Harmony Gold Mining Company Limited (HMY) 2026 Q4 法說會逐字稿

Good day, everybody, and thank you for joining us for Harmony's results presentation for the financial year ended June 30, 2026. The past year demonstrated the value of a clear strategy executed with discipline, resulting in exceptional performance and further strengthening Harmony's position as a growing global gold and copper producer.

各位大家好，感謝各位參加 Harmony 截至 2026 年 6 月 30 日止財政年度的業績簡報會。過去一年展現了以紀律執行清晰策略的價值，帶來卓越表現，並進一步鞏固 Harmony 作為成長中的全球黃金與銅生產商之地位。

Our investment case continue to be underpinned by three factors, which is disciplined delivery, portfolio progression and enduring value. Collectively, they highlight the strength of our operational and financial performance, the advancement of our portfolio and our commitment to sustainable long-term shareholder value.

我們的投資論點持續由三項因素所支撐，分別是有紀律的交付、投資組合推進，以及持久價值。綜合而言，這些因素凸顯我們營運與財務表現的實力、投資組合的推進進展，以及我們對可持續的長期股東價值之承諾。

Before we begin, I'll urge you to please take note of our Safe Harbor statement. This presentation contains forward-looking statements that are subject to risks and uncertainties as outlined in our public disclosures and the disclaimer on this slide.

在開始之前，我想請各位留意我們的「安全港」聲明。本簡報包含前瞻性陳述，可能受到風險與不確定性影響，相關內容已於我們的公開揭露資料以及本頁投影片的免責聲明中說明。

For us at Harmony, disciplined delivery starts with what we set out to achieve and how we performed over the last 12 months. Discipline for us means three things: operating safely and predictably, maintaining our strict cost controls while the gold price runs, and converting the performance into cash certainty through effective capital allocation.

對 Harmony 而言，有紀律的交付始於我們設定的目標，以及過去 12 個月的實際表現。我們所說的紀律包含三件事：安全且可預測地營運、在金價上行時仍維持嚴格的成本控管，以及透過有效的資本配置將績效轉化為確定的現金成果。

I'm pleased to say that in FY26, we delivered on all three of those, and we did so from a portfolio that is materially stronger than it was only a few years ago, with margins continuing to improve through disciplined capital allocation and portfolio optimization. Harmony today is a product of a decade of deliberate but disciplined investment.

我很高興地表示，在 FY26 我們三項皆達成；而且我們是憑藉一個相較數年前已顯著更強健的投資組合做到的，透過有紀律的資本配置與投資組合最佳化，利潤率持續改善。今日的 Harmony，是十年來審慎且有紀律投資的成果。

Thinking of Hidden Valley, Moab Khotsong, Mponeng, Mine Waste Solutions, Eva Copper and most recently, CSA were all acquired to lower the overall risk profile and improve production quality. Together, these assets underpin our portfolio today.

以 Hidden Valley、Moab Khotsong、Mponeng、Mine Waste Solutions、Eva Copper，以及最近的 CSA 為例，這些資產的收購皆旨在降低整體風險輪廓並提升產出品質。這些資產共同構成並支撐我們今日的投資組合。

So up to 2025, we focused on acquisitions and improving portfolio quality. From 2026 to 2030, our focus is execution, delivering and unlocking the value already embedded in what we own. Beyond 2030, we expect a cash inflection, stronger margins, lower real unit costs and growing free cash flow.

因此截至 2025 年，我們聚焦於併購與提升投資組合品質。從 2026 年到 2030 年，我們的重點是執行、交付，並釋放我們既有資產中已內含的價值。2030 年之後，我們預期將出現現金流拐點、更強的利潤率、更低的實質單位成本，以及持續成長的自由現金流。

In Harmony, every decision we make is aimed at either improving safety, expanding margins, protecting cash flows and creating long-term value through disciplined capital allocation. As our portfolio continued to evolve, we are pleased that the solid FY26 results reflect this quality and the opportunity inherent in our reserve base. These numbers highlight the benefits of consistency and delivering to guidance.

在 Harmony，我們做出的每一項決策，目標都是提升安全、擴大利潤率、保護現金流，並透過有紀律的資本配置創造長期價值。隨著我們的投資組合持續演進，我們很高興 FY26 的穩健成果反映了這樣的品質，以及我們儲量基礎所蘊含的機會。這些數據凸顯了穩定一致與達成指引的效益。

On safety, we achieved our lowest ever lost time injury frequency rate of 5.05. Zero harm would and always does remain our priority and protecting our people at work is what matters most to us. Tragically, we have lost six colleagues during the year, albeit significantly down from the previous financial year to us, every lost life is simply one too many, and every effort is made to reach zero harm in Harmony.

在安全方面，我們達成歷來最低的失時傷害頻率率（LTIFR）5.05。零傷害始終是、也一直會是我們的首要任務；在工作場所保護我們的同仁，是對我們而言最重要的事。令人悲痛的是，今年我們失去了六位同事；雖然相較上一財年已大幅下降，但對我們而言，每一條逝去的生命都已是太多，我們將竭盡所能在 Harmony 達成零傷害。

On production, we met gold guidance for the 11th consecutive year now. We produced 1.43 million ounces of gold and delivered 18,200 tonnes of copper at the upper end of guidance. Grades and costs too were both well within guidance with gold all-in sustaining costs of ZAR1.19 million per kilogram and copper C1 costs of USD2.47 per pound. It's this consistency that turned the higher gold price into cash certainty.

在產量方面，我們已連續第 11 年達成黃金產量指引。我們生產了 143 萬盎司黃金，並交付 18,200 噸銅，位於指引上緣。品位與成本也都完全落在指引範圍內：黃金全維持成本（AISC）為每公斤 119 萬南非蘭特，銅 C1 成本為每磅 2.47 美元。正是這種一致性，將更高的金價轉化為確定的現金成果。

We delivered rather exceptional earnings growth alongside record shareholder returns. Our headline earnings per share increased by 87% to ZAR43.63 per share, and the company have declared a record final dividend of ZAR7.50 per share for a total of ZAR8.2 billion for the financial year.

我們在創下股東回報新高的同時，也實現了相當卓越的獲利成長。我們的每股核心盈餘（headline EPS）成長 87%，至每股 43.63 南非蘭特；公司宣告創紀錄的期末股利每股 7.50 南非蘭特，使本財年股利總額達 82 億南非蘭特。

At Harmony, safety is our foremost priority always, and in the past financial year, we continue to make real progress. Our lost time injury frequency rate, as I said, of 5.05 per million hours worked is the lowest in Harmony's 76-year history. This reflects years of investment in our people, but also in our infrastructure, some technological advancements and also leadership visibility.

在 Harmony，安全永遠是我們最優先的事項；在過去一個財政年度，我們持續取得實質進展。如我所述，我們的失時傷害頻率率為每百萬工時 5.05，為 Harmony 76 年歷史新低。這反映了我們多年來對員工的投入，也包括對基礎設施的投資、部分技術進步，以及領導層的可見度。

As a good example of this, post year-end, Kusasalethu achieved an extraordinary safety milestone of 3 million loss of life-free shifts. Now many of you would think that 3 million is not that significant. But while 3 million has been achieved at other operations over the years around Harmony and in the country, this achievement is particularly significant given that it's the first ultra-deep level gold mine in South Africa's West Wits region to achieve this safety milestone.

作為一個很好的例子，在年結後，Kusasalethu 達成了非凡的安全里程碑：300 萬個無死亡損失的班次。現在你們許多人可能會認為 300 萬並不算特別顯著。但儘管多年來在 Harmony 旗下其他作業點以及全國也曾達成 300 萬的紀錄，這次成就特別重要，因為它是南非西威特斯（West Wits）地區第一座超深層金礦達成此一安全里程碑。

This to us strengthens our belief that zero harm is, in fact, possible through relentless execution, but also through strong tripartite leadership and embedded proactive safety culture. So on safety, our priorities remain clear: prioritizing safety ahead of production, critical control verification at every working place, visible and heartfelt leadership supported by greater ownership, focused action on repeat and high potential incidents and embedding technology where appropriate and learning into daily operating routines. At Harmony, we've said this many times before, we believe a safe mine is always a productive mine.

這進一步強化我們的信念：透過不懈的執行力、強而有力的三方領導，以及深植的主動式安全文化，零傷害確實是可能的。因此在安全方面，我們的優先事項依然明確：安全優先於產量、在每個工作場所進行關鍵控制驗證、可見且真誠的領導並以更高的主人翁精神作支撐、針對重複事件與高潛勢事件採取聚焦行動、在適當處導入科技，並將學習融入每日營運例行作業。在 Harmony，我們過去已多次強調：我們相信安全的礦山永遠是高產的礦山。

Operating leverage in our gold portfolio is significant and reflected in these results. The high-grade underground operations, Mponeng and Moab Khotsong produced 15 tonnes at 9 gram per tonne with a 38% adjusted free cash flow margin. Mponeng was the primary driver of this performance as Moab Khotsong moves into the ore gap we previously flagged.

我們黃金投資組合的營運槓桿相當顯著，並反映在這些成果之中。高品位地下作業 Mponeng 與 Moab Khotsong 以每噸 9 克的品位產出 15 噸，調整後自由現金流利潤率為 38%。Mponeng 是此表現的主要推動力，因為 Moab Khotsong 正進入我們先前提及的礦石空窗期（ore gap）。

Performance from the South African underground optimized operations has also strengthened year on year. These assets produced 17 tonnes and margins expanded from 9% to 25%, lifting adjusted free cash flow by a phenomenal 284% to around ZAR9 billion.

南非地下最佳化作業的表現也逐年增強。這些資產產出 17 噸，利潤率由 9% 擴大至 25%，使調整後自由現金流大幅成長 284%，至約 90 億南非蘭特。

Our surface and retreatment assets contributed around 7 tonnes at a solid margin of 46%. Our gold retreatment operations are the biggest by volume globally. These are low-risk, high-margin ounces that generate meaningful cash flow by recycling old tailings storage facilities.

我們的地表與再處理資產貢獻約 7 噸，並取得 46% 的穩健利潤率。我們的黃金再處理作業以產量計為全球最大。這些是低風險、高利潤的盎司，透過回收舊尾礦貯存設施，產生具意義的現金流。

Our international assets delivered exceptional margins. Hidden Valley, for one, had an outstanding year. It produced almost 6 tonnes of gold at an all-in sustaining cost of around ZAR660,000 per kilogram or USD1,200 per ounce, globally competitive by any measure. Adjusted free cash flow margin continued to increase to an incredible 68%, supported by stronger silver byproduct credits.

我們的國際資產交出卓越的利潤率。以 Hidden Valley 為例，該礦今年表現出色。其黃金產量接近 6 噸，全維持成本約為每公斤 66 萬南非蘭特或每盎司 1,200 美元，無論以任何標準衡量都具全球競爭力。在更強的白銀副產品抵減（byproduct credits）支撐下，調整後自由現金流利潤率持續提升至驚人的 68%。

As for CSA, that mine is now fully integrated and optimization is underway. In the eight months since acquisition, CSA produced 18,200 tonnes of copper at a low C1 cost of USD2.47 per pound at a 22% adjusted free cash flow margin. While copper currently contributes 3% to group revenue, CSA has established an important strategic foothold in the metal and positions Harmony to benefit from its long-term growth potential.

