Good morning, everybody. My name is Beyers Nel, and it is a privilege for me to present my first set of results to you in my capacity as CEO. I'm joined today by our Financial Director, Boipelo Lekubo in presenting the operational and financial results for the half year ended 31 December, 2024. Please take note of our safe harbor statement. Harmony delivered a stellar set of interim results. Our underground recovered grades increased to 6.4 grams per tonne ahead of our full year guidance. Group production was about 25,000 kilograms or 800,000 ounces for the first half also ahead of guidance. Our all-in sustaining cost remains well controlled and on track to beat guidance too. In rand terms, all-in sustaining costs was about ZAR 972,000 a kilogram or just under US$1,690 per ounce. All-in costs for the reporting period, which includes our major capital was just over ZAR 1 million per kilogram, or US$1,810 per ounce. And it's because of our relatively low capital intensity that this is not much higher than the all-in sustaining costs. We generated record interim operating free cash flows of ZAR 10.4 billion, or US$579 million. The operating free cash flow margin has expanded to 29% as a result of our investment in quality ounces, and of course, the high gold price we received. Our headline earnings per share has grown by 33% to ZAR 12.70 per share, or US$0.71 per share and we are delighted to announce a record interim dividend payout of ZAR 1.4 billion for the half year. As South Africa's largest gold producer our goal is to produce safe profitable ounces and improving our margins by delivering on our four strategic pillars. Responsible stewardship is at the heart of our actions and is core to our decisions. Operational excellence inspires…

Thank you, Beyers, and good morning to everyone. Please note that we report in rand and select US dollar figures are included in the annexures. Harmony delivered an exceptional financial performance and outstanding earnings growth during this interim reporting period. This was on the back of operational consistency and a higher average gold price received. Group revenue increased by 18% to ZAR37 billion, mainly due to the 23% increase in the rand gold price. Net profit increased by 33% to ZAR7.9 billion, while the rolling 12-month EBITDA increased by 28% to over ZAR22 billion. The strong operating free cash flows we continue to generate resulted in our balance sheet shifting further into a net cash position of ZAR7.3 billion. Headline earnings per share increased by 33% to ZAR12.70. Harmony's investment in quality ounces has resulted in record operating free cash flow generation in this interim period. We've also delivered an impressive threefold expansion in margins since FY 2022. Total operating free cash flow for the group increased by 46% to ZAR10.4 billion or US$579 million in the first half of this financial year, while the gold price has been a significant tailwind, our ability to deliver to plan alongside the transformation of our portfolio has enabled us to deliver yet another strong financial performance. High operating margins have boosted our balance sheet and we're well positioned as we head into the second half of this financial year. This is evidenced in our ability to produce to plan and the average of the higher gold price we received rather. Gold prices have further increased to around ZAR1.7 million a kilogram compared to the average of ZAR1.4 million per kilogram we received during this reporting period. Our planned FY 2025 total capital intensity remains affordable at around ZAR225,000 a kilogram or $415…

Thank you, Boipelo. Harmony has a derisked and diversified asset portfolio offering near-term copper optionality. We are South Africa's largest gold producer and have close to 75 years of specialized gold mining experience in South Africa. We have been operating in Papua New Guinea for over two decades with a presence in Australia over the same time. We delivered a strong first half performance and reiterate our full year guidance. Harmony continues to generate stellar cash flows and our balance sheet is robust, flexible and in a significant net cash position. The gold price has continued to rally, further enhancing our strong financial position. We however remain disciplined and responsible with our capital allocation and we will not deviate from our risk-based approach to decision-making. Having a balanced approach to capital allocation will enable us to deliver on our growth aspirations and ensures we continue to create real, long-term value for our shareholders and our stakeholders. This to us is mining with purpose. Before we take questions, I would like to thank each Harmonite for their dedication and commitment towards ensuring we consistently achieve our goals safely. I would like to thank our Board, shareholders and stakeholders for their continued support. I thank you. Jared, we'll now take questions from the audience.

Sure. All right. Arnold, we'll start with you.

