The strong revenue growth driven by higher gold prices and return to net cash position are clear positives. However, gold production declined 3% YoY and AISC rose 14%, indicating cost pressures. Monitor the Q4 FY26 results in August 2026 for full-year guidance achievement and updated capital allocation plans, especially around the Eva Copper project and potential shareholder returns.
Price Chart
Executive Summary
Harmony Gold reported a strong operational update for the nine months ended 31 March 2026, with gold and copper revenue up 34% to R68,385 million (US$4,016 million) driven by a 39% increase in the average gold price received. The company returned to a net cash position of R1,326 million (US$78 million) from a net debt position of R5,554 million at 31 December 2025, and remains on track to meet full-year production guidance for both gold and copper. Gold production declined 3% YoY to 33,393kg (1,073,610oz) but was in line with plan, while AISC increased 14% to R1,167,679/kg (US$2,133/oz).
Key Facts
- Gold and copper revenue increased 34% to R68,385 million (US$4,016 million) from R50,915 million (US$2,811 million)
- Returned to net cash position of R1,326 million (US$78 million) from net debt of R5,554 million (US$335 million) at 31 December 2025
- Average gold price received up 39% to R2,020,821/kg (US$3,691/oz)
- Gold production declined 3% to 33,393kg (1,073,610oz) for the nine-month period, in line with plan
- Group AISC for gold assets increased 14% to R1,167,679/kg (US$2,133/oz)
- Liquidity of R19,656 million (US$1,161 million) in cash and undrawn facilities
- Record interim dividend of R3,375 million (US$204 million) or 530 SA cents (32 US cents) per share paid on 28 April 2026
- Eva Copper project on schedule and within budget; Environmental Authority Major Amendment approved on 15 May 2026
- Hidden Valley environmental permit extended to 2040
- On track to meet full-year guidance: gold 1,400,000-1,500,000oz, copper 17,500-18,500 tonnes
Financial Impact
Revenue up 34% to R68,385 million; free cash flow up 87% YoY; net debt swung to net cash of R1,326 million
Risk Factors
- Gold production declined 3% YoY; underground recovered grades down 7% to 5.85g/t
- AISC increased 14% to R1,167,679/kg; cost inflation remains a risk
- Moab Khotsong entering a five-year period of planned lower production
- CSA copper mine integration still in early stages; full optimization expected to take up to 24 months
- Royalties increased 94% to R2,166 million on improved profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-035830 |
| Document: a6-koperationalupdate31mar.htm | 0001628280-26-035830 |
| Document: 0001628280-26-035830-index-headers.html | 0001628280-26-035830 |
| Document: 0001628280-26-035830-index.html | 0001628280-26-035830 |
| Document: 0001628280-26-035830.txt | 0001628280-26-035830 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 29, 2026 21w ago | 6-K | $17.35 $20.85 | ▲ +20.17% | ▲ +18.99% | $19.45 (+12.10%) |
May 26, 2026 22w ago | 6-K | $17.35 $20.85 | ▼ −20.17% | ▼ −17.45% | $19.45 (−12.10%) |
May 18, 2026 23w ago | 6-K | $17.35 $17.45 | ▲ +0.58% | ▼ −4.27% | $19.45 (+12.10%) |
Apr 29, 2026 25w ago | 6-K | $17.16 $17.45 | ▲ +1.69% | ▼ −2.42% | $19.45 (+13.34%) |
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