至於 CSA，該礦現已完成全面整合，最佳化工作正在進行中。自收購以來的八個月內，CSA 生產 18,200 噸銅，C1 成本低至每磅 2.47 美元，調整後自由現金流利潤率為 22%。雖然目前銅僅貢獻集團營收的 3%，但 CSA 已在該金屬領域建立重要的策略立足點，並使 Harmony 得以受惠於其長期成長潛力。

Our focus on execution and cost discipline continues to be reflected in the higher all-in sustaining cost margins. In FY26, the average gold price received rose by 35% to ZAR2.1 million per kilogram. Our all-in sustaining costs rose by 13% to ZAR1.2 million per kilogram. Now the widening gap between these two numbers show our ability to capture the benefit of the higher gold price. The result is an all-in sustaining cost margin of 42%, up from 31% in the previous financial year.

我們對執行力與成本紀律的專注，持續反映在更高的全維持成本（AISC）利潤率上。在FY26，平均實現金價上升35%，至每公斤ZAR2.1百萬。我們的全維持成本上升13%，至每公斤ZAR1.2百萬。如今，這兩個數字之間擴大的差距顯示我們有能力掌握更高金價帶來的效益。結果是全維持成本利潤率達42%，高於上一財年的31%。

Therefore, our margin expansion is structural, driven by prudent cost management and continued improvement in portfolio quality. This strengthens our resilience across commodity cycles and gives us the financial flexibility to fund growth and deliver sustainable returns to our shareholders.

因此，我們的利潤率擴張具有結構性，係由審慎的成本管理與投資組合品質的持續改善所驅動。這提升了我們在商品循環中的韌性，並賦予我們資金上的彈性，以資助成長並為股東帶來可持續的回報。

I will now hand over to Boipelo, who will discuss our financial performance. Boipelo, over to you.

我現在把時間交給Boipelo，由她來說明我們的財務表現。Boipelo，交給你。

Thank you, Beyers. The resilience and financial flexibility that Beyers has described are evident in our results for the financial year 2026 with strong earnings, cash flows and returns underpinning continued value creation for shareholders. I'll show how strong earnings quality, cash conversion and prudent capital management have created the flexibility to invest in growth, maintain a robust balance sheet and continue delivering returns to shareholders.

謝謝你，Beyers。Beyers所描述的韌性與財務彈性，在我們2026財年的業績中清楚可見：強勁的獲利、現金流與回報，支撐我們持續為股東創造價值。我將說明高品質的獲利、現金轉換以及審慎的資本管理，如何創造出投資成長、維持穩健資產負債表並持續回饋股東的彈性。

Please note that all US dollar conversions are provided in the annexures, and I'll start first with the headline numbers. Financial year 2026 was a record year on many of our key financial metrics. Revenue increased by 34% to a record ZAR100 billion. Somebody said not quite, but yes, ZAR99.2 billion.

請注意，所有美元換算數字均載於附錄中，我將先從主要數字開始。2026財年在我們多項關鍵財務指標上創下紀錄。營收增加34%，達到創紀錄的ZAR1000億。有人說不完全是，但沒錯，是ZAR992億。

Net profit increased by 102% to ZAR30 billion. And as Beyers mentioned, headline earnings per share increased by 87% to ZAR43.63. That step-up is evidence of the operating leverage in our portfolio.

淨利增加102%，至ZAR300億。而如Beyers所提到的，每股核心盈餘（headline earnings per share）增加87%，至ZAR43.63。這樣的躍升證明了我們投資組合的營運槓桿。

Group operating cash flow rose by 48% to ZAR33.6 billion and group adjusted free cash flow increased by 54% to a record ZAR17 billion. Cash and cash equivalents remained robust at ZAR8.6 billion. And importantly, we achieved this alongside the acquisition of CSA.

集團營運現金流上升48%，至ZAR336億；集團調整後自由現金流增加54%，至創紀錄的ZAR170億。現金及約當現金維持強勁，為ZAR86億。而重要的是，我們是在完成CSA收購的同時達成這些成果。

Liquidity stands at ZAR17.1 billion and net debt at ZAR852 million, leaving net debt-to-EBITDA at only 0.02 times. Growth, returns, and a near ungeared balance sheet in the same year placed Harmony in a very strong position.

流動性為ZAR171億，淨負債為ZAR8.52億，使淨負債對EBITDA僅0.02倍。同一年兼顧成長、回報與幾乎無槓桿的資產負債表，使Harmony處於非常強勢的位置。

The quality of our earnings improved this year, driven by sound fundamentals. This slide unpacks some of the once-offs and non-operating impacts from our acquisition and risk management strategies. Reported earnings were affected by a number of specific items, none of which are structural.

今年我們的獲利品質有所提升，主要由穩健的基本面所帶動。本頁將拆解我們收購與風險管理策略所帶來的一些一次性與非營運影響。申報的盈餘受到若干特定項目影響，但這些都不是結構性的。

They include a ZAR9.6 billion gold hedge loss within revenue. Our hedging program has been applied consistently and has locked in excellent margins as set out in the hedge table in the annexures: a ZAR2.8 billion impairment reversal at Tshepong North, Tshepong South, Doornkop and Kusasalethu on higher commodity prices; a ZAR700 million foreign exchange translation gain due to the US dollar-denominated borrowings and strengthening of the rand; and a ZAR1 billion loss, mainly due to derivatives relating to Hidden Valley Silver.

其中包括計入營收的ZAR96億黃金避險損失。我們的避險計畫一貫且持續地執行，並如附錄中的避險表所示，鎖定了極佳的利潤率：在商品價格上升下，Tshepong North、Tshepong South、Doornkop與Kusasalethu錄得ZAR28億減損回轉；由於美元計價借款及蘭特走強，錄得ZAR7億外匯換算收益；以及主要因Hidden Valley Silver相關衍生工具而產生的ZAR10億損失。

These items also include acquisition-related costs of ZAR1.4 billion, fair value adjustments on streaming arrangements of ZAR900 million and finance costs of ZAR1.6 billion and taxation of ZAR8.9 billion. This is the cost of growth and the consequence of improved profitability. Underneath all of this, the cost base performed in line with plan. The net pretax impact of these items was approximately ZAR17 per share.

這些項目亦包括與收購相關的ZAR14億成本、串流安排的ZAR9億公允價值調整、ZAR16億財務成本，以及ZAR89億稅費。這是成長的成本，也是獲利能力改善的結果。在這一切之下，我們的成本基礎表現符合計畫。這些項目的稅前淨影響約為每股ZAR17。

Our cash operating cost increases were predictable, controlled, and in line with plan. Excluding CSA and royalties, group operating costs increased by only 7%, comfortably below our planned mining inflation of 10%. Within that, labor, our largest single component, increased 8%, and we have two years remaining on the current wage agreement.

我們的現金營運成本增幅可預期、受控，且符合計畫。若排除CSA與權利金，集團營運成本僅增加7%，明顯低於我們規劃的10%採礦通膨。其中，勞工成本作為最大單一項目增加8%，而我們現行薪資協議尚有兩年到期。

Consumables increased by 6% and our diesel exposure remains limited with most of our operations supplied by Eskom. Electricity increased by 16%, which we continue to mitigate through the renewable energy program. The headline increase of 14% reflects higher royalties, which rose 77% on stronger profitability and the inclusion of CSA. This reflects a more profitable and growing business.

耗材增加6%，且我們對柴油的曝險仍然有限，因為大多數營運由Eskom供電。電力成本增加16%，我們持續透過再生能源計畫加以緩解。14%的表面增幅反映了更高的權利金；在獲利能力更強以及納入CSA的情況下，權利金上升77%。這反映出更具獲利能力且持續成長的業務。

The same discipline kept all-in sustaining costs under control, which you see in the next slide. Gold all-in sustaining costs came in comfortably within guidance. The year-on-year increase of 13% was driven mainly by planned lower production, significantly higher royalties and inflationary increases, which were in line with plan.

同樣的紀律使全維持成本維持在可控範圍內，您可在下一頁看到。黃金全維持成本明顯落在指引範圍內。年增13%主要由計畫性的產量下降、顯著較高的權利金以及符合計畫的通膨性增幅所驅動。

Other factors that impacted all-in sustaining costs included higher by-product credits from silver and uranium, inventory valuations and higher sustaining capital and capitalized stripping at our Hidden Valley and Kalgold operations. We continue monitoring and control each driver where reasonably possible.

其他影響全維持成本的因素包括：白銀與鈾帶來較高的副產品抵減、存貨評價，以及我們Hidden Valley與Kalgold營運較高的維持性資本支出與資本化剝採。我們持續在合理可行的範圍內監測並控制各項驅動因素。

Strong free cash flow generation supported a record dividend for the 2026 financial year. Our policy is linked directly to free cash flow generation and is designed to be sustainable through commodity cycles to preserve balance sheet flexibility and reward shareholders alongside our growth aspirations. We declared a record final dividend of ZAR4.8 billion, or ZAR7.50 per share.

強勁的自由現金流產生能力，支撐了2026財年創紀錄的股利。我們的政策與自由現金流產生直接連動，並設計為可在商品循環中維持可持續性，以保留資產負債表彈性，並在追求成長的同時回饋股東。我們宣告創紀錄的期末股利ZAR48億，或每股ZAR7.50。

This lifts the full-year dividend to ZAR8.6 billion or ZAR12.80 per share at a yield of around 3.5% based on the closing share price on August 25. The direct relationship between operational delivery, cash generation, and shareholder returns is clear. Alongside shareholder returns, it is vital we remain capable of funding our future.

這使全年股利提升至ZAR86億或每股ZAR12.80，按8月25日收盤股價計算，殖利率約為3.5%。營運交付、現金產生與股東回報之間的直接關係十分清楚。在回饋股東的同時，我們也必須具備為未來提供資金的能力。

During the year, we implemented a funding platform to support the next phase of growth. The new facilities extended our maturity profile, refinanced existing debt, repaid the MAC Copper bridge loan, introduced Australian dollar funding, and enhanced liquidity.

年內，我們建立了一個融資平台，以支援下一階段的成長。新的融資安排延長了到期結構、為既有債務再融資、償還MAC Copper過橋貸款、引入澳幣融資，並提升流動性。

We have reduced interest costs by securing lower spreads, including sustainability-linked and green loan structures. Our capital structure is aligned with an evolving gold and copper portfolio with currency matched to the assets. The market response was overwhelmingly positive, with the facilities approximately 3 times oversubscribed. And with that, I would like to take this opportunity to thank our bankers for their ongoing support.

我們透過取得較低利差（包括與永續連結及綠色貸款架構）降低了利息成本。我們的資本結構與不斷演進的黃金與銅投資組合相匹配，並使幣別與資產相對應。市場反應極為正面，該等融資額度約獲3倍超額認購。藉此機會，我也要感謝我們的往來銀行持續的支持。

And this brings me to our strong financial position. We ended the year well-positioned to take Harmony forward. Liquidity of ZAR17.1 billion, or about USD1 billion, supported by available cash and undrawn facilities, gives us significant headroom. Balancing growth, returns, and resilience is central to our investment case. We continue demonstrating financial responsibility, which ensures us to deliver on our strategic objectives.

