economic Assumptions and Parameters		95
		19.1.1	Gold Price	95
		19.1.2	Exchange Rate	95
		19.1.3	Royalties	96
		19.1.4	Taxes	97
		19.1.5	Summary	97
	19.2	Economic Analysis		97
	19.3	Sensitivity Analysis		98
20	Adjacent properties			101
21	Other Relevant Data and Information			102
22	Interpretation and Conclusions			103
23	Recommendations			105
24	References			106
25	Reliance on Information Provided by the Registrant			107

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List of Figures

Figure 3-1: Location of Tshepong South in the Free State Goldfield	8
Figure 3-2: Mineral Tenure for Tshepong South	9
Figure 5-1: Graph of Past Production – Tonnes and Grade	13
Figure 5-2: Graph of Past Metal Production	13
Figure 6-1: Regional Geology of the Witwatersrand Basin	15
Figure 6-2: Simplified stratigraphy of the Free State Goldfield	16
Figure 6-3: Structural Geology of the Free State Goldfields	18
Figure 6-4: Tshepong South Cross Section	19
Figure 7-1: Location of Channel Samples Collected from the Basal Reef	24
Figure 7-2: Location of Channel Samples Collected from the B Reef	25
Figure 7-3: Location of Surface and Underground Drill Holes on the Basal Reef	28
Figure 7-4: Location of Surface and Underground Drill Holes on the B Reef	29
Figure 11-1: Tshepong South Basal and B Reef Geozones	47
Figure 11-2: Tshepong South Basal Reef and B Reef Estimation Results	50
Figure 11-3: Location and Classification of Tshepong South Mineral Resources and Mineral Reserves for the Basal Reef	53
Figure 11-4: Location and Classification of Tshepong South Mineral Resources and Mineral Reserves for the B Reef	55
Figure 13-1: Schematic Representation of the SGM Sequence	60
Figure 13-1A: Schematic Representation of the Sequential Mining Method	61
Figure 13-2: Tshepong South LOM Plan	65
Figure 13-3: Graph of Tshepong South Mine LOM Plan – Tonnes and Grade	65
Figure 13-4: Graph of Tshepong South Mine LOM Plan – Gold Produced (oz)	66
Figure 13-5: Tshepong South Shaft and Underground Infrastructure	69
Figure 14-1: Schematic Flow Diagram of the Metallurgical Process	72
Figure 14-2: Graph of Tshepong South Historical Recovery Factor (18 month actual)	75
Figure 15-1: Tshepong South Surface Layout and Infrastructure	77
Figure 15-2: Tshepong South Detailed Surface Infrastructure	78
Figure 15-3: Nyala Detailed Surface Infrastructure	79
Figure 15-4: Harmony One Plant Detailed Surface Infrastructure	80
Figure 19-1: Graph of Consensus ZAR : USD Exchange Rate Forecast	97

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Tshepong South, Free State Province, South Africa

List of Tables

Table 1-1: Summary of Tshepong South Mineral Resources as at June 30, 2023 (Exclusive of Mineral Reserves)	2
Table 1-2: Summary of Tshepong South Mineral Reserves as at June 30, 2023	4
Table 1-3: Summary of Capital Cost Estimate for Tshepong South	5
Table 1-4: Summary of Operating Cost Estimate for Tshepong South	5
Table 1-5: Status of Environmental Permits and Licences	5
Table 2-1: QP Qualification, Section Responsibilities and Personal Inspections	6
Table 3-1: Summary of Mining Rights for Tshepong South	7
Table 5-1: Summary of Historical Ownership Changes and Activities of Tshepong South	11
Table 5-2: Summary of the Previous Tshepong South Mineral Resources as at June 30, 2022 (Exclusive of Mineral Reserves)	12
Table 5-3: Summary of the Previous Tshepong South Mineral Reserves as at June 30, 2022	12
Table 7-1: Summary of Surface and Underground Drilling for Tshepong South	30
Table 7-2: Drill hole Acceptance Criteria	30
Table 7-3: Summary of Recent Tshepong South Underground Drill Holes Intersecting the Basal Reef	34
Table 7-4: Summary of Recent Tshepong South Underground Drill Holes Intersecting the B Reef	35
Table 8-1: Summary of Harmony Assay Laboratory SRM Performance for Tshepong South	39
Table 11-1: Global Statistics for Basal and B Reef	45
Table 11-2: Capping Values by Reef and Geozone	48
Table 11-3: Harmony Economic Assumptions (June 30, 2023)	51
Table 11-4: Summary of Tshepong South Mineral Resources as at June 30, 2023 (Exclusive of Mineral Reserves)	54
Table 12-1: Tshepong South Modifying Factors Used for Mineral Reserve Determination	57
Table 12-2: Summary of Tshepong South Mineral Reserves as at June 30, 2023	58
Table 13-1: Tshepong South Mine Design Parameters	62
Table 13-2: Tshepong South Mine Mining Personnel	68
Table 14-1: Key Design Parameters and Equipment Specifications	73
Table 14-2: Harmony One Plant Consumables	73
Table 14-3: Harmony One Plant Personnel	73
Table 16-1: Material Contracts	88
Table 17-1: Status of Environmental Permits and Licences	91
Table 17-2: Mine Closure Liability	92
Table 17-3: Rehabilitation Assurance	92
Table 18-1: Summary of Capital Cost Estimate for Tshepong South	94
Table 18-2: Summary of Operating Cost Estimate for Tshepong South	94
Table 19-1: Conversions Used in Gold Price Calculations	95
Table 19-2: ZAR:USD Exchange Rate Performance (June 2019 – June 2022)	95
Table 19-3: Key Economic Assumptions and Parameters for Tshepong South Cash Flow	97
Table 19-4: Tshepong South Cash Flow	99
Table 19-5: Gold Price Sensitivity Analysis	100
Table 19-6: Total Operating Cost Sensitivity Analysis	100
Table 19-7: Gold price, Operating Costs, and Production Variation Sensitivity Analysis	100
Table 25 1: Other Specialists	107

Effective Date: 30 June 2023

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Units of Measure and Abbreviations

Unit / Abbreviation	Description or Definition
°C	degrees Celsius
µm	Micrometres
2D	Two-dimensional
3D	Three-dimensional
AE	Abnormal expenditure
Ag	Silver
AngloGold Ashanti	AngloGold Ashanti Limited
ARM	African Rainbow Minerals Limited
ARMGold	ARM Gold Division
Au	Gold
AuBIS	Harmony electronic database
Ave.	Average
BLR	Black Reef
BMD	Below mine datum
Bn	Billion
c.	Approximately
CIP	Carbon-In-Pulp
CLR	Carbon Leader Reef
cm	Centimetre
cmg/t	Centimetre-grams per tonne
CODM	Chief Operating Decision-Maker
Company	Harmony Gold Mining Company Limited
COP	Code of Practice
CRG	Central Rand Group
CRM	Certified Reference Material
CV	Coefficient of Variation
DBH	Dewatering borehole
DMRE	Department of Mineral Resources and Energy
DWAFEC	Department of Water Affairs, Forestry and Environmental Conservation
DWS	Department of Water and Sanitation
EIA	Environmental Impact Assessment
EMPR	Environmental Management Programme
EMS	Environmental Management System
EMTS	Electric Monorail Transport System
ESG	Environmental Social and Governance
ETF	Exchange traded fund
FAG	Fully autogenous
FX	Foreign Exchange rate
g	Gram
g/t	Grams per metric tonne
GBH	Groundwater boreholes
GDARD	Gauteng Department of Agriculture and Rural Development
GHG	Greenhouse gas
GISTM	Global Industry Standard on Tailings Management
ha	Hectare
Harmony	Harmony Gold Mining Company Limited
HLS	Heavy liquid separation
HPE	Hydro-powered
kg	Kilogram

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

Unit / Abbreviation	Description or Definition
km	Kilometre
km2	Square kilometre
kWh	Kilowatt-hour
LBMA	London Bullion Market Association
LIB	Long Inclined Borehole
LOM	Life of Mine
LOI	Loss on ignition
Ltd	Limited
m	Metre
M	Million
m3/hr	Cubic metres per hour
MCC	Mining Charter Compliance
MCF	Mine Call Factor
Moz	Million troy ounces
MPRDA	Mineral and Petroleum Resources Development Act, 28 of 2002
Mt	Million tonnes
Mtpa	Million tonnes per annum
Mtpm	Million tonnes per month
NEMA	National Environmental Management Act, 107 of 1998
No.	Number
NPV	Net present value
oz	Troy ounce
OTC	Over the counter
Tshepong South	Tshepong South Mine
Pty	Proprietary
QA/QC	Quality Assurance/Quality Control
QEMSCAN	Scanning electron microscope
QP	Qualified Person
ROM	Run-of-Mine
SACNASP	South African Council for Natural Scientific Professions
SAMREC	The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves
SD	Standard Deviation
SEC	Securities and Exchange Commission
SGM	Sequential Grid Mining
SLP	Social Labour Plan
t	Metric tonne
t/m3	Tonne per cubic metre
Target	Target Mine
TCFD	Task Force on Climate-Related Financial Disclosure
TMS	Trace mineral search
TRS	Technical Report Summary
TSF	Tailings Storage Facility
Tshepong	Tshepong Mine
USD	United States Dollars
USD/oz	United States Dollar per troy ounce
WRG	West Rand Group
WUL(s)	Water Use Licence(s)
XRD	X-ray diffraction
ZAR	South African Rand
ZAR/kg	South African Rand per kilogram

Effective Date: 30 June 2023

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

Glossary of Terms

Term	Definition
Co-kriging	A method that is used to predict the value of the point at unobserved locations by sample points that are known to be spatially interconnected by adding other variables that have a correlation with the main variable or can also be used to predict 2 or more variables simultaneously.
Cut-off grade	Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing “prospects of economic extraction,” the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio.
Dilution	Unmineralised rock that is by necessity, removed along with ore during the mining process that effectively lowers the overall grade of the ore.
Head grade	The average grade of ore fed into the mill.
Economically viable	Economically viable, when used in the context of Mineral Reserve determination, means that the qualified person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions.
Indicated Mineral Resource	Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a probable Mineral Reserve.
Inferred Mineral Resource	Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project and may not be converted to a Mineral Reserve.
Kriging	A method of interpolation based on Gaussian process governed by prior covariances. It uses a limited set of sampled data points to estimate the value of a variable over a continuous spatial field
Mine Call Factor	The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing with the amount estimated in the ore based on sampling.
Measured Mineral Resource	Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.
Mineral Reserve	Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.
Mineral Resource	Mineral Resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralisation, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralisation drilled or sampled.

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Term	Definition
Modifying Factors	Modifying factors are the factors that a qualified person must apply to Indicated and Measured Mineral Resources and then evaluate in order to establish the economic viability of Mineral Reserves. A qualified person must apply and evaluate modifying factors to convert Measured and Indicated Mineral Resources to Proven and Probable Mineral Reserves. These factors include but are not restricted to; mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.
Pre-Feasibility Study	A pre-feasibility study (or preliminary feasibility study) is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. (1) A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a qualified person to determine if all or part of the Indicated and Measured Mineral Resources may be converted to Mineral Reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable. (2) A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A pre-feasibility study is more comprehensive and results in a higher confidence level than an initial assessment.
Probable Mineral Reserve	Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource.
Proven Mineral Reserve	Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and can only result from conversion of a Measured Mineral Resource.
Qualified Person	A qualified person is: (1) A mineral industry professional with at least five years of relevant experience in the type of mineralisation and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and (2) An eligible member or licensee in good standing of a recognized professional organization at the time the technical report is prepared. For an organization to be a recognized professional organization, it must: (i) Be either: (A) An organization recognized within the mining industry as a reputable professional association; or (B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining, geoscience or related field; (ii) Admit eligible members primarily on the basis of their academic qualifications and experience; (iii) Establish and require compliance with professional standards of competence and ethics; (iv) Require or encourage continuing professional development; (v) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and (vi) Provide a public list of members in good standing.
Tailings	Finely ground rock of low residual value from which valuable minerals have been extracted is discarded and stored in a designed dam facility.

Effective Date: 30 June 2023

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

1Executive Summary

Section 229.601(b)(96) (1)

The Qualified Person(s) (“QP”) of Harmony Gold Mining Company Limited (“Harmony” or the “Company”) have prepared this Technical Report Summary (“TRS”) to disclose the Mineral Resource and Mineral Reserve estimates for the Company’s Tshepong South. The TRS has been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) property disclosure regulations, S-K 1300, with an effective date as at June 30, 2023. No material changes have occurred between the effective date and the date of signature of this TRS.

Property Description

Tshepong South comprise the underground and surface assets associated with one mine, namely Tshepong South (“Tshepong South” or “Tshepong South Mine”), situated between the towns of Welkom and Odendaalsrus in the Free State Province of South Africa. The mine is a moderate to deep-level gold mine, operating at depths of between 1.6km and 2.4km below mine datum (“BMD”). The primary reef mined is the Basal Reef, with additional gold mineralisation being found in the B Reef and A Reef.

Mining at Tshepong South is carried out under the following mining right, covering both Tshepong North and Tshepong South:

•FS30/5/1/284MR, which is valid from 11 December 2007 to 10 December 2029 and covers an area of 10,798.74 hectares (“ha”).

The mining right was originally held in a joint venture between African Rainbow Minerals Limited (“ARM”) Gold Division (“ARMGold”) and Harmony until ARMGold was incorporated into Harmony.

All relevant underground mining and surface right permits, and any other permit related to the work conducted on the property have been obtained and are valid. There are no known legal proceedings (including violations or fines) against Harmony, which threaten its mineral rights, tenure, or operations.

Ownership

Tshepong South is wholly owned by Harmony, including the associated mineral rights. Harmony commenced acquiring the assets through the acquisition of AngloGold Ashanti Limited (“AngloGold Ashanti”) Free State operations in 2001, together with ARMGold. ARMGold was subsequently incorporated into Harmony in 2003, giving Harmony 100% ownership and control of the Tshepong South.

Geology and Mineralisation

Tshepong South is situated in the Free State Goldfield, on the southwestern margin of the Witwatersrand Basin of South Africa, one of the most prominent gold provinces in the world. The major gold bearing conglomerate reefs are mostly confined to the Central Rand Group (“CRG”) of the Witwatersrand Supergroup.

The general orientation of the Witwatersrand Supergroup succession in this goldfield is interpreted as north-trending, within a syncline that is plunging to the north. The syncline has been divided by faults into the Odendaalsrus, Central Horst and Virginia sections. The Tshepong South mining right area is also affected by the Ophir and Dagbreek faults.

Tshepong South exploited primarily the Basal Reef, which occurs within the Harmony Formation of the Johannesburg Subgroup of the CRG.

Mineralisation also occurs within the stratigraphically higher A and B reefs of the Kimberley (formerly Aandenk) Formation, within the Turffontein subgroup of the CRG. However, only the B Reef can be economically extracted.

Mineralisation is associated with the presence of medium to coarse, clast-supported oligomictic pebble horizons. The presence of allogenic pyrite and detrital carbon is also common.

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

Status of Exploration, Development and Operation

The Basal Reef at Tshepong South has been extensively explored from historic borehole data collected during initial Shaft Sinking stage beginning of 1994 and vigorous data collection (Borehole and Chip sample) in the early 2007 when development from the Station commenced. Recent exploration has mainly focused on improving confidence in the geological model, as well as adding and upgrading Mineral Resources to replace the mining depletion. Geological data has been obtained through underground channel sampling, mapping and exploration drilling. Initial exploration included a historical geophysical seismic survey and surface diamond core drilling comprising of nine mother holes. This was followed up with closer spaced underground data gathering exercises.

Mineral Resource Estimate

The Mineral Resources for the Basal Reef and B Reef were estimated by the Harmony QP in Datamine™ Studio software. The QP created block models based on a verified electronic database containing surface drill hole data, as well as underground drilling, mapping, and sampling data obtained up until December 2022. Gold values were estimated using ordinary and simple macro kriging interpolation methods.

The Mineral Resources for Tshepong South were correspondingly originally prepared, classified and reported in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (“SAMREC, 2016”). For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K).

The QP compiling the Mineral Resource estimate for Tshepong South is Ms Bothepha Phetlhu, Ore Reserve Manager at Tshepong South and an employee of Harmony.

The Mineral Resource estimate for Tshepong South, as at June 30, 2023, exclusive of the reported Mineral Reserves is summarised in Table 1-1.

Table 1-1: Summary of Tshepong South Mineral Resources as at June 30, 2023 (Exclusive of Mineral Reserves) 1-8

METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	5.661	13.02	73 695
Indicated	6.680	11.67	77 950
Total / Ave. Measured + Indicated	12.341	12.29	151 645
Inferred	25.090	10.67	267 678
IMPERIAL
Mineral Resource Category	Tons (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Measured	6.241	0.380	2.369
Indicated	7.363	0.340	2.506
Total / Ave. Measured + Indicated	13.604	0.358	4.875
Inferred	27.657	0.311	8.606

Notes:

1.    Mineral Resources are reported with an effective date of June 30, 2023 were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Ms B Phetlhu, who is Ore Reserve Manager at Tshepong South, and a Harmony employee.

2.    The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3.    No modifying factors or dilution sources have been included to in-situ Reserve which was subtracted from the SAMREC Resource in order to obtain the S-K 1300 Resource.

4.    The Mineral Resources are reported using a cut-off value of 780cmg/t determined at a 90% profit guidance, and a gold price of USD1,764/oz. A unit cost of 4411 R/Tonne.

5.    Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

6.    Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability.

7.    Rounding as required by reporting guidelines may result in apparent summation differences.

8.    The Mineral Resource estimate is for Harmony’s 100% interest.

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

Mineral Reserve Estimate

Mineral Reserves are derived from the Mineral Resources, a detailed business plan and the operational mine planning processes. Mine planning utilises and takes into consideration historical technical parameters achieved. In addition, Mineral Resource conversion to Mineral Reserves considers Modifying Factors, dilution, ore losses and minimum mining widths.

Ore Reserves for Tshepong South were tested using the prescribed Optimiser, a macro driven programme that takes into consideration all Signed-off modifying and economic factors. The 18 month history also plays an integral part of Reserve Classification. The results indicated an economically viable reserve above the 791cmg/t cut-off. The Mineral Reserves for Tshepong South were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Mineral Reserve estimate for Tshepong South, as at June 30, 2023, is summarised in Table 1-3. The same criteria was used in both classifications and no differences exist between the two.

The QP compiling the Mineral Resource estimate for Tshepong South is Ms B Phetlhu, Ore Reserve Manager at Tshepong South and employee of Harmony.

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Tshepong South, Free State Province, South Africa

Table 1-2: Summary of Tshepong South Mineral Reserves as at June 30, 2023 1-5

METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proved	2.882	7.79	22 466
Probable	0.563	7.06	3 972
Total (Proved + Probable)	3.445	7.67	26 438

IMPERIAL
Mineral Reserve Category	Tons (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Proved	3.177	0.227	0.722
Probable	0.620	0.206	0.128
Total (Proved + Probable)	3.797	0.224	0.850

Notes:

1. The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Ms B Phetlhu, who is Ore Reserve Manager at Tshepong South, and a Harmony employee.

2. Tonnes, grade, and gold content are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical recovery factors have not been applied to the reserve figures.

4. Gold content has not taken metallurgical recovery factors into account.

5. Mineral Reserves are reported using a cut-off grade of 791cmg/t determined using a gold price of USD1,582/oz gold. A unit cost of R4,411/Tonne.

Capital and Operating Cost Estimates

The capital cost estimates for Tshepong South are determined at a corporate level, using the business plan as the basis. The capital costs are associated with major equipment outside the main operating sections which is termed abnormal expenditure (“AE”), infrastructure development, as well as ongoing capital development (“OCD”). Costs associated with the Mining Charter Compliance (“MCC”), as per South Africa’s Social Labour Plan (“SLP”) requirements are also included in the capital estimates.

The capital costs are presented in Table 1-5. The accuracy level of the capital cost is high as quotations are required first to get to the financials presented.

The operating cost (4411R/Tonne) estimates for Tshepong South are categorised into direct and total costs. The operating cost estimates are shown in Table 1-6.

The capital and operating costs are reported in ZAR terms and on a real basis. The economic analysis, including the capital and operating costs are reported for the period comprising the financial year (“FY24”) July – June. Both the capital and operating estimates are accounted for in the economic analysis of Tshepong South. The results of the economic analysis demonstrate positive returns over the LOM.

Permitting Requirements

The permits held by Tshepong South are presented in Table 1-5.

Tshepong South has the necessary valid permits, administered and managed by various departments, and do not require any additional permits to continue with their mining operations, except for the application which has been submitted to amend the Water Use Applications.

An application to renew and amend the Water Use License Applications (WULA) was submitted to the respective regulator. The approval for these environmental permits is still pending at the effective date of this TRS. Based on current industry norms, a realistic timeframe to obtain relevant authorisations is estimated between 12 and 18 months.

There is no material litigation (including violations or fines) against the Company as at the date of this report which threatens its mineral rights, tenure, or operations.

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Tshepong South, Free State Province, South Africa

Conclusions

Under the assumptions in this TRS, Tshepong South shows a positive cash flow over the life-of-mine which supports the Mineral Resource and Mineral Reserve estimates. The mine plan is achievable under the set of assumptions and parameters used.

Recommendations

The gold output can be optimised through improvement of quality of mining and this will result in achieving planned shaft call factor. This impact will be realised through our currently implemented Business Initiative programme that will look at driving quality of mining through measures such as in-stope water controls and better fragmentation during blasting to contain the gold.

Table 1-3: Summary of Capital Cost Estimate for Tshepong South

Capital Cost Element (ZAR'000s)	Total LOM (FY2024 - FY2030)
AE	172 126
Shaft Projects	152 201
Major Projects	264 521
MCC	97 871
Total	686 719
OCD	1 261 098
Total (including OCD)	1 947 817

Table 1-4: Summary of Operating Cost Estimate for Tshepong South

Operating Cost Element (ZAR'000)	Total LOM (FY2024 - FY2030)
Mining	7 775 322
Services	1 818 105
Medical Hub / Station	441 944
Engineering	7 569 980
Total Direct Costs	17 605 351
Mine Overheads	901 690
Royalties	203 461
Ongoing Capex	1 261 098
Total Cost	19 971 600

Table 1-5: Status of Environmental Permits and Licences

Permit / Licence	Reference No.	Issued By	Date Granted	Validity
Environmental Management Programme	FS 30/5/1/2/3/2/1(84)EM	DMRE	April 6 1910	LOM
Environmental Management Updated	FS 30/5/1/2/2/84MR	DWAFEC	Pending Approval Submitted in 2020	LOM
Water Permit 936B. Harmony. Free State Geduld Mines. Discharge of untreated effluents	B33/2/340/31	DWAFEC	April 2 1981	LOM
Water Permit 870B. Harmony. Discharge of untreated effluents.	B33/2/340/25	DWAFEC	May 27 1991	LOM
Water Permit 1214N. Free State Consolidated Gold Mine. Tshepong, Freddie’s and Phakisa shafts.	B33/2/340/12	DWAFEC	Not indicated.	LOM

Notes: DWAFEC - Department of Water Affairs, Forestry and Environmental Conservation, DWA - Department of Water Affairs.