Yes. Good morning, everyone. Arnold Van Graan from Nedbank. Beyers, again congrats on a stellar set of results. And this sort of adds on to the question and where I'm going with it. So you've been part of the Harmony journey and you showed the progress over time, where you've transformed the company and doing very, very well. So my question is what change do you bring to the CEO role, looking at the base, looking at what you have, what do you change? What will change from a strategic perspective and I guess the way the company is run and operated? Thank you.

Yes. Thanks, Arnold, tough question. I think the job of any manager, any CEO is to create value for shareholders. So we as a management team have had a breakaway. We've got a scheduled Board bosberaad, where we will map a clear pathway around what we see in the future. I am extremely excited about the future that Harmony holds, given the ore bodies we already own. If you think of Harmony today and Harmony in 10 years from today with the ore bodies we already own, if we bring those ore bodies to fruition and we build those mines as we alluded to Harmony is going to be an even better company in my view than it is today. So yes, Harmony is on a high. I've been part of the journey. We've got a phenomenal management team. I think this team have got a can-do attitude Arnold, and the team has got resilience in the sense that we want to take the company even further from here. I guess it is a question. If it isn’t broken, don't try and fix it. So we will be responsible and balanced in the way that we take our decisions forward. We've seen the value that that brought with re-rating the Harmony stock over the last few years around what we have been doing. But we as managers are not just here to maintain the status quo, we need to make sure we add value to our stakeholders and our shareholders.

Questions? Do we have any questions on the line from Chorus Call perhaps?

Yes. We have questions on the line. The first question we have is from Adrian Hammond of SBG. Please go ahead.

Thank you, operator and good morning, Beyers. I'd like to ask you about shareholder returns. So your dividend policy is quite clear. But as you ramp-up the CapEx for Eva certainly we'll detract from dividends. But I see within six months' time you should have enough cash to fully fund Eva. So how do you think about returning value to shareholders if your dividend policy isn't really aligned? Thanks.

Thanks, Adrian. We see value to shareholders as a combination of dividends and also share price appreciation. And, yes, indeed we are gating Eva Copper through our Board later this year. That is a key catalyst for us in terms of taking stock of where we are with the position we are on the balance sheet. So it's early to comment now. That pathway we have in terms of the Eva project lying ahead I think we just want to get through that and then take it from there. Our operations continue to have good momentum and that will stand us in good stead going forward.

Okay. So perhaps special dividends down the line?

It's too early to comment on that. We've got a stated dividend policy Adrian that talk about 20% of net free cash. And we've got Eva Copper coming up and we first want to get that done.

Understood. If I can just follow on then with the profile you gave us. One of your slides certainly talks to a bit of a gap coming through. How should we think about opportunities to fill that gap in terms of M&A? Are you going to pursue assets that are in operation? And we have seen some news flow with Harmony mentioned pursuing certain assets in Australia. So perhaps if you can just give us some understanding of what opportunities you're looking at there? Thanks.

Indeed, Adrian. Firstly I mean what we show on the screen is production. That's not necessarily profit or value or earnings. I mean you did notice that the quality of the assets improve as we get into the valley that we've got in the production profile there. So we're under no severe pressure to do anything at any given time. I mean the quality of the ounces that remain as the optimized assets mine out will ensure that there's a healthy contribution in terms of the profitability of the company. We continue to look at M&A. It is something that we keep an active brief on. I mean at the moment gold prices are at record high and it's important that we find value. And if we don't find value we don't do anything. So we intend to keep that disciplined capital allocation. I think we saw how good it was for Harmony in the last few years and that's the approach we want to intend to keep going forward Adrian.

Thanks, Beyers. And, yes, well done again on a very set numbers.

Thanks, Adrian.

Any other questions online?

Yes. We have a question from René Hochreiter of NOAH Capital. Please go ahead. René Hochreiter: Hello, again Beyers and team. Just following on that value of that dip in production that Adrian was talking about just now. There's two ways of possibly filling it improving the asset quality of your company. How far beyond 6.4 grams a tonne of recovered grades underground, could you push your grades? And secondly would it be at all possible to move Wafi-Golpu forward by about four or five years to fill that gap?

