Investment in Joint Operations	12 Months Ended
Jun. 30, 2025
Interest in Other Entities [Abstract]
Investment in Joint Operations	Investment in joint operations The group has a 50% interest in certain exploration assets located in the Morobe Province, PNG. Newmont Corporation owns the remaining 50% interest in these assets. The primary asset in the joint arrangement is the Wafi-Golpu Project. The joint arrangement is accounted for as a joint operation. State participation Under the conditions of the Wafi-Golpu exploration tenements, the PNG government (the State) has reserved the right prior to the commencement of mining to take up an equitable interest of up to 30% of any mineral discovery within the Wafi-Golpu tenements. The right is exercisable by the State once only at any time prior to the commencement of mining. If the State exercises this right, the exercise price is a pro-rata share of the accumulated exploration expenditure. Once the right is exercised, the State is responsible for its proportionate share of ongoing exploration, project development and operational costs. The State has indicated its intention to exercise its option in full, however, as at 30 June 2025, the option has not been exercised. Permitting Special Mining Lease In August 2016, application was made to the Mineral Resources Authority for a Special Mining Lease (SML) under the PNG Mining Act 1992. The application was subsequently updated and amended in March 2018. There have been considerable delays in the permitting process. In December 2018 the State of PNG and the project proponents entered into a memorandum of agreement (MoU) regarding progress towards a Mining Development Contract (MDC). However, following a judicial review instituted in 2019 by the Governor and Government of Morobe Province, the State withdrew from the MoU in November 2019. Meaningful negotiations with the PNG State Negotiating Team only recommenced in the second half of 2022, and in April 2023 the State and the project proponents entered into a Framework Memorandum of Understanding, setting out the key terms and principles to guide the negotiation and preparation of the MDC and other project agreements. Permitting and other contract negotiations are ongoing. Progress to Development The Wafi-Golpu Project will progress to development only once all project agreements have been executed and the SML and all other associated tenements and permits are granted. Any potential future development of the Wafi-Golpu Project is subject to further studies, completion of the remaining statutory processes, receipt of all necessary or desirable government permissions and approvals, market and operating conditions as well as approval by the board of directors of the Wafi-Golpu Joint Venture and of both Newmont Corporation and Harmony. Environment Permit In July 2018, application was made to the Conservation and Environment Protection Authority for an Environment Permit under the PNG Environment Act 2000, by the submission under the Act of an Environmental Impact Statement. The Environment Permit was granted in December 2020. During March 2021, the Governor and Government of the Morobe Province instituted a judicial review in the Lae National Court against the grant by the Minister for the Environment of the Environment Permit. The project proponents are not parties to this proceeding, and the present Governor, who was appointed in September 2022, has stated publicly that he intends to withdraw the proceedings instituted by his predecessor, however as at 30 June 2025, has not yet done so. 20Investment in joint operations continued Permitting continued Environment Permit continued In December 2022, coastal villagers represented by the Centre for Environmental Law and Community Rights Inc commenced legal proceedings also seeking judicial review of the grant of the Environment Permit. The project proponents are not parties to this proceeding, which progressed to substantive hearing on 12 June 2025. Judgment was reserved and the matter was adjourned to a date to be determined by the judge. Either of the proceedings, if determined against the State and the Minister for Environment, could result in the setting aside of the Environment Permit or the staying of the permitting process or the delay of grant of the SML. Any such event could have a material adverse impact on the Wafi-Golpu project. Carrying amount and impairment considerations The carrying amount of the project amounts to R2.5 billion (2024: R2.8 billion). The majority of the change year on year relates to foreign exchange translation. There was no indicator of impairment at 30 June 2025 and 2024.

Investment in Joint Operations

12 Months Ended

Jun. 30, 2025

Interest in Other Entities [Abstract]

Investment in joint operations

The group has a 50% interest in certain exploration assets located in the Morobe Province, PNG. Newmont Corporation owns

the remaining 50% interest in these assets. The primary asset in the joint arrangement is the Wafi-Golpu Project. The joint

arrangement is accounted for as a joint operation.

State participation

Under the conditions of the Wafi-Golpu exploration tenements, the PNG government (the State) has reserved the right prior to

the commencement of mining to take up an equitable interest of up to 30% of any mineral discovery within the Wafi-Golpu

tenements. The right is exercisable by the State once only at any time prior to the commencement of mining. If the State

exercises this right, the exercise price is a pro-rata share of the accumulated exploration expenditure. Once the right is

exercised, the State is responsible for its proportionate share of ongoing exploration, project development and operational costs.

The State has indicated its intention to exercise its option in full, however, as at 30 June 2025, the option has not been

exercised.

Permitting

Special Mining Lease

In August 2016, application was made to the Mineral Resources Authority for a Special Mining Lease (SML) under the PNG

Mining Act 1992. The application was subsequently updated and amended in March 2018.

There have been considerable delays in the permitting process. In December 2018 the State of PNG and the project proponents

entered into a memorandum of agreement (MoU) regarding progress towards a Mining Development Contract (MDC). However,

following a judicial review instituted in 2019 by the Governor and Government of Morobe Province, the State withdrew from the

MoU in November 2019.

Meaningful negotiations with the PNG State Negotiating Team only recommenced in the second half of 2022, and in April 2023

the State and the project proponents entered into a Framework Memorandum of Understanding, setting out the key terms and

principles to guide the negotiation and preparation of the MDC and other project agreements. Permitting and other contract

negotiations are ongoing.

Progress to Development

The Wafi-Golpu Project will progress to development only once all project agreements have been executed and the SML and all

other associated tenements and permits are granted.

Any potential future development of the Wafi-Golpu Project is subject to further studies, completion of the remaining statutory

processes, receipt of all necessary or desirable government permissions and approvals, market and operating conditions as well

as approval by the board of directors of the Wafi-Golpu Joint Venture and of both Newmont Corporation and Harmony.

Environment Permit

In July 2018, application was made to the Conservation and Environment Protection Authority for an Environment Permit under

the PNG Environment Act 2000, by the submission under the Act of an Environmental Impact Statement. The Environment

Permit was granted in December 2020.

During March 2021, the Governor and Government of the Morobe Province instituted a judicial review in the Lae National Court

against the grant by the Minister for the Environment of the Environment Permit. The project proponents are not parties to this

proceeding, and the present Governor, who was appointed in September 2022, has stated publicly that he intends to withdraw

the proceedings instituted by his predecessor, however as at 30 June 2025, has not yet done so.

20Investment in joint operations continued

Permitting continued

Environment Permit continued

In December 2022, coastal villagers represented by the Centre for Environmental Law and Community Rights Inc commenced

legal proceedings also seeking judicial review of the grant of the Environment Permit. The project proponents are not parties to

this proceeding, which progressed to substantive hearing on 12 June 2025. Judgment was reserved and the matter was

adjourned to a date to be determined by the judge.

Either of the proceedings, if determined against the State and the Minister for Environment, could result in the setting aside of

the

Environment Permit or the staying of the permitting process or the delay of grant of the SML. Any such event could have a

material adverse impact on the Wafi-Golpu project.

Carrying amount and impairment considerations

The carrying amount of the project amounts to R2.5 billion (2024: R2.8 billion). The majority of the change year on year relates

to foreign exchange translation. There was no indicator of impairment at 30 June 2025 and 2024.