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

2Introduction

Section 229.601(b)(96) (2) (i-v)

This TRS on Tshepong South has been prepared for the registrant, Harmony. The TRS has been prepared in accordance with the U.S. SEC Disclosure by Registrants Engaged in Mining Operations (disclosure regulations S-K 1300). It has been prepared to meet the requirements of Section 229.601(b)96 - Technical Report Summary. The purpose of this TRS is to provide open and transparent disclosure of all material, exploration activities, Mineral Resource and Mineral Reserve information to enable the investor to understand Tshepong South, which forms part of Harmony’s activities.

This TRS has been prepared from the following sources of information:

•Harmony Operational Report 2023;

•File 18 (Competency Report) Tshepong South Mineral Resource and Reserve Statement FY24;

•Tshepong South Gold Mine 2023 SAMREC Table 1;

•Tshepong South Gold Mine 2023 SAMREC Table 1;

•2023 Report to Shareholders;

•Harmony Mineral Resources and Mineral Reserves Report at June 30, 2023 (“HAR-RR21”);

•Base Geological and Mine Planning data; and

•Integrated Internal Technical Report FY24.

The TRS was prepared by QPs employed on a full-time basis by the registrant. The QPs qualifications, areas of responsibility and personal inspection of the property are summarised in Table 2-1.

Table 2-1: QP Qualification, Section Responsibilities and Personal Inspections

Qualified Person	Professional Organisation	Qualification	TRS Section Responsibility	Personal Insp.
Ms. B. Phetlhu	SACNASP	BTech. (Geol), M (Eng)	All Sections (Phakisa)	Full Time

This TRS report is an update of the previously filed 30 June 2022 document with the SEC and has an effective date as at June 30, 2023. No material changes have occurred between the effective date and the date of signature.

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3Property Description and Location

Section 229.601(b)(96) (3) (i-vii)

Tshepong South comprises one operating underground gold mine namely “Tshepong South”. Tshepong South is a mature, moderate to deep-level underground operation using conventional underground mining methods to depths of 2,427m BMD. The mine utilises the Tshepong North and Nyala shafts. Tshepong South’s success is greatly dependent on the services rendered via Nyala. Four main compressors and Tshepong South’s ore is transported 5.2km’s via the railveyor system that runs underground on 55 level to Nyala where it is then hoisted and transported via Rail system to the plant.

The mines are located in the Free State Province of South Africa, approximately 250 km southwest of Johannesburg and 15 km to the north of the town of Welkom (Figure 3-1).Tshepong South is situated adjacent to the south of Tshepong North, and is located at a latitude of 27°54’1.27”S and longitude of 26°43’30.05”E.

3.1Mineral Tenure

South African Mining Law is regulated by the MPRDA which is the predominant piece of legislation dealing with acquisitions or rights to conduct reconnaissance, prospecting and mining. There are several other pieces of legislation which deal with such ancillary issues such as royalties (the Mineral and Petroleum Resources Royalty Act, 2008), title registration (the Mining Titles Registration Act, 1967), and health and safety (the Mine Health and Safety Act, 1996).

The current mining right for Tshepong (Tshepong South and Tshepong North) encompasses an area of 10,798.74ha (Figure 3-2). Harmony holds several mining rights in the Free State goldfields which have been successfully converted and executed as new order mining rights, some of which are still to be registered at the Mineral and Petroleum Resources Titles Office (“MPRTO”). The mining right for Tshepong South is presented in Table 3-1.

Tshepong South is wholly owned by Harmony, including the associated mineral rights. Harmony commenced acquiring the assets through the acquisition of AngloGold Ashanti Limited (“AngloGold Ashanti”) Free State operations in 2001, together with ARMGold. ARMGold was subsequently incorporated into Harmony in 2003, giving Harmony 100% ownership and control of Tshepong South.

Table 3-1: Summary of Mining Rights for Tshepong South

Licence Holder	Licence Type	Reference No.	Effective Date	Expiry Date	Area (ha)
ARMGold / Harmony JV	Mining Right	FS30/5/1/284MR	11-Dec-2007	10-Dec-2029	10798.74

There are no known legal proceedings (including violations or fines) against the Company which threatens its mineral rights, tenure, or operations.

3.2Property Permitting Requirements

All relevant underground mining and surface permits, and any other permit related to the work conducted on the property have been obtained and are valid. An application to renew and amend the water use license applications (WULA) was submitted to the respective regulator as per Table 1-5.

Harmony has access to all the properties it requires to conduct its current mining activities. The surface lease and surface right areas are sufficient in size and nature to accommodate the required surface infrastructure to facilitate current and planned mining operations.

Harmony monitors complaints and litigation against the Company as part of its risk management systems, policies and procedures. There is no material litigation (including violations or fines) against the Company as at the date of this report which threatens its mineral rights, tenure or operations.

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

Figure 3-1: Location of Tshepong South in the Free State Goldfield

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

Figure 3-2: Mineral Tenure for Tshepong South

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

4Accessibility, Climate, Local Resources, Infrastructure and Physiography

Section 229.601(b)(96) (4) (i-iv)

4.1Accessibility

Access to Tshepong South is accessible via the local R70 road between Welkom and Odendaalsrus (Figure 3-1). The area has well-established rail links and an airfield within close proximity.

Entry into the mining area is restricted by security fencing, security guards, booms and lockable gates at the main entrance. In addition, a communication system and access control system monitors personnel entering and leaving the mine property.

4.2Physiography and Climate

The mine lease area (Tshepong South) is flat with an average height of around 1,344m above mean sea level (“amsl”). There are no prominent topographical landmarks in the area. The topography has been affected by the presence of slimes dams, waste rock dumps and solid waste disposal sites.

Tshepong South is situated in the Free State Goldfield, a semi-arid region with an annual rainfall of between 400mm and 600mm. Local thunderstorms and showers are responsible for most of the precipitation during summer, from October to March, peaking in January. Hail is sometimes associated with thunderstorms.

The seasonal fluctuations in mean temperatures between the warmest and the coldest months vary between an average minimum of 7.7°C in winter to a maximum of 37°C in summer. The month of July is generally the coldest month with the hottest month typically being February.

Tshepong South is not restricted by climatic or seasonal variability.

4.3Local Resources and Infrastructure

The surrounding areas of Welkom and Odendaalsrus are well developed in terms of access and mining-related infrastructure, which supports the numerous operational gold mines in the area. The regional infrastructure includes national and provincial paved road networks, power transmission and distribution networks, water supply networks and communication infrastructure.

As part of the Social Labour Plan members from the surrounding community are trained and skilled on a rotational basis and placed back in the community to create a talent pool of available people that are available as needed. Higher skilled and senior positions are managed and maintained through talent pools and succession planning.

Availability of consumables is handled through the IMS (Internal Material Supply) system as part of the on-site Finance department. Lead times are taken into account and material and supplies ordered and delivery scheduled to ensure a constant supply to the shaft.

Tshepong South operates a single vertical shaft for man and materials. Rock is transported from the underground working via a RailVeyorTM system to the Nyala Shaft for hoisting.

Tshepong South ore is transported, by rail, from Nyala shaft to the Harmony One Plant in Welkom for processing (Figure 3-2).

Tshepong South is powered by electricity from Eskom Holdings State Owned Company (“SOC”) Limited.

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

5History

Section 229.601(b)(96) (5) (i-ii)

5.1Historical Ownership and Development

Tshepong South “Phakisa” was formerly known as FSG 4, Freddies 4 and Tshepong South. Tshepong South development commenced in October 1993 and shaft sinking was started in February 1994. In 1995, shaft sinking was halted on 59 Level due to the prevailing low gold price. Operations at Tshepong South recommenced in September 1996 and sinking was completed to 75 Level, before being halted again in 1999.

Harmony acquired Tshepong South as part of the acquisition from AngloGold Ashanti’s Free State operations (previously known as Freegold), which completed in September 2003. Sinking and equipping was completed to a depth of 2,427m in 2006.

Tshepong South and Tshepong North were merged into Tshepong Operations by Harmony in 2017 and split into separate operations in 2023.

The historical ownership and associated activities related to Tshepong are summarised in Table 5-1.

Table 5-1: Summary of Historical Ownership Changes and Activities of Tshepong South

Year	Asset History Highlights
Tshepong South
1994	Shaft sinking began.
2002	Harmony (as part of a 50:50 joint venture with ARMGold) acquired Phakisa from AngloGold Ashanti.
2003	The Phakisa Shaft Project began development. ARMGold and Harmony merged.
2005	Phakisa shaft completed and shaft equipping underway.
2008	Phakisa started production with full-scale production planned by June 2011.
2009	Five ice plants commissioned, improving ventilation and cooling.
2011	Phakisa reached full production.
2017	Tshepong and Phakisa merged into Tshepong Operations
2023	Tshepong and Phakisa operations split into separate operations.

5.2Historical Exploration

A total of nine surface holes were drilled into Tshepong South. Two surface holes UT3 and EV10 had B Reef intersection values of 845 cmg/t and 1429cmg/t respectively. Strong linear B-Reef value trends running from Tshepong North Mine into Tshepong South Mine were also identified where an expected value of the area averaged 1291cmg/t. A high level capital exploration drilling project for B-Reef was approved in August 2016 for Tshepong South Mine. Eight drill holes were planned, totalling 5,180m at a total cost of ZAR5.5m. The exploration drilling programme was successfully concluded in October 2020, with the planned eight holes drilled in the target area which confirmed the extension of the Tshepong payshoot.

5.3Previous Mineral Resource and Mineral Reserve Estimates

The previous in-situ Mineral Resource estimates for Tshepong South were declared as at June 30, 2022 by Harmony, according to the SK 1300 TRS documentation. The previous Mineral Resource estimates, exclusive of Mineral Reserves, are summarised in Table 5-2. These have been superseded by the current estimate prepared by Harmony in Section 11 of this TRS.

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Table 5-2: Summary of the Previous Tshepong South Mineral Resources as at June 30, 2022 (Exclusive of Mineral Reserves)

METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	4.741	13.25	62 797
Indicated	7.264	11.27	81 831
Total / Ave. Measured + Indicated	12.005	12.05	144 627
Inferred	27.491	10.77	295 943
IMPERIAL
Mineral Resource Category	Tons (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Measured	5.226	0.386	2.019
Indicated	8.007	0.329	2.631
Total / Ave. Measured + Indicated	13.233	0.351	4.650
Inferred	30.303	0.314	9.515

Table 5-3: Summary of the Previous Tshepong South Mineral Reserves as at June 30, 2022

METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proven	3.759	6.98	26 243
Probable	0.176	6.49	1 143
Total / Ave. Proven + Probable	3.935	6.96	27 386
IMPERIAL
Mineral Reserve Category	Tons (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Proven	4.144	0.204	0.844
Probable	0.194	0.189	0.037
Total / Ave. Proven + Probable	4.338	0.203	0.880

5.4Past Production

The annual Financial Year’s tonnage, grade and gold production for Tshepong South is presented in Figure 5-1 and Figure 5-2. The reader should note that the figures are reported separately from Tshepong North and the Financial year period runs from July to June the following year (12 months).

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

Figure 5-1: Graph of Past Production – Tonnes and Grade

Figure 5-2: Graph of Past Metal Production

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Tshepong South, Free State Province, South Africa

6Geological Setting, Mineralisation and Deposit

Section 229.601(b)(96) (6) (i-iii)

6.1Regional Geology

Tshepong South is located on the southwestern margin of the Archean Witwatersrand Basin, one of the prominent gold provinces in the world. The Witwatersrand Basin is an approximately 7,000m thick terrigenous sequence comprising mainly arenaceous and argillaceous, together with minor rudaceous, lithologies deposited in a fluvio-deltaic environment in the centre of the Archaean Kaapvaal Craton of South Africa (Robb and Meyer, 1995). The regional geology of the Witwatersrand Basin is shown in Figure 6-1.

The Witwatersrand Basin hosts the Witwatersrand Supergroup, which either conformably or unconformably overlies the metamorphosed volcanic and minor clastic sediments of the Dominion Group (Tucker et al., 2016). The Dominion Group overlies the older granite-greenstone basement.

The majority of the Witwatersrand Supergroup is capped by the volcano-sedimentary sequence of the Ventersdorp Supergroup through an angular unconformity. The Ventersdorp Supergroup is in turn overlain by the dolomitic and quartizitic sequence of the Transvaal Supergroup, and sediments of the Karoo Supergroup (Tucker et al., 2016). Several suites of dykes and sills cut across the Archaean basement and the Witwatersrand, Ventersdorp, Transvaal and Karoo supergroups, and form important geological time-markers.

The Witwatersrand Supergroup is sub-divided into the basal West Rand Group (“WRG”) and overlying CRG (Robb and Robb, 1998). The WRG extends over an area of 43,000km2 and is up to 5,150m thick. It is sub-divided in three subgroups, namely, from bottom upwards, the Hospital Hill Subgroup; Government Subgroup and Jeppestown Subgroup. The stratigraphic succession of the WRG mainly consists of shale sediments, with occasional units of banded iron formation and conglomerate.

The CRG is up to 2,880m thick and covers an area of up to 9,750km2, with a basal extent of c.290 km x 150 km. It is sub-divided into the lower Johannesburg Subgroup and upper Turffontein Subgroup as shown in Figure 6-2. These subgroups are separated by the Booysens Shale Formation. The stratigraphic succession of the CRG comprises coarse-grained fluvio-deltaic sedimentary rocks.

The major gold bearing conglomerates are mostly confined to the CRG, and these conglomerate horizons are known as reefs. The most important reefs within the CRG are at six stratigraphic positions, three within the Johannesburg Sub-group and three within the Turffontein Sub-group. The reefs are mined in seven major goldfields, and a few smaller occurrences, which extend for over 400km in what has been called “The Golden Arc”. This arc is centred on the prominent Vredefort Dome, as shown in Figure 6-1,. which is thought to be a major meteorite impact site in the centre of the Witwatersrand Basin (Therriault et al., 1997). The goldfields, as shown in Figure 6-1, include: East Rand, South Rand, Central Rand, West Rand, West Wits, Klerksdorp, Free State (Welkom), and Evander.

6.2Local Geology

Tshepong South is located within the Free State Goldfield (Figure 6-1). The stratigraphic column of the Free State Goldfield is presented in Figure 6-2. The Johannesburg Subgroup comprises the Virginia, St Helena, Welkom, Harmony and Dagbreek formations.

The Free State Goldfield forms a triangle between the towns of Allanridge, Welkom and Virginia. The area is host to several gold mines, all of which produce gold from auriferous bearing reefs situated within sediments of the Central Rand Group of the Witwatersrand Sequence (Figure 6-2). Most of the presently exploitable reefs are situated within five stratigraphically separate placers including the Basal/Steyn, Saaiplaas Leader, B, Kimberley and Eldorado, with the majority of tonnage derived from the Basal/ Steyn and Saaiplaas Leader.

The Witwatersrand and overlying Ventersdorp lavas were deposited in a basin with significant and continual down warping to accommodate the sediments and lavas. During Platburg times, the basin underwent a significant rifting and tilting event, resulting in the region being split by significant faults. These faults are generally westerly dipping, with downthrows to the west, and strata dipping generally to the east.

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Technical Report Summary for

Tshepong South, Free State Province, South Africa

Figure 6-1: Regional Geology of the Witwatersrand Basin

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Tshepong South, Free State Province, South Africa

Figure 6-2: Simplified stratigraphy of the Free State Goldfield

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Tshepong South, Free State Province, South Africa

The general orientation of the Witwatersrand Supergroup succession in the Free State Goldfield is interpreted as north-trending within a syncline that is plunging to the north (Figure 6-3). The syncline is cut by two major faults resulting in the formation of three major fault bounded blocks:

•Odendaalsrus Section to the west of the De Bron fault;

•the Central Horst between the De Bron and Homestead faults; and

•the Virginia Section to the east of the Homestead Fault.

The Central Horst was uplifted, and the Central Rand Group rocks eroded away prior to deposition of the Ventersdorp Supergroup and therefore comprises West Rand quartzites. The western margin of Tshepong South mining right area is also affected by the Tribute fault (~270m) and Ararat Fault (~180m) to the far south-east of the shaft.

A cross section through the fault bounded blocks is presented in Figure 6-4.

6.3Property Geology

The principal gold-bearing orebody is the stratiform and strata-bound Basal Reef (or Basal Reef Zone (“BRZ”)) (Figure 6-2). A secondary reef, the B Reef, lying between 150m and 170m stratigraphically above the Basal Reef, contributes less than 20% to the mining production at Tshepong South Mine.

6.3.1Basal Reef Lithology

The Basal Reef comprises a thin conglomerate, overlain by clean ‘placer’ quartzites. The Basal Reef is underlain by a thick series of siliceous and argillaceous quartzites comprising the Welkom Formation and overlain by shales and quartzites of the Harmony Formation, both of the Johannesburg Sub-group of the CRG. The Basal Reef sits unconformably on the Welkom Formation (Figure 6-2).

The Upper Cycle Black Chert facies Basal Reef prevails in the South of Tshepong South’s area and consists of a slightly polymictic (yellow shale specks present), matrix-supported medium-pebble conglomerate with a more gradational contact absent of carbon, where mineralisation is associated with fine disseminated and buck-shot pyrite. The conglomerate is slightly thicker compared to the Lower Cycle, but is also overlain by barren reef quartzite, the entire package being characteristically up to only 40cm thick. The lower Khaki Shale is up to 1m thicker.

There are two facies of Basal Reef on Tshepong South, namely; the Lower Cycle Black Chert facies in the north and the Upper Cycle Black Chert facies in the south. The reef package ranges from 100cm to 160cm thick.

The Lower Cycle Black Chert facies predominates in the north with a northwest / southeast value trend. The reef consists of an oligomictic small pebble matrix-supported conglomerate lag with fly-speck carbon contact. The rest of the reef package constitutes barren siliceous fine-grained reef quartzite. The entire reef package reaches up to 160cm thick and is overlain by 1cm to 30cm of lower khaki shale. This in turn is overlain by the approximately 3-4m thick waxy brown leader quartzite, above which lies the 3-4m thick upper khaki shale.

6.3.2B Reef Lithology

The B Reef at Tshepong South is located about 170m stratigraphically above the Basal Reef and varies in thickness from 30cm to 170cm. The conglomerate varies in character depending on the facies, with B1 being a small to medium pebble conglomerate and usually no more than 30cm thick with abundant carbon. The B2 facies is a small pebble lag in an argillaceous quartzite, with little to no mineralisation. B3 facies is a 20cm to 150cm thick conglomerate, mature, well packed, with pebble sizes varying from small to cobble size, very polymictic, normally with abundant pyrite and some carbon. This is the most common facie.

The lowest unit is a basal lag (Zone A), overlying Doornkop Quartzite Formation. Where this unit is developed (or preserved), it may be a highly mineralised oligomictic or polymictic conglomerate, with visible gold, buckshot pyrite and carbon mineralisation. This unit may carry gold values of many thousands of cmg/t and represents a potentially rewarding exploration target.

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The unit overlying the Zone A may be either Zone B, which comprises a mildly erosive pebbly quartzite formation, and/or the stratigraphically younger Zone C, which is a polymictic conglomerate with low values and is erosional into the underlying A and B zones.

Figure 6-3: Structural Geology of the Free State Goldfields

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Figure 6-4: Tshepong South Cross Section

Source: Modified after Tucker et al. (2016)

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6.3.3Structure

At Tshepong South, there are several major faults and dykes present interpreted from surface drill holes and intersected in the development and stoping. Among these are the Enrico, Zero, Zindaba, Eland and Savannah Dykes, as well as the Southern and Tshepong South Faults. The easterly limit of the ore body is not clearly defined but appears to cut off at approximately 3,000m below surface on a major component of the north-south striking Ararat Fault.

Two principal age-based divisions in Tshepong South’s intrusive structures have been identified, namely; Ventersdorp and post-Ventersdorp eras. Various subdivisions within each of these two categories have also been observed.

Yellow porphyry, acicular and quartz diorite dykes are found in the Ventersdorp suite of intrusives, while Karoo dolerites and lamprophyres occur in the post-Ventersdorp suite of intrusives. These intrusives tend to utilise any plane of weakness in their passage. It is therefore not unusual to find an intrusive infill along the various fault planes and other faults within the mine area. Accompanying gouge material, showing slicken-siding along the contacts of the intrusions, indicates that movement has taken place after these rocks were intruded.

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6.4Mineralisation

The gold mineralisation in the Witwatersrand deposits is believed to have followed an episode of deep burial, fracturing and alteration. The mineralisation model is that Archean gold bearing hydrothermal fluid was introduced into the conglomerates and circulated throughout in hydrothermal cells. The fluids precipitated gold and other elements through reactions that took place at elevated temperatures along the reef horizons, which was the more favourable fluid conduit.

The generic mineralisation model for Tshepong South Basal Reef is based on structurally controlled fluid flow within a conglomerate hosted lithology. Fluid flow is dependent on the permeability of the host rock mass during mineralisation. Fluid flow, permeability and subsequent gold mineralisation are believed to be controlled by four key factors, including:

•chanical stratigraphy;

•the presence or absence of mineralisation age thrust faulting;

•sedimentology; and

•precipitation agent

It is the QP's view, the sedimentological parameters are more influential and predictive for gold distribution on a regional scale.

The gold mineralisation is related to the facies-type, and the mineralisation characteristics within the facies are similar between Tshepong North and Tshepong South and are hence simply described by facies in the section to follow.

6.4.1Basal Reef

Within the Lower Cycle Black Chert facies, mineralisation is characterised by a fine disseminated interstitial pyrite, together with a carbon contact. Mineralisation is associated with the carbon contact and conglomerate, although some concentration is also found just below the upper reef contact. At the top of the reef is a granular textured often gritty quartzite with fine pyrite stringers about 10cm thick.

In the Upper Cycle Black Chert Facies, mineralisation is associated with the carbon contact and conglomerate, although some concentration is also found just below the upper reef contact. It does not have such a well-developed carbon contact as the Lower Cycle facies and is often of lower grade.

6.4.2B Reef

The B1 facies has abundant carbon and gold as associated with the carbon. The B2 facies has little to no gold mineralisation, while the B3 facies normally has abundant pyrite and some carbon. Free gold is found in association with the flyspeck carbon.