Thank you, René. René pushing harder than 6.4 grams a tonne would affect the sustainability of these quality ore bodies. And given our capital allocation decisions on these ore bodies, we are in it for the long-term. We want to create maximum value over the life of mine. And to do that one needs to mine to the average grade of the ore body. And in particular at Mponeng, you don't have that much flexibility. You mine the sequential grid mining method to maintain your mining fronts and keep the seismicity ahead of the faces. So high grading an ore body like Mponeng would have a value destruction in the longer term. So we won't be doing that. We like to mine and optimize the ore body to the average reserve grade. Your second question, apologies, René, could you just repeat that? René Hochreiter: It's Wafi-Golpu. I know we've been working for it for a long time. But is it in any way possible to push it forward by five years or bring it forward by five years?

Yeah, René, we wish we could. I mean, that's a phenomenal ore body. It is in the process of concluding the permitting of that asset. And just briefly for the audience, what you have is from the day that you actually have the permit in your hand, you've got a maximum of 30 months for FID. So that 30 months is then used to update the feasibility study sort out your funding options. And that is the three partners remembering that this is ourselves, Newmont and PNG as a state through Kumul and the landowner participation. So yes the key date is that permit. From the permit the maximum of 30 and then into construction. So yes we're very excited about that asset René. It's a quality Tier 1 copper-gold block cave mine. So the quicker we can bring that to value for our shareholders the better. René Hochreiter: Thanks very much. Thanks, Beyers.

Any more questions?

We have no other questions on the conference call.

Thanks, Beyers. I think mine is more into the structural review of the Executive Committee. And I mean, it's a role that you've previously held of the group COO. And one would check that, because I don't see that on the structure does then suggest that that responsibility then gets delegated to the various units or areas or whatever division. And does it also mean that that was a transitional role so that we can be able to ensure that there's a balance in the organization?

Felix, thanks for the question. How we respond to that is structure always follows strategy. So it's important for us as an executive team and a management team to clearly embed what we want to do on the strategy and then find the optimum structure to fulfill that strategy. As to the team, we have got a phenomenal and world-class management team in Harmony. We are proud of who we got. If you look at our photos we are proud of the diversity, we have the gender diversity race diversity as well as diversity of thought and intellect. So this team is a phenomenal team. I mean, the results that this business came up with over the last few years is testimony of not one single person or a CEO or anything like that it's a collective effort from a whole team. We have announced a Deputy CEO, with the CEO announcement. So the Group Chief Operating role for now, I don't necessarily see that we would need something like that. I mean, Floyd Masemula is the Deputy CEO in charge of the South African business. And depending on how the business grows from here, we will reevaluate that. But it's important that one takes structured decisions after you have clearly defined where the business is going.

Are there any more questions online?

We have a question on the conference call.

Okay. Go ahead.

Question is from Felicity Robson of Bank of America. Please go ahead.

Thank you for taking my question. Grades at Hidden Valley have seen a step down this year compared to last. How can we think of grades for the rest of the year and going into 2026?

Thanks Felicity. Yes, as guided, in the previous period, we mined a high-grade part of the ore body called Big Red. We did guide that we will mine through that area and that grades would normalize to the stated grades and the guided grades. So, the grade drop at Hidden Valley was anticipated and guided. So, going forward I mean we've got the guided grade that is out there for Hidden Valley. So, that's a good benchmark to work from Felicity. And then there's obviously also the reserve grade which is also part of the deck and the annexures.

Okay. Thank you.

Arnold?

Yes Beyers a question on Eva. Eva is very important for Harmony. So, executing that on time within budget will be transformative. But it is different, right? It's a different jurisdiction. You're very good miners. You've done a lot of projects in South Africa but I still get a sense this is a different type of mine in a different jurisdiction. So, just give us some comfort around the execution and how you see that and how you see that risk and how you're going to manage that to make sure that in a year from now two years from now we're sitting here, Eva has delivered as planned and that there's no major hiccups. Look it's mining and it's a project. There are those things. But I guess this must be high on your agenda or things that you absolutely have to execute spot on? Thank you.