接下來談到我們強勁的財務狀況。我們在年末已具備良好條件推動Harmony向前發展。ZAR171億（約10億美元）的流動性，由可用現金與未動用額度所支撐，為我們提供了充足的緩衝空間。在成長、回報與韌性之間取得平衡，是我們投資主張的核心。我們持續展現財務責任，確保能達成我們的策略目標。

Allow me to hand back to Beyers to take you through the portfolio progression and our future.

請允許我把時間交還給 Beyers，由他帶各位了解投資組合的進展以及我們的未來。

Thank you, Boipelo. In Harmony, gold remains our foundation. It is the cornerstone of Harmony. Copper strengthens the portfolio, adding diversification, resilience, and future growth. But this strategy is not about volume. It is a strategy about value; value created through higher quality assets, better returns, and disciplined capital allocation.

謝謝你，Boipelo。在 Harmony，黃金仍然是我們的根基。它是 Harmony 的基石。銅則強化投資組合，帶來多元化、韌性與未來成長。但這項策略並非追求規模。這是一項追求價值的策略；價值來自更高品質的資產、更佳的回報，以及嚴謹的資本配置。

Growth always matters, but only if it strengthens the portfolio and creates long-term value for shareholders. Every rand and every dollar in this business competes for risk-adjusted per share returns. We start by protecting the base. Safety, asset integrity, mining flexibility, and sustaining capital are imperative. This safeguards our people, ensures reliable production, and protects our cash flows.

成長固然重要，但前提是能強化投資組合並為股東創造長期價值。在這個產業中，每一蘭特、每一美元都在競逐經風險調整後的每股回報。我們首先從保護基礎做起。安全、資產完整性、採礦彈性與維持性資本支出至關重要。這能保障我們的員工、確保穩定生產，並保護我們的現金流。

Next, we invest to improve our portfolio quality and duration. Low-cost reserve conversion, higher grades, ongoing life of mine extensions all lift long-term value. Thereafter, we consider additional growth. Inorganic and greenfield opportunities must demonstrate compelling risk-adjusted value creation and meet our strict investment criteria before we will allocate capital. This is done alongside paying returns to shareholders under our dividend policy.

接著，我們投資以提升投資組合的品質與年限。低成本的儲量轉換、更高品位、持續延長礦山壽命，都能提升長期價值。之後，我們才會考慮額外成長。在我們配置資本之前，外延併購與綠地機會必須證明具備吸引人的風險調整後價值創造，並符合我們嚴格的投資標準。同時，我們也會依據股利政策向股東支付回報。

Financial year 2027 is a deliberate investment year as we sustain today, improve quality, and grow with discipline. Roughly 20% of our planned capital is being spent on protecting the base. This is through ongoing sustaining capital that keeps our mines safe and production reliable.

2027 財政年度是我們有計畫的投資年度：在維持現況的同時提升品質，並以紀律推動成長。我們規劃資本支出約 20% 用於保護基礎。這透過持續性的維持性資本支出來達成，以確保礦山安全並維持可靠的產量。

Roughly 40% goes towards improving portfolio quality. Brownfields projects that enhance margin and extend the life of our underground operations remain our lowest cost route to reserve conversion. This is also sustainable mining in action, as these extensions are critical to those who depend on our mines for their livelihood.

約 40% 用於提升投資組合品質。能提高利潤率並延長地下作業壽命的棕地專案，仍是我們進行儲量轉換的最低成本途徑。這也是永續採礦的具體展現，因為這些延長對仰賴我們礦山維生的人至關重要。

The remaining 40% of our planned CapEx is to fund our greenfields Eva Copper project. Reserve conversion delivers compelling returns as illustrated in the upcoming slides. Converting mineral resources to mineral reserves is a significant value lever and sits entirely within our control.

其餘 40% 的規劃資本支出將用於資助我們的綠地 Eva Copper 專案。如接下來的投影片所示，儲量轉換可帶來具吸引力的回報。將礦產資源轉換為礦產儲量是重要的價值槓桿，而且完全在我們的掌控之中。

Evidence of this is Mponeng, Moab Khotsong, Tshepong North, and Doornkop, where we have converted approximately 10 million additional ounces to mineral reserves at a very competitive USD180 per ounce. The returns on these conversions are significant, too. Net present values range from ZAR7 billion to ZAR41 billion, with internal rates of return ranging from 30% to 65%.

Mponeng、Moab Khotsong、Tshepong North 與 Doornkop 就是明證：我們以極具競爭力的每盎司 180 美元成本，額外轉換了約 1,000 萬盎司為礦產儲量。這些轉換的回報也相當可觀。淨現值介於 70 億蘭特至 410 億蘭特之間，內部報酬率介於 30% 至 65%。

Critically, those internal rates of returns are based on a gold price assumption of ZAR1.85 million per kilogram, which is significantly below spot. The geology, the grades, the mining methods are all well understood by Harmony, and we have high conviction in our ability to deliver on these projects.

關鍵是，這些內部報酬率是以每公斤 185 萬蘭特的金價假設為基礎，明顯低於現貨價格。地質條件、品位與採礦方法 Harmony 都非常熟悉，我們對交付這些專案的能力充滿信心。

The same applies to our copper portfolio. We have applied the Harmony operating model to CSA, mapping a clear pathway to 40,000 tonnes of copper per year. As a result, the safety performance has strengthened at CSA, with the lost time injury frequency rate at its lowest level since acquisition.

我們的銅投資組合同樣如此。我們已將 Harmony 的營運模式應用於 CSA，規劃出清晰的路徑，目標是每年 40,000 噸銅。因此，CSA 的安全表現有所提升，失能傷害頻率率已降至收購以來的最低水準。

Good progress was made on addressing the main operational constraint, which is the underground ventilation supply. The capital ventilation project remains on track, with the first vent rise now holed and complete.

在解決主要營運瓶頸（地下通風供應）方面已取得良好進展。資本性通風專案仍按計畫推進，第一條通風井道（vent rise）現已貫通並完工。

In dealing with improved flexibility, record development meters of 560 meters was achieved during June month. This accelerates progress on both the ventilation access works and decline development. Together, these advances improve access to future ore sources and support the long-term growth profile of the mine.

在提升彈性方面，6 月創下 560 公尺的開拓進尺紀錄。這加速了通風通道工程與斜坡道（decline）開發的進度。這些進展共同改善了未來礦石來源的可達性，並支撐礦山的長期成長曲線。

CSA produced just over 29,000 tonnes on a full-year basis in FY26. This profile builds to approximately 30,000 tonnes by FY27, 34,000 tonnes FY28, and 40,000 tonnes in FY29. CSA is delivering on the investment thesis that underpinned the acquisition: a high-grade, long-life asset with meaningful growth potential.

CSA 在 FY26 全年產量略高於 29,000 噸。此產量曲線預計在 FY27 提升至約 30,000 噸、FY28 為 34,000 噸，並在 FY29 達到 40,000 噸。CSA 正在兌現支撐本次收購的投資論點：一項高品位、長壽命且具顯著成長潛力的資產。

Significant intercepts of up to 12% copper were already recorded outside the existing mineral resource. The drill program also includes a potential extension of more than 500 meters below the current mine. To that end, surface and underground programs continue, with almost 12,000 meters drilled in the fourth quarter alone. CSA has a solid track record of reserve conversion, which aligns well with Harmony's strategy of getting the best out of our ore bodies.

在既有礦產資源範圍之外，已記錄到最高達 12% 銅的顯著截距。鑽探計畫亦包含向現有礦山下方延伸超過 500 公尺的潛在延伸。為此，地表與地下計畫持續進行，僅第四季就鑽探了近 12,000 公尺。CSA 在儲量轉換方面有穩健的歷史紀錄，與 Harmony「把礦體價值發揮到極致」的策略高度一致。

At the Eva Copper project, we are making equally good progress. Original capital guidance remains unchanged, and first production is still targeted for the end of calendar 2028. This is subject to timely receipt of relevant environmental approvals relating to the protected species found.

在 Eva Copper 專案方面，我們也取得同樣良好的進展。原先的資本支出指引維持不變，首次投產仍以 2028 年曆年底為目標。但這仍取決於能否及時取得與所發現受保護物種相關的環境核准。

In the meantime, we have adopted a staged execution approach, continuing work on already cleared areas while advancing the regulatory process. We are continuing to deliver the Eva Copper project in an environmentally responsible manner.

同時，我們採取分階段執行方式：在推進法規程序的同時，持續在已清理完成的區域施工。我們將持續以對環境負責的方式交付 Eva Copper 專案。

Pre-mining has begun in the approved Little Eva area, process plant construction is ramping up towards peak activity in calendar year '27, and project capital spend remains within our original guidance range of USD1.55 billion to USD1.75 billion. This is subject to the regulatory approval and the necessary approvals.

在已核准的 Little Eva 區域，採前剝作業已開始；選礦廠建設正加速推進，預計在 2027 年曆年達到施工高峰；專案資本支出仍維持在我們原先指引的 15.5 億至 17.5 億美元區間內。這仍取決於監管核准以及所需的各項核准。

We have, to date, spent USD275 million in FY26 and currently estimate FY27 capital expenditure of between USD650 million and USD680 million. The expected 20:40:40 capital allocation profile over the three-year period remains broadly unchanged although final timing and expenditure remain contingent on those approvals.

截至目前，我們在 FY26 已投入 2.75 億美元，並目前估計 FY27 資本支出介於 6.5 億至 6.8 億美元。三年期間預期的 20:40:40 資本配置結構大致維持不變，但最終時點與支出仍取決於上述核准。

We will continue to provide updates on the progress as the process advances at Eva Copper. Eva Copper is expected to deliver average production of around 60,000 tonnes of copper and 19,000 ounces of gold over a minimum 15-year life.

隨著 Eva Copper 的程序推進，我們將持續提供進度更新。Eva Copper 預期在至少 15 年的礦山壽命期間，平均每年產出約 60,000 噸銅與 19,000 盎司黃金。

This is important. Our mineral resources and mineral reserve base continue to grow and more importantly, improve in quality. Gold mineral resources were stable at 107 million ounces, whereas gold mineral reserves increased to 27.4 million ounces on additions from Tshepong North, Mponeng, Kusasalethu, and Eva Copper.

這一點很重要。我們的礦產資源與礦產儲量基礎持續成長，更重要的是品質也在提升。黃金礦產資源維持穩定於 1.07 億盎司，而黃金礦產儲量則因 Tshepong North、Mponeng、Kusasalethu 與 Eva Copper 的新增而增加至 2,740 萬盎司。

On copper, mineral resources increased significantly by 18.5% to 7.4 million tonnes. Mineral reserves increased substantially by 71% to 4 million tonnes, driven by Eva Copper and CSA. Reserve grades remain excellent and reflect the higher quality portfolio in place.

在銅方面，礦產資源大幅增加 18.5% 至 740 萬噸。礦產儲量則在 Eva Copper 與 CSA 的帶動下大增 71% 至 400 萬噸。儲量品位仍然非常優異，反映出我們已建立更高品質的投資組合。

An endowment of this scale and grade in our business is rare. It gives us a competitive advantage, we believe. Low cost, internal conversion, long duration, and better cash generation to come. It also lays the foundation for the company's next decade of growth and value creation.