6.4.3Alteration

Alteration is evident in the Basal Reef and B Reef at Tshepong South and is a result of the hydrothermal fluids that infiltrated the reef and have overprinted on the original mineral assemblage. The reefs contain authigenic sulphides such as pyrite, and other minerals associated with alteration such as chlorite. Gold associations with these mineral assemblages indicate a strong correlation of gold mobilisation and redistribution at the time of the hydrothermal fluid influx.

While alteration is an important part of the mineralisation, alteration is not used for the identification, modelling or mining of the reefs.

6.5Deposit Type

Tshepong South’s deposits are classed a meta-sedimentary gold deposit. Folding and basin edge faulting have been important controls for sediment deposition and gold distribution patterns within the Witwatersrand Basin and fold trends have been employed in the economic evaluation of various reef horizons.

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6.6Commentary on Geological Setting, Mineralisation and Deposit

The regional geological setting, local and property geology, mineralisation and deposit-type for Tshepong South is well established, through many decades of exploration and mining. Reliable geological models, maps and cross sections are available that support the interpretations and inform the Mineral Resource estimates.

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7Exploration

Section 229.601(b)(96) (7) (i-vi)

Geological data has been obtained through initial surface drilling, followed by underground drilling, mapping and channel (chip) sampling.

Tshepong South is undergoing B reef exploration drilling to identify any potential continuation of the current pay shoots connecting Tshepong South and Tshepong North mines. Footwall development began at Tshepong South during FY20 and will be used as a drilling platform to confirm and delineate the anticipated B Reef channel.

7.1Geophysical Surveys

Initial exploration included a historical geophysical seismic survey which entails ground based physical sensing technique that produces a detail image or map of area of economic interest.

7.2Topographic Surveys

As an underground operation, topographic surveys are not material to the Mineral Resource estimates.

7.3Underground Mapping

Face and reef development mapping is undertaken by a team comprising a Sampler or Geologist, and an assistant. Face tapes are setup along gullies and the stope face and secured with reference to the latest survey pegs installed in the workplaces. Reef position and other lithological and stratigraphic information is collected and measured relative to the reference tapes. The information is captured in a notebook.

Once at surface, the person responsible transfers the information from the notebook into CADSMineTM, where a mapping report is produced for each mapped workplace. The mapping reports depict the geological information graphically relative to the survey measurement points. Data from the mapping is also incorporated into the geological models.

Approximately 80-90% of all workplaces are inspected by members of the Geosciences team monthly to ensure that suitable mapping information coverage is achieved.

7.4Channel Sampling Methods and Sample Quality

Channel sampling of underground panels are carried out on a monthly basis. Sampling is conducted perpendicular to the channel contact across the exposed channels. The section lines demarcating the width of the sample are drawn parallel to the reef waste contact while those demarcating the length of the sample are drawn at right angles to the reef waste contact and are marked 10cm apart. The samples are chipped out between these section lines.

Sampling of the Basal Reef stoping channels are undertaken at the advancing face on a grid spacing of 5m x 6m at Tshepong South. The sampling process is audited monthly and annually by the Geoscience Manager. Development sampling is on a smaller grid at 4m x 4m for Basal and 2m x 2m for B Reef. Development sampling is done in addition to the face sampling. The results are captured into the information system and plotted on a development sampling sheet.

The location of samples collected from the Basal and B Reef, to date, are shown in Figure 7-1 and Figure 7-2.

A total of 1739 gold samples on average are taken monthly 1664 Basal Reef and 75 B Reef.

7.5Surface Drilling Campaigns, Procedures, Sampling, Recoveries and Results

Most surface drill holes used in the estimation of the current Mineral Resources were drilled by AngloGold Ashanti, or its forebearers, before Harmony acquired Tshepong South.

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Figure 7-1: Location of Channel Samples Collected from the Basal Reef

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Figure 7-2: Location of Channel Samples Collected from the B Reef

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7.5.1Drilling Methods

The surface diamond core drilling has been undertaken using a thin-walled core barrel (AXT size core barrel) that delivers 35.51mm core. A single mother hole is drilled, typically with multiple deflection holes drilled from it.

The drill grid spacing of the surface drill hole intersections is up to 100m and is often required to be complemented by underground drill hole intersections. The accuracy of the surface drilling intersection positions from drill holes that are from 2,000m to 3,000m in depth is the major limiting factor of achieving the planned grid. Long surface drill holes often deflect and controlling direction over that depth has always been challenging in the South African gold mining context.

7.5.2Collar and Downhole Surveys

The drill holes are surveyed to confirm both collar position and trajectory. Drill hole collar and downhole surveys are conducted on all surface drill holes.

Surface drill hole collars are surveyed by the internal Land Survey Department. Underground drill hole collars are checked against layouts issued to diamond drilling.

Downhole surveying is conducted using Electronic Multishot System and non-magnetic north seeking Gyro tools as supplied by a certified and specialised downhole survey company, Digital Surveying (Pty) Limited. The instrument is a magnetic based tool and as such all readings are relevant to magnetic north.

7.5.3Logging Procedures

Upon arrival at the core yard located on-site, drill core is marked at every meter interval. The core is then orientated so that the low point of bedding is coincident with the edge of the angle iron. The cut line is defined by the low point of the bedding at the base of the reef zone, when viewed as per convention, from left to right in the direction of increasing depth, is drawn parallel to the core. The core is then rotated through 90° and a yellow line is then drawn parallel to the core, to define the retention half core.

All drill cores are photographed prior to logging and sampling. The geologist conducts the core logging.

Drill core logging is quantitative and qualitative. The following information is recorded:

•lithology;

•packing density;

•roundness;

•sorting;

•contact type, grain/pebble size;

•sediment maturity; and

•mineralisation; and alteration.

The geologist responsible for logging the core stores the original paper record. Core logging is also stored electronically using both DeswikTM and DatamineTM software. Internal peer reviewing is undertaken on the interpretation of the stratigraphy and spatial correlation of drill holes.

Observations are captured on the diamond drilling database by geologists. The logs are checked by the Senior Geologist prior to sampling. Logging procedures are conducted as per the Harmony company standards, which are used on all underground mines and are best practice and have been in place since 2001.

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7.5.4Drilling Results

The location of the surface drill holes intersecting the Basal and B reefs are presented in Figure 7-3 and Figure 7-4. There are no recent surface drilling results (Table 7-1 and Table 7-2), all drilling dates back to previous project owners and is pre 2017. The results have, however, been included into the geological modelling and Mineral Resource estimation process. These drill holes were drilled to a depth of 2,373m below the surface.

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Figure 7-3: Location of Surface and Underground Drill Holes on the Basal Reef

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Figure 7-4: Location of Surface and Underground Drill Holes on the B Reef

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Table 7-1: Summary of Surface and Underground Drilling for Tshepong South

Year	Company	No. Drill Holes	Surface (m)	Underground (m)
2018	Harmony	129	—	11 081
2019	Harmony	105	—	7 305
2020	Harmony	58	—	4 265
2021	Harmony	113	—	7 190
2022	Harmony	32	—	2 132
2023	Harmony	108	—	8 145
Total		545	—	40 118

7.5.5Core Recovery

Upon delivery to the core yard, and prior to logging and sampling, the drill core is checked to ensure 100% core recovery. Core recovery is determined by dividing the measured length of the recovered core by the total length of the core run.

An intersection is complete and representative if core recovery is greater than 99%. Drill holes with poor recovery are not sampled. Extra caution is taken during the drilling process to ensure maximum core recovery on reef intersections, to prevent sample bias.

Reef intersection “acceptability” is categorised as per the criteria summarised in Table 7-3 and is determined by geologists based on, amongst others, drill core condition and faulting. The acceptability is verified for each reef intersection before the assay results are used for Mineral Resource estimation.

Table 7-2: Drill hole Acceptance Criteria

Category	Comment
Acceptable	100% core recovery in the reef zone, or very minor loss due to reef chipping. No evidence of faulting within the reef horizon or at either contact with hanging wall or footwall lithologies.
Minimum value	Light to moderate disking of core in the core barrel due to drilling and/or ground conditions. Visual observations indicate that the conglomerate portion of the reef is usually more prone to disking, resulting in possible gold loss.
Faulted minimum value	If the fault loss is considered to be minor, this term may be used if the geologist is certain that only low-value internal quartzite is missing from the intersection.
Not acceptable	Heavy disking of core which may indicate core loss, partial known core loss due to grinding. Also faulting of any description within the reef zone.

7.5.6Sample Length and True Thickness

Mineralisation of the reefs is perpendicular to or at an angle to the drill holes. As such, all drill hole reef intersection widths are corrected to true thickness for gold value calculation.

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7.6Underground Drilling Campaigns, Procedures and Sampling

Underground exploration drilling has been ongoing throughout the operational life of Tshepong South as the mine deepens. Most of the underground drill holes used in the estimation of the current Mineral Resources were drilled by AngloGold Ashanti before Harmony acquired the mine.

7.6.1Drilling Methods

Underground diamond core drilling is conducted using hydraulic driven and pneumatic drill rigs, which typically delivers an AXT size core (35.51mm). These are short drill holes rarely exceeding 200m in length.

Fans of drill holes are drilled from diamond drilling bays, which are developed at 50m intervals along footwall developments ends (X/Cs) and 100m intervals along haulages and RAWS. The drilling fans consist of up to ten individual drill holes at inclinations ranging from +5° to +90° of vertical, or as dictated by local geological structures.

7.6.2Collar and Downhole Surveys

At Tshepong South, exploration holes are normally not surveyed as the maximum length of the holes are 150m and stabilizers are used to minimize the risk of deflections. In exceptional cases where drilling provides unexpected or anomalous data, or where high accuracy is absolutely required, exploration holes with stabilizers have been surveyed and the results have generally shown the stabilizers to be effective. LIBs drilled for Tshepong South Sub 75 Capital Project and the B reef initial drilling project before footwall development was established were all surveyed, including the deflections.

Boreholes related to Capital projects are generally surveyed to ensure accurate interpretation, as these tend to be longer holes (up to 300m) drilled with special rigs designed for the purpose. The company used for the surveys is DownHole Survey, based in Fochville. A magnetic tool is used to record X, Y, Z and inclination points every 3 meters, with the hole collar being the base. The survey is provided as a spreadsheet containing the relevant information at the specific intervals. The point data can be imported directly to Deswik™ and printed to scale, which makes tracing onto a plan quick and accurate.

With normal exploration and cover holes the collar position is measured from a known survey peg, as well as the distance above or below the grade line. This is done by the drill contractor and provided to the relevant geologist. The geologist will also do spot checks when passing by a drill rig. Exact XYZ coordinates can then be read from the plan after the collar is plotted.

7.6.3Logging Procedures

Upon arrival at the core yard located on-site, drill core is marked at every meter interval. The core is then orientated so that the low point of bedding is coincident with the edge of the angle iron. The cut line is defined by the low point of the bedding at the base of the reef zone, when viewed as per convention, from left to right in the direction of increasing depth, is drawn parallel to the core. The core is then rotated through 90° and a yellow line is then drawn parallel to the core, to define the retention half core.

All drill cores are photographed prior to logging and sampling. The geologist conducts the core logging.

Drill core logging is quantitative and qualitative. The following information is recorded:

•lithology;

•packing density;

•roundness;

•sorting;

•contact type, grain/pebble size;

•sediment maturity; and

•mineralisation; and alteration.

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The geologist responsible for logging the core stores the original paper record. Core logging is also stored electronically using DatamineTM “Fusion” software. Internal peer reviewing is undertaken on the interpretation of the stratigraphy and spatial correlation of drill holes.

Observations are captured on the diamond drilling database by geologists. The logs are checked by the Senior Geologist prior to sampling. Logging procedures are conducted as per the Harmony company standards, which are used on all underground mines and are best practice and have been in place since 2001.

7.6.4Drilling Results

The location of the underground drill holes intersecting the Basal and B reefs are presented in Figure 7-3 and Figure 7-4.

With over 2508 Basal Reef and B Reef surface and underground drill holes in the database, the results are too voluminous to be reported in this report. The results have, however, been included into the geological modelling and Mineral Resource estimation process.

The recent Basal Reef and B Reef underground drilling results for Tshepong South are summarised in Table 7-4 and Table 7-5. A total of 108 underground drill holes were drilled in 2023 which included 96 Basal Reef intersections and 12 B Reef intersections.

7.6.5Core Recovery

Upon delivery to the core yard, prior to logging and sampling, the drill core is checked to ensure 100% core recovery. Core recovery is determined by dividing the measured length of the recovered core by the total length of the core run.

An intersection is complete and representative if core recovery is greater than 99%. Drillholes with poor recovery are not sampled. Extra caution is taken during the drilling process to ensure maximum core recovery on reef intersections, to prevent sample bias.

Reef intersection “acceptability” is categorised as per the criteria summarised in Table 7-3 and is determined by geologists based on, amongst others, drill core condition and faulting. The acceptability is verified for each reef intersection before the assay results are used for Mineral Resource estimation.

7.6.6Sample Length and True Thickness

Mineralisation of the reefs is perpendicular to or at an angle to the drill holes. As such, all drill hole reef intersection widths are corrected to true thickness for gold value calculation.

7.7Hydrogeology

Harmony has a surface and groundwater monitoring program, managed regionally by the central environmental department to monitor the impacts of our operations on the local water resources.

Water sampling is done as per approved water sampling programme for surface and groundwater, that specify type, frequency and analysis of the sampling required, i.e. surface water sample, frequency is monthly and parameters analyzed Ph, TDS, SO4, U, etc.

The sampling programme is aligned with the requirements of the pending Water Use License Applications submitted to DWS.

Water Quality samples are collected by an external consultant (Aquatico), as per the sampling program, that follow a strict sampling procedure defining the sampling protocol and quality controls required when taking a water quality sample. The sampling procedure followed is available for perusal on the operation. The water analysis is done at an external SANAS accredited laboratory according to SANAS approved procedure. All water quality data is emailed as an analysis certificate (.pdf format) and captured on a water quality database.

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Water quality data is compared against different public water quality standards and where standards are exceeded the results are investigated. The water quality results are also communicated to DWS on 6 monthly basis.

Harmony has a good understanding of the local geology and geohydrology through numerous geohydrological and mass transport models done over the years.

7.8Geotechnical Data

Geological exploration drilling is not typically used to gather geotechnical data – these data are gathered independently by the Geotechnical Engineer. Geotechnical issues related to underground workings are discussed in more detail in Section 13.3.

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Table 7-3: Summary of Recent Tshepong South Underground Drill Holes Intersecting the Basal Reef

Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)	Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)	Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)
2022	CDD 2318	1 965	59	2023	GDD 2414	2 528	39	2023	GDD 2536	364	47
2022	GDD 2268	2 315	37	2023	GDD 2453	2 585	35	2023	GDD 2545	9	2
2022	GDD 2274	1 879	42	2023	GDD 2428	2 397	23	2023	GDD 2533	231	85
2022	GDD 2276	2 731	67	2023	GDD 2457	876	53	2023	GDD 2437	251	21
2022	GDD 2292	1 263	41	2023	GDD 2435	94	19	2023	GDD 2549	332	18
2022	GDD 2298	3 479	43	2023	GDD 2435	40	19	2023	GDD 2537	839	49
2022	GDD 2302	1 500	39	2023	GDD 2460	300	50	2023	GDD 2560	2 242	39
2022	GDD 2310	2 568	37	2023	GDD 2432	1 519	3	2023	GDD 2561	577	137
2022	GDD 2311	2 089	38	2023	GDD 2450	5 474	36	2023	GDD 2562	2 588	14
2022	GDD 2312	658	48	2023	GDD 2466	277	86	2023	GDD 2563	366	126
2022	GDD 2313	397	47	2023	GDD 2447	1 023	38	2023	GDD 2567	956	75
2022	GDD 2316	2 625	115	2023	GDD 2423	483	34	2023	GDD 2548	364	32
2022	GDD 2326	400	23	2023	GDD 2423	1 245	46	2023	GDD 2573	524	13
2022	GDD 2333	943	140	2023	GDD 2473	218	162	2023	GDD 2568	1 509	52
2022	GDD 2335	629	44	2023	GDD 2441	2 990	50	2023	GDD 2578	2 701	173
2022	GDD 2336	2 625	46	2023	GDD 2476	513	37	2023	GDD 2538	1 042	50
2022	GDD 2337	367	21	2023	GDD 2468	2 160	54	2023	GDD 2530	2 191	197
2022	GDD 2341	5 139	43	2023	GDD 2467	909	63	2023	GDD 2586	67	76
2022	GDD 2356	223	111	2023	GDD 2485	499	23	2023	GDD 2552	457	52
2022	GDD 2357	510	165	2023	GDD 2469	1 316	55	2023	GDD 2574	1 363	69
2022	GDD 2363	822	113	2023	GDD 2424	33	35	2023	GDD 2554	27	44
2022	GDD 2368	1 450	50	2023	GDD 2438	38	43	2023	GDD 2569	611	39
2022	GDD 2372	1 187	33	2023	CDD 2462	141	27	2023	GDD 2531	665	112
2022	GDD 2375	1 930	333	2023	CDD 2454	257	141	2023	GDD 2572	1 004	51
2022	GDD 2384	2 959	58	2023	GDD 2451	1 750	43	2023	GDD 2587	1 650	49
2022	GDD 2386	Faulted	56	2023	GDD 2463	5 378	42	2023	GDD 2575	1 206	61
2022	GDD 2387	685	169	2023	GDD 2501	9	41	2023	GDD 2517	107	1
2022	GDD 2394	1 613	57	2023	GDD 2487	464	158	2023	GDD 2456	88	4
2022	GDD 2400	337	40	2023	GDD 2461	177	16	2023	GDD 2507	12	25
2023	GDD 2312	658	48	2023	GDD 2493	7 894	38
2023	GDD 2337	367	21	2023	GDD 2494	339	80
2023	GDD 2372	1 187	33	2023	GDD 2507	86	7
2023	GDD 2405	2 009	34	2023	GDD 2505	445	34
2023	GDD 2399	1 986	32	2023	GDD 2489	1 528	35
2023	GDD 2398	602	30	2023	GDD 2425	1 435	38

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2023	GDD 2410	455	24	2023	GDD 2509	3 820	14
2023	GDD 2411	1 178	51	2023	GDD 2492	333	36
2023	GDD 2417	769	44	2023	GDD 2504	951	35
2023	GDD 2404	269	53	2023	GDD 2495	1 991	40
2023	CDD 2370	2 219	51	2023	GDD 2496	3 292	118
2023	GDD 2397	859	30	2023	GDD 2519	705	75
2023	GDD 2412	698	39	2023	GDD 2535	61	44
2023	GDD 2402	1 253	75	2023	GDD 2474	591	119
2023	GDD 2427	4 235	16	2023	GDD 2497	1 101	38
2023	GDD 2413	2 190	64	2023	GDD 2516	1 461	48
2023	GDD 2445	1 661	42	2023	GDD 2520	1 116	33
2023	CDD 2422	4 384	64	2023	GDD 2522	4 166	53
2023	GDD 2415	440	37	2023	CDD 2544	429	29

Table 7-4: Summary of Recent Tshepong South Underground Drill Holes Intersecting the B Reef

Year	Drill Hole ID	Gold Value (cmg/t)	Ave. Channel Width (cm)
<2017	GDD1357	670	169
<2017	HBD1368A	36	162
2018	HBD 1368	2	29
2018	HBD 1368	36	162
2022	GDD 2296	38	47
2023	GDD 2377	103	150
2023	GDD 2420	94	152
2023	GDD 2421	99	238
2023	CDD 2364	86	68
2023	GDD 2431	543	176
2023	GDD 2443	375	130
2023	GDD 2374	979	105
2023	GDD 2449	197	144
2023	GDD 2488	228	175
2023	GDD 2499	131	30
2023	GDD 2512	102	47
2023	GDD 2564	170	185

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7.9Commentary on Exploration

Surface drilling was used as the initial exploration drilling, and this was later infilled to provide sufficient detail for geological modelling and Mineral Resource estimation. The underground infill drilling system is in place to improve data density in specific areas and are drilled from the underground development access drives.

Logging procedures are conducted as per the Harmony company standards, which are used on all surface and underground mines and are best practice and have been in place consistently since 2001.

Previous to this system surface exploration holes (historical drilling) were drilled by Anglo and detailed logs exist in a safe room at the Harmony Steyn offices.

The QP is of the opinion that the quality and quantity of the exploration methods and information gathered is sufficient to support the estimation of Mineral Resources and Mineral Reserves.

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8Sample Preparation, Analyses and Security

Section 229.601(b)(96) (8) (i-v)

This section summarises information relating to the sample preparation on site through to the laboratory preparation and analysis.

8.1Sampling Method and Approach

Sample types used to support both production and geological exploration include diamond drill core samples and channel (chip) samples.

8.1.1Channel Samples

Channel sampling is (and was by Anglo previously) undertaken according to industry best practice, and presently now according to Harmony’s Underground Sampling Procedure which incorporates QAQC principles.

Tshepong South’s standard is to achieve 100% stope sampling coverage.The sampling grid in the Basal Reef stoping is a 5m interval along dip and a 6m interval on strike creating a 5m x 6m grid.

For 100% development coverage on Tshepong South, the full extent of the on-reef development must be sampled on one sidewall every 4m. Due to the high nugget effect and variability associated with B Reef, these intervals may be increased where appropriate (currently 2m interval).

Samples are chipped from the advancing face from within clearly measured and marked channel sections, including the 2cm hanging wall and footwall width. Sample widths are measured at right angles to the dip of the reef. Individual sample widths are measured from bottom to top along the two parallel lines. Two clino-rules are used for measuring the sample widths. One ruler is held horizontally with the sprit level on strike, and another held at right angles to the dip. The two rulers must cross each other at right angles. The face measured must agree with the totals of all individual widths. All measurements are made to the nearest centimetre.

The channel and sample lines are chipped out using a standard chisel and mallet, bagged, labelled with a unique sampling number, and sealed. An adequate mass of each sample is collected to allow sufficient sized aliquots to be analysed at the designated laboratory. The minimum sample weight sent for assay is approximately 300g.

Samples are weighed and submitted to the designated laboratory for analyses. All inter-person transfers are recorded. This process continues until the samples have been submitted to the laboratory.

8.1.2Core Samples

Diamond drill core is transported to the on-site storage facility under the supervision of a Senior Geologist. Upon arrival, the core is logged and sampled according to the internal Harmony Drill hole Sampling Procedure.

Where possible the entire channel width intersected in each drill hole is split using a diamond drill core cutter and one half of the sample is bagged, tagged and sent to the designated laboratory for assay. The remaining half is retained for future reference. If the core condition is such that a successful cut cannot be achieved, then the whole core is submitted for assay.

