Harmony Gold Mining Company expects full-year earnings to surge as much as 108%, driven by higher gold prices and its first full year of copper production from the recently acquired CSA mine in Australia.

The gold and copper miner told shareholders on Friday that earnings per share (EPS) for the financial year ended June 30 will come in between R44 and R48, up from R23.13 in the 2025 financial year.

In dollar terms, EPS are expected to more than double to between $2.65 and $2.85, against $1.27 a year earlier.

Headline earnings per share (HEPS) are forecast at between R40.50 and R44.50, representing growth of between 73% and 90% year-on-year.

Chief Executive Officer Beyers Nel described the 2026 financial year as “a defining year in Harmony’s evolution into a diversified gold and copper producer”.

“Through safe, consistent operational delivery, disciplined execution and strategic investment, we achieved gold production guidance for the eleventh consecutive financial year,” Nel said. “We also delivered on all key operating guidance metrics in FY26, meeting our gold and copper production, grade and cost targets”.

The company produced 44,464 kg of gold – 1.43 million ounces – during the year, in line with guidance. Underground recovered grade came in at 5.83 g/t, while all-in sustaining costs were maintained at R1.19 million per kilogram, or $2,195 per ounce, within guidance.

The CSA copper mine in Australia, which Harmony acquired from MAC Copper in October 2025 for $1.03 billion, contributed 18,207 tonnes of copper production at a recovered grade of 3.75% – towards the upper end of guidance.

“This strong operational performance translated into significant growth in earnings per share and robust adjusted free cash flow,” Nel said. “We advanced the Eva Copper Project and continued investing in reserve conversion and life extension across our portfolio”.

The earnings surge was primarily driven by a 35.3% increase in the average gold price received, which rose to R2.07 million per kilogram ($3,811 per ounce) from R1.53 million per kilogram ($2,620 per ounce) a year earlier. Copper sales of 16,719 tonnes from the CSA mine added to group revenue at an average price of $5.62 per pound.

The company also recognised impairment reversals of R2.8 billion ($165 million) on property, plant and equipment at its Tshepong North, Tshepong South, Kusasalethu and Doornkop operations, driven by “significantly higher gold price assumptions” applied in valuations.

However, the results were partly offset by acquisition and integration costs of R1.4 billion ($82 million) related to MAC Copper, along with higher production costs from inflationary pressures on consumables, electricity and labour. Royalty expenses increased by approximately R1.5 billion and taxation expenses rose by about R2.3 billion as a result of higher profitability.

“Harmony enters its next phase from a position of strength,” Nel said. “Our high-quality gold portfolio, growing copper exposure, robust balance sheet, disciplined capital allocation framework and pipeline of organic opportunities position us to generate sustainable cash flows, deliver attractive shareholder returns and create value through the commodity cycle”.

The company will publish its full audited results for the financial year on Thursday, 27 August.