在我們的業務中，如此規模與品位的資源禀賦相當罕見。我們相信這帶來競爭優勢。低成本、內部轉換、長年限，以及未來更佳的現金創造能力。這也為公司未來十年的成長與價值創造奠定基礎。

Diversification is making Harmony a stronger, more resilient business. We have evolved from a single commodity, largely South African gold producer, into a business spanning two commodities, gold and copper.

多元化正使 Harmony 成為更強大、更具韌性的企業。我們已從以單一商品為主、主要為南非黃金生產商，演進為橫跨兩種商品——黃金與銅——的業務。

In FY26, the Australasian operations contributed 16% to production. Over the next decade, Australasia is expected to grow to around 30% of group production, moving Harmony towards a 70:30 regional split. It is worth noting that this outlook excludes the Tier 1 Wafi-Golpu project, which is in the permitting process.

在 FY26，澳大拉西亞營運對產量的貢獻為 16%。在未來十年，預期澳大拉西亞將成長至約佔集團產量的 30%，使 Harmony 朝向 70:30 的區域分布邁進。值得注意的是，此展望不包含正處於許可審批流程中的第一級（Tier 1）Wafi-Golpu 專案。

The diversification we are showing here is therefore a floor and definitely not a ceiling. That shift reduces concentration risks, broadens our exposure to attractive commodities, and creates a more diversified and durable cash flow profile for our shareholders.

因此，我們在此所呈現的多元化只是下限，絕非上限。這項轉變降低集中度風險，擴大我們對具吸引力商品的曝險，並為股東打造更為多元且更具持久性的現金流輪廓。

Harmony remains a 1.4 million to 1.5 million ounce gold and gold equivalent producer. Beyond that, conceptual studies could extend the production profile further. At Hidden Valley, extensions could maintain production of 150,000 ounces per annum well beyond the current four-year life of mine.

Harmony 仍為年產 140 萬至 150 萬盎司黃金及黃金當量的生產商。除此之外，概念性研究可能進一步延長產量曲線。在 Hidden Valley，延伸計畫可望在目前四年礦山壽命之後，仍維持每年 15 萬盎司的產量。

The West Wits and Free State reclamation projects could add a potential 100,000 ounces of new production from old tailings facilities, while further optimized extensions in South Africa could maintain approximately 100,000 ounces in annual production, illustrating a very different production profile going forward.

West Wits 與 Free State 的回收（reclamation）專案，可能自舊尾礦設施新增約 10 萬盎司的潛在產量；同時，南非進一步最佳化的延伸計畫可望維持約每年 10 萬盎司的產量，展現未來截然不同的產量輪廓。

Together, this is roughly 350,000 ounces of additional potential. All of this is conceptual at this stage and subject to our Safe Harbor statement. We are not chasing growth for growth's sake. We will simply not add ounces that reduces portfolio quality. The result is a higher quality portfolio, not simply a bigger one, which brings me to why all of this matters.

合計約為 35 萬盎司的額外潛在產量。目前這些仍屬概念階段，並受我們的「安全港」聲明所規範。我們不會為了成長而成長。我們絕不會增加會降低投資組合品質的盎司數。結果將是更高品質的投資組合，而不只是更大的投資組合——這也引出為何這一切很重要。

In conclusion, disciplined delivery, combined with portfolio progression, is how we create enduring value. These outcomes are structurally higher margins, stronger free cash flows, and sustainable returns through the cycle for our stakeholders and our shareholders.

總結而言，嚴謹的交付執行，結合投資組合的推進，是我們創造長期價值的方式。這些成果包括結構性更高的利潤率、更強勁的自由現金流，以及在景氣循環中為利害關係人與股東帶來可持續的報酬。

Gold remains Harmony's foundation, supported by a combination of underground, surface, and retreatment operations. Our operational and investment plans strengthen that foundation through continued investment in our gold assets, while adding meaningful copper through CSA, Eva Copper, and over time, the Tier 1 Wafi-Golpu gold and copper project.

黃金仍是 Harmony 的基礎，並由地下、地表及再處理（retreatment）作業的組合所支撐。我們的營運與投資計畫透過持續投資黃金資產來強化此基礎，同時透過 CSA、Eva Copper，以及隨時間推進的第一級（Tier 1）Wafi-Golpu 金銅專案，增加具實質意義的銅曝險。

But the focus now is on execution. Our FY27 guidance reflect safe, profitable and sustainable production. On gold, we expect production of 1.3 million to 1.4 million ounces at an underground recovered grade of approximately 5.6 grams per ton. Gold all-in sustaining costs is guided at between ZAR1.3 million and ZAR1.395 million per kilogram.

但目前的重點在於執行。我們的 FY27 指引反映安全、獲利且可持續的產量。在黃金方面，我們預期產量為 130 萬至 140 萬盎司，地下回收品位約為每噸 5.6 克。黃金全維持成本（AISC）指引為每公斤 ZAR130 萬至 ZAR139.5 萬。

On copper, we expect CSA production of between 28,000 and 30,000 tonnes at a recovered grade of above 3.5%. C1 cost guidance is between USD2.55 and USD2.65 per pound.

在銅方面，我們預期 CSA 產量為 28,000 至 30,000 噸，回收品位高於 3.5%。C1 成本指引為每磅 USD2.55 至 USD2.65。

Capital guidance for FY27 is as follows: ZAR14.4 billion for our gold assets, ZAR2.1 billion for CSA copper. For Eva Copper, capital of between USD650 million and USD680 million is planned. And as I said earlier, this remains subject to environmental approvals pertaining to the endangered species found.

FY27 資本支出指引如下：黃金資產 ZAR144 億，CSA 銅資產 ZAR21 億。Eva Copper 規劃資本支出為 USD6.5 億至 USD6.8 億。如我先前所述，這仍取決於與所發現瀕危物種相關的環境核准。

This is Harmony's investment case. Harmony is a long-life gold producer with copper-driven growth and optionality. We are the only South African gold producer with a meaningful copper exposure. Combined with our track record of operational excellence, we believe that sets us apart.

這就是 Harmony 的投資主張。Harmony 是一家長礦山壽命的黃金生產商，具備由銅驅動的成長與選擇權（optionality）。我們是唯一一家對銅具有實質曝險的南非黃金生產商。結合我們在卓越營運方面的往績，我們相信這使我們脫穎而出。

Together, this is a differentiated proposition. Cash generation today, optionality for tomorrow, and a management team with a track record to deliver on both.

綜合而言，這是一項差異化的主張。今日的現金創造、明日的選擇權，以及一支具備同時交付兩者往績的管理團隊。

I thank you for your continued support. Boipelo and I will now take your questions. Jared, over to you.

感謝各位持續的支持。Boipelo 和我現在將回答各位的提問。Jared，交給你。

Thank you very much, Beyers. Boipelo, thank you. Do we have any questions in the room? Where can I start? Arnold, for you. There's a mic here.

非常感謝你，Beyers。Boipelo，謝謝。現場有任何問題嗎？我可以從哪裡開始？Arnold，先請你。這裡有麥克風。

Yes, good morning. It's Arnold van Graan from Nedbank. Three quick ones from my side. Boipelo, the first one is on your hedging program, I understand why you do that. It's to protect your SA optimized mines. But are you able to rethink that strategy just where the gold price is? Do you now have a bit more flexibility to try and eliminate some of the big swings that we've seen there?

是的，早安。我是來自 Nedbank 的 Arnold van Graan。我這邊有三個簡短問題。Boipelo，第一個是關於你們的避險計畫，我理解你們為何這麼做。這是為了保護你們南非最佳化礦山。但就目前金價的位置，你們是否能重新思考這個策略？你們現在是否有更大的彈性，嘗試消除我們所看到的一些大幅波動？

And then Beyers, on your growth, the SA surface seems to be quite further out. So what's the reason for that? It feels to me like it should be more compelling and maybe higher up on the optionality ladder there. So what's the constraint? Is it water or is it permitting?

接著 Beyers，關於成長部分，南非地表業務看起來時間點相當靠後。原因是什麼？在我看來，它應該更具吸引力，並且在選擇權排序上應該更靠前。那麼限制因素是什麼？是水資源，還是許可審批？

And then I guess for Boipelo, I know it sounds like a generic question, but it's not. How are you going to control cost in this environment? I'm thinking particularly about Australia, because generally, when you see commodity prices go up, costs tend to follow just given the nature of this business, and there's a lot of activity, especially from expansion and growth also pushing up costs. So that's it from me. Thanks.

然後我想問 Boipelo，我知道這聽起來像個很一般的問題，但其實不是。你們要如何在這樣的環境下控制成本？我特別想到澳洲，因為一般而言，當商品價格上漲時，基於這個產業的特性，成本往往也會跟著上升；而且有很多活動，尤其是擴張與成長也會推升成本。我就這些。謝謝。

Thanks, Arnold. Where are you? Okay. Sorry. Thanks, Arnold. Firstly, to start with the hedging, I think we've done quite well in terms of consistently applying the hedging program. I mean, it's by no means speculative. And what we've seen, yes, there is that realized loss, almost ZAR10 billion, I would say, that we've realized this year.

謝謝你，Arnold。你在哪裡？好的。抱歉。謝謝，Arnold。首先談避險，我認為我們在一貫執行避險計畫方面做得相當好。我的意思是，這絕非投機。而我們所看到的是，沒錯，今年我們已實現的損失，我會說接近 ZAR100 億。

But if you have a look at our net derivative liabilities, that is coming down quite sharply. At the half year that stood at around ZAR12 billion, and it's now down to around ZAR2 billion. And it's also reflected in the annexures of the presentation with the hedging position where it sits now.

但如果你看看我們的衍生工具淨負債，正相當快速地下滑。在半年度時約為 ZAR120 億，現在已降至約 ZAR20 億。這也反映在簡報的附錄中，顯示目前避險部位所在的位置。

We've locked in quite good hedges so as and when those mature, or rather the mature ones roll off, you'll start to see that realized loss come down. So a good way to look at it would be just to look at on the balance sheet where that liability short-term and long-term position is, and you can sort of guide where that loss will be.

我們鎖定了相當不錯的避險，因此當這些合約到期，或更確切地說，已到期的部位逐步到期退出後，你將開始看到已實現損失下降。因此，一個好的看法是直接看資產負債表上該負債的短期與長期部位，便可大致推估那項損失的走向。

The worst is behind probably.

最糟的情況大概已經過去了。

I hope so. Yeah.

希望如此。是啊。

Do you want to take the first one or should I just --?

你要先來第一個，還是我就--？

You can go.

你可以先說。

All right, Arnold, I mean, absolutely. I mean, if you look at the surface, adjusted free cash flow margin in the current year sat at 46%. So they are very compelling. And all efforts are being made to bring those surface sources into production.

好，Arnold，我是說，絕對如此。我的意思是，如果你看表面上，當年度經調整自由現金流利潤率為46%。所以它們非常有吸引力。而且我們正全力以赴，讓這些地表資源投入生產。

They are ever constrained by matters of permitting in the sense that massive new tailings facilities need to be constructed for these projects typically. I mean, no dissimilar to what DRD announced a few days ago, and that is the same for Harmony. So it is permitting these big tailings storage facilities and constructing them and obviously investing the capital to do so. There is getting your head around that.