Pertinent data captured during sampling includes sample width (cm), mass, core lithological intersection angles and a detailed visual description of the reef. The data is recorded in the drill hole database together with the unique sample number, collection date and spatial location.

All samples are assessed for quality and signed-off by the Senior Geologist for completeness and auditability, prior to laboratory dispatch.

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8.2Density Determination

The relative density of samples was determined through the work conducted by the Harmony Free State central office regarding relative densities on the various shafts since August 2009.

More recently 2023, a total of 50 samples were taken from underground workings including hanging wall, reef and footwall samples. The dry mass and the submerged mass of the samples in water were measured and the density was calculated.

Tests have occasionally been conducted thereafter on samples collected from the working places.

A single relative density of 2.72t/m3 is used for Mineral Resource estimates.

8.3Sample Security

Chip samples are bagged, sealed and delivered by the samplers to the onsite coreyard on the same day as they are collected. The core yard is a secure facility with access control measures in place. Samples are delivered to the laboratory by the mine.

Cores are delivered to the core yard at the end of each day’s drilling for secure storage. Sampling only takes place at the core yard. The samples are bagged and sealed and stored until they are delivered to the laboratory.

Samples are stored in secured a facility and can only be transported by a permit holder for transporting gold bearing material. Waybills and registers are checked and signed off by security. The samples are received from the mine in locked containers with seals.

The sample labels are scanned at the designated laboratory and the batches compared to the submitted sample sheets. The scanned bar codes are kept at the laboratory and compared to the work sheets that are automatically created on the system. Sample lists submitted by the mine are used to compare what is received at the laboratory.

8.4Sample Storage

All pulp samples of exploration drill hole intersections and underground chip samples are kept for a few months at the laboratory and later discarded. The remaining half of the sampled core of exploration holes is kept at the core yard for future references.

8.5Laboratories Used

Both the underground and surface exploration samples were historically sent to the SGS South Africa (Pty) Limited (“SGS”) independent laboratory, with Anglo American Laboratories used as a secondary independent laboratory.

All samples are currently sent to the Harmony Assay Laboratory located in Welkom for preparation and assay. The laboratory is ISO/IEC 17025:2017 certified for chemical analysis by the South African National Accreditation System (Accreditation No. T0520). Harmony Assay Laboratory is however not an independent laboratory.

8.6Laboratory Sample Preparation

Upon receipt, the samples are dried, crushed, and milled to the appropriate size. Routine screen tests on pulps by the assay laboratory are used to check comminution of samples to contract specification. The contract specification is that the comminution should be 80% passing 75µm for Tshepong North and 80% passing 75µm for Tshepong South.

The total percentage mass loss on each sample should not exceed 2%.

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8.7Assaying Methods and Analytical Procedures

For the period 1 July 2022 to June 30, 2023 , Tshepong South submitted a total of 20,867 samples for analysis of gold. Gold is analysed by fire assay with a gravimetric finish, while uranium is analysed by XRD. For a period ranging from 2010 up to March 2020, the development and drill hole reef samples were also assayed for uranium.

After the preparation stage the samples are packed into trays and transported to the fluxing-room. A catch weight aliquot of ±25g and a flux aliquot of ±100g is placed into a fire assay crucible and thoroughly mixed. The samples are then transferred to the ovens for the fusion process. The cupellation process is where the precious metals are collected in a lead button and then separated from the lead by means of oxidation fusion. The gold prill is then added to a nitric acid solution to dissolve the silver and thereafter the remaining gold prill is weighed to determine its mass relative to the original sample mass.

To ensure that a high standard of analysis is maintained, each step of the analytical process and procedure,

including the adherence to safety standards, is checked by a supervisor.

8.8Sampling and Assay Quality Control (“QC”) Procedures and Quality Assurance (“QA”)

The assessment of assaying accuracy and precision is carried out using certified Standard Reference Materials (“SRM”), blanks and duplicates. SRMs, blank samples and duplicate samples are added with the underground chip sample and drill hole core sample streams prior to being sent to the assay laboratory.

In addition, regular audits of the laboratory processes and facilities are conducted by mine evaluators and regional experts to monitor compliance and quality controls.

8.8.1Standards

A range of SRMs were sourced from African Minerals Standards (“AMIS”) and inserted into the sample sequence by the logging geologist.

For analysis of surface and underground drill holes, a minimum of one gold SRM is required for every 20 drill hole samples assayed. This equates to approximately 5% of the total drill hole samples analysed for Tshepong North, and approximately 6% for Tshepong South.

Laboratory statistical control is deemed acceptable should SRMs be within two standard deviations of the recommended value. Investigative action is taken when reference materials returned exceed the standard deviation limit.

If the SRM or blank sample has been deemed to have failed, the entire batch of samples re-assayed with the failed QAQC sample having to be identified. A request must then be sent to the laboratory requesting the laboratory to repeat the assay procedure on all 24 samples within the batch.

A second SRM or blank sample is provided to the laboratory to include with the batch of samples. Should the batch of samples fail the QAQC standards again, these samples are excluded from the sampling database (not captured in the sampling system), and the panel/drill hole will have to be resampled if necessary.

A total of 510 SRMs were submitted to Harmony Assay Laboratory for Tshepong South between July 2022 and June 2023. The results are summarised in Table 8-1. One out of 508 samples (0.2%) failed, and the respective sample trays were deleted from the system and do not form part of the model.

Table 8-1: Summary of Harmony Assay Laboratory SRM Performance for Tshepong South

Quality Control Material Type	No. of Samples Submitted	No. of Failed Samples	Action Taken
AMIS0866	30	1	Values accepted on 2nd tray repeat
AMIS0694	478	3	One tray failed(not used) and two trays passed on re-essay
Total	508	4

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8.8.2Blanks

A total of 569 coarse blank samples were submitted to Harmony Assay Laboratory during July 2022 to June 2023 for Tshepong South . The lowest detection limit at the laboratory is 0.063g/t.

For Tshepong South, 569 blank samples were analysed. The control chart for performance indicated that 71 outliers (results outside two standard deviations) were observed. Only six of the 569 samples plotted outside the 3x detection limit. For Tshepong South, 20 samples plotted outside the 3x detection limit.

Failed samples were queried from the lab and re-assays were requested. If the re-assays failed the sample sheet was deleted from the system.

8.8.3Duplicates

For the samples analysed at Harmony Assay Laboratory during July 2022 to June 2023, results of duplicate analysis indicated correlation at lower grades. A total of 433 duplicate samples were analysed for Tshepong South and, out of the analysis, a total of 118 samples (59%) were outside the average required mean value.

Failures were queried during the central QA/QC meetings held every six months.

8.9Comment on Sample Preparation, Analyses and Security

In the opinion of the QP that:

•The drill core sampling method is appropriate for the mineralisation styles encountered at Tshepong South;

•All underground chip sampling is representative of the channel sampled;

•The sample preparation, security and analytical procedures followed for gold grade determination are adequate; and

•The results of the QAQC assessment have been appropriately addressed to ensure that the assay results of the primary samples are adequate for Mineral Resource estimation.

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9Data verification

Section 229.601(b)(96) (9) (i-iii)

9.1Databases

Tshepong South drill hole and underground channel sampling data was previously captured and stored in AuBIS electronic database. Upon acquisition of the mine, Harmony has migrated to data capture in the GMSITM system.

Geological core logging is stored using the DatamineTM Fusion (“Datamine”). This database is protected through administration rights allocated to an authorised administrator.

9.2Data Verification Procedures

Data verification procedures included the following:

•the drill hole database was checked against the original logs;

•the database was integrated with DeswikTM and DatamineTM software to check for missing collar coordinates, collar position and elevation errors, downhole survey errors, interval errors and duplicate sample records;

•when assay results were returned from the laboratory, they were captured into the electronic database by the Senior Evaluator and Geologist. The QC sample results were assessed for performance before the primary sample results could be used for Mineral Resource estimation;

•the primary assay results captured in the database were validated by spot checking a selection of drill holes used in the current Mineral Resource estimate; and

•the assays captured in the electronic database were checked against the original laboratory certificates.

The QP did not identify any critical errors in the database.

9.3Limitations to the Data Verification

Previous data has been verified through various methodologies i.e. a “post plot” of all sample points relative to the mine workings are made in order to locate any co-ordination errors. When “manual” capturing (re-digitising old assay tracings) of data occurs, there is a risk that entire sample sheets may plotted incorrectly due to the use of incorrect projections and or scales/constants. All co-ordination errors are identified and corrected.

9.4Comment on Data Verification

The QP is of the opinion that Tshepong South and Tshepong North drill hole and sample databases are reliable and adequate for the purpose of Mineral Resource estimation.

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10Mineral Processing and Metallurgical Testing

Section 229.601(b)(96) (10) (i-v)

The Harmony One plant and its processing facility have been in operation since 1986, as such the mineral processing method is considered well established for the style of mineralisation processed.

The most recent mineralogical test work done was in June 2020 (Mineralogical Report 19/699 and 19/648). The main objective of the investigation was to understand the mode of occurrence of the minerals present in samples that may influence lower recoveries of gold in the sample.

A six monthly representative sample of Tshepong South’s material was submitted for test work (Metallurgical Report No 23/3001 dated 25 May 2023). The sample reported an average gold grade of 4.31 g/t. The results of this test work indicated that of the total contained gold, 95.8% was amenable to direct cyanidation after 28 hours of leach time. Under direct cyanidation, 2.7% of the gold was preg robbed by components occurring within the sample. 98.5% of the contained gold is expected to be recoverable via carbon-in-leach processing.

Of the remaining gold, some 0.1% was found to be occluded in silica/gangue components. The Hydrochloric acid digestible mineral phase was associated with 1.3% of the gold. The Nitric acid digestion phase showed that 0.1% of the gold was associated with Nitric acid digestible minerals (e.g. Pyrite, Arsenopyrite). Mineral association have been inferred with no specific minerals being identified via the procedural diagnostic method.

10.1Extent of Processing, Testing and Analytical Procedures

The mineralogical investigation consisted of head chemical analysis, X-ray diffraction (“XRD”) analysis, scanning electron microscope (“QEMSCAN”) analysis and heavy liquid separation (“HLS”). Each HLS fraction underwent automated mineralogical analysis by QEMSCAN (concentrate/sinks). The mineralogical investigation involved determining the gold species and their occurrence in the samples, including gold grain size distribution, liberation and association.

From the two submitted samples, a representative aliquot of each sample was sub-sampled for chemical analysis, mineralogical analysis and HLS. The aliquots were pulverised and homogenised for XRD analysis and chemical analysis. The unpulverised portion was prepared into polished section for quantitative evaluation of minerals by QEMSCAN analysis and the other unpulverised 1kg of each sample was subjected to HLS.

10.2Test Results and Recovery Estimates

The chemical analysis of Beatrix Reef feed samples shows that they have a gold grade of 5.1g/t. The results also shows that in relation to major element concentrations, samples are dominated by quartz (SiO2 - c.87%) and aluminium oxide (Al2O3 - 4,2%) with minor to trace concentrations of potassium oxide (K2O), iron oxides (Fe2O3), magnesium oxide (MgO), loss on ignition (“LOI”) and calcium oxide (CaO) observed (<3%). These results suggest that the sample is composed of aluminium-silicate minerals (e.g., quartz, pyrophyllite, feldspar, chlorite and mica); limited to negligible concentrations of sulphides and carbonates and/or clays can be inferred from the relatively low LOI value of <2%.

Native gold is the only gold species detected in the two samples. From the bulk modal analysis, the presence of pyrite and carbonates were observed; these are known to be the reagent and oxygen consumers. Quartz was found to be the major mineral in the feed samples, with minor amounts of iron oxide minerals, mica, chlorite and pyrophyllite. However, most of the gangue minerals were upgraded to the floats fraction during HLS.

The trace mineral search (“TMS”) bulk mineral composition shows that the Basal Reef is 1.11% of the mass with pyrite as the main sulphide mineral at greater than 70% of the mass in all samples. The grains size distribution of the reefs from Tshepong (South and North) range IS <75μm. In general, the grain size distribution of gold grains is erratic. It is based on the premise that the phases of primary interest i.e., target phases, have a higher back-scattered electron brightness than the bulk of the gangue phases. This enables each block to be scanned for particles containing the target phase, and only those of interest are fully analysed. As the entire block is scanned, this also produces the highest possible statistical population for the trace phase.

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10.3Degree of Representation of Mineral Deposit

The two samples used were representative of the reef as the type of gold mineralization was similar. The recoveries were both in the order of 96%.

10.4Commentary of Mineral Processing and Metallurgical Testing

The metallurgical test work showed the potential to upgrade the ore through HLS. Notwithstanding there being insufficient material mass of Beatrix Reef to conduct gold fire assays, the QEMSCAN data showed that there was an upgrading of the gold grains. The QEMSCAN data further showed that most gold grains are associated with the sulphides.

It is a particularly useful analysis method for determining losses of sulphides and precious metal phases to silicate-rich tails. The process efficiency was determined to have total gold recovery typically ranging c.95% - 97% and gold not dissolved, typically c.4 %.

The testwork done on the Beatrix Reef was representative of the Basal Reef ore being treated at Tshepong South.

The reader is referred to the Modifying Factors for the Tshepong South Mine in Section 12.1.2, which contain the recoveries used for the LOM Plans for the Operation. A detailed description of the processing facilities is provided in Section 14.

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11Mineral Resource Estimate

Section 229.601(b)(96) (11) (i-vii)

The current Mineral Resources for Tshepong South have been estimated using DatamineTM Studio 3 (“Datamine”) modelling software, which is linked to a customised scripting menu. This scripting menu allows for professional and easy managing of the data and building of geostatistical models.

The narrow-tabular nature of the reefs lends themselves to the estimation of grade and thickness in two-dimensional (“2D”) block models, without the requirements for geological wireframes. An independent process of building a set of three-dimensional (“3D”) wireframes of the structural interpretation to inform mine planning and the Mineral Reserve estimates is also undertaken.

The estimation method used for Measured Mineral Resource estimates at Tshepong South is ordinary kriging (“OK”), while simple macro kriging (“SMK”) is used for Indicated and Inferred Mineral Resource estimates.

11.1Geological Database

Tshepong South Mineral Resource estimate is based on the surface and underground exploration data obtained up to 30 December 2022. The database was exported from the electronic database to DatamineTM modelling software.

The Basal Reef validated database contains a total of 2198 surface and underground drill holes and 517,796 underground channel (chip) samples. The B Reef validated database contains a total of 310 surface and underground drill holes, and 50,336 underground channel (chip) samples which is approximately 90% of the B Reef database.

11.2Global Statistics

Histograms and statistics of the raw data are calculated for each geological domain for comparison purposes. The Coefficient of Variation ("COV"), calculated by dividing the standard deviation with the mean, gives a measure of the variability of the data. A high COV (>1) represents highly variable or highly skewed data, which may require some form of capping of extreme values to lower the COV to a more reasonable value (c.1).

The global statistics for the Basal and B reefs, reported according to geozones, are provided in Table 11-1.

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Table 11-1: Global Statistics for Basal and B Reef

Reef / Geozone	No. Samples	Minimum (cmg/t Au)	Maximum (cmg/t Au)	Mean (cmg/t Au)	Variance	SD (cmg/t Au)	COV
Basal Reef
1	3 167	0.70	1 748	606	211 055	459	0.758
2	59 693	1.00	4 023	946	733 146	856	0.905
3	126 164	0.14	6 188	1 542	1 709 257	1 307	0.848
4	13 850	1.00	1 807	644	213 929	463	0.719
5	121 150	0.43	4 454	1 198	903 156	950	0.793
6	44 884	0.28	3 274	830	460 670	679	0.817
7	29	18.00	1 528	270	71 167	267	0.990
8	34 757	1.00	5 073	1 939	2 393 680	1 547	0.798
9	19 642	1.00	3 408	878	592 857	770	0.877
10	40 969	1.00	7 762	2 291	3 569 370	1 889	0.825
11	3 862	1.00	7 336	2 512	3 737 492	1 933	0.770
12	46 555	4.00	3 363	1 278	738 533	859	0.672
13	4	525.00	1 218	967	70 255	265	0.274
B Reef
1	702	1 000.00	7 204	816	2 138 598	1 462	2.204
2	1 653	1 000.00	4 515	1 055	1 105 431	1 051	1.099
3	5 079	400.00	4 865	652	861 070	928	1.424
4	26 220	440.00	11 043	1 512	4 724 359	2 174	1.438
5	5 925	800.00	10 510	1 179	3 768 431	1 941	3.180
6	4 832	320.00	15 433	1 144	7 179 829	2 680	6.880
7	3 769	910.00	28 606	4 808	37 717 076	6 141	1.579
Total	562 906

11.3Geological Interpretation

The imported data is attributed to geological domains or geozones. Geozones are selected based upon continuity in facies type, as well as gold grade and channel width distribution. Geozones may be constrained by geological structures. Geozones are identified for both the Basal and B reefs.

The Basal Reef is continuous over both Tshepong South and Tshepong North, and a single model is created across both mines. The area is divided into 13 geozones. The B Reef geozones from Tshepong (Tshepong South, Tshepong North) have been divided into a series of seven geozones and projected through to Tshepong South shaft. The geozones for both reefs are presented in Figure 11-1.

Geozones are continuously updated based on geological information, new sampling and drilling results. Any proposed changes to the geozones are presented to the geostatistical team for approval and signed off.

11.4Structural Wireframe Model

The geological structure is interpreted by means of series of 1:1,000 structural plan overlays. These plans are vertical projections of the reef plane showing base-of-reef strike lines at 10m intervals based on elevations below datum. Interruptions in the continuity of the reef are marked by fault-reef cut-offs illustrating the loss or gain of ground and with displacement measured as vertical stratigraphic throws. Known or suspected lateral shifts are also illustrated.

A set of 3D structural wireframes is generated, representing the geological interpretation for each reef. This is informed by the geological drilling, chip sampling and underground geological mapping and is created in Datamine™ to allow subsequent mine design and planning to take cognisance of the latest geological information. These wireframes are not required for the Mineral Resource estimates.

11.5Compositing

The drill hole and chip samples are composited over the full length of the reef intersection.

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11.6Capping

Outlying values (both for cmg/t and channel width) are calculated per domain at an optimal percentile using the “QUANTILE” process. The capping allows for meaningful Semi-Variogram modelling and avoids potential over-estimation due to extreme sample values. The capping values applied are shown in Table 11-2.

11.7Variography

The experimental semi-variogram is a descriptive statistical diagnostic tool for spatially characterizing regionalized variables. The semi-variogram is a mathematical function that describes how the spatial continuity of the sampled attribute changes as a function of distance and orientation.

Either an isotropic or an anisotropic model can be defined, comprising a nugget variance and up to nine individual structures, although it is rarely necessary to include more than three structures. Each structure may be either spherical, power, exponential, Gaussian or De Wijsian, although spherical models are deemed adequate for Tshepong North and Tshepong South. Point-support semi-variograms are modelled for the Measured Mineral Resources; 60m x 60m declustered-support semi-variograms are modelled for the Indicated Mineral Resources and 120m x 120m declustered-support semi-variograms are modelled for the Inferred Mineral Resources.

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Figure 11-1: Tshepong Operations Basal and B Reef Geozones

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Table 11-2: Capping Values by Reef and Geozone

Geozone	Gold Cut (cmg/t) (Max)	CW Cut (cm) (Max)	Geozone	Gold Cut (cmg/t) (Max)	CW Cut (cm) (Max)
Basal Reef			B Reef
1	1 748	20	1	7 204	170
2	4 023	123	2	4 515	215
3	6 188	137	3	4 865	233
4	1 807	20	4	11 043	222
5	4 454	31	5	10 510	199
6	3 274	27	6	15 433	172
7	1 528	33	7	28 606	216
8	5 073	77
9	3 408	98
10	7 762	60
11	7 336	27
12	3 363	58
13	1 218	46

11.8Mineral Resource Estimation Methods and Parameters

Grade and thickness estimates are undertaken within each geozone and informed by statistical and geostatistical analysis. Two variables are estimated namely; gold accumulation (cmg/t) (which factors in both the thickness of the reef thickness and grade) and channel width. No change of support corrections is considered necessary as it is assumed that the differing support sizes for chip samples and drill hole samples are negligible.

The orientations and ranges of each geozone’s semi-variogram are used to determine the optimised set of kriging estimation parameters. The search ellipse is aligned with respect to its range and direction, to the direction of the associated semi-variogram, as well as the range distances.

Measured Mineral Resource estimates are undertaken using OK. Estimates are generally kriged into 30m x 30m blocks for the Measured Mineral Resource from the point support data.

Indicated and Inferred Mineral Resource estimates are undertaken using SMK. The Indicated Mineral Resource is kriged into 60m x 60m block sizes. The Inferred Mineral Resource is estimated using the associated regularized variograms and kriging into 120m x 120m blocks. Any un-kriged areas in the Inferred Mineral Resource areas are then covered by global mean estimates.

The results of the Basal and B reef estimation are shown in Figure 11-2, for Tshepong.

The current minimum and maximum sample points for the Basal Reef is:

•15 and 25 for the Basal Reef Measured Mineral Resource estimation;

•8 and 20 for Indicated Mineral Resource estimation; and

•3 and 10 for the Inferred Mineral Resource estimation.

The current minimum and maximum sample points for the B Reef is:

•12 and 30 for Measured Mineral Resource estimation;

•8 and 20 for Indicated Mineral Resource estimation; and

•3 and 15 for the Inferred Mineral Resource estimation.

Any un-kriged areas in the Inferred Mineral Resource category regions are then estimated using a global mean. The Measured Mineral Resource model is constrained using the Slope of Regression Estimation Confidence and merged with the Indicated Mineral Resource and Mineral Resource models to produce a combined kriged block model.

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The channel width is estimated for all block sizes and ranges between 8cm and 34cm, averaging 18cm for Basal Reef. For B Reef, the channel width ranges between 52cm and 94cm and averages 79cm.

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Figure 11-2: Tshepong Operations Basal Reef and B Reef Estimation Results

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11.9Density Assignment

The relative density currently used for tonnage calculations at the Tshepong (Tshepong South and Tshepong North) is 2.72t/m3. Reef volume is determined by block area multiplied by the thickness estimate. The tonnage of each reef horizon is determined by multiplying the volume by the relative density.

11.10Model Validation

The QP validated the Tshepong Mineral Resource model using the following:

•visual comparisons with the raw drill hole data; (Figures 7-3 and 7-4)

•comparisons of the raw drill hole data statistics with the model statistics;

•model volume; and

•visual assessment of the block model with drill hole intersections to ensure that the grades are locally honoured by the model.