Spot on Arnold. I mean it is a greenfield project in a well not so new jurisdiction. People forget that we've had a presence in Australia for 20 years already and we included in today's presentation from where we support the PNG operations. So, we've got some fantastic human capital sitting idling in Brisbane, supporting one mine in Papua New Guinea. And what one must also maybe keep in mind is a lot of the resources that were involved in the Wafi-Golpu work, I'm talking about a few years ago when there was momentum in terms of the study and the project work has been allocated to the Eva project study work. So, we've got phenomenal human resources in the Brisbane office. These guys are ready to go. I mean they can't wait to build this mine. But you are quite right, I mean we haven't built a big greenfield mine for some time in Harmony. So, it is a different animal. It's a different thing. We are trying to derisk the project as much as we can in the planning side, on the input side, similar to what we did when we overhauled the production process, eight or nine years ago Arnold and to capacitate that properly. So, a lot of work is going in to professionalize our PMO capability our project management office capability. And we as a management team have realized that we've got a little bit of catch-up to play in that space and that work is happening now. So, at the time we get to gate it through the Board, we'll be ready to launch on executing that project. It is a fairly short-term build probably about three years. So, it will be fairly capital-intensive, albeit, we're comfortable that our position we are in can fill the capital, but it's probably a three-year capital spend. Pretty vanilla in the sense that it's an open cast mine with a standard flow sheet plant. So it's not something that's on the leading edge of technology that hasn't been done ever before in the world. So it's a proven flow sheet, proven technology and we're comfortable that with the work we are doing now we could give ourselves a good chance to get that right, Arnold. But yes, it is. I mean, a key KPI of this management team will be executing projects and executing projects well going forward, and particularly Eva Copper is the first one. Wafi-Golpu, the big prize later.

Thank you. That's it for me.

Beyers I've just got a question which has come through online from Wilhelm Hertzog at Rozendal Partners. I just wanted to ask in terms of the special mining lease for Wafi-Golpu it's been almost two years since the MOU was signed the framework MOU. Just want to touch on what are the remaining sticking points? So what is actually holding up the process?

Yes. Thank you for the question. It's been much longer than two years coming. But how one should think about this? If you look at permitting of greenfield projects in many jurisdictions globally today you look at 15 to 18 years. I mean, that is how long it takes to bring a big new mine into production. So, Wafi-Golpu, I wouldn't say is that much different if you look at it relative to that. Yes, it is frustrating. Yes, we would have wanted to be further down the track. What is holding up the process is getting the -- remember the state have got an option to exercise up to 30% equity in the project. And it's about splitting the pie in an equitable manner between the parties the two JV parties and the state. The state's portion being 20% Kumul, the state-owned mining company and 10% the landowners. We are saying it is worth the wait. I mean, it's a phenomenal asset. It is also a mining lease in Papua New Guinea has got 40-year tenure. And in the 40 years PNG has showed that they do not deviate from the conditions as set out in that permit. So it's a 40-year marriage. You can think of it as getting the prenup right in terms of making sure that this relationship between the three parties can bring this mine as good as it could be into fruition for the benefit of not only our shareholders, but obviously our shareholders and all the stakeholders. I mean, I think that mine would bring meaningful economic change to a country like PNG. So, all I would say is aligned. Ourselves and our JV partners are fully aligned in terms of progressing the permitting process and it's just getting through the bureaucracy of actually getting everybody over the line.

Thank you. Do we have any more questions from the audience? Online anything?

We have no questions on the conference call.

All right. Great. I think we can conclude there. So, thank you very much for all who joined today. It's been a pleasure. And thank you Beyers and Boipelo for presenting today. If you do have any further questions, please reach out to the Harmony Investor Relations team, and we will help you out. Thank you very much. Have a good day.