Harmony‘s hedges

Research evidence excerpt

Harmony‘s hedges

Idea

July 1, 2026 11:01 PM GMT

RMB Morgan Stanley Proprietary Limited+MSA Rocks | EEMEA Christopher Nicholson

Equity Strategist and Analyst

Harmony's hedges Christopher.Nicholson@rmbmorganstanley.comBrian Morgan +27 11 587-0816

Equity Analyst

Brian.Morgan3@rmbmorganstanley.com +27 11 587-0803

EEMEA - Metals & Mining

Exhibit 1: We expect further realised hedging losses from Harmony's metal Europe

Industry View In-Line

hedging program over the 2HFY26. Despite the fall in metal prices over the past 4

Sibanye-Stillwater: SA operations CMD (24 Junmonths we see limited support from hedging, for now, with spot still sitting above

2026)forward/ floor levels across the program

Exxaro Resources Limited: 4 points from the

CMD (22 Jun 2026)

Anglo American Plc & Teck Resources: Copper at

the Core (22 Jun 2026)

Gold Fields Limited: When is Ghana "in the

price"? (19 Jun 2026)

The Oil Manual: 'Let the Oil Flow' (15 Jun 2026)

BHP Group Ltd: Rising data centre build favours

BHP's commodity mix – but there's plenty of

alpha too (13 May 2026)

Sibanye-Stillwater: Finland trip day 2 (22 Apr

2026)

Sibanye-Stillwater: Finland trip day 1 (20 Apr

metal&ROCK: The Price Deck – 2Q26: Two-Way

Source: Company data, Datastream from LSEG, RMB Morgan Stanley Research

Risks (8 Apr 2026)

Harmony is unique among the SA gold producers in that it has continued to run a Commodity Matters: Stockpiling, Scarcity and

consistent hedging strategy over the last number of years – maintaining a cover of Safe Havens (8 Apr 2026)

10 to 30% of production over a 36 month rolling period (Pan African, Sibanye and

AngloGold have entered into smaller ad-hoc agreements from time to time).

Harmony has done this to protect margins and cash flows in particular, given its