The QP did not identify any critical errors in the block model.

11.11Mineral Resource Evaluation

The Mineral Resource estimate for Tshepong (Tshepong South, Tshepong North) is considered by the QP to have reasonable prospects for economic extraction. This is demonstrated by the results of the cash flow for the mines. The cut-off value for the Mineral Resources is determined at 780cmg/t for Tshepong South for the gold based on the economic assumptions presented in Table 11-3 at the effective date June 30, 2023. This cut-off value represents typical costs for the mining method and preliminary mining and metallurgical recovery assumptions.

Table 11-3: Harmony Economic Assumptions (June 30, 2023)

Tshepong South
Description	Unit	Value
Gold price	USD/oz	1 764
FX rate	ZAR:USD	16.22
Gold price	ZAR/kg	920 000
Plant recovery factor	%	95,2
Unit cost	ZAR/t	4 411

Notes: Unit cost includes cash operating cost, royalty and ongoing development capital

The expected gold price was derived by the Harmony Executive Committee at Head Office. Based on current market trends the QP agrees with the set price and considers the price to be appropriate for Mineral Resource estimation and is slightly higher than that used for estimating Mineral Reserves (USD1,582/oz). The operating costs (both mining and processing) are based on historical performance and budget.

11.12Mineral Resource Classification and Uncertainties

The Tshepong (Tshepong South and Tshepong North) Mineral Resources have been classified into Measured, Indicated and Inferred categories, according to the S-K 1300 definitions. The classification is based on drill hole spacing, geological and geostatistical confidence.

For the geostatistical confidence, the Measured Mineral Resource model is constrained by the Slope of Regression Estimation Confidence, and the Indicated and Inferred Mineral Resource models are constrained by their kriging estimation parameters.

The QP then considers if the geostatistical confidence boundaries require modification based on the geological confidence in an area. The geological confidence could include confidence in the sedimentary facies and mineralisation model, or confidence in the structural model.

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The application of the classification criteria results in the following set of approximate sample spacings for each Mineral Resource category:

•5m x 5m for Measured Mineral Resources (underground channel sampling);

•100m x 100m for Indicated Mineral Resources; and

•1,000m x 1,000m for Inferred Mineral Resources.

Mineral Resources are discounted by a geological loss to account for unknown but anticipated fault loss. The discounts used for the Basal Reef are between:

•1% and 3% for Measured Mineral Resources;

•3% and 11% for Indicated Mineral Resources; and

•7% and 60% for Inferred Mineral Resources.

Similar information applies to the B Reef.

Factors that may affect the Mineral Resource estimates include the following:

•gold price assumptions;

•exchange rate assumptions;

•operating and capital cost assumptions;

•gold recovery assumptions;

•geology-related risks; and

•operational risks.

11.13Mineral Resource Estimate

The Mineral Resources for Tshepong South and Tshepong North were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K).

The location of the Basal Reef Mineral Resources across both Tshepong South and Tshepong North are presented in Figure 11-3. The location of the B Reef Mineral Resources is shown in Figure 11-3.

The QP compiling the Mineral Resource estimate for Tshepong South is Ms B Phetlhu, Ore Reserve Manager at Tshepong South and employee of Harmony. The Mineral Resource estimate for Tshepong South, as at June 30, 2023, exclusive of Mineral Reserves, is summarised in Table 11-4.

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Figure 11-3: Location and Classification of Tshepong Operations Mineral Resources and Mineral Reserves for the Basal Reef

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Figure 11-4: Location and Classification of Tshepong Operations Mineral Resources and Mineral Reserves for the B Reef

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Table 11-4: Summary of Tshepong South Mineral Resources as at June 30, 2023 (Exclusive of Mineral Reserves) 1-8

METRIC
Mineral Resource Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Measured	5.661	13.02	73 695
Indicated	6.680	11.67	77 950
Total / Ave. Measured + Indicated	12.341	12.29	151 645
Inferred	25.090	10.67	267 678
IMPERIAL
Mineral Resource Category	Tons (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Measured	6.241	0.380	2.369
Indicated	7.363	0.340	2.506
Total / Ave. Measured + Indicated	13.604	0.358	4.875
Inferred	27.657	0.311	8.606

Notes:

1. Mineral Resources are reported with an effective date of June 30, 2023 were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Resources have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Ms B Phetlhu, who is Ore Reserve Manager at Tshepong South, and a Harmony employee.

2. The Mineral Resource tonnes are reported as in-situ with reasonable prospects for economic extraction.

3. No modifying factors or dilution sources have been included to in-situ Reserve which was subtracted from the SAMREC Resource in order to obtain the S-K 1300 Resource.

4. The Mineral Resources are reported using a cut-off value of 780cmg/t determined at a 90% profit guidance, and a gold price of USD1,764/oz.A unit cost of R4,411/Tonne.

5. Tonnes are reported as rounded to three decimal places. Gold values are rounded to zero decimal places.

6. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability.

7. Rounding as required by reporting guidelines may result in apparent summation differences.

8. The Mineral Resource estimate is for Harmony’s 100% interest.

11.14Mineral Resource Reconciliation

Tshepong South’s Measured and Indicated Mineral Resource gold content estimate, exclusive of Mineral Reserves, increased by approximately 4.8%, from 4,650Moz gold as at June 2022 to 4,875Moz gold as at June 2023. The major difference in the reconciled Mineral Resources between June 2022 and June 2023 is due to the increase in the grade model year on year and the additional B Reef mining on 71 level.

11.15Comment on Mineral Resource Estimates

The QP is of the opinion that Mineral Resources were estimated using industry accepted practices and conform to SAMREC, 2016. The Mineral Resources have also been reported in accordance with the S-K 1300 guidelines.

There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the QP that would materially affect the estimation of Mineral Resources that are not discussed in this TRS.

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12Mineral Reserve Estimate

Section 229.601(b)(96) (12) (i-iv)

The reported Mineral Reserves are derived through a business planning process and consideration by the Chief Operating Decision-Maker (“CODM”). The business planning process comprises multi-functional reviews inclusive of all mining, support and service departments that are involved in the verification of the inputs and the Modifying Factors. The CODM consists of various executive roles and responsibilities. These executives assess the profitability, the revenue and production costs. The CODM also considers capital expenditure, gold production and tonnes milled when assessing the overall economic sustainability.

The QP is in agreement and accountable for the final integrated report.

12.1Tshepong South

12.1.1Key Assumptions, Parameters, and Methods Used to Estimate the Mineral Reserve

The results and assumptions derived from the business planning process extends over an 18-month period. The planning process carefully considers strategic plan directives; analysis of historical performance; realistic productivity, and cost parameters; Modifying Factors; and technical and economic studies that have demonstrated justified extraction, as applicable to specific portions of the Mineral Reserves.

All reported Mineral Reserves originate in situ from the Basal Reef. The Mineral Reserves are considered based on several factors, including:

•the latest geological structure and associated Mineral Resource estimation models that constrain the layout for the mine design and LOM planning;

•the need for regional rock engineering stability pillars;

•the extent of pillar mining, mining of remnant areas, reclamation of broken ore out of old areas, tailings, or any other source;

•the Scattered Grid Mining method in use at the mine,

•the sources of dilution and other Modifying Factors; and

•only Measured and Indicated Mineral Resources are used to derive Mineral Reserves.

A combination of modelling exercises forms an integrated model informing the LOM plan and the Tshepong South Mine Mineral Reserves estimates, and includes the:

•geological block model;

•structural model depicting prominent geological features;

•isopach model highlighting the mine’s sedimentology and shale formations; and

•geotechnical model including interpreted data, modelled in the form of support pillars.

12.1.2Modifying Factors

The Modifying Factors used to convert the Mineral Resource to a Mineral Reserve for Tshepong South are presented in Table 12-1.

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Table 12-1: Tshepong South Modifying Factors Used for Mineral Reserve Determination

Modifying Factor	Unit	Value
Relative Density	t/m3	2.72
Stoping Width	cm	130
Gully	%	6.91
Off Reef	%	4.72
Waste to Reef	%	0.23
Flushing tons	%	—
Discrepancy	%	11.07
Mine Call Factor	%	83
Plant Recover Factor	%	95.20
Mine Recover Factor	%	79.02
Plant Call Factor	%	100
Mineral Reserve cut-off	cmg/t	791

Notes: Development waste to reef, including the decline development.

The Modifying Factors are consistent with the modelling, planning and computing estimates used in determining the Mineral Reserves, which are also consistent with historical performance. The plant recovery as shown in Table 12-1, is also consistent with the processing and recovery methods.

12.1.3Mineral Reserve Estimate

The Mineral Reserves for Tshepong South were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K) and is still in alignment with SAMREC, 2016. The Mineral Reserve estimate for Tshepong South, as at June 30, 2022, is summarised in Table 12-2.

The location of Tshepong South’s Basal and B Reef Mineral Reserves are presented in Figure 11-3 and Figure 11-4, respectively.

The QP compiling the Mineral Resource estimate for Tshepong South is Ms B Phetlhu, Ore Reserve Manager at Tshepong South and employee of Harmony.

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Table 12-2: Summary of Tshepong South Mineral Reserves as at June 30, 20231-5

METRIC
Mineral Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Gold Content (kg)
Proved	2.882	7.79	22 466
Probable	0.563	7.06	3 972
Total (Proved + Probable)	3.445	7.67	26 438
IMPERIAL
Mineral Reserve Category	Tons (Mt)	Gold Grade (oz/t)	Gold Content (Moz)
Proved	3.177	0.227	0.722
Probable	0.620	0.206	0.128
Total (Proved + Probable)	3.797	0.224	0.850

Notes:

1. The Mineral Reserves were originally prepared, classified and reported according to SAMREC, 2016. For the purposes of this TRS, the Mineral Reserves have been classified in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). The Qualified Person responsible for the estimate is Ms B Phetlhu, who is Ore Reserve Manager at Tshepong South, and a Harmony employee.

2. Tonnes, grade, and gold content are declared as net delivered to the mills.

3. Figures are fully inclusive of all mining dilutions, gold losses and are reported as mill delivered tonnes and head grades. Metallurgical recovery factors have not been applied to the reserve figures.

4. Gold content has not taken metallurgical recovery factors into account.

5. Mineral Reserves are reported using a cut-off grade of 791cmg/t determined using a gold price of USD1,582/oz gold.A unit cost of R4,411/Tonne.

12.1.4Mineral Reserve Reconciliation

The declared Mineral Reserve decreased from 0.880Moz as at June 30, 2022 to 0.850Moz as at June 30, 2023. The key variances can be attributed to:

•Mining depletion loss;

•Geological structures fault loss discounts increased to the South due to Tribute fault loss;

•Abandoned Blocks loss;

•Additional B Reef on 71 level gain;

•Mineral Reserve Model increase gain.

12.2Commentary on Mineral Reserve Estimate

The declared Mineral Reserves takes into consideration all Modifying Factors, respective to the mining area. The declared Mineral Reserves are depleted to generate Tshepong South’s cash flows. The economic analysis of the cash flows displays positive results and are deemed both technically and economically achievable.

Any by-products that are recovered as part of the refining process, make up an immaterial component of the total metal inventory, and is thus not reported as part of the Mineral Reserve estimate.

With respect to risk – Tshepong South maintains working and robust Isopach models, to manage the geotechnical risk and the stress model to manage the seismicity risk. The geotechnical and Isopach models for Tshepong South take the latest geological structural model into account and the data update is dynamic as mining progresses. Geotechnical models are also used as a basis to manage and monitor the occurrence of ground water and gas intersections.

There are no obvious material risks that could have significant effect on the Mineral Reserves based on above risk management systems in place.

In the opinion of the QP, given that Tshepong South is an established operation, the modifying factors informing the Mineral Reserve estimates would at a minimum, satisfy the confidence levels of a Feasibility Study.

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13Mining Methods

Section 229.601(b)(96) (13) (i-v)

Tshepong South may be classified as moderate to deep level underground gold mine currently operating at depths of up to 2,427m below surface.

13.1Mining Operations

Tshepong resulted from the integration and consolidation of the Tshepong South and Tshepong North mines. This was to enable Harmony to optimize existing synergies, reduce costs and make better use of the Tshepong section’s underused infrastructure, though a decision was taken to report results separately as of FY24.

Tshepong South utilise three main shafts (Figure 3-2). Tshepong South, The Nyala Shaft (Ore handling) to a lesser extent and Tshepong North shaft for Cross tramming of ore. The three shafts operate semi-independently with respect to ventilation requirements, ore and waste hoisting and men and material movement. An underground lightweight electric rail system, referred to as the RailVeyorTM is used to transport ore and waste from the working sections to the Nyala Shaft from Tshepong North where it is hoisted to surface. More information on the details of the shaft operations, any interdependencies and the railway systems are described in Section 15.

13.1.1Tshepong South

The Tshepong South Mine was established approximately 8 years after the Tshepong North Mine. Production from the Tshepong South Mine is attributable to the Basal Reef with development currently underway to access the B Reef. The B Reef is expected to start mining towards the end of FY24. The Tshepong South Mine is accessed via a single underground vertical shaft. The mine is also assisted by two other shafts for the supply of air for ventilation and cooling.

All working levels are accessed via the single vertical shaft system. The strata-bound Basal Reef has a shaly roof and, in some instances, a waxy brown quartzite hanging wall. The Basal Reef contributes approximately 80% to the total production volume and the B Reef contributing approximately 20%. Development and stoping operations are based on conventional mining methods.

13.1.2Scattered Mining Method

The orebody at Tshepong South Mine is broken up into blocks by geological structures with large throws. Due to the orebody being broken up into these small blocks, a Scattered mining method is used at Tshepong South Mine. Scattered mining is when mining is done between the major geological structures. The mine design criteria is based on the sequential grid mining method where the crosscuts are spaced at fixed distance of 160m however additional development can be required in some instances and/or crosscut spacing reduced/increased depending on the prevailing geological structures. Primary Waste Development is done ahead of the stoping front in the virgin stress environment.

Primary development is done off-reef (in waste rock), while secondary development is done on-reef (in the mineralised zone). In primary development, horizontal haulages are developed from the vertical shaft, extending to the extremities of the mining level. Inter-level spacing is the perpendicular distance between two consecutive level stations underground. Further development is done at set intervals along the haulages towards the mineralised zones in the form of crosscuts. For secondary development, an inclined excavation that connects two levels is established, referred to a raise or winze, depending on the upwards or downwards direction of the development.

A key feature of Scattered mining is that the mine design includes pillars in the stoping areas that are designed to cave in a planned and controlled manner. These pillars are referred to as crush pillars and the dimensions of the pillars are determined by the geotechnical properties of the host rock. The use of crush pillars minimises the risk of unpredicted collapse of stoping areas. These collapses can compromise the safety of mining operations and may lead to permanent closure of stoping panels or sterilisation of ore.

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13.1.3Open Stoping and Undercut Stoping

While Tshepong South’s business plan is based primarily on the Scattered mining methodology, there are sections of the mine that are operating using the breast, undercut and open stoping mining methods.

Due to the presence of shale in the hanging wall of the Basal reef, undercut and open stoping mining methods are used at Tshepong South Mine. The open stoping is used in the Southern part of the mine where the shale is inter-layered with Waxy Brown Leader Quartzite where the thin beam of shale immediately above the reef is taken out with the blast. The undercut stoping method is used in the Northern part of the mine (only approximately 20cm of the bottom-loaded Basal Reef channel needs to be removed, leaving a beam 80cm to 100cm thick). The shale layer above the reef is very thick (up to 5m) and friable by its nature and if exposed it cannot be supported but most of the time runs (collapses) into the open excavation leading to excessive dilutions.

Minor amounts of the B Reef that do not exceed 20% of the on-reef mined per annum, are extracted as an open stoping mining operation. Reason for mining at open stoping is as a result of the erratic nature of the channel width and the support design specific to B reef mining. This mining method is practiced, without much reliance on the other operating mining sections, and based on its location, poses a low risk to geotechnical considerations.

13.1.4Integrated Approach

The differences of the reef formations and mining conditions at the respective parts of the mine (North and South) have led to the application of an integrated mining method approach. The objective of the adopted mining methods is aimed at the safe and profitable extraction of the Mineral Reserves, while reducing the occurrence of large seismic events.

13.2Mine Design

The mine design strategy aims at maximising the safe extraction of ore, while minimising the risk of geotechnical failures, which can result in operational disruptions and dangerous working conditions. The Basal Reef is modelled and designed across the Tshepong South Mine. In addition, the Tshepong South Mine considers the B Reef for design and planning.

Both the Basal and B Reef horizons have been subject to faulting and intrusions by igneous dykes and sills that cut across the reefs. The most significant form of control at the Tshepong South Mine for rockfalls and rockbursts is the systematic modelling and design processes. Bracket and strike pillars are considered for an integrated support system. The central raise line maintains stability, during stoping operations, using support packs.

Figure 13-1: Schematic Representation of the Scattered Mining Sequence

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Figure 13-1A: Schematic Representation of the Sequential Mining Method.

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The occurrence of geological faults is also a source of groundwater intersections during mining operations which may lead to production delays, geotechnical risks, and the potential of flooding. Depending on the geology of the dyke or sill, a change in the mining direction may be required, or as in the case of low-risk scenarios the Rock Engineering department may suggest a safety and support strategy to mitigate the associated geotechnical risk. A change in mining direction may result in Mineral Resource losses, or an increase in dilution.

Based on the latest geological structure model,the geotechnical team designed a suitable pillar layout based on modelling results. A detailed mine design and schedule is done based on the pillar design taking cognisance of uneconomical areas which are excluded on macro scale. This design and schedule are the basis of the mine plan and the declared Mineral Reserves.

A mine design that is sufficiently informed, with geological data, is progressed to the mine planning phase. Mine planning is done on a macro scale as well as on a micro scale. On a macro scale, the material below cut-off is excluded from the mining model. On a micro scale, the mining model is then subject to constraints that are applied because of the geotechnical design and other limitations.

The geotechnical modelling is driven by the most recent information from mining operations, which ensures that the model is an accurate representation of the current operational conditions.

Development is done by either mechanised, mechanical or conventional method depending on the most suitable method for the specific requirements. Tshepong South is essentially a conventional mine design with trackless mining in the twin decline.

Mining production is accessed through underground excavations, developed as haulages and cross cuts. Crosscuts are primary development, in the direction of the mine workings. Inclined secondary development is used to access the reef contact, and advanced from the position of respective crosscuts. Ore is extracted from stoping panels established from the inclined development.

13.2.1Mine Design Parameters

Mine design is done internally, with the mine designs for the Basal Reef and B Reef horizons done separately, using the DatamineTM software. The geological models, and the geotechnical parameters formulated by the Rock Engineers, are used as a basis of the mine planning process. The mine design parameters used for Tshepong South and Tshepong Mine are shown in Table 13-1 and Table 13-2, respectively.

Table 13-1: Tshepong South Mine Design Parameters

Parameter	Unit	Value
Regional Stability
Dip stabilizing pillar dimensions
Strike span	m	160
Dip span	m	N/A
Strike stability pillar spacing¹	m	N/A
Access haulages middling to reef	m	90
Primary Development
Advance	m/month	35
Crosscut spacing	m	160
Secondary Development
Advance	m/month	N/A
Stoping Parameters
CW < 80cm	m	105
CW > 80cm	m	130
Economic Parameters
Cut-off grade (planning)	cmg/t	791
RD		2.72

Notes: 1. Pillar spacing is measured skin to skin.

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13.3Geotechnical Considerations and Seismic Monitoring

With respect to Risk – Tshepong South maintains working and robust Isopach models, to manage the geotechnical risk and the stress model to manage the seismicity risk. The geotechnical and Isopach models for Tshepong South take the latest geological structural model into account and the data update is dynamic as mining progresses.

The purpose of the pillar designs, regardless of the pillar type, is to customize them to the prevailing mining conditions, with the objective of making the mine design safe, practical, easy to implement, and profitable. These pillars include bracket and strike pillars. The details of the pillar design can be found in Table 13-1. The dimensions depicted for the pillars are standard and are adjusted depending on planned bracketing of geological structures or if patches of low value reef are encountered.

The Rock Engineers follow the following geotechnical modelling and approach:

•evaluate the principal stress directions using seismic source mechanisms and update the input parameters for numerical modelling;

•using seismic source mechanisms, delineate planar features to confirm and/or detect the position and orientation of geological structures;

•confirm the expected ground motion produced by large, potentially damaging seismic events, and calibrate the Ground Motion Prediction Equation; and

•monitor mine-wide seismic activity and test each geotechnical region for deviation from the expected co-seismic rock mass response, which tests the release of seismic energy.

The geotechnical stress model is also used to manage and monitor the occurrence of seismic hazards. Seismic hazards are categorically measured as per mine planning cycles of short, medium and long term. Events for the last 100 - 200 days definitively estimated, to accurately determine the intermediate probabilities of occurrence. The behaviour of identified medium term events are then monitored daily. Alarms are raised, and people are evacuated in the event of a predicted or anomalous seismic pattern is identified and people are removed from the specific danger areas.

Tshepong South Mine uses an Integrated Seismic System supplied by Institute of Mine Seismology to record seismic events on the property.

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The seismic systems for Tshepong South consist of 20 three-component geophones. The digital seismic data is transmitted from the underground seismic stations through to the surface monitoring stations via manual and automated recording systems, based on available infrastructure at the mine. The data is recorded continuously and reported on a daily basis.

13.4Geohydrological Considerations

Apart from the geotechnical risks that can be caused by the existence of geological structures, the presence of water and gas also pose risks to Tshepong South. The geotechnical models are used as a basis to manage and monitor the occurrence of ground water and gas intersections. Cover holes are drilled in all flat development ends to identify water or gas. Water or gas intersections are plotted in a 1:200 survey sheet plans. These intersections are plotted against a stope plan indicating the geology, structural features, reef contours, pillar layout, faults with associated losses or gains, reef elevation, grade and channel width. These geospatially referenced plots articulacy help the mining team execute the mine plan, in relation to the operation’s geotechnical requirements and assist in the early detection of the presence of water or gas.

Daily management of influx water is handled through a series of diversion strategies aimed at re-directing and controlling the flow, temperature regulation, and re-circulation of water. The water strategies at Tshepong South are supported by the Integrated Waste and Water Management Plan (“IWWMP”). Tshepong South maintain graphical and numerical databases of the operations geohydrological conditions.

Water reticulation around the mine has been designed to maximise water re-use and minimise the amount of water pumped to surface. The 77-level pump station is used to transfer water from various levels back to 55/59 level ice dam where it is cooled by addition of ice from the surfaces ice plants and returned via PRV’s to the different working levels. From the workings, water is pumped via vertical spindle pumps and drain system to the shaft, cascading back to 77 level pump station via NX holes and two settlers. Excess water gets pumped via Railveyor haulage to Nyala Shaft’s 57 level dams, to 35 level dams and then to the surface dam. The water is cleaned via RO plant and supplied to Tshepong North residence and the Nyala Shaft as potable water. Excess water can also be diverted to Tshepong North via 66 level in case of emergency at rate of approximately 35l/s.