不過它們一直受制於許可核准等事項，因為這類專案通常需要興建大型新的尾礦設施。我的意思是，這與DRD幾天前宣布的情況並無二致，Harmony也是一樣。因此，關鍵在於為這些大型尾礦儲存設施取得許可、加以建造，並且當然要投入資本來完成。這需要好好消化與理解。

The other matter in our Free State reclamation project is water supply. I mean, we have got 5.7 million ounces on surface in the Free State to process. These methods are hydro mining methods, as you know, and they are quite water intensive, and water is a scarce commodity in the Free State.

我們在Free State復墾專案的另一個問題是供水。我的意思是，我們在Free State有570萬盎司的地表資源要處理。如你所知，這些方法是水力採礦法，用水量相當大，而水在Free State是稀缺資源。

So it is finding solutions to bring the necessary quantums of water to the Free State, which could be piping water from Bothaville through the northern part of the Free State down to Welkom in order to do so. So I can assure you, I mean, these are very attractive to us.

因此要找出解決方案，把所需水量引入Free State；可能的作法是從Bothaville鋪設管線，經由Free State北部一路輸送到Welkom來達成。所以我可以向你保證，這些對我們而言非常具吸引力。

They are organic opportunities that are right in front of us, and all efforts are being made to bring these operations into the Harmony portfolio. And to add that 100,000 ounces potentially that we try to highlight in the blue sky on top of the life of mine.

這些是就在眼前的內生成長機會，我們正全力以赴，將這些營運納入Harmony的資產組合。並在礦山壽命之上，再增加我們在「藍天」情境中試圖強調的、潛在10萬盎司產量。

Yeah. From a cost perspective, I think our cost basket is quite predictable, so to say. Obviously, yes, with the addition of Australia, and as that region grows, that basket will change somewhat, but it still is by and large labor.

是啊。從成本角度來看，我認為我們的成本組合相當可預測。當然，隨著澳洲資產的加入，以及該區域的成長，這個組合會有所變化，但整體而言仍主要是勞動力。

And then you have got your electricity, water, et cetera, consumables. We are quite comfortable that we will be able to manage that as we have below mining inflation for now. But yes, that dynamic will change, but I think we are quite comfortable we will be able to manage it in the long term.

接著是電力、水等消耗品。我們相當有信心能夠管理這些，因為目前我們的成本增幅低於採礦通膨。但沒錯，這個動態會改變，不過我認為長期而言我們很有把握能夠管理。

Doc, over to you.

Doc，交給你。

Again, I would like to congratulate the team for a fantastic set of results, and as an asset manager in 11 years of meeting your guidance, there is no substitute for stability when you have a portfolio in an uncertain world. So congratulations. Really a great set of results.

再次，我想祝賀團隊交出一份非常出色的成績；作為資產管理人，看到你們連續11年達成指引，在充滿不確定性的世界裡，投資組合最需要的就是穩定性，沒有任何東西能取代。所以恭喜。真的是一組很棒的成果。

Secondly, I would like to thank you. Harmony is really the anchor of South African gold, and I am not quite sure if Johannesburg would be a ghost town or the rand would be abandoned completely if Harmony hadn't stepped in and really exploited what I think is a fantastic endowment that we have here. So a word of gratitude for what you have done for the industry, for what you have done for gold, and I am glad that the gold price is rewarding you for that.

第二，我想向你們致謝。Harmony確實是南非黃金產業的支柱；如果Harmony沒有挺身而出、真正開發我認為我們這裡極佳的資源禀賦，我不太確定約翰尼斯堡會不會變成鬼城，或蘭特是否會被徹底放棄。因此，對你們為產業所做的一切、為黃金所做的一切，致上感謝；也很高興金價正在回報你們的努力。

The third question is, you have diversified into copper. It makes a lot of sense from, again, guaranteeing stability through the cyclicity of commodities. But are you contemplating perhaps investing in new operations in South Africa, perhaps acquiring or exploring further gold assets in South Africa or into the continent? Is that something that you would consider? Is it something that your team is evaluating or you are just too focused right now on actually making and delivering on what you currently have?

第三個問題是，你們已多元化布局到銅。這很有道理，因為可以再次透過大宗商品的循環性來確保穩定。但你們是否正在考慮也許在南非投資新的營運項目，例如收購或進一步勘探南非的黃金資產，或是擴展到非洲大陸？這是你們會考慮的方向嗎？是你們團隊正在評估的事情，還是你們目前太專注於把現有的事情做好並交付成果？

Yeah, I would take that, Boipelo. No, I think our plates are full at the moment. I mean, we've got lots of exciting things happening around us and lots of organic opportunity given that three timeframes that I quoted in the presentation. So no, I think first priorities for us now is execution, executing on the priorities that we've got and we've highlighted in the presentation.

是的，Boipelo，這題我來回答。不，我認為我們目前已經忙得不可開交。我的意思是，我們周遭有很多令人振奮的事情在發生，也有很多內生成長機會，正如我在簡報中提到的三個時間框架。所以不，我認為我們現在的首要任務是執行，把我們已經訂下並在簡報中強調的優先事項落實到位。

I mean, we do have our new business team continuously looking to try and find value. For us, it's all about a value conversation. I must say, given where commodity prices are, gold and copper at the moment, finding value is not easy, and hence we'll be disciplined enough to withstand that.

我的意思是，我們的新業務團隊確實持續在尋找價值。對我們而言，一切都圍繞在「價值」的討論。我必須說，以目前大宗商品價格的位置來看——黃金與銅——要找到價值並不容易，因此我們會保持足夠的紀律來承受並等待。

So at the moment, hands are full. Quite excited with what's right in front of us, and we particularly highlighted the three blue sky potential, which is also on our endowment that we can -- which is 100% within our control, and that is where our main focus would be.

所以目前確實分身乏術。我們對眼前的機會非常興奮，並且特別強調了三項「藍天」潛力，這些也都在我們的資源禀賦之內——而且是100%在我們掌控之中——這將是我們主要的聚焦所在。

And just thank you for that feedback. Harmony turned 76 yesterday.

也謝謝你的回饋。Harmony昨天滿76歲了。

I want to ask about uranium. I heard no comment about uranium at all. Is there any interest in the group, and where do you see it going?

我想問一下鈾。我完全沒聽到任何關於鈾的評論。集團對此有興趣嗎？你們怎麼看它的發展？

Yeah, sure. I mean, uranium, if I could just quickly circle back. I mean, uranium at this particular time is not a primary ore horizon that we are mining. We are mining it as a by-product with our gold at Great Noligwa and at Moab Khotsong. I mean, we are mining the shaft pillar at Great Noligwa mine, and we are developing the Zaaiplaats project and mining the middle mine there.

好的，當然。我的意思是，關於鈾，我先快速補充一下。就目前而言，鈾並不是我們正在開採的主要礦層。我們是在Great Noligwa與Moab Khotsong，將其作為黃金的副產品一併開採。我的意思是，我們正在Great Noligwa礦山開採豎井礦柱，同時也在推進Zaaiplaats專案，並在那裡開採中部礦段。

So for us now, it is a by-product. We are actively looking at that space. I mean, there was a lot said about uranium. But quality opportunities are probably few and far between, so I wouldn't say uranium is a huge focus of us.

所以對我們來說，目前它是副產品。我們也在積極關注這個領域。我的意思是，市場上對鈾有很多討論。但高品質的機會可能相當稀少，因此我不會說鈾是我們非常重點的方向。

We do sit on the only uranium calcining facility licensed in South Africa in NUFCOR. That is underutilized at the moment. I mean, there's spare capacity in that facility and so is our uranium processing plant at Great Noligwa. So should opportunities arise where we could better use that infrastructure or sweat the assets more, I mean, we would be interested to look at that.

我們確實擁有南非唯一取得許可的鈾煅燒設施——NUFCOR。目前該設施的利用率偏低。我的意思是，那個設施仍有閒置產能，我們在Great Noligwa的鈾處理廠也是如此。因此，如果出現機會讓我們能更好地利用這些基礎設施、或更充分地發揮資產效益，我們會有興趣評估。

But opportunities in uranium, locally, in South Africa have been few and far between, I would say. So not an active focus area of ours at the moment, albeit we've got an active watching brief on uranium.

但我會說，在南非本地，鈾的機會一直相當零星、少之又少。所以目前不是我們積極聚焦的領域，儘管我們仍持續密切關注鈾的動向。

(inaudible)

(聽不清楚)

Apologies?

抱歉？

In the actual processing, doesn't it make sense when you produce the gold, you've still got uranium left that you reprocess what's left?

在實際處理過程中，當你產出黃金時，仍會剩下鈾；把剩餘部分再處理不是很合理嗎？

Yeah. Reprocessing of uranium ore dumps is an opportunity. I don't think that is necessarily that well developed from a technology point of view. To give you an idea, when Mine Waste Solutions was constructed by Chemwes a few years ago, there were going to be three gold streams and a fourth stream would have been a uranium stream in the thinking conceptually.

是的。對鈾礦石堆置廢料進行再處理是一個機會。我認為從技術角度來看，這未必已經發展得很成熟。舉例來說，幾年前 Chemwes 建造 Mine Waste Solutions 時，概念上原本會有三條黃金產出流程，第四條流程則被設想為鈾的流程。

When we took over the assets, we reevaluated that and where you sit today with gold prices and the resources we have on servicing gold, we turned that fourth stream into a gold stream. So at the moment, we felt that the returns on gold with that extra capacity far outweighed the returns on uranium.

當我們接手這些資產後，我們重新評估；以目前的黃金價格，以及我們在黃金服務上的資源配置來看，我們把第四條流程改成了黃金流程。因此目前我們認為，利用那額外產能做黃金的回報，遠高於做鈾的回報。

Now, that does not necessarily mean that that would be the case forever. But at the moment, using infrastructure to reprocess gold tailings dams at these margins, as we spoke earlier as well, is very lucrative and very attractive and low-risk ounces.

當然，這不一定代表永遠都會如此。但就目前而言，利用既有基礎設施在這些利潤水準下對黃金尾礦壩進行再處理——如同我們先前也提到的——非常有利可圖、非常具吸引力，而且屬於低風險的盎司來源。

Steven?

Steven？

Hi. Steve Friedman from UBS. Two questions focusing on Australia specifically. I think the first one just on Eva. You have maintained your project capital and sort of start date. Maybe if you could just let us know in terms of what approvals still remain in the critical path, what are the execution risks there, and what would a six-month permitting delay do to first production and total project costs?

嗨。我是 UBS 的 Steve Friedman。兩個問題，特別聚焦在澳洲。第一個是關於 Eva。你們維持了專案資本支出以及大致的啟動日期。能否請你們說明一下，在關鍵路徑上還有哪些核准事項尚待完成、執行風險是什麼，以及若許可延遲六個月，對首次投產與專案總成本會造成什麼影響？

And then the second one just on CSA. You have provided guidance on costs for 2027, which is sort of broadly in line with what you had for '26. Just trying to understand why there is no sort of cost benefit with the volume increase? And then maybe if you could just give us a bit more color. You have maintained the 40-kiloton steady state. What sort of cost could we expect at that steady state production?

第二個是關於 CSA。你們提供了 2027 年的成本指引，大致與 2026 年相當。我想了解的是，為什麼在產量增加的情況下，沒有看到成本效益？另外也請再多補充一些細節。你們維持 4 萬噸的穩態產量。在那個穩態產量下，我們可以預期的成本大概是多少？

Yeah. So I will start with Eva. As you know, we flagged previously that we discovered an endangered species on site. Where we are with the regulators, we are actively engaged in managing the process and we adopt what we call a staged approach to execution.