13.5Mine Plan Development and Life of Mine (“LOM”) Schedule

The Tshepong South Mine has significant Mineral Reserves to maintain a long-term mine life, however, extraction of ore from Isolated Blocks of Ground (IBG’s) will become more important as the life of mine progresses, but volumetrically these Mineral Reserves are not significant.

The preferred mining method is dependent on development staying ahead of the mining front, so that accurate geological information is gathered and included in final designs before mining commences. This also enables, planning and scheduling activities to be accurately sequenced, which leads to better planning, safer working conditions, and improved profitability.

At Tshepong South Mine, the LOM plan and scheduling originates with the use of the Mineral Reserves model, which is modelled at a 791cmg/t cut-off grade. The 3.445Mt of Mineral Reserves are included in the LOM plan and are fully accessible through the existing infrastructure at the Tshepong South Mine. The mining rates used in determining the LOM plan are based on the current and expected operational performance, notwithstanding any unforeseen underground mining constraints. The remaining LOM for the operation is planned for Seven years, with a planned mining rate averaging at approximately 585ktpa (milled tons) over the LOM period. The extent of the Tshepong South Mine LOM plan is shown in Figure 13-2. The milled ore and gold recovered for Tshepong South Mine are presented in Figure 13-3.

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Figure 13-2 Tshepong South Mine LOM Plan

Figure 13-3: Graph of Tshepong South Mine LOM Plan – Tonnes and Grade

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Figure 13-4: Graph of Tshepong South Mine LOM Plan – Gold Produced (oz)

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13.6Mining Rates

Mining rates are based on current and expected performance depending on underground conditions and constraints. Dilution is included in the production plan mainly from external waste sources from the stoping operations, but allowances are also made for dilution occurred in the ore flow process. The LOM plan considers the planned and available working areas, inclusive of the mine’s current infrastructure capacity.

Tshepong South will be mined at an average rate of 48,760tpm.

13.7Grade and Dilution Control

The selected Scattered mining method is planned and designed to better support recovered grade because of the improved selectivity, flexibility, and reduced off-reef mining. Mine grades are currently increasing as mining moves towards further South into the Eland mine payshoot.

Ore grade and dilution control is done using a Quality Index monitoring tool. This Quality Index considers key parameters including Mine Call Factor, stoping width, proportion of ore lock-up, and an On-Reef index (percentage of On-Reef vs Off-Reef mining due to faulting, dykes, etc.). During the mine design and planning process, external dilution control is implemented by applying an adapted mine recovery factor.

Operationally, grade and dilution control are mostly achieved through improved drilling (marking sticks used on undercut mining) and blasting practices and compliance to blasting barricades on stopes <35 degrees. Drilling accuracy is achieved by holes that are drilled parallel, aimed at being correctly burdened and that are within the stoping limits. This ensures consistent and economic rock breaking, without dilution.

The Tshepong South Mine also adopts electronic blasting technology consisting of an integrated electronic system, which allows for precision timing and improved control of rock breaking. This technique controls stoping width and protects the integrity of the footwall and hanging wall, aimed at minimising dilution.

13.8Mining Equipment and Machinery

There are various machinery and equipment used at Tshepong South, depending on the type of mining or development activity. The following equipment can be found at the frontline of mining production:

•haulages and associated development: Hydro-powered (“HPE”) drill rigs are used for underground excavations and tunnelling. These rigs are preferred as they are versatile and capable of angular, horizontal, and vertical drilling;

•production drilling in stopes: Two types of drilled holes are used in a stoping panel, namely production drilling and pre-conditioned drilling. Pre-conditioning is a methodology aimed at transferring the stresses away from the stope face, therefore reducing the potential for face burst damage. Pre-conditioned holes are drilled longer than production holes and are blasted with the production round. Equipment used for this type of drilling is compressed air hand-held drills;

•raise boring: Is a drilling technique used for ventilation development purposes and ore passes. Raise boring and control mechanisms are currently operated via control modules connected through the mine’s underground and shaft communication networks, conducted on surface by a contractor. The benefits of this allow personnel to be removed from dangerous underground workings and have the upside of productivity achieved through automation;

•rock movement: Ore from the stoping ore passes is loaded from the box-front chutes directly into spans of hoppers pulled by battery powered locomotives and then trammed to the shaft inter-level tips. Ore is then transferred to the main loading bins for hoisting to the surface. Waste rock from development operations is loaded into similar hoppers and trammed and hoisted in the same manner as the ore movement but is done using in a dedicated waste system to prevent diluting the ore grade;

•Tshepong South utilises battery charged locomotives for transportation of ore from the workings to the shaft; and

•ancillary equipment: Area where draw points are not available in the workings i.e box front chutes, Salzgitter loaders are used.

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13.9Ore transport

The blasted ore from the stoping panels is moved with winch-operated scrapers along gullies to ore passes where it gravitates down to the loading boxes in the footwall crosscuts below the stopes. The ore is discharged into rail hoppers and transported, via battery locomotives, to dedicated inter-level transfer systems that gravity feed to the main silos. Once hoisted up the main vertical shaft at Nyala to surface, the ore is transported to the Harmony One Plant via Rail system.

The existing Tshepong South Shaft is connected to the Tshepong Shaft. At the Tshepong South Shaft, broken rock handling on all levels is rail-bound. Several inter-level sub-vertical transfer systems feed the main silos on 55 level. From 77 level, the rock is hoisted to 55 level where a RailVeyorTM system transports the rock from Tshepong South to the Nyala Shaft, from where the rock is hoisted to surface by means of the rock winder, and then transported to Harmony One Plant by train (Figure 3-1).

13.10Mining Personnel

Tshepong South is labour intensive, with the mine being supported by over 3,357 employees, with 89% being permanent staff and the remainder contractors.

The underground mining operation uses an 11 day fortnight shift system, operating a 3-shift cycle per day. The underground work force is essentially split into two categories that are either involved in production activities or they provide supporting services required underground. Production activities are directly related to the mining of ore and non-production personnel provide supporting services such as safety, engineering functions, maintenance and underground store controls. The mining personnel for Tshepong South is presented in Table 13-2.

Table 13-2: Tshepong South Mine Mining Personnel

Labour Requirement	No. of Employees
Services	307
Engineering	674
Mining	2 021
Contractors	355
Total Employees	3 357

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Figure 13-5: Tshepong South Shaft and Underground Infrastructure

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13.11Commentary on Mining Methods

The Scattered mining method is the main mining method utilised at Tshepong South and is appropriate for the reef characteristics and the mine depth. The mine design, planning and scheduling for the mine is developed using the DatamineTM and DeswikTM geological software, respectively, considering the geotechnical model and related parameters.

The main geotechnical and geohydrological risks at Tshepong South include the presence of gas, ground water and seismicity, which are managed through the integrated monitoring systems, and incorporated into working mining models that inform daily mine planning decision-making.

The mining rates, machinery and equipment, ore transport, grade and dilution control, and labour resourcing and optimisation are driven by the mine schedule and improvement initiatives at the respective mine sites.

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14Processing and Recovery Methods

Section 229.601(b)(96) (14) (i-iv)

All ore mined at Tshepong South is processed at Harmony One Plant located west of Welkom (Figure 3-1). Harmony One Plant is Harmony’s largest gold processing plant and processes underground ore from multiple shafts, as well as surface ore from nearby mine waste facilities. The plant was commissioned in 1986 and comprises three independent modules, each consisting of four feed silos, two ROM mills, two conventional thickeners, cyanide leach, carbon in pulp (“CIP”) adsorption, elution, zinc precipitation and smelting. The plant CIP process reflects the technology which was current at the time of construction.Overall the plant has been operating with no significant challenges and target metallurgical recoveries have been achieved. The Harmony One plant is in good working condition and the equipment is also in good order with audits done on regular bases to check the operating performance of the plant.

14.1Mineral Processing Description

The processing flow sheet is presented in Figure 14-1.

Ore delivered to the plant is fed from the concrete silos via two mill feed conveyors through vibrating feeders directly into the ROM mills. Fully autogenous (“FAG”) milling is a milling process in which the entire ROM ore stream is fed directly into the mills and where the grinding media is generated within the mill from suitably sized pieces of ROM ore itself. The average feed rate to the mills is 65tph. The milling circuit consists of two single stage ROM mills that are controlled on maximum power for optimum milling. Each ROM mill is 4.27m in diameter and 10m in length and grinds the ore to 75% - 90% passing minus 75 microns.

Milling is followed by a conventional gold leach process (cyanidation).The cyanidation process is one of the most utilised methods for the recovery of gold from auriferous ores. The use of cyanide leaching for gold recovery is based on gold’s properties, mainly its solubility (ability to dissolve) in cyanide solutions. Once the gold is dissolved into the cyanide solution it has a higher ability to adsorb (attach) onto activated carbon through the application of carbon in pulp (“CIP”) technology.

The loaded carbon then enters the elution columns, which are high pressure vessels that circulate the loaded carbon extracting the gold. The gold will “de-absorb” from the activated carbon and attach onto stainless-steel wool by means of electrowinning. The CIP circuit makes use of gravity flow of slime between the consecutive counter-flow stages to recover and recirculate the activated carbon back into the system.

Following this process, the cathode steel wool is smelted (induction furnaces) after drying in the calcining ovens. The doré bars are then dispatched to Rand Refinery Limited, located near Johannesburg in Gauteng Province.

The tailings residue is pumped from the plant to one of two TSFs, the FSS8 West/East complex, which is the biggest facility with a total deposition capacity of 320,000tpm. The second TSF is the FSS2 facility with a capacity of 160,000tpm. The combined capacity of the two TSFs are 480,000tpm which is well above the plants designed capacity thus, creating some flexibility in the deposition strategy.

Both TSFs are conventional day wall paddock facilities with a fixed penstock tower arrangement that would be the primary means of draining excess water from the facility which is pumped back to the plant to be used in the process again.

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Figure 14-1: Schematic Flow Diagram of the Metallurgical Process

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14.2Plant Throughput, Design, Equipment Characteristics and Specifications

The Harmony One Plant has a steady state design capacity of 390ktpm with its conventional CIP flowsheet. The design parameters and equipment specifications are presented in Table 14 1. The Harmony One plant is in good working condition and the equipment is also in good order with audits done on regular bases to check the operating performance of the plant.

Table 14-1: Key Design Parameters and Equipment Specifications

Process	Parameter	Unit	Value
Overall Plant	Recovery	%	94,7
	Availability	%	9 999
Milling	Throughput ROM	t/hr	90 -100
Densification	Desired pH	pH	>10.5
	Desired Density	g/cm3	1.50 - 1.55
Leaching	Residence Time	hr	27
Acid wash and elution	Elution Temperature	°C	130 (Ambient)

14.3Energy, Water, Process Material and Personnel Requirements

14.3.1Energy

The average monthly power consumption is 12,064,464KWh with power available all the time.

14.3.2Water

The average monthly water consumption is 20,655kL with water available all the time.

14.3.3Process Material

The reagents and their consumption rates are presented in Table 14-2.

Table 14-2: Harmony One Plant Consumables

Equipment	Unit	Value
Lime	tpm	341.00
Flocculant	tpm	0.71
Cyanide	tpm	9.06
Carbon	tpm	190.00

14.3.4Personnel

The personnel is provided in Table 14-3.

Table 14-3: Harmony One Plant Personnel

Personnel	No.
Services	57
Engineering	77
Metallurgy	138
Contractors	245
Total	517

14.4Commentary on the Processing and Recovery Methods

The metallurgical process is a well-tested CIP technology which has been in operation at the Harmony One plant since 1986. Recoveries used in the business plan were based on historic performance. The methodology applied considered the historical metallurgical recovery (18-month period) (Figure 14-2) for the relevant ore sources at the plant.

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It should be noted that since the Harmony One plant processes ore from multiple sources a metal accounting operating procedure is required to manage the input feed delivered to the plant and gold output produced. A basic overview of the procedure is as follows:

•each operation delivers ore to the plant and is booked against each source;

•a delivery sheet reflects each shaft/operations figures; and

•from total ore processed, each shaft/operations equivalent proportion of gold is determined out of the monthly full gold produced.

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Figure 14-2: Graph of Tshepong South Historical Recovery Factor (18 month actual)

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15Infrastructure

Section 229.601(b)(96) (15)

The proximity of Tshepong South to Tshepong North allows for the integration of infrastructural requirements by using the excess hoisting capacity and underused infrastructure available at Tshepong North. This has also enabled the debottlenecking of Tshepong South’s infrastructure. Tshepong South therefore has adequate access to the infrastructure required to meet the planned LOM production schedules.

15.1Surface Infrastructure

The surface infrastructure associated with Tshepong South is presented in Figure 15-1, whilst Google Earth images of the shaft and Harmony One Plant are presented in Figure 15-2, Figure 15-3, Figure 15-4 and Figure 15-5.

Tshepong South’s mining area is well developed in terms of access and mining-related infrastructure. Access to the shafts is via well-maintained roads. Adequately maintained gravel roads is used to access other areas of the mine such as the explosives magazines, sewage works, slimes dam and the evaporation ponds.

The infrastructural layout includes hoisting facilities; logistical support for core handling, sampling, and transporting; ore and waste facilities; tailings and leaching infrastructure; roads; water and power supply; ventilation and refrigeration systems; stores and workshop support; electrical supply; offices; housing and security.

15.1.1Ore and Waste Rock Storage Facilities

Ore mined at Tshepong South is hoisted at Nyala Shaft where it is stored in silos on surface before being transported by rail to the Harmony One Plant for processing (Figure 15-1 and Figure 15-5). Ore is stored in silos located at the plant prior to processing.

The ore and waste hoisting for the Tshepong South Mine is done using two rock winders via the Nyala Shaft and is delivered via the RailVeyorTM. Waste rock is deposited in waste silos and transported to the plant. The Nyala (“WRDs”) is not currently used, but is available adjacent to the respective shafts (Figure 15-1).

15.1.2Tailings Storage Facilities

Harmony One Plant pumps tailings as a slurry to two TSFs namely FS2 and St Helena No.4, located to the south of the plant. All TSFs are currently owned and operated by Harmony.

The current LOM plans for Tshepong (Tshepong South and Tshepong North) require a total collective placement of approximately 0.77Mt of tailings. The capacity remaining in the two TSFs is sufficient until 2024. Currently the project department is urgently looking at various options to ensure that Harmony One Plant has deposition capacity post June 2024. Some of these options entail to keep depositing on some of the existing tailings dams in order to buy time until the new tailings dam will come on line around July 2026. Even if it means downscaling the operations at Harmony One Plant to only accommodate the reef and very little waste. The option that is currently investigated is to convert St Helena 4 tailings dam to a cyclone dam that can take 200,000 tons per month until July 2026. The new tailings facility will be located in the area of North One and Two tailings facilities.

The TSF sites have full engineering records including design, construction, operation, and maintenance plans.

15.1.3Rail

A railway line which traverses the Tshepong South Mining Right area is used to transport hoisted ore to the Harmony One Plant (Figure 15-1).

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Figure 15-1: Tshepong Operations Surface Layout and Infrastructure

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Figure 15-2: Tshepong South Detailed Surface Infrastructure

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Figure 15-3: Nyala Detailed Surface Infrastructure

Source: Google Earth Image Date May 2021

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Figure 15-4: Harmony One Plant Detailed Surface Infrastructure

Source: Google Earth Image Date: September 2021

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15.2Underground Infrastructure and Shafts

The Tshepong South shaft and underground infrastructure is schematically depicted in Figure 13-7. The underground workings are accessed and mined via four vertical shafts and a sub-vertical shaft.

At Tshepong South, the main vertical shaft system extends from surface to 54 level. A sub-vertical extends from 55 level to 66 level. A RailVeyorTM connects the 54 level and 55 level. A Koepe winder is used at the Nyala shaft for rock hoisting. There are two pump stations located at the Tshepong South shaft 71 level and 76 level. Tshepong South and Tshepong North shafts are connected laterally at 54 level and 66 level.

Mine ventilation systems are well established. The Nyala Shaft supports the Tshepong North operations with the supply of compressed air, water handling and rock hoisting. Four compressors installed on surface feed air down the Nyala shaft for the Tshepong South workings. Refrigeration systems for Tshepong South shaft are installed on 55 level to cool the working places. The main return airway for the Tshepong South Shaft is predominantly via the Tshepong Shaft on 66 Level, 69 Level and 73 Level. The current additional holing, booster fan installations and pressure upgrades will significantly assist with the return air capacity and the refrigeration on the shaft.

15.2.1RailVeyorTM

A 5.4km RailVeyorTM system connects the Tshepong South Shaft through 55 level to the Nyala Shaft. The RailVeyorTM is used to transport the rock from Tshepong South to the Nyala Shaft.

The RailVeyorTM was initially installed by the RailVeyorTM company. It is a remote controlled, electrically powered friction light-rail haulage solution. The system comprises four trains and is maintained with a dedicated maintenance bay and digital monitoring systems. The RailVeyorTM system is maintained by Tshepong South, where support can be provided by the company as required.

15.3Power and Electrical

Power is supplied by Eskom. Tshepong South’s power supply is designed to satisfy the planned LOM production and service requirements. Main power supply is managed and distributed via electrical sub-stations located adjacent to the Mine shafts (Figure 15-2, Figure 15-3).

Power lines traverse the mine property to connect the shafts, reduction works and hostel complexes.

In addition, Tshepong South has an onsite emergency power generator system, sufficient to support the critical mining and mineral processing activities in case of emergencies. The Phakisa South operation has an installed capacity to supply of 40MVA, however currently only 27MVA is utilised. At Nyala where hoisting and compressors are installed the installed capacity is 40MVA and currently only 22MVA is utilised.

15.4Water Usage

The primary source of bulk water supply is from Sedibeng municipality. The processing plant, refrigeration plant and underground mining activities are the three largest water consumers.

The Tshepong South underground water supply is supported by two operational settlers. The main pump stations at the Nyala shaft are situated on 35 level and 57 level. The water that reports at the Nyala shaft is mainly excess water from Tshepong South, melted ice and drinking water, and an estimated 1Ml of fissure from surrounding shafts.

Tshepong South has two underground water dams on 77 level and one on 55 level. Water for the use of dust suppression, footwall and sidewall treatment is re-purposed at the Tshepong South Mine.

To ensure continuous availability of water supply during municipality challenges/breakdowns of the system, there is a total of three potable water storage dams installed with a buffer capacity of 7.5ML between water outages. Water usage at Tshepong South shaft is approximately 4ML daily average use for ice production as well as for water drinking and sanitizing.

The storage facilities have sufficient water to supply water to the operation for up to 60 hours if the bulk water supply was interrupted.

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15.5Logistics and Supply

The procurement of supplies and equipment are handled centrally, via Harmony, and then delivered to Tshepong South.

Harmony operates its own rail system which connects the shafts, reduction works, shaft stores, explosives magazine and the mine workshops. This system is used to transport ore between shafts and to transport consumables between the surface stores to the respective locations, as required. It is also connected to the regional Transnet railway system, which transports ore to the Harmony One Plant.

15.6Commentary on Infrastructure

The operational infrastructure including road, rail, offices, security services, refrigeration, Compressors, pump stations, chairlift, ice plant and RailVeyorTM, water and power supply is adequate to satisfy the Tshepong South LOM plan. The Operations is powered by electricity from Eskom. Overall, Tshepong South is well-established with sufficient logistical and infrastructure support for the existing and planned mining operations.

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16Market Studies

Section 229.601(b)(96) (16) (i-ii)

Gold is traded in a variety of markets/exchanges both in physical form through over the counter (“OTC”) markets, bullion banks and metal exchanges etc., and through passive investments such as exchange traded funds (“ETFs”), which are based on gold prices and units representing physical gold which may be in paper or dematerialised form. Demand is driven by the jewellery market, bar and coin, use in technology, ETF’s and other financial products, and by central banks. An overview of the gold market is given in the following sections based mainly on data from the World Gold Council and GoldHub websites.

16.1Market Overview

Unlike almost all mineral commodities, the gold market does not respond the same way to typical supply and demand dynamics which are founded on availability and consumption, but rather on global economic affairs, particular those of the major nations, industrial powerhouses and economic regions, such as the Eurozone. The gold market is affected by government and central bank policies, changes in interest rates, inflationary or deflationary environments and events such as stocking and de-stocking of central reserves. It is also largely affected by global events such as financial crises, geopolitical trade tensions and other geopolitical risks. Price performance is linked to global uncertainty prompted by the prolonged Russia-Ukraine war (GoldHub, Accessed July 2022). It is an asset that can preserve wealth and deliver price outperformance in an uncorrelated way and that makes it extremely attractive.

The Gold Market and Recent Developments

The Gold Market Demand had returned to pre-COVID levels during the third quarter of 2022, with total demand at 1,181t; 28.0% higher when compared to the third quarter of 2021, while gold supply increased by a marginal 1.0% on an annual basis to reach 1,215t.

The main contributing factors of the higher gold demand during the third quarter of 2022 include:

•Jewellery consumption reached a robust 523t, recording a 10.0% increase year-on-year, despite the deteriorating global economic backdrop. Furthermore, on a year-to-date (ytd) basis gold demand was slightly firmer at 1,454t, signifying a 2.0% increase.

•Investment demand was 47.0% lower on an annual basis at 124t, reflecting weak sentiment among some investor segments. The 36% growth in bar and coin investment (to 351t) was insufficient to offset 227t of ETF outflows. Over-The-Counter (OTC) demand decreased significantly during the third quarter of 2022, confirming weak investor sentiment in ETFs and futures markets.

•Central Banks continued to invest in gold, with purchases reaching an estimated quarterly record of nearly 400t according to the World Gold Council.

•Technology Demand decreased by 8.0%, year-on-year, as the global economic downturn had a negative impact on consumer demand for electronics.

Moving into the second quarter of 2023, gold prices are gaining a lot of momentum in line with the global banking crisis and uncertainty surrounding the Federal Reserve Bank. Contagion risks from financial market fears have allowed the safe-haven appeal of gold to drive a bullish market to the cause but this can be fleeting for a quarterly period. Increased volatility has been another contributor to gold.

Markets reacted recently to the upside of the U.S. economy (which is doing better than previously thought), allowing the Fed room to hike rates further in its fight against inflation. The latest market expectations point to rates staying higher for longer with any rate cuts expectations moved to the middle of Q1 next year (2024). This is in stark contrast to expectations seen 2-3 months ago when interest rate cuts were predicted for late Q3/early Q4 this year (2023).

16.2Global Production and Supply

Gold production and supply is sourced from existing mining operations, new mines and recycling.

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16.2.1New Mine Production

China remained the largest producer in the world and accounted for approximately 10% of total global production in 2022 (Gold.org, Accessed 2023). Overall, global mine production reached 3,628t in 2022, slightly higher when compared to the 3,581t recorded in 2021, and the second annual increase in production recorded since 2020. The improvement in mine production over the past two years can mainly be attributed to a mining industry free from COVID-19 disruptions and slowdowns. In 2022, some of the major producing gold countries in the world were China (375t), Russian Federation (325t), Australia (314t), Canada (195t), United States (173t), Ghana (127t), Peru (126t), Indonesia (125t) and Mexico (124t), followed by Uzbekistan (111t) and Mali (102t). South Africa produced 92.6t in 2022; lower when compared to the 113.6t recorded in 2021 (Gold.org, 2023).

World Gold Council: Mine Production - Major producing Gold Countries ranked by 2022

16.2.2Recycling

Global annual supply of recycled gold increased marginally to 1,141t in 2022, but still remained below 1,293t recorded in 2020 and 30% below the all-time high recorded in 2009. Recycling supply experienced a modest increase in 2022 even though a record annual average gold price was recorded for the year. India and China are considered as key role players in the recycling market. In the first quarter of 2023, the supply of recycled gold increased to 310.4t, signifying a 5% increase on a year-on-year basis, and can mainly be attributed to higher gold prices (Gold Demand Trends Q1 2023, Gold.org, May 2023).

16.3Global Consumption and Demand

Annual global gold demand (excl. OTC) increased by a significant 17% to 4,706t in 2022, however during the first quarter of 2023, demand was 13.0% lower at 1,081t on a year-on-year basis. Demand from India decreased as consumption in both investment and jewellery were lower, driven by a volatile and record-high gold price. On the contrary, domestic consumption from China increased, driven by robust income growth and improved domestic economic activity during the first quarter of 2023. While continued improvement is expected in markets post-COVID in 2023, demand continues to face challenges of slowing global economic growth along with persistent high inflation levels in several markets.

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16.3.1Jewellery

Total annual global jewellery consumption decreased from 2,148t in 2021 to 2,090t in 2022, amid weaker gold demand from China and India. In the first quarter of 2023, demand was relatively stable when compared to a year ago, however, a significant quarter-on-quarter decrease of 24% was recorded as high and volatile gold prices discouraged jewellery demand (Gold Demand Trends Q1 2023, Gold.org, May 2023).

16.3.2Investment

A positive global gold demand and exchange-traded funds (ETF’s) are expected to maintain a notable upside potential from volatile interest rate conditions and recession risk. According to the World Gold Council, global bar and coin investment increased by 5% on a year-on-year basis during the first quarter of 2023, exceeding 300t for the third consecutive quarter and the first time since 2013.

A total annual gold investment demand of 1,127t was recorded by the World Gold Council for 2022, a 12% increase when compared to the annual value of 1,004t recorded in 2021. On a quarter-on-quarter basis, total investment demand increased by 9% to reach 274t in the first quarter of 2023. Furthermore, global physically-backed gold ETFs was pressured by weak investor interest, recording a net outflow of -28.7t during the first quarter of 2023, significantly lower when compared to the 270.7t recorded during the first quarter of 2022. In addition, ETF outflows recovered some of its losses and increased during for the first time in 11 months in March 2023 (Gold Demand Trends Q1 2023, Gold.org, May 2023).

Gold prices were further supported by a positive investor sentiment in the institutional segment during March 2023 as a result of an unstable banking industry and positive inflows into ETFs.

World Gold Council: Total Gold Supply & Demand

16.3.3Currency

Gold holds an inverse relationship with the USD and is usually traded relative to its USD price. During the current period of uncertainty, and the rising influence of Chinese currency, central bank asset managers may likely increase their interest in gold as a result. This has been a prominent trend since the economic downturn in 2008.

Future performance of the gold market is expected to be supported by investment demand (a need for effective hedges and a low-rate environment) and will be driven by the level of risk observed in the recovery

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of the global economy from the effects of COVID-19, which may offset any lag in recovery of consumer demand.

The USD currency and Gold

The inverse relationship between the value of U.S. dollar (USD) and that of gold is one of the most discussed about relationships in currency markets. The U.S. Dollar (USD) is the internationally accepted currency and most of the international transactions take place in Dollar/USD equivalent. The major reason behind the relationship of gold and the USD, is that gold is used as a hedge against the adverse exchange value of the USD. As the dollar’s exchange value decreases, it takes more USD to buy gold, which increases the value of gold. Two other factors linked to the USD, or the strength of the USD is inflation and interest rates. Inflation has remained high throughout 2022 and well into 2023 in the U.S. and in many other countries.

Central banks like the Fed, ECB, and BoE have already hiked rates to try and bring inflation down. Rates will continue to rise while inflation remains high. High interest rates are generally seen as a negative for gold as a non-yielding asset, though high inflation is usually seen as a positive for gold as a hedge against inflation.

16.4Gold Price

16.4.1Historical Gold Price

In early August 2020, the London Bullion Market Association (“LBMA”) gold price reached historical highs and remained relatively high for the rest of the year (Figure 16-1).

The London Bullion Market Association (LBMA) gold price reached a record annual average price of US$1,800.09/oz in 2022. The upward trajectory continued into the first quarter of 2023 where gold prices averaged 10% higher at US$1,890.2/oz on a quarter-on-quarter basis. According to the World Gold Council’s May 2023 Gold Market Commentary, “Gold prices remain rangebound, having failed to establish a foothold above the psychologically important US$2 000.00 level. It appears that over the past year, gold has been more influenced by the US dollar than on average, as well as taking its cues from the 2-year US TIP yield rather than the more commonly associated 10-year.”

16.4.2Forecast Gold Price

The minimum and maximum consensus gold price range for the year 2021 Q4 to year 2025 is presented in Figure 16-2. The long-term gold prices are considered from year 2025 onwards. Forecasts as advised from various financial institutions show that gold is expected to trade in a range of USD1,804/oz - USD1,901/oz, for the period 2022 to 2025 with a long-term outlook of USD1,521/oz.

The gold price forecast of USD1,521/oz is conservative if corroborated against a long-term broker consensus gold price outlook (Figure 16-2).

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World Gold Council: Daily Gold Price (ZAR/oz & USD/oz)

Table 16-X Consensus View of Forecast Gold Price

Institutions	2022	2023	2024
World Bank: Development	1 801	1 900	1 750
BMO Capital Markets	1 802	1 925	1 750
Scotiabank	1 803	1 904	1 900
Nedbank	1 817	1 897	1 970
Fitch Solutions	1 800	1 800	1 600
S&P Global	1 804	1 889	1 889
Australian Government	1 801	1 906	1 839
TD Economics	1 802	1 985	2 000
AVERAGE	1 804	1 901	1 837

16.4.3Harmony Group Gold Hedging Policy

Harmony has a hedging policy which is managed and executed at Group treasury level on-behalf of its operating entities. The key features of the hedging programme are as follows:

•The policy provides for hedging (or forward selling) up to a maximum of 20% of expected gold production for a rolling 24-month period;

•The policy has no minimum quantity that should be hedged, and if an attractive margin above cost cannot be achieved (i.e., in a low gold price environment) then no hedges are entered into;

•Harmony enters into ZAR-denominated gold hedges for its South African operations (for the non-South African assets it enters into USD-denominated hedges);

•Individual mines do not enter into hedges in their own name but delivers bullion to Rand Refinery for refining on behalf of Harmony. Rand Refinery is one of the world’s largest single-site precious metals refining and smelting complex in the world. Rand Refinery refine all of Harmony’s gold to at least 99.5% purity, and acting as agent, sells the gold on the daily spot London fixing price and make payment to the Harmony two days later;

•Gains and losses realised from the hedging program are accounted for at Group level and the financial benefit (or downside) is distributed amongst the operations proportional to their levels of gold sales; and

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•Harmony does its mine planning and financial forecasts based on the estimated future gold price provided by an external source (ETSA), but its year-end actual financial results reflect the received gold price inclusive of the impact of the hedging programme. Therefore, in theory, individual mines receive a hedged gold price for a maximum of 20% of its gold sales with the balance attracting the spot price.

16.5Commentary on Market Studies

The factors which affect the global gold market are well-documented as are the elements which influence the daily gold price. The gold price recorded all-time highs during both 2020 and 2022, and although it has since moderated and retracted, the price remains well above the 5-year historical average.

The positive outlook for gold will likely be sustained. Key headwinds for gold are interest rate hikes, currently at near historically low levels, but continued geopolitical risk and underperformance of stocks and bonds will support gold (Gold Mid-Year Outlook 2022, Gold.org, Accessed 2022). The gold price has experienced weaker momentum in Q2 2022, but stabilised. The gold market is expected to remain supported, and prices elevated for the balance of the financial year running into FY2023.

Harmony has a relatively conservative gold hedging policy in place, and this is used to take advantage of the movements in the gold price to maximise the average gold price received, with the benefit of this hedging programme flowing through to Tshepong (South and North).

16.6Material Contracts

As with all major businesses, Harmony and Tshepong South enters into a multitude of vendor agreements for the provisions of supplies and services. These agreements are entered into on a competitive basis and typically are of a medium-term duration all with clauses providing for periodic updating of pricing, annual (or other) renewal or termination.

Harmony has contractual vendor agreements with various service providers and suppliers. The most significant of these contracts currently in place to support Tshepong South are listed in Table 16-1.

All of the listed contracts are currently valid and in good standing. Terms, rates and charges of contracts are considered consistent with industry norms. Contract management processes are in place and resourced so that contracts re-tendered and/or renewed as they approach expiry.

Table 16-1: Material Contracts

Vendor Name	Nature of Service / Supply
Axis Mining & Construction cc	Underground Support services
Genflo Mine Vacuum Systems SA (Pty) Ltd	Shaft Bottom Cleaning at Nyala Shaft
Transnet Limited (t/a Spoornet)	Rail transportation of ore and waste
Lesedi Drilling & Mining Company (Pty) Limited	Underground diamond drilling at Phakisa and Tshepong operations
Bidvest Protea Coin (Pty) Ltd	Security services

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17Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups

Section 229.601(b)(96) (17) (i-vii)

The South African Government has an extensive legal framework within which mining, environmental and social aspects of the industry are managed. Harmony and its Tshepong South Operation is primarily regulated and managed by certain principal Acts (as listed in Section 17.3) as well as corporate policies, management systems and certain industry-wide guidelines, including:

•Energy Efficiency and Climate Change Policy;

•Environmental Policy;

•Harmony Water Management Strategy;

•Biodiversity and Rehabilitation Position Statement;

•Socio-Economic Transformation Policy; and

•Corporate Social Responsibility Policy.

The latest sustainability policies and public environmental social and governance (“ESG”) performance and disclosure report(s) are available on the corporate website. Harmony has identified the environmental risks for the business and has strategies in place to manage the risks.

17.1Results of Environmental Studies

Tshepong South has prepared multiple environmental impact assessments (“EIA”) for regulatory approval, which under the current legal framework, require stakeholder engagement. The most recent EIA was undertaken in 2022. The results of the studies have been incorporated into the Harmony business planning process. The results of all the studies are too voluminous to include in this TRS and therefore the reader is directed to EMP PAR (Environmental Management Programme Performance Assessment) Harmony Tshepong, Matjhabeng and ARM(Reference Number FS 30/5/1/2/2/84MR).

Harmony is committed to maintaining good relationships with regulatory authorities, industries, communities, business partners and surrounding stakeholders.

17.2Waste and Tailings Disposal, Monitoring & Water Management

The process of mining and beneficiation produce significant waste, typically consisting of 1) solid waste in the form of waste rock and overburden, 2) liquid wastes in the form of wastewater and tailings slurry and 3) gaseous emissions such as liquefied petroleum gas.

Measures have been put in place for the handling and disposal of all hazardous chemicals (e.g., cyanide), hydrocarbons (i.e., hydraulic oils and diesel) and other chemicals to ensure the protection of human health and its potential impact on the environment.

Harmony recognises that responsible and effective waste management can positively reduce its environmental impacts and mitigate associated environmental liabilities. Waste management is thus a priority focus area. Internally, guidelines on mineral, non-mineral and hazardous waste materials are included in the environmental management systems (“EMS”) implemented at Tshepong South.

Tailings comprises of crushed rock and process water emitted from the gold elution process in the form of slurry once gold has been extracted. As tailings contain impurities and pollutants, they are placed in TSF engineered to contain them, in line with Harmony's tailings management programme and the Global Industry Standard on Tailings Management (“GISTM”).

Harmony's overall tailings management strategy is to ensure robust, meticulous engineering and dam design, along with a continual focus on management of risks through layered assurance and oversight. The focus areas include, but are not limited to:

•freeboard control;

•water management;

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•maintaining stability and the safety factor as advised by the engineer of record;

•erosion controls; and

•monitoring and control measures implemented to ensure continued compliance (including regular inspections, audits, and meetings on varying intervals with subsequent actions, minutes and reports).

As part of its mining, environmental and water approvals and licences, Harmony is required to implement monitoring programmes and plans to establish the operations impact on the environment. The compliance limits for the monitoring variable are included in the applicable EMPR(s), WULA(s) and environmental authorisations. The environmental monitoring implemented at Tshepong South includes:

•ground and surface water monitoring

•biodiversity monitoring;

•waste classification and quantification;

•integrated waste and water management plan (“IWWMP”) updates;

•water balance reviews;

•licence and authorisation compliance reviews; and

•air quality (i.e., noise and dust) and greenhouse gas emissions ("GHG") monitoring.

A focus area during the next financial year will be on creating effective awareness and implementation of its waste and waste management procedures such as the IWWMP. This plan provides water conservation management measures to help reduce the demand for water from external and natural sources.

17.3Permitting and Licences

In respect of environment, the following national Acts and the regulations promulgated thereunder provide the regulatory framework for mine permitting and licencing in South Africa:

•Mineral and Petroleum Resources Development Act, 2002 (“MPRDA”);

•National Environmental Management Act, 1998 (“NEMA”);

•National Environmental Management: Waste Act, 2008 (“NEM:WA”);

•National Environmental Management: Air Quality Act, 2004 (“NEM:AQA”); and

•National Water Act, 1998 (“NWA”).

A summary of the status of environmental permits and licences issued at the effective date related to Tshepong South is presented in Table 17-1.

All relevant mining, environmental and water-use permits are in place that cover the environmental, archaeological, and hydrological components of Tshepong South. All permits are audited regularly for compliance and no material risks to the operations have been identified.

There are applications submitted or being considered by the relevant authorities to ensure compliance and alignment with operations LOM requirements. To this end, Water Use Licence Applications were submitted / lodged in 2020 with DWS. Environmental Management Programme Amendments were submitted / lodged in 2020 with DMRE. Tshepong Operations (South and North) are still awaiting approval from the regulator at the effective date of this TRS. These pending environmental permits and licences do not pose a material risk to the continuation of the operation.

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Table 17-1: Status of Environmental Permits and Licences

Permit / Licence	Reference No.	Issued By	Date Granted	Validity
Environmental Management Programme	FS 30/5/1/2/3/2/1(84)EM	DMRE	April 16, 2010	LOM
Environmental Management Updated	FS 30/5/1/2/2/84MR	DWAFEC	Pending Approval Submitted in 2020	LOM
Water Permit 936B. Harmony. Free State Geduld Mines. Discharge of untreated effluents	B33/2/340/31	DWAFEC	April 2, 1981	LOM
Water Permit 870B. Harmony. Discharge of untreated effluents.	B33/2/340/25	DWAFEC	May 27, 1991	LOM
Water Permit 1214N. Free State Consolidated Gold Mine. Tshepong, Freddie’s and Phakisa shafts.	B33/2/340/12	DWAFEC	Not indicated.	LOM

Notes: DWAFEC - Department of Water Affairs, Forestry and Environmental Conservation, DWA - Department of Water Affairs.

17.4Local Stakeholder Plans and Agreements

Harmony strives to create sustainable shared value within the communities it operates. Local stakeholder plans and agreements are based on the results from socio-economic information, government development strategies and EIAs undertaken. The socio-economic development programme commits to:

•contribute to areas that will have the most meaningful socioeconomic impact on communities, namely infrastructure, education and skills development, job creation and entrepreneurial development;

•enhance broad-based local and community economic empowerment and enterprise development initiatives;

•facilitate socio-economic development in local communities by means of social and labour plan(s) (“SLP”) and corporate social responsibility programmes;

•support arts, culture, and sports and recreation; and

•build relationships based on trust within host communities.

In South Africa, mining companies are required to have a SLP, which forms an important component of Harmony's community investment plan. It sets out the Company’s obligation to develop and implement comprehensive human resource development programs, community development plans, housing and living condition plans and employment equity plans. The aim of the SLP is to ensure the uplift of the social and economic circumstances of local communities surrounding the mine. The SLP is a prerequisite to securing and maintaining a mining right, with progress required to be reported annually.

Harmony has budgeted to spend approximately ZAR11.51m over FY24 to meet its SLP commitments for Tshepong South respectively.

17.5Mine Closure Plans

Harmony makes provision for closure and rehabilitation both for accounting purposes and as required under the MPRDA. The statutory obligation for all environmental rehabilitation at Tshepong South is administered by the DMRE and requires the preparation of a closure plan, the development of a cost estimate, and financial assurance. The Company makes an annual submission to the DMRE setting out the cost of closure in accordance with the MPRDA and the regulations issued thereunder.

Harmony appointed Digby Wells and Associates (South Africa) (Pty) Ltd, independent environmental consultants, to review and update the Closure Cost Assessment for unscheduled closure associated with Tshepong (South and North) and Matjhabeng Mining Operations. The Matjhabeng Mining Operations is a Harmony operation, located north of the town of Welkom in the Free State Province. The mine closure assessment was done in terms of regulation 53 and 54 of the MPRDA and in accordance with the requirements of NEMA.The closure cost as at June 30, 2023, was calculated to be approximately ZAR517.1m for the total mining right as indicated in Table 17-2.

Harmony is required to make funding available in an amount equal to the cost of closure as determined under the MPRDA in the form of a trust fund and/or bank guarantees, see Table 17-3 Rehabilitation Assurance Costs.

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Table 17-2: Mine Closure Liability

Area	Total Closure Cost (ZAR)
Western Holdings 5 Shaft	9 262 719
Eland Shaft and Freddies 6	17 607 193
Nyala Shaft	75 305 600
Tailings Dams - North	331 145 091
Tshepong South (Phakisa)	18 755 892
North Shaft/Tshepong	39 819 418
Sable Shaft	5 478 213
Kudu Shaft	7 892 699
Sewage Treatment Plant	5 066 139
Floatation Plant	6 807 863
Grand Total	517 140 826

Table 17-3: Rehabilitation Assurance

Area	Trust Fund (ZAR)	Bank Guarantee (ZAR)	Total (ZAR)
Tshepong and Matjhabeng Operation	2 830 511 252	0	2 830 511 252
Tshepong South (Phakisa)	Included in above
Total	2 830 511 252	0	2 830 511 252

17.6Status of Issues Related to Environmental Compliance, Permitting, and Local Individuals or Groups

The required environmental authorisations are in place and only require renewal and amendments to be made to reflect the current infrastructure at Tshepong South (WULA permit application submitted, awaiting resolution). Based on current industry norms, a realistic timeframe to obtain relevant authorisations is estimated between 12 and 18 months. With the delays emanating from the Department side, and whilst still in anticipation of the approval, continuous monitoring systems are in place and results submitted on six months bases to the Department.These pending environmental permits and licences do not pose a material risk to the continuation of the operation.. Harmony has been working very closely with the department these last few months to finalise the WULA submitted in 2020.

17.7Local Procurement and Hiring

Harmony is committed to investing in the future of local communities beyond the LOM and not to only empower them, but also to mitigate the impacts its activities to ensure a positive legacy. The 2014 Mining Charter serves to guide the south African mining industry in socio-economic transformation. Local procurement (goods and services) and human resource management are key measures set under the Mining Charter and are reported on annually. Refer to the Company’s corporate website on updated information pertaining to its compliance to the Mining Charter.

Portable skills are developed internally as well as through expanded learning programmes, learnerships and other programmes opened only to operating communities. Local procurement is being supported where there is a skills shortage. Some of the portable skills training offered to its employees include but not limited to basic plumbing, electrical appliance repair, welding, catering and baking, sewing and clothing manufacturing.

17.8Commentary on Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups

Periodic inspections are conducted by the DMRE to verify compliance with applicable environmental laws, regulations, permits and standards. In addition, Tshepong South has implemented an EMS in line with the ISO 14001 standard. The EMS is audited on an annual basis by a third party and includes the needs and expectations of interested parties.

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As part of Harmony, Tshepong South conducts its operation based on policies and systems that are aligned to its corporate sustainable development framework. Although Harmony is not a signatory to the International Council on Mining and Metals or the UN Global Compact, these form the guiding principles of the framework. Harmony discloses its sustainable development voluntarily in accordance with the guidelines issued by the Global Reporting Initiative (“GRI”). Further to this, Harmony discloses environmental information on the Carbon Disclosure Project (“CDP”) for both climate change and water. The CDP runs the global environmental disclosure system that supports companies to measure and manage their risks and opportunities on climate change, water security and deforestation.

Harmony has a good understanding of the environmental and social aspects of the operations through baseline and specialist studies previously conducted. Risk management and mitigation measures were adequately addressed in the environmental management plans and will be effective to mitigate risks and impacts to acceptable levels should the measures be implemented according to the specialists’ recommendations.

The required environmental authorisations are in place and only require amendments to be made to reflect the current infrastructure at Tshepong South (WUL permit application submitted, awaiting resolution). Based on current industry norms, a realistic timeframe to obtain relevant authorisations is estimated between 12 and 18 months.

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18Capital and Operating Costs

Section 229.601(b)(96) (18) (i-ii)

Economic parameters for the Harmony Group, including capital and operating costs, is determined, and signed off by the CODM, before distribution to the business units, including Tshepong South. The capital and operating costs are reported in ZAR terms and on a real basis. Rounding of figures may result in minor computational discrepancies.

18.1Capital Costs

The estimated capital costs for Tshepong South is reported according to costs associated with major equipment outside the main operating sections which is termed AE, infrastructure development, as well as operating capital, as presented in Table 18-1.

An average contingency of 10% is applied where the capital cost estimates have a level of uncertainty, for example, where a capital project is an isolated occurrence. Where the capital cost estimates have a reasonable basis, there is no contingency applied. The estimated capital costs are carried forward and modelled in the Tshepong South cash flow.