好的。我先從 Eva 開始。如你所知，我們先前已提到在現場發現一種瀕危物種。就我們與監管機關的進展而言，我們正積極參與並管理該流程，同時採取我們所稱的分階段執行方式。

And what that means broadly is that we have permission to continue on pre-stripped areas. So we continue production on pre-stripped areas. Fortunately, from a project development perspective, the area where the copper concentrating plant would be built was largely pre-stripped. So the copper concentrate plant which is a big portion of the capital expenditure is continuing undisturbed and that is good news from a project schedule perspective.

大致而言，這表示我們已獲准在已完成預剝離的區域持續作業。因此我們會在預剝離區域持續生產。幸運的是，從專案開發角度來看，將興建銅選礦廠的區域大多已完成預剝離。因此，銅精礦廠（資本支出中的一大部分）可不受干擾地持續推進，從專案時程角度來看這是好消息。

We have suspended work on areas that have not yet been cleared and those areas are subject to what is called a Referral 1 and a Referral 2 process, both of which have already been submitted to the authorities in Australia. So we await feedback on that.

我們已暫停在尚未完成清理的區域施工；這些區域需進行所謂的 Referral 1 與 Referral 2 流程，兩者都已提交給澳洲主管機關。因此我們正在等待回覆。

Where we sit today, I mean, we have got no reason to believe that we cannot attain our capital guidance that we originally guided, that USD1.55 billion to USD1.75 billion as well as the project schedule risk of that first copper production by end of calendar '28. So that is where we are. I mean, it is a dynamic process and I mean, we are managing it.

以目前情況來看，我們沒有理由認為無法達成原先給出的資本支出指引，也就是 15.5 億至 17.5 億美元，以及在 2028 年曆年年底前實現首次銅產量的專案時程目標。目前就是這樣的狀況。這是一個動態的流程，我們正在加以管理。

At this stage, I think it is fair to say that we are fairly comfortable that it is not the endangered species or the mine. We think we are fairly comfortable that it can be the mine with the endangered species and managing that responsibly from an environmental management perspective and that is the space we want to own.

在這個階段，我認為可以公平地說，我們相當有信心：問題不在於瀕危物種或礦山二選一。我們相當有信心可以在有瀕危物種的情況下仍然開採礦山，並從環境管理角度負責任地加以管理；這也是我們希望掌握並做到最好的領域。

We want to build a mine, but we want to do it in a responsible way and taking care of the planet and the environment. So we are not at a stage where we are thinking of delays that would impact cost and schedule. I mean, with what we have got in front of us now, we still maintain where we are. As things unfold, we will come back to the market and communicate accordingly.

我們想建一座礦山，但我們希望以負責任的方式來做，照顧地球與環境。因此我們目前還沒有進入去思考會影響成本與時程的延遲情境。以眼前我們掌握的資訊來看，我們仍維持目前的判斷。隨著事情發展，我們會再回到市場並據實溝通。

As with CSA, I mean, it is early days. I think that is probably a fair assessment. We are getting our head around CSA and understanding the assets and as I said, it is fully integrated now. What we did try and do in this presentation is map a clear pathway to the 40,000-tonne production profile.

至於 CSA，我的意思是，現在還算是早期階段。我想這樣的評估應該是合理的。我們正在熟悉 CSA、了解這些資產；如我所說，它現在已完全整合。我們在這次簡報中嘗試做的是，清楚描繪通往 40,000 噸產量曲線的路徑。

And that is what we have got on the screen now. So we have given slightly longer guidance to just give comfort that we still do see the mine getting there. It is going to get there by solving the ventilation constraint and solving the flexibility constraints and also taking good care of the infrastructure at the mine and continue to build that out.

這就是我們現在螢幕上呈現的內容。因此我們給了稍長一些的指引，讓大家更有信心我們仍然看得到礦山能達到那個目標。要達成它，需要解決通風限制、解決彈性限制，同時也要妥善維護礦山的基礎設施並持續擴建。

So as we ramp that up, the cost would follow suit. I mean, we do not guide longer-term costs than year one. So work in progress. Real commitment in terms of making this mine a great mine for Harmony and extend this life even beyond what is in front of us.

因此當我們逐步拉升產量時，成本也會隨之變化。我們一般不提供超過第一年的長期成本指引。所以目前仍在進行中。我們確實承諾要把這座礦打造成 Harmony 的一座優質礦山，並把礦山壽命延長到甚至超過我們目前所看到的範圍。

And I think what is of particular interest is the success on the exploration already. There is a high likelihood that this mine would be around for much longer than we currently think. So exceptional ore body, great people, and quite excited about the prospect that this brings.

而我認為特別值得關注的是，勘探已經取得成功。這座礦很有可能會比我們目前所想的存在更久。因此這是非常出色的礦體、很棒的團隊，我們也對這帶來的前景感到相當振奮。

And it is a nice dovetailing of the two mines, if I could just briefly touch on that. So you have got this mine, which is an underground mine, lower volumes, exceptionally high grade. And for the old-timers in the room, we always say grade is king.

如果我可以簡單提一下，這兩座礦的搭配也很不錯。你有這座礦，它是地下礦，產量較低，但品位極高。對在座資深人士來說，我們常說品位為王。

But dovetailing with Eva Copper, which is an open pit, bulk, lower grade mine, but a bulk mine. I do think the two complement one another well from that 100,000 tonnes of copper that we target in three years from today, coming out of the East Coast of Australia, one in North Queensland and the other one in North New South Wales.

再搭配 Eva Copper——它是露天、規模化、品位較低的礦，但屬於大宗量體的礦。我確實認為，從我們目標在三年後於澳洲東岸達到每年 10 萬噸銅產量的角度來看，兩者能很好地互補：一座在昆士蘭北部，另一座在新南威爾斯州北部。

Bruce, yes, over to you.

Bruce，是的，交給你。

Morning, everyone. Bruce Williamson, Integral Asset Management. It's just concerning your deep level gold mines. Often by the time you are mining off a vertical and maybe even tertiary shafts, your traveling times to get from shaft head gear to stope start exceeding an hour in and an hour out.

各位早安。我是 Integral Asset Management 的 Bruce Williamson。我想問的是關於你們的深部金礦。通常當你開採到某一垂直區段，甚至可能到第三期井筒時，從井口設備到採場的往返通行時間往往會超過進去一小時、出來一小時。

So that reduced time on the face means that your drilling crews, your support, your cleaning and general maintenance start having reduced time, and either guys take shortcuts or they miss blasts. What are you guys doing to negate that and make sure that you get your blast and you do all your maintenance?

因此，工作面可用時間縮短，代表鑽探班組、支援、清理以及一般維護的時間都會減少，結果不是有人走捷徑，就是會漏掉爆破。你們打算怎麼做來抵消這點，並確保能完成爆破並把所有維護都做到位？

Yes, I mean, traveling time, we always say in mining 101 is getting today's blast in the tip tonight and out the mine on the very next shift, and get the people in efficiently and out efficiently, and also get the materials in and out efficiently. So that's conventional mining 101.

是的，我的意思是，行走時間，我們在採礦入門課總是說，要把今天的爆破在今晚裝到礦車（tip）裡，並在下一個班次就把礦石運出礦山，同時要有效率地把人員送進去、帶出來，也要有效率地把物資送進去、運出來。所以這就是傳統的採礦入門常識。

Now what we are doing in those respects is we have in fact adopted -- it has been some time now, but there is a five-day work week adopted at Mponeng, which goes together with a 12-hour working shift. So instead of having a normal eight-hour 23 shift on 11-day fortnight cycle, we have reduced the amount of working days in the week so that the hours still comply with the Basic Conditions of Employment Act and the Labor Relations Act in South Africa.

那麼我們在這方面所做的是，我們其實已經採用——已經有一段時間了——Mponeng 實施每週五天工作制，並搭配 12 小時工作班次。因此，不再是一般的八小時、三班制、每兩週 11 天的輪班週期；我們把每週工作天數降低，同時讓工時仍符合南非《基本僱傭條件法》與《勞資關係法》。

So we found that gives us good face time at these deep mines like Mponeng, where you need X amount of hours to drill a face properly. You need X amount of hours to support a face properly. You need X amount of hours to make safe a face properly, and you need X amount of hours to clean a face properly.

我們發現，這能在像 Mponeng 這種深部礦山提供良好的工作面時間，因為你需要 X 小時才能把一個工作面鑽孔鑽好。你需要 X 小時才能把一個工作面支護做好。你需要 X 小時才能把一個工作面妥善做安全處置，並且你需要 X 小時才能把一個工作面清理乾淨。

And if you do not provide adequate time to do so, as you rightly say, you start to sacrifice quality. So instead of drilling four holes, people would drill three. And when you don't drill four holes and you drill three, you break the hanging wall, you have adverse safety outcomes, you have advance for blast problems and all sorts of things like that.

如果你沒有提供足夠的時間來做這些，正如你說的，就會開始犧牲品質。所以本來要鑽四個孔，人們就只鑽三個。而當你不鑽四個孔只鑽三個時，就會破壞頂板（hanging wall），造成不利的安全結果，還會出現爆破推進問題以及各種類似狀況。

So the five-day work week, longer shift at Mponeng seem to work quite well to negate the traveling time constraint that we have at some of these mines. At other mines, for example, in Bekeisa, in the Free State, we are sinking chairlifts down the middle of the ore body in order to get crew quicker to the face.

因此，Mponeng 的每週五天工作制與較長班次，似乎能相當有效地抵消我們在部分礦山面臨的行走時間限制。在其他礦山，例如自由州的 Bekeisa，我們正在礦體中部下沉（設置）吊椅式升降設備（chairlifts），以便更快把班組送到工作面。

In other words, technological solutions to almost like this conveyor belt that you have at the airport. Well, I suppose a conveyor belt and walking for some of us is the same pace. But using technology to get people in and out of the faces quicker. So there are some technological solutions, chairlifts and things that also help to get people into the face quicker.

換句話說，採用技術解決方案，有點像機場的那種輸送帶。當然，我想對我們某些人來說，輸送帶和走路速度也差不多。但就是利用技術讓人員更快進出工作面。所以確實有一些技術方案，例如吊椅式升降設備等，也能幫助更快把人員送到工作面。

So I think as Harmony, we understand these underground deep level gold mines well. We know what solutions there are and we are trying to get people and material in and ore out as efficiently as we can. If you don't deal with those things, you do pay the price in productivity and safety and other things. So it is very important that we continue to explore ways to get people in and out the working place efficiently and safely.

所以我認為，作為 Harmony，我們很了解這些地下深部金礦。我們知道有哪些解決方案，也正盡可能有效率地把人員與物資送進去，並把礦石運出來。如果你不處理這些問題，就會在生產力、安全以及其他方面付出代價。因此，持續探索讓人員能有效率且安全地進出作業地點的方法非常重要。

Any other questions? If not, I am going to move over to the call. Are there any call questions waiting for us?

還有其他問題嗎？如果沒有，我就要轉到電話會議。目前有任何電話提問在等我們嗎？

Raj Ray, BMO.