18.2Operating Costs

A summary of the direct and indirect operating costs for Tshepong South is presented in Table 18-2. Operating costs are based on historic performance while applying any changes expected within the new financial year (such as electricity requirements, increased/decreased labour) and are used as an input into the Tshepong South cash flow model.

18.3Comment on Capital and Operating Costs

The capital and operating cost estimates for Tshepong South is based on actual historical data, as well as budget forecasts. Therefore, the forecasted costs are reliable, and at minimum meet the confidence levels of a Feasibility Study. This approach of estimating capital and operating costs is consistent with industry practice. A record of the forecast and budget costs is maintained by the operation, allowing for an assessment of the alignment of the forecast and actual costs.

Table 18-1: Summary of Capital Cost Estimate for Tshepong South

Capital Cost Element (ZAR'000s)	Total LOM (FY2024 - FY2030)
AE	172 126
Shaft Projects	152 201
Major Projects	264 521
MCC	97 871
Total	686 719
OCD	1 261 098
Total (including OCD)	1 947 817

Table 18-2: Summary of Operating Cost Estimate for Tshepong South

Operating Cost Element (ZAR'000)	Total LOM (FY2024 - FY2030)
Mining	7 775 322
Services	1 818 105
Medical Hub / Station	441 944
Engineering	7 569 980
Total Direct Costs	17 605 351
Mine Overheads	901 690
Royalties	203 461
Ongoing Capex	1 261 098
Total Cost	19 971 600

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19Economic Analysis

Section 229.601(b)(96) (19) (i-iv)

19.1Key Economic Assumptions and Parameters

The CODM forms, reviews, signs-off and distributes economic assumptions to its various business units. On an annual basis, during the period October to November, long-term commodity prices and exchange rates forecasts’, are received from various financial institutions. In addition, a specialist in Economics from a reputable economics company based in South Africa, provides expert views on the global markets, forward looking commodity prices, exchange rates, consumer price index, production price index, electricity cost and consumable increases. All factors are analysed, cognisance is taken of the requirements of the NYSE and JSE markets, and a proposal is presented to the CODM for recommendation and approval. These assumptions are then applied at Tshepong South, along with specific operational considerations.

19.1.1Gold Price

The forecast gold price (USD1,582/oz) is the price that is used by Harmony for the Tshepong South annual planning cycle and forms the basis for the spot gold price assumptions used in the Tshepong South cash flow. The reader is referred to Figure 16-2 for the consensus forecast gold price. The conversions used in the calculation of the various gold prices is presented in Table 19-1.

Table 19-1: Conversions Used in Gold Price Calculations

Economic Factors	Gold Price (USD/oz)	Conversion Factor (oz/kg)	Exchange Rate (ZAR:USD)	Gold Price (ZAR/kg)
2023 Mineral Resource	1 764	32.15	16.22	920 000
2023 Mineral Reserve	1 582	32.15	16.22	825 000
2024 Gold Price Forecast¹	1 582	32.15	16.22	825 000

Notes: 1. The forecast gold price as used in the Tshepong South cash flow.

19.1.2Exchange Rate

The South African Rand (ZAR) depreciated significantly since the start of 2023 to average at R17.75/US$ during the first quarter of 2023, 0.7% weaker compared to an average of R17.63/US$ recorded during the last quarter of 2022. Moving onto the second quarter of 2023, the South African Rand depreciated further by 5.2% to average at R18.67/US$ on a quarter-on-quarter basis.

The trade of the South African Rand (ZAR) to the U.S. Dollar (USD) is an important trade, as further weakness in ZAR can be expected in the medium term, after recent comments by Federal Reserve Chairman Jerome Powell alluded to further interest rate hikes to curb inflation, giving the USD further upside against the Rand.

Recent levels of the Rand (ZAR), which had seen the local currency appreciate by more than 4% against the USD, since the start of June 2023, making it the second-best-performing emerging market currency over this period and in recent trades.

The forecast spot exchange rate of 16.22 ZAR:USD is the exchange rate that is used by Harmony for the annual planning cycle and forms the basis for the ZAR:USD exchange rate assumptions used in the company cashflow.

Table 19-2: ZAR:USD Exchange Rate Performance (July 2020 – June 2023)

Period	Average Exchange Rate (ZAR:USD)
July 2020 to June 2021	15.43
July 2021 to June 2022	15.21
July 2022 to June 2023	17.77
3-Year Ave. (not weighted)	16.14

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ETSA: Exchange Rates (Annual – Calendar year)

Table 19-X Consensus ZAR : USD Exchange Rate Forecast

Institutions	2022	2023	2024
Nedbank	16.38	18.29	17.27
Investec	—	18.20	17.65
FNB	16.40	18.80	18.00
PWC	16.37	18.20	18.70
IDC	16.36	18.50	18.51
AVERAGE	16.38	18.40	18.03

19.1.3Royalties

Royalty is an expense paid to the government of South Africa and is accounted for in the Tshepong South cash flow models. In terms of the mining ring-fencing application, each ring-fenced mine is treated separately, and deductions can normally only be utilised against mining income generated from the relevant ring-fenced mine. Royalty is calculated as (Gross sales of mineral resources during the year x 0.5% +(earnings before interest and taxes/gross sales in respect of refined mineral resources x 12.5) x 100)

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Figure 19-1: Graph of Consensus ZAR : USD Exchange Rate Forecast

19.1.4Taxes

Mining tax on gold mining taxable income in South Africa is determined according to a formula, based on the taxable income from mining operations. Of that, 5% of total revenue is exempt from taxation while the remainder is taxable at a higher rate (33%) than non-mining income (27%). Accounting depreciation is eliminated when calculating the South African mining tax income. Excess capital expenditure is carried forward as unredeemed capital to be claimed against future mining taxable income.

19.1.5Summary

The key assumptions used in the cash flow are summarised for Tshepong South in Table 19-3.

Table 19-3: Key Economic Assumptions and Parameters for Tshepong South Cash Flow

Parameter	Unit	Value
Production Rate	tpm	48 760
Gold Recovery	%	95
Royalty	% of xx	0,05
Tax Rate	%	Formula
Gold Price	ZAR/kg	825 000
Exchange Rate	USD:ZAR	Variable
Discount Rate	%	9,00

19.2Economic Analysis

Harmony's respective business units and its associated operating sites consider the economic assumptions discussed in Section 19.1 during their respective planning and analysis processes. The past year’s average gold price is used for testing purposes. A spot price of ZAR825,000/kg is used for forecasting the revenue of Tshepong South cash flow (Table 19-4).

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The discounted cash flow model is used to calculate the Net Present Value (“NPV”) of the investments. The NPV for the spot metal price, for Tshepong South is approximately ZAR1,320Bn, at a discount rate of 9%. The NPV is calculated on a cash flow that accounts for factors such as:

•mining and ore processing working costs;

•royalty payments;

•capital costs, including costs allocated to ongoing development;

•any significant project work considered as major projects; and

•costs deemed as abnormal expenditure.

19.3Sensitivity Analysis

The economic assumptions, cash flow breakdown and economic analysis contribute to the basis for the sensitivity analysis. The sensitivities are calculated and analysed, as shown in the accompanying Table 19-5, Table 19-6 and Table 19-7.

Harmony has reviewed its exposure in terms of South Africa’s political instability, the COVID-19 pandemic, the currency exchange rate, and the gold price, on its financial assets and financial liabilities, and has determined the sensitivities for a ±10% variance. Management considers this range to be a reasonable change given the volatility in the market.

The sensitivity analysis is completed for variations in commodity price (ZAR/kg), total operating costs, which include capital costs and royalties paid (ZAR); and a combined analysis considering variations in commodity price, total operating costs, and changes in production. Capital investments in Tshepong South are relatively low and not expected to have any significant impact on the NPV and therefore not included in a sensitivity analysis. The base case in the analysis below is the economic results emanating from the LOM plan (Table 19-4).

The sensitivity analysis (Table 19-5 and Table 19-6) is based on a change in a single assumption while holding all other assumptions constant. In practice, this is unlikely to occur, as risks and/or opportunities will have an impact on the cash flows, and changes in some of these assumptions may be correlated. The insights that can be provided by this sensitivity analysis is that Tshepong Operations is most sensitive to gold price, closely followed by changes in costs.

The impact of one or a combination of risks and opportunities occurring at the same time cannot be specifically quantified so an analysis considering multi-parameters is considered. In this way the general risks, with the aid of the sensitivity table (Table 19-7) are adequately covered. The sensitivity analysis considering the 3 variations of gold price (ZAR/kg), operating costs (ZAR) and variation in production (kg Au) show that the lowering of working costs, improvement in productivity and the benefits of a higher gold price can have positive impacts on the Tshepong South Mine.

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Table 19-4: Tshepong Operations Cash Flow

			Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7
Item	Units	LOM Total	FY2024	FY2025	FY2026	FY2027	FY2028	FY2029	FY2030
Mining advance	m2	984	116	133	143	154	154	155	128
Total OCD	m	25 566	5 982	6 776	5 504	5 111	1 108	818	267
Milled tons	t '000	4 096	472	564	602	646	643	641	527
Yield	g/t	5 802	706	676	695	624	703	661	679
Gold recovered	kg	27 699	3 329	3 813	4 188	4 032	4 520	4 239	3 579
Revenue	ZAR'000	22 851 570	2 746 026	3 145 336	3 455 484	3 326 095	3 729 324	3 496 962	2 952 343
Working costs	ZAR'000	18 507 041	2 528 354	2 576 365	2 697 232	2 775 770	2 765 763	2 763 338	2 400 219
Capital (including OCD)	ZAR'000	1 947 817	494 044	515 926	450 574	300 930	101 129	71 875	13 340
Royalty	ZAR'000	203 461	13 730	15 727	17 277	16 630	47 335	54 147	38 615
Total costs (including capital and royalty)	ZAR'000	20 658 319	3 036 128	3 108 017	3 165 083	3 093 331	2 914 226	2 889 360	2 452 174
Profit (after OCD and capital)	ZAR'000	2 193 252	(290 102)	37 319	290 402	232 764	815 098	607 602	500 169
NPV - (low discount rate - 9%)	@9%	1 320 062
NPV - (medium discount rate - 12%)	@12%	1 121 948
NPV - (high discount rate - 15%)	@15%	955 946

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Table 19-5: Gold Price Sensitivity Analysis

Sensitivity (%)	Production (kg)	Gold Price (ZAR/kg)	Revenue (ZAR’000)	Operating Cost (ZAR'000)	Profit / Loss (ZAR'000)	NPV (ZAR'000)
10%	27 699	907 500	25 136 728	20 658 319	4 478 409	2 951 579
5%	27 699	866 250	23 994 149	20 658 319	3 335 830	2 135 821
LOM plan	27 699	825 000	22 851 570	20 658 319	2 193 252	1 320 062
-5%	27 699	783 750	21 708 992	20 658 319	1 050 673	504 303
-10%	27 699	742 500	20 566 413	20 658 319	(91 906)	(311 456)

Table 19-6: Total Operating Cost Sensitivity Analysis

Sensitivity (%)	Production (kg)	Gold Price (ZAR/kg)	Revenue (ZAR’000)	Operating Cost (ZAR'000)	Profit / Loss (ZAR'000)	NPV (ZAR'000)
10%	27 699	825 000	22 851 570	22 724 151	127 420	(179 450)
5%	27 699	825 000	22 851 570	21 691 235	1 160 336	570 306
LOM plan	27 699	825 000	22 851 570	20 658 319	2 193 252	1 320 062
-5%	27 699	825 000	22 851 570	19 625 403	3 226 167	2 069 817
-10%	27 699	825 000	22 851 570	18 592 487	4 259 083	2 819 573

Table 19-7: Gold price, Operating Costs, and Production Variation Sensitivity Analysis

Sensitivity (%)	Production (kg)	Gold Price (ZAR/kg)	Revenue (ZAR’000)	Operating Cost (ZAR'000)	Profit / Loss (ZAR'000)	NPV (ZAR'000)
10%	30 469	907 500	27 650 400	22 724 151	4 926 249	3 246 737
5%	29 084	866 250	23 994 149	21 691 235	2 302 914	2 242 612
LOM plan	27 699	825 000	22 851 570	20 658 319	2 193 252	1 320 062
-5%	26 314	783 750	21 708 992	19 625 403	2 083 589	479 088
-10%	24 929	742 500	20 566 413	18 592 487	1 973 926	(280 310)

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20Adjacent properties

Section 229.601(b)(96) (20) (i-iv)

Tshepong South is 100% owned by Harmony. The Tshepong South Mine lies to the south-east of the Tshepong Mine. The Eland Mine is located south-east of Tshepong South, while the Welkom 4 Shaft is further south from the Tshepong South Mine.

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21Other Relevant Data and Information

Section 229.601(b)(96) (21)

Other relevant data and information pertaining to Tshepong South is its separate reporting structure as of Financial Year 2024. Tshepong South previously reported under the Tshepong entity.

Other relevant information includes the public disclosure reports on Tshepong South operational, financial and environmental performance are available on the Company’s corporate website. The following reports are relevant to this TRS:

•Integrated annual report 2023;

•ESG report 2023;

•Financial report 2023;

•Report to shareholders 2023;

•Operational report 2023; and

•TCFD report.

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22Interpretation and Conclusions

Section 229.601(b)(96) (22)

Tshepong South and Tshepong North mine were merged into a single operation in 2017 and were collectively called the Tshepong Operations. Tshepong Operations are well-established with Tshepong North having been in operation since 1986, and Tshepong South since 1994. Harmony acquired the operations in 2001.In Financial Year 2024 “FY24” the two mines were split and reporting separately as Tshepong South and Tshepong.

Harmony has no known risks to conduct mining activities over the permitted mining rights’ areas, incorporated as Tshepong Operations. In addition, no known risks are posed over surface access and activities, regarding mining related activities.

Tshepong’s regional geological setting, mineralisation and deposit is well understood. The geology is supported by historical geophysical surveys, surface diamond core drilling and underground channel (chip) sampling and mapping. Economic mineralisation occurs in the Basal Reef and B Reefs . The former is mined at 100 % currently , while the latter is still under development which will complete in FY24.

The sampling approach and management, density assumptions, laboratory procedures, and assaying and analysis are in keeping with industry standards and practices and is appropriate for the mineralisation at the Central Rand Group. The holistic understanding of the regional geology, lithological and structural controls of the mineralisation at Tshepong South is sufficient to support the estimation of Mineral Resources.

Gold bearing ore mined at Tshepong South is processed at the Harmony One Plant facility which has been in operation since 1986. As such, the processing method is considered well established for the mineralisation at Tshepong South. The plant makes use of historical trends and data as a basis for their recoveries of Basal and B reefs.

The data pertaining to the mineralisation, regional and geological setting, exploration findings, sample collection, preparation, and testing, inclusive of data verification and metallurgical test work gives rise to the Mineral Resource estimate.

The combined Measured and Indicated Mineral Resource, exclusive of Mineral Reserves, for the Tshepong South Mine, as at June 30, 2023 is 12.341Mt at a grade of 12.29g/t, containing 4.875Moz of gold, and the Inferred Mineral Resource contains 25.090Mt at a gold grade of 10.67g/t, containing 8.606Moz of gold.

Mineral Reserves are derived from the Mineral Resources, a detailed business plan and operational mine planning processes. Mine planning utilises and takes into consideration actual historical technical parameters. In addition, conversion of the Mineral Resources to Mineral Reserves considers Modifying Factors, dilution, ore losses, minimum mining widths, planned mine call and plant recovery factors.

The Mineral Reserves for the Tshepong South Mine, as at June 30, 2023 is 3.445Mt of milled ore at a grade of 7.67g/t, containing 0.850Moz and comprise of 85% Proved Reserves and 15% Probable Reserves.

Tshepong South is currently mining profitably, and the NPV shows a positive result. Any by-products that are recovered as part of the refining process, make up an immaterial component of the total metal inventory, and is thus not reported as part of the Mineral Reserve estimates. There are no obvious material risks that could have significant effect on the Mineral Reserves.

The Mineral Reserves are extracted via the Scattered method, with minor undercut and open stoping methods. Mining methods take into consideration the mining and rock engineering design guidelines. The integrated selection of the mining method increases flexibility, safety and minimises seismic events.

Extracted minerals from Tshepong South are recovered at the Harmony One Plant. The metallurgical process is well-tested technology, based on sound historic operating parameters.

The mine’s regional and local infrastructure is capable of fully supporting the mining and surface related activities. Tshepong South is accessed via national and provincial road networks, has key power transmission and distribution networks provided by the National electricity regulator, water supply networks and

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communication infrastructure. Overall, Tshepong South is well-established with sufficient logistics and infrastructure support for the existing and planned mining operations.

Harmony and Tshepong South is exposed to market risks such as exchange rate and gold price fluctuations which are partially offset by the Harmony Group hedging policy. The hedging programme considers factors effecting the global gold market and these, along with macro-economic conditions, are used to determine planning and forecasting inputs at group level for all of Harmony’s operating business units. Other non-gold related risks are addressed to some extent by Tshepong South entering into vendor agreements for the provisions of supplies and services which are done on a competitive basis with customary price adjustment, renewal and termination clauses.

To successfully operate a mining operation in South Africa the state requires compliance with applicable environmental laws, regulations, permits and standards. Tshepong South adheres to said compliance and regulatory standards and have, in addition, implemented an Environmental Management System in line with the ISO 14001.

As part of Harmony, Tshepong South conducts its operations based on policies and systems that are aligned to its corporate sustainable development framework. This is guided by the principles of the framework from the International Council on Mining and Metals or the UN Global Compact. Harmony discloses its sustainable development voluntarily in accordance with the guidelines issued by the Global Reporting Initiative. Further to this, Harmony discloses environmental information on the Carbon Disclosure Project for both climate change and water.

Harmony has a good understanding of the environmental and social aspects through baseline and specialist studies previously conducted. Risk management and mitigation measures were adequately addressed in the environmental management plans. Most of the required environmental authorisations are in place and only require amendments to be made to reflect the current infrastructure at Tshepong South (WULA permit application submitted, awaiting resolution). Based on current industry norms, a realistic timeframe to obtain relevant authorisations is estimated between 12 and 18 months.

One of the ways Harmony aims to grow and develop the people and assets and provide sustainable value to all stakeholders is through economic regeneration.

The economics of Tshepong South is based on the discounted cash flow model, with a metal price of ZAR825,000/kg. The NPV for the metal price, is ZAR1,320Bn, at a discount rate of 9%. The NPV is calculated on cash flow that takes factors such as: capital and operating costs; and royalties. The capital and operating cost estimates for Tshepong South is based on historical data, as well as budget forecasts. This estimation technique allows for the forecast and actual costs to be aligned.

Royalties and taxes are paid to the South African government and accounted for in the Tshepong South cash flow and NPV analysis. There are also specific tax relief benefits that apply to gold mining companies, where 5% of total revenue is exempt from taxation, amongst other benefits. In addition, in response to challenges faced by companies during the COVID-19 pandemic, the government have implemented various stimulus packages to provide some tax relief to companies.

The economics of Tshepong South is tested for its sensitivity to commodity price (ZAR/kg), operating costs (ZAR) gold production (kg). The insights provided by the sensitivity analysis is that Tshepong South is most sensitive to changes in the gold price (ZAR/kg), closely followed by changes in total operating costs (ZAR).

This TRS was prepared by a team of experienced professionals. The TRS provides a summary of the material scientific and technical information concerning the mineral exploration, Mineral Resources, Mineral Reserves, and associated production activities of the mineral asset, including references to the valuation for Tshepong South. Each person (as per table 25-1 “Other Specialists”) was responsible for specific sections of this TRS which they have personally supervised and reviewed. This TRS contains the expression of the QP opinions, based on the information available at the time of preparation.

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23Recommendations

Section 229.601(b)(96) (23)

The gold output can be optimised through improvement of quality of mining and this will result in achieving planned shaft call factor. This impact will be realised through our currently implemented Business Initiative programme that will look at driving quality of mining through measures such as in-stope water controls and better fragmentation during blasting to contain the gold.

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24References

Section 229.601(b)(96) (24)

Dankert, B.T., and Hein, K.A.A., 2010. Evaluating the structural character and tectonic history of the Witwatersrand Basin. Precambrian Research 177, 1–22.

https://www.gold.org/goldhub/data/gold-prices. Accessed 22 July 2022.

Robb, L.J., and Meyer, F., 1995. The Witwatersrand Basin, South Africa: Geological framework and mineralisation processes. Ore Geology Reviews, 10(2), 67-94.

Robb, L.J., Robb, V.M., 1998. Gold in the Witwatersrand Basin. In: Wilson, M.G.C., Anhaeusser, C.R. (Eds.), The Mineral Resources of South Africa. Handbook. Council for Geoscience, 294–349.

South African Revenue Services. (2021, July 29). South African Revenue Services. Retrieved from Tax Relief Measures: https://www.sars.gov.za/media/tax-relief-measures/

Therriault, A.M., Grieve, R.A.F., Reimold, W.U., 1997. Original size of the Vredefort Structure: Implications for the geological evolution of the Witwatersrand Basin. Meteoritics and Planetary Science 32, 71–77.

Tucker, R.F., Viljoen, R.P., and Viljoen, M.J., 2016. A Review of the Witwatersrand Basin The World’s Greatest Goldfield, accessed from https:// www.researchgate.net /publication /305924249 _A_Review_of_the_Witwatersrand_Basin_-_The_World's_Greatest_Goldfield.

World Gold Council. (2022, July 13). World Gold Council, Gold Hub, Gold mine production: Gold Production by Country | Gold Production | Goldhub

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25Reliance on Information Provided by the Registrant

Section 229.601(b)(96) (25)

Further to Section 24, in the preparation of this TRS, the principal QP’s and authors relied upon information provided by the Registrant and other internal specialists with regards to mining rights, surface rights, contractual agreements, historical operating expenditures, community relations and other matters. The work conducted by these specialists was completed under the supervision and direction of the respective QP’s. The specialists who assisted the principal authors and QP’s are listed in Table 25-1.

Table 25-1: Other Specialists

Name	Specialist	Area of Responsibility	Association / Company
C Pienaar	HOD Geology	Geology	Phakisa
B Reinders	Senior Valuator	Valuation and Estimation	Phakisa
R du Toit	Section Valuator	Valuation and Estimation	Tshepong
R du Bruyn	Senior Planner	Mine planning and design	Phakisa
B Erasmus	Financial Manager	Finance and costing	Phakisa
J Powell	Geostatistician	Geostatistics Central	Central
J Basson	Senior Engineer	Engineering	Phakisa
D Nkomo	Rock Engineering Manager	Rock engineering	Phakisa
A Oosthuizen	Senior Hygienist	Occupational, Environmental, Ventilation	Tshepong

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