Raj Ray，BMO。

Three questions, if I may. First on your CSA, I see that you mentioned the development meters have gone up to almost 560 as of June. Can you comment on what the steady state development meters you are targeting? And based on your capital guidance for the next three years, which is around, call it ZAR100 million-odd for sustaining. If I were to look at beyond that, what level of capital development do you expect to continue doing at a steady state? And is that level of sustaining capital -- is it expected to remain at that level beyond the next three years?

如果可以的話，我有三個問題。第一個關於你們的 CSA，我看到你們提到截至 6 月，開發進尺（development meters）已提高到接近 560。你能評論一下你們目標的穩態開發進尺是多少嗎？另外，根據你們未來三年的資本指引，大約是用於維持性資本（sustaining）的約 1 億南非蘭特左右。如果我看更長期，穩態下你們預期會持續進行到什麼水準的資本開發？而這個維持性資本水準——是否預期在未來三年之後仍維持在這個水準？

My second question is on your tax expense, and this is for Boipelo. Your profit before tax increased pretty substantially in the second half of fiscal '26 compared to the first half, but your tax expense pretty much remained the same. Can you give us some color on if there were any offsetting impact and what should we be modeling going forward?

第二個問題是關於你們的所得稅費用，這題給 Boipelo。你們在 2026 財年下半年稅前利潤相較上半年大幅增加，但你們的所得稅費用幾乎維持不變。你能否提供一些背景，是否有任何抵銷影響？以及往後我們建模時應該怎麼看？

And my last question is a follow-up on Arnold's question on the hedge book. Boipelo, you mentioned your derivative liabilities have come down pretty significantly as of the end of June. Can you give us some idea what gold price were you assuming or has been assumed as of the end of June for that liability? Because gold price at the end of June was ZAR4,000. We are back up to ZAR4,700. I am assuming that liability would have gone up.

最後一個問題是延續 Arnold 關於避險部位（hedge book）的提問。Boipelo，你提到截至 6 月底，你們的衍生工具負債已顯著下降。你能否說明一下，6 月底計算該負債時假設的金價是多少或採用的是什麼金價？因為 6 月底金價是每盎司 4,000 南非蘭特。我們現在又回到 4,700 南非蘭特。我假設那個負債應該會上升。

The reason I am kind of belaboring that point is, look, Harmony is generating almost $1 billion of free cash flow. You are maintaining very low leverage. You have over $1 billion of liquidity. I understand you want to be consistent, but why is a larger hedge book still necessary? Those are my questions.

我之所以有點反覆強調這點，是因為，坦白說，Harmony 正在產生接近 10 億美元的自由現金流。你們維持非常低的槓桿。你們有超過 10 億美元的流動性。我理解你們想要保持一致性，但為什麼仍需要更大的避險部位？以上是我的問題。

Thanks, Raj. I will start with the CSA development one. As I said in the presentation, CSA is now fully integrated and the Harmony operating model has been implemented. And to that effect, that is no different for development meters.

謝謝你，Raj。我先從 CSA 的開發進尺問題開始。如我在簡報中所說，CSA 現在已完全整合，並已導入 Harmony 的營運模式。就此而言，開發進尺也沒有例外。

So excuse me for getting a little bit in the nuts and the bolts here, but we have got a model called the Iceberg Model, which sets specific risk factors for a specific mine, and that sets the specific development meters necessary for that mine to create the right face length flexibility in order to get consistent, predictable production. CSA is no different.

所以請容我在這裡稍微談得更細一些，我們有一個稱為「冰山模型」（Iceberg Model）的模型，會針對特定礦山設定特定風險因子，並據此設定該礦山所需的特定開發進尺，以建立適當的工作面長度彈性，從而達到穩定、可預測的產量。CSA 也不例外。

So we have got set development targets for the mine. I can say -- I'm pleased to say that the team has responded phenomenally well in terms of the development performance, and they've been hitting their straps on the development, which bodes well for opening up more ore fronts, as we said in the presentation, as well as deepening the mine on those decline developments.

因此，我們為該礦山設定了開發目標。我可以說——我很高興地說——團隊在開發表現方面反應非常出色，他們在開發工作上已進入狀態，這對於開啟更多礦石前緣（ore fronts）（如我們在簡報中所說）以及在那些斜坡道（decline）開發上進一步加深礦山，都有很好的意義。

So the levels of 560 was a record. We don't require necessarily to blast a record every month there to create the necessary flexibility. But we'd be looking at doing more development instead of doing less development. What we have seen is development and flexibility is the one area, together with infrastructure, reliability, and safety, that gets a mine predictable, and to deliver consistent, predictable production.

所以 560 的水準是一個紀錄。我們不一定需要每個月都創下紀錄性的爆破量，才能建立所需的彈性。但我們會希望做更多開發，而不是更少開發。我們看到，開發與彈性是其中一個關鍵領域，連同基礎設施、可靠性與安全，能讓一座礦山變得可預測，並交付穩定、可預測的產量。

So very pleased with what we've seen in terms of development performance. We need more of it, and we'll continue to manage the asset to make sure that we create the necessary flexibility. When you do not have flexibility, you're tempted to mine out of sequence. When you mine out of geotechnical sequence, you create bigger problems.

因此，我們對目前看到的開發表現非常滿意。我們需要更多，並會持續管理這項資產，以確保建立必要的彈性。當你沒有彈性時，就會被誘惑去打亂順序採礦。當你不按地工（geotechnical）順序採礦時，就會造成更大的問題。

So solving for the short term doesn't solve for the medium and the long term. And you recall that we have flagged that there was some out of sequence stoping that we had to correct, and we will not do that because it's important for us to deliver consistency over time.

因此，解決短期問題並不能解決中期與長期問題。而且你也記得，我們已經指出曾有一些採礦作業順序不當的停採（stoping）需要修正；我們不會再那樣做，因為對我們而言，隨時間推進交付一致性很重要。

Thanks, Raj. Just on the tax, you're going to have to help me because on the income statement, our tax expense is about ZAR9 billion compared to ZAR4 billion of the previous year. I think mentioned they were the same?

謝謝，Raj。就稅務部分，你得幫我一下，因為在損益表上，我們的所得稅費用大約是90億南非蘭特（ZAR），相較前一年約40億南非蘭特。我以為你提到它們是一樣的？

No, I was talking about half year on half year. Because your net profit before tax compared to H1 has gone up substantially, but your tax expense compared to H1 is pretty much the same.

不，我指的是上半年對上半年（H1 對 H1）。因為你的稅前淨利相較 H1 大幅上升，但你的所得稅費用相較 H1 幾乎相同。

Okay, I am going to have to come back to you because I do not have those numbers. I have full year and full year in front of me.

好的，我得再回覆你，因為我手上沒有那些數字。我眼前只有全年對全年。

Okay, we can take that offline.

好的，我們可以線下再談。

Yeah, we will revert back to you, Raj.

是的，我們會再回覆你，Raj。

And then just on the hedging, just the mark to market, so we don't disclose those price assumptions, but I can refer you to Note 19 of the financial statements just in terms of how that is calculated.

另外就避險而言，僅就按市價評價（mark-to-market）部分，我們不揭露那些價格假設，但我可以請你參考財務報表附註19，了解其計算方式。

Any other questions coming in?

還有其他提問進來嗎？

Adrian Hammond, SBG.

Adrian Hammond，SBG。

For you, I have a question on Eva. Just remind us who you have the offtake arrangement with, and how critical is that feed to their strategy.

我有一個關於 Eva 的問題。請再提醒我們，你們的承購（offtake）安排是跟誰簽的？而這個供料對他們的策略有多關鍵？

And then secondly, you make a big point around copper production scaling up to 100,000 tonnes and your diversification mix to Australasia region. So your forecast for the group production certainly is quite remarkable given it is for the first time I have ever seen a forecast from Harmony growing. But we can't help but notice that it is largely copper that is growing and gold that is falling.

第二，你們強調銅產量擴張到10萬噸，以及你們在澳大拉西亞地區的多元化組合。因此你們對集團產量的預測確實相當驚人，因為這是我第一次看到 Harmony 的預測是成長的。但我們也注意到，成長主要來自銅，而黃金在下滑。

Could you just remind investors exactly how you foresee Harmony being positioned further as you grow and, certainly at these gold prices, you will continue to generate sufficient cash. So I guess the question is, do you foresee further M&A in copper and where? Or do you think that the mix for now is where you will remain? Thanks.

你能否再提醒投資人，隨著你們成長，你們預期 Harmony 未來會如何進一步定位？而且在目前這樣的金價下，你們仍將持續產生足夠的現金。所以我的問題是：你們是否預期在銅方面進一步進行併購（M&A），以及會在哪裡？或者你們認為目前的組合就是你們暫時會維持的狀態？謝謝。

Thanks, Adrian. If I could, in the meantime, ask Sam to get us the life of mine slide on the screen that would help to talk about the last question, but perhaps on the offtake, yeah, very important question, Adrian. So the copper con from Eva Copper will go to the Mount Isa smelter.

謝謝你，Adrian。如果可以的話，同時我請 Sam 把礦山全壽命（life of mine）的投影片放到螢幕上，這會有助於回答最後一個問題。不過先談承購，對，這是非常重要的問題，Adrian。Eva Copper 的銅精礦（copper con）將送往 Mount Isa 冶煉廠。

And it is important that one see that within the greater context of what is happening in the Mount Isa area with the closure of the Mount Isa mines, and the difficulty and the competitiveness with which smelters compete for concentrate. So it is in the interest of a lot of people that depend on that smelter and that area to get the Eva Copper mine going.

而重要的是，要把這放在 Mount Isa 地區正在發生的更大背景下來看：Mount Isa 礦山的關閉，以及冶煉廠在爭取精礦時所面臨的困難與競爭。因此，對許多依賴該冶煉廠與該地區的人而言，推動 Eva Copper 礦山投產符合多方利益。

I think there is a supportive environment to make sure that the mine happens. And that first copper production date of end of calendar '28 is important in the context of the greater continuation of the smelter in Mount Isa. So from a stakeholder management perspective, public consultation, regulators, people are quite focused on getting that sequencing right and making sure that the smelter 1can be competitive, kept open, and can take that offtake from the Eva Copper mine.

我認為有一個支持性的環境來確保這座礦能夠落地。而在西曆2028年底的首次產銅時間點，對 Mount Isa 冶煉廠能否持續運作的整體脈絡而言很重要。因此，從利害關係人管理的角度來看，公眾諮詢、監管機關等各方都非常關注把時序安排正確，並確保該冶煉廠能具競爭力、維持開放，且能承接來自 Eva Copper 礦山的承購量。

As for copper, thanks for acknowledging the upward forecast, Adrian. That is quite good from you. So we have got the slide on the screen now. I think, Adrian, to your point, this is now gold equivalents. And the purpose of us showing that is to show that Harmony, in fact, remains a 1.4 million to 1.5 million gold and gold equivalent producer.

至於銅，謝謝你肯定我們上修的預測，Adrian。你這麼說很不錯。我們現在把投影片放到螢幕上了。我想，Adrian，呼應你的觀點，這裡呈現的是黃金當量（gold equivalents）。我們展示這個的目的，是要說明 Harmony 事實上仍是一家年產約140萬到150萬盎司黃金及黃金當量的生產商。

And we have included the blue sky three layers on top, which we have not done in the past, and that is what showed the declining profile. Now those are conceptual as I flagged in the presentation, and there is still more work that needs to be done on those.

我們也把三層「藍天」增量（blue sky）加在上方，過去我們沒有這麼做，而那正是先前顯示出下滑曲線的原因。如同我在簡報中提到的，那些是概念性的，仍需要做更多工作。

But those are within our control. Those are on our tenements, and these are projects that we can bring to fruition. And that then results in a profile that look different to what we may have shown in the past. So by 2030 or so, it gets Harmony to a 70:30 regional split on production, 70% local, 30% offshore.

但那些是在我們可控範圍內。它們位於我們的礦權範圍（tenements）內，且是我們可以推進落地的專案。如此一來，產量曲線就會與我們過去可能呈現的樣貌不同。因此到2030年前後，Harmony 的產量在區域上將達到70:30的分布，70%在本地、30%在海外。

And as I highlighted, that excludes Wafi-Golpu. And I say if Wafi-Golpu comes on, you will see how that also changes. So in that respect, we do not have a particular ratio in mind for copper and gold. We do not have a particular ratio in mind for offshore local production split.

如我所強調的，這不包含 Wafi-Golpu。我也說過，如果 Wafi-Golpu 上線，你會看到它如何進一步改變這個結構。因此在這方面，我們並沒有為銅與金設定特定比例。我們也沒有為海外與本地產量分布設定特定比例。

What guides our decision-making is value. So whether it is copper or gold or whether it is local or offshore, where the value is, we will go. And we believe that we've demonstrated that capital allocation discipline in the last few years, and that's what's gotten Harmony to where it is today. And that next 10 year of delivery would be equally exciting in Harmony for us, copper and gold.

引導我們決策的是價值。所以不論是銅或金、不論是本地或海外，只要價值在哪裡，我們就會往哪裡去。我們相信過去幾年已經展現了資本配置的紀律，而這也是讓 Harmony 走到今天的位置的原因。而接下來10年的交付，對我們而言在 Harmony 也會同樣令人振奮——不論是銅或黃金。

Thanks, Beyers. That doesn't help me much. But in the way to look about Harmony or how to describe Harmony going into the future, because whilst you say that you're interested in both copper and gold, depending on whether it meets your hurdles, it certainly then describes Harmony in a different manner that whilst it's a predominant gold player, it could shift. We don't know.

謝謝，Beyers。這對我幫助不大。但在看待 Harmony 或描述 Harmony 的未來走向時，因為雖然你說你對銅與金都有興趣，取決於是否達到你們的門檻，但這其實會以不同方式來描述 Harmony：雖然它目前主要是黃金公司，但它可能會轉變。我們不知道。

You're saying that it could shift more into a copper play, and certainly that is an interesting play in itself given the premiums that copper companies trade at. So I think it's an important distinction to be aware of because it does change your investor and shareholder base going forward. But I wish you luck and I think it's certainly a sign of times changing in the gold space in general in the industry. Thanks.

你是在說它可能會更偏向銅的投資標的，而考量到銅公司通常享有較高的交易溢價（估值溢價），這本身確實是個有趣的方向。所以我認為這是一個重要的區分，因為它確實會改變你們未來的投資人與股東基礎。但祝你們好運，我也認為這確實反映了黃金領域、整體產業正在改變的時代趨勢。謝謝。

Thanks for those comments, Adrian.

謝謝你的評論，Adrian。

Rene Hochreiter, Noah Capital.

Rene Hochreiter，Noah Capital。

Hi, Beyers and team. Thanks for taking my question. Very nice dividend, but still a little bit behind your peers at about 3.6%, I think, if I calculated correctly. With your ZAR28 billion CapEx, total CapEx in FY27, about 64% up on last year, will you be able to maintain your dividend payout in FY27 at sort of similar levels as 2026 or can we expect a drop? More a comment than a question, actually, because I think it will likely drop.

嗨，Beyers 和團隊。謝謝讓我提問。股利很不錯，但我想如果我算得沒錯，大約3.6%，仍比同業稍微落後。以你們在 FY27 的資本支出（CapEx）為280億南非蘭特、總資本支出較去年增加約64%來看，你們是否能在 FY27 維持與2026年大致相近水準的股利配發，還是我們可以預期會下滑？其實這更像是一個評論而不是問題，因為我認為它很可能會下滑。

The second question, if I may. Your rand per tonne costs at Mponeng were up 17% and at Moab Khotsong, up 20%. Should we carry on modeling at this rate or can you get it lower going forward?

如果可以的話，第二個問題。你們在 Mponeng 的每噸蘭特成本上升了 17%，在 Moab Khotsong 上升了 20%。我們是否應該按這個增幅繼續建模，還是未來你們能把它降下來？

Firstly, just on the dividend. So it is linked directly to free cash flow generation, so after all CapEx. So I mean, with your sums, what we intend to do is at least it is consistent, and it will come out to be whatever it comes out to be.

首先，先談股利。它是直接與自由現金流的產生掛鉤，也就是在所有資本支出之後。所以我的意思是，按你的計算，我們打算做的是至少保持一致性，最後會是多少就是多少。

In terms of capital, we are quite comfortable that we will be able to fund that through cash as well as available facilities. I think it is quite self-explanatory, really.

就資本而言，我們相當有信心能透過現金以及可用的融資額度來提供資金。我想這其實相當不言自明。

And perhaps if I could add to what Boipelo is saying, Rene. I mean, we looked at it this morning. So one of our peers is at 4.5%, Harmony at about 3.6% or 3.7% dividend yield. The main distinction in our view is we have got the Eva Copper CapEx right ahead of us, and we know what it is going to be.

Rene，也許我可以補充 Boipelo 所說的。我們今天早上看過了。我們的一家同業股息殖利率是 4.5%，Harmony 約為 3.6% 或 3.7%。我們認為主要差異在於，Eva Copper 的資本支出就在眼前，而且我們知道金額會是多少。

Whereas, some of our peers have concluded some of those investments. So it is just a different timing, different phase that we are in. So we believe, with the support of the Board, the dividend that was declared takes cognizance of all of that. And as we go forward, we will continue to be responsible.

相較之下，有些同業已經完成了部分投資。所以只是時點不同、所處階段不同。因此我們相信，在董事會的支持下，所宣告的股利已將這些因素納入考量。而往後我們也會持續保持審慎負責。

But as in where we are and if you look at our plans going forward, the business is in a good position to continue to generate good cash, and we will continue to allocate our capital responsibly going forward on the dividend.

但就我們目前的位置以及你看我們未來的計畫，公司的狀況良好，能持續產生不錯的現金，我們也會在股利相關的資本配置上持續負責任地前進。

Okay. Thanks for that. And your costs at Mponeng and Moab?

好的。謝謝你的說明。那 Mponeng 和 Moab 的成本呢？

Yeah. Ramp per tonne is an important metric, and that is something that is very important. You would see that Moab Khotsong, in particular, that mine is entering the ore gap now. What happens with the ore gap is tonnes go down and grade goes down for a period that started now.

是的。每噸蘭特成本是一個重要指標，這點非常關鍵。你會看到 Moab Khotsong 尤其如此，該礦現在正進入礦石空窗期（ore gap）。礦石空窗期發生時，噸數會下降、品位也會在一段期間內下降，而這個期間現在已經開始了。

And so you will see some of that coming through, Rene, and that is going to be there for about five years. We have previously flagged that, so that will put pressure on cost. That is that structural phase between the lag of the new mine and the depletion of the old mine.

所以你會看到其中一些影響反映出來，Rene，而且這種情況大約會持續五年。我們之前已經提示過，因此這會對成本造成壓力。這就是新礦建置的滯後與舊礦耗竭之間的結構性階段。

And just a reminder, you recall when we acquired the asset, the asset had a fairly short life. And what Harmony does, when we acquire an asset, you buy the current life of mine, but you also buy the project optionality. So we very quickly dusted off the feasibility study, put the Harmony stamp on that, and started the project to deepen the mine.

再提醒一下，你還記得我們收購該資產時，這個資產的礦山壽命相當短。而 Harmony 的做法是，當我們收購一項資產時，你買到的是當下的礦山壽命，但同時也買到專案的選擇權（optionalities）。所以我們很快就把可行性研究重新拿出來，蓋上 Harmony 的印記，並啟動了礦山加深的專案。

So we are now in that ore gap area between Zaaiplaats, the new mine starting up, and the depletion of the middle mine and the old Great Noligwa areas. So that will have a cost impact. Perhaps just circling back to that is why it was important to augment the cash flow with CSA and get behind some of the Eva CapEx in this period to supplement for this area of ore gap of Moab.

因此我們現在正處於這個礦石空窗期區間：介於 Zaaiplaats 這座新礦開始投產，以及中部礦區與舊的 Great Noligwa 區域逐步枯竭之間。所以這會對成本造成影響。回到這點，也正是為什麼在這段期間，用 CSA 來補強現金流、並推進部分 Eva 的資本支出很重要，以補充 Moab 這段礦石空窗期的影響。

Ramp per tonne, we always keep a close eye on. We are managing inflation. There were some real impacts on inflation, Rene, that came through the system. I think Harmony did a fair job of getting through that. Of course, if you do not produce all the tonnes all the time, your ramp tonne gives you that uptick. And I think the team is well in control of cost and cost discipline in Harmony and will continue to keep a lid on our costs.

我們一直都密切關注每噸蘭特成本。我們正在管理通膨。Rene，通膨確實有一些實質影響已經在系統中顯現。我認為 Harmony 在應對這些方面做得相當不錯。當然，如果你無法一直生產足夠的噸數，你的每噸蘭特成本就會上升。我認為團隊對 Harmony 的成本與成本紀律掌控得很好，並會持續把成本控制住。

Great. Just particularly on Mponeng, by any chance?

很好。特別是關於 Mponeng，有沒有什麼補充？

Yeah, no, same thing. It is important to -- these mines have got large, fixed cost. It is important to produce the tones or the ounces or the grams, whatever metric you use, in order to make sure that you maintain your cost, but also get the unit cost metric right. So it is both sides that need to work well together as you know, Rene.

是的，沒有，情況一樣。重點在於——這些礦山有很高的固定成本。為了確保維持成本水準、同時也讓單位成本指標正確，重要的是要產出噸數、盎司或克數——不管你用哪個指標。所以如你所知，Rene，兩邊都需要良好配合、一起運作。

Same story. Okay.

同樣的情況。好的。

Thank you very much. Understood.

非常感謝。了解了。

All right. Thank you very much. So I think with that, we are going to start wrapping things up. To everyone that has submitted questions online, I will get back to you, Herbert, [Yandre, Bolalwa], Nkateko, [Teleki]. I have got your names; I have got your questions.

好的。非常感謝。我想到這裡，我們就要開始做個收尾了。對所有在線上提交問題的各位，我會再回覆你們，Herbert、[Yandre, Bolalwa]、Nkateko、[Teleki]。我已經記下你們的名字；也已經收到你們的問題。

So thank you very much to everyone for joining us today. It is wonderful to see you all in person. Beyers, Boipelo, and the team, thank you very much for the results today. And with that, we say goodbye. Thank you very much.

所以非常感謝各位今天加入我們。很高興能與大家面對面見面。Beyers、Boipelo 以及團隊，謝謝你們今天帶來的業績結果。那麼，我們就此道別。非常感謝。